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Seamer, Michael, and Adrian Melia. "Remunerating non-executive directors with stock options: who is ignoring the regulator?" Accounting Research Journal 28, no. 3 (November 2, 2015): 251–67. http://dx.doi.org/10.1108/arj-12-2013-0092.
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Purpose – This paper aims to investigate the incidence of remunerating Australian Securities Exchange (ASX)-listed non-executive directors (NEDs) with options and to determine whether companies that fail to adhere to NED remuneration recommendations share a common corporate governance profile. Despite corporate regulators condemning the practice of remunerating NEDs with stock options, there is a paucity of evidence regarding its prevalence in Australia. Design/methodology/approach – Focusing on ASX400 companies during 2008, a series of hypotheses relating NED stock option remuneration and corporate governance are tested using logistic regression. Findings – The study shows that the prevalence and quantum of NED option payments during 2008 was considerable with 73 of the ASX400 companies, including options in NED remuneration (option payers). Comparison of the corporate governance characteristics of option payers to that of a matched control group (non-option payers) highlighted both the existence and independence of the remuneration committee as critical in ensuring NED remuneration practices comply with regulator recommendations. Research limitations/implications – These results provide regulators and stakeholder groups with additional evidence to continue to call for corporate governance reforms to ensure that corporate remuneration practices are in the best interest of shareholders. Originality/value – This study is the first to highlight the extent to which Australian-listed company NED remuneration practices fail to comply with regulator recommendations and adds to the limited research on remuneration committee effectiveness.
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Brace, Alan, and Allan Hodgson. "INDEX FUTURES OPTIONS IN AUSTRALIA -AN EMPIRICAL FOCUS ON VOLATILITY." Accounting & Finance 31, no. 2 (November 1991): 13–30. http://dx.doi.org/10.1111/j.1467-629x.1991.tb00161.x.
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Boyd, Tristan, Philip Brown, and Alex Szimayer. "What determines early exercise of employee stock options in Australia?" Accounting & Finance 47, no. 2 (June 2007): 165–85. http://dx.doi.org/10.1111/j.1467-629x.2007.00211.x.
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Kudrna, George, Chung Tran, and Alan Woodland. "FACING DEMOGRAPHIC CHALLENGES: PENSION CUTS OR TAX HIKES?" Macroeconomic Dynamics 23, no. 2 (February 21, 2018): 625–73. http://dx.doi.org/10.1017/s1365100516001292.
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A challenge that faces many advanced economies is how to finance age-related spending programs as the population ages. In this paper, we investigate two policy options–pension cuts and tax hikes–to mitigate fiscal pressure arising in the special context of Australia, whose population is ageing fast while growing substantially in size due to immigration. Using a computable overlapping generations model, we find that while both policy reforms can achieve a similar fiscal goal, they lead to different distributional and welfare effects across income groups over time. Future generations prefer pension cuts, whereas current generations prefer tax hikes to finance government spending commitments. Moreover, within the tax hike option, taxing income or consumption results in opposing macroeconomic and welfare effects. Indeed, our opposing intra- and inter-temporal welfare outcomes highlight some political complexity when devising a more sustainable tax-transfer system.
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Mintah, Kwabena, David Higgins, and Judith Callanan. "A real option approach for the valuation of switching output flexibility in residential property investment." Journal of Financial Management of Property and Construction 23, no. 2 (August 6, 2018): 133–51. http://dx.doi.org/10.1108/jfmpc-05-2017-0017.
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Purpose Uncertainties in residential property investment performance require that real estate assets are designed in a flexible manner to respond to impacts of market dynamics. Though estimating the cost of flexibility is straightforward, assessing the economic value of flexibility is not. The purpose of this study is to explore the potential practical application of real option analysis to determine the economic value of a switching output flexibility embedded in a residential property investment in Australia. The study involves the exploration of an optimal strategy for investment in a residential development through real option analysis and valuation of a mixed use investment. Design/methodology/approach The real option valuation model developed by McDonald and Siegel (1986) is adopted for the evaluation because the switching output flexibility is likened to a perpetual American call option with dividend payout. Findings Through real option analysis, the economic value of switching output flexibility of the mixed use building was determined to be higher than the initial upfront costs. Moreover, a payoff of about $4million was determined to be the value of the switching output flexibility, therefore justifying upfront investments in flexibility as an uncertainty and risk management tool. Practical implications This application is an important demonstration of the practical use of options pricing techniques (real options analysis) and delivers further evidence needed to support the adoption of real option valuation in practice. Flexibility can also enhance risks and uncertainty management in residential property investment better than the adjustment of discount rates. Originality/value There is limited evidence on the use of real options techniques for the valuation of switching output flexibility in practice, and this comes as an original application; both the case study and data are all initial applications of switching flexibility in the Australian property market.
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Hobbes, Garry, Frewen Lam, and Geoffrey F. Loudon. "Regime Shifts in the Stock–Bond Relation in Australia." Review of Pacific Basin Financial Markets and Policies 10, no. 01 (March 2007): 81–99. http://dx.doi.org/10.1142/s0219091507000969.
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Previous evidence suggests that the implied volatility from equity index options, as a measure of stock market uncertainty, can provide "forward-looking information" about the stock–bond return correlation. This paper uses an alternative regime-switching autoregressive model to characterize state-dependent stock–bond return comovement and to evaluate the contribution of implied volatility in understanding transition dynamics. We confirm that implied volatility provides information about transition dynamics which is not inherent in the stock and bond returns, notwithstanding several different features of our data set and methodological approach.
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Christensen, Thomas E., Matthias Reuleaux, and Morten l. Hans Jakobsen. "Cape Town Convention and Qualifying Declarations: Analysis of Ratification Approach and Transaction Practice in Recent Contracting States (20152016)." Air and Space Law 42, Issue 4/5 (September 1, 2017): 403–21. http://dx.doi.org/10.54648/aila2017028.
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Between the beginning of 2015 and mid–2017, six countries with either existing or expected importance for the aircraft finance and leasing industry acceded to the Cape Town Convention (Australia, Denmark, Spain, Sweden, the UK and Vietnam). The Cape Town Convention offers acceding Contracting States a variety of options how to ratify and implement the treaty. This article attempts to analyse the approach taken by each respective ‘newcomer’, inter alia by reference to the ‘Cape Town Convention quality standard matrix’ developed by the OECD.
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Carlin, Tyrone M., and Guy Ford. "Empirical evidence on the use, size and cost of executive options schemes in Australia." Research in International Business and Finance 20, no. 3 (September 2006): 340–47. http://dx.doi.org/10.1016/j.ribaf.2005.08.002.
