The cost of being ethical : evidence from Islamic equity funds

This paper examines the relationship between financial performance and ethical screening intensity of a special class of ethical funds that is rooted in Islamic values – Islamic equity funds (IEFs). These faith-based ethical funds screen investments on compliance with Islamic values where conventional interest expense (riba), gambling (maysir), excessive uncertainty (gharar), and non-ethical (non-halal) products are prohibited. We test whether these extra screens affect the financial performance of IEFs relative to non-Islamic funds. Based on a large survivorship-free international sample of 387 Islamic funds, our results show that IEFs on average underperform conventional funds by 40 basis points per month, or 4.8% per year (supporting the underperformance hypothesis). While Islamic funds do not generally perform better during crisis periods, they outperformed conventional funds during the recent sub-prime crisis (supporting the outperformance hypothesis). Using holdings-based measures for ethical screening intensity, results show IEFs that apply more intensive screening perform worse, suggesting that there is a cost to being ethical.

Regulating virtual worlds : considering participant-driven approaches

There are a number of pressing issues facing contemporary online environments that are causing disputes among participants and platform operators and increasing the likelihood of external regulation. A number of solutions have been proposed, including industry self-governance, top-down regulation and emergent self-governance such as EVE Online’s “Council of Stellar Management”. However, none of these solutions seem entirely satisfying; facing challenges from developers who fear regulators will not understand their platforms, or players who feel they are not sufficiently empowered to influence the platform, while many authors have raised concerns over the implementation of top-down regulation, and why the industry may be well-served to pre-empt such action. This paper considers case studies of EVE Online and the offshore gambling industry, and whether a version of self-governance may be suitable for the future of the industry.

Governance challenges in the global games industry

Current governance challenges facing the global games industry are heavily dominated by online games. Whilst much academic and industry attention has been afforded to Virtual Worlds, the more pressing contemporary challenges may arise in casual games, especially when found on social networks. As authorities are faced with an increasing volume of disputes between participants and platform operators, the likelihood of external regulation increases, and the role that such regulation would have on the industry – both internationally and within specific regions – is unclear. Kelly (2010) argues that “when you strip away the graphics of these [social] games, what you are left with is simply a button [...] You push it and then the game returns a value of either Win or Lose”. He notes that while “every game developer wants their game to be played, preferably addictively, because it’s so awesome”, these mechanics lead not to “addiction of engagement through awesomeness” but “the addiction of compulsiveness”, surmising that “the reality is that they’ve actually sort-of kind-of half-intentionally built a virtual slot machine industry”. If such core elements of social game design are questioned, this gives cause to question the real-money options to circumvent them. With players able to purchase virtual currency and speed the completion of tasks, the money invested by the 20% purchasing in-game benefits (Zainwinger, 2012) may well be the result of compulsion. The decision by the Japanese Consumer Affairs agency to investigate the ‘Kompu Gacha’ mechanic (in which players are rewarded for completing a set of items obtained through purchasing virtual goods such as mystery boxes), and the resultant verdict that such mechanics should be regulated through gambling legislation, demonstrates that politicians are beginning to look at the mechanics deployed in these environments. Purewal (2012) states that “there’s a reasonable argument that complete gacha would be regulated under gambling law under at least some (if not most) Western jurisdictions”. This paper explores the governance challenged within these games and platforms, their role in the global industry, and current practice amongst developers in the Australian and United States to address such challenges.

Caribbean copyright showdown

The tiny Caribbean island of Antigua doesn’t make the news very often. Located 1800 kilometres east of Miami, just north of Montserrat, it is best known as a holiday destination for well-heeled Europeans and celebrities with private yachts. Now it is in the headlines for an unexpected reason...

Comprehensive Addictive Behaviors and Disorders, Volume 1 : Principles of Addiction

"Principles of Addiction provides a solid understanding of the definitional and diagnostic differences between use, abuse, and disorder. It describes in great detail the characteristics of these syndromes and various etiological models. The book's three main sections examine the nature of addiction, including epidemiology, symptoms, and course; alcohol and drug use among adolescents and college students; and detailed descriptions of a wide variety of addictive behaviors and disorders, encompassing not only drugs and alcohol, but caffeine, food, gambling, exercise, sex, work, social networking, and many other areas. This volume is especially important in providing a basic introduction to the field as well as an in-depth review of our current understanding of the nature and process of addictive behaviors. Principles of Addiction is one of three volumes comprising the 2,500-page series, Comprehensive Addictive Behaviors and Disorders. This series provides the most complete collection of current knowledge on addictive behaviors and disorders to date. In short, it is the definitive reference work on addictions."--publisher website

Regulating online : participant-driven approaches

This thesis considers and evaluates different approaches to regulating online gaming communities, including traditional top-down regulation, as well as bottom-up and hybrid forms led by participants. I examine the regulatory environment in both the video game and gambling industries through case studies of the science fiction, massively multiplayer game Eve Online and offshore gambling platforms and their community sites. I identify that the participant driven approach to regulation sometimes used in the offshore gambling industry was dependent on a number of factors, notably the strength of the community and the risks to platform operators of negative publicity. By subsequently comparing this to the video gaming industry, I suggest that participant driven processes may be an appropriate way to resolve disputes in the games industry, and show how these are – to a limited extent – already being applied.

