The evolution of tax morale in modern Spain

This paper studies the evolution of tax morale in Spain in the post-France era. In contrast to the previous tax compliance literature, the current paper investigates tax morale as the dependent variable and attempts to answer what actually shapes tax morale. Te analysis uses suevey data from two sources; the World Values Survey and the European Values Survey, allowing us to observe tax morale in Spain for the years 1981,1990, 1995 and 1999/2000. The sutudy of evolution of tax morale in Spain over nearly a 20-year span is particularly interesting because the political and fiscal system evolved very rapidly during this period.

Role of farm real estate in a globally diversified asset portfolio

Purpose - The paper examines the benefits of further diversifying a global portfolio of financial assets with New Zealand farm real estate (FRE). ---------- Design/methodology/approach - We compare efficient sets generated with and without farm real estate using portfolio theory. ---------- Findings - The results show that given the predominantly negative correlation between FRE and financial assets, the risk-return tradeoffs of portfolios of financial assets can be improved significantly. The diversification benefits measured in terms of risk reduction, return enhancement, and improvement in the Sharpe performance ratios are robust under a number of FRE risk-return scenarios as well as under high and low inflationary periods. Using 5- and 10-year rolling periods we also find that FRE is a consistent part of risk efficient portfolios. Consistent with the results reported in Lee and Stevenson (2006) for UK real estate the risk reduction benefits of diversifying with FRE are larger than the risk enhancement benefits. ---------- Practical implication - The results suggest that FRE takes on a consistent role of risk-reducer rather than a return-enhancer in a globally diversified portfolio. FRE appears to deserve more serious consideration by investment practitioners that it has been accorded in the past. Originality/value – The study examines the role of direct real estate in a globally diversified portfolio of financial assets.

Using technology to facilitate grading consistency in large classes

University classes in marketing are often large, and therefore require teams of teachers to cover all of the necessary activities. A major problem with teaching teams is the inconsistency that results from myriad individuals offering subjective opinions. This innovation uses the latest moderation techniques along with Audience Response Technology (ART) to enhance the learning experience by providing more consistent and reliable grading in large classes. Assessment items are moderated before they are graded in meetings that employ ART. Results show the process is effective when the teaching team is very large, or there is a diverse range of experienced and inexperienced teachers. This “behind the scenes” innovation is not immediately apparent to students, but results in more consistent grades, more useful feedback for students, and more confident graders.

Challenging the female underperformance hypothesis

Purpose – The question of whether female-owned firms underperform male-owned firms has triggered much research and discussion. Klapper and Parker's review concluded that the majority of prior research suggests that female-owned firms underperform relative to male-owned firms. However, using performance measures that control for size and risk (and after controlling for demographic differences such as industry, experience and hours worked) Robb and Watson found no gender performance difference in their sample of newly established US firms. The aim of this study, therefore, is to replicate Robb and Watson's study to determine whether their findings can be generalized to another geographical location, Australia. Design/methodology/approach – The authors test the female underperformance hypothesis using data from the CAUSEE project, a panel study which follows young firms over four years. They use three outcome variables: survival rates, return on assets and the Sharpe ratio. Findings – Consistent with Robb and Watson the results indicate that female-owned firms do not underperform male-owned firms. Originality/value – While replication studies are rare in entrepreneurship, they are an important tool for accumulating generalizable knowledge. The results suggest that while female-owned firms differ from male-owned firms in terms of many control variables (such as industry, owners' previous experience and hours worked) they are no less successful. This outcome should help dispel the female underperformance myth; which if left unchallenged could result in inappropriate policy decisions and, more importantly, could discourage women from establishing new ventures.

Form prevailing over substance?

The decision of the Court of Appeal in Kellas-Sharpe v PSAL Ltd [2012] QCA 371 considered a not unusual provision in a loan agreement, being a provision whereby a lender agrees to accept a lower or concessional rate of interest in circumstances of prompt payment by the borrower. The loan agreement in question provided for the borrower to pay a standard rate of interest of 7.5% per month. However, if the borrower was not in default, the lender agreed to accept interest at a concessional rate of interest of 4% per month. The issue for determination by the Court of Appeal (McMurdo P, Gotterson JA and Fryberg J) was whether the clause was subject to the equitable jurisdiction to relieve against penalties, and, if so, if the interest rate provision should be treated as a penalty making the interest rate provision void. In mounting this argument, the borrower was seeking to overturn a long line of authority which has repeatedly upheld the semantic distinction between an increase in the rate of interest (which attracts the doctrine concerning penalties) and an incentive to the borrower by way of a reduction in the interest rate for prompt payment (which does not attract the doctrine)...

