International stock market linkages : are overnight returns on the U.S. Market informative?

Based on the theory of international stock market co-movements, this study shows that a profitable trading strategy can be developed. The U.S. market return is considered as overnight information by ordinary investors in the Asian and the European stock markets, and opening prices in local markets reflect the U.S. overnight return. However, smart traders would either judge the impact of overnight information more correctly, or predict unreleased information. Thus, the difference between expected opening prices based on the U.S. return and actual opening prices is counted as smart traders’ prediction power, which is either a buy or a sell signal. Using index futures price data from 12 countries from 2000 to 2011, cumulative returns on the trading strategy are calculated with taking into account transaction costs. The empirical results show that the proposed trading strategy generates higher riskadjusted returns than that of the benchmarks in 12 sample countries. The trading performances for the Asian markets surpass those for the European markets because the U.S. return is the only overnight information for the Asian markets whereas the Asian markets returns are additional information to the European investors.

P.I.C.U., H.D.U., A.O.A. What treatment do we provide?: Current descriptions of the function of intensive care for inpatient Psychiatric Health Care.

Purpose – This paper adds to growing research of psychiatric intensive care units (PICU) by recounting descriptions of psychiatric intensive care settings and discusses the perceptions held by nurses of the organisational interfaces, arrangements and provisions of care in these settings. Design/methodology/approach – Data gathered from focus groups held with nurses from two PICUs was used to establish terminology, defining attributes, related concepts, antecedents, values, processes and concepts related to current practices. A literature search was conducted to permit a review of the conceptual arrangements and contemporary understanding of intensive care for people experiencing acute psychiatric illness based on the perspectives held by the nurses from the focus groups. Findings – Dissonance between service needs and the needs and management of individual patients overshadow strategies to implement comprehensive recovery-oriented approaches. Three factors are reported in this paper that influence standards and procedural practice in PICU; organisational structures; physical structures; and subtype nomenclature. Practical implications – Acute inpatient care is an important part of a comprehensive approach to mental health services. Commonly intensive acute care is delivered in specialised wards or units co-located with acute mental health inpatient units mostly known as PICU. Evidence of the most effective treatment and approaches in intensive care settings that support comprehensive recovery for improved outcomes is nascent. Originality/value – Current descriptions from nurses substantiate wide variations in the provisions, design and classifications of psychiatric intensive care. Idiosyncratic and localised conceptions of psychiatric intensive care are not adequately entailing effective treatment and methods in support of recovery principles for improved and comprehensive outcomes. The authors suggest that more concrete descriptions, guidelines, training and policies for provision of intensive psychiatric health care encompassing the perspective of nursing professionals, would reinforce conceptual construction and thus optimum treatments within a comprehensive, recovery-oriented approach to mental health services.

Projecting the U.S. gender wage gap 2000–40

This paper projects the gender wage gap for 25–64 year old Americans for the period 2000–40. The analysis uses data from the Panel Survey of Income Dynamics (PSID) for 1995 and 1996 together with the U.S. Census Bureau demographic projections. The method combines the population projections with assumptions regarding the evolution of educational attainment in order to first project the future distribution of skills and, based on these projections, the future size of the gender wage gap. The main set of projections suggests that changing skill characteristics—specifically educational attainment—will continue to close the gender wage gap. However, even in 2040, a substantial pay gap of at least 75 percent of the size of that in 1995 will remain.

Monitoring style drift : evidence from U.S. Equity funds

This thesis examines the stewardship and investment style monitoring by managers and boards of U.S. equity funds. Results indicate that complying with a fund’s declared style, especially in value-growth dimension, remains a challenge for fund managers and boards, and that style-based investors should be aware of the risk of style drift since fund managers and boards do not always monitor the fund’s investment style as stated in the prospectus. Results also show that the quality of fund stewardship, as reflected by fund board quality, corporate culture, manager compensation, regulatory history, and fees are effective in ensuring that fund managers and boards perform their fiduciary obligation by increasing monitoring of the fund investment style.

Cultural inhibitors to hearing the voices of child sexual abuse by church personnel

It is increasingly recognised that Christian Churches and their Institutions have historically been sites where the voices of survivors of child sexual abuse (csa) by Church personnel have not been effectively heard. This paper draws on data from a research project which sought the voices of Church Leaders who were identified as being pro-active in addressing csa within their individual denominations. From this research several key inhibitors to hearing survivor’s voices, within Churches of Australia, were identified. These key inhibitors include the culture of Churches themselves, gendered ideologies, constructions of leadership and the deployment of forgiveness. The identification of such factors creates space to learn more effective strategies for hearing the voices of survivors both within Churches and their organisations and externally. This paper goes beyond considering these factors to report on a collaborative project initiated, between Survivors Australia and Dr Death. This project specifically targets the voices of Australian Survivors of csa by Church leaders. It is hoped that this project will not only achieve the primary objective of hearing and valuing the voices of survivors of csa by Church leaders, but will also provide impetus for the creation of alternative ways of managing complaints of csa by Church leaders in Australia. Such complaints processes will be increasingly survivor focussed and include the creation of spaces where the voices of survivors are valued.

