bluuebunny/crossref_metadata_2025 huggingface dataset:
Marketing Communication Expenditures and Financial Capital—The Impact of Marketing as an Option
Authors: Hodgson Victoria L. , Hodgson Allan
Published: January 2010

This paper examines the financial effectiveness of marketing communication expenditure (MCE) as an instrument to increase risk-weighted capital. We nest a cross-sectional time-series panel model within the risk-adjusted earnings principles of Ohlson (1995), and apply the model to a dataset of NSW credit unions during a period of regulatory intervention that abruptly required management to meet minimum capital thresholds. Because they cannot issue equity, and other income increasing options conflicted with credit union philosophy, this provided a strong incentive to use MCE as an option to rapidly increase revenue (and capital). We find MCE was financially ineffective in small credit unions, had a positive marketing leverage impact in large credit unions, and required regular renewal. Our study makes several contributions by: (i) disaggregating and testing the financial impact of marketing; (ii) applying a risk-adjusted model generally applicable to non-listed firms; (iii) informing on the capitalisation/expensing debate; (iv) highlighting when and why MCE as a real option is financially (in)effective; and, (v) adding to the growing interface in the financial/marketing literature.
Asset Pricing in the Australian Industrial Equity Market
Authors: Ball Ray , Brown Philip , Officer R. R.
Published: January 2010

The two-moment, mean-variance model of asset pricing is tested against data from the Melbourne stock exchange. The model appears to describe the data quite well, though there are problems in experimental design which are yet to be cleared up. Neither variance nor skewness appears to explain additional price behaviour to that explained by covariance, as is predicted by the two-moment model.
A Post-Sample Diagnostic Test for a Time Services Model
Authors: Bhattacharyya M. N. , Andersen A. P.
Published: January 2010

A post-sample diagnostic test for judging the temporal stability of the Box-Jenkins time series models has been developed. The proposed test is based on the stochastic properties of the errors of the forecasts, at different leads, made from the same origin. Its application has been demonstrated in the analysis of a time series consisting of the monthly demand for in-place telephone services in Australia. An important alternative use of the test has also been indicated.
Some Effects of Errors on the Independence and Distribution of Stock Price Returns
Authors: Praetz P. D.
Published: January 2010

There are many stages at which errors in recorded stock prices can appear. Some simple keypunching errors, for example, can cause substantial errors. This note demonstrates some effects of these errors on serial correlations and on the distributions of returns. One explanation is provided for observed negative first-order serial correlation and for observed “fat tails” in return distributions. Some of the effects are well-known but have not previously been documented.
A Simplified Cane Harvest—Milling Model
Authors: Wolanowski M. A. , Strong S. M.
Published: January 2010

In earlier model of the harvesting of perishable agricultural commodities (sugar in particular) proved to present difficulties in practical application. A simplification is presented, which is more adaptable and more testable than the earlier model.
Imperialism In Planning: A Comment on the Review Article by R.G. Gregory on the Manufacturing Industry Green Paper (The Jackson Report)
Authors: Emery F. E.
Published: January 2010

According to Gregory (1976) in his review of the Manufacturing Industry Green Paper, the Jackson Committee mis-construed its terms of reference and gave undue weight to human and social matters that should have been left to a separate enquiry. Gregory failed to realize that the enquiry was supposed to be into matters that could not possibly be encompassed by any amount of sophisticated analysis of exchange values. More generally, Gregory's approach is irreconcilable with social planning, which must start and finish with matters of substance.
Asset Pricing in the Australian Industrial Equity Market: Comment
Authors: Graham R. E. , Johnson L. W. , Schnabel J.
Published: January 2010

Collinearity in the data set used by Ball, Brown and Officer, in their study of the asset pricing model in the Australian equity market, virtually guarantees the results that they obtain. This applies to their tests of the linearity of risk-return relationships and to their tests of the effects of securities' variances.
Public Policy and the Australian Tariff Structure
Authors: Conybeare John
Published: January 2010

Political scientists and public policy analysts have neglected Australian tariff policy, leaving the subject to normative economic models and election politicking. This paper explores the usefulness of a quantitative technique in testing political theories explaining the tariff structure. The explanations tested are a rational actor theory, a business interest group theory and a labour interest group theory, the last of which best explains the tariff structure. This is significant for tariff reduction policies, since it shows that the most highly protected industries have low wages but not large numbers of workers. Further, the high tariff industries might be a critical element in Australian international economic relations with less developed countries. The similarity of these results with Canadian studies might indicate future pressures on public policies for protection of manufacturing industry in Australia.
The Decision Process Models of Antarctic Travel Innovators
Authors: Dowling Grahame R. , Midgley David F.
Published: January 2010

