Horizontal fiscal equity: a theoretical contribution with an application to the portuguese municipalities.

Doutoramento em Economia.

Equity and marketisation: emerging policies and practices in Australian education

The conjunction of equity and market logics in contemporary education has created new and different conditions of possibility for equity, both as conceived in policy discourses and as a related set of educational practices. In this editorial introduction, we examine how equity is being drawn into new policy assemblages and how, in the context of marketisation, equity is evolving and being enacted in new ways across education sectors. Different conceptions of equity are considered, including the increasingly influential human capital perspective promoted by the Organisation for Economic Cooperation and Development (OECD). We argue that, separate from critiques of neoliberalism and its deleterious effects on equity in education, it is necessary to analyse carefully the increasing rationalisation of equity agendas in economic terms, the associated effects on education governance and policy-making, as well as on the work of educational institutions and educators. Providing an overview of the contributions to this Special Issue, we direct particular attention to the multiple, complex and often contradictory effects of the current education reform agenda in Australia, which has prioritised equity objectives and intensified performance measurement, comparison and accountability as means to drive educational improvement and reduce disadvantage.

Digital equity: a social justice issue for staff, not just students

It can be forgotten that it is not simply students who face the challenges of digital equity in higher education. Staff can also face digital challenges, and employment at an institution is not necessarily a safety net to protect staff from the digital divide. This paper attempts to give this voice to this issue. The digital equity challenges that they may face can range from internet accessibility, diversity in skills, or access to the required equipment and software, including necessary upgrades. This process is, however, is compounded when staff are geographically dispersed from the institution, disconnected by time, or where access to technology and Internet connectivity varies greatly between the institution’s sites. Much of these issues can be beyond the control and capacity of staff to alter. However, in terms of a staff-led approach to address such issues and empower others, a robust professional development program on digital technology is but one means to help stem the digital divide between staff ‘haves’ and ‘have nots’.

How accurately can convertibles be classified as debt or equity for tax purposes? Evidence from Australia

The New Business Tax System (Debt and Equity) Act established a set ofcriteria by which convertible securities could be classified as “debt-like” or “equity-like” for tax purposes. Using data on 256 convertible issues made in Australia between 2001 and 2012, we show that there is a strong relation between, on the one hand, a convertible’s ex ante classification determined at issuance using the tax criteria and, on the other hand, its ex post classification based on the conversion premium at maturity. We conclude that the criteria have been an efficient means of classifying convertibles. We also find an industry effect where debt-like convertibles are more likely to be associated with the resources, metals and mining firms, whilst equity-like are mainly issued by the finance sector. This finding is consistent with the solution to a finance-sequencing problem in the former case, and the impact of capital adequacy regulation in the latter.

Equity, social justice and ethics in mathematics education

The performativity policy mindset driving national and international testing highlights issues of equity in access and success according to socio-economic status, geographic location, ethnicity, gender and combinations of these factors. Researchers seek explanations for these inequities in terms encompassing engagement, participation and achievement to identify socially just and ethical practices at system, school and classroom level. The emergence of a theoretical perspective involving redistribution, recognition and participation (Fraser, 2013) is evident in a range of studies concerning leadership, professional learning, pre-service teacher education, and pedagogies that focus on equity and social justice in mathematics education. The challenge of ethical and socially just practices at all levels and social groups is in providing access to deep learning in mathematics and success in “knowledge making” (Jorgensen, 2014).

Equity considerations for open educational resources in the glocalization of education

Open educational resources (OER) have become new buzzwords in the glocalization of education. While OER are often espoused as enabling educational equity, the reality is not always the case. Looking only at the positives of new educational methods can mask perpetuating challenges, which makes the open aspect of OER a misnomer. Taking an alternative stance, this article critically evaluates the broader notion of OER through the lens of equity. It contends that while equity reasons often underpin the provision of OER, challenges continue to be experienced by some in accessing open digital materials for learning. This article explores some of these issues and argues that equity considerations are fundamental in OER design.

The equity raw-score matrix - a multi-dimensional indicator of potential disadvantage in higher education

Issues surrounding student participation, transition, retention and successful completion in higher education are topical. While the Australian federal government has identified broad groupings of under-represented students, these do not shed light on the complexities underlying the issues of the educationally disadvantaged, such as the compounding problems of multiple equity-group membership or the overlay of the acute or chronic effects of equity sub-group membership. This paper details the Equity Raw-Score Matrix. The matrix is a multi-dimensional indicator of potential disadvantage in learners, created for the specific purposes of diagnosing the complexities of educational disadvantage and creating pre-emptive strategies for the participation, transition and retention of students who are disadvantaged. The paper also describes the qualitative research study that was the catalyst for the creation of the matrix.