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Mikelionyte, M., and A. Lezgovko. "HOW FEMALE DIFFER IN DECISION MAKING FOR PERSONAL INVESTMENT STRATEGY." Financial and credit activity problems of theory and practice 5, no. 40 (November 8, 2021): 92–98. http://dx.doi.org/10.18371/fcaptp.v5i40.244902.
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Abstract. This study investigates Lithuanian females’ personal investment peculiarities in line with Australia’s case analysis and application as a good practice method. Based on many publicly available research females tend to have less knowledge about finances in general and particularly investment processes; hence, it leads to their lack of interest into investing and the possibility of poor money management. This issue might be solved by investigating why it appears first and adopting the practical example from countries with developed investment market. In the case of comparison of personal investment strategies among Lithuanian and Australian females the two sets of questionnaires have been used to collect the data for further analysis. The main findings revealed by the survey were, that women in Australia had a higher financial literacy level, invested more often, and chose broader variety of investment instruments compared to Lithuanian females. Moreover, the significant discovery of the article disclosed that Lithuanian females chose not to invest due to the lack of additional funds and the shortage of financial knowledge. The main limitation occurred during the research was the lack of the available data on personal investment topic in Lithuania’s official statistic sources such as The Lithuanian Department of Statistics. The results of the research contribute towards improving Lithuanian female personal finance and investment areas and could be applied to further studies or used for the education program dedicated to financial literacy among women in Lithuania creation. Furthermore, this article creates an original value to personal finance, investment, and financial literacy areas in Lithuania by introducing an idea to not only conduct more studies in these fields, but also to use comparative analysis and good practice method from the countries that demonstrates high achievements in personal finance and gender equality areas. Keywords: personal investment management, female investment, financial literacy, investor’s profile, investing, investment options, investment strategies. JEL Classification G51, G53 Formulas: 1; fig.: 5; tabl.: 1; bibl.: 15.
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Čirjevskis, Andrejs. "Measuring Collaborative Synergies with Advanced Real Options: MNEs’ Sequential Acquisitions of International Ventures." Journal of Risk and Financial Management 16, no. 1 (December 26, 2022): 11. http://dx.doi.org/10.3390/jrfm16010011.
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This paper aims to extend the real options theory valuing strategic collaborative synergies by advanced real options with changing volatility and contributes to the international business literature on MNEs’ sequential acquisitions of international ventures. The proposition is that collaborative synergies can be valued with advanced real options with changing volatility when an MNE is pursuing the sequential acquisition of an international venture and the MNE’s stock volatility is changing at the time of deciding on a full takeover. The paper discusses how recombining and non-recombining lattices with constant and changing volatilities can be employed to value the collaborative synergies of sequential international acquisitions. The theoretical proposition has been justified with the explanatory case study: Natura Cosméticos S.A.’s (Brazil) sequential acquisition of the Aesop brand (Australia). In conclusion, the paper discusses its findings, contributions, limitations, and future work.
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BROWN, JEFFREY, STEVEN HABERMAN, MOSHE MILEVSKY, and MIKE ORSZAG. "Overview of the Issue." Journal of Pension Economics and Finance 4, no. 3 (October 6, 2005): 1–2. http://dx.doi.org/10.1017/s1474747205002167.
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This issue features two original research articles, three issues & policy articles and a book review section. The lead article is by Geoffrey Kingston and Susan Thorp (University of New South Wales, Australia) and addresses the issue of Annuitization and asset allocation with HARA utility. One of the puzzles in retirement economics is why individuals do not choose to purchase annuities and Kingston and Thorp explore in detail a real options model in which individual preferences obey the broad class of hyperbolic absolute risk aversion utility. The theory of Real Options argues that people might want to delay annuitisation at relatively younger ages because the price of life annuities might improve and annuitisation is irreversible. However, Kingston and Thorp show that the implications of a Real Options approach varies across individuals considerably. For example, when individuals have a desired consumption floor as opposed to CRRA preferences, they are more likely to want to purchase annuities earlier than later. It would be interesting to see empirical tests done in this area to test the relatively new Real Options theory as it applies to irreversible personal financial decisions, such as annuitization.
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Mintah, Kwabena. "International Real Estate Review." International Real Estate Review 21, no. 4 (December 31, 2018): 473–520. http://dx.doi.org/10.53383/100270.
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Studies have demonstrated the potential of real options analysis (ROA) in property development decision-making. However, practitioners have yet to accept, adopt and integrate ROA in property development decision-making in Australia. This paper therefore investigates how Australian residential property developers manage uncertainties and risks, examines flexibility as a risk management tool, and evaluates the receptiveness and acceptance of ROA for decision making. Data are collected through face-to-face semi-structured interviews with twelve participants, and analysed by using thematic analysis. The results indicate that a discount rate is insufficient for managing uncertainties and risks; rather, contingency is used. Receptiveness and acceptance of the RO theory are mixed due to lack of unanimity among responses. Some participants are positive about flexibility, while others are dismissive. Beyond quantitative ROA models, the findings suggest that practitioners are receptive to ROA, but concerns remain over adoption. Flexibility cases executed by some participants in practice indicate that practitioners are subconsciously using ROA. Therefore, it is possible that acceptance and adoption could be achieved in the future. Evidence of the use of contingency as a risk management tool challenges the long-held notions of risk-return relationships in property development and investment. This is initial evidence of qualitative research on ROA in practice within Australian property developments.
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Alsaedi, Yasir, Gurudeo Anand Tularam, and Victor Wong. "ASSESSING THE EFFECTS OF SOLAR AND WIND PRICES ON THE AUSTRALIA ELECTRICITY SPOT AND OPTIONS MARKETS USING A VECTOR AUTOREGRESSION ANALYSIS." International Journal of Energy Economics and Policy 10, no. 1 (January 1, 2020): 120–33. http://dx.doi.org/10.32479/ijeep.8567.
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Lee, Frances M., Rafael Gaszynski, and Neil Merrett. "Recurrent hydatid disease, a case report and literature review." International Surgery Journal 9, no. 1 (December 28, 2021): 194. http://dx.doi.org/10.18203/2349-2902.isj20215156.