A unique travel innovation provided the opportunity to study the decision processes of innovators by means of self-administered questionnaires. The major findings were that a variety of models were necessary to describe these decision processes, and that the majority of respondents did not conform to the learning hierarchy model prevalent in the literature.
The Defunct Housing Allowance Experiment: Some Assumptions and Oversights
Authors: Alton Robert
Published: January 2010

The Australian Housing Allowance Experiment (HAE) was discontinued in June 1978. The experiment (and any ensuing scheme) seemed destined for trouble because of difficulties unforeseen by its administrators. Some of these problems are alluded to in Albon (1977b) and are here reconsidered. Other potential difficulties are suggested. Specifically, the following issues are considered: can a tied subsidy arrangement be justified?; how does tieing create a possible difference between the dollar value and recipient's valuation of a housing allowance?; what are the implications of moving costs? and what is the likelihood of landlord-tenant coalitions? These are all questions overlooked by the Department of Environment, Housing and Community Development (EHCD).
Some Elements of Organisational Control in Australian Divisionalised Firms
Authors: Chenhall Robert H.
Published: January 2010

The extent of divisionalisation in large Australian firms and control characteristics of divisionalised firms are examined. The study investigates practices in areas of diversification strategy and organisational structure. Control characteristics of divisionalised firms considered important in literature related to divisionalised control are examined. The influences of certain contextual factors on examined characteristics are considered.
Structural Adjustment in the Manufacturing Sector a Review of the Crawford Report
Authors: Kingma Onko T. , Volker Paul A.
Published: January 2010

The Report of the Crawford Study Group on Structural Adjustment (March 1979) is reviewed with particular emphasis on the Study Group's concept of an ‘outward looking, export oriented’ manufacturing sector. Reduced protection coupled with facilitative assistance through export subsidies and positive adjustment measures constituted the key recommendations to achieve restructuring. Gradualism in reform, potential exemptions from reform, and the peculiar properties of the particular export subsidy all detract from the recommendations in varying degrees. Nevertheless the Study Group Report is a worthwhile contribution to the debate on structural change in Australia.
Life Style and Television Viewing Behaviour in Perth, Western Australia
Authors: Soutar Geoffrey N. , Clarke Yvonne
Published: January 2010

A random sample of 400 homes in Perth responded to a life style instrument and to a series of questions on television viewing habits. Respondents were divided into a number of groups based upon their self reported viewing frequencies of the three available Perth television channels. Using multiple discriminant analysis, these groups were then analysed to determine if there were any underlying differences in their various life styles. The results have direct implications for the Marketing Manager who is trying to determine an appropriate media strategy in Perth, Western Australia, as well as indicating the need for further research in this area.
Patterns of Energy Use in Australian Manufacturing Industry
Authors: Hall P. H.
Published: January 2010

This paper develops an index of energy productivity and employs it to examine productivity movements across 62 Australian manufacturing industries for the period 1950–1968. Data were not available to permit extension of the analysis beyond 1968.

In the empirical part of the paper, the first task is to identify industries which are major energy users. Secondly, the best and worst performers, relative to the average, in terms of energy productivity gain are identified. A line of enquiry into energy productivity is then pursued analogous to that developed by Salter's work on labour productivity and technical change.
Liability Rules, Insurance and the Coase Theorem
Authors: McEwin R. Ian
Published: January 2010

In the absence of any empirical evidence on the effect of liability laws, major enquiries into accident prevention and compensation in the U.K., Australia and New Zealand in the last fifteen years have tended to discount the role of liability laws in deterring careless behaviour. The main basis for this conclusion is the fact that for most accidents (e.g., motor vehicle and workplace accidents) the cost of compensation is met by insurance companies. To the extent that liability rules affect individual behaviour there will be an effect on the resources devoted to accident prevention. This paper, after briefly surveying the economics of liability rules and insurance, develops a model which will be used for future empirical work on the effects of liability rules on accidents. A major conclusion is that, contrary to the COASE theorem, liability rules will have more effect when bargaining is possible than when it is not possible, when imperfect insurance is present. In the large number case (e.g., motor vehicle accident), ‘no–fault compensation schemes can be theoretically justified as there is no deterrent effect from liability laws in the presence of imperfect compulsory insurance.
The Management of China's Modernisation and its Impact on the Rest of the World
Authors: Yuanzheng Luo
Published: January 2010

Following mistakes of the past fifteen years, the Chinese economy is entering a new phase in which ever increasing investment in heavy industry gives way to a planned growth in people's consumption and standard of living. This is being accompanied by the abolition of state monopoly, by the abandonment of “sole dealing”, and by allowing prices to be more flexible. The proposed changes will open the Chinese economy to more foreign trading.
Redundancy: The Response of Australian Industrial Law
Authors: Yerbury D.
Published: January 2010

