The Informational Value of Corporate Credit Ratings

This thesis examines the quality of credit ratings issued by the three major credit rating agencies - Moody’s, Standard and Poor’s and Fitch. If credit ratings are informative, then prices of underlying credit instruments such as fixed-income securities and credit default insurance should change to reflect the new credit risk information. Using data on 246 different major fixed income securities issuers and spanning January 2000 to December 2011, we find that credit default swaps (CDS) spreads do not react to changes in credit ratings. Hence credit ratings for all three agencies are not price informative. CDS prices are mostly determined by historical CDS prices while ratings are mostly determined by historical ratings. We find that credit ratings are marginally more sensitive to CDS than CDS are sensitive to ratings.

Measuring public infrastructure construction impacts on economic growth

The results identify the long-run equilibrium relationships among economic variables in Australia. This study can provide policy makers with information on a one standard error shock to each variable and insights into what percentages of the forecast error variance of a variable are explained by the innovations of each variable.

Creating an Innovation Exception? Copyright Law as the Infrastructure for Innovation

Innovation is clearly essential for economic growth, cultural development and personal autonomy. Yet the relationship between innovation and copyright law in Australia is uncertain and perhaps overly restrictive. After the Australia-United States Free Trade Agreement Australia now has a copyright regime that can broadly be
described as a lock up and lock out scheme. Whilst the Australian Government has paid lip service to innovation the Australian Copyright Act, which provides the essential legal infrastructure for innovation, now privileges the rights of owners over the interests of the public. In particular, the Copyright Act neglects to create a specific exception for technology innovation. If there is to be some coherence in Australia
thinking with regards to innovation and copyright policy it is crucial that such an exception be created. Arguably, it is possible that such an exception can withstand the scrutiny of the three step test. At present the only ‘exception’ that can be said to exist is in the form of the limits of the authorisation liability provisions or the ISP safe harbour scheme. Australian copyright law needs something more substantial than that
and needs for there to be a clear hierarchy between the exceptions and the liability provisions.

Enabling construction innovation : The role of a no-blame culture as a collaboration behavioural driver in project alliances

A no-blame culture is widely accepted as a collaboration driver yet we see surprisingly scant literature on the theoretical underpinnings for the construction and project management context. A no-blame culture in project alliances, as conducted in Australasia, promotes innovative thinking in action. Innovation is dependent upon collaboration and true collaboration is inextricably linked with behavioural drivers. Foremost of these is a culture of openness and willingness to share the pain and gain from experimentation, one that requires that collaborators be protected from the threat of being blamed and held accountable for experimental failure. The Australasian project alliance procurement form has a unique 'no-blame' behavioural contract clause that can result in the type of breakthrough thinking crucial in developing a collaborative culture where innovation can evolve through a process of trial and error. © 2014 Taylor & Francis.

Development of eco-efficient and sustainable urban infrastructure in Asia and Latin America: eco-efficiency and sustainable infrastructure in the United States and Canada

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