Testing the weak-form version of the efficient markets hypothesis

This thesis examines the weak-form efficiency of the Australian stock market using data from Australia's major banking stocks, the Banking Index and the All Ordinaries Index. Applying a combination of existing technical analysis indicators, coupled with a relatively new technique known as Sequential (TM) reveals that the Australian stock market is weak-form inefficient.

`Zealotry or nostalgic regret`? women leaders in technical and further education in Australia : agents of change, entrepreneurial educators or corporate citizens?

Education has been restructured in many Western post-industrial nation states during the 1990s. The Australian Technical and Further Education sector (TAFE) has been particularly susceptible to discourses of responsiveness to the market and the new entrepreneuralism. This article explores how women have been repositioned in contradictory and ambiguous ways as the new entrepreneurial middle managers by existing and emergent discourses that circulated in and through TAFE organizations. In turn, it points to how discourses of change management and client responsiveness took on particular readings within specific institutional and professional cultures of the eight Technical and Further Education institutions (TAFEs). At the same time, the restructuring that arose from the corporatization of TAFE, in a highly gendered process, through the twin strategies of marketization and the new managerialism produced new possibilities for individual women educators who moved up into middle management. Yet these individual women were positioned within highly masculinist 'neo-corporate bureaucratic cultures' that co-opted their passion for the capacity of education to make a difference and incorporated these new entrepeneurial work identities.

Good governance and market-based reforms : a study of Bangladesh

‘Good governance’ is increasingly regarded as pivotal to development in developing countries. The six indicators recognized as the most effective measurement tools of ‘good governance’ across the world are: voice and accountability; political stability and absence of violence; government effectiveness; regulatory quality; rule of law and control of corruption (Kaufmann, Kraay and Lobaton, 2003: 8–9). This paper investigates how lack of ‘good governance’ affects the success and sustainability of the market-based reforms undertaken in the agriculture sector of Bangladesh. The reforms have been associated with increased food grain production, improved food security conditions and easy access by farmers to agricultural inputs. However, a significant problem has arisen recently: the sale of low quality and underweight agricultural inputs sometimes at higher prices has become common. Not only is this problem undermining the positive impact of the reforms, it is also threatening their sustainability. The paper argues that the problems with regulatory quality, rule of law and control of corruption – indicators of good governance – are the underlying reasons for this problem. In the context of increasing pressures from donors to pursue market-based reforms, this paper stresses the need for integrated governance linking government, business and civil society as paramount for promoting good governance for the success and sustainability of the reforms.

In search of a future strategy for market research services : clients' views on market research suppliers

The market research environment is transforming rapidly and research suppliers may not be keeping up with changing research client needs. This paper examines research client perceptions of current research supplier performance and future competencies. The key findings are that research suppliers need to move their staffing profiles beyond technical expertise in conducting research (generating outputs) to functional expertise in understanding research outcomes within internal and external organizational contexts. The transition from data collector to expert advisor may involve anew business model and new pricing strategies based on intellectual expertise rather than margins on data collection services.

Snapshot of Singapore biotechnology boom indicators

The article discusses various reports published within the issue, including one on the biotechnology industry players in Singapore and another on a market audit survey on the Singapore biotechnology sector.

Novel nanocomposite fibres for technical textile applications : synthesis and characterisation of poly(m-xylene adipamide) montmorillonite nanocomposites

Technical textiles, based on advanced polymeric materials, are an important segment of the synthetic textile market. This area has seen considerable growth in recent times, now accounting for almost 25% of all manufactured synthetic fibres, and has driven the recent development of a range of specialist high performance polymer fibres that are stronger, lighter or have improved heat and fire resistance. However, the increasing size of the market has highlighted the need for materials that have improved performance whilst maintaining low manufacturing costs. These factors have resulted in a change in how new specialty fibres are developed and the emphasis in this field is now on the upgrading or improving of the properties of commodity (conventional) fibres by modifying their properties to suit specific applications.

This paper will describe our work on preparing novel polymer nanocomposite fibres by the addition of clay nanoparticles during melt extrusion. The effect of the nanoparticles on the processing of the fibres and the result on the physical morphology and mechanical properties will be described.

The development of 'soft' strategic indicators for international client satisfaction

Despite the increasing significance of the construction industry as an emerging sector of the Australian economy, there is inadequate research performed on construction design firms in terms of theoretical and empirical foundations. Although past research has identified the barriers and success factors for firm market entry, evidence suggests that to date no research has explicitly explored the sustainability of construction design firms in international markets. SMEs and their approach to firm internationalisation differ significantly from large manufacturing firms and a vast majority of construction design firms operate as SMEs. This paper develops a sustainable business model for construction design SMEs, which rely upon the development of clear Client Following (CF) versus Market Seeking (MS) strategies to support internal firm strategic and operational management. The understanding of these strategies is vital as the application of either will shape the design management approach of firms, which would in turn impact on the sustainability of these firms in foreign markets. Long-term sustainability of firms in international markets relies heavily upon client satisfaction. Client and project team participants’ communication during various design processes has often been problematic and the added difficulty of communicating across international boundaries further compounds the problem of capturing and maintaining client’s requirements. Therefore this paper develops a model for business sustainability of Australian construction design firms working in international markets by exploring factors that affect client satisfaction across international boundaries, through the development of business performance indicators. These include not only the critical financial capital but also other ‘softer’ indicators, namely: social, cultural and intellectual capital. These act as a firm’s measure of success and the acquisition of this type of capital will provide significant advantages to firms’ success, hence sustainability in international markets.

