Agency issues surrounding A-REITS and the global financial crisis

 This thesis examines the optimal balance of debt and equity undertaken by Australian Real Estate Investment Trusts, the incentive-driven pay structure utilized to compensate management, and the factors of A-REIT composition and performance that appeal to large, powerful shareholders who are able to influence market prices.

Did the late-2000s financial crisis influence construction labour productivity?

The late-2000s global financial crisis has wrought dramatic impacts on the construction industry. However, the issue of whether the crisis influenced the behaviours of the construction industry has not been addressed yet. This research presents an econometric approach to investigating the effects of the recent global financial crisis on construction labour productivity. By employing the error correction model and panel regression methods, the direct and indirect effects of the financial crisis on the changes in Australian construction labour productivity are explored at national and state levels. Neither the direct nor the indirect effects appear statistically significant. The results indicate that the direct effect of the financial crisis drives up construction labour productivity at the national level, while the indirect effect diminishes productivity. The effects of the financial crisis on the state construction labour productivity vary from state to state. The financial crisis influenced construction labour productivity directly and significantly in the northern and eastern regions, while the direct effects appear not significant in the other states and territories. The indirect effects of the financial crisis on productivity are statistically significant in three regions: the Australian Capital Territory, the Northern Territory and Western Australia. By comparison, the model with the financial effects fails to provide more accurate simulating results. As such, this research concludes that the influence of the late-2000s financial crisis on Australian national and state construction labour productivity is limited.

Handover of patient information from the crisis assessment and treatment team to the inpatient psychiatric unit.

Handover, or the communication of patient information between clinicians, is a fundamental component of health care. Psychiatric settings are dynamic environments relying on timely and accurate communication to plan care and manage risk. Crisis assessment and treatment teams are the primary interface between community and mental health services in many Australian and international health services, facilitating access to assessment, treatment, and admission to hospital. No previous research has investigated the handover between crisis assessment and treatment teams and inpatient psychiatric units, despite the importance of handover to care planning. The aim of the present study was to identify the nature and types of information transferred during these handovers, and to explore how these guides initial care planning. An observational, exploratory study design was used. A 20-item handover observation tool was used to observe 19 occasions of handover. A prospective audit was undertaken on clinical documentation arising from the admission. Clinical information, including psychiatric history and mental state, were handed over consistently; however, information about consumer preferences was reported less consistently. The present study identified a lack of attention to consumer preferences at handover, despite the current focus on recovery-oriented models for mental health care, and the centrality of respecting consumer preferences within the recovery paradigm.

Non-tradable share reform, liquidity, and stock returns in China

This article studies the influence of the non-tradable share reform in the cross-section of stock returns in China. Prior research has generally neglected this important development in the Chinese stock market. We find that the firm-specific illiquidity measures that reflect direct transaction costs, price impact and difficulties in trading immediacy, exhibit a positive and significant relationship with stock returns. These effects are particularly pronounced after the non-tradable share reform. Furthermore, in the post-reform era, portfolios with high illiquidity (i.e. high relative bid-ask spread, high Amihud illiquidity, low Amivest liquidity ratio) significantly outperform portfolios with low illiquidity, controlling for size, and book-to-market effects.

Recovery pattern of brachiopods after the Permian-Triassic crisis in South China

In South China, the Changhsingian brachiopods are extraordinarily abundant and diverse, comprising 468 species in 144 genera. However, approximately 91% of brachiopod species were eliminated during the Permian-Triassic (P-Tr) mass extinction event. Brachiopods in the aftermath of the P-Tr mass extinction were extremely rare, with only one opportunistic taxon, Lingulida, occasionally found in the Griesbachian and Smithian at a high abundance. Species-diversity of articulated brachiopods in the early Griesbachian, late Griesbachian, Dienerian, and Smithian are 35, 3, 2, and 0, respectively. Although a few of Mesozoic-type species occurred in the Griesbachian, Dienerian and Smithian, a marked diversification of brachiopods occurred in the Spathian and early Anisian and was characterised by 9 and 17 Mesozoic-type species, respectively. The diversification of brachiopods in the Spathian and early Anisian coincides with the contemporaneous expansion of the refuge zone, suggesting that the improvement of marine environmental conditions (e.g., lethally hot temperature and anoxic seawater) played a key role in brachiopod recovery after the P-Tr mass extinction.