The response of industrial law to redundancy is a key issue, particularly given the reluctance of governments to take action in this area. The author concludes that Australian employees, especially in the private sector, fall behind those of most other advanced industrialised nations in terms of legal protection concerning job loss. She further concludes that the most likely vehicle for improving this legal position is the current ACTU-sponsored test case before the Australian Conciliation and Arbitration Commission. The Commission's jurisdiction and the approaches it has adopted are analysed.
Economies of Scale in the Australian General Insurance Industry
Authors: Praetz Peter , Beattie Murray
Published: January 2010

This paper finds very strong evidence of economies of scale for a sample of 143 private sector companies from the 1979–80 Insurance Commissioner's Report.
The Performance of Australian Superannuation Funds
Authors: Bird Ron , Chin Helen , McCrae Michael
Published: January 2010

This paper analyses the investment performance of Australian superannuation funds and their managers over the period from January 1973 to June 1981. The analysis indicated that both the funds and the managers performed poorly over the first two and a half years. It was found that the poor performance during these years outweighed the improved performance in subsequent years, resulting in an overall poor performance over the total period studied. Only one manager displayed a superior investment ability and this appears to be attributable to his ability to adjust the beta of his portfolio to suit market conditions.
The Validity of the High MPS Job as a Model for the Redesign of Low MPS Jobs
Authors: Woods Murray
Published: January 2010

The job characteristics theory of work motivation claims to provide a basis for redesigning jobs which are narrow in scope and low in motivating potential. This can involve changes in both the job and the control system. The present study uses survey and participant-observer data gathered from the sales forces of 19 organisations to determine whether a simultaneous change at both levels is viable. The results suggest that, while the job characteristics model provides a clear strategy for change, organisations are unlikely to realise the full motivational impact of job enrichment unless the control system is congruent with the job redesign.
The True Cost of Borrowing Under a Commercial Bill
Authors: Stanton Harry G. , Rickard John A.
Published: January 2010

In this paper we examine the cost structure of loans obtained by means of a commercial bill and develop a method for calculating the true cost of borrowing. This true cost is expressed as a nominal rate of interest per annum which duly takes into account all relevant borrowing costs, that is, all those costs which are the direct consequence of having taken out the loan. The analysis deals with the common case of renewing the loan (‘rolling over the bill’) for a second period, and the general case where (n–1) renewals are effected is also described.
Audit Qualifications and Share Prices: Further Evidence
Authors: Shevlin Terry , Whittred Greg
Published: January 2010

Employing a portfolio approach which controls directly for the sign (indirectly for the magnitude) of unexpected earnings, this study examines the stock market's reaction to qualified audit reports. There is no substantive evidence that qualifications affect equity prices in the month of their announcement. However, there is evidence that firms that receive certain types of qualification experience negative abnormal returns in the twelve months preceding this event.
The Case for User-Oriented Innovation: Comments on the National Technology Strategy (Discussion Draft)
Authors: Midgley David F. , Roberts John H.
Published: January 2010

This paper examines the National Technology Strategy (Discussion Draft) recently released by the erstwhile Department of Science and Technology from the perspective of existing knowledge and research in the Diffusion of Innovations and New Product Development fields. We argue that there are three elements essential to a major change in structural emphasis; a supportive environment, a sound technological base, and a thorough appreciation of the needs and values of end users. The draft strategy contains valuable suggestions in the first two areas, but incorporating end user values into product development is almost totally neglected in spite of a substantial body of literature suggesting the dangers of this approach. The focus of this paper is to establish the need for market factors and user considerations to be given more prominence in the National Technology Strategy. A number of government activities to promote the incorporation of end-user values are suggested.
Determinants of Betting Turnover
Authors: Tuckwell R. H.
Published: January 2010

The paper attempts to ascertain the influence of the factors responsible for changes in betting turnover on the various forms of racing (gallops, trots and dogs) considered as a whole. Since a proportion of betting turnover is channelled back to state governments as well as the various racing clubs, knowledge of the nature of such influences is not only important for the welfare of the racing industry itself, but also from the point of view of state government revenue. The study is conducted on a state by state basis for the five largest states in the Commonwealth, New South Wales, Victoria, Queensland, Western Australia and South Australia, and also for Australia as a whole.
Ghiselli's Self Description Inventory: Australian Versus U.S. Managers
Authors: Spillane Robert
Published: January 2010

Ghieelli's Self Description Inventory was administered to 477 male executives in the Australian private and public sectors. Resulting scores were compared with U.S. managerial norms. Compared with their U.S. counterparts Australian managers see themselves as having less supervisory ability, less initiative, less self-assurance, less decisiveness, lower degree of masculinity, less maturity, weaker need for occupational achievement, weaker need for self-actualisation, stronger need for high financial reward and a stronger need for job security. Implications of these findings are discussed.
Testing for Changes in Relative Risk
Authors: Izan H. Y.
Published: January 2010

