Should funds invest in socially responsible investments during downturns?

Purpose: This paper investigates whether Socially Responsible Investment (SRI) is less sensitive to market downturns than conventional investments; the legal implications for fund managers and trustees; and possible legislative reforms to allow conventional funds more scope to invest in SRI. ----- ----- Design/methodology/approach: The paper uses the market model to estimate betas over the past 15 years for SRI funds and conventional investment funds during economic downturns, as distinct from during more ‘normal’ (non-recessionary) economic times. ----- ----- Findings: The beta risk of SRI, both in Australia and internationally, increases more than that of conventional investment during economic downturns. Traditional fund managers and trustees in Australia are therefore likely to breach their fiduciary duties if they go long - or remain long - in SRI funds during economic downturns, unless relevant legislation is reformed. ----- ----- Research limitations/implications: The methodology assumes that alpha and beta in the market model are constant. This is the subject of ongoing research. Second, it categorises the state of the market into ‘normal’ economic conditions and downturns using dummy variables. More sophisticated techniques could be used in future research. ----- ----- Practical implications: The current law would prevent conventional funds from investing in SRI. If SRI is viewed as socially desirable, useful legislative reforms could include explicitly overriding the common law to allow conventional funds to invest in SRI; introducing a 150% tax deduction or investment allowance for SRI; and allowing SRI sub-funds to obtain Deductible Gift Recipient status from the Australian Tax Office and other taxation authorities. ----- ----- Originality/value: The accurate assessment of risk in SRIs is an area which, despite its serious legal implications, is yet to be subjected to rigorous empirical investigation. Keywords - SRI, market model, GARCH, trust fund, fiduciary duties, market downturns, Australia.

A case of intention deficit disorder? ICT policy, disadvantaged schools, and leaders

Since the mid-1990s, government policies in the USA, Canada, England, and Australia have promoted the need to produce an ICT skilled workforce in order to ensure national competitiveness in globalised economic conditions. In this article, we examine the ways in which these policy intentions in 1 state in Australia were translated into a techno-determinist and technocentric plan which focused primarily on getting wired up and connected. We summarise the findings from 2 projects: an investigation of a state-wide principals' professional development programme and an action research study investigating literacy, educational disadvantage, and information technologies. We found significant differences in the distribution of the physical and human capabilities between schools which made the task of engaging with ICT harder for some than others. Nevertheless, we suggest that some school leaders did develop innovative practice. We suggest that policy deficits made it difficult for school leaders to grapple with the dimensions of and debates about the kinds of educational changes that schools and school systems should be making. © 2006 Taylor & Francis.

Learning from episodes of degradation and recovery in variable Australian rangelands

Land-change science emphasizes the intimate linkages between the human and environmental components of land management systems. Recent theoretical developments in drylands identify a small set of key principles that can guide the understanding of these linkages. Using these principles, a detailed study of seven major degradation episodes over the past century in Australian grazed rangelands was reanalyzed to show a common set of events: (i) good climatic and economic conditions for a period, leading to local and regional social responses of increasing stocking rates, setting the preconditions for rapid environmental collapse, followed by (ii) a major drought coupled with a fall in the market making destocking financially unattractive, further exacerbating the pressure on the environment; then (iii) permanent or temporary declines in grazing productivity, depending on follow-up seasons coupled again with market and social conditions. The analysis supports recent theoretical developments but shows that the establishment of environmental knowledge that is strictly local may be insufficient on its own for sustainable management. Learning systems based in a wider community are needed that combine local knowledge, formal research, and institutional support. It also illustrates how natural variability in the state of both ecological and social systems can interact to precipitate nonequilibrial change in each other, so that planning cannot be based only on average conditions. Indeed, it is this variability in both environment and social subsystems that hinders the local learning required to prevent collapse.

