The halloween effect and Japanese equity prices : myth or exploitable anomaly

Bouman and Jacobsen (American Economic Review 92(5), 1618–1635, 2002) examine monthly stock returns for major world stock markets and conclude that returns are significantly lower during the May–October periods versus the November–April periods in 36 of 37 markets examined. They argue that, in general, the Halloween strategy outperforms the buy and hold strategy thereby casting doubt on the validity of the efficient market paradigm. More recently, Maberly and Pierce (Econ Journal Watch 1(1), 29–46, 2004) re-examine the evidence for U.S. equity prices and conclude that Bouman and Jacobsen’s results are not robust to alternative model specifications. Extending prior research, this paper examines the robustness of the Halloween strategy to alternative model specifications for Japanese equity prices. The Halloween effect is concentrated in the period prior to the introduction of Nikkei 225 index futures in September 1986. After the internationalization of Japanese financial markets in the mid-1980s, the Halloween effect disappears.

The myth of belonging masks our insecurity

The realm of social interaction is undergoing profound changes and older forms of belonging are weakening, while other negative forms are strengthening. The absence of belonging is a significant reason for the rise of the evangelical churches, which provide a sense of shared community.

Farming fit? Dispelling the Australian agrarian myth.

Background: Rural Australians face a higher mental health and lifestyle disease burden (obesity, diabetes and
cardiovascular disease) than their urban counterparts. Our ongoing research reveals that the Australian farming
community has even poorer physical and mental health outcomes than rural averages. In particular, farm men and
women have high rates of overweightness, obesity, abdominal adiposity, high blood pressure and psychological
distress when compared against Australian averages. Within our farming cohort we observed a significant
association between psychological distress and obesity, abdominal adiposity and body fat percentage in the
farming population.
Presentation of hypothesis: This paper presents a hypothesis based on preliminary data obtained from an
ongoing study that could potentially explain the complex correlation between obesity, psychological distress and
physical activity among a farming population. We posit that spasmodic physical activity, changing farm practices
and climate variability induce prolonged stress in farmers. This increases systemic cortisol that, in turn, promotes
abdominal adiposity and weight gain.
Testing the hypothesis: The hypothesis will be tested by anthropometric, biochemical and psychological analysis
matched against systemic cortisol levels and the physical activity of the subjects.
Implications of the hypothesis tested: Previous studies indicate that farming populations have elevated rates of
psychological distress and high rates of suicide. Australian farmers have recently experienced challenging climatic
conditions including prolonged drought, floods and cyclones. Through our interactions and through the media it is
not uncommon for farmers to describe the effect of this long-term stress with feelings of ‘defeat’. By gaining a
greater understanding of the role cortisol and physical activity have on mental and physical health we may
positively impact the current rates of psychological distress in farmers.

Reinforcing the myth : constructing Australian identity in 'reality TV'

The current incarnation of ‘reality TV’ in Australia has a strong focus on the portrayal of everyday life. Although based on ‘real’ situations or people, there is a clear tension between ideas of authenticity and performance.  As a global phenomenon, ‘reality’ formats are produced for local audiences by highlighting aspects of the national culture and identity, with format popularity directly linked to identification and affirmation of the spectacle of ‘reality’. This paper will analyse the use of popular Australian myth in ‘reality’ formats by charting narrative and character construction as an ‘illusory everyday’, with reference to Bondi Rescue (Cordell Jigsaw). The paper will examine the representation of Australian identity through both myth and construction in ‘reality TV’ as the perpetuation of a cultural simulation. Implications for research on the genre and the industry are also discussed.

An energy-autonomous home in Melbourne - myth or reality?

Energy-autonomous buildings are possible. Completely energy self-sufficient houses can be found, for example, in Europe. If it is possible to cover the entire energy demand of a household from only renewable energy generated on site in a central European climate, what is required in a temperate climate, typical of southern Australia? This paper describes an investigation to broadly assess the technical, practical and financial feasibility of energy-autonomy for a hypothetical suburban house in Melbourne, Victoria. The findings firstly demonstrate the importance of reducing energy demand by using passive solar building strategies and energy efficient appliances to reduce demand to a reasonable level. The paper then discusses four scenarios and combinations of technologies to meet this reduced demand. The three scenarios which give energy autonomy increase the capital cost of a typical house by between 15% and 3%, and there would be insufficient roof area to accommodate the solar technologies required in two of the scenarios investigated. It is therefore concluded that while the goal of energy autonomy is technically feasible, it is not likely to be financially or practically acceptable. A fourth scenario of an energy-exporting house was also investigated and is shown to be a much more attractive option.

Primary science education : reality or myth

Amidst an international call for a re-formed and re-envisaged science education agenda, the actual state of teaching science in primary schools is still much the same as it was 15 years or more ago. Whilst much research has provided insights into possible approaches for primary science education, we still find ‘blockers’ to a fully implemented science curriculum in schools. Pre-service teachers, as part of their assessment in a science education unit, interviewed primary teachers and asked the reason behind the approach to science in schools. The responses were varied, with some schools and teachers paying lip service to science education, whereas, in schools where science is a critical element of the curriculum, it is still mainly through the driving force of one enthusiastic teacher. This research will report on the aggregated responses from the surveys and attempt to identify possible ways forward, as suggested by data analysis.

