Adair, D 1998, 'Conformity, diversity, and difference in antipodean physical culture: The indelible influence of immigration, ethnicity, and race during the formative years of organized sport in Australia, c. 1788–1918', Immigrants & Minorities, vol. 17, no. 1, pp. 14-48.
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Adair, D, Nauright, J & Phillips, M 1998, 'Playing fields through to battle fields: The development of Australian sporting manhood in its imperial context,c. 1850–1918', Journal of Australian Studies, vol. 22, no. 56, pp. 51-67.
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Alvesson, M, Clegg, S & Palmer, G 1998, 'The Politics of Management Knowledge.', Administrative Science Quarterly, vol. 43, no. 4, pp. 938-938.
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Amir, R & Wooders, J 1998, 'Cooperation vs. competition in R & D: the role of stability of equilibrium', JOURNAL OF ECONOMICS-ZEITSCHRIFT FUR NATIONALOKONOMIE, vol. 67, no. 1, pp. 63-73.
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We consider a model in which firms first choose process R&D expenditures and then compete in an output market. We show the symmetric equilibrium under R&D competition is sometimes unstable, in which case two asymmetric equilibria must also exist. For the latter, we find, in contrast to the literature that total profits are sometimes higher with R&D competition than with research joint venture cartelization (due to the cost asymmetry of the resulting duopoly in the noncooperative case). Furthermore, these equilibria provide another instance of R&D-induced firm heterogeneity.
Baddeley, M, Martin, R & Tyler, P 1998, 'European Regional Unemployment Disparities', European Urban and Regional Studies, vol. 5, no. 3, pp. 195-215.
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The reduction of regional unemployment disparities is a key prerequisite for the achievement of socioeconomic cohesion in an integrated European Union. This article examines recent trends in the evolution of regional unemployment disparities across a number of European member states to determine whether and how far this reduction is occurring. There is in fact little indication of any widespread convergence of regional unemployment rates. Instead, regional unemployment disparities across Europe appear to be characterized by a high degree of persistence. Furthermore, the evidence suggests that this persistence is an equilibrium phenomenon rather than the result of prolonged disequilibrium in regional labour markets.
Bresnen, MJ, Clegg, SR & Palmer, G 1998, 'The Politics of Management Knowledge', The British Journal of Sociology, vol. 49, no. 2, pp. 334-334.
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Brockman, P & Michayluk, D 1998, 'Individual versus institutional investors and the weekend effect', Journal of Economics and Finance, vol. 22, no. 1, pp. 71-85.
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Since the late 1980's, considerable research has focused on the behavior of individual versus institutional investors and the potential patterns which may emerge from their trading activities. Miller (1988) and Abraham and Ikenberry (1994) posit that the tendency for negative Monday returns on equity (i.e., the weekend effect) is at least partially explained by the trading behavior of individual investors. Sias and Starks (1995), on the other hand, present empirical evidence showing a dominant role played by institutional traders. This study contributes to the literature by distinguishing between individual versus institutional trading as it relates to the weekend effect. We find that the information-processing hypothesis is consistent with observed institutional trading patterns, thus supporting the results of Sias and Starks (1995). In addition, these results are shown to be robust with respect to market type (i.e., auction and dealer markets).
Brockman, P & Michayluk, D 1998, 'The persistent holiday effect: additional evidence', Applied Economics Letters, vol. 5, no. 4, pp. 205-209.
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The holiday effect is one of the most perplexing of all seasonal anomalies. Based on evidence using pre-1987 equity returns, this anomaly has been shown to be responsible for somewhere between 30 to 50% of the total return on the market while exhibiting
Brown, PR, Taylor, SL & Walter, TS 1998, 'The Impact of Statutory Sanctions on the Level and Information Content of Voluntary Corporate Disclosure', Abacus, vol. 35, no. 2, pp. 138-162.
