A new industry concentration index

We propose and analyse a new concentration index alternative to the Herfindahl-Hirschman Index (HHI). This new index emphasises the concept of competitive balance. It is designed to preserve the convexity property of the HHI when a merger involves one of the m largest firms, but to decrease and thus to indicate an increase in competition when a merger is purely among the (n − m) smallest firms.

Studies of firm efficiency on stock returns

 The thesis provides strong evidence for a negative relationship between firm efficiency and average stock returns in the Australian market. Moreover, the findings indicate that the return anomalies are more likely due to mispricing in which arbitrage costs play an important role in explaining the efficiency effect.

Stock return predictability and determinants of predictability and profits

We examine stock return predictability for India and find strong evidence of sectoral return predictability over market return predictability. We show that mean-variance investors make statistically significant and economically meaningful profits by tracking financial ratios. For the first time in this literature, we examine the determinants of time-varying predictability and mean-variance profits. We show that both expected and unexpected shocks emanating from most financial ratios explain sectoral return predictability and profits. These are fresh contributions to the understanding of asset pricing.

Sodium adsorption using activated alumina for application in the dairy industry

Basic activated alumina with negatively charged surface is considered as a potential adsorbent for a targeted molecule with positive polarity. Adsorption of sodium by basic activated alumina was investigated as a method for desalting dairy waste streams, in which sodium ion concentration averaged 600 mg/L. Sodium equilibrium and kinetic adsorption were investigated using basic activated alumina with synthetic brines. The results of equilibrium adsorption show that uptake of sodium by activated alumina is significantly higher when the pH is greater than 8 and increases as the pH of the brines increases until pH reaches around 10. The results of kinetic adsorption show that 90 hours were needed to reach equilibrium for sodium adsorption. Binding and diffusion processes are suggested to have taken place within the activated alumina.

Impact of electronic data interchange in the Australian automotive industry

Information technology continues to play an increasingly significant role in the development of firms competing in the vast array of markets from those classified as global markets, such as the automotive industry, to the smaller nationally-based markets such as retailing. An objective of electronic commerce is to assist organisations to remain competitive and gain entry to markets which were previously unattainable. This study focuses on the organisational impact of one form of electronic commerce (electronic data interchange) on the component sector of the Australian automotive industry and examines the extent to which trading partner relationships have been affected. The research investigates the extent to which the integration of electronic data interchange (EDI) with an organisation’s internal application system may facilitate specific net benefits. The automotive industry became the first Australian industry to cooperatively adopt EDI. Research to date has not adequately examined the organisational impact of the nature and extent of net benefits gained from EDI adoption. To achieve the objective of assessing EDI net benefits, a conceptual model was developed. The model proposed that the level of EDI net benefits expected is influenced by the size of the organisation and the concentration of trade achieved within the industry via intervening links through (a) the level of senior management commitment and (b) the extent of system integration. Nine empirically testable research propositions are derived from the model, each testing the relationship between model constructs. Data was collected from 114 component suppliers to Ford Australia in 1992 and 1994 using a repeated cross-sectional longitudinal design. Structural equation modelling using partial least squares was adopted in the analysis of the data. A pure longitudinal model together with 12 case studies of selected component manufacturers supplemented the research design. The results of the research showed that the proposed conceptual model is a good description of the data. In particular, net benefits obtained from EDI adoption are directly determined by the size of the organisation, and the extent to which firms integrate EDI into their internal application systems. The level of net benefits is only indirectly influenced by the level of senior management commitment to the EDI project through (a) management commitment’s direct effect on integration, and (b) the direct effect the volume of trade a supplier achieves with the automotive industry on senior management commitment and system integration. The major benefits organisations experienced from EDI were enhanced productivity, clerical staff savings, improved data accuracy, enhanced customer service and reduced administration costs. The research showed that few suppliers gained inventory savings from EDI, a frequently claimed benefit from EDI adoption. Evidence of small improvements in product quality emerged from the results. In summary, this research attempts to make two primary contributions to knowledge, first in providing a method by which net benefits from electronic commerce can be measured within an industry adopting electronic trading, and second, by providing organisations with the knowledge of the specific net benefits organisations could expect from EDI adoption, together with the four major factors affecting these benefits. The research concludes with possible directions for future research, in particular an assessment of the impact of incorporating financial EDI into electronic trading.

Gendered experiences of industry change and the effects of neoliberalism

In a time of dramatic and rapid change in the global media industry and when technological advances and media concentration are shaping the way news is produced and consumed, little research has focused on how the producers of news are affected by such change. This paper explores narratives of confidence and cynicism as told to me by Australian print news media journalists. I am interested in journalists’ memories and experiences of personal change that arise from an intensified workplace and how neoliberal discourses affect newsroom culture. How do the journalists I interview experience and speak of changes in the newsroom? In what ways is being a journalist different now to when they entered the industry? In effect, how have journalists changed as a result of journalism's changes? The interviews with 17 print media journalists contain rich narratives with which to explore how participants remember and make sense of industry changes. This paper finds that the intensification of work practices, ethical constraints and gender bias, underpinned by neoliberalism, have aided in creating a cynicism among many of the journalists interviewed. Nevertheless, the majority of interviewees suggest that a career in journalism has increased their personal and/or professional confidence. There are, however, gendered differences in this experience.

Nanofiltration for the concentration of heat stable salts prior to MEA reclamation

While monethanolamine has shown great potential as a solvent for the capture of carbon dioxide, impurities can build within the solution over time, leading to increased viscosity and corrosivity. Classically, these impurities are removed by a combination of neutralization and either thermal reclamation, ion exchange or electrodialysis. In this work, we evaluate the use of nanofiltration to concentrate the heat stable salts within the solution prior to such reclamation. This allows the recirculating solvent to operate with low concentrations of these impurities, while providing a low volume, concentrated solution for reclamation. Results show that nanofiltration can reject greater than 80% of the heat stable anions, while allowing the monoethanolamine to permeate through the membrane, for return to the process. Rejection of the MEA itself is less than 7%. The nanofiltration operation is only effective on lean solvent with CO2 loadings of less than 0.2 and neutralization would be required upstream to deprotonate the amine. The two membranes tested (Koch MPF-34 and MPF-36) appeared stable to exposure to the solvent for over four months.