An analysis of Australia's legal regime for imposing liability on manufacturers of pharmaceutical drugs

Following a trial in June 2009 where the Federal Court heard submissions regarding whether Merck Sharpe and Dohme Australia should be held liable for an increased risk of cardiovascular conditions noted in patients who had taken the anti-inflammatory drug Vioxx, a judgment was handed down against MSDA in March 2010. MSDA appealed to the Full Federal Court, where they were successful. Special leave to appeal to the High Court of Australia was rejected in May 2012. This article will examine the themes raised in the trial judgment and the appropriateness of Australia’s statutory consumer protection regime through the lens of pharmaceutical drug injuries and side effects.

Blended delivery and online assessment : scaffolding student reflections in work-integrated learning

This paper documents a teaching innovation addressing the challenges of embedding and assessing reflective practice in work-integrated learning, specifically marketing internships. We identify four issues relating to this problem: lack of knowledge or skill for reflection, limitations of physical journals, facilitation of different forms of reflection, and suitable models for teaching and assessing reflection. The paper outlines a blended approach combining face-to-face workshops and online resources, and using online reflective journals and digital stories as assessment. The approach and assessment tasks can be implemented in a variety of marketing and business units.

Head-of-bed elevation improves end-expiratory lung volumes in mechanically ventilated subjects : a prospective observational study

BACKGROUND: Head-of-bed elevation (HOBE) has been shown to assist in reducing respiratory complications associated with mechanical ventilation; however, there is minimal research describing changes in end-expiratory lung volume. This study aims to investigate changes in end-expiratory lung volume in a supine position and 2 levels of HOBE. METHODS: Twenty postoperative cardiac surgery subjects were examined using electrical impedance tomography. End-expiratory lung impedance (EELI) was recorded as a surrogate measurement of end-expiratory lung volume in a supine position and at 20° and then 30°. RESULTS: Significant increases in end-expiratory lung volume were seen at both 20° and 30° HOBE in all lung regions, except the anterior, with the largest changes from baseline (supine) seen at 30°. From baseline to 30° HOBE, global EELI increased by 1,327 impedance units (95% CI 1,080–1,573, P < .001). EELI increased by 1,007 units (95% CI 880–1,134, P < .001) in the left lung region and by 320 impedance units (95% CI 188–451, P < .001) in the right lung. Posterior increases of 1,544 impedance units (95% CI 1,405–1,682, P < .001) were also seen. EELI decreased anteriorly, with the largest decreases occurring at 30° (−335 impedance units, 95% CI −486 to −183, P < .001). CONCLUSIONS: HOBE significantly increases global and regional end-expiratory lung volume; therefore, unless contraindicated, all mechanically ventilated patients should be positioned with HOBE.

Dynamic capabilities and performance : an empirical study of audiovisual producers in Europe

This study tests Teece’s conceptualization of dynamic capabilities in the context of small and medium sized firms competing in creative industries, i.e. the European audio-visual production industry. This industry is characterized by immature and evolving markets where firms’ dynamic capabilities are expected to lead to superior innovative performance. Using survey data from audio-visual producers in ten European countries we find that both sensing and seizing capabilities have a positive effect on firms' innovative performance. The effect however, is curvilinear and positive effects appear only when capabilities overcome a threshold level.

Writing Ourselves : pastpresentfuture

If resilience is a hallmark of Aboriginal and Torres Strait Islander people’s survival beyond centuries of colonisation and oppression, brandishing the pen – or any its modern equivalents– can be understood as key resilience and survival strategy. Writing ourselves into contemporary and future existence is a complex act of cultural translation; it involves a speaking to others through a technology from a foreign culture. Subsequently, Indigenous writing is born into complexity.