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This article examines the effect of statutory civil and criminal sanctions on voluntary corporate disclosures by firms listed on the Australian Stock Exchange (ASX). Apart from direct investigation of the quantity of voluntary disclosure, we also investigate several possible consequences of altered corporate disclosure policies, namely properties of analysts’ forecasts, the degree to which share prices anticipate the information content of periodic earnings reports, and the relationship between volatility and corporate disclosures. Results suggest that, post-sanctions, any increase in voluntary disclosure is confined to smaller firms and those which performed relatively poorly. Moreover, analysts’ earnings forecasts did not become more accurate or less diverse following the introduction of statutory sanctions, and there was no statistically significant increase in the weight placed on each disclosure’s ability to explain return volatility. There is some evidence that share prices have anticipated earlier the value relevant components of annual periodic accounting data, although this result is again confined to smaller firms. Although the tests used are not independent and have a limited time period post-sanctions, the results cast doubt on the extent to which the imposition of substantive civil or criminal sanctions affects corporate disclosure policy. © 1999 Blackwell Publishers Ltd.
CLEGG, S 1998, 'Book Reviews', Work, Employment & Society, vol. 12, no. 4, pp. 789-790.
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Clegg, S 1998, 'Japanese encounters with postmodernity', Asia Pacific Business Review, vol. 4, no. 4, pp. 70-72.
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Clegg, S 1998, 'Martin Albrow, Do Organizations Have Feelings? London: Routledge, 1997, £45.00, paper £14.95, xiii+1184 pp.', Work, Employment and Society, vol. 12, no. 4, pp. 789-790.
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Clegg, SR 1998, 'Communication, power and organization', ORGANIZATION STUDIES, vol. 19, no. 3, pp. 517-518.
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Dwyer, L & Forsyth, P 1998, 'Economic significance of cruise tourism', Annals of Tourism Research, vol. 25, no. 2, pp. 393-415.
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Cruise business is a growing segment of the international tourism market. While there have been studies of its economic impacts on a national level, the issues of the costs and benefits and their distribution have received scant attention. This paper develops a framework for assessing the economic impacts of cruise tourism for a nation and its subregions. It further explores how the framework can be used to estimate the relevant benefits and costs. A case study of cruise tourism in Australia shows how the framework can be implemented and discusses some policy implications. This analysis can facilitate future research, empirical studies, and strategy development relevant to cruise tourism.
Dwyer, L & Forsyth, P 1998, 'Estimating the Employment Impacts of Tourism to a Nation', Tourism Recreation Research, vol. 23, no. 2, pp. 3-12.
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© 1998 Tourism Recreation Research. The paper discusses the impact on national employment of an increase in foreign tourism expenditure. The paper will firstly review existing work, based on multiplier analysis, input-output studies and computable general equilibrium models. The deficiencies and advantages of these different approaches will be assessed. Special attention will be paid to assessing the employment impacts of tourism expenditure in a general equilibrium framework wherein cancelling effects, are recognised. The paper then discusses potential impacts of tourist expenditure on employment levels under different assumptions about the causes of unemployment generally, and with particular reference to segmentation in markets for tourism related labour. While Australian data is used, the analysis is of general interest. The paper concludes with a discussion of issues for further research.
Hutcheson, T & Sharpe, IG 1998, 'Ownership Structure and Building Society Efficiency', Australian Journal of Management, vol. 23, no. 2, pp. 151-168.
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This paper investigates the effect of ownership structure on the cost efficiency of Australian building societies using the stochastic econometric frontier approach. Contrary to the expense preference hypothesis, mutually‐owned societies were found to be, on average, more cost efficient than those under stock ownership. Moreover, mutual and share‐owned societies have significantly different cost functions or production technologies. The results are consistent with the US results of Mester (1993).
Izan, HY, Sidhu, B & Taylor, S 1998, 'Does CEO Pay Reflect Performance? Some Australian Evidence', Corporate Governance: An International Review, vol. 6, no. 1, pp. 39-47.
