Description:
•Wealth effect of Chinese PE announcements can be seen on application, approval, and completion.•No significant price response on announcements of withdrawal or rejection of applications.•Market discount, proceeds from private placements, and private-institutional buying systematically influence market reaction.•Influence of announcement effect differs across changes in ownership of investor categories.•Results are consistent with the information and ownership structure hypotheses. In response to the China Securities Regulatory Commission's regulation of private equity placements (PEP) in 2006, this study investigates the impact of the announcements of PEP applications, withdrawals, rejections, approvals, and completions on the returns of the firms that issue private equity (PE) and the factors that influence market reactions to these announcements. The results show that issuing firms experience stock price responses only to the announcements of PE applications, approvals, and completions. The announcement effect is positively related to the market discount, proceeds from private placements, and private institutional buying and ownership changes; and negatively related to government or government institutional buying and changes in the ownership of management buyers.
Description:
We examine the pricing difference of Green Bonds (GB) and conventional bonds (CBs) in capital markets worldwide. Credit spread is used to observe whether investors would like to pay a premium for GBs over CBs. This study uses panel data regression with hybrid model to analyse daily observations over the period 2016 to 2017. We employ Option-Adjusted spread (OAS) to measure the credit spreads of bonds while controlling for bond specific, macroeconomic and global factors that influence the spread. With the hybrid model used in the panel data analysis, we were able to capture the fixed-effects of variables in a random effect model. We find that GBs are traded at a premium of 63 basis points (BPS), compared with a comparable corporate bond issue. We find that the green label provides issuers an incentive to raise funds through issuing GBs while providing investors an opportunity to diversify their investments returns. Our findings provide several implications to the major stakeholders driving the GB market to scale up the market to finance the required level of global green investment needs. We stress an urgent need to support the growth of the GB market to achieve sustainable development through mitigating climate change challenges. Abbreviation GB: Green Bond; CB: Conventional Bond; YS: Yield Spread; BPS: Basis Points; OAS: Option-Adjusted Spread; PCSE: Panels Corrected Standard Errors; CPI: Consumer Price Index; GBPs: Green Bond Principles; CBS: Climate Bond Standard.
Description:
Purpose – The aim of this study is to investigate the relationship between employee perceptions of their organization's management of cultural diversity, their perceived organizational support and affective commitment. Design/methodology/approach – A questionnaire survey was developed and distributed to a sample of employees working in a large Australian financial institution. Findings – Analysis of the data shows that, when controlling for perceived organizational support, there is no direct relationship between cultural diversity management perceptions and affective commitment. Rather, the data support an indirect relationship between the two variables via perceived organizational support. Research limitations/implications – Implications are, first, that managers need to recognize the potential contribution of developing a positive workplace atmosphere for cultural diversity to strengthen employee perceived organizational support, which in turn enhances affective commitment. Second, the research findings underscore the importance of perceived organizational support in linking cultural diversity management perceptions to organizational outcomes, such as affective commitment. Third, managers should not underestimate the influence of initiatives, such as making all employees feel included in the “taken‐for‐granted” informal networks in engendering positive organizational and individual attitudes. Originality/value – The paper examines cultural diversity management from the employees' (rather than a management) perspective to develop a fully mediated model using organizational support to link cultural diversity management perceptions to commitment. The study reinforces the need to rethink simple relationships between cultural diversity management perceptions and organizational/individual outcomes, to consider more complex models that include important mediating variables to more fully understand the effects of cultural diversity management.
Description:
On a March evening in 1973 the ABC television compere of the Monday Conference programme, Robert Moore introduced his guest, Paul Samuelson, by holding aloft a copy of his economics textbook. Moore joked that Samuelson had taught more people economics than anyone else. He was also, of course, an eminent economist with major contributions in public finance, international economics and the dissemination of Keynesian economics. This paper will discuss how the Australian adaption of Paul Samuelson's Economics came about. Extensively adapted to fit Australian conditions, the two Australian authors, Keith Hancock and Bob Wallace, both at Flinders University, came up with a publishing success that was to take Australian university economics instruction by storm. They were not, however, Samuelson's first choice as adaptors. A whole generation of Australian students was brought up on Samuelson. It was also the first attempt at adapting an overseas text to suit Australian institutions and conventions. The paper assesses how well it was received and how it spawned imitators.