The paper demonstrates a technique for testing for the approximate “timing” of significant changes in relative risk. This technique is useful in cases where we are interested to see whether the timing of such a change is related to certain events in history. It is applied here to changes in relative risk of banking stocks when a mandatory audit requirement was introduced.
Bankruptcy Costs: Evidence from Small-Firm Liquidations
Authors: Robertson D. K. , Tress Richard B.
Published: January 2010

This paper examines the economic significance of bankruptcy cost by analysing the duration, costs and claimholder losses disclosed in the public record relating to a sample of 408 Australian corporate liquidations. Analysis indicates that liquidation may be a time consuming and costly process, but that costs are subject to economies of scale. Substantial bias was evident in management ex ante estimates of realisable values, while the liquidation process resulted in substantial losses for claimholders.
A Price Reversal Test of the Market Impact of the Trading Stock Valuation Adjustment
Authors: Sinclair N. A.
Published: January 2010

A ‘price reversal’ test of the market impact of the abolition of the Trading Stock Valuation Adjustment (TSVA) is performed. The data are consistent with a price reversal having occurred under some experimental conditions.
Arbitrage Opportunities in The Australian Share Price Index Futures Contract
Authors: Bowers John , Twite Garry
Published: January 2010

This study examines the pricing behaviour of share price index futures contracts traded on the Australian market. Particularly, we investigate the relationship between futures prices and the no-arbitrage price predicted by the current spot prices. Consistent with similar studies of U.S. markets, we find that the observed share price index futures prices differ from those predicted by the no-arbitrage prices, but that the size and sign of this difference is not constant across the contracts or across the time period included in our sample. The explanations suggested in the literature for the existence of these price differences are predominantly institutional in nature. These include differential tax treatment, short selling constraints, thin trading and transaction costs. We find that these explanations do not appear to be capable of explaining the size or sign of the pricing differences we observe.
An Examination of Evidence on Voting Rights and The Market for Corporate Control
Authors: Mikkelson Wayne H. , Partch M. Megan
Published: January 2010

This paper examines evidence related to voting rules and the market for voting rights. Several important findings emerge from recent studies. One set of evidence implies that it is desirable to have an active market in voting rights of a firm while another set of evidence indicates that lessening the effectiveness of this market is not harmful. Our view of this apparent contradiction is that all firms do not benefit equally from an active market for corporate control. Rather, for some firms, an optimal strategy may be to restrict participation in this market, although the characteristics of such firms are not clear. In general, we suggest that the effect of the market for corporate control on the value of firms is not fully understood.
The Diffusion of Bankcard in Australia: A Note
Authors: Horne Jocelyn
Published: January 2010

The purpose of this note is to quantify the degree of market penetration and diffusion by Bankcard in the Australian consumer credit sector. A modified demand-determined logistic model of diffusion is estimated for the sample period 1976(4)–1983(1) in which the saturation level is assumed to be driven by the weighted interest differential between Bankcard and competing credit instruments. The diffusion speed of Bankcard is shown to be more rapid than that of U.S. bank credit cards but somewhat slower than that of a new deposit instrument, saving-investment accounts analysed in Broadbent, Clements and Johnson (1981).
Security Price Reaction to Qualitative Forecast Infor Mation
Authors: Sinclair N. A. , Fatseas V. A. , Trotman K. T.
Published: January 2010

This study extends previous studies on the infor Mation content of voluntary quantitative forecasts by examining a sample of Australian qualitative forecasts. Content analysis was used to classify these forecasts into four categories. The direction of the share price revision was consistent with the direction of the qualitative forecast for all categories, but only unfavourable and qualified favourable qualitative forecasts were associated with statistically significant and marginally significant price revisions respectively.
Australian Finance Company Profitability: Tests of the Hedging and S.C.P. Models
Authors: McShane R. W. , Sharpe I. G.
Published: January 2010

The paper tests the hedging and structure-conduct-perfor Mance (S.C.P.) models in the context of Australian finance company profit margins. Econometric results from pooled time-series/cross-section data were consistent with the S.C.P. model and inconsistent with the hedging model. Finance company profits are positively related to market power and the degree of risk aversion, and negatively related to the level of interest rates and provisions made for bad and doubtful debts.
Regularities in Australian Share Returns
Authors: Beedles William L. , Dodd Peter , Officer R. R.
Published: January 2010

The inverse relation between total equity value and return is confirmed for Australian ordinary shares over the 1974–1984 period. We find this so-called size effect to be robust with respect to several technical methodological adjustments. In particular, the pattern persists when we account for: fluctuations in the returns of nominally riskless assets; varying levels of systematic risk of size ranked portfolios; the index selected to represent the common factor in the return generating mechanism; the form of returns, i.e., simple versus continuously compounded; possible initial mispricing of new issues; possible seasoning of new issues; shares that leave the data base for bankruptcy, winding up, or other reasons; the third moment of the return distribution; and the levels of portfolios' unsystematic risks.

