Developer charges and housing affordabilty in Brisbane, Australia

Purpose - This paper empirically examines the effect of developer charges on housing affordability in Brisbane, Australia. Developer paid fees or charges are a commonly used mechanism for local governments to pay for new urban infrastructure. Despite numerous government reports and many years of industry advocacy, there remains no empirical evidence in Australia to confirm or quantify passing on of these charges to home buyers. Design/methodology/approach - This research applies a hedonic house price model to 4,699 new and 25,053 existing house sales in Brisbane from 2005 to 2011. Findings – The findings of is research are consistent with international studies that support the proposition that developer charges are over passed. This study has provided evidence that suggest developer charges are over passed to both new and existing homes in the order of around 400%. Research limitations/implications - These findings suggest that developer charges are thus a significant contributor to increasing house prices and reduced housing affordability. Practical/Social Implications: By testing this effect on both new and existing homes, this research provides evidence in support of the proposition that not only are developer charges over passed to new home buyers but also to buyers of existing homes. Thus the price inflationary effect of these developer charges are being felt by all home buyers across the community, resulting in increased mortgage repayments of close to $1000 per month. Originality/value - This is the first study to empirically examine the impact of developer charges on house prices in Australia. These results are important as they will inform governments on the outcomes of growth management strategies on housing affordability, providing the first evidence of its kind in Australia.

Who are our repeating students? Profiling students persisting after failure

Research on attrition has focused on the economic significance of low graduation rates in terms of costs to students (fees that do not culminate in a credential) and impact on future income. For a student who fails a unit and repeats the unit multiple times, the financial impact is significant and lasting (Bexley, Daroesman, Arkoudis & James 2013). There are obvious advantages for the timely completion of a degree, both for the student and the institution. Advantages to students include fee minimisation, enhanced engagement opportunities, effectual pathway to employment and a sense of worth, morale and cohort-identity benefits. Work undertaken by the QUT Analytics Project in 2013 and 2014 explored student engagement patterns capturing a variety of data sources and specifically, the use of LMS amongst students in 804 undergraduate units in one semester. Units with high failure rates were given further attention and it was found that students who were repeating a unit were less likely to pass the unit than students attempting it for the first time. In this repeating cohort, academic and behavioural variables were consistently more significant in the modelling than were any demographic variables, indicating that a student’s performance at university is far more impacted by what they do once they arrive than it is by where they come from. The aim of this poster session is to examine the findings and commonalities of a number of case studies that articulated the engagement activities of repeating students (which included collating data from Individual Unit Reports, academic and peer advising programs and engagement with virtual learning resources). Understanding the profile of the repeating student cohort is therefore as important as considering the characteristics of successful students so that the institution might be better placed to target the repeating students and make proactive interventions as early as possible.

TV Carriage Fee Disputes Hurt Consumers the Most

More than 14 million Dish Network subscribers have been without Breaking Bad, Mad Men, and The Walking Dead since June when the satellite provider pulled AMC Networks—AMC, Sundance, IFC, and WE tv—from its lineup in a dispute over carriage fees. The tactic is called a blackout, and it’s becoming increasingly common in the television landscape as pay-TV operators and station owners battle over the nearly $5 billion at stake in the next 5 years.

Infrastructure Disputes Shape Future of Streaming Media

In November 2010, tension between Internet infrastructure companies boiled over in a dispute between content distribution network (CDN) Level 3 and Internet service provider (ISP) Comcast. Level 3, a distribution partner of Netflix, accused Comcast of violating the principles of net neutrality when the ISP increased distribution fees for carrying high bandwidth services. Comcast justified its actions by stating that the price increase was standard practice and argued Level 3 was trying to avoid paying its fair share. The dispute exemplifies the growing concern over the rising costs of streaming media services. The companies facing these inflated infrastructure costs are CDNs (Level 3, Equinix, Limelight, Akamai, and Voxel), companies that host streaming media content on server farms and distribute the content to a variety of carriers, and ISPs (Comcast, Time Warner, Cox, and AT&T), the cable and phone companies that provide “last mile” service to paying customers. Both CDNs and ISPs are lobbying government regulators to keep their costs at a minimum. The outcome of these disputes will influence the cost, quality, and legal status of streaming media.

