Exchange rate sensitivity of Australian international equity funds

This paper analyses the exchange rate exposure displayed by a sample of Australian international equity trusts (IET). Exchange rate exposure is also examined in the context of differing economic climates with particular emphasis on the Asian crisis in mid-1997. It is found that there is evidence of exchange rate exposure particularly in the context of a multiple exchange rate model. Exposure varies substantially between three alternative time periods with different exposure apparent subsequent to the Asian crisis than prior to this event.

"Owned by...". Country of origin's new cue

This study identifies and explores a new country of origin (COO) cue, “owned by….” The importance of three extrinsic cues “owned by …,” “made in …” and price was examined using conjoint analysis. Data were collected from a sample of 268 undergraduate students familiar with color televisions. Segments were formed using cluster analysis and analyzed using multiple discriminant analysis. “Owned by …” was found to be important and distinct from the “made in …” cue. Segments based on the two COO cues were identified using importance weights and individual utilities. When segments were formed using individual utilities the individual difference construct, economic nationalism, provided discriminatory power while consumer ethnocentrism did not, supporting the hypothesis that economic nationalism and consumer ethnocentrism differ. Practitioners can now use “owned by …” knowing that it forms an important and distinct marketing tool. Limitations and future research are discussed.

Public investment and the risk premium for equity

Analysis of the equity premium puzzle has focused on private-sector capital markets. However, the existence of an anomalous equity premium raises important issues in the evaluation of public-sector investment projects. These issues are explored below. We begin by formalizing the argument that an equity premium may arise from uninsurable systematic risk in labour income, and show that, other things being equal, increases in public ownership of equity will improve welfare, up to the point where the equity premium is eliminated. Finally, we consider policy implications and the optimal extent of public ownership.

Translating policy: Power and action in Australia's country towns

Controversies In its present condition, rural Australia is characterised by a discourse of decline that sees country towns and regions as places of demoralisation and despair. From a Foucauldian governmentality perspective, those who live in these spaces are not so much 'powerless' to the demands of urban-based governments and global capital, as rendered governable according to the socio-political ambitions of late capitalism. While important insights have been derived from such analyses, it is argued in this paper that excessive attention is often paid to the power of the state with little concern for the various ways in which local people engage with, and transform the strategies and effects of state power. Rather than utilising the concept of resistance to make sense of these interactions, a sociology of translation is adopted from the Actor Network Theory literature. Applied to two case examples, it shows how governmental policies and programmes are frequently the outcome of the interactions and negotiations that take place between all those enrolled in the actor-network.

Relat??rio final do projeto desenvolvimento de capacidade de lideran??a (Brasil-Canad??)

Desde o in??cio de 2000, a Canada School of Public Service (CSPS) e a Escola Nacional de Administra????o P??blica (ENAP) demonstraram interesse na possibilidade de coopera????o para desenvolver capacidades de gest??o de servidores p??blicos brasileiros. Um acordo assinado em 2003, inicialmente foi planejado para ser uma parceria de tr??s anos entre as duas escolas. No entanto, a parceria continua at?? hoje e agora estamos no final do segundo, e ??ltimo projeto de coopera????o t??cnica financiado pela Canadian International Development Agency (CIDA) entre Brasil e Canad??, denominado ???Desenvolvimento da Capacidade de Governan??a???. Este relat??rio representa o resultado deste segundo projeto, o qual ampliou o esfor??o de capacita????o da primeira parceria, focando agora em funcion??rios p??blicos mais pr??ximos da "linha de frente" da presta????o de servi??os, aumentando assim a efic??cia do governo nessas ??reas. O projeto mostrou ser bem-sucedido, principalmente, porque seguiu de perto os princ??pios do desenvolvimento eficaz e sustent??vel. Considerando a sua miss??o de desenvolver compet??ncias de servidores p??blicos, a ENAP deu prioridade, dentro deste projeto de coopera????o com o Canad??, a atividades que visam refor??ar a capacidade de governan??a do pa??s, trabalhando em conjunto com escolas em cinco regi??es: Norte, Nordeste, Centro-Oeste, Sudeste e Sul, com especial ??nfase nas ??reas mais pobres do pa??s, localizadas nas regi??es Norte e Nordeste. Foram participantes-chave neste projeto: i) seis escolas brasileiras regionais de administra????o p??blica; ii) uma das principais institui????es acad??micas do Canad?? - Queen's University, e iii) o Minist??rio do Desenvolvimento Social e Combate ?? Fome e tr??s Secretarias de Ra??a, Direitos Humanos e Pol??ticas para as Mulheres. Neste projeto, a CSPS compartilhou suas metodologias em educa????o a dist??ncia, lideran??a e gest??o p??blica. Trabalhando com parceiros brasileiros, ela tamb??m transferiu e adaptou curr??culos e conte??dos de seus cursos. A CIDA forneceu $1.845.000,00 por meio da Programa de Interc??mbio de Conhecimentos para a Promo????o da Eq??idade (PIPE) Brasil-Canad??. A ENAP e as EPBs contribu??ram com $993,752 e a CSPS contribuiu com material de curso, conhecimento e apoio t??cnico no valor de $ 1.000.000