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We examine the relation between Australian CEO pay and accounting and share price performance indicators, as well as firm size, from 1987 to 1992 inclusive. Our results show no evidence of a linkage between CEO pay and performance. This finding is robust to the use of single year or pooled tests, as well as the specific identification of CEO changes. “Long window” analysis of the pay‐performance relation yields similar results. Possible explanations include incomplete disclosure of CEO compensation, the influence of other claimholders (e.g., debtholders), the existence of alternative monitoring mechanisms and the extent to which CEO compensation is effectively deferred. However, subject to these possibilities, our results can be interpreted as consistent with allegations that Australian CEOs have had, by international standards, a relatively small proportion of total compensation “at risk”.
Latimer, J, Adams, R & Lee, M 1998, 'Training with feedback improves judgements of non-biological linear elastic stiffness', Manual Therapy, vol. 3, no. 2, pp. 85-89.
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A recent unsuccessful attempt to train physiotherapy students to accurately judge lumbar posteroanterior (PA) stiffness may have been due to the students inability to learn to judge a basic component, i.e. linear elastic stiffness. The current study investigated whether an equivalent amount of training with feedback as used in a previous study, improved the same students' ability to judge linear elastic stiffness. The four third-year physiotherapy students from the previous study participated. Students rated the stiffness of 76 stimuli (metal springs) during pre-test, training and post-test sessions held over a 3.5 week period. During the training, trial-by-trial feedback was given regarding the accuracy of their judgements. A paired t-test demonstrated a significant reduction in absolute error between the pre-test and the post-test (P < 0.05). Immediate quantitative feedback training improved physiotherapy students' ability to judge linear elastic stiffness.
Latimer, J, Lee, M & Adams, RD 1998, 'The effects of high and low loading forces on measured values of lumbar stiffness.', J Manipulative Physiol Ther, vol. 21, no. 3, pp. 157-163.
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OBJECTIVE: One explanation for the poor reliability of manual judgments of posteroanterior (PA) stiffness may be that if manual therapists use different forces when testing, different stiffness is perceived. This study was conducted to examine measurements of lumbar PA stiffness obtained using a device programmed to generate different loading forces. SUBJECTS: Twenty-five subjects with no history of low back pain and a mean age of 23.5 yr were measured. METHODS: Measures of lumbar PA stiffness were obtained using a mechanical device that applied a testing force of 200 N to the skin overlying the L3 spinous process. Six stiffness coefficients were determined from the force/displacement curve obtained from each subject by performing linear regressions from 30-80 N, 30-150 N, 30-200 N, and from 30-83.3 N, 83.3-136.7 N, and 136.7-200 N. Intraclass correlation coefficients and repeated measures analysis of variance were used to analyze the data. RESULTS: Although moderate reliability [ICC 2,1 = 0.67] was found for stiffness measures arising from increasingly wide force-interval regressions (30-80 N, 30-150 N, 300-200 N), poor reliability [ICC (2,1) = 0.39] was found for stiffness measures arising from same-width, higher force regressions (30-83.3 N, 83-137 N, 137-200 N). In both cases there were significant differences between the obtained K stiffness values corresponding to different force intervals. CONCLUSION: These results show that if therapists push harder, different stiffnesses will be felt. Studies using instrumental measurement of spinal stiffness to obtain 'K' values should report the force intervals used. Also, revised protocols for manually judging PA stiffness should ensure that stiffness is assessed by sampling specified force intervals rather than the raters determining their own force limits.
Lee, M, Steven, GP, Crosbie, J & Higgs, RJED 1998, 'Variations in Posteroanterior Stiffness in the Thoracolumbar Spine: Preliminary Observations and Proposed Mechanisms', Physical Therapy, vol. 78, no. 12, pp. 1277-1287.
