Managing woodlands for income maximisation in western Queensland, Australia: clearing for grazing versus timber production

Queensland, Australia, has a proud pastoral history; however, the private and social benefits of continued woodland clearing for pasture development are unlikely to be as pronounced as they had been in the past. The environmental benefits of tree retention in and regions of the State are now better appreciated and market opportunities have arisen for the unique timbers of western Queensland. A financial model is developed to facilitate a comparison of the private profitability of small-scale timber production from remnant Acacia woodlands against clearing for pasture development in the Mulga Lands and Desert Uplands bioregions of western Queensland. Four small-scale timber production scenarios, which differ in target markets and the extent of processing (value-adding), are explored within the model. Each scenario is examined for the cases where property rights to the timber are vested with the timber processor, and where royalties are payable. For both cases of resource ownership, at least one scenario generates positive returns from timber production, and exceeds the net farm income per hectare for an average grazing property in the study regions over the period 1989-1990 to 2000-2001. The net present value per hectare of selectively harvesting and processing high-value clearwood from remnant western Queensland woodlands is found to be greater than clearing for grazing. (C) 2003 Elsevier B.V. All rights reserved.

Financial and economic performance of long-rotation hardwood plantation investments in Queensland, Australia

In Queensland, Australia, there is presently a high level of interest in long-rotation hardwood plantation investments for sawlog production, despite the consensus in Australian literature that such investments are not financially viable. Continuing genetics, silviculture and processing research, and increasing awareness about the ecosystem services generated by plantations, are anticipated to make future plantings profitable and socio-economically desirable in many parts of Queensland. Financial and economic models of hardwood plantations in Queensland are developed to test this hypothesis. The economic model accounts for carbon sequestration, salinity amelioration and other ecosystem service values of hardwood plantations. A carbon model estimates the value of carbon sequestered, while salinity and other ecosystem service values are estimated by the benefit transfer method. Where high growth rates (20-25 m(3) ha(-1) year(-1)) are achievable, long-rotation hardwood plantations are profitable in Queensland Hardwood Regions 1, 3 and 7 when rural land values are less than $2300/ha. Under optimistic assumptions, hardwood plantations growing at a rate of 15 in 3 ha-1 year 1 are financially viable in Hardwood Regions 2, 4 and 8, provided land values are less than $1600/ha. The major implication of the economic analysis is that long-rotation hardwood plantation forestry is socio-economically justified in most Hardwood Regions, even though financial returns from timber production may be negative. (c) 2003 Elsevier B.V. All rights reserved.

A new methodology for generation investment in the national electricity market of Australia

Market administrators hold the vital role of maintaining sufficient generation capacity in their respective electricity market. However without the jurisdiction to dictate the generator types, locations and timing of new generation, the reliability of the system may be compromised by delayed entry of new generation. This paper illustrates a new generation investment methodology that can effectively present expected returns from the pool market; while concurrently searching for the type and placement of a new generator to fulfil system reliability requirements.

CRIAÇÃO E RECRIAÇÕES COSMOGÔNICAS EM ISAÍAS 51, 9-11: Um estudo do uso do mito cosmogônico pelo Dêutero-Isaías para o entendimento da comunidade dos cativos judaítas em Babilônia

Como estudar uma cultura ou uma comunidade perdida nos tempos bíblicos? Esta é um questão motriz para o autor. Foi dessa maneira que surgiu o seu interesse em discutir a possibilidade do uso do mito cosmogônico para o entendimento da comunidade dos cativos judaítas em Babilônia. É uma iniciativa, que precisava ser trilhada pelos pesquisadores que se dispusessem ao estudo das culturas do mundo bíblico. Assim se elegeu o tema Mito Cosmogônico no Primeiro Testamento como instrumento de aprofundamento da pesquisa bíblica. O mito é uma escolha mais ou menos óbvia, pela sua capacidade de funcionar como paradigma, pragmática e traditiva contra-hegemônica dentro de um contexto social interétnico. Estas eram ponderações vindas de matrizes como a do fenomenólogo Mircea Eliade, do Antropólogo Roger Bastide e do teólogo e fenomenólogo José Severino Croatto. É por isto que um paralelo é traçado entre o mito de Marduk e o texto de Isaías 51, 9-11, que fala de Javé como sendo criador do mundo e que luta contra as forças do caos. Isto é feito, com vistas à percepção da profecia do Isaías do exílio, como parentesco e sua justaposição com a mitologia babilônica, e ambos se aproximam bastante de forma sintagmática e histórico-social. Coube ainda saber se a profecia do Dêutero-Isaías atuava da mesma maneira que o poema Enuma elish funcionava para os babilônicos. Ou seja, fazia-se surgir modelos sociais às comunidades de escravos dentro do Império Neobabilônico; se com base nestes cânticos, os cativos conseguiam construir um ordenamento para as suas comunidades, que gozavam de uma relativa autonomia, tais como colônias e guetos ; se de posse dessa ousada profecia, os judeus da golah eram capazes de elaborar uma desobediência cívil nos termos de um nutrir nos corações, uma utopia que rompesse com o status quo do passado, comprometendo-os com a esperança no Javé criador.(AU)

