Regulatory Change v's volume of trade effects in HSIF and HSI volatility

In an earlier paper we adopted a BEKK-GARCH framework and employed a systematic approach to examine structural breaks in the HSIF and HSI volatility. Switching dummy variables were included and tested in the variance equations to check for any structural changes in the autoregressive volatility structure due to the events that have taken place in the Hong Kong market. A Bi-variate GARCH model with 3 switching points was found to be superior as it captured the potential structural changes in return volatilities. Abolishment of the uptick rule, increase of initial margins for the HSIF and electronic trading of HSIF were found to have significant impact on the volatility structure of HSIF and HSI. In this paper we include measures of daily trading volume from both markets in the estimation. Likelihood ratio tests indicate the switching dummy variables become insignificant and the GARCH effects diminish but remain significant.

Project quality management for small and medium enterprises (SMEs) in trade

Managing project quality is becoming focal issue in major enterprises as popular quality programs from International Standard Organization (ISO) such as ISO9000 certification processes gain momentum. Large organizations as well as small-medium enterprises (SMEs) seem to implement this program, albeit for varied reasons. In this paper, we have reported the findings from an action research project conducted in SMEs who are implementing quality management. The findings indicate that external pressures such as regulations, competition and perceived success - defined on their own parameters, may be the drivers and the certification does not necessarily result in better performance. We are in the process of developing a cost-effective guideline/framework - based on this research, for SMEs involved in the certification process. In addition, the results are aimed at informing academia as well as certification bodies of specific concerns with SMEs.

Trade, openness and domestic conflict: an empirical investigation for latin America

This paper explores whether there is an empirical relationship between trade, openness and domestic conflict for Latin America based on the analytical framework of Garfinkel, Skaperdas and Syropoulos (2004). Using ordinal regressions and Markov switching models for seventeen countries, we identify the factors responsible for the initiation and sustenance of domestic conflict. Our overall results suggest that: (i) increased trade openness reduces domestic conflict intensities but (ii) over dependence on agricultural exports, along with poor socio-political performance, lead to sustenance of low intensity conflicts. We also analyze conflict duration using proportional hazard models and find that over-reliance on agricultural exports plays the main role in conflict sustenance after controlling for socio-political factors.

Tourism, trade and domestic welfare

Tourism has been regarded as a major source of economic growth and a source of foreign exchange. It has also been viewed as an activity that imposes costs on the host country. Such costs include increased pollution, congestion and despoliation of fragile environments, and intra-generational inequity aggravation. One aspect that has been ignored is the general equilibrium effects of tourism on other sectors in the economy. This paper presents a model that captures the interdependence between tourism and the rest of the economy, in particular agriculture and manufacturing. An important result obtained is that the tourist boom may 'immiserize' the residents.

Motivations for developing direct trade relationships

Purpose – This study aims to understand buyer and supplier motives for developing direct relationships with their trade partners.

Design/methodology/approach – A total of 18 in-depth interviews were conducted across Victoria and Tasmania (Australia); eight with retail buyers and ten with fresh produce suppliers. Both parties were involved in a direct relationship with their trade partner.

Findings – The research reveals a large variety of motivations that influence buyers and suppliers when deciding whether to operate in a direct or non-direct relationship with their trade partner. Motivations for both parties are remarkably similar, with buyers and suppliers ultimately attempting to minimise the inherent risk associated with operating in a volatile environment.

Research limitations/implications – The study may be limited by the fact that buyers and suppliers of different commodities were included in the study. In addition, the varied nature of the respondents' role may have impacted their judgment. The inability to interview dyads in all cases also limits the research.

Practical implications – This research has implications for both researchers and practitioners already involved in, or considering becoming involved in, a direct trade relationship. Clarification of motivations for bypassing intermediaries shows how both trade partners can minimise external risk and strengthen competitive advantage by assuming a direct relationship.

Originality/value – Extant research within this literary field is largely quantitatively based with researchers focusing on distinct relationship constructs, the definition of relationship marketing and the process of relationship development. In response to these limitations, this research adopted a qualitative approach in examining the core motivations for developing a direct trade relationship within the fresh produce industry.

Fruit and vegetable consumption and stroke : meta-analysis of cohort studies

Background
Increased consumption of fruit and vegetables has been shown to be associated with a reduced risk of stroke in most epidemiological studies, although the extent of the association is uncertain. We quantitatively assessed the relation between fruit and vegetable intake and incidence of stroke in a meta-analysis of cohort studies.

