Australia's mandatory retirement saving policy : a view from the new millennium

Formal retirement income provision in Australia, can be traced back to occupational schemes first offered by banks, and state governments in the nineteenth century. However, the year 1909 marks the beginning of a national retirement income policy, with the introduction of means-tested age pension. Since then, retirement income provision has evolved into a multi-pillar arrangement comprising the Age Pension, occupational annuity, and other long term saving through property, shares, and managed funds. The 1990s saw the introduction of private mandatory retirement saving in the form of the"Superannuation Guarantee". With this introduction, Australia joined a growing group of countries which center their retirement income policy, on private mandatory retirement saving. This paper provides a succinct description of the current system along with an analysis of its strengths, and areas where improvement is still needed.Economic Theory&Research,Environmental Economics&Policies,Banks&Banking Reform,Business in Development,Business Environment

Too Much Risk to Insure? The Australian (non-) Market for Annuities

While retirement income products have become more important in Australia in recent years, the growth in these has been predominantly in phased withdrawal products which offer no longevity insurance. The life annuity market has virtually disappeared, exposing Australians to much greater uncertainty about their well-being in later life than is necessary. We suggest that both the private market and government intervention will need to be harnessed to address this issue, including better co-ordination across key policy agencies. While inaction will lead to a long term prospect of arbitrary and ill-considered government action to meet the realised uninsured outcome, there are signs of a collaborative effort to revitalize the market

Economic Rationality, Risk Presentation, and Retirement Portfolio Choice.

This research studies the propensity of individuals to violate implications of expected utility maximization in allocating retirement savings within a compulsory de- �ned contribution retirement plan. The paper develops the implications and describes the construction and administration of a discrete choice experiment to almost 1200 members of Australias mandatory retirement savings scheme. The experiment �nds overall rates of violation of roughly 25%, and substantial variation in rates, depend- ing on the presentation of investment risk and the characteristics of the participants. Presentations based on frequency of returns below or above a threshold generate more violations than do presentations based on the probability of returns below or above thresholds. Individuals with low numeracy skills, assessed as part of the ex-periment, are several times more likely to violate implications of the conventional expected utility model than those with high numeracy skills. Older individuals are substantially less likely to violate these restrictions, when risk is presented in terms of event frequency, than are younger individuals. The results pose significant questions for public policy, in particular compulsory de�ned contribution retirement schemes, where the future welfare of participants in these schemes depends on quantitative decision-making skills that a signi�cant number of them do not possess.discrete choice; retirement savings; investment risk; household finance; financial literacy

Men’s health – the impact of stroke

Stroke is a leading cause of adult death and the most common cause of complex disability in the UK. This article discusses the incidence and impact of stroke, focusing on a range of issues from a male perspective, including stroke prevention, psychological needs, sexuality and return to work. There are some gender differences in modifiable risk factors for stroke, and women have better knowledge of stroke symptomatology. For men, the development of post-stroke depression is associated with greater physical disability. (c) Sherborne Gibbs Limite

Bestsellers in the British book industry 1998-2005

Bestsellers in the British book industry 1998-200

Magma transfer processes at persistently active volcanoes: insights from gravity observations

Magma transfer processes at persistently active volcanoes are distinguished by the large magma flux required to sustain the prodigious quantities of heat and gas emitted at the surface. Although the resulting degassed magma has been conjectured to accumulate either deep within the volcanic edifice or in the upper levels of the sub-edifice system, no direct evidence for such active accumulation has been reported. Temporal gravity data are unique in being able to quantify mass changes and have been successfully used to model shallow magma movements on different temporal scales, but have not generally been applied to the investigation of postulated long-term accumulation of magma at greater spatial scales within volcanic systems. Here, we model the critical data acquisition parameters required to detect mass flux at volcanoes, we review existing data from a number of volcanoes that exemplify the measurement of shallow mass changes and present new data from Poas and Telica volcanoes. We show that if a substantial proportion of degassed magma lodges within the sub-edifice region, it would result in measurable annual to decadal gravity increases occurring over spatial scales of tens of kilometres and propose that existing microgravity data from Sakurajima and, possibly, Etna volcanoes could be interpreted in these terms. Furthermore, such repeat microgravity data could be used to determine whether the accumulation rate is in equilibrium with the rate of production of degassed magma as calculated from the surface gas flux and hence identify the build-up of gas-rich magma at depth that may be significant in terms of eruption potential. We also argue that large magma bodies, both molten and frozen, modelled beneath volcanoes from seismic and gravity data, could represent endogenous or cryptic intrusions of degassed magma based on order of magnitude calculations using present-day emission rates and typical volcano lifetimes

High Performance Human Resource Practices And Corporate Entrepreneurship: The Mediating Effect Of Middle Managers Knowledge Collecting And Donating Behaviour