Submission to Senate Economics References Committee, An Inquiry in to Affordable Housing

Developer paid fees or infrastructure charges are a commonly used mechanism for local governments to pay for new infrastructure. However, property developers claim that these costs are merely passed on to home buyers, with adverse effects to housing affordability. Despite numerous government reports and many years of industry advocacy, there remains no empirical evidence in Australia to confirm or quantify this passing on effect to home buyers and the consequent effect on housing affordability. Hence there remains no data from which governments can base policy decision on, and the debate continues. This research examines the question of the impact of infrastructure charges on housing affordability in Australia. It employs hedonic regression methods to estimate the impact of infrastructure charges on house prices and vacant lot prices in Brisbane, Australia during 2005-2011, using a data set of 29,752 house sales, comprising 4,699 new house sales and 25,053 existing house sales and 13,739 lot sales. The regression results for the effect of infrastructure charges on house prices in Brisbane indicated that for every $1.00 of infrastructure charge levied on developers, all house prices increase by $3.69 or a 369% overpassing of these government levies onto home buyers. Thus, this one government levy could be responsible for $877 per month on home owner mortgage repayments in Brisbane, Queensland. This research is consistent with international findings, that support the proposition that developer paid infrastructure charges are passed on to home buyers and are a significant contributor to increasing house prices and reduced housing affordability. Understanding who really pays for urban infrastructure is critical to both the housing affordability and infrastructure funding debates in Australia and this research provides the first empirical data for policy makers to assess their policy objectives and outcomes against.

Infrastructure charges and residential land prices in Brisbane, Australia

This paper examines the question of whether the imposition of developer infrastructure charges on housing developers affects the price of residential land. Developer paid fees or charges are a commonly used mechanism for local governments to fund new infrastructure as a “user pays” method of funding new urban infrastructure. Some argue these costs are passed back to the original land owner by way of lower land prices. However, property developers claim these charges are added on to new land prices, with flow on negative impact to housing affordability. This paper presents the findings of a hedonic land price model that provides the first empirical evidence that infrastructure charges do increase residential land prices in Brisbane, Australia. This research is consistent with international findings and supports the proposition that developer paid infrastructure charges are over-passed to home buyers and are a significant contributor to reduced housing affordability.

Kirjan tie lukijalle : Kirjakauppojen vakiintuminen Suomessa 1740 - 1860

Books Paths to Readers describes the history of the origins and consolidation of modern and open book stores in Finland 1740 1860. The thesis approaches the book trade as a part of a print culture. Instead of literary studies choice to concentrate on texts and writers, book history seeks to describe the print culture of a society and how the literary activities and societies interconnect. For book historians, printed works are creations of various individuals and groups: writers, printers, editors, book sellers, censors, critics and finally, readers. They all take part in the creation, delivery and interpretation of printed works. The study reveals the ways selling and distributing books have influenced the printed works and the literary and print culture. The research period 1740 1860 covers the so-called second revolution of the book, or the modernisation of the print culture. The thesis describes the history of 60 book stores and their 96 owners. The study concentrates on three themes: firstly, how the particular book trade network became a central institution for printed works distribution, secondly what were the relations between cosmopolitan European book markets and the national cultural sphere, and thirdly how book stores functioned as cultural institutions and business enterprises. Book stores that have a varied assortment and are targeted to all readers became the main institution for book trade in Finland during 1740 1860. It happened because of three features. First, the book binders monopoly on selling bound copies in Sweden was abolished in 1740s. As a consequence entrepreneurs could concentrate solely to trade activities and offer copies from various publishers at their stores. Secondly the common business model of bartering was replaced by selling copies for cash, first in the German book trade centre Leipzig in 1770s. The change intensified book markets activities and Finnish book stores foreign connections. Thirdly, after Finland was annexed to the Russian empire in 1809, the Grand duchy s administration steered foreign book trade to book stores (because of censorship demands). Up to 1830 s book stores were available only in Helsinki and Turku. During next ten years book stores opened in six regional centres. The early entrepreneurs ran usually vertical businesses consisting of printing, publishing and distribution activities. This strategy lowered costs, eased the delivery of printed works and helped to create elaborated centres for all book activities. These book stores main clientele consisted of the Swedish speaking gentry. During late 1840s various opinion leaders called for the development of a national Finnish print culture, and also book stores. As a result, during the five years before the beginning of the Crimean war (1853 1856) book stores were opened in almost all Finnish towns: at the beginning of the war 36 book stores operated in 21 towns. The later book sellers, mainly functioning in small towns among Finnish speaking people, settled usually strictly for selling activities. Book stores received most of their revenues from selling foreign titles. Swedish, German, French and Belgian (pirate editions of popular French novels) books were widely available for the multilingual gentry. Foreign titles and copies brought in most of the revenues. Censorship inspections or unfavourable custom fees would not limit the imports. Even if the local Finnish print production steadily rose, many copies, even titles, were never delivered via book stores. Only during the 1840 s and 1850 s the most advanced publishers would concentrate on creating publishing programmes and delivering their titles via book stores. Book sellers regulated commissions were small. They got even smaller because of large amounts of unsold copies, various and usual misunderstandings of consignments and accounts or plain accidents that destroyed shipments and warehouses. Also, the cultural aim of a creating large and assortments and the tendency of short selling periods demanded professional entrepreneurship, which many small town book sellers however lacked. In the midst of troublesome business efforts, co-operation and mutual concern of the book market s entrepreneurs were the key elements of the trade, although on local level book sellers would compete, sometimes even ferociously. The difficult circumstances (new censorship decree of 1850, Crimean war) and lack of entrepreneurship, experience and customers meant that half of the book stores opened in 1845 1860 was shut in less than five years. In 1858 the few leading publishers established The Finnish Book Publishers Association. Its first task was to create new business rules and manners for the book trade. The association s activities began to professionalise the whole network, but at the same time the earlier independence of regional publishing and selling enterprises diminished greatly. The consolidation of modern and open book store network in Finland is a history of a slow and complex development without clear signs of a beginning or an end. The ideal book store model was rarely accomplished in its all features. Nevertheless, book stores became the norm of the book trade. They managed to offer larger selections, reached larger clienteles and maintained constant activity better than any other book distribution model. In essential, the book stores methods have not changed up to present times.

