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This paper surveys the writings of Peter Lloyd, one of Australia's best-known economists, who has been elected Distinguished Fellow of the Economic Society of Australia. It notes the importance of his work, mostly done jointly with Herbert Grubel, on intra-industry trade, and his extensive contributions to trade theory. In addition there have been many papers on the global trading system and regionalism, and on the Australian and New Zealand economies. It describes his approach to economics and his many professional activities. [ABSTRACT FROM AUTHOR]

Australian directors who incur debts while their companies are insolvent can be pursued by the corporate regulator for compensation when their companies fail. Under the Australian insolvent trading laws, directors no longer experience 'true' limited liability, and as expected, they adjust their behaviour as a result. Identifying director's rational behaviour in an insolvent trading world is difficult as there are no formal economic models of director decision‐making under Australian current corporate law. In this paper, we develop such a model primarily for private companies. We incorporate the threat of insolvent trading as well as director's tactical use of voluntary administration to avoid insolvent trading litigation. We show that neither a combination of insolvent trading or voluntary administration can simultaneously ensure creditors‐best outcomes, eliminate insolvent trading and reduce director underinvestment. [ABSTRACT FROM AUTHOR]

This paper examines two arguments presented in Gray and Hall (2006). First, that the generally used estimate of 0.06 for the market risk premium within the Officer version of the capital asset pricing model (CAPM) and the generally used estimate of 0.50 for the parameter ‘gamma’ within the Officer framework are jointly inconsistent with evidence concerning the market risk premium in the standard version of the CAPM. Second, that the first two of these parameter estimates are also jointly inconsistent with the observed cash dividend yield on the Australian market. To resolve these problems, Gray and Hall recommend setting gamma to zero. The present paper shows that the first argument does not account for the fact that imputation induces a reduction in the market risk premium as defined in the standard version of the CAPM. The present paper also shows that both arguments identify a problem that characterizes only parts of the Officer framework, and these parts are not generally used in Australia. Therefore, rather than suggesting that gamma should be zero, Gray and Hall's analysis identifies parts of the Officer framework that should be avoided. [ABSTRACT FROM AUTHOR]

The paper investigates the key insights of European Union (EU) member states agri-food export and import structures and main competitors in the internal and global agri-food markets in terms of geographical distributions and product coverage. The focus is on four agri-food product groups in global trade: fruit and vegetable products, grain products, meat products, and dairy products. The identification of the major competitors in internal EU markets and major EU competitors in global agri-food trade by calculating revealed comparative advantage indices show considerable differences by products and product groups, but in general the major competitors of the EU member states in the analysed global agri-food markets were particularly overseas countries such as the United States of America, Canada, Argentina, New Zealand, and Australia. [ABSTRACT FROM AUTHOR]

Computer-Assisted Argument Mapping (CAAM) is a new way of understanding arguments. While still embryonic in its development and application, CAAM is being used increasingly as a training and development tool in the professions and government. Inroads are also being made in its application within education. CAAM claims to be helpful in an educational context, as a tool for students in responding to assessment tasks. However, to date there is little evidence from students that this is the case. This paper outlines the use of CAAM as an educational tool within an Economics and Commerce Faculty in a major Australian research university. Evaluation results are provided from students from a CAAM pilot within an upper-level Economics subject. Results indicate promising support for the use of CAAM and its potential for transferability within the disciplines. If shown to be valuable with further studies, CAAM could be included in capstone subjects, allowing computer technology to be utilised in the service of generic skill development. [ABSTRACT FROM AUTHOR]

We have previously documented an inconsistency between the dividend yield implied by the Officer (1994) model with standard Australian regulatory parameters and actual dividend yields of Australian companies. We have shown that, within the Officer framework, this inconsistency can be resolved by setting the assumed value of franking credits (γ) to zero, consistent with the practice of Australian firms and independent valuation experts. Truong and Partington (2008) and Lally (2008) recognize this same inconsistency and propose alternate ways of resolving it. In this paper, we demonstrate that these proposals are outside the Officer framework. The standard set of regulatory parameters cannot be resolved with observed dividend yields within the Officer framework. Whichever method is used to resolve the inconsistency, the effect will be an increase in the estimated after-tax cost of equity. [ABSTRACT FROM AUTHOR]

This paper considers the effects of tariff cuts in the intermediate inputs market Traditional trade theories predict that upstream industries would contract and downstream industries would expand. In contrast, new trade theories show that trade liberalisation of the intermediate inputs market may expand both upstream and downstream industries. [ABSTRACT FROM AUTHOR]

