The responsiveness of LPT returns and their attributes

The Australian listed property sector has experienced substantial growth over the past decade. Relative to international property markets, Australia has the highest percentage of listed real estate and the highest proportion that makes up the total equity market in the world, hence, making it an important component of domestic financial markets. This study employs the Stone (1974) two factor asset pricing model to investigate the sensitivity of Listed Property Trust (LPT) returns to market and interest rate returns from 2000 to 2005, and the characteristics (namely, management structure, specialisation and the degree of financial leverage) that may be driving these sensitivities. Our results indicate an increase in the market risk profile of LPTs, suggesting an erosion of the defensive benefits of LPTs against stockmarket volatilities.

Speed of adjustment within currency markets

One measure of market efficiency is the speed at which prices adjust to fundamental value with the arrival of information. This paper examines this issue by estimating speed of adjustment coefficients using three  methodologies for eight currencies for the entire year of 1996 using half hourly non-overlapping return intervals. We find that the bulk of adjustment to fundamental value for all currencies occurs within the hour but then quickly deteriorates. Within the hour adjustment is sufficiently quick to be considered efficient but the lack of full adjustment to fundamental value is not what would be predicted within an efficient market. There is no evidence for any of the currencies studied of a tendency to over react. There is also little difference in the speeds of adjustment between actively and less actively traded  currencies. There is however a definite difference in the speed at which currencies adjustment depending on whether they are free floating or managed exchange rates. Free floating rates adjust much quicker. Government intervention slows adjustment to fundamental value.

Gender and equity in e-Learning

Literature to date suggests contrary indicators of acceptance of the use of technology to support learning by females. With the increasing adoption of information technology to support teaching and learning, it is imperative that factors which may impede student learning are identified. The research reported here is of a large-scale survey of the perceptions of university students about eLearning and their use of the online learning environment. The aim of the survey was to gather data to inform about online learning practices at the University. The results were explored, amongst other factors, by gender. Findings include no significant differences between the female and male students with respect to being able to use the online learning environment confidently and effectively. In general the female students were more willing to participate in online discussions. However, there was no difference between the female and male students regarding their willingness to voice their opinions online. An unexpected result was the greater value placed by female students on using the online environment for communicating and collaborating with students of diverse background.

The health equity dimensions of urban food systems

There is increasing recognition that the nutrition transition sweeping the world’s cities is multifaceted. Urban food and nutrition systems are beginning to share similar features, including an increase in dietary diversity, a convergence toward “Western-style” diets rich in fat and refined carbohydrate and within-country bifurcation of food supplies and dietary conventions. Unequal access to the available dietary diversity, calories, and gastronomically satisfying eating experience leads to nutritional inequalities and diet-related health inequities in rich and poor cities alike. Understanding the determinants of inequalities in food security and nutritional quality is a precondition for developing preventive policy responses. Finding common solutions to under- and overnutrition is required, the first step of which is poverty eradication through creating livelihood strategies. In many cities, thousands of positions of paid employment could be created through the establishment of sustainable and self-sufficient local food systems, including urban agriculture and food processing initiatives, food distribution centers, healthy food market services, and urban planning that provides for multiple modes of transport to food outlets. Greater engagement with the food supply may dispel many of the food anxieties affluent consumers are experiencing.

Testing convergence of Fiji's tourism markets

The convergence hypothesis for tourism markets is based on the tenet that when tourism markets are converging the difference between total international visitor arrivals to a country and international visitor arrivals from a particular country will be stationary. We argue that if this is true, then convergence can also be tested through examining whether total visitor arrivals and visitor arrivals from a particular market are cointegrated. We test the convergence hypothesis by examining visitor arrivals to Fiji from eight tourist source markets, using both unit root and cointegration tests. We find strong statistical evidence that Fiji's tourism markets converge.

