Should funds invest in socially responsible investments during downturns?

Purpose: This paper investigates whether Socially Responsible Investment (SRI) is less sensitive to market downturns than conventional investments; the legal implications for fund managers and trustees; and possible legislative reforms to allow conventional funds more scope to invest in SRI. ----- ----- Design/methodology/approach: The paper uses the market model to estimate betas over the past 15 years for SRI funds and conventional investment funds during economic downturns, as distinct from during more ‘normal’ (non-recessionary) economic times. ----- ----- Findings: The beta risk of SRI, both in Australia and internationally, increases more than that of conventional investment during economic downturns. Traditional fund managers and trustees in Australia are therefore likely to breach their fiduciary duties if they go long - or remain long - in SRI funds during economic downturns, unless relevant legislation is reformed. ----- ----- Research limitations/implications: The methodology assumes that alpha and beta in the market model are constant. This is the subject of ongoing research. Second, it categorises the state of the market into ‘normal’ economic conditions and downturns using dummy variables. More sophisticated techniques could be used in future research. ----- ----- Practical implications: The current law would prevent conventional funds from investing in SRI. If SRI is viewed as socially desirable, useful legislative reforms could include explicitly overriding the common law to allow conventional funds to invest in SRI; introducing a 150% tax deduction or investment allowance for SRI; and allowing SRI sub-funds to obtain Deductible Gift Recipient status from the Australian Tax Office and other taxation authorities. ----- ----- Originality/value: The accurate assessment of risk in SRIs is an area which, despite its serious legal implications, is yet to be subjected to rigorous empirical investigation. Keywords - SRI, market model, GARCH, trust fund, fiduciary duties, market downturns, Australia.

AITPM national newsletter November 2008 president's report

As we’re moving toward the end of the year, it’s not hard to notice everyone starting to rush a bit more. So much so, that in some cases people can lose their cool when they’re out and about. Recently I viewed an episode of Jenny Brockie’s Insight program on SBS on the topic of “rage”. The program covered many areas of life, but it highlighted the issue of rage against taxi drivers in Melbourne and showed some archival footage of the recent taxi drivers’ protest on the issue, next to Flinders Street Station. Serendipitously, perhaps, I picked up Brisbane’s City News as I was eating lunch in town a few days later, and there was an article on Brisbane taxi stand supervisors, citing that some feared to go to work on Friday and Saturday nights as they were not infrequently assaulted by drunken revellers waiting in the long queues for their taxi ride home.

Facile synthesis of Lithium Niobate squares by a combustion route

A combustion synthesis of lithium niobate (LN) squares from activated niobium oxide (Nb2 O5.nH2O) and Li2CO3 was studied to understand all the chemical reactions involved, and the nucleation and square-growth mechanisms. It was found that first the lithium ions react with the fuel (urea), then niobium ions of Nb2 O5.nH2O begin a continuous reaction with the fuel to form metal-organic complexes. LN nuclei are formed by the solid-state reaction of Li- and Nb-organic complexes at 430 degrees celcius. Lithium niobate squares are obtained in the crystallization stasge at 700 degrees celcius, which go on the grow into larger squares at 850 degrees celcius because of the agglomeration effect.

Experiencing higher degree research supervision as teaching

This article describes research higher degree supervisors’ experiences of supervision as a teaching and learning practice. While research education is considered central to the HDR experience, comparatively little is known to date of the pedagogical lenses adopted by supervisors as they go about their supervision. We worked with 35 supervisors engaged in discipline-specific and interdisciplinary research across architectural design, science, engineering, computer science, information systems and librarianship. Several of these supervisors conducted projects which interfaced with the social sciences and humanities. The pedagogies, constructed through the discussions and phenomenographic analysis, offer a picture of supervisors’ collective awareness of supervision as a teaching and learning practice. Supervision as a teaching and learning practice was experienced as: Promoting the supervisor’s development, Imparting academic expertise, Upholding academic standards, Promoting learning to research, Drawing upon student expertise, Enabling student development, Venturing into unexplored territory, Forming productive communities, and Contributing to society.

