Australian unity wellbeing index

Discussion concerning the Australian Unity wellbeing index.

Deakin University wellbeing index

Discussion concerning the results of the Deakin University and Austn Unity survey which highlighted that Victoria is the happiest state in Australia.

Wellbeing Index

Discussion concerning the Wellbeing index and the 'national happiness scorecard' produced by Deakin University.

Regional people more content : wellbeing index

Are you feeling happier, safer and are more connected to your community? You should be, if you're living in rural and regional Australia, according to the latest research from Deakin University. Nine of the top ten happiest electorates are in rural Australia, and all of them report feeling safer and having a stronger sense of belonging to their communities, compared to their city counterparts. Rural Social researcher from Charles Sturt University in Wagga, Margaret Alston, says even bad events like drought and bushfires tend to bring people together. "I'd have to agree that there are certain factors that actually lead to people in the country being on average happier than those in cities. The community where I live, we're just recovering from quite a significant bushfire. People have come forward and offered adjistment for stock for the affected farmers, there's been community drives to support the people who've lost their houses, some real moves from the community to make sure the incident didn't scar people unnecessarily." Deakin University researcher, Liz Eckerman, says when it comes to feeling connected to your community, rural and regional people come out on top. She also agrees difficult circumstances like drought often bring out the best sense of community.

Wellbeing index

Discussion concerning Deakin University's Wellbeing index.

Wellbeing index

Discussion concerning the results of Deakin University's Well being index.

Wellbeing index

Discussion concerning Deakin University's Wellbeing index and why Perth residents feel separated from the rest of Australia.

Wellbeing index

Discussion concerning Deakin University's Wellbeing index.

Australian unity wellbeing index

We keep hearing it, but of course few of us believe it. Today another survey is out that says money doesn't always buy happiness! A new study has found the happiest Australians actually live in one of the poorest rural electorates.

Of course this means that the most disgruntled are in the heart of Sydney, the wealthiest city in the country.

Liz Eckerman is an associate professor in the Sociology Department at Deakin University. She's one of the authors of the Australian Unity Wellbeing Index, and spoke to Fran Kelly this morning.

Wellbeing index

Discussion concerning the latest findings of the Australian Unity Wellbeing Index Survey.

The equilibrium relations between stock index and bond index: evidence from Bursa Malaysia

This paper aims at examining the correlation structure, co-integration relationship and volatility linkage between stock and bond market indices over a period from January 1994 to June 2004. This study uses Johansen Cointegratoin test, VECM-X model and GARCH (1,1) with MDH model to examine the existence of long-term relation and volatility linkage between stock and bond market. The findings shed some light on the existence of mean-reverting pattern of correlation across different economic environments.  Findings on co-movement of stock and bond indices suggest an equilibrium relationship with short-term error correction. While evidence from volatility linkage also suggests that bond market cannot provide a meaningful explanation for conditional volatility in stock market, therefore, rejecting the mixture of distribution hypothesis.

Underpricing of energy IPOs in Australia

The underpricing of initial public offerings (IPOs) has been discussed in the literature for over thirty years. Underpricing is the term used when the issue price of the shares of a company raising public equity capital and seeking to list on a stock exchange is below the closing price of the shares on the first day of listing. As such, underpricing theoretically allows subscribing investors the opportunity of making a return on the day of listing. The international evidence as examined in [4] and updated in [5] has documented that subscribing investors made handsome double-digit' (for example US IPOs - 15.7%, UK IPOs 12%, Turkish IPOs - 13.1 %, Greek IPOs -49.0%) or even triple-digit (for example Chinese IPOs 256.9%) statistically significant positive first day returns, on average. These studies are generally however of industrial company IPOs.

The purpose of this paper is to investigate the underpricing returns of Australian energy IPOs from January 1994 to June 2007. Two previous studies into natural resource IPOs in Australia only made fleeting mention of energy IPOs because of the small sample sizes. [3] identified 2 solid fuel IPOs and 13 oil and gas IPOs (amongst 130 other natural resource IPOs) during 1979 to 1990 and advised average underpricing returns of 106.5% and 47.3% respectively for investors subscribing to these IPOs. [2] investigated 19 energy IPOs (amongst 96 other natural resource IPOs) from 1994 to 1999 and reported an average underpricing return of 8.3%.

The sample set of 134 used in this study is significantly greater than previous Australian studies. These 134 energy IPOs raised over $1.945 billion of public equity capital from January 1994 to June 2007. [3] reports on the importance of the natural resources sectors to Australia's economy and the fact that companies working in these sectors constitute around one third of the entities listed on the Australian Stock Exchange.

This study also follows a highly influential paper in the IPO literature by [I]. They argue that the lower the uncertainty about the value of an IPO, the lower the underpricing needed to attract subscribers. Given the linkage between uncertainty and underpricing, this study seeks to identify the factors that might influence uncertainty and hence underpricing.

The study found that the mean underpricing return for these energy lPOs is 22.8% and statistically significant. The model used to investigate variables that might help explain the level of underpricing in this industry sector is also particularly useful. An important finding in the study for new issuers, underwriters and subscribing investors is that those energy IPO firms that used underwriters had substantially lower underpricing. The other finding that larger issues are likely to have lower underpricing is consistent with prior industrial company IPO studies.