The equity and efficiency of the Australian share market with respect to director trading

Purpose – The purpose of this paper is to investigate the extent of directors breaching the reporting requirements of the Australian Stock Exchange (ASX) and the Corporations Act in Australia. Further, it seeks to assess whether directors in Australia achieve abnormal returns from trades in their own companies. Design/methodology/approach – Using an event study approach on an Australian sample, abnormal returns for a range of situations were estimated. Findings – A total of 13 (seven) per cent of own‐company directors trades do not meet the ASX (Corporations Act) requirement of reporting within five (14) business days. Directors do achieve abnormal returns through trading in shares of their own companies. Ignoring transaction costs, outsiders can achieve abnormal returns by imitating directors' trades. Analysis of returns to directors after they trade but before they announce the trade to the market shows that directors are making small but statistically significant returns that are not available to the market. Analysis of returns to directors subsequent to the ASX reporting requirement up to the day the trade is reported shows that directors are making small but statistically significant returns that should be available to the market. Research limitations/implications – Future research should investigate the linkages between late reporting by directors and disadvantages to outside shareholders and the implementation of internal policies implemented to mitigate insider trading. Practical implications – Market participants should remain vigilant regarding the potential for late/non‐reporting of directors' trades. Originality/value – Uncovering breaches of reporting regulations are particularly important given that directors tend to purchase (sell) shares when the price is low (high), thereby achieving abnormal returns.

Making apartments affordable: Moving from speculative to deliberative development

Urban planning policies in Australia presuppose apartments as the new dominant housing type, but much of what the market has delivered is criticised as over-development, and as being generic, poorly-designed, environmentally unsustainable and unaffordable. Policy responses to this problem typically focus on planning regulation and construction costs as the primary issues needing to be addressed in order to increase the supply of quality, affordable apartment housing. In contrast, this paper uses Ball’s (1983) ‘structures of provision’ approach to outline the key processes informing apartment development and identifies a substantial gap in critical understanding of how apartments are developed in Australia. This reveals economic problems not typically considered by policymakers. Using mainstream economic analysis to review the market itself, the authors found high search costs, demand risk, problems with exchange, and lack of competition present key barriers to achieving greater affordability and limit the extent to which ‘speculative’ developers can respond to the preferences of would be owner-occupiers of apartments. The existing development model, which is reliant on capturing uplift in site value, suits investors seeking rental yields in the first instance and capital gains in the second instance, and actively encourages housing price inflation. This is exacerbated by lack of density restrictions, such as have existed in inner Melbourne for many years, which permits greater yields on redevelopment sites. The price of land in the vicinity of such redevelopment sites is pushed up as landholders' expectation of future yield is raised. All too frequently existing redevelopment sites go back onto the market as vendors seek to capture the uplift in site value and exit the project in a risk free manner...

Making More from Sheep Phase II : MMfS State Coordination – Queensland

Making More from Sheep (MMfS) is a majority market extension program funded by Meat & Livestock Australia (MLA) and Australian Wool Innovation (AWI). Phase II of MMfS commenced in Queensland with a business planning process in October 2010 and delivery from November 2010 until November 2013. Mr Tony Hamilton of the Department of Agriculture, Fisheries and Forestry (DAFF) was initially the State Coordinator with responsibility for planning, project implementation, monitoring and evaluation. He was replaced by Ms Nicole Sallur from DAFF towards the end of the project. Delivery involving partner organisations provided best practice management information and tools to sheep producers with target Key Performance Indicators (KPI’s) exceeded across all three tiers of engagement category. 31 events were delivered to 551 participants. Satisfaction and value scores averaged across all events measured 8.7 and 8.2 respectively. Operational recommendations have been included in the report.

FactCheck: is our grocery market one of the most concentrated in the world?

With one of the most concentrated food retail sectors in the world dominated by the supermarket duopoly, the barriers to making it easy to buy local food in Australia are significant. It is time for Australia to learn from the example of other countries and provide assistance to rebuild local food systems.” – The Australian Greens. However, the percentage of market share controlled by the two major supermarkets, Coles and Woolworths, depends on which groceries you include.