Reading places

In this chapter I explore how a critical approach to reading pedagogy has evolved over time in South Australia. I start with a brief review of the groundbreaking work of Jennifer O’Brien in the early 1990s in which she adapted feminist post-structuralist approaches for early childhood classrooms. O’Brien showed that young children can and do take an analytical position with respect to reading when tasks are framed in ways that draw their attention to representation and relationships in texts. Then, drawing from a range of empirical research projects, I discuss how a semiotic approach to reading can be productive for thinking about critical and inclusive literacies. I touch briefly upon how and why we incorporated children’s reading of environmental print into the 100 children go to school project. I then outline the ways in which we have capitalised on the notion of reading places in several projects to work with primary school children and their teachers.

Supporting informed learners in the 21st century

This paper elaborates the concept of informed learning and locates it in educational, workplace and community settings. Drawing from existing research into people's experience of information literacy, it identifies critical experiences of informed learners in each of these three settings. It also explores the support required in educational, community and workplace contexts which makes informed learning possible. Recognising strong implications for policy makers in different sectors, the paper presents a set of guiding principles for developing informed learning and learners. The idea of informed learning represents and advances understandings of information literacy that incorporate the broader concept of using information to learn: those understandings that go beyond the functional or generic information literacy paradigm and draw attention to the transformational, situated and critical aspects of information literacy. Using information to learn is a natural, but often implicit part of all formal and informal learning environments, and is a vital component of the lifelong learning agendas of many nations worldwide. Supporting informed learning requires conscious attention to the use of information in the learning process, by educators, managers, trainers, and policy makers in all sectors. It requires a far reaching response to policy directions involving a wide range of stakeholders.

Inferior visual field reductions are associated with poorer functional status among older adults with glaucoma

Purpose: To examine the relationship between visual impairment and functional status in a community-dwelling sample of older adults with glaucoma. Methods: This study included 74 community-dwelling older adults with open-angle glaucoma (aged 74 ± 6 years). Assessment of central vision included high-contrast visual acuity and Pelli-Robson contrast sensitivity. Binocular integrated visual fields were derived from merged monocular Humphrey Field Analyser visual field plots. Functional status outcome measures included physical performance tests (6-min walk test, timed up and go test and lower limb strength), a physical activity questionnaire (Physical Activity Scale for the Elderly) and an overall functional status score. Correlation and linear regression analyses, adjusting for age and gender, examined the association between visual impairment and functional status outcomes. Results: Greater levels of visual impairment were significantly associated with lower levels of functional status among community-dwelling older adults with glaucoma, independent of age and gender. Specifically, lower levels of visual function were associated with slower timed up and go performance, weaker lower limb strength, lower self-reported physical activity, and lower overall functional status scores. Of the components of vision examined, the inferior visual field and contrast factors were the strongest predictors of these functional outcomes, whereas the superior visual field factor was not related to functional status. Conclusions: Greater visual impairment, particularly in the inferior visual field and loss of contrast sensitivity, was associated with poorer functional status among older adults with glaucoma. The findings of this study highlight the potential links between visual impairment and the onset of functional decline. Interventions which promote physical activity among older adults with glaucoma may assist in preventing functional decline, frailty and falls, and improve overall health and well-being.

