Showing papers in "Australian Journal of Management in 1983"
TL;DR: In this article, the investment performance of Australian superannuation funds and their managers over the period from January 1973 to June 1981 was analyzed. And the analysis indicated that both the funds and managers performed well.
Abstract: This paper analyses the investment performance of Australian superannuation funds and their managers over the period from January 1973 to June 1981. The analysis indicated that both the funds and t...
87 citations
TL;DR: In this paper, the proposed tax on economic rents earned from Australian resources investments is examined from the viewpoint of the economist's neutrality criterion, and it is shown that the effective incidence of the tax depends upon each project's risks, life and viability.
Abstract: The proposed tax on economic rents earned from Australian resources investments is examined from the viewpoint of the economist's neutrality criterion. Proposed by Garnaut and Clunies-Ross (1975, 1977), the Resources Rent Tax is alleged to be neutral in that it is alleged not to inhibit or distort investment behaviour. We show that the proposed tax effectively is a call option on the value created by every individual resources project. By adapting the Black-Scholes (1973) call option valuation formula, we then demonstrate that the effective incidence of the tax depends upon each project's risks, life and viability. Hence, under conditions of risk, the Resources Rent Tax fails the neutrality criterion.
62 citations
TL;DR: The authors provided evidence on the ability of the Black-Scholes model to price options traded on the Australian market and showed that the only variable in the model which is likely to be subject t...
Abstract: This paper provides evidence on the ability of the Black-Scholes model to price options traded on the Australian market. The only variable in the Black-Scholes model which is likely to be subject t...
28 citations
TL;DR: In this paper, the role of income and relative prices in determining the demand for four types of energy used in transport in Western Australia was measured using the Divisia-type indices of the volume and price of energy.
Abstract: This paper uses recent data to measure the role of income and relative prices in determining the demand for four types of energy used in transport in Western Australia. The method relies on the construction of Divisia-type indices of the volume and price of energy. The short-term own-price elasticities were found to be quite low with the highest (-0.13) for Motor Spirit. Short-term income elasticities were found to be higher and in the range 0.25 to 0.37.
17 citations
TL;DR: The cost functions of credit unions in N.W.S. are examined with a view to determining the existence of scale economies as mentioned in this paper, assuming the underlying production function is Cobb-Douglas, however significant cost advantages were obtained by those credit unions which had greater involvement with technology.
Abstract: The cost functions of Credit Unions in N.S.W. are examined with a view to determining the existence of scale economies. Cost functions were estimated on pooled data for 1979–1980 assuming the underlying production function is Cobb-Douglas. The study tentatively established nonexistence of scale economies, however significant cost advantages were obtained by those credit unions which had greater involvement with technology.
16 citations
TL;DR: The contemporary leadership theories of Fiedler (LPC Contingency Theory), House (Path Goal, Vroom and Yetton (Decision Making) and Graen (Vertical Dyad Linkage) are commonly viewed as divergent, if not competing.
Abstract: The contemporary leadership theories of Fiedler (LPC Contingency Theory), House (Path Goal, Vroom and Yetton (Decision Making) and Graen (Vertical Dyad Linkage) are commonly viewed as divergent, if not competing. The result is a fragmented leadership literature which contains little theoretical or empirical integration. The apparent diversity of these theories is substantially reduced and their common basic structures revealed if they are reconsidered in the context of a social influence-structure matrix, where social influence is the form or level of subordinate involvement in task matters, and social structure is the context in which managersubordinate interaction takes place.
8 citations
TL;DR: In this article, the Black-Scholes option pricing model was used to generate stock prices which are "implied" by the model, and a close correspondence was found between implied stock prices and actual stock prices.
Abstract: The Black-Scholes option pricing model (with approximate adjustments for dividends and exercise price changes) was used to generate stock prices which are “implied” by the model. If the stock market is efficient, these implied prices should not be capable of being used profitably by traders. This hypothesis is tested using prices established in the Australian Options Market and the Sydney Stock Exchange over the period February 1976 to December 1980. A close correspondence is found between implied stock prices and actual stock prices. Tests of the predictive power of the implied prices were unable to discover evidence of market inefficiency. However, a simulated trading strategy executed over one trading day and based on the largest discrepancies between actual and implied prices did meet with some success.