We do find several economic variables that seem in part to account for the magnitude of the size effect, viz., accounting for: yearly rather than monthly portfolio revision; nonsynchronous trading; and varying transactions charges, volume of information available, and liquidity between large and small firms.
Refor Ming Australian Industrial Relations Law: A Review of the Hancock Report
Authors: Fane G.
Published: January 2010

This paper reviews the Report of the (Hancock) Committee of Review into Australian Industrial Relations Law and Systems. It analyses the economic effects of minimum wage regulations and the extent to which Australian trade unions are “above” the law. It is argued that minimum wage legislation induces waste and exacerbates poverty by preventing disadvantaged groups from competing for the jobs of favoured groups. The report is criticised for neglecting these issues. The report's main attempted defence of the status quo—that it holds down wages—is rejected. It is also argued that the report's treatment of individual rights is unsatisfactory.
Different Determinants of Task Persistence and Growth Satisfaction: Affective Responses to Perfor Mance, Planning and Job Characteristics
Authors: Bottger Preston C. , Woods Murray A.
Published: January 2010

We question the assumption that short term motivation and longer term professional growth satisfaction are functions of the same factors. Task persistence, a key index of motivation, is shown to be an inverse function of depression in response to setbacks, a positive function of planning and is independent of job scope and context satisfaction. Growth satisfaction is a positive function of work success, elation in response to success, job scope and context satisfaction. Subjects are 130 salespersons. The findings question a basic tenet of job enrichment theory; namely, that motivation is a function of job design, and supports the proposition that individual differences in affective responses to perfor Mance predict unique variance in motivation and growth.
Conflict Management Styles: Why Is Compromise So Favourably Viewed?
Authors: Kabanoff Boris
Published: January 2010

In the analysis of conflict management styles, compromising is represented as an intermediate mode of dealing with conflict in terms of coöperativeness and assertiveness. But research findings suggest that compromising is perceived as both highly coöperative and moderately assertive. This study compares the different perceptions of compromising and frequency of compromising by people with competitive versus non-competitive orientations towards dealing with conflict. Based on a review of existing research, and new data, it is shown that perceptions by the two groups differ, particularly in the perceived strength of compromising (i.e. competitive people see compromise as a weakness), and that competitive persons are less likely to compromise in both hypothetical and actual conflict situations. Perceptions of compromising and the likelihood of compromising in conflict situations appear closely linked to preferences for coöperation versus competition.
Countervailing Power, Organisational Parallelism and Australian Employer Associations
Authors: Plowman David H.
Published: January 2010

There is a substantial body of literature which suggests that employer associations are for Med to provide a countervailing force to trade unions. One for M of countervailing power is organisational parallelism, a situation in which associations' methods of organisation replicates that of unions. After examining the evidence, this paper concludes that the countervailing power thesis is inadequate in explaining the origins and development of employer associations in the Australian context.
Testing Corporate Model Prediction Accuracy
Authors: Nash Murray , Anstis Michael , Bradbury Michael
Published: January 2010

This paper investigates the predictive accuracies of corporate failure models. We find, through the elimination of biases found in these models, that the success rates for the placing of corporations into their correct categories are overstated. The paper confirms the view that the use of predictive corporate distress models should not be the sole criterion for making a lending decision.
Franchising Dental Practices: A Case Study in Financial Contracting
Authors: Ziegler Peter , Zimmer Ian
Published: January 2010

Previous literature has attempted to explain the existence and for M of franchising agreements by proposing agency related hypotheses. In this paper we illustrate the complexity of putting such a structure in place by using a case study of the franchising of dental practices in Australia. We use this to develop a number of hypotheses about the impact of various regulations on the development of these contractual structures.
The Effects of Three Participative Goal Setting Strategies on Task Goal Attributes and Perfor Mance
Authors: Ashworth D. Neil
Published: January 2010

Historically, goal-setting research has included attempts to gauge the importance of participation on perfor Mance and other task-goal attributes such as satisfaction. But much of the prevailing research has failed to recognise the dynamics of the process itself. In an attempt to determine if variation in the level of participation would have any impact, a laboratory experiment using clerical-type tasks was conducted with 72 students separated into participative and assigned goal-setting conditions. Those in the participative condition were assigned to one of three strategies which varied the actual participation allowed. It was hypothesized that both condition and strategies would affect such factors as perfor Mance and satisfaction. Results indicated that the participative condition did not have a significant impact but that there were some differences created by using different participative strategies. Discussion centered on the implications for organisations considering a participative management philosophy and suggestions for further research.
Bank Pricing and Risk-Adjusted Capital Requirements
Authors: Davis Kevin T.
Published: January 2010