Aspects of Keno modelling

In two earlier papers, an intricate Jackpot structure and analysis of pseudo-random numbers for Keno in the Australian state of Queensland circa 2000 were described. Aspects of the work were also reported at an international conference . Since that time, many aspects of the game in Australia have changed. The present paper presents more up-to-date details of Keno throughout the states of Queensland, New South Wales and Victoria. A much simpler jackpot structure is now in place and this is described. Two add-ons or side-bets to the game are detailed: the trivial Heads or Tails and the more interesting Keno Bonus, which leads to consideration of the subset sum problem. The most intricate structure is where Heads or Tails and Keno Bonus are combined, and here, the issue of independence arises. Closed expressions for expected return to player (ERTP) are presented in all cases.

Personality disorders

This chapter explains the main categories of personality disorders and their diagnosis.Nursing interventions are described, and challenges working with people who have personality disorders are discussed.Limitations in our understanding of personality disorders, and problems of categorisation, diagnosis and treatment are also discussed.

ANZAC Day media representations of women in Perth, 1960 – 2012

The annual Anzac Day observance is a focus for articulating popular notions of Australian national identity. Early Anzac Day observations were characterised by a diversity of observational modes, many distinctly masculine and militarist in character; including sports, competitions and marches. It was from the late 1920s that the now characteristic structure of the day (dawn service - march -follow-on - afternoon celebrations including eating, drinking and playing of the gambling game two-up, illegal on every other day of the year} became the dominant form. 1 Widely believed to have experienced an extended nadir in the 1960s and 1970s, since the 1980s Anzac Day has arguably become the single most important national event in the Australian calendar, involving probably the largest-numbers of Australians, many of them young, in the same temporal observance in a multitude of locations across the country and around the world.2 To date, there is a rich literature around Anzac Day observations and meanings focussing on its cultural I folkioric role'; the production of (masculinised) national identity;pilgrimage;' popular memory I history;' and the contemporary reshaping of the Anzac myth by and for indigenous participants.'

Popular Science

Review of The Anatomist by Bill Hayes (Scribe, 2008). Bill Hayes wanted to write about Henry Gray, the author of Gray's Anatomy (1858), which at least until the television series connoted a standard text for anatomy students. Perhaps even more seductive for the biographer than the book's enduring appeal was a sense that Gray himself had partly disappeared from the historical record. Here was a scientist with the sort of brilliant young mind that seemed a specialty of the Victorian Age, and yet one who had not benefited from that period's compulsive documenting of the men of the moment and their deeds. Surely in that mystery there lay a narrative...

Confidence measurement in the light of signal detection theory

We compare three alternative methods for eliciting retrospective confidence in the context of a simple perceptual task: the Simple Confidence Rating (a direct report on a numerical scale), the Quadratic Scoring Rule (a post-wagering procedure), and the Matching Probability (MP; a generalization of the no-loss gambling method). We systematically compare the results obtained with these three rules to the theoretical confidence levels that can be inferred from performance in the perceptual task using Signal Detection Theory (SDT). We find that the MP provides better results in that respect. We conclude that MP is particularly well suited for studies of confidence that use SDT as a theoretical framework.

Relation between variants in the neurotrophin receptor gene, NTRK3, and white matter integrity in healthy young adults