"They did not believe me” Responding to child sexual abuse by Church personnel in Australia

Child sexual abuse (CSA) by Church personnel has been subject to study internationally. Such studies have often held a specific focus on the Roman Catholic Church in nations such as Ireland, Belgium and the United States of America (USA). This paper discusses the findings of a study conducted by the author which considers the perspectives of 81 survivors of child sexual abuse by Church personnel in Australia. Participants in this study completed an online survey and then nominated to undertake an in depth interview. The majority of respondents to the survey (66 - 69%) reported experiencing CSA in a Roman Catholic Church, school or children’s home. This paper explores the voices of survivors and recognises the complex and dynamic ways in which they continue to construct and manage their experiences of CSA by Church personnel. In particular, this study considers survivors’ perspectives of the ways in which Churches have responded to their informal disclosures and official complaints of CSA by Church personnel. Similarly to other locations across the world, participants in this study reported feeling re-victimised by Church processes. Participants reported high levels of dissatisfaction with Church policy and procedure in managing child protection issues, as well as high levels of dissatisfaction with the outcome of their complaints.

Geologic map of the Valley Mountain 15’ quadrangle, San Bernardino and Riverside Counties, California: U.S. Geological Survey Geologic Quadrangle Map GQ–1767, scale 1:62,500

The Valley Mountain 15’ quadrangle straddles the Pinto Mountain Fault, which bounds the eastern Transverse Ranges in the south against the Mojave Desert province in the north. The Pinto Mountains, part of the eastern Transverse Ranges in the south part of the quadrangle expose a series of Paleoproterozoic gneisses and granite and the Proterozoic quartzite of Pinto Mountain. Early Triassic quartz monzonite intruded the gneisses and was ductiley deformed prior to voluminous Jurassic intrusion of diorite, granodiorite, quartz monzonite, and granite plutons. The Jurassic rocks include part of the Bullion Mountains Intrusive Suite, which crops out prominently at Valley Mountain and in the Bullion Mountains, as well as in the Pinto Mountains. Jurassic plutons in the southwest part of the quadrangle are deeply denuded from midcrustal emplacement levels in contrast to supracrustal Jurassic limestone and volcanic rocks exposed in the northeast. Dikes inferred to be part of the Jurassic Independence Dike Swarm intrude the Jurassic plutons and Proterozoic rocks. Late Cretaceous intrusion of the Cadiz Valley Batholith in the northeast caused contact metamorphism of adjacent Jurassic plutonic rocks...

The Church of England : Charity Law and Human Rights

This book examines the interface between religion, charity law and human rights. It does so by treating the Church of England and its current circumstances as a timely case study providing an opportunity to examine the tensions that have now become such a characteristic feature of that interface. Firstly, it suggests that the Church is the primary source of canon law principles that have played a formative role in shaping civic morality throughout the common law jurisdictions: the history of their emergence and enforcement by the State in post-Reformation England is recorded and assessed. Secondly, it reveals that of such principles those of greatest weight were associated with matters of sexuality: in particular, for centuries, family law was formulated and applied with regard for the sanctity of the heterosexual marital family which provided the only legally permissible context for any form of sexual relationship. Thirdly, given that history, it identifies and assesses the particular implications that now arise for the Church as a consequence of recent charity law reform outcomes and human rights case law developments: a comparative analysis of religion related case law is provided. Finally, following an outline of the structure and organizational functions of the Church, a detailed analysis is undertaken of its success in engaging with these issues in the context of the Lambeth Conferences, the wider Anglican Communion and in the ill-fated Covenant initiative. From the perspective of the dilemmas currently challenging the moral authority of the Church of England, this book identifies and explores the contemporary ‘moral imperatives’ or red line issues that now threaten the coherence of Christian religions in most leading common law nations. Gay marriage and abortion are among the host of morally charged and deeply divisive topics demanding a reasoned response and leadership from religious bodies. Attention is given to the judicial interpretation and evaluation of these and other issues that now undermine the traditional role of the Church of England. As the interface between religion, charity law and human rights becomes steadily more fractious, with religious fundamentalism and discrimination acquiring a higher profile, there is now a pressing need for a more balanced relationship between those with and those without religious beliefs. This book will be an invaluable aid in starting the process of achieving a triangulated relationship between the principles of canon law, charity law and human rights law.