This paper develops a methodology for analysing the impact of the risk-weighting approach to bank capital adequacy upon bank pricing. The approach, based on a capital-budgeting framework, considers how the risk weights constrain bank leverage and the likely effects upon bank funding costs. The approach is used to examine the validity of several commonly held views about the likely impacts of risk-adjusted capital requirements.
Returns to Equity Before and After Holidays: Australian Evidence and Tests of Plausible Hypotheses
Authors: Easton Stephen
Published: January 2010

There is evidence that mean equity returns in Australia (as in the U.S.) are positive before and after holidays. Two distinctively Australian features are used to examine this regularity. First, the Australian market is dominated by two exchanges of approximately equal importance. Returns on each exchange before and after days on which only one of the exchanges was closed were examined. Returns preceding the closure were significantly higher on the closed exchange. Second, Australian holidays vary from one to five days. A positive association was found between returns before and after holidays, and holiday duration. These findings support settlement procedure and calendar time hypotheses.
Management Compensation, Insider Trading and Lobbying Choice: The Case of R & D
Authors: Feroz Ehsan Habib , Hagerman Robert L.
Published: January 2010

In this study we examine the consistency between lobbying choices and insider trading behaviour by managers before and after the issuance of the 1974 FASB Exposure Draft on R&D. The results, though not very strong, indicate that managers compensated by accounting-based schemes lobbied against the FASB 1974 Exposure Draft on R&D and sold the shares of their firms, while managers compensated by market-based schemes lobbied for and bought shares of their firms. These results provide additional evidence that managers' lobbying choice can act as a surrogate for their beliefs as reflected in their insider trading behaviour.
Patterns and Determinants of Export Specialisation in Australian Manufacturing
Authors: Ratnayake Ravindra
Published: January 2010

This paper examines the patterns and determinants of Australia's revealed comparative advantage in manufactured exports. The results show that Australia's greatest comparative advantage is in technology-intensive and skill-intensive products. Export competitiveness appears to be positively influenced by the intensity of intra-industry trade, overseas investment, research-and-development expenditure intensity and human-capital intensity. On the other hand, high protection has been a major deterrent to international competitiveness.
Lost Managers or Industrial Dinosaurs? A Reappraisal of Front-line Management
Authors: Dawson Patrick
Published: January 2010

A narrow concept of industrial supervision continues to dominate discussion on the future rôle of the supervisor. Although the nature and purpose of workplace supervision has continuously evolved, there remains a general reluctance to accept the significance of these changes. Substantive shifts in supervisory control indicate that there is a far broader range of policy options available in the development of supervision than is currently suggested in the literature. It is therefore important that management understand what constitutes supervision if they wish to be active and constructive shapers rather than passive observers of tomorrow's front-line management.

This paper examines the need to reconceptualise supervision and go beyond the simple dichotomy of technical competency and labour regulation. It is argued that the supervisor is neither an “Industrial Dinosaur” nor simply a “Lost Manager”, but a key organisational player whose position should be realigned to meet current organisational needs.
Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns
Authors: Donaldson Lex , Davis James H.
Published: January 2010

Agency theory argues that shareholder interests require protection by separation of incumbency of rôles of board chair and CEO. Stewardship theory argues shareholder interests are maximised by shared incumbency of these rôles. Results of an empirical test fail to support agency theory and provide some support for stewardship theory.
An Investigation of the Impact of Family and Career Variables on Organisational Commitment
Authors: Aryee Samuel , Debrah Yaw A.
Published: January 2010

Data obtained with the aid of structured questionnaires were used to examine the relative effect of family and career variables on the organisational commitment of employees in technical, professional and administrative/managerial jobs in Singapore. Career variables made the greatest contribution to explaining commitment, followed by demographics (used as controls) and family variables. Limitations and implications of the findings are discussed and directions for future studies suggested.
Effect of Stochastic Interest Rates on the Pricing of SPI Futures Contracts
Authors: Twite Garry J.
Published: January 2010

The model most often used in empirically testing the pricing of share price index futures contracts is the no-arbitrage model. But this model is actually a forward, not a futures, pricing model. To apply the model to SPI futures, we must assume the equality of forward and futures prices. But the forward price and futures price need not be equal if interest rates are stochastic. This paper examines the appropriateness of assuming the equality of forward and futures prices. Cox, Ingersoll and Ross (1981) demonstrate that forward-futures price differential is given by the local covariance between the rate of return on the futures contract and the rate of return on a risk-free pure discount bond. The results presented in this paper question the appropriateness of assuming the equality of forward and futures prices, providing limited support for non-zero local covariance.
Company Takeovers and Equity Returns: The Target Size Effect
Authors: Anderson Don , Haynes Andrea , Heaney Richard
Published: January 2010