Risk is everywhere and part of every operation. Therefore, today, risk management is becoming critical part of the organizations' long term goals. Capabilities to managing diverse risks are considered important attributes that differentiate a successful business from others. To acquire such capabilities, firms are increasingly pursuing multiple risk management strategies. Although significant work has been done in the area of supply chain risk management, the research lacks a unified framework exploring relationship between risk perception, risk management, collaboration and firm performance. We further highlight that the agri-food industry plays a critical role in many countries through the provision of employment, income and contribution to economic development. However, this industry is largely untapped in the extant literature of supply chain risk management. The current paper attempts to bridge these gaps in the existing literature. The analysis is based on a pilot test comprising five semi-structured interviews with the managers of firms at different nodes within the Australian citrus supply chain. The findings suggest that the firms are highly vulnerable to various risks due to perishable nature of products, uncertain weather conditions, changing consumer preferences and stringent and rapidly changing food safety regulations. Based on the results of study and insights from the existing literature, we propose a conceptual framework to examine the relationship between perceived risks, risk management and firm performance. Our framework also examines the moderating role of collaboration in managing risks and improving firm performance in a supply chain. The framework is underpinned by the key assumptions of contingency theory and relational view. This paper provides theoretical contributions by integrating and extending contingency theory and relational view from organizational studies into supply chain network perspective. The findings of the paper also enhance managers' understanding of divergent risks and appropriate risk management measures to mitigate them. Specifically, this paper emphasizes for a strong vertical and horizontal collaboration among the firms within the supply chain. This paper contributes to the extant literature in the field of supply chain risk management as well as agri-food supply chains by investigating the risks faced in supply chains and how they determine the risk management strategies undertaken by firms to maintain or enhance performance. The paper adopts holistic approach, as opposed to the many past studies which focus on either supply side risks or demand side risks. In doing so, this paper extends the unit of analysis from dyadic to a network perspective. [ABSTRACT FROM AUTHOR]

The article focuses on the proposal about consumer guarantees in Australia. The proposal aims to improve consumer well-being through consumer empowerment and protection which encourages effective competition between consumers and suppliers in the market. Member of Parliament Dr. Craig Emerson released an Issues Paper on behalf of the Commonwealth Consumer Affairs Advisory Council (CCAAC), which is in in-charge on the review of the consumer law. The paper examined the adequacy of the existing laws on implied terms and the need for amendments if any. The adoption of Consumer Guarantees Act (CGA) of New Zealand (NZ) will provide greater certainty and clarity of the proposal.

interorganizational systems (lOS) play a critical role in today's e-commerce environment. These systems are introduced by different organizations following different adoption processes. Existing literature on IOS adoption, however, does not explain the variations in the lOS adoption processes initiated by different organizations. A theory of IOS adoption known as IOS Motivation Model (IMM) has recently been developed by the authors that explains the differences in IOS adoption processes in terms of differences in organizations' adoption motivations for any given lOS project. This paper reports an application of the model in the Australian automotive industry. The findings provide support for the model and are useful for IT managers. [ABSTRACT FROM AUTHOR]

This paper presents the pattern and determinants of intra-industry trade (IIT) in Australian manufacturing since the late 1970s. The results point to a sharp rise in IIT from the mid 1980s which appears to be linked with an outward- oriented policy. Industry-level analysis indicates that industries which experienced a sharp fall in protection are the industries with the higher levels of IIT. These include textiles, garments, rubber products, and machinery and equipment. An increasing trend in IIT suggests that the short-term adjustment costs associated with trade liberalization are likely to be lower, and that liberalization can proceed without huge short-term adjustment costs. Using a logit model the determinants of IIT are investigated. Results indicate that IIT is positively related to product differentiation and scale economies, and negatively related to the levels of protection and foreign ownership in the preliberalisation period. In the post-liberalization period, however, scale economies explain the inter-industry variations in IIT. R&D intensity and close economic integration appear to have no impact on IIT regardless of the nature of the policy regime. [ABSTRACT FROM AUTHOR]

Examines industry-specific hypotheses of the determinants of intra-industry trade in the context of Australia-Great Britain trade. Horizontal and vertical intra-industry trade (IIT) models; High incidence of IIT in technology-intensive industries; Scope for two-way exchanges of quality-differentiated products trade.

