Pricing innovations in consumption growth: a re-evaluation of the recursive utility model

We re-evaluate the cross-sectional asset pricing implications of the recursive utility function of Epstein and Zin, 1989 and Epstein and Zin, 1991, using innovations in future consumption growth in our tests. Our empirical specification helps explain the size, value and momentum effects. Specifically, we find that (і) the beta associated with news about consumption growth has a systematic pattern: beta decreases along the size dimension and increases along the book-to-market and momentum dimensions, (іі) innovation in consumption growth is significantly priced in asset returns using both the Fama and MacBeth (1973) and the stochastic discount factor approaches, and (ііі) the model performs better than both the CAPM and Fama–French model.

The financial performance of socially responsible investments: insights from the intertemporal CAPM

© 2015 Springer Science+Business Media Dordrecht This study formulates a two-factor empirical model under the intertemporal CAPM framework to evaluate the cross-sectional implications of socially responsible investments in the US equity market. Our results show that socially responsible investments have no asset pricing impact on the US market. We argue that this ‘no financial impact’ finding indicates that investors will not be disadvantaged financially by investing in socially responsible funds or corporations.

Measuring globalisation: An evolutionary economic approach to tracking the evolution of international trade

Operationalising and measuring the concept of globalisation is important, as the extent to which the international economy is integrated has a direct impact on industrial dynamics, national trade policies and firm strategies. Using complex systems network analysis with longitudinal trade data from 1938 to 2003, this paper presents a new way to measure globalisation. It demonstrates that some important aspects of the international trade network have been remarkably stable over this period. However, several network measures have changed substantially over the same time frame. Taken together, these analyses provide a novel measure of globalisation.

Channel tracking algorithms for highly efficient wireless broadband communications in rural areas

High-speed broadband internet access is widely recognised as a catalyst to social and economic development, having a significant impact on global economy. Rural Australia’s inherent dispersed population over a large geographical area make the delivery of efficient, well-maintained and cost-effective internet a challenging task. The novel and highly-efficient Multi-User-Single-Antenna for MIMO (MUSA-MIMO) broadband wireless communication technology can effectively be used to deliver wireless broadband access to rural areas. This research aims to develop for the first time, an efficient and accurate algorithm for the tracking and prediction of Channel State Information (CSI) at the transmitter, by characterising time variation effects of the wireless communication channel on the performance of a highly-efficient MUSA-MIMO technology particularly suited for rural communities, improving their quality of life and economic prosperity.

Tracking the Brisbane residential property market : Post GFC

Prior to the GFC, Brisbane and Perth were experiencing the highest increases in median residential house prices, compared to the other major Australian cities, due to strong demand for both owner occupied and investment residential property. In both these cities, a major driver of this demand and subsequent increases in residential property prices was the strong resources sector. With the onset of the GFC in 2008, the resources and construction sectors in Queensland contracted significantly and this had both direct and indirect impacts on the Brisbane residential property market. However, this impact was not consistent across Brisbane residential property sectors. The affect on houses and units differed, as did the impact based on geographic location and suburb value. This paper tracks Brisbane residential property sales listings, sales and returns over the period February 2009 to July 2010 and provides an analysis of the residential market for 24 Brisbane suburbs. These suburbs cover main residential areas of Brisbane and are based on an equal number of low, medium and high socioeconomic areas of Brisbane. This assessment of socio-economic status for the suburbs is based on both median household income and median house price. The analysis will cover both free standing residential property and residential units/townhouses/villas. The results will show how each of these residential property sub markets have performed following the GFC.

Incidence factors of the tracking systems used in parabolic-cylindrical concentrators

Several orientation and tracking systems employed in parabolic-cylindrical concentrators for focusing the direct solar radiation on the absorber tubes are analyzed from the technical and economic points of view. Case one, where the incidence factor was a function of declination and hour angle, showed that the maximum variations of incident factor from morning to noon was 0.5 at zero angle of declination. Case two, where the incidence factor was a function of declination, hour angle and latitude, showed the maximum variation of the incidence factor to be 0.128, which occurred during noon at the latitude of 30 degrees, corresponding to a change of declination from 0 to 23.5 degrees. In case three, the incidence factor, a function of declination only, showed that the maximum variation of the incidence factor corresponding to the change in declination from 0 to 23.5 degree was 0.0758. It is concluded that system three is the most efficient from the technical and economic point of view.