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Background and Purpose. Evaluation of posteroanterior (PA) movement in the spine is commonly used in the clinic, but little is known about the mechanisms involved. The purposes of this study were to examine variations in PA stiffness along the thoracolumbar spine and to investigate possible factors that might determine the pattern of stiffness. Subjects. Twenty-one pain-free volunteers (10 male, 11 female), aged 18 to 41 years (X̄=26.6, SD=7.5); participated. Methods. Posteroanterior stiffness was measured at 5 locations (L4, L1, T10, T7, T4), together with various subject characteristics. Results. Mean PA stiffness varied among locations, with the greatest stiffness at L4 (13.3 N/mm) and the lowest stiffness at L1 (10.4 N/mm). A relatively small, but important, proportion (22% or less) of the variance in stiffness data at some vertebral levels was accounted for by the variables describing subject characteristics. Conclusion and Discussion. Posteroanterior stiffness varies along the spine in a manner consistent with the nature of support for the spine. The observed pattern of variation of PA stiffness along the spine appears to be influenced by some factors other than those relating to the spine. [Lee M, Steven GP, Crosbie J, Higgs RJED. Variations in posteroanterior stiffness in the thoracolumbar spine: preliminary observations and proposed mechanisms.
Magennis, D, Watts, E & Wright, S 1998, 'Convertible notes: the debt versus equity classification problem', Journal of Multinational Financial Management, vol. 8, no. 2-3, pp. 303-315.
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This paper tests the Kim (Journal of Financial and Quantitative Analysis, 25 (2) (1990) 229-243) 'Informative Conversion Ratios' hypothesis. The Kim theory predicts that the conversion price of a convertible note issue will determine whether the issue is similar to debt or similar to equity. A convertible note with a low conversion price is similar to equity under the Kim theory whilst a convertible note with a high conversion price is similar to debt. Expected time to at-the-money was used throughout this paper as an adjusted conversion price. Observation of a strong positive relation between announcement period abnormal returns and expected time to at-the-money for a sample of Australian convertible note issue announcements supports the Kim theory.
McDonnell, I & Darcy, S 1998, 'Tourism precincts: A factor in Bali's rise in fortune and Fiji's fall from favour — an Australian perspective', Journal of Vacation Marketing, vol. 4, no. 4, pp. 353-367.
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The destinations of Fiji and Bali are competi tors in the Australian short-haul sunlust international holiday market. In the period 1982-95 Fiji lost more than half its share of this market with a near corresponding increase in the market share of Bali. This paper explores one of the possible reasons for this dramatic reversal of market shares — the lack of tourism precincts in Fiji. It shows that because of the way that tourism plant developed in Fiji, resorts are isolated and tourism precincts did not develop, in contrast to Bali, which has at least four major tourism precincts. The paper argues that this is one factor in Fiji's declining market Share.
McGlashan, SA, O'Brien, VT, Awati, KM & Mackay, ME 1998, 'Approximate elongation flow properties utilising the opposed orifice technique - Correction for shear and inertia', Rheologica Acta, vol. 37, no. 3, pp. 214-222.
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Moreno, D & Wooders, J 1998, 'An experimental study of communication and coordination in noncooperative games', GAMES AND ECONOMIC BEHAVIOR, vol. 24, no. 1-2, pp. 47-76.
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This paper reports the results of an experiment designed to test the usefulness of alternative solution concepts to explain players' behavior in noncooperative games with preplay communication. In the experiment subjects communicate by plain conversation prior to playing a simple game. In this setting, we find that the presumption of individualistic and independent behavior underlying the concept of Nash equilibrium is inappropriate. Instead, we observe behavior to be coordinated and correlated. Statistical tests reject Nash equilibrium as an explanation of observed play. The coalition proof correlated equilibrium of the game, however, explains the data when the possibility of errors by players is introduced.
Nielsen, JF, Terry, C & Trayler, RM 1998, 'Business banking in Australia: a comparison of expectations', International Journal of Bank Marketing, vol. 16, no. 6, pp. 253-263.