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Hydatid disease (HD) remains endemic in Australia, with estimated incidence highest in rural and indigenous populations. Its recurrence is defined by new active cysts arising after appropriate therapy, and affects anywhere between 2-25% of total cases. Available treatment options include surgical resection, percutaneous drainage, and chemotherapy. Interestingly, their individual contributions to long-term minimisation of recurrence are scarcely described in the literature. We present a unique case of a 27-year-old female with recurrent hepatic HD requiring repeat operations and long-term chemotherapy. Prevention and treatment of recurrent HD requires careful evaluation of a multitude of factors, including disease characteristics, patient attributes, physician expertise and availability of resources. Consistent long-term follow up is required to better ascertain the long-term efficacy of reported treatment modalities for preventing recurrence. Despite a growing body of research looking at treatment of HD, there remains a considerable amount of controversy regarding most effective approach for minimising and preventing its recurrence.
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Prabowo, Hendi Yogi, Kathie Cooper, Jaka Sriyana, and Muhammad Syamsudin. "De-normalizing corruption in the Indonesian public sector through behavioral re-engineering." Journal of Financial Crime 24, no. 4 (October 2, 2017): 552–73. http://dx.doi.org/10.1108/jfc-10-2015-0057.
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Purpose Based on the authors’ study, the purpose of this paper is to ascertain the best approach to mitigate corruption in the Indonesian public sector. To do so, the paper uses three behavioral perspectives: the Schemata Theory, the Corruption Normalization Theory and the Moral Development Theory. Design/methodology/approach This paper is part of the authors’ study to examine corruption patterns in Indonesia in the past 10 years through examination of reports from various institutions as well as other relevant documents addresses corruption-related issues to explore various options for mitigating corruption through behavioral re-engineering. For the purpose of gaining various perspectives on anti-corruption measures, this study also uses expert interviews and focus group discussions with relevant experts in Indonesia and Australia on various corruption-related issues. Findings The authors establish that despite the fall of the New Order regime nearly two decades ago, corruption remains entrenched within the post-Suharto Governments. The normalized corruption in Indonesia is a legacy of the New Order regime that shaped societal, organizational and individual schemata in Indonesia. The patrimonial style of leadership in particular within the regional governments resulted in increasing rent-seeking activities within the decentralized system. The leadership style is also believed to have been supporting the normalization of corruption within the public sector since the New Order era. The three-decade-old systematic normalization of corruption in the Indonesian public sector can only be changed by means of long and systematic de-normalization initiatives. To design the best intervention measures, decision makers must first identify multiple factors that constitute the three normalization pillars: institutionalization, rationalization and normalization. Measures such as periodical reviews of operational procedures, appointment of leaders with sound morality, anti-corruption education programs, administering “cultural shocks”, just to name a few, can be part of multifaceted strategies to bring down the normalization pillars. Research limitations/implications The discussion on the options for de-normalization of corruption in Indonesia is focused on corruption within the Indonesian public institutions by interviewing anti-fraud professionals and scholars. A better formulation of strategic approaches can be developed by means of interviews with incarcerated corruption offenders from the Indonesian public institutions. Practical implications This paper contributes to the development of corruption eradication strategy by suggesting options for de-normalizing corruption in the Indonesian public sector so that resources can be allocated more effectively and efficiently to mitigate the problem. Originality/value This paper highlights the importance of behavior-oriented approaches in mitigating corruption in the Indonesian public sector.
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Helsinger, Abigail, Oksana Dikhtyar, Phyllis Cummins, and Nytasia Hicks. "Domestic and International Perspectives on Financing Adult Education and Training." Innovation in Aging 5, Supplement_1 (December 1, 2021): 387. http://dx.doi.org/10.1093/geroni/igab046.1509.
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Abstract Adult education and training (AET) over the life-course is necessary to participate in economic, social, and political activities in the time of globalization and technological advancement. However, little research has been done to identify mechanisms to fund AET opportunities among middle-aged and older adults from a comparative international perspective. Our study aimed to identify strategies to finance AET opportunities for middle-aged and older adults through an international lens, to help identify barriers and facilitators in effort to best support adult learners regardless of education background or socioeconomic characteristics. We carried out a descriptive qualitative study to facilitate an in-depth understanding of funding mechanisms available to adult learners in the selected countries, from the perspective of adult education and policy experts. Data were collected using semi-structured interviews with 61 international adult education experts from government agencies, non-governmental organizations, and education institutions. Our informants represented 10 countries including Australia, Canada, Germany, Italy, the Netherlands, Norway, Singapore, Sweden, the United Kingdom, and the United States. Data included at least one in-depth phone or web-based qualitative interview per informant in addition to information gathered from written materials (e.g., peer-reviewed publications and organizational reports). We identified three financing options that arose as themes: government-sponsored funding; employer-sponsored funding; and self-funding. We found that government-sponsored funding is especially important for low-skilled, low-income older adults for whom employer-sponsored or self-funding is not available. Our results have implications for lifelong AET policy changes, such as adaptations of successful AET funding programs across global communities.
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Sharp, Timothy, Steven Li, and David Allen. "Empirical performance of affine option pricing models: evidence from the Australian index options market." Applied Financial Economics 20, no. 6 (March 2010): 501–14. http://dx.doi.org/10.1080/09603100903459824.
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Abdollahi, Hooman. "An Adaptive Neuro-Based Fuzzy Inference System (ANFIS) for the Prediction of Option Price." International Journal of Applied Metaheuristic Computing 11, no. 2 (April 2020): 99–117. http://dx.doi.org/10.4018/ijamc.2020040105.
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Option price prediction has been an important issue in the finance literature within recent years. Affected by numerous factors, option price forecasting remains a challenging problem. In this study, a novel hybrid model for forecasting option price consisting of parametric and non-parametric methods is presented. This method is composed of three stages. First, the conventional option pricing methods such as Binomial Tree, Monte Carlo, and Finite Difference are used to primarily calculate the option prices. Next, the author employs an Adaptive Neuro-Fuzzy Inference System (ANFIS) in which the parameters are trained with particle swarm optimization to minimize the prediction errors associated with parametric methods. To select the best input data for the ANFIS structure, which has high mutual information associated with the future option price, the proposed method uses an entropy approach. Experimental examples with data from the Australian options market demonstrate the effectivity of the proposed hybrid model in enhancing the prediction accuracy compared to another method.
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Flint, Anthony, Andrew Lepone, and Jin Young Yang. "Do Option Strategy Traders Have a Disadvantage? Evidence from the Australian Options Market." Journal of Futures Markets 34, no. 9 (July 22, 2013): 838–52. http://dx.doi.org/10.1002/fut.21634.
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Easton, Steve, and Richard Gerlach. "Modelling exchange-traded barrier options traded in the Australian options market." Accounting & Finance 47, no. 1 (March 2007): 109–22. http://dx.doi.org/10.1111/j.1467-629x.2006.00198.x.