A HOMOSSEXUALIDADE DESCONSTRUÍDA EM LEVÍTICO 18,22 e 20,13

Esta pesquisa apresenta uma leitura desconstruída do conceito de homossexualidade, presumidamente, presente em Levítico 18,22 e 20,13. A busca por indícios históricos de relacionamentos homossexuais encontrou evidências claras desse tipo de prática em épocas como o século X a.C. Também, a pesquisa serviu para mostrar até onde e como se encontram temas, títulos e autores que trabalham com a questão da homossexualidade. Os versos analisados são parte de um código de leis chamado Código de Santidade (Levítico 17-26). O lugar histórico da composição do código se encontra, inicialmente, no evento do retorno dos exilados da Babilônia e vai até meados do exercício da influência grega, séculos seguintes. Evidentemente, o período imperial persa ganha destaque na composição do Código de Santidade . Esse momento mostra como foi relevante a idealização deste Código para que a comunidade em Judá não perdesse sua identidade existencial. A análise exegética dos dois versos mostra como o autor(es) de Levítico não se preocupou, nem ao menos mencionou, o relacionamento unissexual em sua totalidade, mas sim proibiu o sexo anal entre dois homens que fosse misturar categorias de gêneros, fosse violentar a autoridade masculina patriarcal e também fosse assemelhar a comunidade, sua cultura e religião com outras culturas e povos vizinhos. O trabalho chega à conclusão hermenêutica que Levítico 18,22 e 20,13 não sabiam nada sobre o relacionamento homossexual moderno e eram completamente silenciosos quanto ao conceito de homossexualidade em Judá no pós-exílio. Assim, a presente pesquisa deseja ser provocação para a discussão da questão na academia e nas comunidades religiosas, pois, conforme exposto não há nada na bíblia hebraica que se possa utilizar para reprimir a livre expressão da relação unissexual moderna

Real options and multinational investments : an empirical study of risk, performance and organisational awareness

DUE TO COPYRIGHT RESTRICTIONS ONLY AVAILABLE FOR CONSULTATION AT ASTON UNIVERSITY LIBRARY AND INFORMATION SERVICES WITH PRIOR ARRANGEMENT This thesis is a cross-disciplinary study of the empirical impact of real options theory in the fields of decision sciences and performance management. Borrowing from the economics, strategy and operations research literature, the research examines the risk and performance implications of real options in firms’ strategic investments and multinational operations. An emphasis is placed on the flexibility potential and competitive advantage of multinational corporations to explore the extent to which real options analysis can be classified as best practice in management research. Using a combination of qualitative and quantitative techniques the evidence suggests that, if real options are explored and exploited appropriately, real options management can result in superior performance for multinational companies. The qualitative findings give an overview of the practical advantages and disadvantages of real options and the statistical results reveal that firms which have developed a high awareness of their real options are, as predicted by the theory, able to reduce their downside risk and increase profits through flexibility, organisational slack and multinationality. Although real options awareness does not systematically guarantee higher returns from operations, supplementary findings indicate that firms with evidence of significant investments in the acquisition of real options knowledge tend to outperform competitors which are unaware of their real options. There are three contributions of this research. First, it extends the real options and capacity planning literature to path-dependent contingent-claims analysis to underline the benefits of average type options in capacity allocation. Second, it is thought to be the first to explicitly examine the performance effects of real options on a sample of firms which have developed partial capabilities in real options analysis suggesting that real options diffusion can be key to value creation. Third, it builds a new decision-aiding framework to facilitate the use of real options in projects appraisal and strategic planning.

Advances in predicting and manipulating the immunogenicity of biotherapeutics and vaccines

Therapeutic proteins are vital to the future of human health provision and the survival and profitability of the global pharmaceutical industry. Returns from protein therapeutics are experiencing unprecedented growth: both their number and their economic dividend have increased by an order of magnitude in the last 10 years. The potential immunogenicity of protein therapeutics raises many clinical and safety concerns. Many poorly understood factors relating to both product and host affect immune responses. Available laboratory measurement of immunogenicity is of little utility for predicting the clinical properties of biotherapeutics. Coupled with assay variability and standardization issues, this precludes adequate prediction of the biological or clinical responses of therapeutic proteins, arguing for the utilization of informatic strategies in the analysis and prediction of protein immunogenicity. Currently, many unresolved issues must be addressed and thus circumvented before effective prediction can become routine.

