Labour Market Deregulation in Australia: The slow combustion approach to workplace change

Since the beginning of the 1990s Australia has experienced a gradual but far-reaching process of labour market deregulation. Labour market deregulation has proceeded primarily through the dismantling of the distinctive system of awards-the main avenue of external, protective regulation in Australia for much of the 20th century. This paper examines labour market deregulation and its implications for the Australian workforce. It situates the changes in terms of their institutional starting point in the award system and the growing pressures in the 1980s for increased labour market flexibility. It argues that labour market deregulation is amplifying existing trends to growth in precarious employment, wage dispersion and the development of a low-pay sector amongst full-time employees. In addition, it is sponsoring a significant fragmentation of working-time arrangements.     

The Feller diffusion,filter rules and abnormal stock returns

We determine the conditional expected logarithmic (i.e. continuously compounded) return on a stock whose price evolves in terms of the Feller diffusion and then use it to demonstrate how one must know the exact probability density that describes a stock’s return before one can determine the correct way to calculate the abnormal returns that accrue on the stock. We show in particular that misspecification of the stochastic process which generates a stock’s price will lead to systematic biases in the abnormal returns calculated on the stock. We examine the implications this has for the proper conduct of empirical work and for the evaluation of stock and portfolio performance.     

Australian evidence on the implementation of the size and value premia

This study investigates whether passive investment managers can exploit the size and value premia without incurring prohibitive transaction costs or being exposed to substantial tracking error risk. Returns on the value premium are shown to be pervasive across size groups, while the size premium is nonlinear and driven by microcaps. The value premium cannot be explained by the capital asset pricing model; however, returns on value portfolios do covary across monetary regimes. The substantial turnover required to achieve annual rebalancing and the relative illiquidity of Australian small‐cap firms means that investing in a portfolio of large‐cap value firms appears to be the best way for passive fund managers to exploit the Fama and French (1993) premia.     

Understanding the relationship between experiencing workplace cyberbullying,employee mental strain and job satisfaction: a dysempowerment approach

Although the literature on traditional workplace bullying is advancing rapidly, currently investigations addressing workplace cyberbullying are sparse. To counter this, we present three connected research studies framed within dysempowerment theory (Kane, K., & Montgomery, K. (1998). A framework for understanding dysempowerment in organizations. Human Resource Management, 37, 263–275.) which examine the relationship between volume and intensity of cyberbullying experience and individual mental strain and job satisfaction; whether the impact is more negative as compared to traditional bullying; and whether state negative affectivity (NA) and interpersonal justice mediate the relationship. Additionally, we also considered the impact of witnessing cyberbullying acts on individual outcomes. A total sample comprised 331 UK university employees across academic, administrative, research, management and technical roles. Overall, significant relationships between cyberbullying exposure and outcomes emerged, with cyberbullying exposure displaying a stronger negative relationship with job satisfaction when compared to offline bullying. Analysis supported an indirect effect between cyberbullying acts and outcomes via NA and between cyberbullying acts and job satisfaction via interpersonal justice. No support for a serial multiple mediation model of experiencing cyberbullying to justice to NA to outcome was found. Further, perceived intensity of cyberbullying acts and witnessing cyberbullying acts did not significantly relate to negative outcomes. Theoretical and practical implications of the research are discussed.     

Organizational citizenship behaviour and turnover intention: a cross-cultural study

This study investigated the relationship between organizational citizenship behaviour (OCB) and turnover intention in 162 production workers in the same organization within Malaysia, Germany and England. Further, differences in ratings of OCB across cultures were examined. Self-report questionnaires measuring turnover intention and five dimensions of OCB (altruism, courtesy, conscientiousness, sportsmanship and civic virtue) were administered to the samples. Results illustrated that OCB related significantly to turnover intention, with sportsmanship emerging as the strongest predictor of turnover intention across cultures. Cultural differences in OCB ratings were seen, with the Malaysian sample generally scoring higher than the other two samples. However, the relationship between OCB and turnover intention was similar within each culture group. Explanations of the findings and limitations are discussed.     

