Where is a corporation's "centre of main interests" in international insolvency?

The international community has long sought the appropriate means by which insolvencies involving several jurisdictions should be conducted. Central to the solution proposed is the view that jurisdictions should primarily co-operate with the proceeding underway in a company's "centre of main interests". This concept will be of increasing importance to Australia with the passing of the Cross Border Insolvency Act 2008 , which enacts domestically the provisions of the United Nations Commission on International Trade Law Model Law on Cross Border Insolvency. This article examines how this concept was intended to operate, the actual provisions of the relevant Instruments together with how it has been judicially interpreted. It will be shown that while some certainties concerning the operation of this concept have been achieved, determining this actual location remains surrounded with considerable vagueness. This article proceeds to suggest the most appropriate interpretation of this "centre of main interests" concept.

International education : a tertiary level industry update

Recent developments in the international education industry are notable in three respects. First, international student mobility has more than doubled in the last two decades or so. Second, programme mobility encompassing distance education has also led to new forms of cross-border education. Third, institution mobility through such commercial deals asfranchises and twinning arrangements are becoming an increasingly important feature of cross-border education, although on a limited scale. Such developments are leading to the emergence of a new market place for the international education industry. This article documents and analyses trends in painting a picture of these contemporary developments in crossborder education.

The inadequacy of Western media theory in third world internal conflicts : the case of military censorship in Sri Lanka

The literature of communication and conflict is long and deep. However, it has focused primarily on cross-border conflict in the northern hemisphere. Not much academic research has been done on intra-state conflicts in general or on Asian conflicts in particular. This research on the Sri Lankan separatist conflict contributes towards filling this void.Newspaper reports in three languages on Operation Jayasikurui (1997) as well as on the capture of Elephant Pass (2000) were analyzed by trained coders with high reliability. In-depth interviews were conducted with Sri Lankan journalists and military personnel who participated in these incidents. Triangulation sources include Sri Lanka Army materials and the Sri Lanka Government Gazette.

Results clearly show that despite stringent governmental regulations, censorship had no effect on these Sri Lankan newspapers, which employed unique cultural techniques to circumvent these restrictions. Despite their apparent divergent ethnic backgrounds, all newspaper samples are consensual in their depiction of the conflict all the time while managing to set different agendas for their individual readerships. Media regulations could not impose censorship as proposed by Western theoretical constructs. Results show no correspondence between media samples and imposition of government or military policy. The press enjoyed freedom to convey war information to the public and exhibited a distinct streak of social responsibility in their watchdog instincts.Dominant Western propaganda models and theoretical perspectives do not apply to the Sri Lankan context. Understanding the cultural dimensions is essential before theorizing on media behaviour. No particular theoretical framework from the literature could be used to make inferences. One further interesting finding suggested from this research: Internal conflict within the Asian region may have its own unique theoretical perspective. The study concludes by proposing an alternative model.

The inadequacy of Western media theory in third world internal conflicts : the case of military censorship in Sri Lanka

Research on media production and on media effects under military censorship has centred primarily on cross-border conflicts being waged by Western regimes. There is a noticeable void in understanding internal conflicts, particularly so within the Asian region. To help address this lacuna, we content-analyse Sri Lankan newspaper samples of two critical military campaigns within the Sri Lankan separatist conflict to gain insight into an Asian internal conflict within the context of military censorship and culture. We discover that supposedly stringent censorship regulations and the rules of the official communication systems have almost no effect on Sri Lankan newspapers, which demonstrate a unique talent to circumvent these strictures. During these bloody internal conflicts, the Sri Lankan press enjoyed freedom of expression, flaunted social responsibility and their watchdog instincts, and, most interestingly for us, demonstrated the failure of the Western propaganda model and other theoretical perspectives. The importance of understanding cultural dimensions before theorizing media behaviour in order to obtain a more rational understanding of the sociology of media is posited by this study. We conclude with discussion of a new model of media censorship which has more relevance in Asian internal conflicts.

