Sustainable retrofit potential in lower quality office stock in the central business district

Given the relationship between energy consumption, greenhouse gas emissions and climate change, the built environment has significant potential to lessen overall emissions. With around half of all greenhouse gas emissions attributed to the built environment; it has a significant role to play in mitigating global warming. With large percentages of office stock structurally vacant in some city centres and only 1 or 2% of new buildings added to the total stock each year; the scope for reductions lay with adaptation of existing buildings. The stock with the highest levels of vacancy and obsolescence offers the highest potential of all.

Many cities are now aiming to become carbon neutral. Successful retrofit demands that social, technological, environmental, economic and legislative criteria are addressed. Buildings have to meet user and community needs. City centres comprise a range of different type of office stock with regards to age, size, location, height, tenure and quality. All buildings present challenges and opportunities with regards to retrofit and sustainability and integrating retrofit measures that reduce energy, water and resource consumption.

Using a selection of low grade office buildings to develop retrofit profiles, this paper addresses the questions; (a) what is the nature of retrofits in relation to low quality office building stock in the Central Business District (CBD) and, (b) what is the extent and scope for sustainable retrofits to low quality office buildings. Using Melbourne CBD retrofit events of low quality office buildings were analysed between 1998 and 2008 to identify the scope and extent for integrating sustainability into retrofits projects.

Voluntary disclosure in a changing regulatory environment : evidence from Chinese stock market

This paper investigates the voluntary disclosure made by 297 Chinese listed firms in their 1995-2006 annual reports. It aims to determine how firms in the Chinese stock market have responded to the coercive pressure exerted upon them by the market regulatory body, the Chinese Security Regulatory Commission (CSRC) in terms of providing transparent information to the stock market. The findings show that over the study period, listed firms have gradually increased their voluntary disclosure. This paper also explores the main characteristics of voluntary disclosure made by listed firms in the Chinese stock market. It is concluded that voluntary disclosure has been adopted by firms to achieve institutional legitimacy in the stock market.

BreastScreen Australia evaluation : a review of methodological options for evaluating the effect of BreastScreen Australia on breast cancer mortality

This report provides evidence-based recommendations for appropriate and cost-effective methods that could be used to evaluate the impact of the national BreastScreen Australia population-based mammographic screening program on mortality from female breast cancer. The report represents a significant collaboration between the Australian Government, the National Breast Cancer Centre as well as Australian and international experts in mammography research and evaluation, epidemiology and health services research.

The recommendations are based on a review of national and international evidence on approaches used to assess the impact of mammography screening programs on breast cancer mortality in other settings. The review has used a systematic approach to assessing the strategic and methodological approaches taken in each of the studies identified and their potential limitations.

The national evaluation of the BreastScreen Australia Program aims to assess the appropriateness, efficiency and effectiveness of the BreastScreen Program. The completion of this report marks an important first step in that process. In addition, the review and recommendations in this report may have broader application at an international level.

Seabird and marine mammal management options in the face of climate change

Climate change is already impacting Australia’s oceans. Responses by marine life to both climate variability and change have been documented for low trophic levels, however, responses for Australia’s iconic higher trophic level marine taxa are poorly understood, including for many conservation-dependent seabirds and marine mammals. We report initial results from a national study evaluating impacts an adaptation options. Individual time series and combined analyses show consistent responses to historical climate signals, however, improved monitoring protocols are needed to maximize detection of any climate-related demographic signals. Despite difference in sampling , the development of regional multi-species-indices of environmental change provides robust climate indicators over large regions.

The volume and volatility relation in the Australian stock market

The thesis studies the volume-volatility relation in the Australian Securities Market. It is concluded that the number of trades is the most important variable driving realized volatility. The average trade size is significant but its explanatory power is only trivial. Order imbalance does not drive volatility in the Australian market.

Dynamic currency hedging for international stock portfolios

The paper studies dynamic currency risk hedging of international stock portfolios using a currency overlay. A dynamic conditional correlation (DCC) multivariate GARCH model is employed to estimate time-varying covariance among stock market returns and currency returns. The conditional covariance is then used in the estimation of risk-minimizing conditional hedge ratios. The study considers seven developed economies over the period January 2002 to April 2010 and estimates daily conditional hedge ratios for portfolios of various stock market combinations. Conditional hedging is shown to dominate traditional static hedging and unconditional hedging in terms of risk reduction both in-sample and out-of-sample, especially during the recent global financial crisis. Conditional hedging also proves to consistently reduce portfolio risk for various levels of foreign investments.

Regime dependent causality : equity and credit markets

We apply a Markov switching model to investigate the possibility of an asymmetric causal relationship between the volatility process inferred from the iTraxx CDS options market and the implied volatility from the stock index options market. We find strong evidence that the stock market leads the CDS market and the effect of the implied stock market volatility is more significant during the volatile regime. We also find that a large jump in the stock return, up or down, may indeed be followed by a regime shift.