Equity and access in an e-enhanced, international, university environment: learning style implications

Globalisation and technological development have simultaneously pressured universities to provide students with flexible and innovative learning options. Among the ways universities address these issues are by internationalising their curriculum and investing in educational technology. These changes have affected pedagogical and andragogical approaches and outcomes. Learning styles potentially affect the strategic approach of academics when utilising innovative technological tools in their teaching, which converges with internationalisation of the curriculum and a diverse student body to accentuate the issues of equity and access. The literature in this field is explored in context with the authors’ diverse experiences to provide policy makers, academics and other education stakeholders with a new perspective.

Expectations and liquidity in Yen bond markets

The relationship between daily yields on Japanese government bonds (JGBs), and high grade (AA and AAA) yen eurobonds is investigated. We find the cointegration vector differs slightly from the expected order predicted by the expectations hypothesis and attribute this to differing degrees of liquidity in the eurobond and JGB markets. We conclude that the concentration of new Japanese government issues in maturities of five to ten years, combined with the practice by the authorities of holding a significant amount of outstanding bonds, has distorted the transmission process between different risk classes of bonds. An example of the dynamics of the credit spread on the ten-year AA eurobond is provided.

Equity-focused health impact assessment: a tool to assist policy makers in addressing health inequalities.

In Australasia (Australia and New Zealand) the use of health impact assessment (HIA) as a tool for improved policy development is comparatively new. The public health workforce do not routinely assess the potential health and equity impacts of proposed policies or programs. The Australasian Collaboration for Health Equity Impact Assessment was funded to develop a strategic framework for equity-focused HIA (EFHIA) with the intent of strengthening the ways in which equity is addressed in each step of HIA. The collaboration developed a draft framework for EFHIA that mirrored, but modified the commonly accepted steps of HIA; tested the draft framework in six different health service delivery settings; analysed the feedback about application of the draft EFHIA framework and modified it accordingly. The strategic framework shows promise in providing a systematic process for identifying potential differential health impacts and assessing the extent to which these are avoidable and unfair. This paper presents the EFHIA framework and discusses some of the issues that arose in the case study sites undertaking equity-focused HIA.

Stock Markets and Household Wealth: Can a Stock Market Crash Cause a Recession in The U.S. Economy?

Stock market wealth effects on the level of consumption in the United States economy have been constantly debated; there is evidence for arguments for and against its prominence and its symmetry. This paper seeks to investigate the strength of its negative effect by creating models to analyze unexpected shocks to the Standard and Poor's 500 index. First, a transmission mechanism between the stock market and GDP is established through the use of second-order vector autoregressive models. Following which, theory from the life cycle model and adaptations of previous researchers' models are used to create a structural model. This paper finds that stock market wealth effects are small, but important to consider, especially if markets are overpriced; this claim is corroborated by evidence from simulation of 'alternative scenarios' and the historical experiences of 1987 and 2001.

Equity indicators: measures of socio-economic status at an Australian university

After reviewing relevant literature on socio-economic status (SES) and the ways in which it is used for higher education institutional research and policy, a detailed data analysis of Victoria University (Australia) student data was undertaken. Between 10,000 and 15,000 domestic student addresses were ‘geocoded’ to Australian Bureau of Statistics (ABS) collection district level. A survey of individual reenrolling 2001 students that included parental occupation and education data was also analysed. The most important findings were: (1) The debate for practical reasons tends to focus on area versus individual measures, but SES is a richer and more complex subject and must be acknowledged as such. (2) It is apparent that VU’s student catchment is on average of lower SES than the Melbourne average, using various area measures of SES, including the DEST-Martin indicators. (3) There is only a very small difference between average area SES measures at the collection district and the postcode level. In practical terms this means that the postcode method is adequate, as well as being cheaper and more efficiently obtained, for analyses at an aggregated (or average) level. (4) Individual surveys of students do not prima facie add to the quality of aggregated institution level SES results delivered by area analyses. This again suggests that the postcode method is best for practical reasons.