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Niblock, Scott J., and Elisabeth Sinnewe. "Are covered calls the right option for Australian investors?" Studies in Economics and Finance 35, no. 2 (June 4, 2018): 222–43. http://dx.doi.org/10.1108/sef-07-2016-0164.
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Purpose The purpose of this paper is to examine whether superior risk-adjusted returns can be generated using monthly covered call option strategies in large capitalized Australian equity portfolios and across varying market volatility conditions. Design/methodology/approach The authors construct monthly in-the-money (ITM) and out-of-the-money (OTM) S&P/ASX 20 covered call portfolios from 2010 to 2015 and use standard and alternative performance measures. An assessment of variable levels of market volatility on risk-adjusted return performance is also carried out using the spread between implied and realized volatility indexes. Findings The results of this paper show that covered call writing produces similar nominal returns at lower risk when compared against the standalone buy-and-hold portfolio. Both standard and alternative performance measures (with the exception of the upside potential ratio) demonstrate that covered call portfolios produce superior risk-adjusted returns, particularly when written deeper OTM. The 36-month rolling regressions also reveal that deeper OTM portfolios deliver greater risk-adjusted returns in the majority of the sub-periods investigated. This paper also establishes that volatility spread variation may be a driver of performance for covered call writing in Australia. Originality/value The authors suggest that deeper OTM covered call strategies based on large capitalized portfolios create value for investors/fund managers in the Australian stock market and can be executed in volatile market conditions. Such strategies are particularly useful for those seeking market neutral asset allocation and less risk exposure in volatile market environments.
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Simshauser, Paul, Leonard Smith, Patrick Whish-Wilson, and Tim Nelson. "Foreign aid via 3-Party Covenant Financings of capital-intensive infrastructure." Journal of Financial Economic Policy 8, no. 2 (May 3, 2016): 183–211. http://dx.doi.org/10.1108/jfep-11-2015-0067.
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Purpose The purpose of this article is to analyse electricity supply in the Solomon Islands face extraordinarily expensive electricity tariffs – currently set at 96 c/kWh – making them amongst the highest in the world. Power is supplied by a fleet of diesel generators reliant on imported liquid fuels. In this article, the authors model the 14,100 kW power system on the island of Guadalcanal and demonstrate that by investing in a combination of hydroelectric and solar photovoltaic generating capacity, power system costs and reliability can be improved marginally. However, when the authors model a 3-Party Covenant (3PC) Financing structure involving a credit wrap by the Commonwealth of Australia, electricity production costs fall by 50 per cent, thus resulting in meaningful increases in consumer welfare. Design/methodology/approach This study’s approach uses an integrated levelised cost of electricity model and dynamic partial equilibrium power system model. Doing so enables the authors to quickly analyse the rich blend of fixed, variable and sunk costs of generating technology options. The authors also focus on the cost of capital that is likely to be achieved under various policy settings. Findings The authors find that a 3PC Financing policy can substantially reduce the production costs associated with capital-intensive power projects in an unrated sovereign nation. Such a policy and associated prescriptions are not specific to the Solomon Islands or power generation. The conceptual framework and associated financial logic that underpins the initiative can be generalised to other “user pays” infrastructure projects and to other developing nations. The broad applicability of 3PC financing means that it is not country specific, project specific or asset class specific. Research Limitations/implications It is important to note that the analysis in this paper has a number of limitations in that the authors do not deal with rural electrification or distribution network costs. The focus of this paper is to identify policy interventions that are capable of making profound changes to the cost and the reliability of wholesale electricity production. Originality/value The focus of this paper is to identify a policy intervention capable of making profound changes to the cost and the reliability of wholesale electricity production. While there is nothing novel associated with a 3PC Financing per se, the authors are unaware of its direct use as a form of delivering foreign aid. A 3PC Financing has the effect of shifting the source of aid funding from fiscal account surplus/deficit (i.e. cash outlays) to balance sheet (i.e. credit wrap). However, this is not a “magic pudding” – 3PC Financing creates an asset-backed contingent liability and will have the effect of reducing the donor country’s own debt capacity by a commensurate amount, holding the nation’s credit rating constant.
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Phang, Grace, and Rob Brown. "Rational early exercise of call options: Australian evidence." Accounting & Finance 51, no. 3 (September 14, 2010): 732–44. http://dx.doi.org/10.1111/j.1467-629x.2010.00370.x.
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Bertin, William J., Paul Fowler, David Michayluk, and Laurie Prather. "An analysis of Australian exchange traded options and warrants." Journal of Economics and Finance 34, no. 2 (July 26, 2008): 150–72. http://dx.doi.org/10.1007/s12197-008-9052-4.
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Knox, Angela. "Unmasking re-regulation in the luxury hotel sector." Journal of Management & Organization 13, no. 2 (June 2007): 175–90. http://dx.doi.org/10.1017/s1833367200003849.
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AbstractThe pursuit of regulatory reform in order to enhance organisational flexibility and efficiency appears to be ongoing in Australia. This is particularly salient in the service sector, where competition is strong and operating hours are often extended. In responding to these issues, government has sought to provide both employers and employees with additional regulatory options to better suit their individual needs; thereby offering what might be termed ‘regulatory choice’. While employers, on average, have engaged in these alternate forms of agreement making, those within the hospitality industry have been less enthusiastic about bargaining outside of the award system. The reasons for their reluctance have not been examined in depth, however. This paper therefore seeks to analyse the factors underpinning employers' bargaining decisions in order to develop a greater understanding of regulatory choice in Australian service sector firms. In doing so, the analysis focuses on employers' bargaining arrangements in the Australian luxury hotel sector. The findings indicate that regulatory choice is influenced by four primary factors: business/human resource management strategy; workplace characteristics; finances and perceived risk; and administrative issues. Contrary to the government's endeavours to enhance flexibility, some employers ‘choice’ of employment regulation was restricted. Regulatory choice appears to be significantly more complex than anticipated.
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Knox, Angela. "Unmasking re-regulation in the luxury hotel sector." Journal of Management & Organization 13, no. 2 (June 2007): 175–90. http://dx.doi.org/10.5172/jmo.2007.13.2.175.
