A Review Of Australia's Compulsory Superannuation Scheme After A Decade

The Australian superannuation system places trustees in the key role of managing superannuation assets and we subject the role of trustee to close scrutiny while identifying the very substantial principal-and-agent problems that exist in the industry. We consider two policy issues: member choice of fund and portability of accumulated balances in the light of how they would improve the ability of individual members to maximise retirement benefits and the efficiency of the system. We argue that the award superannuation scheme which requires, by conditions in industrial awards, contributions of three per cent of wage or salary of an employee continues along side the SG scheme is due for review.

TESTING THE INCOMPLETE ARBITRATE HYPOTHESIS: EVIDENCE FROM AUSTRALIAN WHOLESALE SUPERANNUATION FUNDS

This paper tests the efficiency of capital markets when information is costly to obtain by analysing the performance of Australian wholesale superannuation funds specialising in the management of domestic equity portfolios from 1991 through 1999. Using a fund regression approach, the paper finds evidence that is consistent with an incomplete arbitrage function, with investment managers generating returns sufficiently high to compensate them for the increased costs of active asset selection. Risk-adjusted returns in the Australian superannuation fund industry, net of management fees and expenses, are comparable to the returns from a passive asset selection policy.Superannuation funds, Australia

Disentangling the spatial substructure of Cygnus OB2 from Gaia DR2

© 2019 The Author(s) Published by Oxford University Press on behalf of the Royal Astronomical SocietyFor the first time, we have explored the spatial substructure of the Cygnus OB2 association using parallaxes from the recent second Gaia data release. We find significant line-of-sight substructure within the association, which we quantify using a parametrized model that reproduces the observed parallax distribution. This inference approach is necessary due to the non-linearity of the parallax distance transformation and the asymmetry of the resulting probability distribution. Using a Markov Chain Monte Carlo ensemble sampler and an unbinned maximum likelihood test, we identify two different stellar groups superposed on the association. We find the main Cygnus OB2 group at ∼1760 pc, further away than recent estimates have envisaged, and a foreground group at ∼1350 pc. We also calculate individual membership probabilities and identify outliers as possible non-members of the association.Peer reviewe

A Review Of Australia's Compulsory Superannuation Scheme After A Decade

The Australian superannuation system places trustees in the key role of managing superannuation assets and we subject the role of trustee to close scrutiny while identifying the very substantial principal-and-agent problems that exist in the industry. We consider two policy issues: member choice of fund and portability of accumulated balances in the light of how they would improve the ability of individual members to maximise retirement benefits and the efficiency of the system. We argue that the award superannuation scheme which requires, by conditions in industrial awards, contributions of three per cent of wage or salary of an employee continues along side the SG scheme is due for review

How should we interpret the two transport relaxation times in the cuprates ?

We observe that the appearance of two transport relaxation times in the various transport coefficients of cuprate metals may be understood in terms of scattering processes that discriminate between currents that are even, or odd under the charge conjugation operator. We develop a transport equation that illustrates these ideas and discuss its experimental and theoretical consequences.Comment: 19 pages, RevTeX with 8 postscript figures included. To appear in ``Non Fermi Liquid Physics'', J. Phys:Cond. Matt. (1997

On the role of the UV and X-ray radiation in driving a disk wind in X-ray binaries

X-ray heating of the photosphere of an accretion disk is a possible mechanism to produce strong, broad UV emission lines in low mass X-ray binaries (LMXBs). However, detailed photoionization calculations show that this mechanism fails to produce sufficient emission measure. We present the results of hydrodynamical calculations of the disk photosphere irradiated by strong X-rays. We attempt to determine whether LMXBs can harbor significant UV-driven disk winds despite the effects of X-ray ionization. Such winds would be a likely candidate for the site of emission of UV lines and may better explain the observations than the X-ray heated disk photosphere. We find that the local disk radiation cannot launch a wind from the disk because of strong ionizing radiation from the central object. Unphysically high X-ray opacities would be required to shield the UV emitting disk and allow the line force to drive a disk wind. However the same X-ray radiation that inhibits line driving heats the disk and can produce a hot bipolar wind or corona above the disk. To assess the impact of X-ray heating upon driving of a disk wind by the line force in any system with an accretion disk we derive analytic formulae. In particular, we compare results of line-driven disk wind models for accretion disks in LMXBs and active galactic nuclei. The latter show spectral features associated with a strong and fast disk wind. The key parameter determining the role of the line force is not merely the presence of the luminous UV zone in the disk and the presence of the X-rays, but also the distance of this UV zone from the center.Comment: LaTeX, 34 pages, contains color figures, to appear in Ap