The efficacy of the Sortino ratio and other benchmarked performance measures under skewed return distributions

This paper will investigate the suitability of existing performance measures under the assumption of a clearly defined benchmark. A range of measures are examined including the Sortino Ratio, the Sharpe Selection ratio (SSR), the Student’s t-test and a decay rate measure. A simulation study is used to assess the power and bias of these measures based on variations in sample size and mean performance of two simulated funds. The Sortino Ratio is found to be the superior performance measure exhibiting more power and less bias than the SSR when the distribution of excess returns are skewed.

Advance Australia Fair : social democratic and conservative politicians’ discourses concerning Aboriginal and Torres Strait Islander Peoples and their health 1972–2001

This paper reports research undertaken as part of a larger project in which we examined whether and how values and beliefs communicated by Australian politicians have shaped decades of health policy and influenced health outcomes for Aboriginal and Torres Strait Islander Peoples of Australia. To first characterise those values and beliefs we analysed the public statements of the politicians responsible nationally for the health of Aboriginal and Torres Strait Islander Peoples 1972–2001, using critical discourse analysis. We found that four discourses, communicated through words, phrases, sentences and grammatical structures, dominated public statements over the study period. These four discourses focused on the competence and capacity of Aboriginal and Torres Strait Islander Peoples to “manage”; matters of control of and responsibility for the health of Aboriginal and Torres Strait Islander Peoples; Aboriginal and Torres Strait Islander Peoples as “Other”; and the nature of the “problem” concerning the health of Aboriginal and Torres Strait Islander Peoples. Analysis of the discursive elements contributing to shaping these four discourses is reported in this paper.

Accountability, transparency, impartiality, and other ethical issues : improving democracy reduces violence

Violence is detrimental to the stability of any democracy. If people are too scared to vote, or if they lack confidence in their government to bring peace, how will their voices be heard? By discussing how accountability, transparency, and ethics dissuade social confusion, improve democracy, and lessen occurrences of violence, perhaps one can increase the success in the instance of stabilizing a new democracy or reinvigorating an old one. Theoretically resulting in more peaceful governmental transitions; accountability, transparency, and ethics in democracy are a must to build social trust, improve democracy, and reduce violence.

Queensland Aborigines, multiple realities and the social sources of suffering: Psychiatry and moral regions of being (Part 1)

This two part paper considers the experience of a range of magico-religious experiences (such as visions and voices) and spirit beliefs in a rural Aboriginal town. The papers challenge the tendency of institutionalised psychiatry to medicalise the experiences and critiques the way in which its individualistic practice is intensified in the face of an incomprehensible Aboriginal „other‟ to become part of the power imbalance that characterises the relationship between Indigenous and white domains. The work reveals the internal differentiation and politics of the Aboriginal domain, as the meanings of these experiences and actions are contested and negotiated by the residents and in so doing they decentre the concerns of the white domain and attempt to control their relationship with it. Thus the plausibility structure that sustains these multiple realities reflects both accommodation and resistance to the material and historical conditions imposed and enacted by mainstream society on the residents, and to current socio- political realities. I conclude that the residents‟ narratives chart the grounds of moral adjudication as the experiences were rarely conceptualised by local people as signs of individual pathology but as reflections of social reality. Psychiatric drug therapy and the behaviourist assumptions underlying its practice posit atomised individuals as the appropriate site of intervention as against the multiple realities revealed by the phenomenology of the experiences. The papers thus call into question Australian mainstream „commonsense‟ that circulates about Aboriginal and Torres Strait Islander people which justifies representations of them as sickly outcasts in Australian society.

The conceptualisation, sensitivity and measurement of holding costs and other selected elements impacting housing affordability (Literature review and research methodology for confirmation of PhD candidature)

