How accurately can convertibles be classified as debt or equity for tax purposes? Evidence from Australia

The New Business Tax System (Debt and Equity) Act established a set ofcriteria by which convertible securities could be classified as “debt-like” or “equity-like” for tax purposes. Using data on 256 convertible issues made in Australia between 2001 and 2012, we show that there is a strong relation between, on the one hand, a convertible’s ex ante classification determined at issuance using the tax criteria and, on the other hand, its ex post classification based on the conversion premium at maturity. We conclude that the criteria have been an efficient means of classifying convertibles. We also find an industry effect where debt-like convertibles are more likely to be associated with the resources, metals and mining firms, whilst equity-like are mainly issued by the finance sector. This finding is consistent with the solution to a finance-sequencing problem in the former case, and the impact of capital adequacy regulation in the latter.

Modeling relevant legal information for consumer disputes

Accessing relevant legal information found in text excerpts from heterogeneous sources is essential to the decision making process in consumer disputes. The Ontology of Relevant Legal Information in Consumer Disputes (ric) is the domain-independent ontology modeling this relevant legal information comprising rights, their requisites, exceptions, constraints, enforcement procedures, legal sources. Its use is exemplified with one extension thereof, the Air Transport Passenger Incidents Ontology (ric-atpi), representing both the possible incidents triggered by a complaint in the air transport passenger domain and the related legal information that might be applicable. The Ontology models the key provisions found in the hard law, and those in soft law, comprising heterogeneous sources in a structured manner. An ontology-based system provides the knowledge embedded in the legal sources and their relation to the specific scenario.

Are state–local government expenditures converging? New evidence based on sequential unit root tests

Large and persistent gaps in subnational public expenditure have important implications regarding growth, equity, and migration. In this context, we revisit the question of expenditure convergence across the American states to provide more nuanced evidence than found by a small number of previous studies. We employ a methodology due to Smeekes (Bootstrap sequential tests to determine the stationary units in a panel, 2011) that sequentially tests for unit roots in pairwise (real per capita) expenditure gaps based on user specified fractions. In a panel of 48 combined state–local government units (1957–2008), we found that expenditures on highways, sanitation, utility, and education were far more convergent than expenditures on health and hospitals, police and fire protection, and public welfare. There was little evidence of “club convergence” based on the proportion of intraregional convergent pairs. Several historically high-grant receiving states showed relatively strong evidence of convergence. Our results bode well for future output convergence and opportunities for Tiebout-type migration across jurisdictions. They also imply a diminished role for public infrastructure and education spending in business location choices over time and a mixed role for federal grants in inducing convergence.

Usage-based chunking of software architecture information to assist information finding

One of the key problems with Software Architecture Documents (ADs) 2 is the difficulty of finding in- formation required from them. Most existing studies focus on the production of ADs or Architectural Knowledge (AK) 3 , to allow them to support information finding. However, there has been little focus placed on the consumption of ADs. To address this, we postulate the existence of a concept of “usage- based chunks”of architectural information discoverable from consumers’ usage of ADs when they engage in information-seeking tasks. In a set of user studies, we have found evidence that such usage-based chunks exist and that useful chunks can be identified from one type of usage data, namely, consumer’s ratings of sections of ADs. This has implications for tool design to support the effective reuse of AK.

Evaluation of physicochemical and glycaemic properties of commercial plant-based milk substitutes

The market for plant-based dairy-type products is growing as consumers replace bovine milk in their diet, for medical reasons or as a lifestyle choice. A screening of 17 different commercial plant-based milk substitutes based on different cereals, nuts and legumes was performed, including the evaluation of physicochemical and glycaemic properties. Half of the analysed samples had low or no protein contents (<0.5 %). Only samples based on soya showed considerable high protein contents, matching the value of cow’s milk (3.7 %). An in-vitro method was used to predict the glycaemic index. In general, the glycaemic index values ranged from 47 for bovine milk to 64 (almond-based) and up to 100 for rice-based samples. Most of the plant-based milk substitutes were highly unstable with separation rates up to 54.39 %/h. This study demonstrated that nutritional and physicochemical properties of plant-based milk substitutes are strongly dependent on the plant source, processing and fortification. Most products showed low nutritional qualities. Therefore, consumer awareness is important when plant-based milk substitutes are used as an alternative to cow’s milk in the diet.