Development of a software model of a heavy vehicle suspension for research

A Simulink Matlab control system of a heavy vehicle suspension has been developed. The aim of the exercise presented in this paper was to develop a Simulink Matlab control system of a heavy vehicle suspension. The objective facilitated by this outcome was the use of a working model of a heavy vehicle (HV) suspension that could be used for future research. A working computer model is easier and cheaper to re-configure than a HV axle group installed on a truck; it presents less risk should something go wrong and allows more scope for variation and sensitivity analysis before embarking on further "real-world" testing. Empirical data recorded as the input and output signals of a heavy vehicle (HV) suspension were used to develop the parameters for computer simulation of a linear time invariant system described by a second-order differential equation of the form: (i.e. a "2nd-order" system). Using the empirical data as an input to the computer model allowed validation of its output compared with the empirical data. The errors ranged from less than 1% to approximately 3% for any parameter, when comparing like-for-like inputs and outputs. The model is presented along with the results of the validation. This model will be used in future research in the QUT/Main Roads project Heavy vehicle suspensions – testing and analysis, particularly so for a theoretical model of a multi-axle HV suspension with varying values of dynamic load sharing. Allowance will need to be made for the errors noted when using the computer models in this future work.

Of ivory towers and boundary spanners

We all live in a yellow submarine… When I go to work in the morning, in the office building that hosts our BPM research group, on the way up to our level I come by this big breakout room that hosts a number of computer scientists, working away at the next generation software algorithms and iPad applications (I assume). I have never actually been in that room, but every now and then the door is left ajar for a while and I can spot couches, lots (I mean, lots!) of monitors, the odd scientist, a number of Lara Croft posters, and the usual room equipment you’d probably expect from computer scientists (and, no, it’s not like that evil Dennis guy from the Jurassic Park movie, buried in chips, coke, and flickering code screens… It’s also not like the command room from the Nebuchadnezzar, Neo’s hovercraft in the Matrix movies, although I still strongly believe these green lines of code make a good screensaver).

Development of a workplace wellness promotion pilot framework : a case study of the Blue Care Staff Wellness Program

Workplace wellness initiatives are currently unreflective of the multidimensional and holistic nature of the wellness construct. There exists an opportunity for promoters of health to move toward models of workplace wellness promotion that more fully appreciate the interconnected nature of health dimensions and promote them even-handedly. The Blue Care Staff Wellness Program framework was developed in response to a recognised need for consistent and wellness-focused constructs for workplace wellness promotion and dissemination. The framework promotes and supports the individual and organisational wellness of the Blue Care employee population by providing a comprehensive and sustainable employee wellness program. This has been achieved by the adoption of consistent wellness principles to guide the framework conception and theory based development. The use of the framework in a pilot program will provide insight into the frameworks effectiveness in promoting a comprehensive workplace wellness program, and go further to establish the relationship between wellness and productivity in the workplace.

Teachers' work and pedagogy in an era of accountability

A great deal of educational policy proceeds as though teachers are malleable and ever-responsive to change. Some argue they are positioned as technicians who simply implement policy. However, how teachers go about their work and respond to reform agendas may be contingent upon many factors that are both biographical in nature and workplace related. In this paper we discuss the work of middle school teachers in low-socioeconomic communities from their perspectives. Referring to reflective interviews, meeting transcripts and an electronic reporting template, we examine how teacher participants in a school reform project describe their work - what they emphasise and what they down-play or omit. Using Foucaultian approaches to critical discourse analysis and insights from Dorothy Smith's (2005) Institutional Ethnography, we consider the 'discursive economy' (Carlson, 2005) in teachers' reported experiences of their everyday practices in northern suburbs schools in South Australia in which a democratic progressive discourse exists alongside corporate and disciplinary discourses.

The empty city

Picture Book, Children's Book Council of Australia Notable Book 2008 What would you do if you were the only one in a deserted city? Where would you go, and what would you do? The Empty City taps into a fantasy that many of us have had as children to be allowed to explore, unhindered, the ordinarily crowded environment of a shopping centre.