It is widely held that strong relationships exist between housing, economic status, and well being. This is exemplified by widespread housing stock surpluses in many countries which threaten to destabilise numerous aspects related to individuals and community. However, the position of housing demand and supply is not consistent. The Australian position provides a distinct contrast whereby seemingly inexorable housing demand generally remains a critical issue affecting the socio-economic landscape. Underpinned by high levels of immigration, and further buoyed by sustained historically low interest rates, increasing income levels, and increased government assistance for first home buyers, this strong housing demand ensures elements related to housing affordability continue to gain prominence. A significant, but less visible factor impacting housing affordability – particularly new housing development – relates to holding costs. These costs are in many ways “hidden” and cannot always be easily identified. Although it is only one contributor, the nature and extent of its impact requires elucidation. In its simplest form, it commences with a calculation of the interest or opportunity cost of land holding. However, there is significantly more complexity for major new developments - particularly greenfield property development. Preliminary analysis conducted by the author suggests that even small shifts in primary factors impacting holding costs can appreciably affect housing affordability – and notably, to a greater extent than commonly held. Even so, their importance and perceived high level impact can be gauged from the unprecedented level of attention policy makers have given them over recent years. This may be evidenced by the embedding of specific strategies to address burgeoning holding costs (and particularly those cost savings associated with streamlining regulatory assessment) within statutory instruments such as the Queensland Housing Affordability Strategy, and the South East Queensland Regional Plan. However, several key issues require investigation. Firstly, the computation and methodology behind the calculation of holding costs varies widely. In fact, it is not only variable, but in some instances completely ignored. Secondly, some ambiguity exists in terms of the inclusion of various elements of holding costs, thereby affecting the assessment of their relative contribution. Perhaps this may in part be explained by their nature: such costs are not always immediately apparent. Some forms of holding costs are not as visible as the more tangible cost items associated with greenfield development such as regulatory fees, government taxes, acquisition costs, selling fees, commissions and others. Holding costs are also more difficult to evaluate since for the most part they must be ultimately assessed over time in an ever-changing environment, based on their strong relationship with opportunity cost which is in turn dependant, inter alia, upon prevailing inflation and / or interest rates. By extending research in the general area of housing affordability, this thesis seeks to provide a more detailed investigation of those elements related to holding costs, and in so doing determine the size of their impact specifically on the end user. This will involve the development of soundly based economic and econometric models which seek to clarify the componentry impacts of holding costs. Ultimately, there are significant policy implications in relation to the framework used in Australian jurisdictions that promote, retain, or otherwise maximise, the opportunities for affordable housing.

Compliance

Entry provides a concise description of obligations prescribed by laws and regulations, or procedural rules met by individuals or organisations. In the event of noncompliance, penalties are imposed. A conceptual overview, critical commentary and future directions on compliance provide the framework for this entry. The International Encyclopedia of Organization Studies is a definitive description of the field, spanning individual, organizational, societal, and cultural perspective in a cross-disciplinary manner. The Encyclopedia is thoroughly cross-referenced and entries are based around a series of broad themes. Key Features- Offers a comprehensive overview of many of the major ideas, concepts, terms, and approaches that characterise this diverse field of organization studies - Illustrates the fluidity, dynamism, and innovation that now occur in organization studies-internationally - Brings together a team of international contributors from the fields of: Management, Psychology, Sociology, Communications, Education, Political Science, Public Administration, Anthropology, Law and other related areas. - Examines how organizations are devices for structuring life and lives are structured by organizations

Procedural justice

Entry provides a concise description of procedural justice -the perceived fairness of organizational procedures in decision-making processes A conceptual overview, critical commentary and future directions provide the framework for this entry. The International Encyclopedia of Organization Studies is a definitive description of the field, spanning individual, organizational, societal, and cultural perspective in a cross-disciplinary manner. The Encyclopedia is thoroughly cross-referenced and entries are based around a series of broad themes. Key Features- Offers a comprehensive overview of many of the major ideas, concepts, terms, and approaches that characterise this diverse field of organization studies - Illustrates the fluidity, dynamism, and innovation that now occur in organization studies-internationally - Brings together a team of international contributors from the fields of: Management, Psychology, Sociology, Communications, Education, Political Science, Public Administration, Anthropology, Law and other related areas. - Examines how organizations are devices for structuring life and lives are structured by organizations

Crime, Rurality and Community

Criminology has tended to treat crime as predominantly an urban phenomenon. A review of the available, albeit rather limited, empirical evidence regarding crime and law and order in rural New South Wales (NSW) raises some doubts about the urban-centric focus of criminology and opens up a range of other interesting questions concerning the differential social construction of crime problems in some rural localities, in particular the tendency to racialise questions of crime and law and order. Rather than simply developing an empirical and theoretical account of urban/rural differences, however, the paper suggests a conceptual framework for local and regional studies drawing on the work of Norbert Elias and Robert Putnam.