Multivariate FIAPARCH modelling of financial markets with dynamic correlations in times of crisis

This paper applies the vector AR-DCC-FIAPARCH model to eight national stock market indices' daily returns from 1988 to 2010, taking into account the structural breaks of each time series linked to the Asian and the recent Global financial crisis. We find significant cross effects, as well as long range volatility dependence, asymmetric volatility response to positive and negative shocks, and the power of returns that best fits the volatility pattern. One of the main findings of the model analysis is the higher dynamic correlations of the stock markets after a crisis event, which means increased contagion effects between the markets. The fact that during the crisis the conditional correlations remain on a high level indicates a continuous herding behaviour during these periods of increased market volatility. Finally, during the recent Global financial crisis the correlations remain on a much higher level than during the Asian financial crisis.

A tranzakciós költségek elmélete és a társadalmi csereelmélet hatásai a bizalomra az ellátási láncban (Affects of Transaction cost and Social Exchange Constructs on trust In supply chain relationship)

A szerzők alapvető feltételezése, hogy az ellátási láncban a bizalom ösztönzi a felek közötti elkötelezettséget. Továbbá a bizalom növeli annak a lehetőségét, hogy az ellátási lánc sikeresen működjön. Ugyanakkor, a felek közötti bizalom hiánya gyakran megnöveli a tranzakciós költségeket, és így csökkenti a hatékonyságot. A cikkben bemutatott kutatás adatgyűjtésére több országban – Franciaországban, Magyarországon, Dél-Koreában, Tunéziában és az Egyesült Államokban – került sor. Összesen 729 érvényes kérdőív érkezett vissza, amelyeket a különböző ellátási láncok résztvevői töltöttek ki. A kutatási eredmények szerint az ellátási láncokon belüli üzleti kapcsolatokban a tranzakciós költségek elméletének összetevői (kapcsolatspecifikusság és viselkedési bizonytalanság), valamint a társadalmi csereelmélet tényezői (lecserélhetőség, észlelt megelégedettség, a partner hírneve és észlelt konfliktus) szoros kapcsolatban állnak a bizalom és az elkötelezettség változóival. _____ This article is based on the assumption that trust promotes commitment between partners in the supply chain and improves the chances of return on supply chain success. In contrast, a lack of trust between them often increases transaction costs and results in inefficiency. The results of this research, based on multi-country surveys with 729 returns from France, Hungary, Korea, Tunisia and the United States on supply chain professionals, reveals a strong affect of transaction cost constructs (TCC) (asset specificity and behavioral uncertainty) and social exchange constructs (SEC) (replaceability, perceived satisfaction, partner reputation, and perceived conflict) on trust-commitment variables in partnership based supply chain relationships. This paper employed a structural equation model to extract information from the survey data. Among the findings, the research indicates that a firm’s trustcommitment in dealing with their supply chain partnership is highly associated with not only transaction cost, but more so with social exchange variables. This study may open a new research avenue in that there is another construct, SEC, beside TSC that influences the degree of trust and commitment.

A bizalmat befolyásoló tényezők vizsgálata az üzleti kapcsolatokban (Affects of Transaction cost and Social Exchange Constructs on trust In supply chain relationship)

Az üzleti célú kapcsolatok vizsgálatakor legtöbbször felmerül a bizalom fogalma is, amellyel először a szociálpszichológia és a szociológia foglalkozott. A szerző cikkében azzal foglalkozik, hogy milyen tényezők befolyásolják a bizalmat az üzleti kapcsolatokban. Ezért magyarországi szervezeteket (elsősorban üzleti vállalkozásokat) kérdezett meg kvantitatív módszer alkalmazásával. Ez az empirikus kutatás igyekszik a bizalom lehető legtöbb tényezőit összegyűjteni, ahol a kérdőívben a válaszolók egyik létező – vevői vagy beszállítói – kapcsolatukra gondolva válaszoltak a bizalmon túl a partner hírnevére, az észlelt elégedettségre és konfliktusra, az információcserére, a lecserélhetőségre, valamint a kapcsolatspecifikus beruházásokra vonatkozóan. Az eredmények azt mutatják, hogy egyik változó sem jelent kizárólagos befolyásoló erőt, hanem közösen alakítják ki a bizalom adott szintjét. _______ This article is based on the assumption that trust promotes commitment between partners in the supply chain and improves the chances of return on supply chain success. In contrast, a lack of trust between them often increases transaction costs and results in inefficiency. The results of this research, based on multi-country surveys with 729 returns from France, Hungary, Korea, Tunisia and the United States on supply chain professionals, reveals a strong affect of transaction cost constructs (TCC) (asset specificity and behavioral uncertainty) and social exchange constructs (SEC) (replaceability, perceived satisfaction, partner reputation, and perceived conflict) on trust-commitment variables in partnership based supply chain relationships. This paper employed a structural equation model to extract information from the survey data. Among the findings, the research indicates that a firm’s trustcommitment in dealing with their supply chain partnership is highly associated with not only transaction cost, but more so with social exchange variables. This study may open a new research avenue in that there is another construct, SEC, beside TSC that influences the degree of trust and commitment.