Analysing the complex relationship between logo and brand

Logos are identified as a useful tool within the complex strategy of brand communication. However, the focus on logos has concerned some researchers who attest that a logo is only a minor consideration in place branding where a policy-based approach is required. This paper will argue that logos are critical in place branding in so much as they serve as a tool to help form the foundation of the visual strategy for a place branding campaign. The power of the visual cannot be underestimated and maximising the capacity of a logo through a flexible identity creates a visual repertoire to unite communication strategies and enhance branding. This paper highlights the need to move away from the discussion of the single logo entity and instead focus debate on the integration of the entire suite of visual structures used to create meaning.

‘There isn’t kind of a White History Month or anything like that for them’: equity, schooling and the problematics of group identity politics

This paper explores issues of equity and group identity at ‘Hamilton Court’, a large comprehensive multi-faith and multi-cultural school located in England. The exploration draws on data gathered from a study that examined the conditions, structures and practices associated with productively addressing issues of justice and cultural diversity. The paper focuses, in particular, on the voices of two learning mentors, ‘Rosanna’ and ‘Yasmeen’. With reference to a cultural event at the school based around an Asian-inspired Bollywood Dance Festival, the school’s approach to absence requests on the basis of religious observance, and the disadvantage experienced by a particular White British working class boy, the paper highlights tensions and problematics associated with issues of equity, schooling and group identity. The paper makes a theoretical contribution to debates in this area. Further illustrating the limitations of distributive understandings of equity that begin with group identity politics and fail to consider matters of context in struggles against cultural oppressions, it examines the possibilities of an equity approach that instead begins with a focus on overcoming these relations of oppression.

Can consumer price index predict gold price returns?

In this paper using data for 54 countries we test whether consumer price index (CPI) predicts gold price returns. Our test for predictability is based on a recently developed flexible generalised least squares estimator, which most importantly accommodates the endogeneity of CPI, its persistency and any heteroskedasticity in the model. We find limited evidence that CPI predicts gold price returns in in-sample tests; however, out-of-sample tests reveal relatively strong evidence that CPI predicts gold returns. These results are robust to different forecasting horizons. On the whole, we discover reasonable evidence that consumer prices predict gold price returns.

Examining the interaction between consumer personality and homepage content.

The experimental study investigated the interactions between homepage content and consumer personality based on an original conception of consumer online processing. The empirical findings enable homepage designers to frame communication messages with appeals to particular consumer personality segments, resulting in better message strategies.

Shopping for schools or shopping for peers : public schools and catchment area segregation

Market theory positions the consumer as a rational choice actor, making informed schooling choices on the basis of ‘hard’ evidence of relative school effectiveness. Yet there are concerns that parents simply choose schools based on socio-demographic characteristics, thus leading to greater social segregation and undercutting the potential of choice to drive quality improvements. In this paper we explore segregation by examining catchment areas for a range of public high schools in a specific middle-class urban area. We focus on socio-demographic characteristics, including levels of income, country of birth and religion affiliation, in order to explore residential segregation according to public high school catchment areas. Our data suggests distinct residential segregation between catchment areas for each public school within our dataset, particularly for the schools deemed to be popular and rejected, that may pose risks for broader equity concerns. We argue that, in contrast to market theory, even more affluent and active choosers are not equipped with information on the programmatic quality of their different school options, but instead may be relying on socio-demographic characteristics of schools—through surrogate information about the urban spaces that the schools occupy—in order to choose peer groups, if not programs, for their children.

Feminist struggles to mobilise progressive spaces within the ‘boy-turn’ in gender equity and schooling reform

This article presents the stories of two Australian feminist educators, ‘Kath’ and ‘Kim’. Drawn from a small‐scale interview‐based study, the stories highlight these women’s struggles to mobilise progressive spaces within the current boy‐focused equity and schooling agenda. Such struggles are located within the new possibilities for feminist intervention enabled by current educational trends in Australia. The stories focus on Kath and Kim’s experiences leading the professional development of teachers from several schools in Queensland (Australia) as part of the $19.4 million national initiative, Success for Boys. The article draws on feminist understandings of ‘progressive’ spaces and highlights the requisite conditions necessary for mobilising such spaces. In particular, Kath and Kim’s stories bring to light the powerful role emotions continue to play in both enabling and constraining gender reform and the continued significance of attending to, and working with, such emotions to enhance the pursuit of gender justice in schools.