Violence, Spatiality and other Rurals

Occidentalism, which treats the other as the same, can be detected in both the criminological and rural sociological treatment of violence in the sociospatial sites of rural countrysides. Criminology tends to mistakenly assume that violence in the modern world is primarily an urban phenomenon (Baldwin & Bottoms, 1976, p. 1; Braithwaite, 1989, p. 47). If violence in rural settings is encountered it tends to be treated as a smaller scale version of the urban problem, or the importation of an otherwise urban problem - as the corrupting influence of the gesellschaft within the gemeinschaft. Within much rural sociology violence is rendered invisible by the assumption that rural communities conform to the idealised conception of the typical gemeinschaft society, small-scale traditional societies based on strong cohesiveness, intimacy and organic forms of solidarity. What these bonds conceal, rather than reveal - violence within the family - remains invisible to the public gaze. The visibility of violence within Aboriginal families and communities presents a major exception to the spatially ordered social relations which render so much white family violence hidden. The need to take into account the complexity and diversity of these sociospatial relations is concretely highlighted in our research which has taken us out of the urban context and confronted us not only with the phenomenon of the violence of other rurals, but also with fundamentally competing claims on, and conceptions of, space and place in the context of a racially divided Australian interior. This article represents the second installment of conceptual reflections on this research, with the first having been published in this journal in 1998.

What's your other job : a census analysis of arts employment in Australia

This report applies CCI’s creative trident methodology with the definition of the arts as established by the Australia Council for the Arts to data sourced from Australia’s national census data (from 1996, 2001 and the most recent one in 2006). Analysis has been conducted on employment, income, gender, age and the nature of employment for artists and arts related workers within and beyond the arts industries, as well as other support workers in the arts industries.

Effect of physical activity and other stressors on appetite: Overcoming underconsumption of military operational rations revisited.

Recognizing the importance of good nutrition for physical and mental status, the Department of Defense asked the Institute of Medicine to guide the design of the nutritional composition of a ration for soldiers on short-term, high-stress missions. Nutrient Composition of Rations for Short-Term, High-Intensity Combat Operations considers military performance, health concerns, food intake, energy expenditure, physical exercise, and food technology issues. The success of military operations depends to a large extent on the physical and mental status of the individuals involved.

Weaving yarns : the lived experience of Indigenous Australians with adult-onset disability in Brisbane

Indigenous Australians have lower levels of health than mainstream Australians and (as far as statistics are able to indicate) higher levels of disability, yet there is little information on Indigenous social and cultural constructions of disability or the Indigenous experience of disability. This research seeks to address these gaps by using an ethnographic approach, couched within a critical medical anthropology (CMA) framework and using the “three bodies” approach, to study the lived experience of urban Indigenous people with an adult-onset disability. The research approach takes account of the debate about the legitimacy of research into Indigenous Australians, Foucault‟s governmentality, and the arguments for different models of disability. The possibility of a cultural model of disability is raised. After a series of initial interviews with contacts who were primarily service providers, more detailed ethnographic research was conducted with three Indigenous women in their homes and with four groups of Indigenous women and men at an Indigenous respite centre. The research involved multiple visits over a period extending more than two years, and the establishment of relationships with all participants. An iterative inductive approach utilising constant comparison (i.e. a form of grounded theory) was adopted, enabling the generation and testing of working hypotheses. The findings point to the lack of an Indigenous construct of disability, related to the holistic construction of health among Indigenous Australians. Shame emerges as a factor which affects the way that Indigenous Australians respond to disability, and which operates in apparent contradiction to expectations of community support. Aspects of shame relate to governmentality, suggesting that self-disciplinary mechanisms have been taken up and support the more obvious exertion of government power. A key finding is the strength of Indigenous identity above and beyond other forms of identification, e.g. as a person with a disability, expressed in forms of resistance by individuals and service providers to the categories and procedures of the mainstream. The implications of a holistic construction of health are discussed in relation to the use of CMA, the interpretation of the “three bodies”, governmentality and resistance. The explanatory value of the concept of sympatricity is discussed, as is the potential value of a cultural model of disability which takes into account the cultural politics of a defiant Indigenous identity.