‘A cataclysm of truth from the crisis of falsehood’: reading Habermas on Calvino

Interest in the possibility of a Habermasian approach to literary criticism has recently been sparked by several book-length contributions from scholars working in the field of Frankfurt School Critical Theory. This article seeks to clarify the conceptual stakes in the current debate, which concern whether literature makes truth claims or merely imaginatively discloses new perceptions with a truth potential, by returning to Habermas’s most extended encounter with a literary work since the 1970s. Against the background of the philosophical issues, I re-read to Calvino’s highly self-reflexive If on a Winter’s Night a Traveller to show that in The Philosophical Discourse of Modernity, Habermas has managed to get everything backwards. Literature here reads philosophy alright, but not in the sense of the ludic deconstruction of rational argumentation into rhetorical play that Habermas supposes. Using the notion of an ontological poetics of self-reflexive literature, and with some help from Lacanian psychoanalysis, I interpret Calvino’s novel as a sustained meditation on the connection between authentic literature and the desire to read. In this light, it not only looks like Habermas has missed his polemical target, but, also, and more significantly, it becomes clear that abandonment of the link between literature and truth is misguided.

Time-varying herding behavior, global financial crisis, and the Chinese stock market

In this paper, we examine the evidence of herding behavior on the Chinese stock market. Our main findings are as follows. First, we find strong evidence of herding behavior on both the Shanghai and Shenzhen stock exchanges. Second, we document evidence of asymmetric herding behavior with greater magnitude of herding behavior on up markets than on down markets. Third, our findings suggest that herding behavior is sector-specific and predominant in the industrial and properties sectors. Finally, we unravel strong evidence suggesting that herding behavior is time-varying and in some sectors time-varying herding behavior is more prevalent than in other sectors.

Call auction transparency and market liquidity: Evidence from China

This paper uses the natural experiment offered by the Shanghai Stock Exchange to investigate the impact of opening call auction transparency on market liquidity. We find that the dissemination of indicative trade information during the pre-open call auction session leads to an overall improvement in stock liquidity in the continuous trading session. Bid-ask spreads narrow in the first trading hour because adverse selection risk fell significantly and there is less price volatility in the continuous market. This effect is greater for actively traded securities than illiquid securities. Our findings are robust for different lengths of sample period, different lengths of trading hours after market open, and stocks that had (and had not) reformed the share split structure during our research period.

Does control-ownership divergence impair market liquidity in an emerging market? Evidence from China

This paper examines how institutional characteristics of emerging economies influence the effect of control-ownership divergence on market liquidity. We find that the divergence is negatively associated with liquidity and that this negative relationship is more pronounced in firms with more severe agency problems and information asymmetry. We argue that in an emerging market, the negative effect of the divergence on liquidity is worsened by state ownership and poorer shareholder protection, both of which result in more severe agency conflicts; we also find, however, that this effect is alleviated by the NTS reform, which aligns the interest of different shareholders.

Some hypotheses on commonality in liquidity: new evidence from the Chinese stock market

In this article, we examine four specific hypotheses relating to commonality in liquidity on the Chinese stock markets. These hypotheses are (1) that market-wide liquidity determines liquidity of individual stocks; (2) that liquidity varies with firm size; (3) that sectoral-based liquidity affects individual stock liquidities differently; and (4) that commonality in liquidity has an asymmetric effect. Drawing on a two-year data set on the Shanghai and Shenzhen stock exchanges comprising over 34 million and 48 million transactions, respectively, we find strong support for commonality in liquidity and a greater influence of industry-wide liquidity in explaining liquidity of individual stocks. Moreover, our results suggest that of the three main sectors - financial, industrial, and resources - the industrial sectors liquidity is most important in explaining individual stock liquidities. Finally, we do not find any evidence of size effects and document an asymmetric effect of market-wide liquidity on liquidity of individual stocks.

The G20’s role in legitimating global capitalism: beyond crisis diplomacy?

The rising profile of the G20 in the aftermath of the Global Financial Crisis has led to various forms of concern about the legitimacy of this forum. While debates about the legitimacy of the G20 are important and ongoing, they overlook the important observation that the G20 is also attempting to perform a key role in legitimating global capitalism. This role of legitimating global capitalism emphasises the importance of the G20 to act, and be seen to act, to normalise global capitalism, to strengthen global economic governance, and also facilitate a political consensus with regard to key policy issues. This essay critically examines the role that the G20 plays in legitimating global capitalism and contends that the G20 is not just a technical forum of international policy-making but also a political forum for creating and performing visible responses to problems which are seen to be socially responsive.