This paper examines the relationship between the size of a target and the market's reaction to the announcement of a takeover offer. Using the constrained (0,1) market model to estimate abnormal returns, results from a sample of takeovers from 1984-88 indicate size effects for takeover targets at announcement date. While this outcome is consistent with both infor Mation asymmetry and liquidity explanations for the size effect, examination of the extent to which our whole-sample result is robust to a classification of the sample into sub-samples on the basis of outcome shows that the target size premium is explained by firms which are subject to a subsequent takeover. Sensitivity tests are conducted to establish the robustness of this result. We conclude that it is unlikely that a statistically significant target size effect is present in takeovers although the results are ambiguous.
The Development and Impact of Australia's “Think Tanks”
Authors: Marsh Ian
Published: January 2010

This paper surveys the development of Australian “think tanks” over the past four years. It focuses on research organisations that draw on the social sciences and it covers the academic, government and business sectors. The evidence points to continued growth both in the variety and number of organisations and in the rôles they perfor M. That a considerable body of additional research material has been added to the common stock is clear. Whether this material has been recognised by those who need to know or been framed by the latters concern and needs is much harder to judge. The evidence, such as it is, is not sanguine. Australia's activity has expanded by comparison with past perfor Mance. Comparative benchmark data is unavailable.
An Intraday Analysis of the Probability of Trading on the ASX at the Asking Price
Authors: Aitken Michael , Kua Amaryllis , Brown Philip , Watter Terry , Y. Izan H.
Published: January 2010

We explain the probability of a trade at the asking price across time. The database contains intraday bid‐ask quotes and transaction prices on the Australian Stock Exchange. We find systematic patterns in the probability of a trade at the asking price, corresponding to previously documented return anomalies, including the day‐of‐week, end‐of‐day and turn‐of‐year anomalies. The probability is higher when a trade is of lower dollar volume, lower buy‐order imbalance, lower bid‐ask spread, when it is a trade of a smaller firm, a trade of a stock with higher trading frequency, higher price level, and the security is approved for short selling.
The Efficient Market Hypothesis—A Discussion of Institutional, Agency and Behavioural Issues
Authors: Bowman Robert G. , Buchanan John
Published: January 2010

The efficient market hypothesis is an elegant economic concept which has been extensively researched. The results of the research are broadly supportive of the concept for developed and competitive securities markets. Yet many, perhaps even most corporate executives and investors have serious reservations about or even reject market efficiency. Why? We argue that there are reasons to expect that, in general, people will systematically underestimate the level of efficiency in a market or of a security. We develop this position and group the discussion into market structure reasons and behavioural reasons.
The Efficiency of Australian Football Betting Markets
Authors: Brailsford Timothy J. , Gray Philip K. , Easton Stephen A. , Gray Stephen F.
Published: January 2010

This paper examines the efficiency of the two major Australian football betting markets: the Australian Rugby League (ARL) FootyTAB market and the Australian Football League (AFL) Footywin market. Probit and ordered probit models are tailored to the unique structures of the markets. This circumvents some potential econometric problems, and also allows us to test betting strategies in which a bet is placed only when there is a high ex‐ante probability of success. Our probit models are successful in predicting game outcomes in both the ARL and AFL. While several of our betting strategies generate significant profits, both in‐sample and out‐of‐sample, we offer a number of reasons why we are cautious about interpreting these results as conclusive evidence of market inefficiency.
The Pricing of Marked‐to‐Market Contingent Claims in a No‐Arbitrage Economy
Authors: Satchell Stephen E. , Stapleton Richard C. , Subrahmanyam Marti G.
Published: January 2010

This paper assumes that the underlying asset prices are lognormally distributed, and derives necessary and sufficient conditions for the valuation of options using a Black‐Scholes type methodology. It is shown that the price of a futures‐style, marked‐to‐market option is given by Black's for Mula if the pricing kernel is lognormally distributed. Assuming that this condition is fulfilled, it is then shown that the Black‐Scholes for Mula prices a spot‐settled contingent claim, if the interest‐rate accumulation factor is lognormally distributed. Otherwise, the Black‐Scholes for Mula holds if the product of the pricing kernel and the interest‐rate accumulation factor is lognormally distributed.
What Do Managers Like To Do? Comparing Women and Men in Australia and the US
Authors: Konrad Alison M. , Waryszak Robert , Hartmann Linley
Published: January 2010

The work of Mintzberg (1973) and others has inspired a substantial literature identifying the work activities conducted by managers. This article contributes to that literature by examining which of their many activities managers find enjoyable and which they find unpleasant. The data base included 1,174 subjects from Australia and the US, most of whom were working managers. Findings indicated that managers most enjoyed the activities associated with leading employees, networking and innovating. Women and men in Australia and the US showed highly similar rank‐orderings of preferred managerial activities, though some small gender and country differences in average ratings were observed.
The Application of Mathematical Programming Techniques to Financial Statement Analysis: Australian Gold Production and Exploration
Authors: Worthington Andrew C.
Published: January 2010