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AbstractThe pursuit of regulatory reform in order to enhance organisational flexibility and efficiency appears to be ongoing in Australia. This is particularly salient in the service sector, where competition is strong and operating hours are often extended. In responding to these issues, government has sought to provide both employers and employees with additional regulatory options to better suit their individual needs; thereby offering what might be termed ‘regulatory choice’. While employers, on average, have engaged in these alternate forms of agreement making, those within the hospitality industry have been less enthusiastic about bargaining outside of the award system. The reasons for their reluctance have not been examined in depth, however. This paper therefore seeks to analyse the factors underpinning employers' bargaining decisions in order to develop a greater understanding of regulatory choice in Australian service sector firms. In doing so, the analysis focuses on employers' bargaining arrangements in the Australian luxury hotel sector. The findings indicate that regulatory choice is influenced by four primary factors: business/human resource management strategy; workplace characteristics; finances and perceived risk; and administrative issues. Contrary to the government's endeavours to enhance flexibility, some employers ‘choice’ of employment regulation was restricted. Regulatory choice appears to be significantly more complex than anticipated.
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Colwell, David, Thomas Henker, John Ho, and Kingsley Fong. "Real Options Valuation of Australian Gold Mines and Mining Companies." Journal of Alternative Investments 6, no. 1 (June 30, 2003): 23–38. http://dx.doi.org/10.3905/jai.2003.319080.
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Alpert, Karen, and Warren James Knight. "Effects of taxation for option writers: an Australian perspective." Accounting & Finance 47, no. 1 (March 2007): 23–45. http://dx.doi.org/10.1111/j.1467-629x.2007.00210.x.
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Zou, Liping, Lawrence C. Rose, and John F. Pinfold. "Intra-night trading behaviour of Australian treasury-bond futures overnight options." International Review of Financial Analysis 15, no. 4-5 (January 2006): 415–33. http://dx.doi.org/10.1016/j.irfa.2006.02.002.
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Basu, Anup K., and Michael E. Drew. "The appropriateness of default investment options in defined contribution plans: Australian evidence." Pacific-Basin Finance Journal 18, no. 3 (June 2010): 290–305. http://dx.doi.org/10.1016/j.pacfin.2010.02.001.
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Duwicquet, V., E. M. Mouhoud, and J. Oudinet. "International migration by 2030: impact of immigration policies scenarios on growth and employment." Foresight 16, no. 2 (April 8, 2014): 142–64. http://dx.doi.org/10.1108/fs-06-2012-0045.
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Purpose – The aim of this paper is to estimate the dynamic of international migration between the different regions of the world for 2030 and to measure the impact of different kind of migration policies on the economic and social evolution. Design/methodology/approach – The change and migration forecasting are estimated for regions of the world using macroeconomic Cambridge Alphametrics Model. Findings – The crisis and its aggravation thus clearly favour scenarios of immigration policy along the “zero migration” or “constant migration”. These choices of migration policies reinforce the deflationary process resulting in reduced opportunities for renewed growth in industrial areas and are not offset by the dynamism of growth in emerging countries. Paradoxically, the developed countries which are most durably affected by the crisis are also those that have ageing population and are in high need of skilled and unskilled labor. Practical implications – Three options are possible: one going along the depressive process by espousing restrictive immigration policies that remain expensive. The second involves a highly selective immigration policy. Under these conditions the demographic revival already appearing would be reinforced by a rejuvenation of the population brought about by a more open immigration policy. Political and institutional factors play a fundamental role in the emergence of this optimistic assumption and the rise of isolationism in Europe and the ghettoization of suburban areas can hinder the application of such a policy of openness to migration. The third scenario, the mass migration scenario, allows letting go of the growth related constraints and getting out of the deflationist spiral. This pro-active approach could cause public opinions to change in line with public interest. This scenario of mass migration has more of a chance to see the light under a growth hypothesis. However, restrictive policies weaken the prospects of sustainable recovery causing a vicious cycle that can only be broken by pro-active policies or by irresistible shocks. Originality/value – From specific estimations, four immigration regimes have been built that cut across the major regions of the model: the “core skill replacement migration regime” based on selective policies using migration to fill high-skilled labor needs (United Kingdom, West and Northern Europe, Canada, Australia, and USA), “mass immigration and replacement” applies to South Europe, East Asia High Income, and part of West Asia (Gulf countries), “big fast-growing emerging regions of future mass immigration,” notably China, India and “South-South migration” based on forced migration much of it by climate change, which may likely occur in South Asia, part of West Asia, and, most of Africa (without South Africa). Migrations in transit countries (Central America to USA, and East Europe to UK and West Europe) are based on low skilled migrants in labor-intensive sectors.
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Aharoni, Gil, Tuan Q. Ho, and Qi Zeng. "Testing the growth option theory: the profitability of enhanced momentum strategies in Australia." Accounting & Finance 52, no. 2 (February 9, 2011): 267–90. http://dx.doi.org/10.1111/j.1467-629x.2011.00401.x.
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Le, Thi, Ariful Hoque, and Kamrul Hassan. "An Open Innovation Intraday Implied Volatility for Pricing Australian Dollar Options." Journal of Open Innovation: Technology, Market, and Complexity 7, no. 1 (January 9, 2021): 23. http://dx.doi.org/10.3390/joitmc7010023.
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This study introduces the intraday implied volatility (IV) for pricing the Australian dollar (AUD) options. The IV is estimated using the at-the-money one-month, two-month, and three-month maturity AUD options traded in the opening, midday, and closing period of a trading day. The Mincer-Zarnowitz regression test evaluates the predictive power of IV to forecast the foreign exchange volatility for the within-week, one-week, and one-month horizon. The mean absolute error, mean squared error, and root mean squared error measures are employed to assess the performance of IV in estimating the price of currency options for the within-week, one-week, and one-month horizon. This study reveals four critical findings. First, a three-month maturity IV does not contain vital information for pricing options. Second, IV incorporated information is not relevant to compute the value of options for a horizon of less than a week. Third, IV in the closing period of Monday or Tuesday subsumes most of the essential information to estimate options price. Fourth, the shorter (longer) maturity IV provides critical information to price options for the shorter (longer) horizon. The intraday IV is a new dimension of unobservable volatility in accurately pricing currency options for researchers and practitioners.
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Hutchinson, Marion. "An Analysis of the Association Between Firm Risk, Executive Share Options and Accounting Performance: Some Australian Evidence." Review of Accounting and Finance 2, no. 3 (March 2003): 48–71. http://dx.doi.org/10.1108/eb027012.
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Segara, Lydia, and Reuben Sagara. "Intraday trading patterns in the equity warrants and equity options markets: Australian evidence." Australasian Accounting, Business and Finance Journal 1, no. 2 (2007): 42–60. http://dx.doi.org/10.14453/aabfj.v1i2.5.