The future for public health

What is the future for public health in the twenty first century? Can we glean an idea about the future of public health from its past? As Winston Churchill once said ‘the further backward you look, the further forward you can see’. What then can we see in the history of public health that gives us an idea of where public health might be headed in the future? In the twentieth century there was substantial progress in public health in Australia. These improvements were brought about through a number of factors. In part, improvements were due to improved knowledge about the natural history of disease and its treatment. Added to this knowledge was a shifting focus from legislative measures to protect health, to the emergence of improved promotion and prevention strategies and a general improvement in social and economic conditions for people living in countries like Australia. The same could not, however, be said for poorer countries, many of whom have the most fundamental of sanitary and health protection issues still to deal with. For example, in sub-Saharan Africa and Russia, the decline in life expectancy may be an aberration or it may be related to a range of interconnected factors. In Russia, factors such as alcoholism, violence, suicide, accidents and cardiovascular disease could be contributing to the falling life expectancy (McMichael & Butler 2007). In sub-Saharan Africa, a range of issues such as HIV/AIDS, poverty, malaria, tuberculosis, undernutrition, totally inadequate infrastructure, gender inequality, conflict and violence, political taboos and a complete lack of political will, have all contributed to a dramatic drop in life expectancy (McMichael & Butler 2007).

Accounting at home in developing economies : Current practices and implications for the accounting professional

We determine the extent of accounting at home in developing economies in this research. We then consider the role of the accounting profession may have in promoting accounting values at home. A language of business, accounting today plays a fundamental support role within the business community to evaluate the impact past decisions, and foresees directions for future initiatives. Sound accounting practices are fundamental to ensure symmetrical information dissemination across various stakeholders. Accounting literature has sought to investigate a number of questions that attempt to improve the practice of accounting in the corporate world. Equally, we must obtain adequate understanding of how we use accounting in our everyday life, and how accounting could assist the people most affected by the effects of accounting scandals, economic conditions, and corporate collapses.

A chance for diversity? Australian online journalism

Australia’s mainstream media landscape has long been recognised as highly limited – media ownership in the country has traditionally been concentrated in the hands of a very few, and (except for Sydney and Melbourne) it is common for major Australian cities to be served by only one local newspaper, usually produced by Rupert Murdoch’s News Ltd. This can be seen also to affect the quality and diversity of Australian journalism; additionally, the global decline of newspaper publishers’ revenues and overall adverse economic conditions exert further pressure on journalistic operations in the country. At the same time, and possibly in response to the increasing stresses on industrial journalism in the country and the implications they have for the quality of journalistic products, a vibrant and dynamic ecosystem of Australian industrial and citizen journalism publications has emerged online. Existing media organisations have built strong news brands online, while citizen journalists and political bloggers have given voice to issues, concerns, and opinions hitherto underrepresented in Australian mainstream journalism; of particular interest, however, is the increasing level of engagement and interaction between the two. While such interaction has been characterised by deep animosity at times (especially also in the context of the Australian federal election in November 2007), Australia has also seen the emergence and establishment of a number of new, intermediary online publications which act as spaces for public debate and analysis – from the public intellectualism of Online Opinion through the muckraking of Crikey to the progressive politics of New Matilda. The rise of social media as spaces for the discussion of news and politics further changes the media environment, potentially leading both to renewed conflict between professional and citizen journalists and to a greater level of engagement between journalists and audiences. Overall, then, such online developments offer a chance for a greater diversity of opinion and representation in Australian journalism, but also remain under a cloud from uncertain long-term business models and funding arrangements. This chapter outlines current trends in Australian online journalism, and speculates about their effect on the Australian news media landscape.

My System of Career Influences MSCI (Adult) Facilitator's Guide

Career development in the 21st century presents many challenges and opportunities to adults. They must now navigate a complex and rapidly changing world of work influenced by technology, globalisation and fluctuating economic conditions. The My System of Career Influences (MSCI) (Adult) is a qualitative career assessment tool based on the constructivist theory from cognitive psychology. Acknowledged as the third wave in cognitive science after psychoanalysis and behaviourism, constructivism emphasises the individual in the assessment and counselling process. Individuals actively participate in the construction of their own reality and are encouraged to respond to and deal with both anticipated and unanticipated events that influence their careers. The tool comprises a facilitator guide and participant workbooks. The guide describes the Systems Theory Framework of career development that provides the theoretical background to the MSCI as well as a step-by-step user guide to conducting the MSCI (Adult) process with individuals and groups. Each participant uses the accompanying MSCI (Adult) Workbook (sold separately) which they can complete and keep for later reference. With its attention to an holistic and storied approach to career intervention My System of Career Influences (MSCI) (Adult) is an essential resource for all career practitioners working with adults in today's workplaces.