The Resilience Agenda in Neoliberalising Cambodia

The paper provides a critical assessment of disaster risk reduction (DRR) and resilience strategies in Cambodia with reference to resilience. The paper argues that resilience is a part of and correlated to the localised practices of a specific form of neoliberalisation in and of Cambodia. As a result, disaster risk strategy is a potential means of managed neoliberal state-led intervention capacity in sub-regions to pre-empt and manage particular forms of land and social conflict. The paper links current state-led resilience policy to the Cambodian government’s increasing interest in ensuring land for infrastructure connectivity as its national development plan in the context of regional economic integration.     

Measuring the impact of R&;D on Productivity from a Econometric Time Series Perspective

In this paper we argue that the standard sequential reduction approach to modelling dynamic relationships may be sub-optimal when long lag lengths are required and especially when the intermediate lags may be less important. A flexible model search approach is adopted using the insights of Bayesian Model probabilities, and new information criteria based on forecasting performance. This approach is facilitated by exploiting Genetic Algorithms. Using data on U.K. and U.S. agriculture the bivariate time series relationship between R&D expenditure and productivity is analysed. Long lags are found in the relationship between R&D expenditures and productivity in the U.K. and in the U.S. which remain undiscovered when using the orthodox approach. This finding is of particular importance in the debate on the optimal level of public R&D funding.JEL Classification: C22, C51, Q16     

RE‐EXAMINING THE IMPLICATIONS OF THE NEW CONSENSUS: ENDOGENOUS MONEY AND TAYLOR RULES IN A SIMPLE NEOCLASSICAL MACRO MODEL

This paper re‐examines the impact of endogenous money in a neoclassical model with interest‐sensitive expenditures. It first outlines a benchmark model with exogenous money and the usual full employment and money growth‐determined inflation results. It then replaces exogenous money with endogenous money, which is shown to generate model indeterminacy. Two methods of resolving this indeterminacy are then explored: money illusion and a Taylor rule for monetary policy, a key feature of new consensus models. The paper concludes that endogenous money has negative implications for the behaviour and interpretation of neoclassical and new consensus models.     

Patents, Thickets and the Financing of Early-Stage Firms: Evidence from the Software Industry

Legal changes in the patentability of software since the mid 1990s have resulted in a substantial increase in the number of patents on software inventions. We focus here on the impact of transactions costs associated with patent "thickets" on new entrants' interactions with the capital markets. Using data on the financing of entrants into 27 narrowly defined software markets, we show that start-up software companies operating in markets characterized by denser patent thickets saw their initial acquisition of VC funding delayed relative to firms in markets less affected by patents after the mid 1990s. The relationship between patent thickets and subsequent financing activity such as IPO or acquisition is more complex, but there is weak evidence that firms without patents became less likely to go public if they operated in a market characterized by patent thickets. Firms with patents are more likely to be funded or experience a liquidity event. However, the application for a patent appears to matter more than its grant.     

Steps to Space; opportunities for astrotourism

Recent years have seen the emergence of the astrotourist following the $20 million trip by Dennis Tito to the International Space Station (ISS) in 2001. Although this is the preserve of the hyper-elite, within the next decade it is likely that there will be more affordable opportunities on sub-orbital reusable vehicles pioneered by the Virgin group. This paper offers an overview of recent developments in the space tourism industry as a whole and offers definitions for the new sector of astrotourism. Drawing on motivational theory, the study examines the motivations and experiences that astrotourists have demonstrated through interviews reported through the media. However, parallels are demonstrated with the existing terrestrial space tourism industry, which has been largely ignored to date. Consequently the paper also examines the management of these sites and the challenges this niche presents. There is also evidence of a travel career being marketed by space tourism travel agents, dubbed by one interviewee as ‘steps to space’. This builds on potential tourists' existing aspirations for space experiences allied to these companies' credentials in adventure tourism. Whilst sharing parallels to the work of Pearce (1982), the focus of this career on one particular theme is of interest. This theoretical bridging is useful for observing tourism organisations at work, and furthermore uncovers the massive potential that developments in space tourism present for the tourism industry as a whole.