Incorporation and Company Formation in Australasia, 1790–1860

Nearly 260 companies were founded in and for the Australasian colonies between 1790 and 1860. A quantitative survey suggests that the patterns of incorporation mainly reflected ‘functionalist’ economic factors rather than ‘autonomous’ legal conditions, though the changing nature of company law did influence the various forms that incorporation took. In some sectors, outside factors and even historical accidents also pushed patterns of incorporation along distinct lines. The result was a tradition of adapting legal powers of incorporation to local needs which persisted beyond the introduction of modern company acts to the region in the 1860s and therefore shaped the subsequent evolution of the company in Australia and New Zealand.     

Relative importance of scheduled macroeconomic news for stock market investors

This paper investigates the relative importance of scheduled U.S. macroeconomic news releases for stock valuation. The study focuses on 11 macroeconomic announcements selected on the basis of the previous literature and the Bureau of Labor Statistics classifications of major economic indicators. The paper shows that five out of the 11 announcements have significant influence on stock valuation. These are the Employment Report, NAPM (manufacturing), Producer Price Index, Import and Export Price Indices, and Employment Cost Index. Of these six announcements, the Employment Report and NAPM (manufacturing) exert the greatest influence. The time of the announcement, measured by days from the beginning of the month to the release day, has a moderating impact on the relationship between macroeconomic announcements and its importance.     

Investigating the failure to best respond in experimental games

Experimental Economics - We examine strategic sophistication using eight two-person 3?×?3 one-shot games. To facilitate strategic thinking, we design a ‘structured’...     

A dynamic panel analysis of urban metro demand

A dynamic panel model is used to estimate the effect that fares, income and quality of service have on demand for a sample of 22 urban metros. The estimated price elasticity is −0.05 in the short run and −0.33 in the long run. The estimated long run income elasticity is small but positive (0.18), indicating that metros are perceived as normal goods. The quality of service elasticities are positive and substantially higher than the absolute value of fare elasticities. The implication is that quality of service improvements, rather than fare reductions, may be more effective in increasing metro patronage.     

Exploring the relative influences of transport disadvantage and social exclusion on well-being

This paper explores the separate and combined effects of transport disadvantage and social exclusion on well-being using an empirical analysis of data from a travel and disadvantage survey in Victoria, Australia. Previous research explores the impact of transport on social exclusion but does not study the downstream impacts on well-being. To explore this relationship measures of subjective well-being are compared across four groups: (i) people who are neither transport disadvantaged nor socially excluded, (ii) transport disadvantaged only, (iii) socially excluded only and (iv) both transport disadvantaged and socially excluded. The paper explores which component aspects of social exclusion and transport disadvantage have the greatest impact on well-being and which social groups are most likely to face transport disadvantage and social exclusion together. The paper concludes with a commentary on how the findings might be used to better target policy interventions meant to improve well-being.