Estudo sobre a captação dos fundos de Private Equity e Venture Capital

O estudo tem por objetivo avaliar os fatores que possam explicar a captação de recursos (fundraising) dos fundos de Private Equity e Venture Capital (PE/VC). Em linhas gerais, a proposta é averiguar empiricamente quais são os fatores que impactam na captação de recursos pelos fundos de PE/VC. A amostra foi formada por 25 países e em um espaço temporal de 6 anos (2006-2011). Foram identificados seis fatores: atividade econômica, desenvolvimento do mercado de capitais, governança corporativa, desenvolvimento socioambiental, empreendedorismo e tributação. Assim, construiu-se através de Análise Fatorial seis fatores que foram compostos por 26 variáveis. Por meio de regressão múltipla foram investigadas as relações entre a captação de recursos por parte dos fundos PE/VC e os fatores gerados. Os resultados demonstraram que apesar dos fatores testados serem significativos, a captação dos recursos é fortemente influenciada pelo nível de desenvolvimento do mercado de capitais. Os resultados aqui encontrados se tornam relevantes, pois discutem uma realidade crescente tanto no Brasil quanto no mundo, visto que o mercado de PE/VC solidifica-se como alternativa de captação de recursos.

Five generations of peace operations: from the "thin blue line" to "painting a country blue"

This article combines both international practice and analytical contributions into a systematic and synthetic presentation of the evolution of peace operations from their modern inception in 1948 to the present. It seeks to serve a didactic purpose in proposing a basic structure for Brazilian scholars' burgeoning debate on peace operations and intervention, rather than a definitive characterization of blue helmet practice. Peace operations' progression is traced through five analytical "generations," each adding a crucial factor distinguishing it from its predecessors. Each generation is placed in relation to changes in the nature of conflict and in the interpretation of the foundational principles of peace operations, and links to broader theoretical issues in International Relations are made explicit at each stage.

From Tegucigalpa to Teheran: Brazil's diplomacy as an emerging Western country

This paper reviews Brazil's pursuit for international insertion by: discussing its search for new partners; presenting an overview of the historical, cultural, and political features that render it the most Western of the emerging nations; and analyzing its participation in the management of two major international crises, the Honduran constitutional crisis and the Iranian nuclear crisis.

The determinants of international equity investment: Do they differ between institutional and noninstitutional investors?

In this paper we investigate whether the determinants of international equity investment differ between investors with different degrees of sophistication. For this purpose, we analyse and compare the determinants of international equity investment of institutional and noninstitutional investors from 20 OECD countries (US not included) in the period 2001-2009. The results show that there are significant differences in the determinants of international equity investment between institutional and noninstitutional investors. In particular, noninstitutional investors tend to exhibit a more pronounced preference for equities of geographical nearby, contiguous and more transparent countries than institutional investors. The preference for more developed equity markets and the contrarian behaviour are also significantly more pronounced for noninstitutional than for institutional investors. These results support the argument that international equity investment of less sophisticated investors is more affected by information costs and familiarity than that of more sophisticated investors. Moreover, business cycles exert an influence on international equity investment decisions of both institutional and noninstitutional investors.