This paper assesses the value of Australia's trade preferences for developing countries (ASTP) from the Australian-ASEAN perspective. The methodology adopted is a modified version of Burtt's (1977) due to the selective coverage of the scheme. The evidence seems to indicate the inefficiency of the preferences in substantially increasing Australia's imports of those preferential items (products covered by the scheme) from the ASEAN countries, and thus, raises the issue of whether or not the present scheme should be further modified to accommodate the aspirations of the developing countries. [ABSTRACT FROM AUTHOR]

Business, management, workers and governments are responding to global imperatives. These imperatives include marketing The origins of global marketing lie in exporting Presents and analyses data relating to small businesses in Australia which currently export or which plan to export. Thirty-five per cent of small businesses which consider it feasible to export have no plans to do so. The reasons for this export rejection are analysed Other critical factors such as motivation to export; source of expert advice; and problems experienced with developing export markets are also reported and analysed. Provides recommendations as to how to increase the participation rate of small business in the growing global economy. [ABSTRACT FROM AUTHOR]

Studies trade and welfare Australia, an example of a natural resource-rich country. Trade patterns; Linkage of Australia's trading and technological strengths to its natural resources; Contribution of open-economy endogenous growth theory; Issues in the formation of policies.

The article reports on developments related to economics. Professor Ken Wallis retired from the editorial board of "The Economic Record" effective in the December 2005 issue of the periodical. The prize for the best paper was awarded at the Australian Conference of Economists in Melbourne. The Economic Society of Australia is inviting participants to the 35th Australian Conference of Economists at Curtin University of Technology. There will be keynote lectures, special sessions with invited speakers and contributed paper sessions.

To paraphrase a current Australian advertising campaign, "What's marketing like Down Under?" In many and some surprising ways, it is like marketing in the United States. Language, legal and political systems, a high and rising standard of living, and particularly an enthusiasm for things American, make Australia worth serious consideration in the hunt for overseas markets. Easy to enter, the market has proved worth-while for many American firms--but there are some pitfalls and some limitations, as this article shows. [ABSTRACT FROM AUTHOR]

Consumer protection statutes in both Australia and New Zealand impose obligations on people who are in trade. Courts have consistently interpreted the 'in trade' limitation as excluding private transactions. In New Zealand, a statutory provision operative since 2014 requires all sellers 'in trade' who transact over the internet to make it clear to consumers that they are a 'vendor in trade'. This helps consumers buying online to assess whether or not they are protected by consumer legislation. This article explores the emerging interpretation difficulties presented by the private seller exclusion in an age of online selling where the distinction between a commercial seller and a private seller is not always clear. The article considers whether there are good reasons, both in terms of policy and as a matter of statutory interpretation, to abandon the idea that private transactions are not 'in trade' and, therefore, not subject to consumer protection legislation. If the private seller exclusion is not abandoned, it is argued that there is an urgent need to update consumer legislation to clarify when sellers cross the line from being a seller entering a private transaction to being a person acting 'in trade'. Recommendations are made for the development of new statutory guidelines and definitions. [ABSTRACT FROM AUTHOR]

Background: People released from prison are at increased risk of death. However, no country has established a system for routine monitoring of mortality in this population. The aims of this study were to (a) evaluate a system for routine monitoring of deaths after release from prison in Australia and (b) estimate the number of deaths annually within 28 and 365 days of prison release from 2000 to 2013. Methods: Persons released from prison and deaths were identified in records held by Centrelink, Australia’s national provider of unemployment benefits. Estimates generated in this manner were compared with those from a study that probabilistically linked correctional records with the National Death Index (NDI), for each calendar year 2000 to 2007. Using Centrelink data, national estimates of mortality within 28 and 365 days of release were produced for each calendar year 2000 to 2013. Findings: Compared with estimates based on linkage with the NDI, the estimated crude mortality rate based on Centrelink records was on average 52% lower for deaths within 28 days of release and 24% lower for deaths within 365 days of release. Nationally, over the period 2000 to 2013, we identified an average of 32 deaths per year within 28 days of release and 188 deaths per year within 365 days of release. The crude mortality rate for deaths within both 28 and 365 days of release increased over this time. Conclusions: Using routinely collected unemployment benefits data we detected the majority of deaths in people recently released from prison in Australia. These data may be sufficient for routine monitoring purposes and it may be possible to adopt a similar approach in other countries. Routine surveillance of mortality in ex-prisoners serves to highlight their extreme vulnerability and provides a basis for evaluating policy reforms designed to reduce preventable deaths. [ABSTRACT FROM AUTHOR]

Examines the role of small and medium-sized enterprises (SME) in commercializing innovations. Processes addressed by the technopreneurship strategic business model; Challenges facing Australia's business market; Potential advantages of Australia in international markets; Business developments in Asian countries.

Examines the determinants of aggregate foreign direct investments (FDI) inflows into Australia from 1985 to 1994. Importance of FDI to the economy; Categories of theories explaining FDI; Deterioration in the explanatory performance of the estimated model; Relationship between FDI inflows and interest rates.