Net Bet Debt

The prospective high returns from gaming operations have introduced the Internet as a new competitor to the hotel and travel industry. With the dawn of the new millennium, am epidemic of gamblers has infected the virtual world and raised leagal problems yet to be solved.

Rhetoric, Roman Values, and the Fall of the Republic in Cicero's Reception of Plato

This dissertation seeks to identify what makes Cicero’s approach to politics unique. The author's methodology is to turn to Cicero’s unique interpretation of Plato as the crux of what made his thinking neither Stoic nor Aristotelian nor even Platonic (at least, in the usual sense of the word) but Ciceronian. As the author demonstrates in his reading of Cicero’s correspondences and dialogues during the downward spiral of a decade that ended in the fall of the Republic (that is, from Cicero’s return from exile in 57 BC to Caesar’s crossing of the Rubicon in 49 BC), it is through Cicero's reading of Plato that the former develops his characteristically Ciceronian approach to politics—that is, his appreciation for the tension between the political ideal on the one hand and the reality of human nature on the other as well as the need for rhetoric to fuse a practicable compromise between the two. This triangulation of political ideal, human nature, and rhetoric is developed by Cicero through his dialogues "de Oratore," "de Re publica," and "de Legibus."

Impact of the Financial Crisis on the Performance of European Acquisitions

This study looks at the impact of the recent financial crisis on the short-term performance of European acquisitions. We use institutional theory and transaction cost economic theory to study whether bidders derive lower or higher returns from acquisitions announced after 2008. We investigate shareholders’ stock price reaction to 2245 deals which occurred during 2004–12 across 22 European Union countries. Our results from both univariate and multivariate analysis show that the deals announced in the post-crisis period, corresponding to the period of economic recession, generate higher returns to shareholders as compared to acquisitions announced in the pre-crisis period. We also test the relevance of the Economic and Monetary Union (EMU), that is, the Eurozone, to this value accrual during the recessionary period. We observe that non-EMU transactions obtain significantly higher gains vis-à-vis EMU transactions in the post-crisis years. Overall, announcement returns of European acquisitions have been affected by the financial crisis and the global recession; and companies that target countries with different currency regimes are likely to generate better returns from their acquisitions.

Usos mediáticos del carisma de Dolores Ibárruri en los inicios de la Transición

El artículo ofrece un análisis de la función cumplida por Dolores Ibárruri, Pasionaria, durante la Transición a la democracia en España. Se centra en dos acontecimientos en los que la líder comunista tuvo un papel relevante: su retorno del exilio el 13 de mayo de 1977 y su presencia en la sesión inaugural de las primeras Cortes democráticas el 13 de julio de ese mismo año. A través del análisis del tratamiento de los medios de estos actos, se defenderá la idea del reciclaje del carisma, observando cómo un liderazgo carismático construido en un periodo histórico (la Guerra Civil) fue reutilizado en otro: la transición a la democracia. En este caso, con el fin de legitimar el proceso e instalar la idea de reconciliación en el relato de la Transición.

Human capital and the quantity–quality trade-off during the demographic transition

This paper provides an empirical test of the child quantity–quality (QQ) trade-off predicted by unified growth theory. Using individual census returns from the 1911 Irish census, we examine whether children who attended school were from smaller families—as predicted by a standard QQ model. To measure causal effects, we use a selection of models robust to endogeneity concerns which we validate for this application using an Empirical Monte Carlo analysis. Our results show that a child remaining in school between the ages of 14 and 16 caused up to a 27 % reduction in fertility. Our results are robust to alternative estimation techniques with different modeling assumptions, sample selection, and alternative definitions of fertility. These findings highlight the importance of the demographic transition as a mechanism which underpinned the expansion in human capital witnessed in Western economies during the twentieth century.