This study develops a mediation model in which high-performance human resource practices affect corporate entrepreneurship through two dimensions of knowledge sharing: knowledge collecting and knowledge donating. In a sample of 292 middle managers from Malaysia, we find that high-performance human resource practices relate positively to corporate entrepreneurship, and this relation is mediated by knowledge sharing. The results suggest that the willingness of middle managers to engage in knowledge sharing serves as a partial mediator to attenuate this positive relationship. However, an interesting outcome from this study is that although high-performance human resource practices are positively related to the willingness of middle managers to collect and donate knowledge, only middle managers' willingness to donate knowledge was found to partially mediate the relationship between high-performance human resource practices and corporate entrepreneurship. We discuss the theoretical and managerial implications for human resource management research and practice

Exploring the abomasal lymph node transcriptome for genes associated with resistance to the sheep nematode Teladorsagia circumcincta

This study exploited Blackface lambs that varied in their resistance to the abomasal nematode parasite, Teladorsagia circumcincta. Infection of these lambs over 3 months identified susceptible (high adult worm count, high faecal egg count and low IgA antibody) and resistant animals that had excluded all parasites. Previous work had shown that susceptibility and resistance is dependent on the differential immune response to the parasite, which occurs within the abomasal (gastric) lymph node (ALN) that drains the site of infection. The Affymetrix ovine gene array was used to interrogate the transcriptome of the ALN to identify genes and physiological pathways associated with resistance. We used a bovine RT-qPCR array of 84 genes to validate the gene array, and also report digital gene expression analysis on the same tissues, reanalysed using the Oar v3.1 sheep genome assembly. These analyses identified Humoral Immune Response, Protein Synthesis, Inflammatory Response and Hematological System Development and Function as the two top-ranked networks associated with resistance. Central genes within these networks were IL4, IL5, IL13RA2 and in particular IL13, which confirmed that differential activation of Th2 polarized responses is critical to the resistance phenotype. Furthermore, in resistant sheep there was up-regulation of genes linked to control and suppression of inflammation. The identity of differentially-expressed chemokines and receptors in the resistant and susceptible sheep also begins to explain the cellular nature of the host response to infection. This work will greatly help in the identification of candidate genes as potential selectable markers of genetic resistance

Effect of market concentration and competition on the technical efficiency of commercial banks in Kenya

Paper presented at at the 11th Africa Finance Journal Conference, Durban, South Africa.Market structure as represented by market concentration and competition affects the technical efficiency of the banking industry. However, the direction of the relationship between market structure and technical efficiency is mixed given the existence of two opposing schools of thought, specifically the structure-conduct-performance paradigm and the efficient market hypothesis. The purpose of this research study is to determine which of these schools of thought holds in the Kenyan banking industry by studying the impact of bank competition and concentration on the technical efficiency of commercial banks in the country. The study uses interest revenue as a measure of technical efficiency while considering other factors such as bank specific risk and the macroeconomic factors. It seeks to answer the question whether a high market concentration and low market competition leads to excessively high interest revenue. The study is based on a panel dataset of the entire banking population in Kenya ranging from the years 2007-2012. It incorporates the Panzar-Rosse model to obtain the determinants of the interest revenue earned by banks and includes the Herfindahl index as one of the possible determinants. A fixed effects estimation method is employed to determine the significance of market concentration on bank interest revenue. The estimation method also gives rise to the H statistic- a key variable in the Panzar-Rosse model that serves as a measure of market competition. The results reveal that market concentration is not significant in determining the interest revenue earned by banks possibly as a result of the smaller focus that the Panzar-Rosse model directs to the effects of market concentration as represented by the Herfindahl index. They also reveal that the Kenyan banking industry faces a mildly oligopolistic structure with a H statistic of 0.23 which is statistically insignificant from zero. The low level of competition is attributed to market fragmentation as observed by the varying levels of competition from one segment to another. This market fragmentation may be based on size or on the ownership structure of the commercial banks.Market structure as represented by market concentration and competition affects the technical efficiency of the banking industry. However, the direction of the relationship between market structure and technical efficiency is mixed given the existence of two opposing schools of thought, specifically the structure-conduct-performance paradigm and the efficient market hypothesis. The purpose of this research study is to determine which of these schools of thought holds in the Kenyan banking industry by studying the impact of bank competition and concentration on the technical efficiency of commercial banks in the country. The study uses interest revenue as a measure of technical efficiency while considering other factors such as bank specific risk and the macroeconomic factors. It seeks to answer the question whether a high market concentration and low market competition leads to excessively high interest revenue. The study is based on a panel dataset of the entire banking population in Kenya ranging from the years 2007-2012. It incorporates the Panzar-Rosse model to obtain the determinants of the interest revenue earned by banks and includes the Herfindahl index as one of the possible determinants. A fixed effects estimation method is employed to determine the significance of market concentration on bank interest revenue. The estimation method also gives rise to the H statistic- a key variable in the Panzar-Rosse model that serves as a measure of market competition. The results reveal that market concentration is not significant in determining the interest revenue earned by banks possibly as a result of the smaller focus that the Panzar-Rosse model directs to the effects of market concentration as represented by the Herfindahl index. They also reveal that the Kenyan banking industry faces a mildly oligopolistic structure with a H statistic of 0.23 which is statistically insignificant from zero. The low level of competition is attributed to market fragmentation as observed by the varying levels of competition from one segment to another. This market fragmentation may be based on size or on the ownership structure of the commercial banks