Order aggressiveness of institutional and individual investors

This paper investigates the determinants of the order aggressiveness of institutional and individual investors on the Australian Stock Exchange. Utilizing a proprietary data set that identifies institutional and individual order submissions, we document that the institutional and individual investors become more aggressive when the same-side (opposite-side) market depth increases (decreases). When the spread widens, both individual and institutional investors tend to become less aggressive. Institutional investors are more aggressive in the opening hour of the trading day, while individual investors are less aggressive initially and increase their order aggressiveness during the rest of the trading day.

Institutional and individual labor market discrimination based on hukou status : an artefactual field experiment

We study discrimination based on the hukou system that segregates citizens in groups of migrants and locals in urban China. We use an artefactual field experiment with a labor market framing. We recruit workers on their real labor market as experimental participants and investigate if official discrimination motivates individual discrimination based on hukou status. In our experimental results we observe discrimination based on the hukou characteristic: however, statistical discrimination does not seem to be the source of this, as status is exogeneous for our participants and migrants and locals behave similarly. Furthermore, discrimination increases between two experimental frameworks when motives for statistical discrimination are removed.

Improving teaching in tertiary education : institutional and individual influences

Keynote address

The true cost and performance of individual residential property investment and the implication on real estate agency practice

Investment in residential property in Australia is not dominated by the major investment institutions in to the same degree as the commercial, industrial and retail property markets. As at December 2001, the Property Council of Australia Investment Performance Index contained residential property with a total value of $235 million, which represents only 0.3% of the total PCA Performance Index value. The majority of investment in the Australian residential property market is by small investment companies and individual investors. The limited exposure of residential property in the institutional investment portfolios has also limited the research that has been undertaken in relation to residential property performance. However the importance of individual investment in residential property is continuing to gain importance as both individuals are now taking control of their own superannuation portfolios and the various State Governments of Australia are decreasing their involvement in the construction of public housing by subsidizing low-income families into the private residential property market. This paper will: • Provide a comparison of the cost to initially purchase residential property in the various capital city residential property markets in Australia, and • Analyse the true cost and investment performance of residential property in the main residential property markets in Australia based on a standard investment portfolio in each of the State capital cities and relate these results to real estate marketing and agency practice.

Points of convergence and divergence : normative, institutional and operational relationships between R2P and POC

As an international norm, the Responsibility to Protect (R2P) has gained substantial influence and institutional presence—and created no small controversy—in the ten years since its first conceptualisation. Conversely, the Protection of Civilians in Armed Conflict (PoC) has a longer pedigree and enjoys a less contested reputation. Yet UN Security Council action in Libya in 2011 has thrown into sharp relief the relationship between the two. UN Security Council Resolutions 1970 and 1973 follow exactly the process envisaged by R2P in response to imminent atrocity crimes, yet the operative paragraphs of the resolutions themselves invoke only PoC. This article argues that, while the agendas of PoC and R2P converge with respect to Security Council action in cases like Libya, outside this narrow context it is important to keep the two norms distinct. Peacekeepers, humanitarian actors, international lawyers, individual states and regional organisations are required to act differently with respect to the separate agendas and contexts covered by R2P and PoC. While overlap between the two does occur in highly visible cases like Libya, neither R2P nor PoC collapses normatively, institutionally or operationally into the other.

Climate change, Hans Jonas and indirect investors

This article considers how corporate behaviour in relation to climate change might be reconfigured and the role that indirect investors might play in this reconfiguring. The article suggests that the consequences of climate change are serious enough that indirect investors might be prevailed upon, using a model of behaviour suggested by the work of Hans Jonas, to pressure institutional investors into demanding changes in corporate policy towards climate change. Jonas' work represents a plea for the recognition and acceptance of responsibility in the face of nature's vulnerability and humanity's power over technology. The article suggests that this ethic can be operationalised in relation to corporate governance by building on the changes in the pattern of investment holdings that have taken place in large public companies in the preceding two decades or so. The idea is to appeal to individuals who may perceive themselves as currently being outsiders – or at least only distant stakeholders in relation to the corporation – to realise the responsibility vested in them as beneficiaries through their interest in pension funds, life assurance policies, annuities and other arm's-length financial arrangements with corporations. The hope is that these individuals may, through the influence of a model of responsibility, become active investors and beneficiaries interested in corporate practices that impact on climate change and, encourage others to do likewise.

Religion and Transformation in South Africa? Institutional and Discursive Change in a Charismatic Congregation

A number of Christian churches in South Africa have proclaimed their commitment to reconciliation and the elimination of unjust inequalities. This study analyses how these commitments are being worked out at the micro-level of a congregation. Using an ethnographic approach, I explore how a charismatic congregation in Cape Town has changed from being nearly all-white to being more inclusive. I explore links between individual, cognitive identity change and institutional change; and consider the discourses which justify change, including their emphasis on 'unity in diversity' and 'restitution'. I outline the limitations of change, including the persistence of 'racialised' leadership structures and the discursive privileging of unity over restitution. This allows us to understand how micro-level changes take place, to explore their potentialities and limitations, and to apply these insights to other contexts.

