Bond quality of cross-laminated timber from Irish Sitka spruce

The potential use of Irish-grown Sitka spruce for cross-laminated timber (CLT) manufacture is investigated as this would present new opportunities and novel products for Irish timber in the home and export markets. CLT is a prefabricated multilayer engineered wood product made of at least three orthogonally bonded layers of timber. In order to increase rigidity and stability, successive layers of boards are placed cross-wise to form a solid timber panel. Load-bearing CLT wall and floor panels are easily assembled on site to form multi-storey buildings. This improves construction and project delivery time, reduces costs,
and maximises efficiency on all levels.

The paper addresses the quality of the interface bond between the laminations making up the panels, which is of fundamental importance to the load bearing capacity. Therefore, shear tests were carried out on nine test bars of three glue lines each. Moreover, delamination tests were performed on samples subjected to accelerated aging, in order to assess the durability of bonds subjected to severe environmental conditions. In addition, this paper gives an indication on thickness tolerances of planed Irish Sitka spruce lamellas, which is likely to be a critical factor for bonding quality and adhesive selection. The test results of bond quality presented in this study were within requirements of prEN 16351:2013.

Jumps in the Volatility of Financial Markets.

Recent work suggests that the conditional variance of financial returns may exhibit sudden jumps. This paper extends a non-parametric procedure to detect discontinuities in otherwise continuous functions of a random variable developed by Delgado and Hidalgo (1996) to higher conditional moments, in particular the conditional variance. Simulation results show that the procedure provides reasonable estimates of the number and location of jumps. This procedure detects several jumps in the conditional variance of daily returns on the S&P 500 index.

European CMBS pricing: bond, mortgage and real estate characteristics

The recent global economic crisis is often associated with the development and pricing of mortgage-backed securities (i.e. MBSs) and underlying products (i.e. sub-prime mortgages). This work uses a rich database of MBS issues and represents the first attempt to price commercial MBSs (i.e. CMBSs) in the European market. Our results are consistent with research carried out in the US market and we find that bond-, mortgage-, real estate-related and multinational characteristics show different degrees of significance in explaining European CMBS spreads at issuance. Multiple linear regression analysis using a databank of CMBSs issued between 1997 and 2007 indicates a strong relationship with bond-related factors, followed by real estate and mortgage market conditions. We also find that multinational factors are significant, with country of issuance, collateral location and access to more liquid markets all being important in explaining the cost of secured funding for real estate companies. As floater coupon tranches tend to be riskier and exhibit higher spreads, we also estimate a model using this sub-set of data and results hold, hence reinforcing our findings. Finally, we estimate our model for both tranches A and B and find that real estate factors become relatively more important for the riskier investment products.

Microstructure of the Euro-area government bond market

This chapter highlights similarities and differences of equity and fixed- income markets and provides an overview of the characteristics of European government bond market trading and liquidity. Most existing studies focus on the U.S. market. This chapter presents the institutional details of the MTS market, which is the largest European electronic platform for trading government, quasi-government, asset- backed, and corporate fixed- income securities. It reviews the main features of high- frequency fixed- income data and the methods for measuring market liquidity. Finally, the chapter shows how liquidity differs across European countries, how liquidity varies with the structure of the market, and how liquidity has changed during the recent liquidity and sovereign crises.

Bond strength of fibre glass and carbon fibre posts to the root canal walls using different resin cements

The aim of the study was to evaluate the bond strength of fibre glass and carbon fibre posts in the root canal walls cemented with self-adhesive (RelyX-Unicem) and chemical (Cement-Post) resin cements. Forty maxillary canines were divided into four groups according to the cement and post used and submitted to the push-out test (0.5 mm min(-1)). The data were submitted to statistical analysis (2-way ANOVA, Bonferroni - P < 0.05) and fracture analysis by Scanning Electronic Microscopy. Fibre glass presented the best results when cemented with RelyX-Unicem and Cement-Post (P < 0.05). RelyX-Unicem presented the highest bond strength values for both posts (P < 0.05). Fracture analysis showed predominance of cohesive fracture of post for RelyX-Unicem and adhesive fracture between dentin/cement and mixed for Cement-Post. The bond strength values were significantly affected by the type of post and cement used and the highest values were found for fibre glass posts and RelyX-Unicem.

Moving beyond mateship:reconstructing Australian men's practices

In this chapter I will explore the implications of the definitively Australian
style of masculine behaviour called 'mateship' for gender relations in
Australia. Mateship is part of the Australian male heritage; it originated in
colonial days and was glorified in war and sport. The feminist movement
in Australia has challenged the dominant form of masculinity inherent in
mateship and the basic rationale for gender relations that flow from it. In
this context, I will discuss Australian profeminist men's attempts to challenge patriarchal gender relations and construct non-patriarchal subjectivities and practices. Theorizing about masculinity in Australia has tended to be derivative of overseas literature. This is partly because publishers are looking for overseas markets for their books so they discourage writers on masculinity from grounding men's practices in a specifically Australian context. While there are benefits in generalizing about western masculinities, such writing misses the uniqueness of the lived experiences of Australian men. It is this uniqueness that I will address in this chapter. As McGrane and Patience (1995: 15) note, 'Australian masculinism has a history of its own that needs to be recognized at the same time as it can be usefully compared to the masculinisms of similar cultures'.