J. L. Runebergs samlade skrifter i textkritisk belysning

The Collected Works of J. L. Runeberg from the Viewpoint of Textual Scholarship The theoretical framework of this dissertation builds on textual scholarship. The dissertation explores the history of Runeberg’s publications and his relations with his publishers, from his debut and the first editions, through the editions of collected works published during the course of his life, to the later commercial editions, including the critical edition, published in 1933–2005 by the Svenska Vitterhetssamfundet (The Swedish Society for Belles Lettres) and The Svenska litteratursällskapet i Finland (The Society of Swedish Literature in Finland). The various editions of Runeberg’s collected works are situated in their respective critical traditions, from the 19th century German Ausgabe letzter Hand, to the influence of Anglo-American bibliography on Swedish textual criticism in the late 20th century. By making use of primary material previously not used for research purposes, the author is able to present a new view on Runebergian publishing history, including Runeberg’s fees and his relations with the censor authorities. There are indications that his Finnish publishers could not bear the cost of his sizable fees, that were in proportion neither with the book market in Finland nor with the numbers of copies sold. Apart from a certain body of editions the primary material is comprised of correspondences, publishing contracts, printing house invoices, as well as censor authority records. One of the conclusions drawn is that the early and detailed biography, Biografiska anteckningar om Johan Ludvig Runeberg (Biographical Notes on …) by J. E. Strömborg is not reliable in matters concerning publishing history, and that this work has been used far too uncritically. The history of the critical edition gets a chapter of its own, based on primary material in Swedish and Finnish archives. Finally, the author analyses the critical choices, made primarily in the critical edition, and uses examples from the commercial editions to study the editors’ interventions over time, from the 1850s to the 1920s. The changes to the text are usually small and subtle, but cumulative – and in some cases, crucial for the interpretation of the work. One objective of textual scholarship should be to examine the publishing history of a single work or of an author’s œuvre, and another to pay attention both to changes in a work as such and to the shifts of meaning they might entail.

Lawyers linked to litigation funding face court censure: Bolitho v Banksia Securities Limited (No.4) [2014] VSC 582

In Bolitho v Banksia Securities Limited (No 4) [2014] VSC 582 the Supreme Court of Victoria concluded that the proper administration of justice, including the appearance of justice, required that the lawyers representing the plaintiff in the group proceeding should be restrained from continuing to act for the plaintiff. This Victorian case illustrates how courts are likely to respond when lawyers attempt to circumvent the prohibition on contingency fees through litigation funding in which they have a financial interest.

No win no fee - no lien and no costs

In Lupker v Shine Lawyers Pty Ltd [2015] QSC 278 Bond J considered the implications for a law practice in relation to its entitlement to recovery of its professional fees when the client terminates a no win no fee retainer.

Digitaalisten teosten maailmanlaajuinen rekisteröinti ja käyttömaksujen kerääminen internetissä

The vastly increased popularity of the Internet as an effective publication and distribution channel of digital works has created serious challenges to enforcing intellectual property rights. Works are widely disseminated on the Internet, with and without permission. This thesis examines the current problems with licence management and copy protection and outlines a new method and system that solve these problems. The WARP system (Works, Authors, Royalties, and Payments) is based on global registration and transfer monitoring of digital works, and accounting and collection of Internet levy funded usage fees payable to the authors and right holders of the works. The detection and counting of downloads is implemented with origrams, short and original parts picked from the contents of the digital work. The origrams are used to create digests, digital fingerprints that identify the piece of work transmitted over the Internet without the need to embed ID tags or any other easily removable metadata in the file.