Subprime agriculture, and Australia?

Today, Australian agriculture is not where we hoped it would be. Despite being highly productive and the nation's only 'strongly competitive industry', it is struggling across the country. There are successes, as there always will be, but the bulk of our food and fibre production is from enterprises with minimal profitability and unstable or unsound finances. A debt-deflation spiral and subprime mortgage crisis are now being fuelled by property fire sales while leading bankers proclaim no problem and governments dance at the edges. However, it is not just the bush that has problems. National economic conditions are deteriorating with per capita incomes falling and real interest rates still high. Well-informed policy strategies and effective responses are needed quickly if Australians are to avoid needless losses of capacity and wealth destruction in the cities and the bush.

Emerging water treatment technologies for decentralised systems : an overview of selected systems suited for application in towns and settlements in remote and very remote regions of Australia and vulnerable and lagging rural regions in Sri Lanka

The primary purpose of this paper is to overview a selection of advanced water treatment technology systems that are suited for application in towns and settlements in remote and very remote regions of Australia and vulnerable and lagging rural regions in Sri Lanka. This recognises that sanitation and water treatment are inextricably linked and both are needed to reduce risks to environment and population health from contaminated water sources. For both Australia and Sri Lanka only a small fraction of the settlements in rural and remote regions are connected to water treatment facilities and town water supplies. In Australia’s remote/very remote regions raw water is drawn from underground sources and rainwater capture. Most settlements in rural Sri Lanka rely on rivers, reservoirs, wells, springs or carted water. Furthermore, Sri Lanka has more than 25,000 hand pumped tube wells which saved the communities during recent droughts. Decentralised water supply systems offer the opportunity to provide safe drinking water to these remote/very remote and rural regions where centralised systems are not feasible due to socio-cultural, economic, political, technological reasons. These systems reduce health risks from contaminated water supplies. In remote areas centralized systems fail due to low population density and less affordability. Globally, a new generation of advanced water treatment technologies are positioned to make a major impact on the provision of safe potable water in remote/very remote regions in Australia and rural regions in Sri Lanka. Some of these systems were developed for higher income countries. However, with careful selection and further research they can be tailored to match local socio-economic conditions and technical capacity. As such, they can equally be used to provide decentralised water supply in communities in developed and developing countries such as Australia and Sri Lanka.

Encouraging Generosity:The practice & organisation of fundraising across nations

This presentation outlines the results from over twenty countries to describe and analyse for the first time in some depth the many different fundraising environments around the world that are shaped by different historical, cultural, social, religious, political and economic conditions. The data is organized into a new typology of fundraising regimes, which we argue strengthens understanding of the connection between asking and giving. In the light of the giving-centric nature of much research, we suggest our focus on ‘askers’ is a useful counterbalance, as giving and asking are so intimately related.

Encouraging Generosity: The Practice and organization of Fundraising Across Nations

The international collaboration in this book creates a unique opportunity to establish, discuss and draw conclusions about fundraising across nations. Based on the 26-country dataset provided by the authors in this volume, this chapter describes and analyzes for the first time the diverse fundraising environments around the world that are shaped by different historical, cultural, social, religious, political and economic conditions. It begins by noting the lack of research on fundraisers and fundraising in contrast to the extensive studies undertaken of donors, and argues that the demand side of charitable transactions is worthy of greater attention if a complete and dynamic understanding of giving is to be achieved. It then presents and discusses key themes related to fundraising in the countries represented in this book. A typology is suggested to impose order on the huge variety of fundraising approaches and stages of development in the organization of this activity around the world; this typology also strengthens understanding of the connection between asking and giving. After offering suggestions for future research in this area of study, the chapter ends by noting that despite global differences in the evolution of fundraising as a profession and the diversity of current contexts, fundraisers in every country face shared challenges that would benefit from greater exchange of knowledge and best practices.

