Relationship between franking credits and the market risk premium

In a dividend imputation tax system, equity investors have three potential sources of return: dividends, capital gains and franking (tax) credits. However, the standard procedures for estimating the market risk premium (MRP) for use in the capital asset pricing model, ignore the value of franking credits. Officer (1994) notes that if franking credits do affect the corporate cost of capital, their value must be added to the standard estimates of MRP. In the present paper, we explicitly derive the relationship between the value of franking credits (gamma) and the MRP. We show that the standard parameter estimates that have been adopted in practice (especially by Australian regulators) violate this deterministic mathematical relationship. We also show how information on dividend yields and effective tax rates bounds the values that can be reasonably used for gamma and the MRP. We make recommendations for how estimates of the MRP should be adjusted to reflect the value of franking credits in an internally consistent manner.

Family, work and health - The impact of marriage, parenthood and employment on self-reported health of Australian men and women

We investigate multiple-burden and multiple-attachment hypotheses for the association among marriage, parenthood, employment and health for Australian men and women. Using longitudinal data from the Australian panel survey, 'Negotiating the Lifecourse', we find that men and women employed full time report better health than those employed part time or not employed. Previously married women report worse health than married women, but there is no association between marital status and health for men. We also find that men with preschool children in the household report worse health than men with older children, whereas women with preschool children report better health than women with older children. In addition for women we find evidence of a role-burden where combining full-time employment and children has a negative impact on health, but combining children with part-time or no employment has a beneficial health effect. There are no health effects of combining roles for men.

The risk premium for equity: implications for resource allocation, welfare and policy

Analysis of the equity premium puzzle has focused on private sector capital markets. The object of this paper is to consider the welfare and policy implications of each of the broad classes of explanations of the equity premium puzzle. As would be expected, the greater the deviation from the first-best outcome implied by a given explanation of the equity premium puzzle, the more interventionist are the implied policy conclusions. Nevertheless, even explanations of the equity premium puzzle consistent with a general consumption-based asset pricing model have important welfare and policy implications.

Who made the final decision?: Social characteristics and initiator status of marriage breakdown

In this lecture presented in August 2005, Belinda Hewitt from the University of Queensland discussed the findings from a report she co-authored with Associate Professor Mark Western and Professor Janeen Baxter from the University of Queensland Social Research Centre on the relationship between social characteristics that have been found to be associated with marriage breakdown and the initiator status of separation.

Premium e-grocery:exploring value in logistics integrated service solutions

E-grocery is gradually becoming viable or a necessity for many families. Yet, most e-supermarkets are seen as providers of low value "staple" and bulky goods mainly. While each store has a large number of SKU available, these products are mainly necessity goods with low marginal value for hedonistic consumption. A need to acquire diverse products (e.g., organic), premium priced products (e.g., wine) for special occasions (e.g., anniversary, birthday), or products just for health related reasons (e.g., allergies, diabetes) are yet to be served via one-stop e-tailers. In this paper, we design a mathematical model that takes into account consumers' geo-demographics and multi-product sourcing capacity for creating critical mass and profit. Our mathematical model is a variant of Capacitated Vehicle Routing Problem with Time Windows (CVRPTW), which we extend by adding intermediate locations for trucks to meet and exchange goods. We illustrate our model for the city of Istanbul using GIS maps, and discuss its various extensions as well as managerial implications.

Divorcing romance, rights and radicalism:Beyond pro and anti in the lesbian and gay marriage debate

In this article about ‘For Better or Worse? Lesbian and Gay Marriage’ (Feminism & Psychology, 14[1]) we focus on the contributions to the special feature, the commentaries provided by Ellen Lewin (2004), Sheila Jeffreys (2004) and Sue Wise and Liz Stanley (2004), and on wider debates about lesbian and gay marriage and partnership recognition. We agree that ‘there is a lot of confusion/assumptions made about what “it” (i.e. “marriage”) is’ (Wise and Stanley, 2004: 333). Thus, when talking about same-sex partnership recognition we are concerned with civil marriage (or civil union, or civil partnership), and not religious marriage. Our emphasis is on the public not on the private sphere; we are less interested with the personal aspects of relationships (such as intimacy or commitment) than with their public function in, for instance, obtaining ‘rights and responsibilities’.