The before and after effect of the Olympic games on the host city's property market : the Sydney experience

This research evaluated the impact of the Olympic Games on the host city's residential property market, both before and after the Games. Using a time  series approach between 1990 and 2003, this paper examines various indicators to measure the effect of the 2000 Olympics on the Sydney property market. The research shows that although the Olympics were held for only ten days, its influence on the surrounding market in a direct and indirect manner was substantial. It appears that the lasting effect of the Games on the property market remained strongest in the general vicinity of the Olympic Village, and then gradually weakened over time in areas located further away from this precinct. It emphasised the role of urban planning both before and after the event, and how to use a major sporting event to gentrify a suburb.

Novel nanocomposite fibres for technical textile applications

Technical textiles, based on advanced polymeric materials, are an important segment of the synthetic textile market. This area has seen considerable growth in recent times, now accounting for almost 25% of all manufactured synthetic fibres, and has driven the recent development of a range of specialist high performance polymer fibres that are stronger, lighter or have improved heat and fire resistance. However, the increasing size of the market has highlighted the need for materials that have improved performance whilst maintaining low manufacturing costs. These factors have resulted in a change in how new specialty fibres are developed and the emphasis in this field is now on the upgrading or improving of the properties of commodity (conventional) fibres by modifying their properties to suit specific applications.

This paper will describe our work on preparing novel polymer nanocomposite fibres by the addition of clay nanoparticles during melt extrusion. The effect of the nanoparticles on the processing of the fibres and the result on the physical morphology and mechanical properties will be described.

Assessing sustainability : a technical fix or a means of social learning?

The contextual nature of sustainability makes it extremely difficult to measure. Across the world each region has a specific environment and history that has shaped values and perceptions of the local community. In response, a wide range of tools has been developed that employ differing techniques to measure sustainability. These have a range of applications from global to site-specific scales. However, it is yet to be resolved whether assessments made using these tools reflect a technical focus with no close links to the knowledge and perceptions of stakeholders, community and management decisions, or whether the assessments reflect the knowledge and perceptions of local stakeholders and the community. In the southwest region of Victoria, Australia, a sustainability index called AIRS (An Index of Regional Sustainability) has recently been developed. This tool is based on indicators selected by stakeholders and considers relationships between the indicators. The aim of this paper is to report an ex-post evaluation of the AIRS sustainability assessment conducted at a subcatchment scale. The evaluation assesses AIRS's ability to assess regional sustainability and compares and contrasts the subcatchment assessments with the knowledge and perceptions of stakeholders and the community. A participatory approach that acknowledges key stakeholders was used for the evaluation process. Representatives from four stakeholder groups were interviewed to elicit their views of the AIRS assessment, its relevance, quality, applicability and priorities for future development. Strengths and weaknesses of AIRS are revealed and its contribution to social learning is highlighted.

The alignment of market research with business strategy and CRM

This study investigated the alignment between market research, business strategy and customer relationship management (CRM). With the introduction of advanced IT systems which collect and model internal customer data (CRM), marketing managers face new choices when seeking information to facilitate their particular business strategy. A survey of market research (MR) and CRMusage was conducted among 207 marketing managers. The findings showed the Miles and Snow Prospector strategists placed greater reliance on both MR and internal CRM data systems than did Defenders. This applied in their tasks of developing new strategies and in enlisting senior management support for their actions. As Prospectors were the most reliant on both traditional market research and CRM systems, they need to be skilled in using CRM in conjunction with traditional research methods. Marketing managers who use CRM will need to foster functional relationships with the technical specialists who run CRM systems.

Market fit and business performance : an empirical investigation

This paper argues that an organisation needs to be managed for its fit to its intended target market. Market fit is defined as the capability configuration of a firm moderated by the relevant factors in the external environment. It is conceptualised within the integrated dynamic resource-based view of the firm. The study is based on survey data collected from 216 larger Australian businesses. Drawing on the existing literature on the resource-based view of the firm (RBV), a model of market fit has been developed and tested empirically. The results of the study suggest that the intangible internal assets of marketing planning, decision-making process, and marketing strategy form the core capability configuration of an organisation and that the market fit measure associates positively with business performance indicators. The assertion is that while the internal intangible assets form the core capability of an organisation, this capability is influenced by the market dynamics that may alter its character, intensity, and effectiveness in relation to its intended business performance objectives.

How profitable is the Indian stock market?

In this paper, using a range of technical trading and momentum trading strategies, we show that the Indian stock market is profitable. We find robust evidence that investing in some sectors is relatively more profitable than investing in others. We show that sectoral heterogeneity with respect to profitability is a result of the gradual diffusion of information from the market to the sectors. Specifically, we show that while the market predicts returns of sectors, the magnitude of predictability varies with sectors. Our results are robust to a range of trading strategies. © 2014 Elsevier B.V.