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Addresses the question of how well the banking industry in Australia understands the needs of their business customers. It is based on a nationwide survey of chief executive officers of 2,500 business firms and 25 banks conducted during 1996. In the survey, both groups were asked to rank those factors they consider most important in the bank selection process. Overall, significant differences were found in six out of 15 factors. When the responses were analyzed on the basis of market segment served, we found that Australian bankers have missed the mark when it comes to the issues of competitive prices and service delivery. These results will no doubt have an impact on the marketing efforts of Australian banks as they move into the twentieth century. They should also be useful to firms currently operating in Australia or firms interested in doing so in the future.
Onyx, J 1998, 'ISSUES AFFECTING WOMEN'S RETIREMENT PLANNING', Australian Journal of Social Issues, vol. 33, no. 4, pp. 379-393.
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There has been a steep rise over the past 20 years in the proportion of women who enter the workforce, with a concomitant increase in the number of women who will be retiring in the next 20 years. In the past, the majority of women over 60 have either been supported by their husbands superannuation benefits, or have been dependent on a government pension. This situation is unlikely to continue; it is becoming increasingly essential for women to make provision for their own post‐retirement income. However available evidence suggests that women are not effectively planning for their retirement and are increasingly at risk of facing a life of poverty in their old age. This research project examines some of the factors that impact on women's capacity to effectively plan their retirement. In particular, the research explores the attitudes of women to retirement planning, access to information, and external impediments particularly labour market conditions.
Slonim, R & Roth, AE 1998, 'Learning in High Stakes Ultimatum Games: An Experiment in the Slovak Republic', Econometrica, vol. 66, no. 3, pp. 569-569.
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Taylor, SL & Whittred, GP 1998, 'Security Design and the Allocation of Voting Rights: Evidence from the IPO Market', Journal of Corporate Finance, vol. 4, pp. 107-131.
Veal, AJ & Lynch, R 1998, 'Leisure versus economics in the development of legal gambling in Australia', Annals of Leisure Research, vol. 1, no. 1, pp. 68-85.
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Veal, T 1998, 'Leisure studies, pluralism and social democracy', Leisure Studies, vol. 17, no. 4, pp. 249-267.
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Walsh, DM, Walsh, KD & Evans, JP 1998, 'Assessing estimation error in a tracking error variance minimisation framework', Pacific-Basin Finance Journal, vol. 6, no. 1-2, pp. 175-192.
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Wieder, B 1998, 'Management Accounting for Marketing Decisions', Journal fur Betriebswirtschaft, vol. 5, no. 6, pp. 220-241.
Wooders, J 1998, 'Matching and bargaining models of markets: approximating small markets by large markets', ECONOMIC THEORY, vol. 11, no. 1, pp. 215-224.
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We show that the equilibrium of a matching and bargaining model of a market in which there is a finite number of agents at each date need not be near the equilibrium of a market with a continuum of agents, although matching probabilities are the same in both markets. Holding the matching process fixed, as the finite market becomes large its equilibrium approaches the equilibrium of its continuum limit.
Wooders, J 1998, 'Walrasian equilibrium in matching models', MATHEMATICAL SOCIAL SCIENCES, vol. 35, no. 3, pp. 245-259.
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We analyze trading in a model in which the agents and their preferences are the same as in the main models of matching and bargaining, but in which trade is centralized rather than decentralized. We characterize equilibrium when trade is centralized and, by comparing our results with results from the matching literature, we show conditions under which decentralized trading processes reproduce the allocations of our centralized one. We establish that the competitive price as defined in the matching literature (i.e.. relative to the stocks. flows, or totals) coincides, in the appropriate setting, with the equilibrium price in our model.
Zuzanek, J & Veal, AJ 1998, 'Trends inTimePressure: TwoEndsAgainst theMiddle?', Loisir et Société / Society and Leisure, vol. 21, no. 2, pp. 318-319.
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