Discounting the value of natural resources in costbenefit analysis: a case study for policy making

4 p.

Market Instruments and CO2 Mitigation: A General Equilibrium Analysis for Spain

25 p.

Improved energy efficiency in paper making through reducing dryer steam consumption using advanced process control

Over the last two or three years, the increasing costs of energy and worsening market conditions have focussed even greater attention within paper mills than before, on considering ways to improve efficiency and reduce the energy used in paper making. Arising from a multivariable understanding of paper machine operation, Advanced Process Control (APC) technology enables paper machine behaviour to be controlled in a more coherent way, using all the variables available for control. Furthermore, with the machine under better regulation and with more variables used in control, there is the opportunity to optimise machine operation, usually providing very striking multi-objective performance improvement benefits of a number of kinds. Traditional three term control technology does not offer this capability. The paper presents results from several different paper machine projects we have undertaken around the world. These projects have been aimed at improving machine stability, optimising chemicals usage and reducing energy use. On a brown paperboard machine in Australasia, APC has reduced specific steam usage by 10%, averaged across the grades; the controller has also provided a significant capacity to increase production. On a North American newsprint machine, the APC system has reduced steam usage by more than 10%, and it provides better control of colour and much improved wet end stability. The paper also outlines early results from two other performance improvement projects, each incorporating a different approach to reducing the energy used in paper making. The first of these two projects is focussed on optimising sheet drainage, aiming to present the dryer with a sheet having higher solids content than before. The second project aims to reduce specific steam usage by optimising the operation of the dryer hood.

Making the case for inclusive design.

This paper describes the University of Cambridge, Engineering Design Centre's (EDC) case for inclusive design, based on 10 years of research, promotion and knowledge transfer. In summary, inclusive design applies an understanding of customer diversity to inform decisions throughout the development process, in order to better satisfy the needs of more people. Products that are more inclusive can reach a wider market, improve customer satisfaction and drive business success. The rapidly ageing population increases the importance of this approach. The case presented here has helped to convince BT, Nestlé and others to adopt an inclusive approach.

The process of making the business case for technology: A sales and marketing perspective for technologists

Technological investment is a key driver of innovation and the evaluation of technology potential is becoming increasingly important in this context. There is a range of approaches and tools for developing an understanding of the value of technology. However the process of communicating this potential to possible customers is not well documented in terms of theory and practice and falls outside the skill set of many technologists. This paper seeks to integrate the concepts of marketing and consultative selling into making business cases for new technologies. It describes an exploratory study which results in an outline process activity model for technologists wishing to build an effective business case for securing investment internally or when selling a technology externally. Following a review of literature, we suggest that there is potential to learn from market research and consultative sales techniques, and propose a five step process. The work has been industrially validated and forms a novel foundation for further development. © 2012 Elsevier Inc.

Making the deployment of pico-PV more sustainable along the value chain

Pico-PV is an excellent technology for bringing electric light to rural areas in the developing world and replacing kerosene lanterns and candles. However, as pico-PV is a comparatively new technology, relatively little is known about appropriate methods for sustainable product development and deployment. For this reason current dissemination methods are often ineffective and unsustainable. This research aims to help project developers deploy pico-PV technologies successfully and in a sustainable manner. To achieve this, a conceptual framework of key sustainability criteria along the value chain was developed and tested. The analysis revealed that the most important criteria for the sustainable deployment of pico-PV systems are: (a) easy and safe operation of the product; (b) that a system for product return is established; (c) the retailer understands the target market and (d) the end-user is aware of the product's existence and its benefits. This research reveals that criteria (b) and (c) are of greatest concern. In light of these findings, the authors propose to focus on the following five factors; namely: (a) raising awareness for certification and creating market reassurance; (b) introducing support mechanisms to facilitate local repair; (c) using existing supply channels and establishing in-country (dis)assembly; (d) introducing financial support mechanisms at product supply stages and; (e) undertaking marketing campaigns. © 2013 Elsevier Ltd. All rights reserved.