Analisi delle "exit strategies" nel settore dell'Equity Crowdfunding

La tesi analizza il fenomeno dell'Equity Crowdfunding con particolare attenzione alle strategie di disinvestimento. Si basa sull'analisi di un campione di 100 progetti finanziati sulla piattaforma Crowdcube. Il crowdfunding è un meccanismo di finanziamento collettivo che nasce fondamentalmente dall’esigenza di piccoli progetti di reperire capitale per essere sviluppati. Si sviluppa mediante l’ausilio di piattaforme informatiche, che fungono da tramite tra le parti interessate, permettendo ai promotori di lanciare i progetti e presentarli al pubblico, ed ai potenziali investitori di informarsi riguardo le diverse opportunità ed eventualmente partecipare alle iniziative. Si crea in questo modo una community virtuale, che si muove attraverso meccanismi differenti rispetto ai classici canali di finanziamento, e offre nuove opportunità agli ideatori di progetti così come agli investitori. Esistono diversi modelli di crowdfunding, che si differenziano per le rispettive finalità, le modalità di raccolta fondi e le forme di compenso. In particolare, risulta importante soffermarsi sull’equity crowdfunding, che si distingue dagli altri modelli in quanto raccoglie denaro che viene impiegato direttamente nel capitale di rischio dell’azienda finanziata. È il modello che attualmente riscuote maggior successo in termini di quote raccolte. La ricompensa è di tipo economico e si realizza attraverso il disinvestimento della quota di partecipazione, entro una data finestra temporale e secondo le modalità delineate inizialmente dal promotore del progetto. Le modalità di disinvestimento sono dette “exit strategies” e consistono negli obiettivi che i promotori dei progetti si propongono di realizzare dopo aver lanciato ed amministrato per un certo intervallo temporale i propri business, e sono rilevanti per gli investitori in quanto rappresentano il meccanismo attraverso il quale essi si aspettano un guadagno dall’investimento effettuato.

The Spanish equity market (2000-2014): stylized facts

Introduction. This thesis is framed in the last 15 years of history of the Spanish equity market (years 2000 to 2014). In this sense and, as an introduction of this work, in the first chapter the main features of the background of the electronic market for shares and the implications that the migration from out-c1y circles to this automatic system is explained. The main changes of this electronic system (Spanish stock exchange interconnection system) are detailed in this part. Also in this first chapter is explained the important European meeting, in December 1999, of eight stock exchanges which foresee, in a first step, to design a single market model for, lately, try to merge, final step that did not take place. After this initial moment in December 1999, in this work the main features of the market model of the main European markets (London, Paris, Germany and Italy) are generally described, given that it is important to consider the European context of the Spanish equity market, specially during these last fifteen years. Along chapter two, the thesis is supported with the theoretic frame explaining here the nature of markets and their important role in the economy, detailing afte1wards the Spanish case from the point of view of its institutional structure and legal framework. Besides, in this chapter, a deep review of initial public offerings (main concepts and calendar steps) is done as well as take-over bids (typology and key-concepts)...

Pairs trading in the UK equity market: risk and return

In this paper, we provide the first comprehensive UK evidence on the profitability of the pairs trading strategy. Evidence suggests that the strategy performs well in crisis periods, so we control for both risk and liquidity to assess performance. To evaluate the effect of market frictions on the strategy, we use several estimates of transaction costs. We also present evidence on the performance of the strategy in different economic and market states. Our results show that pairs trading portfolios typically have little exposure to known equity risk factors such as market, size, value, momentum and reversal. However, a model controlling for risk and liquidity explains a far larger proportion of returns. Incorporating different assumptions about bid-ask spreads leads to reductions in performance estimates. When we allow for time-varying risk exposures, conditioned on the contemporaneous equity market return, risk-adjusted returns are generally not significantly different from zero.

Widening participation in Australia: lessons on equity, standards, and institutional leadership

Widening participation movements inevitably give rise to discussions of the false dichotomy between equity and standards. The assumption is that by allowing differently prepared students into university and thereby improving equity, standards are somehow compromised. A recent national Australian study examined effective teaching and support of university students from low socio-economic status (LSES) backgrounds from the conceptual framework of bridging sociocultural incongruity rather than from a deficit perspective that assumes lower standards are operating. This chapter outlines the findings from that study of relevance to institutional leaders and policy makers. It draws on the rich qualitative data to show that, contrary to claims of lowered standards, students from low socio-economic backgrounds are high achievers who both expect and want high academic standards. It argues that the dichotomy between equity and standards is premised on an assumption of deficit in, and fundamental lack of respect for, students from diverse backgrounds which undermines the widening participation agenda. Where the false dichotomy exists in institutions, a situation is created which mitigates against LSES students feeling empowered to achieve high academic standards and overall success. It presents the key factors for empowering students from low socio-economic backgrounds to achieve academic success of the highest standard.

Navigating the demands of the English schooling context: problematics and possibilities for social equity

The English schooling context has seen radical and rapid reform in recent times with the processes of devolution or deconcentration of centralised school governance, on the one hand, and the instating of ever-increasing and rigid external accountabilities, on the other. These reforms driven as they are by neoliberal and neoconservative ideologies have created a new kind of ‘system’ of schooling in England, one that is ‘heterarchical’ in governance, increasingly complex in its overlap, multiplicity and asymmetric power dynamics, but one that remains strongly tied to and regulated by the reductive and narrow measure of ‘success’ imposed by the state. Against this complex and changing backdrop, what constitutes quality and equitable schooling has been transformed. This special issue explores these concerns and, in particular, focuses on how the current demands of the English schooling context construct student achievement and identity, teachers’ work, conceptualisations of knowledge and pedagogy, and school organisation and collaboration. The issue has a strong equity focus. Many of the papers to this end focus on how teachers and schools are navigating through the demands of current policy reform to mobilise spaces of possibility for equity and good schooling. In this paper, we provide a context and framework to set the scene for the subsequent papers in the issue.