Revisión de la literatura científica sobre publicidad de medicamentos de venta libre y comportamiento del consumidor

El consumo de medicamentos es un asunto que actualmente se ha convertido en una preocupación a nivel global, ya que no todos los medicamentos están sujetos a prescripción médica, y esto implica que su consumo dependa de otras fuentes de información, como la publicidad masiva o el consejo de personas legas, entre otros. Esta revisión se basó en la publicidad y el impacto que tiene esta frente al consumidor. La presente revisión se dividió en dos categorías dado la relevancia del tema, en la primera se encuentra las características de los medicamentos de venta libre donde se evidenció cómo funciona el sector de la industria farmacéutica, las características de los medicamentos en general y los riesgos del abuso de este comportamiento. Así mismo, en la segunda categoria se habló sobre la publicidad y mercadeo de ventas libres donde se evidenció el alto impacto que tiene la publicidad en el consumidor, las restricciones que hay en el contexto nacional e internacional.

Mercadeo farmacéutico de productos bajo prescripción: efectos de las estrategias Direct-to-Consumer-Advertising en el comportamiento de los consumidores y de prescripción de los médicos

Este proyecto se origina en el interés de analizar las estrategias actuales de promoción de productos farmacéuticos, en el marco del debate sobre el efecto persuasivo o informativo que la publicidad directa tiene sobre los consumidores. El objetivo es determinar el efecto de las estrategias de promoción directa para consumidores (Direct to Consumer Advertising [DTCA]) sobre el comportamiento de compra de pacientes y las prescripciones que formulan los médicos en el mercado de productos bajo receta en Estados Unidos. Para tal fin se propuso realizar una monografía que incluyera una revisión de literatura de carácter argumentativo, consultando información de nivel secundario en bases de datos científicas cuyos contenidos obedecieran a criterios metodológicos determinados por la naturaleza argumentativa del estudio. Adicionalmente, se analizó el debate sobre estos anuncios a la luz de dos estudios realizados a pacientes con cáncer de seno, próstata y colon, liderados por el Pennsylvania Cancer Registry con los productos biofarmacéuticos Avodart® y Flomax®. Finalmente, la investigación se fundamentó en la relación del mercado farmacéutico en Estados Unidos con cada uno de los agentes que interactúan en él; consumidores, médicos prescriptores y empresas farmacéuticas, así como el valor que estos comparten través de dichas interacciones. Se concluye que el comportamiento de compra de los consumidores está determinado por la naturaleza de la patología que padecen y el comportamiento de los profesionales que prescriben a sus pacientes se ve influenciado por los anuncios DTCA.

Product/Brand co-creation methodology crossing marketing, design thinking, creativity and management: ideas(r)evolution