Unpacking Japan's 21st century "National Conversation" : images of the future beyond the iron cage of the "Catch Up" model

How does the image of the future operate upon history, and upon national and individual identities? To what extent are possible futures colonized by the image? What are the un-said futurecratic discourses that underlie the image of the future? Such questions inspired the examination of Japan’s futures images in this thesis. The theoretical point of departure for this examination is Polak’s (1973) seminal research into the theory of the ‘image of the future’ and seven contemporary Japanese texts which offer various alternative images for Japan’s futures, selected as representative of a ‘national conversation’ about the futures of that nation. These seven images of the future are: 1. Report of the Prime Minister’s Commission on Japan’s Goals in the 21st Century—The Frontier Within: Individual Empowerment and Better Governance in the New Millennium, compiled by a committee headed by Japan’s preeminent Jungian psychologist Kawai Hayao (1928-2007); 2. Slow Is Beautiful—a publication by Tsuji Shinichi, in which he re-images Japan as a culture represented by the metaphor of the sloth, concerned with slow and quality-oriented livingry as a preferred image of the future to Japan’s current post-bubble cult of speed and economic efficiency; 3. MuRatopia is an image of the future in the form of a microcosmic prototype community and on-going project based on the historically significant island of Awaji, and established by Japanese economist and futures thinker Yamaguchi Kaoru; 4. F.U.C.K, I Love Japan, by author Tanja Yujiro provides this seven text image of the future line-up with a youth oriented sub-culture perspective on that nation’s futures; 5. IMAGINATION / CREATION—a compilation of round table discussions about Japan’s futures seen from the point of view of Japan’s creative vanguard; 6. Visionary People in a Visionless Country: 21 Earth Connecting Human Stories is a collection of twenty one essays compiled by Denmark born Tokyo resident Peter David Pedersen; and, 7. EXODUS to the Land of Hope, authored by Murakami Ryu, one of Japan’s most prolific and influential writers, this novel suggests a future scenario portraying a massive exodus of Japan’s youth, who, literate with state-of-the-art information and communication technologies (ICTs) move en masse to Japan’s northern island of Hokkaido to launch a cyber-revolution from the peripheries. The thesis employs a Futures Triangle Analysis (FTA) as the macro organizing framework and as such examines both pushes of the present and weights from the past before moving to focus on the pulls to the future represented by the seven texts mentioned above. Inayatullah’s (1999) Causal Layered Analysis (CLA) is the analytical framework used in examining the texts. Poststructuralist concepts derived primarily from the work of Michel Foucault are a particular (but not exclusive) reference point for the analytical approach it encompasses. The research questions which reflect the triangulated analytic matrix are: 1. What are the pushes—in terms of current trends—that are affecting Japan’s futures? 2. What are the historical and cultural weights that influence Japan’s futures? 3. What are the emerging transformative Japanese images of the future discourses, as embodied in actual texts, and what potential do they offer for transformative change in Japan? Research questions one and two are discussed in Chapter five and research question three is discussed in Chapter six. The first two research questions should be considered preliminary. The weights outlined in Chapter five indicate that the forces working against change in Japan are formidable, structurally deep-rooted, wide-spread, and under-recognized as change-adverse. Findings and analyses of the push dimension reveal strong forces towards a potentially very different type of Japan. However it is the seven contemporary Japanese images of the future, from which there is hope for transformative potential, which form the analytical heart of the thesis. In analyzing these texts the thesis establishes the richness of Japan’s images of the future and, as such, demonstrates the robustness of Japan’s stance vis-à-vis the problem of a perceived map-less and model-less future for Japan. Frontier is a useful image of the future, whose hybrid textuality, consisting of government, business, academia, and creative minority perspectives, demonstrates the earnestness of Japan’s leaders in favour of the creation of innovative futures for that nation. Slow is powerful in its aim to reconceptualize Japan’s philosophies of temporality, and build a new kind of nation founded on the principles of a human-oriented and expanded vision of economy based around the core metaphor of slowness culture. However its viability in Japan, with its post-Meiji historical pushes to an increasingly speed-obsessed social construction of reality, could render it impotent. MuRatopia is compelling in its creative hybridity indicative of an advanced IT society, set in a modern day utopian space based upon principles of a high communicative social paradigm, and sustainability. IMAGINATION / CREATION is less the plan than the platform for a new discussion on Japan’s transformation from an econo-centric social framework to a new Creative Age. It accords with emerging discourses from the Creative Industries, which would re-conceive of Japan as a leading maker of meaning, rather than as the so-called guzu, a term referred to in the book meaning ‘laggard’. In total, Love Japan is still the most idiosyncratic of all the images of the future discussed. Its communication style, which appeals to Japan’s youth cohort, establishes it as a potentially formidable change agent in a competitive market of futures images. Visionary People is a compelling image for its revolutionary and subversive stance against Japan’s vision-less political leadership, showing that it is the people, not the futures-making elite or aristocracy who must take the lead and create a new vanguard for the nation. Finally, Murakami’s Exodus cannot be ruled out as a compelling image of the future. Sharing the appeal of Tanja’s Love Japan to an increasingly disenfranchised youth, Exodus portrays a near-term future that is achievable in the here and now, by Japan’s teenagers, using information and communications technologies (ICTs) to subvert leadership, and create utopianist communities based on alternative social principles. The principal contribution from this investigation in terms of theory belongs to that of developing the Japanese image of the future. In this respect, the literature reviews represent a significant compilation, specifically about Japanese futures thinking, the Japanese image of the future, and the Japanese utopia. Though not exhaustive, this compilation will hopefully serve as a useful starting point for future research, not only for the Japanese image of the future, but also for all image of the future research. Many of the sources are in Japanese and their English summations are an added reason to respect this achievement. Secondly, the seven images of the future analysed in Chapter six represent the first time that Japanese image of the future texts have been systematically organized and analysed. Their translation from Japanese to English can be claimed as a significant secondary contribution. What is more, they have been analysed according to current futures methodologies that reveal a layeredness, depth, and overall richness existing in Japanese futures images. Revealing this image-richness has been one of the most significant findings of this investigation, suggesting that there is fertile research to be found from this still under-explored field, whose implications go beyond domestic Japanese concerns, and may offer fertile material for futures thinkers and researchers, Japanologists, social planners, and policy makers.