Marital counselling: follow-up study of marriage guidance clients: perceptions of the agency, the process and outcomes. Available in 2 volumes.

This study is a consumer-survey conducted with former Marriage Guidance Council clients. The objectives were to identify and examine why they chose the agency, what their expectations and experiences were of marital counselling and whether anything was achieved. The material was derived from tape recorded interviews with 51 former M.G. clients (17 men and 34 women) from 42 marriages and with 21 counsellors; data from written material and a card-sort completed by the research sample; and the case record sheets of the research population (174 cases). The results from the written data of clients showed that 49% were satisfied with counselling, 25.5% were satisfied in some ways but not in others, and 25.5% were dissatisfied. Forty-six percent rated they had benefited from counselling, either a great deal or to some degree, 4% were neutral and 50% recorded they had not benefited. However the counsellors' assessments were more optimistic. It was also ascertained that 50% of the research sample eventually separated or divorced subsequent to counselling. A cross-check revealed that the majority who rated they were satisfied with counselling were those who remained married, whilst dissatisfied clients were the ones who unwillingly separated or divorced. The study then describes, discusses and assesses the experiences of clients in the light of these findings on a number of dimensions. From this it was possible to construct a summary profile of a "successful" client describing the features which would contribute to "success". Two key themes emerged from the data. (1) the discrepancy between clients expectations and the counselling offered, which included mis­ match over the aims and methods of counselling, and problem definition; and (2) the importance of the client/counsellor relationship. The various implications for the agency are then discussed which include recommendations on policy, the training of counsellors and further research.

“Seismic cultural change?”: British media representations of same-sex ‘marriage’

The legal recognition of same-sex relationships is a contested terrain that has been hotly debated by feminists. This article provides a social constructionist analysis of the UK newspaper media coverage around the time of the introduction of the Civil Partnership Act (2004). In examining the 348 national newspaper coverage over a three month period (November 2005–January 2006) we highlight three prevalent, and conflicting, themes: ‘same-sex marriage becomes legal under the Civil Partnership Act’; ‘couples will not get full legal status’ and ‘marriage is a heterosexual business’. We discuss these media representations and argue that the heteronormativity of the coverage provided little space for more radical constructions of same-sex relationship recognition.

Moving towards premium e-grocery management:multi-products sourcing capacity logistic and geodemographic marketing in emerging markets

CD

Discriminating behaviors through value added premium online grocery offering

Despite many interest in e-grocery, little has changed, over the years, in the offering that is often geared only towards low value staple products. Yet, from an e-supermarket perspective, the number of sourcing stores is increasing regularly providing an illusion of service improvement. This situation, we argue is leading e-grocery providers to forego profits as consumers need to look both at the competition online and offline to satisfy their overall regular grocery needs. Expansion of e-grocery operations could be better achieved, we argue, by serving diverse and premium priced products (e.g. organic, limited production, regional items; special occasions items and products related to health e.g. allergies, diabetes) and utilizing more efficiently modern logistic techniques. A framework is offered presenting a model including the delivery of premium products from various suppliers and providing an integrated service solution to e-grocery customers that complete traditional supermarket ranges, creating potential high value added products niches. In this context, the objective was to understand the consumer discrimination factors (ie: range of product, delivery timing, location, service quality) leading to intentions towards purchasing more items from e-grocery retailers. Data are derived from a survey of 356 respondents in Turkey’s three biggest metropolitan areas. The relationship between consumer attitudes and demographic characteristics are also analyzed. Factor and SEM analyses are used to discriminate within the sample (n=356, no of items=150). Results, future research and policy implications are discussed.