Profitability of incremental generic promotion of Australian dairy products

The motivation for this study rests on two factors. First, Australian dairy farmers spend around $20 million annually on generic promotion and estimates of the returns from this expenditure are required to facilitate efficient investment decisions. Second, while the Australian dairy industry has been highly regulated, there has been a substantial reduction in assistance over the past decade and farm‐gate milk prices were deregulated on 1 July 2000. The profit potential of promotion may vary with the degree of regulation, so past estimates of the returns from promotion may not hold in the competitive environment of the future. Hence, the aim of this study is to examine the effects of government intervention on the profitability for dairy farmers of incremental changes in generic dairy promotion expenditure using a perfectly competitive market as a reference point. Competitive market price and quantity outcomes for the Australian dairy industry are estimated. The impacts of increments in dairy product and competing product generic promotion expenditures on dairy farmers’ profits are assessed using equilibrium displacement modelling. Finally, graphical procedures are used to examine the effects of dairy industry regulation on the profitability of dairy promotion.     

生态可持续发展理论在澳洲城市建筑中应用

论文通过对澳大利亚2座最为优秀的绿色建筑的考察和比较,理清了当今先进的绿色建筑的一般发展策略和实践经验,即其核心关注的目标都是提升室内的环境质量并同时减少对外部环境的损害;其关键环节是建筑节能,还需要整合多项新技术、选用各种新材料,并将管理程序和人性化关怀相协调。上述成功案例的经验对我国绿色建筑的投资、规划、设计、建造和使用管理都会有一定的参考价值。     

The impact of mandatory IFRS reporting on institutional trading costs: Evidence from Australia

This study examines the impact of mandatory International Financial Reporting Standards (IFRS) on the market quality of the Australian Securities Exchange (ASX) 200 constituent stocks. Using traditional metrics that are consistent with prior literature (i.e., bid‐ask spreads), the first stage analysis confirms that stock liquidity has improved. However, when the analysis is extended to consider the trading costs incurred by market participants (i.e., execution shortfall), results suggest liquidity has not changed significantly. The paper utilizes rich unique datasets that contain detailed trade information, and findings are robust after controlling for trade difficulty and market conditions. In the era of High Frequency Trading (HFT) and occurrences of ‘fleeting’ liquidity, this paper provides some evidence that while IFRS may have enhanced ‘visible’ bid‐ask spreads, tangible liquidity for market participants, particularly global institutional investors, has not improved significantly.     

Forecasting the Australian economy with DSGE and BVAR models

Reflecting the importance of commodities for the Australian economy, we construct a dynamic stochastic general equilibrium (DSGE) model of the Australian economy with a commodity sector. We assess whether its forecasts can be improved by using it as a prior for an empirical Bayesian vector autoregression (BVAR). We find that the forecasts from the BVAR tend to be more accurate than those from the DSGE model. Nevertheless, for output growth these forecasts do not outperform benchmark models, such as a small open economy BVAR estimated using the standard priors for forecasting. A Bayesian factor augmented vector autoregression produces the most accurate near-term inflation forecasts.     

Visitor Books and Guest-generated Discourses of Hospitality: The Case of the Hanok

This study analyzes visitor book entries as cultural repositories of guest-generated hospitality discourses to understand how guests articulate/narrativize hospitality. Inquiry into visitor book entries offers insight into ways in which tourists render people and place intelligible. Utilizing textual analysis, this study examines discursive entries contained within visitor books displayed at a traditional South Korean hanok guesthouse/commercial home. The findings indicate that tourists' entries could be classified into three emergent categories: Structural Esthetics, Emotions/Affective State, and Inter-personal Engagement. Guests' entries indicated that there was an appreciation for the display of traditional architecture, which facilitated sentiments of relaxation, contentment, tranquility, and homeliness. The hanok is thus regarded as a therapeutic landscape in which positive emotions are nurtured. Guests' entries also showcased evidence of genuine and personalized exchanges with hosts. This study points to the need for further theorizations on the role of indigenous knowledge in informing the performance and reception of hospitality.     

澳大利亚法律在公司破产活动中进行的环境保护

如何在公司破产活动中进行环境保护是一个亟待解决的难题。澳大利亚利用相关法律从财产管理人、自愿管理人、清算人、破产从业人、特殊措施五方面具体规定出发恰到好处地实现了公司破产活动中环境保护之注重。它在立法理念、强化公司破产活动中当事人环保义务、增设特殊环境保护措施上给我国未来立法留下了较大启示价值。     

The People's Republic of China and the United States of America: Economy,Trade and Tourism

On 5 February 1999, His Excellency Li Zhaoxing, Chinese Ambassador to the United States, took part in an international forum at Florida Gulf Coast University, FortMyers, Florida. The purpose of the forum was to explore the opportunities and challenges facing business and government as we grow ever closer to a true global economy. This excerpt from the event focuses on the expanding relationship between the People's Republic of China and the United States, particularly as it relates to travel, tourism, and the current economic state of the People's Republic of China, and includes a discussion of the impact of technology on global relationships. Participants on the panel included Dr Howard Chan, formerly of Tsinghua University, Beijing; Mr Larry Simms of Gibson, Dunn & Crutcher; Dr Richard Pegnetter, Dean of FGCU College of Business; Mr Henry Clements, Jr, president of Clements Citrus Sales, Inc.; and Mr Mark Teagan of Enterprise Florida.     

The evolution of Australia's natural resource management programs: Towards improved targeting and evaluation of investments

This paper examines the evolution of Australia's natural resource management programs over the past two decades. The story is one of major paradigmatic shifts with implications for the design and operation of similar programs worldwide. Since 1983, Australian Governments have approved the National Soil Conservation Program, the National Landcare Program, the Natural Heritage Trust, the National Action Plan for Salinity and Water Quality and a new program called Caring for Our Country. These programs have seen a transition from the early days of attitude change to the creation of new regional institutions and direct payment systems for environmental stewardship. Despite these advances recent audit reports have mirrored those from the United States and the Europe. They identify problems of ineffective targeting, monitoring and evaluation of expenditure. This paper considers the efficiency and effectiveness of alternative program designs in Australia. Two major design improvements are suggested: (a) systems for linking expenditure to outcomes and (b) adopting standardised metrics for valuing outcomes. This will permit the application of benefit-cost and cost-effectiveness analysis and, ultimately, improved returns on investment.