This thesis introduce a new innovation methodology called IDEAS(R)EVOLUTION that was developed according to an on-going experimental research project started in 2007. This new approach to innovation has initial based on Design thinking for innovation theory and practice. The concept of design thinking for innovation has received much attention in recent years. This innovation approach has climbed from the design and designers knowledge field towards other knowledge areas, mainly business management and marketing. Human centered approach, radical collaboration, creativity and breakthrough thinking are the main founding principles of Design thinking that were adapted by those knowledge areas due to their assertively and fitness to the business context and market complexity evolution. Also Open innovation, User-centered innovation and later on Living Labs models emerge as answers to the market and consumers pressure and desire for new products, new services or new business models. Innovation became the principal business management focus and strategic orientation. All this changes had an impact also in the marketing theory. It is possible now to have better strategies, communications plans and continuous dialogue systems with the target audience, incorporating their insights and promoting them to the main dissemination ambassadors of our innovations in the market. Drawing upon data from five case studies, the empirical findings in this dissertation suggest that companies need to shift from Design thinking for innovation approach to an holistic, multidimensional and integrated innovation system. The innovation context it is complex, companies need deeper systems then the success formulas that “commercial “Design thinking for innovation “preaches”. They need to learn how to change their organization culture, how to empower their workforce and collaborators, how to incorporate external stakeholders in their innovation processes, hoe to measure and create key performance indicators throughout the innovation process to give them better decision making data, how to integrate meaning and purpose in their innovation philosophy. Finally they need to understand that the strategic innovation effort it is not a “one shot” story it is about creating a continuous flow of interaction and dialogue with their clients within a “value creation chain“ mindset; RESUMO: Metodologia de co-criação de um produto/marca cruzando Marketing, Design Thinking, Criativity and Management - IDEAS(R)EVOLUTION. Esta dissertação apresenta uma nova metodologia de inovação chamada IDEAS(R)EVOLUTION, que foi desenvolvida segundo um projecto de investigação experimental contínuo que teve o seu início em 2007. Esta nova abordagem baseou-se, inicialmente, na teoria e na práctica do Design thinking para a inovação. Actualmente o conceito do Design Thinking para a inovação “saiu” do dominio da area de conhecimento do Design e dos Designers, tendo despertado muito interesse noutras áreas como a Gestão e o Marketing. Uma abordagem centrada na Pessoa, a colaboração radical, a criatividade e o pensamento disruptivo são principios fundadores do movimento do Design thinking que têm sido adaptados por essas novas áreas de conhecimento devido assertividade e adaptabilidade ao contexto dos negócios e à evolução e complexidade do Mercado. Também os modelos de Inovação Aberta, a inovação centrada no utilizador e mais tarde os Living Labs, emergem como possiveis soluções para o Mercado e para a pressão e desejo dos consumidores para novos productos, serviços ou modelos de negócio. A inovação passou a ser o principal foco e orientação estratégica na Gestão. Todas estas mudanças também tiveram impacto na teoria do Marketing. Hoje é possivel criar melhores estratégias, planos de comunicação e sistemas continuos de diálogo com o público alvo, incorporando os seus insights e promovendo os consumidores como embaixadores na disseminação da inovação das empresas no Mercado Os resultados empiricos desta tese, construídos com a informação obtida nos cinco casos realizados, sugerem que as empresas precisam de se re-orientar do paradigma do Design thinking para a inovação, para um sistema de inovação mais holistico, multidimensional e integrado. O contexto da Inovação é complexo, por isso as empresas precisam de sistemas mais profundos e não apenas de “fórmulas comerciais” como o Design thinking para a inovação advoga. As Empresas precisam de aprender como mudar a sua cultura organizacional, como capacitar sua força de trabalho e colaboradores, como incorporar os públicos externos no processo de inovação, como medir o processo de inovação criando indicadores chave de performance e obter dados para um tomada de decisão mais informada, como integrar significado e propósito na sua filosofia de inovação. Por fim, precisam de perceber que uma estratégia de inovação não passa por ter “sucesso uma vez”, mas sim por criar um fluxo contínuo de interação e diálogo com os seus clientes com uma mentalidade de “cadeia de criação de valor”

Expenditure pattern analysis of cultural tourists at World Heritage Sites: an empirical evidence based on CHAID analysis

Nowadays, World Heritage Sites (WHS) have been facing new challenges, partially due to a different tourism consumption patterns. As it is highlighted in a considerable amount of studies, visits to these sites are almost justified by this prestigious classification and motivations are closely associated with their cultural aspects and quality of the overall environment (among others, Marujo et al, 2012). However, a diversity of tourists’ profiles have been underlined in the literature. Starting from the results obtained in a previous study about cultural tourists’ profile, conducted during the year 2009 in the city of Évora, Portugal, it is our intend to compare the results with a recent survey applied to the visitors of the same city. Recognition of Évora by UNESCO in 1986 as “World Heritage” has fostered not only the preservation of heritage but also the tourist promotion of the town. This study compares and examined tourists’ profile, regarding from the tourists’ expenditure patterns in Évora. A total of 450 surveys were distributed in 2009, and recently, in 2015, the same numbers of surveys were collected. Chi-squared Automatic Interaction Detection (CHAID) was applied to model consumer patterns of domestic and international visitors, based on socio demographic, trip characteristics, length of stay and the degree of satisfaction of pull factors. CHAID allowed find a population classification in groups that able to describe the dependent variable, average daily tourist expenditure. Results revealed different patterns of daily average expenditure amongst the years, 2009 and 2015, even if primarily results not revealed significant variations in socio-demographic and trip characteristics among the visitors’ core profile. Local authorities should be aware of this changing expensive behavior of cultural visitors and should formulate strategies accordingly. Policy and managerial recommendations are discussed.