Child sex scandal in two countries rocks Anglican church

A CHILD sex scandal involving victims in Australia and Britain has hit the top echelon of the Anglican Church, with allegations that some of its most senior clergymen failed to respond properly to complaints of horrific abuse. The former archbishop of York, now Lord (David) Hope of Thornes, yesterday expressed regret over failing to report to police allegations in 1999 and 2003 about a former Queensland Anglican school principal, who rose to become the head of education for the church in Britain. The late reverend Robert Waddington has been accused of beating and sexually abusing students during the 1960s at St Barnabas boarding school in Ravenshoe, north Queensland, and later, when he was in charge of the choir as dean of Manchester. A joint investigation by The Australian and The Times newspaper in London has revealed that church officials, including Lord Hope, failed to report the 1999 allegations of abuse made by a former Queensland student and similar claims made in 2003 by the family of a choirboy in Manchester. The alleged victims were never told of the existence of the other allegations.

Church's wall of silence on sexual abuse

A SINGLE document was all it took to illuminate a dark secret in the Church of England. The two-page child protection report, unearthed by police in the archives of the diocese of Manchester, was proof, at last, that a former cathedral choirboy -- alleging years of sexual abuse by one of Britain's most senior clergyman -- was not alone. There was another boy. Also a solo soprano, on the other side of the world, who was singing from the same hymn sheet about The Very Reverend Robert Waddington. "There had been a previous referral about sexual impropriety some time ago from Australia, where RW had been the headmaster at a school. An ex-pupil had made a complaint to the Bishop of (north) Queensland who had relayed it to the Archbishop (of York)," the 2003 report says. Eli Ward's family had prompted the secret report when they told church officials, without Ward's knowledge, of the alleged abuse he suffered in the mid-1980s.

Church officials believed claims were true

FORMER Anglican church officials have admitted they believed a former school headmaster had abused children at a north Queensland boarding school, despite telling a victim during mediation over a compensation payout that his allegations were not proven. For more than six years, Anglican officials dismissed the allegations of Queensland pensioner Bim Atkinson that he had been sexually abused between 1964 and 1968 by the Reverend Robert Waddington, the former headmaster of St Barnabas boarding school in Ravenshoe, on the Atherton Tablelands. In documents and letters obtained by The Weekend Australian, senior church officials in England and Australia told Mr Atkinson, now 59, that Waddington had denied the allegations and his claims were "not proven", despite an internal investigation. Mr Atkinson made his first complaint in 1999 -- when Waddington was living in retirement in York -- but dropped the case after being told the former school principal was near death after surgery for throat cancer. Waddington did not die until 2007. In 2004, Mr Atkinson refiled his complaint, with church officials telling him the allegations were "not proven" and did not warrant another investigation.

UK church orders abuse inquiry

THE Church of England has ordered a formal independent investigation into the handling of child-sex allegations against a senior clergyman in Australia and Britain. Archbishop of York John Sentamu at the weekend commissioned the high-level inquiry into the alleged child sex abuse in the 1960s and 80s by the late Reverend Robert Waddington, and the church's response to complaints over the past 15 years. It comes as the head of Australia's Anglican Church, Archbishop Phillip Aspinall, flew to north Queensland to meet the region's bishop over the revelations, which centre on Waddington's stint as principal of St Barnabas boarding school at Ravenshoe, west of Cairns, and later as dean of Manchester.

Anglican Church knew clergyman Robert Waddington was a risk

AUSTRALIAN church officials knew of child-sex allegations in Britain against a senior clergymen when they pushed a victim into accepting a compensation payout on the basis that there was no evidence to back up his claims of abuse. Former Church of England investigator Ray Morris says he prepared a 2004 report about allegations in Britain and Australia - from the 1960s and 80s - against Robert Waddington. He sent it to north Queensland diocese officials, who were at the time involved in mediation with the Australian victim over his claims that he was abused weekly by Waddington between 1964 and 1968, who was headmaster of St Barnabas boarding school in Ravenshoe, southwest of Cairns.

Anglican Church fails to report abuse

Evidence has emerged that the Anglican Church in Britain failed to alert police about a senior member of the clergy who's alleged to have abused children in both the Britain and Australia. Anglican Priest Reverend Robert Waddington was principal of a school in North Queensland in 1960s. He went on to become the Dean of Manchester, but he died five years ago. Allegations of abuse reached the Anglican Church in England in the late 1990s - but no action was taken. The diocese of North Queensland has begun its own investigation but it seems crucial documents may have been lost.