Description:
Sixteen supply-side and seven demand-side export promoting policies were simulated and examined for export and associated employment impacts. Policy design considered the spatial distributions of export promoting and constraining variables defined within the Tiberi-Vipraio Hodgkinson (TVH) regional innovation context typology (2000), and examined movements in their value-added industry support export enhancing information multipliers. These were derived using innovation indicator matrices (IIMs) within an extended input-output framework as designed by the author. The information sector was derived using a modified decomposition and aggregation (Jussawalla et al., 1988) whilst IIMs build upon DeBresson's (1999) innovative interactive matrices to show innovation strategy information spillover contributions rather than innovation inputs and outputs as an intermediate transactions quadrant subset. Policy simulations showed that information sharing consistent with the innovative milieu theory best stimulated exports and associated employment. That is, assistance to promote related scientific research delivered the best export, associated employment outcomes and related flow-on effects.
Description:
This article examines China's approach to industrial consultation by examining six tripartite bodies at the national, provincial and county levels. It argues that the institutionalisation of tripartitism is consistent with China's overall approach to market reform being characterised by experimentalism, gradualism, dynamism and a gradual softening of party domination. Despite limitations, it is accepted that China is building a transition tripartite system that is bolstering the autonomy and representational capacity of the social partners.
Description:
The neoclassical model of transition from a centrally-administered socialist economic system to a market-based economic system was implemented in Russia and Eastern Europe. The neoclassical process took the form of either shock therapy or gradualism. However, each approach actually involved a combination of shock therapy and gradualist policies, making the distinction between the two approaches unfounded. In addition, both approaches suffered by the innate inadequacies of neoclassical economic analysis as being politically/institutionally naked. Both shock therapy supporters and gradualist neoclassical economists did not provide a specific process of institutional development, favouring a gradual market-driven institutional outcome. With regard to the political structure, democracy was inconsistent with shock therapy, while active state intervention during transition was inconsistent with the ultimate goal of the gradualist neoclassical economists of competitive capitalism.
Description:
Despite talk about the first sightings of the ‘green shoots of recovery’ the Global Financial Crisis which began to unfold in August 2007 is likely to exert some impact upon the prevailing economic and political philosophy. The big question for economic and business instructors is to ponder whether it will lead to any significant changes in economic and business syllabus at Australian universities. The teaching of mainstream economics is durable and usually resistant to change. Yet the crisis has certainly caused rumblings in the teaching of first-year economics. As one ABC reporter recently asked ‘How do you teach economics at a time like this?’ There is certainly a great curiosity among the young about what went wrong. Moreover they wish to know why neoliberalism has failed and why state interventionism is resurgent. Young minds must be perplexed about the rapid revision of agenda from containing inflation in 2008 to coping with recession in 2008. To paraphase the lyrics to the old Talking Heads song ‘Once in a lifetime’ ‘You may ask yourself, well… how did we get here?’ This is what they and we are asking themselves. This paper argues that an introductory course in economic ideas could help tell them why.
Description:
Despite talk about the first sightings of the ‘green shoots of recovery’ the Global Financial Crisis which began to unfold in August 2007 is likely to exert some impact upon the prevailing economic and political philosophy. The big question for economic and business instructors is to ponder whether it will lead to any significant changes in economic and business syllabus at Australian universities. The teaching of mainstream economics is durable and usually resistant to change. Yet the crisis has certainly caused rumblings in the teaching of first-year economics. As one ABC reporter recently asked ‘How do you teach economics at a time like this?’ There is certainly a great curiosity among the young about what went wrong. Moreover they wish to know why neoliberalism has failed and why state interventionism is resurgent. Young minds must be perplexed about the rapid revision of agenda from containing inflation in 2008 to coping with recession in 2008. To paraphase the lyrics to the old Talking Heads song ‘Once in a lifetime’ ‘You may ask yourself, well… how did we get here?’ This is what they and we are asking themselves. This paper argues that an introductory course in economic ideas could help tell them why.