Order supported by law : the enforcement of norms in virtual communities

As online social spaces continue to grow in importance, the complex relationship between users and the private providers of the platforms continues to raise increasingly difficult questions about legitimacy in online governance. This article examines two issues that go to the core of egitimate governance in online communities: how are rules enforced and punishments imposed, and how should the law support legitimate governance and protect participants from the illegitimate exercise of power? Because the rules of online communities are generally ultimately backed by contractual terms of service, the imposition of punishment for the breach of internal rules exists in a difficult conceptual gap between criminal law and the predominantly compensatory remedies of contractual doctrine. When theorists have addressed the need for the rules of virtual communities to be enforced, a dichotomy has generally emerged between the appropriate role of criminal law for 'real' crimes, and the private, internal resolution of 'virtual' or 'fantasy' crimes. In this structure, the punitive effect of internal measures is downplayed and the harm that can be caused to participants by internal sanctions is systemically undervalued.

Impact of traffic oscillations on freeway crash occurrences

Traffic oscillations are typical features of congested traffic flow that are characterized by recurring decelerations followed by accelerations (stop-and-go driving). The negative environmental impacts of these oscillations are widely accepted, but their impact on traffic safety has been debated. This paper describes the impact of freeway traffic oscillations on traffic safety. This study employs a matched case-control design using high-resolution traffic and crash data from a freeway segment. Traffic conditions prior to each crash were taken as cases, while traffic conditions during the same periods on days without crashes were taken as controls. These were also matched by presence of congestion, geometry and weather. A total of 82 cases and about 80,000 candidate controls were extracted from more than three years of data from 2004 to 2007. Conditional logistic regression models were developed based on the case-control samples. To verify consistency in the results, 20 different sets of controls were randomly extracted from the candidate pool for varying control-case ratios. The results reveal that the standard deviation of speed (thus, oscillations) is a significant variable, with an average odds ratio of about 1.08. This implies that the likelihood of a (rear-end) crash increases by about 8% with an additional unit increase in the standard deviation of speed. The average traffic states prior to crashes were less significant than the speed variations in congestion.