Monitoring a commercial fermentation with proton nuclear magnetic resonance spectroscopy with the aid of chemometrics

Proton nuclear magnetic resonance spectroscopy (NMR) has shown the potential for being a valuable tool in monitoring a commercial fermentation. In this preliminary study, a suite of organic analytes including ethanol, fructose, glucose, methanol, glycerol, malic acid, tartaric acid, succinic acid, acetic acid and lactic acid were simultaneously determined during the fermentation. Data collection and analysis using chemometric algorithms aided the understanding of key processes including the effects of seeding a wine with bacteria for malo-lactic fermentation.

Foreign debt and financial hedging : evidence from Australia

We investigate the role of foreign currency denominated debt (FCDD) as a natural hedging instrument using a sample of Australian firms. Our results show that the incidence of foreign debt use among industrial sector firms is associated with a lower level of exchange rate exposure. The practice of issuing foreign debt within the industrial sector also conforms better to the hypothesis that firms do so to satisfy a demand for hedging. In contrast, although the incidence of foreign debt issues is higher in the resource/mining sector, the underlying motive for such arises from a demand for financing.

Can the use of foreign currency derivatives explain variations in foreign exchange exposure? Evidence from Australian companies

We investigate the role of foreign currency derivatives (FCD) in alleviating foreign exchange rate exposure of Australian firms. While there is some evidence that the use of FCD reduces the level of ex-post short-term exposure, such an effect is absent with regard to the degree of foreign operations. Our results support the view that FCDs are used to hedge existing exchange rate exposures and that Australian firms, generally, are extensively exposed to currency fluctuations in the long run. While monthly exposure appears to be a function of a firm's size and financial hedging, exchange rate exposure of shorter horizons (1 and 3 months) appears to be negatively related to a firm's price earnings ratio (proxying growth opportunities)—thereby supporting the ‘underinvestment’ hypothesis. Further, the exposure of longer horizons (12 and 24 months) is positively related to a firm's liquidity, supporting the view that liquidity is a substitute for hedging.

Further evidence on the corporate use of derivatives in Australia : the case of foreign currency and interest rate instruments

In a recent issue of this journal Nguyen and Faff (2002) reported on an empirical exploration of the motives behind the aggregate use of financial derivatives by Australian companies. Employing the same sample of firms, the current paper extends their analysis to investigate similar issues, this time focussing separately on foreign currency and interest rate derivatives. At a specific level, our results reveal the following. A firm is more likely to use foreign currency derivatives if it is large and has more debt in its capital structure. Interest rate derivatives, on the other hand, are more likely to be used if a firm is larger, more levered, more liquid and pays higher dividends. These results are consistent with existing hedging theories. Market to book value (proxying growth opportunities), however, portrays an inconsistent relationship with the likelihood of interest rate derivative usage. When it comes to the extent of usage, a firm uses foreign currency derivatives more extensively if it is smaller, pays higher dividends and has more debt. Similarly, interest rate derivatives are used more extensively to address a high level of debt and a high dividend payout policy. At a general level, the current study confirms the core finding of Nguyen and Faff (2002), namely, that Australian companies use derivatives with a view to value maximisation.

An agent-based hybrid intelligent system for foreign exchange trading

The foreign exchange (FX) market has many features including (1) Each trader’s payoff depends not only on his own behavior, but also on other traders’ decisions; (2) The number of traders is too large to make them all know the other dealers’ methods of decision making; and (3) The FX market has many levels. The FX market is complex because of these features. A diversity of techniques are required to deal with such complex problems. That is hybrid solutions are crucial for the FX market. On the other hand, research into the FX market has revealed that it demonstrates some characteristics of multi-agent systems such as autonomy, interaction, and emergence. To this end, an agent-based hybrid intelligent system was developed for FX trading, which is based on our proposed agent-based hybrid framework. This paper is to discuss the analysis, design, and implementation such a system. Some experimental results and comparisons with related works are also provided. The interest of this paper does not reside in improving the predictive capabilities of different FX models, but rather in how to integrate different models into one system under the unifying agent framework. The success of this system indicates that agent perspectives are very appropriate to model complex problems such as the FX trading.

Understanding what microfinance institutions need to address to aid poverty alleviation, social inclusion and human development

Poverty, in its most basic form can be defined as a deprivation of well-being. It is an issue that has been evident in society for centuries and a concern for government policy makers and more recently for non-government organizations (NGOs). In this paper, we consider how management approaches to resolving the dilemma of poverty can be advanced by drawing on two major areas in the development arena associated with poverty, namely, ‘social exclusion’ and ‘the human development paradigm’. We put forward the argument that for groups of people where social disintegration has already occurred, only structural interventions coupled with a social development mechanism will achieve the desired effect. One method for achieving this is through the use of microfinance programs which provide a broad range of financial services to the poor and low-income households as well as to micro-enterprises. This paper contributes to both management practice and theory by developing a theoretical model that microfinance institutions need to do to aid both ‘human development’ and ‘social inclusion’ processes for the socially excluded and poor.

Haptic handwriting aid for training and rehabilitation

This paper reports a method of controlling a user's hand through the process of writing. Developed predominantly for enabling users to re-learn the skill of writing after a stroke, the process could also be used for teaching children hand/eye coordination, motor skills, movement and position awareness in writing. Utilising low cost haptic technology and custom control software, the system has the potential to increase writing skills in stroke sufferers in the privacy and comfort of their own home.

Roles of MFI support of ICTs to aid socio-economic development

Today there is a consensus on the use of Information and Communication Technologies (ICTs) for development and ICTs are widely recognized as vital tools to promote various social goals. These collections of technologies ICTs have also enabled and smoothed an avenue for monumental tran formation in the process of socio-economic development in developing countries. In this paper, we discuss two major areas in the development arena associated with socio-economic development in South Asia, namely, the role of Microfinance in expansion of ICT in the region and its effects on development and poverty alleviatiori. We put forward the argument that through the intervention of microfinance, ICT can both directly and indirectly impact on growth and the way in which the adoption of ICT can be distributed to the poor.

Exchange rate exposure, foreign currency derivatives and the introduction of the euro: French evidence

We investigate the impact of the introduction of the Euro on exchange rate exposures for French corporations and examine the corporate use of foreign currency derivatives to hedge exchange rate exposure post-Euro. Our findings indicate that the introduction of the Euro is associated with both a reduction in the number of firms that have significant exchange rate exposure and the absolute size of exposure. Consistent with these reduced exposures, French firms use foreign currency derivatives less intensively. Furthermore, the use of foreign currency derivatives is found to be associated with lower exchange rate exposure but there is insufficient evidence that these instruments are more effective in the post-Euro environment.

Ministers, mandarins and diplomats : Australian foreign policy making, 1941-1969

This volume explores key aspects of the development of the Australian Department of External Affairs in the three decades from 1941 to 1969 as it evolved from a small amateur department to a highly professional global operation.