Description:
John Vaizey is almost a forgotten figure in modern British history and even more in the fields of political economy and economics where he first made his mark. His work is now rarely cited and, even in political histories of the Thatcher decade, or the travails of the Labour governments before then, his name rarely reappears. However Vaizey's pioneering work on the economics of education is beginning to be recognised and indeed followed. This paper reassesses his life, especially the last decade of his life when Vaizey, basked in the limelight, enjoyed some of the glittering prizes. It was a decade when Vaizey took some major ideological turns, one the most controversial being his decision to leave the Labour party after 30 years of membership. The paper revisits the reasons why Vaizey renounced democratic socialism, Keynesianism and, along with that, the beguiling promises of social science. It reflected his peculiar interest in political failure along with disillusionment in democratic socialism. The switch meant that this Cambridge-trained economist, tutored by Joan Robinson, had to convert, albeit reluctantly, to monetarism and ditch the post-war Keynesian consensus.
Description:
The Global Financial Crisis is likely to exert some impact upon the prevailing economic and political philosophy. The big question for economic and business instructors is to ponder whether it will lead to any significant changes in economic and business syllabus at Australian universities. The teaching of mainstream economics is durable and usually resistant to change. Yet the crisis has certainly caused rumblings in the teaching of first-year economics. There is certainly a great curiosity among the young about what went wrong. Moreover, they wish to know why neoliberalism has failed and why state intervention is resurgent. Young minds must be perplexed about the rapid revision of agenda from containing inflation in 2008 to coping with recession in 2009. This paper argues that an introductory course in the history of economic ideas could help tell them why.
Description:
Chinese gold seekers were the largest non-British group on the goldfields of Australasia and constituted the largest nationality on some diggings. In considering the movement of Chinese miners to and throughout the goldfields colonies of the southwest Pacific, this articles argues there existed a more complex pattern of migration than that suggested by the sojourner model of arrival, brief stay and departure. It examines the links between migration patterns and economic activity, and argues that economic history perspectives complement the insights offered by recent social and cultural history in the field.
Description:
Education policies and practices developed for urban populations are not always effective when implemented in regional and remote locations. Despite government policy initiatives that may provide for collaboration across communities, a singular issue is that a diversity of solutions may be required rather than a 'one size fits all' approach. This article presents a potential solution to this problem through engaging collaboration and co-creation to optimise educational opportunities in initial teacher education in Australia. Qualitative analysis of a collaborative and co-created process of enhancement, lesson development and reflection brings together the every-day problem-solving processes used by pre-service teachers and classroom students with those used by research scientists and community experts. A consequence of such a process that benefits regional and remote communities is the development of collaborative networks founded in co-creation of educational opportunities and based on daily life in local communities.
Description:
A new reliability evaluation methodology for multistate weighted k-out-of-n systems is presented in this article. The present value of the cash flow generated by the system components is used as a reliability value. We take a financial view of reliability and consider functioning periods and the time value of money in system reliability analysis. Two approaches, the universal generating function (UGF) and recursive algorithm, are applied to evaluate the reliability of the multistate weighted k-out-of-n system. An illustrative example is calculated based on the proposed system reliability evaluation methodology. It is shown that this evaluation method can also be used to find the value of the maintenance policy. Finally, the UGF and recursive algorithm approaches are compared with each other for large system reliability assessment. [ABSTRACT FROM AUTHOR] Copyright of Engineering Economist is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Description:
This article undertakes a census of how the Australian economics profession changed over the span of eleven years. It shows that the academic economics community has become more professionalised. It also explores which departments are expanding or contracting and whether there is any truth in the claim that the profession is becoming more Americanised.
Description:
This article undertakes a census of how the Australian economics profession changed over the span of eleven years. It shows that the academic economics community has become more professionalised. It also explores which departments are expanding or contracting and whether there is any truth in the claim that the profession is becoming more Americanised.