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Kelly, Simone. "The market premium for the option to close: evidence from Australian gold mining firms." Accounting & Finance 57, no. 2 (December 21, 2015): 511–31. http://dx.doi.org/10.1111/acfi.12181.
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Carney, Terry. "Judging the Competence of Older People: An Alternative?" Ageing and Society 15, no. 4 (December 1995): 515–34. http://dx.doi.org/10.1017/s0144686x00002889.
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AbstractOnly a minority of adults of all age groups experience difficulty with their finances and affairs, due to the combined effect of their diminished competence and their social circumstances in placing them at risk, from themselves, or from family, friends or others (well-meaning or otherwise). If unable to manage independently or with informal assistance, formal intervention (guardianship) may be required. Neither the traditional formality of courts, nor the tests and clinical processes of medicine are well equipped to judge this in the abstract. Informal (family) models have their place but they (and other options) pose ethical difficulties. A more practical approach is that taken by Australia's multi-disciplinary panels.
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O'Neill, Cas. "Support in Kith and Kin Care: The Experience of Carers." Children Australia 36, no. 2 (June 1, 2011): 88–99. http://dx.doi.org/10.1375/jcas.36.2.88.
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As a home-based care option for children at risk of significant harm, kinship care placements are steadily increasing in Australia as they are in other western countries. This article describes a qualitative research study undertaken with 65 kin (relative) and kith (nonrelative) carers in Victoria in the years 2004–2007. The aims of the research were to explore the lived experience of carers and to understand their support needs. The findings distinguish similarities and differences between the experience of formal and informal grandparent carers, non-grandparent relative carers and nonrelative carers. The article discusses the role of caregiving for the different groups, family relationships, finances (having enough money, as well as having too little), relationships with government agencies, respite and peer support.
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Bian, Chao, Christopher Gan, Zhaohua Li, and Baiding Hu. "CEO pay-risk sensitivity, firm policies, and 2009 Australian tax reforms." International Journal of Managerial Finance 14, no. 1 (February 5, 2018): 54–77. http://dx.doi.org/10.1108/ijmf-05-2016-0103.
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Purpose The purpose of this paper is to examine the effects of chief executive officer (CEO) vega on firm policies in the Australian share market based on a panel data set drawn from the 137 Australian public firms for the period 2003-2012. Design/methodology/approach To allow mutual causation between our variables, the authors use the two-stage least squares estimation method, controlling for firm fixed effects. The authors use the difference-in-differences model to test whether the 2009 Australian tax reforms may discourage high-vega CEOs to take value-enhancing risks. Findings The authors find the evidence that vega induces CEOs to adopt the riskier financial policy in the Australian capital market. This evidence is further supported by the negative association between vega and firm conservative activities including cash and hedging policies. Further, the result shows that the 2009 tax reforms reduce the CEOs’ willingness to engage in risky financial policy. This finding implies that regulators may restore the 2009 reforms’ “deferred tax point” back to its pre-2009 form. Originality/value Based on the study’s results, firms should grant CEOs more out-of-the money options with a longer time to expiration to offset the 2009 tax reforms’ negative impact on the CEO’s incentive to take value-enhancing risks.
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Vitelli, J. S., and J. L. Pitt. "Assessment of current weed control methods relevant to the management of the biodiversity of Australian rangelands." Rangeland Journal 28, no. 1 (2006): 37. http://dx.doi.org/10.1071/rj06016.
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The Australian rangelands contain extensive and often dense populations of a wide variety of weed species. An array of techniques is available for effectively controlling many of these. To achieve long-term weed control, weeds should be targeted objectively and the dependence on the use of single treatments such as herbicides and machinery reduced, with greater adoption of integrated methods. The combination of methods will differ if the primary objective within the rangelands is to restore and maintain biodiversity or to improve forage production for domestic and native animals. Revegetation of sites and exclusion of herbivores from weed treated areas is important in establishing species that will compete with invasive weeds. Due to rangelands being sparsely populated, the necessary equipment, skills and finances to use appropriate control options on extensive weed infestations are often lacking, with landholders requiring the assistance of local, state and federal authorities to assist in managing weeds.
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Boschee, Pam. "Comments: The Stakes Grow Higher in Defining Green Energy." Journal of Petroleum Technology 74, no. 03 (March 1, 2022): 8–9. http://dx.doi.org/10.2118/0322-0008-jpt.
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Not so long ago, defining green energy was generally straightforward: renewables. It may not have been quite that simple, but the development of agreed-upon definitions based on science has become much more complex and contentious, even within the past year. It’s not just a highbrow debate about semantics. The standardization of criteria or a widely accepted taxonomy is critical as the focus increases on not only greenwashing, but on the actual processes and technologies enabling what were thought of as at least “greener” energy. The hammering out of definitions is needed to keep the energy transition moving forward globally. This scrutiny affects the options for companies seeking alternatives in carbon markets where the price of permits for emitting a tonne of CO2 is escalating. In early February, the price of CO2 permits in the EU reached a record high above 96 Euros ($109)/tonne CO2. Reuters reported that the carbon price has risen more than 200% since the start of 2021, partly due to high natural gas prices and the switch made to coal by some power generators. This resulted in higher emissions and increased the demand for permits. In January, the EU Platform on Sustainable Finance, comprising members from utilities, banks, nongovernmental organizations, and corporations, rejected the EU Commission’s draft sustainable finance rules which proposed labeling nuclear power and natural gas as green transition fuels. Nuclear projects permitted until 2045 were to be classified as green, but only if countries can safely dispose of the radioactive waste. Gas was to be included until 2030 with emissions thresholds specified. The EU Platform concluded that even if a gas plant stays under the emissions threshold, it “is not green at any point in its life.” Nuclear energy was acknowledged as already being part of the transitioning energy system and having near to zero greenhouse-gas emissions, but it would not meet the taxonomy’s requirement to “do not significant harm” to the environment because of the toxic waste that cannot be recycled or reused. The EU Commission’s taxonomy will be sent to the European Parliament and Council for review. Blue hydrogen was questioned as a transition fuel by a peer-reviewed study published in August 2021 in Energy Science & Engineering by coauthors from Cornell and Stanford universities. They wrote, “Far from being low-carbon, greenhouse-gas emissions from the production of blue hydrogen are quite high, particularly due to the release of fugitive methane. … Perhaps surprisingly, the greenhouse-gas footprint of blue hydrogen is more than 20% greater than burning natural gas or coal for heat and some 60% greater than burning diesel oil for heat, again with our default assumptions.” They added, “Our analysis assumes that captured carbon dioxide can be stored indefinitely, an optimistic and unproven assumption. Even if true though, the use of blue hydrogen appears difficult to justify on climate grounds.” In a study published last month in the Proceedings of the National Academy of Sciences, researchers at the University of Wisconsin-Madison combined econometric analyses, land use observations, and biophysical models to estimate the realized effects of the US Environmental Protection Agency’s Renewable Fuel Standard (RFS) mandate to partially replace petroleum-based fuels with biofuels. They found that the RFS increased corn prices by 30% and the prices of other crops by 20%, which, in turn, expanded US corn cultivation by 8.7% and total cropland by 2.4% in the years following the policy’s enactment (2008 to 2016). “These changes increased annual nationwide fertilizer use by 3 to 8%, increased water-quality degradants by 3 to 5%, and caused enough domestic land use change emissions such that the carbon intensity of corn ethanol produced under the RFS is no less than gasoline and likely at least 24% higher. These tradeoffs must be weighed alongside the benefits of biofuels as decision makers consider the future of renewable energy policies and the potential for fuels like corn ethanol to meet climate mitigation goals.” The move toward energy transition has been pivotal for our industry and many others. It could be argued that no country, business, or individual will remain unaffected by the changes in progress and yet to come. “Transition” is defined as “the process or a period of changing from one state or condition to another.” And this process will take time, effort, technology, buy-in, scientific study and verification … and consensus, which may be the most challenging piece of all. A significant announcement demonstrating the application and acceptance of a scientific taxonomy was Santos Ltd.’s recent booking of 100 million metric tons of CO2 storage capacity in the Cooper Basin in South Australia. The company believes it represents the industry’s first-ever booking to be made under SPE’s CO2 Storage Resource Management System.