A global assessment of manufacturing: Economic development, energy use, carbon emissions, and the potential for energy efficiency and materials recycling

We present in two parts an assessment of global manufacturing. In the first part, we review economic development, pollution, and carbon emissions from a country perspective, tracking the rise of China and other developing countries. The results show not only a rise in the economic fortunes of the newly industrializing nations, but also a significant rise in global pollution, particularly air pollution and CO2 emissions largely from coal use, which alter and even reverse previous global trends. In the second part, we change perspective and quantitatively evaluate two important technical strategies to reduce pollution and carbon emissions: energy efficiency and materials recycling. We subdivide the manufacturing sector on the basis of the five major subsectors that dominate energy use and carbon emissions: (a) iron and steel, (b) cement, (c) plastics, (d) paper, and (e) aluminum. The analysis identifies technical constraints on these strategies, but by combined and aggressive action, industry should be able to balance increases in demand with these technical improvements. The result would be high but relatively flat energy use and carbon emissions. The review closes by demonstrating the consequences of extrapolating trends in production and carbon emissions and suggesting two options for further environmental improvements, materials efficiency, and demand reduction. © 2013 by Annual Reviews. All rights reserved.

The Rational Adolescent: Strategic Information Processing during Decision Making Revealed by Eye Tracking.

Adolescence is often viewed as a time of irrational, risky decision-making - despite adolescents' competence in other cognitive domains. In this study, we examined the strategies used by adolescents (N=30) and young adults (N=47) to resolve complex, multi-outcome economic gambles. Compared to adults, adolescents were more likely to make conservative, loss-minimizing choices consistent with economic models. Eye-tracking data showed that prior to decisions, adolescents acquired more information in a more thorough manner; that is, they engaged in a more analytic processing strategy indicative of trade-offs between decision variables. In contrast, young adults' decisions were more consistent with heuristics that simplified the decision problem, at the expense of analytic precision. Collectively, these results demonstrate a counter-intuitive developmental transition in economic decision making: adolescents' decisions are more consistent with rational-choice models, while young adults more readily engage task-appropriate heuristics.

Feasibility of Undertaking Off-Site Infant Eye-Tracking Assessments of Neuro-Cognitive Functioning in Early-Intervention Centres

Recent work suggests that differences in functional brain development are already identifiable in 6- to 9-month-old infants from low socio-economic status (SES) backgrounds. Investigation of early SES-related differences in neuro-cognitive functioning requires the recruitment of large and diverse samples of infants, yet it is often difficult to persuade low-SES parents to come to a university setting. One solution is to recruit infants through early intervention children’s centres (CCs). These are often located in areas of high relative deprivation to support young children. Given the increasing portability of eye-tracking equipment, assessment of large clusters of infants could be undertaken in centres by suitably trained early intervention staff. Here, we report on a study involving 174 infants and their parents, carried out in partnership with CCs, exploring the feasibility of this approach. We report the processes of setting up the project and participant recruitment. We report the diversity of sample obtained on the engagement of CC staff in training and the process of assessment itself.We report the quality of the data obtained, and the levels of engagement of parents and infants. We conclude that this approach has great potential for recruiting large and diverse samples worldwide, provides sufficiently reliable data and is engaging to staff, parents and infants.

Decoding the canada's foreing and security policy: tracking the strategic and ethicliberal approaches of a middle power's behavior

The article attempts to explain the main paradox faced by Canada at formulating its foreign policy on international security. Explained in economic and political terms, this paradox consists in the contradiction between the Canadian ability to achieve its strategic goals, serving to its own national interest and its dependence on the United States. The first section outlines three representative examples to evaluate this paradox: the Canada’s position in North American security regime, the US-Canada economic security relations, and the universe of possibilities for action of Canada as a middle power. The second section suggests that liberal agenda, especially concerning to ethical issues, has been established by this country to minimize this paradox. By pursing this agenda, Canada is able to reaffirm its national identity and therefore its independence on the United States. The third section evaluates both the explained paradox and the reaffirmation of Canadian identity during the Jean Chrétien (1993-2003), Paul Martin (2003-2006) and Stephen Harper’s (2006) governments.