Technology and the architecture of markets: re-configuring the Canadian equity market

This paper examines the relation between technical possibilities, liberal logics, and the concrete reconfiguration of markets. It focuses on the enrolling of innovations in communication and information technologies into the markets traditionally dominated by stock exchanges. With the development of capacities to trade on-screen, the power of incumbent market makers has been challenged as a less stable array of competing quasi-public and private marketplaces emerges. Developing a case study of the Toronto Stock Exchange, I argue that narrative emphasis on the performative power of sociotechnical innovations, the deterritorialisation of financial relations, and the erosion of state capacities needs qualification. A case is made for the importance of developing an understanding of: the spaces of encounter between emerging social technologies and property rights, rules of exchange, and structures of governance; and the interplay of orderings of different institutional composition and spatial reach in the reconfiguration of market architectures. Only then can a better grasp be gained of the evolving dynamics between making markets, the regulatory powers of the state, and their delimitations.

Making sustainability ‘real’: using group-enquiry to promote education

Sustainable development is now widely held as a transcendental ideal of town and country planning, yet the way in which it is taught in planning schools remains problematic. This arises from a range of factors, including the all-persuasive nature of sustainability and the lack of solid examples of success through implementation. The issue of how best to promote learning for sustainable development in planning has arguably intensified in the last two years in the case of the Royal Town Planning Institute- sponsored ‘fast track’ one-year Masters, which has reduced the opportunities for students to engage in wider (and perhaps even deeper) concepts, including that of sustainable development. This paper explores this through discussion of a specific project developed at Queen’s University Belfast, facilitated by a grant from the UK Higher Education Academy. Working with a local community, this entailed a group of students working on their Masters thesis collectively addressing issues of sustainable regeneration in a small Irish market town. The design of the project draws heavily on the concepts of enquiry based learning, experiential learning and action competence, whichare seen as being central to improving education for sustainable development (ESD). The paper explores the benefits of such an approach and discusses the ways in which this experience can help enhance student’s experience of ESD.

Choice and Welfare Reform: Lone Parents’ Decision Making around Paid Work and Family Life

Welfare-to-work policy in the UK sees ‘choice’ regarding lone parents’ employment decisions increasingly defined in terms of powers of selection between options within active labour market programmes, with constraints on the option of non-market activity progressively tightened. In this paper, we examine the wider choice agenda in public services in relation to lone-parent employment, focusing on the period of welfare reform following the 2007 Freud review of welfare provision. Survey data is used to estimate the extent to which recent policies promoting compulsory job search by youngest dependent child age map onto lone parents' own stated decision-making regarding if and when to enter the labour market. The findings indicate a substantial proportion of lone parents targeted by policy reform currently do not want a job and that their main reported reason is that they are looking after their children. Economically inactive lone mothers also remain more likely to have other chronic employment barriers, which traverse dependent child age categories. Some problems, such as poor health, sickness or disability, are particularly acute among those with older dependent children who are the target of recent activation policy.

Review: R. Bellamy, D. Castiglione and J. Shaw (eds.), Making European Citizens (Palgrave Macmillan, 2006)

Review of edited collection.

Employer occupation of regulatory space of the Employee Information and Consultation (I&C) Directive in liberal market economies

This article shows how both employers and the state have influenced macro-level processes and structures concerning the content and transposition of the European Union (EU) Employee Information and Consultation (I&C) Directive. It argues that the processes of regulation occupied by employers reinforce a voluntarism which marginalizes rather than shares decision-making power with workers. The contribution advances the conceptual lens of ‘regulatory space’ by building on Lukes’ multiple faces of power to better understand how employment regulation is determined across transnational, national and enterprise levels. The research proposes an integrated analytical framework on which ‘occupancy’ of regulatory space can be evaluated in comparative national contexts.