The power of myth : the (non) impact of invasive cane toads (Bufo marinus) on domestic chickens (Gallus gallus)

Myths about invasive species are widespread in the general community, even when contrary to scientific evidence. Public revulsion against invasive cane toads (Bufo marinus) in Australia has encouraged the belief that toads pose a significant risk to domestic poultry, by poisoning fowls that eat toads or that drink water contaminated by toads. Although discredited by scientists in 1938, within 2 years of the toads’ introduction to Australia, the myth continues to flourish. We conducted experimental trials to evaluate the vulnerability of chickens to toad-contaminated water, and to toad ingestion. No ill effects were seen, with one chicken consuming 45 small toads without falling ill. Thus, available evidence suggests that cane toads do not imperil domestic poultry.

Is it myth or dilemma to construct and negotiate identities in an increasingly changing and diverse global context?

Identity is complex and it is difficult to come to terms with one’s identity when challenged by cross-cultural and migration transitions and the pressures of globalisation. From such perspectives, I define the terms ‘identity’, and ‘representation’ and how I situate the ‘self’ within such transitions and experiences. Discourses from cultural theorists such as: Zygmunt Bauman, Edward Said, Stuart Hall, Homi Bhabha, Arjun Appadurai and Edward Soja frame notions that support my arguments. My narratives and artworks make reference to my historical legacies, cultural and Diasporic inheritances, sense of belonging from home country and migration transitions. This journey underscores subjectivities in constructing my identities. I describe my own experiences and process of migration transitions to happen within a ‘liminal space,’ as I negotiate and adapt to new social and cultural structures. Through my discussion, I describe how it becomes important to “know who you are” and how to define new ‘spaces’ and parameters of identification and representation. The shifts in ‘spaces’, places’ and new social interaction, I argue indicates hybridity and ambivalences in situating the ‘self’. My arguments extend to reflect on how identity matters, and why it is significant to make it seem present and less as ‘dilemma’ or ‘myth’ in an increasingly diverse, changing and challenging global context.

Evidence-based chronic heart-failure management programs : myth or reality?

Background Chronic heart-failure management programmes (CHF-MPs) have become part of standard care for patients with chronic heart failure (CHF). Objective To investigate whether programmes had applied evidence-based expert clinical guidelines to optimise patient outcomes. Design A prospective cross-sectional survey was used to conduct a national audit. Setting Community setting of CHF-MPs for patients postdischarge. Sample All CHF-MPs operating during 2005–2006 (n=55). Also 10–50 consecutive patients from 48 programmes were recruited (n=1157). Main outcome measures (1) Characteristics and interventions used within each CHF-MP; and (2) characteristics of patients enrolled into these programmes. Results Overall, there was a disproportionate distribution of CHF-MPs across Australia. Only 6.3% of hospitals nationally provided a CHF-MP. A total of 8000 postdischarge CHF patients (median: 126; IQR: 26–260) were managed via CHF-MPs, representing only 20% of the potential national case load. Significantly, 16% of the caseload comprised patients in functional New York Heart Association Class I with no evidence of these patients having had previous echocardiography to confirm a diagnosis of CHF. Heterogeneity of CHF-MPs in applied models of care was evident, with 70% of CHF-MPs offering a hybrid model (a combination of heart-failure outpatient clinics and home visits), 20% conducting home visits and 16% conducting an extended rehabilitation model of care. Less than half (44%) allowed heart-failure nurses to titrate medications. The main medications that were titrated in these programmes were diuretics (n=23, 96%), β-blockers (n=17, 71%), ACE inhibitors (ACEIs) (n=14, 58%) and spironolactone (n=9, 38%). Conclusion CHF-MPs are being implemented rapidly throughout Australia. However, many of these programmes do not adhere to expert clinical guidelines for the management of patients with CHF. This poor translation of evidence into practice highlights the inconsistency and questions the quality of health-related outcomes for these patients.

White tribe: echoes of the Anzac myth in Cronulla

Since the publication of Fiske, Hodge and Turner’s Myths of Oz: Reading Australian Popular Culture (1987), Australian Cultural Studies has turned to the beach as a primary site for examining national identity and the myths of Australian culture. In the text the beach is read as a liminal site between ‘culture’ and ‘nature’, represented respectively by lifesaver and surfer. The meanings of anti-authoritarianism attached to the surfer are significant to the reading. And yet Fiske, Hodge and Turner also locate a heritage of authoritarianism, discipline and civic duty in the figure of the lifesaver: 

'Lifesavers have drills, march-pasts and patrol squads, while exercising a conservative pastoral interest in their members’ moral health. They are agents of social control. Further, they see themselves as servants of the community, sacrificing their weekends for others—a tradition of sacrifice dear to a nation which twice voted no to conscription in the Great War.' (Fiske et al. 1987, 64–65) 

Transforming history and myth: on the mutuality and separation of shared narratives in Eastern Tibet

Questioning the distinction between ‘cold’ and ‘hot’ societies, and an implied separation between myth and history, anthropologists have increasingly urged for an understanding of both myth and history as equally valid modes of shared social consciousness. This article takes up this point of view by referring to a written history of Lhagang, a town in Eastern Tibet; a history that appears to have the transformative content and oral circulation of myth. Using Lévi-Strauss’ structural analysis of myth and Santos-Granero's concept of topograms to demonstrate the mythemes that derive from the written history and circulate among Lhagang Tibetans, the article argues that, within the political and cultural context of Lhagang, myth and history shift in and out of indigenous categories even while being categorically distinct.