The temporal price relationship between the stock index futures and the underlying stock index : evidence from Malaysia

The stock index futures was introduced in Malaysia in December 1995 with the launching of the futures contract on the Kuala Lumpur Stock Exchange Composite Index. Due to its recentness in the country, many issues pertaining to this equity derivatives instrument have not been explored. Thus, the development of stock index futures opens many opportunities for research in this area. This study examines the temporal relationship between the price of the Kuala Lumpur Stock Exchange Composite Index futures contract (FKLI) and its underlying stock index, the Kuala Lumpur Stock Exchange Composite Index (KLSE CI). The five-year period under study is split into three subperiods to observe the price co-movement pattern under different volatility levels. The study finds that futures market tends to lead the spot market by one day during the periods of stable market, and there is a mixed lead-lag relationship between the two markets during the period of highly volatile market.

Valuing creativity in the higher education sector : what price the creative knowledge economy?

Contemporary economic and social contexts including the creative knowledge economy provide competing perspectives on ‘the future’ of higher education and the role of the academic within these contexts. Increasingly educators and educationa leaders are expected to act in ‘futures’ oriented ways whilst remaining true to the professional standards of their present environments. Working in the creative industries or as part of the creative knowledge economy increasingly contributes to Australia’s strategic directions for the future but also has an influence on what is valued in the higher education sector.
This paper explores the impact of the creative knowledge economy on the higher education sector and its response to the changing educational landscapes. An exploration is undertaken of the shift towards creative industries where the value of creativity and the arts is linked to economic value. It is argued that this shift requires researchers to alter their identities from that of having ‘academic’ value to engaging with the commodification of knowledge. The paper concludes with a suggested way forward for both the creative industries and the higher education sector using Giri’s (2002) model for transdisciplinarity.

Estimating income and price elasticities of imports for Fiji in a cointegration framework

This paper estimates an import demand model for Fiji using the recently developed bounds testing approach to cointegration for the period 1972 to 1999. To estimate the long-run elasticities, we use three approaches: the autoregressive distributed lag (ARDL) model, the dynamic ordinary least squares (DOLS) approach and the fully modified ordinary least squares technique. Our results indicate a long-run cointegration relationship among the variables when import volume is the dependent variable. We find that the coefficient on income is elastic while the coefficient on relative prices (import price relative to domestic price) is unitary elastic in the long run. The error correction mechanism reveals that after any shock(s) to the determinants of import demand equilibrium is attained after 2 1/2 years.

Sustainable living environment for urban low-income households in Malaysia : key factors for maintenance

Urbanisation is predicted to continuously increase every year. Demand for urban shelter will rise and hence this will force governments to act, within their capability, to provide affordable housing in order to maintain social and economic stability. Some industrialized countries have demonstrated full state support from planning and implementation through to continuing maintenance in order to create and sustain a healthy living environment for urban low-in-come households. For developing countries, this might be more difficult. Ensuring adequate maintenance to provide housing quality over the long term is proving even more problematic than simply providing housing. The question is how housing in developing countries can be made sustainable in order to provide a better living environment in the long term. This study focuses on key issues of residential living environments for urban low-cost housing in Malaysia in relation to housing maintenance management. Drawing from extensive primary research and a series of interviews, this exploratory study identifies factors that must be considered by policy makers in order to provide a decent and sustainable living environment for the urban lower-income group. The outcome suggests that current systems of maintenance management - offsetting maintenance to developers or the housing communities themselves, is not working well. The government may need to continue to support low cost housing through maintenance in order to prevent deterioration of accommodation that could become future slums.

The ripple effect in house price fluctuations in Australia

The differences in economy, society, demography and geography in different regions are main reasons which cause disparities in regional house prices. Three theories, namely ripple effect hypothesis, convergence and efficient market hypothesis, are used to examine price fluctuations in spatial dimension amongst eight housing markets in Australian state capital cities.

Empirical applications of economic principles in producer price index analysis

The research analyses economic linkages of producer price indices of the construction industry in Australia and relationships between construction and house prices. A range of econometric techniques are applied to analyse construction and house prices. The economic equilibrium and dynamic relationships among regional markets are investigated based on producer price index analysis.

Portfolio diversification and share price behavior : some evidence from the Taiwan Stock Exchange

This dissertation consists of four separate but closely related studies which investigate different aspects of share price behavior on the Taiwan Stock Exchange over the period 1980-89: 1.The benefits of diversification available to investors using the Markowitz model and the Single Model Index. 2. The applicability of the CAPM to the TSE over the decade. 3. Regularities in proce sequences. 4. Market reaction to the announcements of stock dividends, right issues and combinations of both.