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Li, Steven, and Qianqian Yang. "The relationship between implied and realized volatility: evidence from the Australian stock index option market." Review of Quantitative Finance and Accounting 32, no. 4 (September 27, 2008): 405–19. http://dx.doi.org/10.1007/s11156-008-0099-2.
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Aries, Morgan, Gianfranco Giromini, and Gunter Meissner. "A Model for a Fair Exchange Rate." Review of Pacific Basin Financial Markets and Policies 09, no. 01 (March 2006): 51–66. http://dx.doi.org/10.1142/s0219091506000641.
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Financial markets have developed formulas and models to derive fair values for bonds, futures, swaps, options and other securities. This model derives a fair value of an exchange rate, which might be used as a benchmark for a long-term equilibrium level to stabilize currency markets. The model is based on the value-added tax adjusted purchasing power parity exchange rate. This rate is then modified by five components: the macro-economic component, the foreign currency reserve component, the debt component, the interest rate component, and the political stability/leadership component. With respect to the American dollar, the model shows that the Euro and the Japanese Yen are overvalued compared to its current exchange rate, while the Brazilian Real, the Russian Ruble, the Chinese Yuan and the Australian dollar are currently undervalued.
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Alsaedi, Yasir, Gurudeo Anand Tularam, and Victor Wong. "APPLICATION OF ARIMA MODELLING FOR THE FORECASTING OF SOLAR, WIND, SPOT AND OPTIONS ELECTRICITY PRICES: THE AUSTRALIAN NATIONAL ELECTRICITY MARKET." International Journal of Energy Economics and Policy 9, no. 4 (July 1, 2019): 263–72. http://dx.doi.org/10.32479/ijeep.7785.
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Sherwood, Rupert, and Marie Bismark. "The ageing surgeon: a qualitative study of expert opinions on assuring performance and supporting safe career transitions among older surgeons." BMJ Quality & Safety 29, no. 2 (July 30, 2019): 113–21. http://dx.doi.org/10.1136/bmjqs-2019-009596.
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BackgroundUnlike some other safety critical professions, there is no mandatory age of retirement for doctors, including surgeons. Medical regulators in Australia are implementing additional checks on doctors from the age of 70. We describe expert opinions on assuring performance and supporting career transitions among older surgeons.MethodsIn this qualitative study, experts in four countries were purposively selected for their expertise in surgical governance. Experts responded to interviews (Australia, New Zealand and UK) or a survey (Canada). A tiered framework of interventions was developed by integrating findings with previous literature and responsive regulation theory.Results52 experts participated. Participants valued the contribution of senior surgeons, while acknowledging that age-related changes can affect performance. Participants perceived that identity, relationships and finances influence retirement decisions. Experts were divided on the need for age-specific testing, with some favouring whole-of-career approaches to assuring safe care. A lack of validated tools for assessing performance of older surgeons was highlighted. Participants identified three options for addressing performance concerns—remediate, restrict or retire—and emphasised the need for co-ordinated and timely responses.ConclusionExperts perceive the need for a staged approach to assessing the performance of older surgeons and tailoring interventions. Most older surgeons are seen to make decisions around career transitions with self-awareness and concern for patient safety. Some older surgeons may benefit from additional guidance and support from employers and professional colleges. A few poorly performing older surgeons, who are recalcitrant or lack insight, require regulatory action to protect patient safety. Developing robust processes to assess performance, remediate deficits and adjust scopes of practice could help to support safe career transitions at any age.
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Duppati, Geeta, and Mengying Zhu. "Oil prices changes and volatility in sector stock returns: Evidence from Australia, New Zealand, China, Germany and Norway." Corporate Ownership and Control 13, no. 2 (2016): 351–70. http://dx.doi.org/10.22495/cocv13i2clp4.
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The paper examines the exposure of sectoral stock returns to oil price changes in Australia, China, Germany, New Zealand and Norway over the period 2000-2015 using weekly data drawn from DataStream. The issue of volatility has important implications for the theory of finance and as is well-known accurate volatility forecasts are important in a variety of settings including option and other derivatives pricing, portfolio and risk management (e.g. in the calculation of hedge ratios and Value-at-Risk measures), and trading strategies (David and Ruiz, 2009). This study adopts GARCH and EGARCH to understand the relationship between the returns and volatility. The findings using GARCH (EGARCH) models suggests that in the case of Germany eight (nine) out of ten sectors returns can be explained by the volatility of past oil price in Germany, while in the case of Australia, six (seven) out of ten sector returns are sensitive to the oil price changes with the exception of Industrials, Consumer Goods, Health care and Utilities. While in China and New Zealand five sectors are found sensitive to oil price changes and three sectors in Norway, namely Oil & Gas, Consumer Services and Financials. Secondly, this paper also investigated the exposure of the stock returns to oil price changes using market index data as a proxy using GARCH or EGARCH model. The results indicated that the stock returns are sensitive to the oil price changes and have leverage effects for all the five countries. Further, the findings also suggests that sector with more constituents is likely to have leverage effects and vice versa. The results have implications to market participants to make informed decisions about a better portfolio diversification for minimizing risk and adding value to the stocks.