A sample of thirty listed Australian gold producers is used to compare the financial perfor Mance measures provided by accounting‐based financial ratios, and production perfor Mance as measured by efficiency indices. The results indicate that simple ratios are unlikely to provide efficiency rankings similar to those obtained from multiple‐input, multiple‐output methodologies. However, whilst the two methods can disagree substantially on the relative perfor Mance of individual decision‐making units, when used jointly the results can offer valuable insights into the concept of firm perfor Mance.
Hofstede's National Culture as a Guide for Sales Practices Across Countries: The Case of a MNC's Sales Practices in Australia and New Zealand
Authors: Murphy William H.
Published: January 2010

When the multinational considers the global strategic sales effort, the temptation is to aggregate practices across seemingly similar countries. While this eases administration, it can lead to sub‐optimal local practice This research focuses on the attitudes of a multinational's sales forces in Australia and New Zealand toward the various practices that are used to train, coach, and motivate the sales force. Scores on Hofstede's national culture dimensions, along with other criteria, suggest similarities between the countries that could lead to the expectation that similar practices will have similar effectiveness in each of the countries. However, the findings suggest that the multinational still needs to customise practices in distinct aspects of the sales system. The findings lend credence to the claim that sales practices need to be adapted to local needs—despite potential temptations for transferring practices across (seemingly) like countries.
The Geometric Analysis of Questionnaires: the Lesson of Bourdieu's La Distinction
Authors: Rouanet Henry , Ackermann Wemer , Le Roux Brigitte
Published: January 2010

L'analyse géométrique des questionnaires - La leçon de La Distinction de Bourdieu. Ce texte étudie en détail l'usage de l'analyse des correspondances dans La Distinction (1976/79) de Bourdieu, en ayant en vue les sociologues qui souhaitent analyser leurs données selon des méthodes en harmonie avec celles de Bourdieu. Pour Bourdieu, l'analyse des correspondances n'est pas un outil parmi d'autres commode pour visualiser les données, mais un instrument unique éminemment apte à découvrir les deux espaces apparentés des individus et des propriétés. Un examen attentif de La Distinction révèle un usage réfléchi et créatif de l'analyse des correspondances, appliquée à des tableaux Individus x Propriétés, avec ses principales aides à l'interprétation. Les conclusions majeures de cette "leçon" demeurent valides aujourd'hui, elles sont applicables à tout tableau Individus x Propriétés, analysé par l'analyse des correspondances ou plus particulièrement par l'analyse des correspondances multiples. Dans l'analyse des questionnaires, faire des analyses de correspondances ne suffit pas pour faire des analyses "à la Bourdieu". L'espace fondamental doit être construit à partir d'un ensemble de variables pertinentes suffisamment ample pour permettre le plein déploiement multidimensionnel des individus.
The Use of Multidimensional Partial-Order Scalogram Analysis With Base Coordinates (Mposac) in Portraying a Partially-Ordered Typology of City Wards By Social-Medical Criteria [1]
Authors: Levy Shlomit , Amar Reuven
Published: January 2010

L'utilisation du scalogramme multidimensionnel avec ordre partiel sur des scores de base (MPOSAC) pour construire une typologie sur ordre partiel des quartiers d'une ville basée sur des critères sociaux et de santé publique. Les problèmes scientifiques, en particulier dans les sciences sociales, sont très souvent de nature multivariée. Ceci vaut en particulier pour une classe de problèmes de typologie où une population donnée est classée en même temps selon plusieurs critères, chacun étant ordonné selon un ordre valant pour l'ensemble. La nouvelle technique du scalogramme multidimensionnel avec ordre partiel sur des scores de base (MPOSAC) est proposée dans le cas d'une typologie sur ordre partiel de quartiers d'une ville associant des facteurs socio-résidentiels à un problème de santé publique. Les données consistent en un ensemble de sept variables de critères sociaux et trois de taux de pénétration de maladies infectieuses. Chacune des sept variables est ordonnée selon le niveau élevé ou bas de bien-être. Deux dimensions se révèlent insuffisantes pour rendre compte de la typologie partiellement ordonnée et il s'avère que trois dimensions sont nécessaires pour arriver à une solution satisfaisante. Deux dimensions sont prises parmi les variables sociales et servent de coordonnés de bases: il s'agit des variables de "surpeuplement" et "d'absence de toilettes à l'intérieur du logement". La troisième dimension. c'est-à-dire la troisième coordonnée, partitionne un espace à trois dimensions en strates selon le taux de maladies infectieuses.