The NTRK3 gene (also known as TRKC) encodes a high affinity receptor for the neurotrophin 3'-nucleotidase (NT3), which is implicated in oligodendrocyte and myelin development. We previously found that white matter integrity in young adults is related to common variants in genes encoding neurotrophins and their receptors. This underscores the importance of neurotrophins for white matter development. NTRK3 variants are putative risk factors for schizophrenia, bipolar disorder, and obsessive-compulsive disorder hoarding, suggesting that some NTRK3 variants may affect the brain.To test this, we scanned 392 healthy adult twins and their siblings (mean age, 23.6. ±. 2.2. years; range: 20-29. years) with 105-gradient 4-Tesla diffusion tensor imaging (DTI). We identified 18 single nucleotide polymorphisms (SNPs) in the NTRK3 gene that have been associated with neuropsychiatric disorders. We used a multi-SNP model, adjusting for family relatedness, age, and sex, to relate these variants to voxelwise fractional anisotropy (FA) - a DTI measure of white matter integrity.FA was optimally predicted (based on the highest false discovery rate critical p), by five SNPs (rs1017412, rs2114252, rs16941261, rs3784406, and rs7176429; overall FDR critical p=. 0.028). Gene effects were widespread and included the corpus callosum genu and inferior longitudinal fasciculus - regions implicated in several neuropsychiatric disorders and previously associated with other neurotrophin-related genetic variants in an overlapping sample of subjects. NTRK3 genetic variants, and neurotrophins more generally, may influence white matter integrity in brain regions implicated in neuropsychiatric disorders.

An imagery-based road map to tackle maladaptive motivation in clinical disorders

There is now a widespread recognition of the importance of mental imagery in a range of clinical disorders (1). This provides the potential for a transdiagnostic route to integrate some aspects of these disorders and their treatment within a common framework. This opinion piece argues that we need to understand why imagery is such a central and recurring feature, if we are to progress theories of the origin and maintenance of disorders. This will aid us in identifying therapeutic techniques that are not simply targeting imagery as a symptom, but as a manifestation of an underlying problem. As papers in this issue highlight, imagery is a central feature across many clinical disorders, but has been ascribed varying roles. For example, the involuntary occurrence of traumatic memories is a diagnostic criterion for PTSD (2), and it has been suggested that multisensory imagery of traumatic events normally serves a functional role in allowing the individual to reappraise the situation (3), but that this re-appraisal is disabled by extreme affective responses. In contrast to the disabling flashbacks associated with PTSD, depressed adults who experience suicidal ideation often report “flash forward” imagery related to suicidal acts (4), motivating them to self-harm. Socially anxious individuals who engage in visual imagery about giving a talk in public become more anxious and make more negative predictions about future performance than others who engage in more abstract, semantic processing of the past event (5). People with Obsessive Compulsive Disorder (OCD) frequently report imagery of past adverse events, and imagery seems to be associated with severity (6). The content of intrusive imagery has been related to psychotic symptoms (7), including visual images of the catastrophic fears associated with paranoia and persecution. Imagery has been argued (8) to play a role in the maintenance of psychosis through negative appraisals of imagined voices, misattribution of sensations to external sources, by the induction of negative mood states that trigger voices, and through maintenance of negative schemas. In addiction and substance dependence, Elaborated Intrusion (EI) Theory (9, 10) emphasizes the causal role that imagery plays in substance use, through its role in motivating an individual to pursue goals directed toward achieving the pleasurable outcomes associated with substance use...

Nocturne

Chris Denaro is a Brisbane-based animator whose work incorporates a blend of physical stop motion and digital motion graphics. This exhibition, Nocturne, uses animation to embody the genius loci of the former Peel Island Lazaret on the island of Teerk Roo Ra in Moreton Bay, Queensland. This project developed a form of animation that harnesses animation’s plasmatic quality to express an in-between state of being, and examines the capacity of animation to push and pull at the boundary lines between what can be apprehended as the ‘real’ and the ‘imaginary’. The Nocturne constructions cycle forever, with no beginning and no end,only a slightly familiar hypnotic rhythm to describe a continual process of adaptation and renewal. These artworks consider the animation loop as a mental state, rather than a sequence of events which illustrate a narrative. The loop can also be an anxious, compulsive place, divorced from the linear nature of reality, hypnotised in a trance like repetition. Nocturne investigates how conceptions of place are overlaid by aspects of history, memory and the imagination.

Editorial of "International Journal of Critical Indigenous Studies Volume 2, Number 1, 2009"

Over the past two decades neo liberalism has shaped global economic activity. The international reach of the current economic crisis propelled by the subprime mortgage meltdown in the United States has affected Indigenous communities in different ways to those whose investments were depleted by the Wall Street activities of an unregulated corporate and banking sector. Throughout this roller coaster economic ride the low socio-economic position of Indigenous peoples continued in Canada, the United States of America, New Zealand, Hawaii and Australia. The logic, or illogic of capital, failed to extend the boom of the economic upturn to Indigenous peoples, but is poised to extend the repercussions of the current downturn deep into Indigenous lives. The consistency of the Indigenous socio-economic position across these countries, even where treaties exist, indicates that the phenomenon is based on a shared Indigenous reality. In this special edition, the commonality in the way in which Indigenous people are engaged in and positioned by market forces and regulation by their respective nation states is proposed as one of the foundation plates of that Indigenous positioning...