Improving access to evidence-based acute stroke services: development and evaluation of a health systems model to address equity of access issues

Level 1 evidence for management of patients with stroke in a dedicated Stroke Care Unit (SCU) demonstrates improved outcomes by about 20%. It has been estimated that 21% of Australian hospitals provide an SCU and that these SCUs are mainly located in either metropolitan sites and/or in hospitals with more than 300 beds. To address equity issues related to access to SCUs, the National Stroke Foundation and the Australian Government undertook the National Stroke Units Program. One program outcome was the development of a conceptual model of acute stroke service delivery. The development process and initial evaluation of the model are described. Use of the model to increase capacity within the health care system to treat stroke is discussed.

Modelling linkages between Australian financial futures markets

This paper investigates the dynamic interdependence of the Australian financial futures markets. A multivariate EGARCH model is developed to investigate linkages and stochastic volatility interactions between the 10-year Treasury bond, 90-day bank-accepted bill, and the All Ordinaries share price index futures markets. In this analysis, the empirical results strongly suggest that significant volatility interactions are evident across the 3 markets.

Dynamic interdependence and volatility transmission of Asian stock markets: evidence from the Asian crisis

This paper examines dynamic interdependence, volatility transmission, and market integration across selected stock markets during the Asian financial crisis periods 1997 and 1998. Using a vector autoregressive–exponential generalized autoregressive conditional heteroskedasticity (VAR-EGARCH) model, it is found that reciprocal volatility transmission existed between Hong Kong and Korea, and unidirectional volatility transmission from Korea to Thailand. This suggests that Hong Kong played a significant role in volatility transmission to the other Asian markets. The data also indicate market integration in that each market reacted to both local news and news originating in the other markets, particularly adverse news.

Consumer loyalty versus propensity to switch between providers in mature IT markets (the case of mobile phone market)

The example of the youth mobile phone market is used for pilot empirical testing of a model of consumers’ decision making, based on common features of consumer behaviour in mature markets of information and high technology products. Firstly, we discuss the key properties of mature high technology markets which affect market behaviour and strategies. These properties include: established customer and provider bases; the elements of both oligopolistic and monopolistic competition; very short product life cycle; considerable product differentiation; and using product quality, versioning and price discrimination as planning and marketing tools. Secondly, a model of consumers’ decision making in such markets is suggested on the assumption that a choice is to be made between the following options: to continue using the existing version of the product, to upgrade it with the current provider or to switch to another provider. Product price, quality characteristics, switching costs and network effects are demonstrated to be the variables affecting consumers’ decisions and therefore, these variables should be considered by competing providers when they choose production and marketing strategies. In conclusion, the results of the empirical study are discussed in the context of their possible application to other information and high technology markets.

Wages, career progression, training and work family policies : an integrated approach to explaining gender discrimination

While the Equal Employment Opportunities (EEO) literature suggests that considerable progress has been made towards addressing gender-based discrimination (primarily through legal instruments), direct and indirece forms of discrimination persist and tend to be perpetuated through organisational practices (Tomaskovic-Devey 2001). Women are still receive less remuneration than men and are disadvantaged with respect to fundamental entitlements such as promotion and training and education. Furthermore, as more women enter employment the issue of work and family balance has become an organisational priority. There is a large body of research literature in the disciplines of economics, sociology, industrial relations, human resource management, organisational studies and public administration that examines the sources, nature and extent of gender-based discrimination in labour markets. This paper seeks to integrate this literature by taking a multi-disciplinary approach to the problem of women, EEO and discrimination. It is argued that our understanding of discrimination is greatly enhanced by theories and models that incorporate both economic and organisational explanations. Furthermore, it is argued that discrimination in terms of promotion, pay and training are endogenous. That is, the interrelationship between these variables needs to be taken into account simultaneously to accurately estimate the degree of direct and indirect discrimination that women face. The paper provides a review of the literature on the key themes of pay equity, career progression, education and training and work-family policy, and seeks to provide a synthesis of key themes. Emerging from this literature are a number of testable hypotheses. The paper concludes with suggestions for future research.