Relationship factors in the development and maintenance of ED : implications for treatment effectiveness

Introduction. With the advent of effective medical treatments for erectile dysfunction (ED), there has been a reduced focus in recent years on the role of relationship in the development of this disorder.
Aim. This article examines the contribution of relationship factors to the success or otherwise of different treatment
approaches for ED.
Main Outcome Measures. The results of findings in the literature on the association between relationship factors and the development and maintenance of ED.
Methods. This article reviews and evaluates the literature that relates to the role of relationship factors in the development and maintenance of ED.
Results. The current review demonstrates that relationship dynamics are frequently dysfunctional among men with ED. Research demonstrates that addressing these problems is likely to improve the effectiveness of therapy. However, there have been limited studies conducted in this area; many of these studies are methodologically flawed, and so it is difficult to determine the effectiveness of these interventions.
Conclusions. There needs to be further research on the association between relationship factors and ED. Suggestions for future research that include combined medical and psychological interventions for ED are proposed.

Subjective well-being maintenance

This thesis research examined the relationship between SWB and depression in the context of homeostasis theory. Results provide support for homeostasis as the SWB maintenance mechanism and strong support for conceptualising depression as a loss of SWB. Remarkable, results also indicate that some SWB measures outperform depression inventories in detecting depression. The portfolio uses attachment theory as a conceptual framework for understanding the contribution of attachment relationships to the development of borderline and antisocial personality pathology in children and adolescents. Four case studies are presented in illustration.

Birth of a biome : insights into the assembly and maintenance of the Australian arid zone biota

The integration of phylogenetics, phylogeography and palaeoenvironmental studies is providing major insights into the historical forces that have shaped the Earth’s biomes. Yet our present view is biased towards arctic and temperate/tropical forest regions, with very little focus on the extensive arid regions of the planet. The Australian arid zone is one of the largest desert landform systems in the world, with a unique, diverse and relatively well-studied biota. With foci on palaeoenvironmental and molecular data, we here review what is known about the assembly and maintenance of this biome in the context of its physical history, and in comparison with other mesic biomes. Aridification of Australia began in the Mid-Miocene, around 15 million years, but fully arid landforms in central Australia appeared much later, around 1–4 million years. Dated molecular phylogenies of diverse taxa show the deepest divergences of arid-adapted taxa from the Mid-Miocene, consistent with the onset of desiccation. There is evidence of arid-adapted taxa evolving from mesicadapted ancestors, and also of speciation within the arid zone. There is no evidence for an increase in speciation rate during the Pleistocene, and most arid-zone species lineages date to the Pliocene or earlier. The last 0.8 million years have seen major fluctuations of the arid zone, with large areas covered by mobile sand dunes during glacial maxima. Some large, vagile taxa show patterns of recent expansion and migration throughout the arid zone, in parallel with the ice sheet-imposed range shifts in Northern Hemisphere taxa. Yet other taxa show high lineage diversity and strong phylogeographical structure, indicating persistence in multiple localised refugia over several glacial maxima. Similar to the Northern Hemisphere, Pleistocene range shifts have produced suture zones, creating the opportunity for diversification and speciation through hybridisation, polyploidy and parthenogenesis. This review highlights the opportunities that development of arid conditions provides for rapid and diverse evolutionary radiations, and re-enforces the emerging view that Pleistocene environmental change can have diverse impacts on genetic structure and diversity in different biomes. There is a clear need for more detailed and targeted phylogeographical studies of Australia’s arid biota and we suggest a framework and a set of a priori hypotheses by which to proceed.

Evaluating the distributional implications of price movements : methodology, application and Australian evidence

This article investigates the distributional implication of relative price movements in Australia. It proposes and applies a method of evaluating the nature and size of the inequality bias of price movements. In the process, the study introduces a new demographic demand model that yields sensible and statistically significant estimates of the general equivalence scale and the size economies of scale. The study finds that relative price movements in Australia during the 1990s had an inequality increasing bias and that this bias increased in the late 1990s and the first part of the new millennium. The disaggregated analysis of the inequality movements shows that the regressive nature of relative price changes affected the renters much more than non-renters. The study also provides evidence on the decomposition of overall inequality between demographic groups and compares the decomposition between the nominal and real expenditure inequalities.

A-Reit price responses to cash rate changes

With the rapid increasing number and assets of A-REITs, there has been an urgent need to study the relationship between the changes of cash rates and the A-REITs returns. This study investigates whether there were relationships between Australian-Real Estate Investment Trusts stock returns and policy interest rate changes in the past decade by using event study with a multivariate regression model. The findings indicate that cash rate changes have no significantly positive or negative influence on the equity A-REIT stock prices. A series of successive cash rate changes do not take a continuous and dramatic effect on the equity A-REIT stock prices in each economic cycle. Moreover, the A-REITs with relatively smaller assets show more significant fluctuation to the changes of cash rates, and the A-REITs owning more than $ 10 billion in capital assets have relatively steady stock prices. Overall, the findings from this research lead to a call for comprehensive research into various areas in order to ascertain the determinants of A-REIT price changes.

Can investors hedge residential price dynamics of Australia's capital cities?

The study described in this paper focuses on testing the short-run and
long-run relationships between house price and consumer price indices in Australia’s capital cities from 1998 to 2008. The autoregressive distributed lag model is adopted to obtain the estimates of the short-run relationships, while the error correction model is used to investigate the long-run relationships. The t-statistic is used to compute the significance of these relationships. The research results give no evidence that house price indices are correlated with consumer price indices in the short run. However, the long-run relationships between house and consumer price indices exist in most of the cities.