Methods
We searched MEDLINE, EMBASE, the Cochrane Library, and bibliographies of retrieved articles. Studies were included if they reported relative risks and corresponding 95% CIs of stroke with respect to frequency of fruit and vegetable intake.

Findings
Eight studies, consisting of nine independent cohorts, met the inclusion criteria. These groups included 257 551 individuals (4917 stroke events) with an average follow-up of 13 years. Compared with individuals who had less than three servings of fruit and vegetables per day, the pooled relative risk of stroke was 0·89 (95% CI 0·83–0·97) for those with three to five servings per day, and 0·74 (0·69–0·79) for those with more than five servings per day. Subgroup analyses showed that fruit and vegetables had a significant protective effect on both ischaemic and haemorrhagic stroke.

Interpretation
Increased fruit and vegetable intake in the range commonly consumed is associated with a reduced risk of stroke. Our results provide strong support for the recommendations to consume more than five servings of fruit and vegetables per day, which is likely to cause a major reduction in strokes.

Effects of fish oil substitution with a mix blend vegetable oil on nutrient digestibility in Murray cod, Maccullochella peelii peelii

The replacement of fish oil with vegetable based oils is a strategy which is increasingly being adopted by the aquafeed industry as an essential component to reduce the reliance on a limited supply of a natural resource, which in turn also provides cost benefits. The aim of the present investigation was to evaluate the lipid and fatty acid digestibility of a mix blend vegetable oil in juvenile Murray cod; an emerging species of increasing interest in the Australian aquaculture sector. Five semi purified experimental diets were formulated with 17% lipid originating from fish oil (FO) which was substituted in 25% increments by blended vegetable oil (VO), formulated using olive oil (12%), palm oil (43%) and linseed oil (45%) to match the major fatty acid classes of the FO.

Significant differences between the dietary treatments with regard to the lipid and individual fatty acid digestibility were recorded. This study clearly demonstrated that in Murray cod fatty acid digestibility decreases with chain length, and inversely increases relative to the degree of unsaturation. The combination of chain length, degree of unsaturation and the melting point of individual fatty acids resulted in the digestibility of PUFA > MUFA > SFA and short chain > longer chain fatty acids. Therefore, the inclusion of a mixed blend vegetable oil resulted in significantly reduced lipid digestibility in juvenile Murray cod.

A spill-over theory of international trade unionism

This paper use neo-functionalist and institutionalist theories of geo-political integration to develop a theory of international trade unionism. In brief, the theory asserts that the type of international ‘context’ in which international trade unions operate presupposes the types of ‘imperatives’ that will dominate their interests and concerns. These imperatives are taken to operate along one of three dimensions - industrial, political and ideological, and are seen as evolving in accordance with the ‘logic of spill-over’ in global and sub-global integration processes. Using this interpretation the discussion provides reasons as to why ideological imperatives have historically dominated international trade union thinking, the only exception being regional trade unions operating in Europe, which have evolved beyond the ideological to embrace industrial and political imperatives in their modes of organisation and operation.

Victorian local government reforms 1992-1999, revisited: implication for trade unions

Between 1992 and 1999 the Victorian State Government, Led by Jeff Kennett, set about implementing the most extensive public sector reform program ever witnessed in Australia, part of which involved significant changes in the organisation and operation of Local government. Although Local government had traditionally been 'the blind spot' in governmental arrangements, within three years of assuming office Local government had undergone major structural and operational change. This paper revisits this period by examining four elements of the reform agenda including the factors driving the reform, the Kennett government's approach to Local government reform, the expected outcomes sought by this government, and the policies implemented in Local government to achieve the expected outcomes. The paper identifies a number of implications for trade unions arising from this reform agenda and concludes that further investigation is warranted in this area.

The structural events approach- A "better" way to understand long-term change in trade union structure: the Australian story (1986-96)

Traditional studies of long-term change in trade union structure have predominantly focused on aggregate trends in union merger activity in constructing explanations of change. Using the Australian trade union movement as an example, this article argues that our understanding of the long-term change in the external structure of trade unions would be better served by a structural events approach (Waddington, 1995) that examines the incidence of union formations, dissolutions, and breakaways, in addition to that of union mergers. In doing so, this article presents new data on structural change in the Australian trade union movement between 1986 and 1996, and explains the additional contribution made by union dissolutions and union formations to the reductionist effects of the merger wave that dominated these years.