The determinants of international equity and bond investment

The purpose of this research is fourfold. First, to investigate whether the determinants of international equity investment differ between investors with different degrees of information, experience and sophistication. For this purpose, the determinants of international equity investment of institutional and noninstitutional investors from 20 OECD countries, in the period 2001-2009, were analysed and compared. The results show that there are significant differences in the determinants of international equity investment between institutional and noninstitutional investors. Particularly, noninstitutional investors exhibit a more pronounced preference for equities of geographical nearby, contiguous and more transparent countries than institutional investors, suggesting that the effect of information costs and familiarity on international equity investment is stronger for less informed, experienced and sophisticated investors. Moreover, the preference for more developed equity markets and the contrarian behaviour are more severe for noninstitutional investors. Hence, the heterogeneity of institutional and noninstitutional investors in international equity investment is not negligible and therefore should be taken into account. Second, to investigate whether the determinants of international bond investment differ between investors with different degrees of information, experience and sophistication. For this purpose, the determinants of international bond investment of institutional and noninstitutional investors from 20 OECD countries, in the period 2001-2009, were analysed and compared. The results show that there are few significant differences in the determinants of international bond investment between institutional and noninstitutional investors. Particularly, the preference for bonds of more transparent countries and the return chasing behaviour are more pronounced for noninstitutional investors, whereas the preference for bonds with lower risk diversification potential is more pronounced for institutional investors. Hence, not only the results for international bond investment do not allow to support (or reject) the argument that information costs and familiarity are more important for less informed, experienced and sophisticated investors, but also they are contrary to the idea that financial variables, namely return and risk diversification, are more important for more informed, experienced and sophisticated investors. Third, to investigate whether the determinants of international equity investment differ from the determinants of international bond investment. For this purpose, the determinants of both international equity and bond investment of institutional and noninstitutional investors from 20 OECD countries, in the period 2001-2009, were analysed and compared. The results show that, although the effect of information costs on international equity investment tends to be stronger than on international bond investment, the differences between assets are not usually statistically significant, especially when the influence of financial variables is taken into account. Hence, it is not possible to conclude that international equity investment is much more information intensive than international bond investment, as suggested by Gehrig (1993) and Portes, Rey and Oh (2001), among others. Fourth, to investigate whether the flight to quality phenomenon is also observable in international investment and whether the flight to quality phenomenon is more pronounced for more sophisticated than for less sophisticated investors. For this purpose, a two-factor and three-factor ANOVA models, respectively, were applied to the international equity and bond investment of institutional and noninstitutional investors from 20 OECD countries in the period 2001-2009. The results suggest that the flight to quality phenomenon is also observable in international investment, as a change from business cycle of expansion to recession causes investors to significantly decrease the average weight invested in more risky assets (equities) and increase the average weight invested in less risky assets (bonds). The results also show that the variation on the average weight assigned to each type of asset, due to changes in business cycles, is significantly stronger for institutional investors than for noninstitutional investors, thereby suggesting that the flight to quality phenomenon is more pronounced for more sophisticated than for less sophisticated investors.

Brand equity in the Pakistani hotel industry

Brand equity is considered as the most important aspect of branding, which is a set of brands' assets and liabilities, its symbol or name that subtracts from or adds the value provided by a product or service to a firm and customers. The current research endeavor was to identify the interrelationship of customer-based brand equity dimensions (brand awareness, brand loyalty, brand image, and service quality) in Pakistani hotel industry. Data was collected from 821 consumers who experienced the services of Pakistani five star hotels from multiple locations. Mediating regression and stepwise regression analyses were applied for investigation of study hypotheses. Results pointed out positive and significant influences of service quality on all other dimensions of brand equity whereas partial mediations were endorsed among the variables. Researchers and practitioners implications are discussed.