Dental Service Utilization, Dental Health Production and Equity in Dental Care: the Finnish Experience

This thesis is grounded on four articles. Article I generally examines the factors affecting dental service utilization. Article II studies the factors associated with sector-specific utilization among young adults entitled to age-based subsidized dental care. Article III explores the determinants of dental ill-health as measured by the occurrence of caries and the relationship between dental ill-health and dental care use. Article IV measures and explains income-related inequality in utilization. Data employed were from the 1996 Finnish Health Care Survey (I, II, IV) and the 1997 follow-up study included in the longitudinal study of the Northern Finland 1966 Birth Cohort (III). Utilization is considered as a multi-stage decision-making process and measured as the number of visits to the dentist. Modified count data models and concentration and horizontal equity indices were applied. Dentist s recall appeared very efficient at stimulating individuals to seek care. Dental pain, recall, and the low number of missing teeth positively affected utilization. Public subvention for dental care did not seem to statistically increase utilization. Among young adults, a perception of insufficient public service availability and recall were positively associated with the choice of a private dentist, whereas income and dentist density were positively associated with the number of visits to private dentists. Among cohort females, factors increasing caries were body mass index and intake of alcohol, sugar, and soft drinks and those reducing caries were birth weight and adolescent school achievement. Among cohort males, caries was positively related to the metropolitan residence and negatively related to healthy diet and education. Smoking increased caries, whereas regular teeth brushing, regular dental attendance and dental care use decreased caries. We found equity in young adults utilization but pro-rich inequity in the total number of visits to all dentists and in the probability of visiting a dentist for the whole sample. We observed inequity in the total number of visits to the dentist and in the probability of visiting a dentist, being pro-poor for public care but pro-rich for private care. The findings suggest that to enhance equal access to and use of dental care across population and income groups, attention should focus on supply factors and incentives to encourage people to contact dentists more often. Lowering co-payments and service fees and improving public availability would likely increase service use in both sectors. To attain favorable oral health, appropriate policies aimed at improving dental health education and reducing the detrimental effects of common risk factors on dental health should be strengthened. Providing equal access with respect to need for all people ought to take account of the segmentation of the service system, with its two parallel delivery systems and different supplier incentives to patients and dentists.

Essays on Financial Analyst Forecasts and Recommendations

The trade of the financial analyst is currently a much-debated issue in today’s media. As a large part of the investment analysis is conducted under the broker firms’ regime, the incentives of the financial analyst and the investor do not always align. The broker firm’s commercial incentives may be to maximise its commission from securities trading and underwriting fees. The purpose of this thesis is to extend our understanding of the work of a financial analyst, the incentives he faces and how these affect his actions. The first essay investigates how the economic significance of the coverage of a particular firm impacts the analysts’ accuracy of estimation. The hypothesis is that analysts put more effort in analysing firms with a relatively higher trading volume, as these firms usually yield higher commissions. The second essay investigates how analysts interpret new financial statement information. The essay shows that analysts underreact or overreact to prior reported earnings, depending on the short-term pattern in reported earnings. The third essay investigates the possible investment value in Finnish stock recommendations, issued by sell side analysts. It is established that consensus recommendations issued on Finnish stocks contain investment value. Further, the investment value in consensus recommendations improves significantly through the exclusion of recommendations issued by banks. The fourth essay investigates investors’ behaviour prior to financial analysts’ earnings forecast revisions. Lately, the financial press have reported cases were financial analysts warn their preferred clients of possible earnings forecast revisions. However, in the light of the empirical results, it appears that the problem of analysts leaking information to some selected customers does not appear systematically on the Finnish stock market.

The Relationship Between Liquidity, Trading Activity and Return - Studies of the Finnish and Swedish Stock Markets

Liquidity, or how easy an investment is to buy or sell, is becoming increasingly important for financial market participants. The objective of this dissertation is to contribute to the understanding of how liquidity affects financial markets. The first essays analyze the actions taken by underwriters immediately after listing to improve liquidity of IPO stock. To estimate the impact of underwriter activity on the pricing of the IPOs, the order book during the first weeks of trading in the IPO stock is studied. Evidence of stabilization and liquidity enhancing activities by underwriters is found. The second half of the dissertation is concerned with the daily trading of stocks where liquidity may be impacted by policy issues such as changes in taxes or exchange fees and by opening the access to the markets for foreign investors. The desirability of a transaction tax on securities trading is addressed. An increase in transaction tax is found to cause lower prices and higher volatility. In the last essay the objective is to determine if the liquidity of a security has an impact on the return investors require. The results support the notion that returns are negatively correlated to liquidity.

Performance of Finnish Mutual Funds: A Decomposition Approach

Mutual funds have increased in popularity among Finnish investors in recent years. In this study returns on domestic funds have been decomposed into several elements that measure different aspects of fund performance. The results indicate that fund managers in the long run tend to allocate fund capital between different stock categories in a profitable way. When it comes to the short term timing of their allocation decisions they are however unable to further improve overall performance. The evidence also suggests that managers possess the ability to pick above average performing stocks within the individual stock categories. During the investigated period most funds returned more than a broad benchmark index even after fees and indirect costs were taken into account.