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Cheung, Ka Shing, and Siu Kei Wong. "Entry and exit affordability of shared equity homeownership: an international comparison." International Journal of Housing Markets and Analysis 13, no. 5 (August 30, 2019): 737–52. http://dx.doi.org/10.1108/ijhma-06-2019-0059.
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Purpose Shared equity homeownership is a form of subsidised, resale-restricted housing through which lower-income households can sustain their affordability. This paper aims to distinguish two types of affordability within shared equity homeownership: “entry affordability” indicates how affordable subsidised housing is when a household first becomes a subsidised owner; while “exit affordability” means how affordable private housing is after a household has enjoyed subsidised homeownership for a period of time. Design/methodology/approach Using price-to-income ratios, this study compares the entry and exit affordability of shared equity homeownership programs in Australia, Mainland China, Hong Kong, Norway, the UK and the USA. Based on these international comparisons, this study generalises two distinct types of shared equity homeownership models, namely, the models of “share-to-buy” and “share forever”. A new model, “follow-as-you-go”, is further suggested to increase the elasticity of potential affordable housing supply by providing incentives for existing subsidised homeowners to move. Findings A key finding of this study is that while shared equity homeownership programs can improve entry affordability, homeowners’ exit affordability is weak when subsidised homeowners have to share their capital gain with the government. While many housing policy discussions around the world that support shared equity homeownership focus only on the improvement of entry affordability, these discussions usually ignore the importance of exit affordability. This study attempts to fill the void in the understanding of these two types of affordability. Originality/value Shared equity homeownership policy is not only about offering low-income households but also an affordable housing option. It is also about facilitating well-off subsidised homeowners to move up the housing ladder so that the affordable housing option can be freed up for others in need. In a word, it is not only entry affordability but also exit affordability that matters.
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Vines, David, Paul Gretton, and Anne Williamson. "Developing Trade." National Institute Economic Review 250 (November 2019): R22—R29. http://dx.doi.org/10.1177/002795011925000113.
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Executive SummaryThe UK faces no easy options in determining how to develop its approach to international trade post-Brexit. If it finally decides to leave the European Customs Union and Single Market, it faces the possibility either of simply crashing out of the EU without a deal; trying to form market-access agreements and Free Trade Areas (FTAs) with the EU and other countries; or unilaterally reducing tariffs and liberalising trade with all countries. Each course raises significant practical difficulties, and entails major disadvantages compared with staying in the Customs Union and Single Market.The economic costs of a ‘no-deal’ approach stand to be very large, including inevitable tariffs, obstruction of UK access to EU markets, physical disruption at borders, a damping of investment and the much-discussed problem of the Irish border. Assuming ‘no-deal’ does not happen, negotiating FTAs with other countries would be possible only after a lengthy transition period, as in the Withdrawal Agreement voted down in Parliament, and would depend on the shape of the ultimate post-Brexit trading relationship between the EU and the UK. The process would be difficult, costly, and protracted; would likely be concluded on disadvantageous terms; would be even harder to apply to trade in services; and would yield extremely small gains given the volume of UK non-EU trade that is already covered by FTAs. Finally, unilateral liberalisation, while ameliorating some of the drawbacks of the first two options, faces the same problems of loss of access to European markets and disruption to trade; and would entail severe economic pain with only very gradual gains.The UK needs to conduct a much more profound and considered debate on these issues before deciding to set aside the large benefits of membership of the Customs Union and Single Market for the significant difficulties and tenuous gains offered by the alternatives. Public debate on the economic effects of trade policy has so far lacked the detailed but necessary analysis of these questions. It seems essential to establish a national policy review institution, modelled on the Australian Productivity Commission, in order to stimulate such a debate.
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Prasad, Akhilesh, and Priti Bakhshi. "Role of the Global Volatility Indices in Predicting the Volatility Index of the Indian Economy." Risks 10, no. 12 (November 22, 2022): 223. http://dx.doi.org/10.3390/risks10120223.
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Movements in the volatility index of the Indian economy are influenced by global volatility indices (fear index). This study evaluates the influence of various global implied volatility indices in forecasting the day-to-day binary movements in the implied volatility index of India, denoted by the symbol ‘India VIX’. Historical daily data from 18 September, 2009, to 2 December, 2021, was acquired, and the target labels were created from changes in the India VIX. A set of classifiers, consisting of Logistic Regression, Random Forest and Extreme Gradient Boosting (XG Boost), were applied to rank the feature variables according to their importance. This study revealed that India’s VIX was impacted most by the previous day’s changes in the closing value of the US implied volatility indices, except for the Chicago Board Options Exchange (CBOE) Eurocurrency volatility index. Additionally, the Eurozone implied volatility index was also important. However, the implied volatility indices of Australian Hang Seng and Japan were the least important. This study’s outcomes help Indian traders in creating a watch list of important volatility indices.
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Smout, Kevin. "Oil and gas—winners and losers of the credit crunch." APPEA Journal 49, no. 2 (2009): 584. http://dx.doi.org/10.1071/aj08057.
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Since mid 2007, we have seen one of the biggest crises ever to hit the financial markets—the so-called credit crisis. Initially banks bore the brunt of the credit crisis, but the ramifications were far deeper, affecting consumer households as well as debt and equity reliant organisations. This presentation will discuss the specific impacts of the crisis for the oil and gas industry, including: the fact that it is not just a credit crunch, but also an equity crunch; the fact that the issues in raising debt capital—the cost is now well beyond the global earnings yield; the fact that investors are now seeking alternate, less risky and less complicated investment options; and the fact that investment funds are shifting from private equity funds to oil-financed sovereign wealth funds. The crisis has had varying impacts on the oil and gas industry. Organisations reliant on debt and equity funding and those operating in new or start-up ventures are under increased pressure and scrutiny. On the other hand, well positioned oil and gas organisations can take advantage of current and emerging opportunities, particularly in relation to alternate energy sources. In the future, financial prosperity will be with organisations that operate in countries with guaranteed supplies of oil and gas (e.g. Australia, Brazil, Russia, India and China). A future focus for the oil and gas industry will be for organisations to maintain very disciplined and robust financial-risk management systems in order to manage their liquidity and financial risks in this changed environment.