Organizational factors in the diffusion of an industry standard: implementing an online documentation system for Australian exporters

At present, governments in many countries are actively engaged in the development of electronic trading and certification standards to enable the smooth operation of export markets. Standards and their usability underpin confidence in the operations of markets and their effective functioning. In institutional markets, an important role for government agencies lies in developing the initial specifications for standards for interoperable systems. Once these specifications are accepted, governments can then facilitate the eventual diffusion of a standard to the B2B marketplace. Acceptance of an industry standard can determine demand, which defines the viability of that market. In this paper, we describe an initiative by a government agency, the Australian Quarantine and Inspection Service (AQIS), in developing EXDOC, a standard for export documentation and the role that AQIS played in its implementation and diffusion. Our case study illustrates a successfully facilitated B2G implementation. It demonstrates how a standard can be supported and promulgated for the effective functioning of markets in the transition from manual to online export documentation. Once the overarching specifications for related industries have been established and diffused by government, opportunities arise for private sector markets to develop across these industries. Government agencies can promote the effective operation of standards for electronic markets. The EXDOC implementation and its iterations provide an exemplar of active engagement in the development of electronic trading and certification standards for an institutional market. Its successful diffusion provides a model of the implementation process for other export sectors and agencies.

Woolgrowers, brokers and the debate over the sale of the Australian wool clip, 1920-1925

Prior to the First World War, the selling of the Australian wool clip rested firmly in the hands of the large woolbroking firms. An agreement between the British and Australian governments during the war saw many of the wool-selling functions of broking firms taken over by the Central Wool Committee. At the conclusion of hostilities, brokers moved to regain their role in the market. However, market conditions had changed. On an international level, traditional trading relationships had broken down, leaving commodity markets unstable and prices unpredictable. On a local level, woolgrowers had benefited from the wartime orderly marketing scheme and the high price guaranteed by the British government for their wool clip. As a result, they had begun to demand a greater role in the selling arrangements of their clip. This paper investigates the debates over the sale of the wool clip in the 1920s and how woolbrokers and growers eventually arrived at an understanding as to the manner in which the market should operate.

Application of the fair-value concept : evidence from Australian legal decisions

The concept of "fair value" is increasingly being incorporated into Australian and international accounting standards and pronouncements. The fair-value concept has also been established and developed in Australian legal cases, and an examination of pertinent court decisions is of interest to accountants. By examining and analysing relevant cases, the paper highlights some of the principles and difficulties involved in operationalising the fair-value concept for accounting and legal purposes, particularly in situations where the asset being valued is subject to imperfect or incomplete markets.

Adaptation and change in the Australian life insurance industry : an historical perspective

In the wake of the deregulation of the financial sector in Australia in the 1980s and 1990s the life insurance industry has undergone a period of rapid change and reorganisation. Part of this adjustment has been the move towards the integration of financial service provision and the rise of bancassurance. This paper investigates the strategies adopted by Australian life insurers as they moved into the increasingly competitive environment triggered by the lifting of government restrictions on banking practices. It compares the approach of life insurers with that adopted in an earlier period of expansion and change. During the 1950s and 1960s an influx of foreign owned insurance companies into the Australian market precipitated the diversification of domestic life insurers into other insurance markets. The catalyst for change in both cases was the change in information costs brought about by the change in the competitive environment. The experience of the Australian life insurance market would suggest that there is a link between changing information costs and changing organisational structures. However this link is circumscribed by the institutional environment.

Control of the Australian life insurance industry: an example of regulatory externalities within the Australian financial sector 1870-1945

The regulatory environment in which the Australian life insurance industry operates has its antecedents in two major periods of legislative intervention. The first established the principle of ‘freedom with disclosure’ in the 1870s, which has since formed the basis of the regulatory approach. In the 1940s, the second refined the concept in the context of a general recognition of an interventionist approach to financial markets. It is suggested that regulation of the life insurance market in Australia came about not in response to problems associated with market failure but in reaction to external influences not directly related to conditions in the Australian life insurance industry. This was impacted not only on the timing of intervention but on the approach taken as well.

In the service of the society: the labour management practices of an Australian life Insurer to 1940

This article considers the labour management practices in use in the Australian life insurance industry during the inter-war period. Using the Australian Mutual Provident as a case study, it is argued that the specific human resource management practices evolved to deal with separate sets of problems arising from the functions of the life insurance business and the manner in which the principal/agent problem was manifested. The differing nature of work associated with the sales and management of life insurance fostered the development of primary and secondary labour markets in which the benefits flowing to one were superior to those accruing to the other.

Characteristics of Australian B2B imarketplaces

Existing research on B2B iMarketplaces (and intermediaries operating them) focuses primarily on viewing US iMarketplace web sites or conducting case studies. This paper extends this work by presenting survey findings of the total identifiable population of Australian B2B iMarketplace intermediaries to describe the iMarketplace characteristics and to determine if the findings provide more generalisable support for the literature.

An investigation of industry-wide emarketplaces in the Australian automotive industry

Covisint, a global, industry-wide eMarketplace in the automotive industry, has received considerable literature attention since its inception some four years ago. Despite predictions that it would transform the industry, it has made little impact on automotive markets in countries where its progress has been documented. A lack of literature concerning Covisint use in Australia makes understanding the Australian situation quite difficult.
This study addresses this deficiency by investigating several Australian automotive organizations and their application of Covisint in conducting supply chain trading with their business partners. The research found that the application of Covisint is significantly less than its potential.