8 citations
TL;DR: The authors investigated the relationship between new macroeconomic information and weekly Australian equity returns and tested the joint hypothesis of market efficiency and constant equilibrium expected equity returns (or constant risk premium) for the 1978-1981 sample period.
Abstract: Utilising multivariate techniques the study investigates the relationship between new macroeconomic information and weekly Australian equity returns and tests the joint hypothesis of market efficiency and constant equilibrium expected equity returns (or constant risk premium). The joint hypothesis is strongly rejected for the 1978–1981 sample period. On the other hand, Australian equity returns are found to be significantly positively related to U.S. equity returns, growth of the monetary base, and the rate of change of the US$/A$ exchange rate.
8 citations
TL;DR: In this article, a random sample of 400 homes in Perth responded to a life style instrument and to a series of questions on radio listening patterns, and were clustered into a number of groups based upon their self reported listening frequencies of the radio stations in Perth.
Abstract: A random sample of 400 homes in Perth responded to a life style instrument and to a series of questions on radio listening patterns. Respondents were clustered into a number of groups based upon their self reported listening frequencies of the radio stations in Perth. Multiple discriminant analysis was used to determine whether these groups were significantly different in terms of their life styles and demographic characteristics. Unlike previous research in this area relating to television viewing, the implications of the present study suggest that media targeting via radio stations is a feasible strategy for the marketing manager in Perth.
5 citations
TL;DR: In this paper, the authors examined the distribution of security returns over a sixteen-year period and found that the distributions of security return were stationary over all the periods of the period.
Abstract: Population parameters in the distributions of security returns are examined for stationarity. Mean returns are found to be stationary over a sixteen year period. Variances, beta coefficients and covariances between pairs of securities can be taken as stationary in five year periods but not for sixteen years.
2 citations
TL;DR: The authors found that students who took the option of repeating a course examination in a university physics course held more favorable attitudes towards the course than those who did not, and that the performance of such students was significantly better on the second or retest examination than it was on the first or initial examination.
Abstract: Golden, Fuller and Jensen (1974) found that students who took the option of repeating a course examination in a university physics course held more favourable attitudes towards the course than those who did not. In addition, these investigators found that the performance of such students was significantly better on the second or retest examination than it was on the first or initial examination. In contrast, Parke, Schemerhorn and Shirland (1981) found that the performance and attitudes of students exercising a retest option in an organizational behaviour undergraduate course did not differ significantly from those of students not allowed this option. They concluded that this result 'casts doubt on the values of repeatable testing as a pedagogical device'.
TL;DR: This article used survey and participant-observer data gathered from the sales forces of 19 organizations to determine whether a simultaneous change at both levels of the job and the control system is viable.
Abstract: The job characteristics theory of work motivation claims to provide a basis for redesigning jobs which are narrow in scope and low in motivating potential. This can involve changes in both the job and the control system. The present study uses survey and participant-observer data gathered from the sales forces of 19 organisations to determine whether a simultaneous change at both levels is viable. The results suggest that, while the job characteristics model provides a clear strategy for change, organisations are unlikely to realise the full motivational impact of job enrichment unless the control system is congruent with the job redesign.
TL;DR: In this paper, the authors examined the cost structure of loans obtained by means of a commercial bill and developed a method for calculating the true cost of borrowing, expressed as a nominal rate of interest per annum which duly takes into account all relevant borrowing costs, that is, all those costs which are the direct consequence of having taken out the loan.
Abstract: In this paper we examine the cost structure of loans obtained by means of a commercial bill and develop a method for calculating the true cost of borrowing. This true cost is expressed as a nominal rate of interest per annum which duly takes into account all relevant borrowing costs, that is, all those costs which are the direct consequence of having taken out the loan. The analysis deals with the common case of renewing the loan (‘rolling over the bill’) for a second period, and the general case where (n–1) renewals are effected is also described.