Prior to the collapse of key export markets in Asia in late 1997, the impressive growth in exports of Australian value-added manufactured goods in the past decade has been one of the bright spots in Australia's international trade performance. Although much of the export growth may be attributed to the broad structural reforms taken towards liberalizing the Australian economy, it also corresponds with the implementation of a selection of export-oriented policy instruments known as export concession schemes. In general, export concessions are economic policy instruments designed to induce firms to expand their export sales of Australian value-added manufactured goods by rewarding exporters with an allowance to import, tariff and sales tax free, goods which are eligible under the conditions of the different schemes.

Abstract: While conjecture surrounds attitudes toward countertrade, there are few studies reporting on empirical inquiries. Attitudes to and perceptions of various dimensions of countertrade are reported for Australian firms anti some comparisons are drawn from similar studies conducted in the UK and Canada. Generally, attitudes toward countertrade of those Australian managers who were surveyed, which include both countertraders and noncountertraders, art, positive. This is the first empirical study of international countertrade of its type conducted in Australia. It follows in the tradition of studies conducted in the UK and Canada and it broadens international understanding of this form of exchange, which has long been practised in Europe, but not in Australia. [ABSTRACT FROM AUTHOR]

This article presents information on the Australian mining industry. In January 1908, a circular letter from W.H. Corbould, managing director of the Lloyd Copper Co. Ltd. in New South Wales, advised Australia's major metalliferous mining companies to increase the price of mining explosives by 25 percent for 1908. This particular letter was seen as the first concrete evidence that the companies had received of the existence in Australia of the High Explosive Trade Association (HETA). The blasting explosives covered by the HETA were those based on the commercial use of nitroglycerine or blasting oil. It is informed that the Noble's Explosives Co. Ltd., Glasgow, had been the driving force behind the establishment of the HETA. The Anglo-German combine, Nobel's of Glasgow, along with Dynamit AG, Hamburg, was established in 1886 and registered in England with a capital of &pound 2 million. This joint venture was established to consolidate the dynamite business and eliminate competition. In the context of Noble's struggle to eliminate competition from the Australian market, the invitation to the Cape Explosives Works Ltd. was seen as a declaration of war by the major Australian mining companies.

The article briefly traces the history' of the breaking down of barriers to trade in goods between Australia and New Zealand, and draws some conclusions from this experience on factors conducive to liberalization of trade in services. The protocol extending the Closer Economic Relations (CER) agreement to services is discussed, as is the New Zealand proposal for the incorporation of services in GATT in a manner likely to lead to progressive liberalization. The implications for ASEAN and other developing countries are considered. [ABSTRACT FROM AUTHOR]

The article presents information on the report of the Australian Financial System Inquiry, which was established in May 1996, under the chairmanship of Stan Wallis, in relation to balancing regulation and the evolution of the markets. The Wallis Report is in many respects a path-breaking document which will have a major positive impact on the evolution of a more efficient financial system in Australia. This achievement will follow directly from the Report endorsing and facilitating the institutional structures and evolutionary path being dictated by current market trends. It would be surprising, however, if a Report of this type, produced in this time frame, did not show some signs of the multiple personality disorder that is commonly associated with numerous authors and divergent views. In the case of the Wallis Report, problems of this type are most starkly displayed by its conservative stance on the relative roles of market discipline and regulation in providing efficiency. The single most important aspect of the Report is its explicit embrace of the competitive and regulatory implications of a single financial services marketplace.

The article presents information on the report of the Australian Financial System Inquiry, which was established in May 1996, under the chairmanship of Stan Wallis, in relation to functionality and the nature of banking. The Wallis Committee of Inquiry into the Financial System faced the unenviable task of investigating and delivering recommendations for restructuring the supervision of the Australian financial system within a time frame of less than one year. The task was unenviable because of the complexity of the issues involved, the absence of a generally accepted analytical framework for analysing financial system design, strong vested interests, and the ongoing pace of change in the financial system. In these circumstances, any report is unlikely to find favour with all observers and will attract criticism in abundance. In this article, the authors focus upon some perceived weaknesses in the Wallis Report which, they argue, arise from the lack of a clearly defined analytical framework and use of incompletely defined concepts. Among the issues we identify as inadequately resolved are many of long standing in the analysis of financial systems including the question of whether banks are special, the determinants of the special characteristic of deposits, the sources of financial panics and bank runs, the special nature of the payments system, the measurement of output and cost of financial institutions, and the case for separating banking and commerce.