Momentum profits in the Australian equity market: A matched firm approach

This paper examines momentum trading strategies within the Australian equity market over the period 1990 to 2007, inclusive. We analyse excess returns employing both Jegadeesh and Titman's (Jegadeesh, N., Titman, S., 1993. “Returns to buying winners and selling losers: implications for stock market efficiency”. The Journal of Finance, 48:65–91) zero cost investment portfolio approach and a matched control firm approach. We also allow for short sale restrictions, liquidity constraints and transaction costs in the form of bid-ask spreads. Testing reveals that both the Jegadeesh and Titman (Jegadeesh, N., and Titman, S. (1993). “Returns to buying winners and selling losers: implications for stock market efficiency”. The Journal of Finance, 48:65–91.) zero cost investment portfolio approach and the matched control firm approach yield excess profits. While the implementation of short sale restraints increases momentum profitability, the subsequent inclusion of bid-ask spreads results in a reduction in these gains. Further, we find that executing a momentum strategy in Australia results in statistically significant dollar profits.     

AN INVESTIGATION OF THE VALUE OF CROSS‐DOCKING FOR SUPPLY CHAIN MANAGEMENT

Cross‐docking is the practice of transferring materials from an incoming shipment directly to an outgoing shipment without storing them at the transfer point. This essentially eliminates the inventory‐holding function of a warehouse and can reduce supply chain costs. We investigate the value of one type of cross‐docking in a variety of supply chain environments.     

Business Ethical Values in China and the U.S.

The research presented in this paper focuses on business ethical values inChina, a country in which the process of institutional transformation has left cultural values in a state of flux. A survey was conducted in China and the U.S. by using five business scenarios. Survey results show similarities between the Chinese and American decision choices for three out of five scenarios. However, the results reveal significant differences in rationales, even forsimilar decisions. The implications of similarities and differences between the U.S. and Chinese samples are discussed.     

Residential renovation in the low income public housing sector: A case study in Merebank

Housing, an important research theme in development studies in recent years, is currently a central focus of concern in South Africa. Largely as a result of the inadequate supply of suitable housing the present trend among Indian households in the public sector in the Durban region is to renovate existing dwellings to suit their residential preferences and aspirations. This paper examines the nature of residential renovation in the public housing sector in order to identify and explain the processes that produce its occurrence, and to determine those factors which can be considered in policy formulation. The study was conducted in Merebank, a low income public housing scheme inhabited by Indians, and situated 15 km south of Durban. Changes in family size and composition, and a shortage of suitable housing, influenced the decision to renovate. The main concern was the addition of more space, especially bedrooms. Most of the renovations were undertaken on a self‐help basis, and financed from personal savings. Some of the problems experienced by renovators included: features of the original dwelling; building regulations; lack of loans; high interest rates; and shortage of materials. Access to finance, encouragement of self‐help improvement efforts, and flexibility in the design of low cost dwellings will help facilitate the residential renovation process.     

Removal of nitrogen in different wetland filter materials: use of stable nitrogen isotopes to determine factors controlling denitrification and DNRA.

Laboratory incubations with varying O2 and NO3 concentrations were performed with a range of filter materials used in constructed wetlands (CWs). The study included material sampled from functioning CWs as well as raw materials subjected to laboratory pre-incubation. 15N-tracer techniques were used to assess the rates of denitrification versus dissimilatory nitrate reduction to ammonium (DNRA), and the relative role of nitrification versus denitrification in producing N2O. The N2O/(N2 + N2O) product ratio was assessed for the different materials. Sand, shell sand, and peat sustained high rates of denitrification. Raw light-weight aggregates (LWA) had a very low rate, while in LWA sampled from a functioning CW, the rate was similar to the one found in the other materials. The N2O/(N2 + N2O) ratio was very low for sand, shell sand and LWA from functioning CWs, but very high for raw LWA. The ratio was intermediate but variable for peat. The N2O produced by nitrification accounted for a significant percentage of the N2O accumulated during the incubation, but was dependent on the initial oxygen concentration. DNRA was significant only for shell sand taken from a functioning CW, suggesting that the establishment of active DNRA is a slower process than the establishment of a denitrifying flora.     

Effluent standards for developing countries: combining the technology- and water quality-based approach.

It is a challenge for developing countries to realize socio-economical development without impairing water resources in an unacceptable way. A possible means for controlling water pollution is through defining, applying and enforcing effluent standards for wastewater discharges. However, in many developing countries the definition of effluent standards is still poor. They are either too stringent because they are based on standards from developed countries, or too relaxed and therefore they do not guarantee the safe intended uses of water. In order to define an approach for setting effluent standards that suits the needs and means of developing counties, water quality management practices in the USA, the EU, the New Independent States (NIS) and the Philippines were analyzed and compared. Four criteria (protection of the environment, technical viability, economic feasibility and institutional capacity requirements) were used to assess the suitability of these practices for developing countries. It is concluded that a combined approach that is based on best available technology not entailing excessive costs and environmental quality standards is the best way to define effluent standards that restrict water pollution against affordable costs.