Bridging the gap between anecdotal and empirical evidence in the international education market : insights from the US and UK

Education is an industry which has seen rapid growth in its trade over a short period of time. From the import and export of textbooks to international examinations such as the British Advanced and Ordinary levels and the American GMAT, GRE, LSAT, TOEFL and others, international trade in education has truly become a multidimensional phenomenon (Liston and Reeves, 1985). While all these aspects have largely contributed to the development of the so called “academic trade” (McMahon, 1988), it is the cross-border migration of international students which however remains the most visible aspect of this trade (Bourke, 2000). Indeed, recent estimates by the Organisation for Economic Cooperation and Development (OECD) suggest that nearly 1.9 million students were abroad in 2002 (OECD, 2004). There are probably thousands more foreign students involved in lower level education, language training and the like, but at the time of writing, no comprehensive statistics is yet available on international students enrolled in non-tertiary level institutions (Knight, 2002). As a result, it is vital to stress at the outset that this paper focuses exclusively on cross-border tertiary education but parallels can be drawn for lower level education.

Accounting convergence of intangibles : value relevance of R & D accounting treatment

The rapid globalization of markets has resulted in further acceleration of the worldwide convergence of accounting standards, including the development of high-quality and globally consistent accounting standards for both domestic and cross-border financial reporting. Prior studies report that earnings value relevance of U.S. companies is decreasing, and the decline is partially attributable to the immediate expensing of intangibles, like research and development (R&D). Being one of the areas of divergence, accounting for R&D was highlighted as one of the seven short-term convergence projects by the FASB and IASB. Australia's adoption of IFRS in 2005 presents an empirical setting to evaluate the value relevance of different accounting treatments for R&D, and ultimately assist financial accounting standard setters in the U.S. and abroad in finding an appropriate accounting treatment for R&D.

Insuring for a crisis: deposit insurance and the GFC, the Australian and New Zealand experience

Deposit insurance schemes were an important element in policy responses to the global financial crisis (GFC). There has been considerable debate about the nature and efficacy of such policy measures in alleviating the fallout from financial crises. The GFC highlighted problems associated with deposit insurance schemes including moral hazard, coverage limits, co-insurance, cross border issues and market distortions. Despite these shortcomings, deposit insurance schemes were able to ameliorate the financial panic experienced and reduce contagion. This paper evaluates the Australian and New Zealand experience with deposit insurance introduced in response to the GFC, and compares this to the OECD experience. It reflects on the performance of deposit insurance schemes considered against the attributes of good policy design, and evaluates the specific problems and strengths encountered during the GFC.

Boom and bust in Australian screen policy: 10BA, the Film Finance Corporation, and Hollywood's 'race to the bottom'.

In recent years, a narrative has emerged in the Australian popular media about the box office 'unpopularity' of Australian feature films and the 'failure' of the domestic screen industry. This article explores the recent history of Australian screen policy with particular reference to the '10BA' tax incentive of the 1980s; the Film Finance Corporation of Australia (FFC), a government screen agency established in 1988 to bring investment bank-style portfolio management to Australia's screen industry; and local production incentive policies pursed by Australian state governments in a chase for Hollywood's runaway production.

We argue the 10BA incentive catalysed an unsustainable bubble in Australian production, while its policy successor, the FFC, fundamentally failed in its stated mission of 'commercial' screen financing (over its 20-year lifespan, the FFC invested 1.345 billion Australian dollars for 274.2 million Australian dollars recouped - a cumulative return of negative 80 percent). For their part, private investors in Australian films discovered that the screen production process involved high levels of risk.

Foreign-financed production also proved highly volatile, due to the vagaries of trade exposure, currency fluctuations and tax arbitrage. The result of these macro and micro-economic factors often structural and cross-border in nature was that Australia's screen industry failed to develop the local investment infrastructure required to finance a sustainable, non-subsidised local sector.

Does organisational heritage matter in the development of offshore markets? the case of Australian life insurers

The globalization of financial markets over the past decade has focused the spotlight on the responsiveness of financial firms to international pressures. Insurance markets have traditionally relied on global networks not only to expand the insurers' sphere of influence but also to support domestic business. Until relatively recently, Australian insurance companies have not played a significant role in the development of international markets. However, in the last decade of the twentieth century Australian insurers ventured overseas on a scale without precedence. This article presents an historical perspective on the internationalization of the Australian life-insurance market with a view to understanding why these firms have been classified "late starters" in the internationalization stakes. In a broader capacity it provides insights into the impediments to overseas expansion and the forces encouraging or discouraging the development of cross border networks.