Social Opportunities and Individual Responsibility: The Capability Approach and the Third Way

The fashionable widespreading of Sen’s ideas coincides with a new mood in the shaping of public policies in affluent societies. In Europe indeed, an “opportunity”-based approach to social security has been implemented through the European Employment Strategy. Public action tends to rely on a procedural concern with individual opportunities or potentialities in the labour market. The underlying ethics is that individuals are then responsible to use these background opportunities in order to lead the kind of life they value most. More broadly, the discourse and practice of the so-called “Third Way” shares with the capability approach an appeal for a procedural and enabling depiction of the role of the State. The paper intends to clarify the relation between procedural and opportunity-based approaches to social justice, among them the capability approach, and these new patterns of public action. Our vision goes in the way of a yet renewed, but deeper action of the welfare state, where social agency is envisaged as the very condition of individual agency. Drawing on the various critics of mainstream equality of opportunity, two opposed approaches to responsibility are identified: on the one hand, responsibility is conceived of as i) a “luck vs. choice” fixed starting point, ii) a backward-looking conception and iii) a highly individualistic framework. On the other hand, responsibility is envisaged as i) an outcome of public policies rather than a starting point, ii) a forward-looking conception, and iii) a combined institutional-individual framework. We situate here Sen’s capability approach, as well as critics of the luck egalitarianism path. The Third Way rhetoric is assessed against both these perspectives. The issue eventually boils down to an ethical reflection on the articulation of responsibilities, and to a pragmatic and substantial concern for the content of what providing security should mean in practice.

Anticipating policy and logics of practice : Australian institutional and academic responses to the globalising "quality research" agenda

Research assessment is now an international trend. This article mobilises a critical policy sociology informed by Bourdieu to unpack the differential effects of research policy shifts in Australia on universities, academics and the field of educational research. It argues in anticipating policy moves - from surveying the logics of practice that have emerged elsewhere from research assessment - that institutional, individual and field responses, while specific to the Australian policy context and mix, have assumed a logic of practice counter productive to "quality" research, education as a field, and equity.

Factors affecting the career progress of academic accountants in Australia : cross-institutional and gender perspectives

Since the late 1980s, Australian highereducation has undergone significant reforms andpolicy changes based on economic rationalismand modernisation of management. This paperexamines the outcomes of the reform processesbased on the career attributes, status andperceptions of work environment of academicaccountants in Australian universities.Similarities and differences between academicaccountants are explored fromcross-institutional and gender perspectives.The data provide insight into a number ofsystemic inequalities between the older andmore established universities and the neweruniversities. In specific, across-institutional analysis based on fouruniversity types: Sandstones/Redbricks,Gumtrees, Unitechs and New (Marginson 1999)indicates that academic accountants in Newuniversities employ a much lower proportion ofstaff with PhD qualification, a weakerpublication profile, and perceive greaterbarriers for conducting research in terms of ashortage of research mentors, colleagues withresearch experience, and post-graduatestudents. Further, the commitment to flexiblelearning and delivery strategies iscomparatively stronger in Unitechs, and posesadditional demands on accounting academics'overall workload. Perceptions of gender-baseddiscrimination by female academic accountantsare generally stronger than their malecounterparts, particularly, in Newuniversities. These results raise severalissues for academic accountants at both theinstitutional and individual level in terms ofequal employment opportunities, management ofresearch programmes, development of teachingstrategies and individual time management.

Social Capital and Individual Happiness in Europe. Bruges European Economic Research (BEER) Papers 25/December 2012

This paper explores the relationship between social capital and happiness both in Europe as a whole, as well as in its four main geographical macro-regions – North, South, East and West – separately. We test the hypothesis of whether social capital, in its three-fold definition established by Coleman (1988) – trust, social interaction, and norms and sanctions – influences individual happiness across European countries and regions. The concept of social capital is further enriched by incorporating Putnam- (1993) and Olson- (1982) type variables on associational activity. Using ordinal logistic regression analysis on data for 48,583 individuals from 25 European countries, we reach three main findings. First, social capital matters for happiness across the three dimensions considered. Second, the main drivers of the effects of social capital on happiness appear to be informal social interaction and general social, as well as institutional trust. And third, there are significant differences in how social capital interacts with happiness across different areas of Europe, with the connection being at is weakest in the Nordic countries.

IVHS Institutional and Legal Issues Program. Review of the Travlink and Genesis operational tests. Final report.

Federal Highway Administration, Washington, D.C.

ITS Institutional and Legal Issues Program. Review of the Houston Smart Commuter operational test. Final report.

Transportation Department, Joint Program Office for Intelligent Transportation Systems, Washington, D.C.