Perspectives on Australian, Indian and Malaysian approaches to STEM education

STEM education faces an interesting conundrum. Western countries have implemented constructivist inspired student centred practices which are argued to be more engaging and relevant to student learning than the traditional, didactic approaches. However, student interest in pursuing careers in STEM have fallen or stagnated. In contrast, students in many developing countries in which teaching is still somewhat didactic and teacher centred are more disposed to STEM related careers than their western counterparts. Clearly, factors are at work which impact the way students value science and mathematics. This review draws on three components that act as determinants of science education in three different countries – Australia, India and Malaysia. We explore how national priorities and educational philosophy impacts educational practices as well as teacher beliefs and the need for suitable professional development. Socio-economic conditions for science education that are fundamental for developing countries in adopting constructivist educational models are analysed. It is identified that in order to reduce structural dissimilarities among countries that cause fragmentation of scientific knowledge, for Malaysia constructivist science education through English medium without losing the spirit of Malaysian culture and Malay language is essential while India need to adopt constructivist quality indicators in education. While adopting international English education, and reducing dominance of impact evaluation, India and Malaysia need to prevent losing their cultural and social capital vigour. Furthermore the paper argues that Australia might need to question the efficacy of current models that fail to engage students’ long term interest in STEM related careers. Australian and Malaysian science teachers must be capable of changing the personal biographies of learners for developing scientific conceptual information. In addition both Malaysia and Australia need to provide opportunities for access to different curricular programmes of knowledge based constructivist learning for different levels of learner competencies.

Cultural-Evolution of Ecological Prudence

Animals often behave in a profligate fashion and decimate the populations of plants and animals they depend upon. They may, however, evolve prudent behaviour under special conditions, namely when such prudence greatly enhances the success of populations that are not too prone to invasions by profligate individuals. Cultural evolution in human societies can also lead to the adoption of prudent practices under similar conditions. These are more likely to be realized in stable environments in which the human populations tend to grow close to the carrying capacity, when the human groups are closed, and when the technology is stagnant. These conditions probably prevailed in the hunter—gatherer societies of the tropics and subtropics, and led to the adoption of a number of socially imposed restraints on the use of plant and animal resources. Such practices were rationalized in the form of Nature-worship. The Indian caste society became so organized as to fulfill these conditions, and gave rise to two religions, Buddhism and Jainism, which emphasize compassion towards all forms of life. The pastoral nomads of the middle east, on the other hand, lived in an environment which militated against prudence, and these societies gave rise to religions like Christianity, which declared war on nature. As the ruling elite and state have grown in power, they have tried to wrest control of natural resources from the local communities. This has sometimes resulted in conservation and prudent use under guidance from the state, but has often led to conflicts with local populations to the detriment of prudent behaviour. Modern technological progress has also often removed the need for conservation, as when availability of coal permitted the deforestation of England. While modern scientific understanding has led to a better appreciation of the need for prudence, the prevailing social and economic conditions often militate against any implementation of the understanding, as is seen from the history of whaling. However, the imperative for survival of the poor from the Third-World countries may finally bring about conditions in which ecological prudence may once again come to dominate human cultures as it might once have done with stable societies of hunter—gatherers.

Cross-Border Insolvency Law

This new work provides a comprehensive and theoretically rich discussion of the law on cross-border insolvency. It engages with several current multi-billion dollar insolvencies such as those of Nortel Networks and Lehman Brothers to provide the reader with state of the art knowledge of the complex problems posed by transnational insolvency. As the number of transnational insolvencies grows due to prevailing economic conditions, practitioners are increasingly required to navigate the mass of legal rules applicable to cross-border insolvency situations. The associated challenges are heightened by the diversity of legal structures employed by modern business entities and a patchwork of costly, inefficient, and unpredictable national legal rules. The response has been a proliferation of international legal instruments such as the UNCITRAL Model Law and the the EU Insolvency Regulation, supplemented by judicial practice, adding further layers of complexity. Writing from an Australian perspective, the authors analyse this network of legal rules and subsequent case law. In addition, they explain the theoretical underpinnings of these rules in an accessible manner to build a solid foundation for practice, facilitate advanced reasoning, and enable the development of sophisticated arguments for law reform. Comparative case law from jurisdictions such as the United States and United Kingdom is also included. This book is highly relevant to insolvency practitioners faced with the recovery of assets located in different jurisdictions, transactional lawyers for whom knowledge of potential insolvency pitfalls is essential, and academics. It is invaluable for students at both undergraduate and postgraduate level seeking a sound understanding of this challenging area of law.