Economic shocks and crime: evidence from the crash of ponzi schemes

In November 2008, Colombian authorities dismantled a network of Ponzi schemes, making hundreds of thousands of investors lose tens of millions of dollars throughout the country. Using original data on the geographical incidence of the Ponzi schemes, this paper estimates the impact of their break down on crime. We find that the crash of Ponzi schemes differentially exacerbated crime in affected districts. Confirming the intuition of the standard economic model of crime, this effect is only present in places with relatively weak judicial and law enforcement institutions, and with little access to consumption smoothing mechanisms such as microcredit. In addition, we show that, with the exception of economically-motivated felonies such as robbery, violent crime is not affected by the negative shock.

Road network and GPS tracking with data processing and quality assessment

GPS technology has been embedded into portable, low-cost electronic devices nowadays to track the movements of mobile objects. This implication has greatly impacted the transportation field by creating a novel and rich source of traffic data on the road network. Although the promise offered by GPS devices to overcome problems like underreporting, respondent fatigue, inaccuracies and other human errors in data collection is significant; the technology is still relatively new that it raises many issues for potential users. These issues tend to revolve around the following areas: reliability, data processing and the related application. This thesis aims to study the GPS tracking form the methodological, technical and practical aspects. It first evaluates the reliability of GPS based traffic data based on data from an experiment containing three different traffic modes (car, bike and bus) traveling along the road network. It then outline the general procedure for processing GPS tracking data and discuss related issues that are uncovered by using real-world GPS tracking data of 316 cars. Thirdly, it investigates the influence of road network density in finding optimal location for enhancing travel efficiency and decreasing travel cost. The results show that the geographical positioning is reliable. Velocity is slightly underestimated, whereas altitude measurements are unreliable.Post processing techniques with auxiliary information is found necessary and important when solving the inaccuracy of GPS data. The densities of the road network influence the finding of optimal locations. The influence will stabilize at a certain level and do not deteriorate when the node density is higher.

Tracking the nomadic life of the eductional researcher: what future for feminist public intellecturals and the performative university?

Is the idea of the liberal university dead, has the postmodern university any chance of being emancipatory, has the theory–practice divide merely collapsed in an era of 'new knowledge work', or has the university just become one aspect of market states and global capitalism? Knowledge-based economies locate universities as central to the commodification and management of knowledge, while at the same time the legitimacy of the university and the academic as knowledge producers is challenged by postmodernist, feminist, post-colonial and indigenous claims within a wider trend towards the 'democratisation of knowledge' and a new educational instrumentalism and opportunism. What becomes of the educational researcher, and indeed their professional organisations, in this changing socio-political and economic scenario? Is our role one of policy service, policy critique, technical expert or public intellectual? In particular what place is there for feminist public intellectuals in a so-called era of post feminism and public–private convergence? The paper draws on feminist and critical perspectives to mount a case for the importance of the public intellectual in the performative postmodern university.

Tracking the nomadic life of the educational researcher :- what future for feminist public intellectual(s) and/in the performative postmodern university

Is the idea of the liberal university dead, has the post modern university any chance of being emancipatory, has the theory practice divide merely collapsed in an era of 'new knowledge work', or has the university just become one aspect of market state and global capitalism. Knowledge based economies simultaneously locate universities as central to the commodification and management of knowledge while the legitimacy of the university and the academic as knowledge producers is challenged by post modernist, feminist, postcolonial and indigenous claims within a wider trend towards the 'democratisation of knowledge' and a new educational instrumentalism and opportunism. What becomes of the educational researcher, and indeed for their professional organizations, in this changing socio political and economic scenario? Is our role one of policy service or policy critique, technical expert or public intellectual? In particular what place is there for feminist public intellectuals in a socalled era of post feminism and public-/private convergence? The paper draws on recent debates around the nature of knowledge based societies, trends in relations between policy and educational research, and draws upon feminist and critical perspectives to mount a case for the importance of the postmodern university and the public intellectual.

Tracking da atividade física: estudo de impacto sobre a ocorrência de hipertensão arterial em adultos

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)