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Just like the market which has its bulls and its bears, investments has its fundamentalists crowd and its technicians crowd. The academic finance profession must wake up and realize that investing is no longer driven solely by fundamental and statistical analysis. While as a profession we believe in and teach the fundamental investment subjects such as CAPM or EMH, we also realize the need to examine ways to explain the 80 per cent of the variability of stock returns not explained by the fundamentals. In addition to the fundamental investment subjects an increased exposure to both behavioral finance and the psychology of financial markets is absolutely necessary to increase the understanding of how and why stocks move. Just as the bulls need the bears, fundamentalists need technicians. Behavioral finance, crowd psychology, and the psychology of financial markets are the underpinnings of technical analysis. Western technical analysis predates CAPM and EMH by decades, if not more, tracing its roots back to Charles Dow founder of Dow Jones.

The purpose of this paper is to address two questions: first, what contracts, instruments and accounting activities constitute Australia’s offshore asylum seeker processing policy in practice? Second, how are notions of legitimacy and accountability mediated through the network constituted by this policy?

The paper is located in the critical interpretivist approach to accounting research. It is based on an exhaustive documentary analysis. Policy documents, contract documents, records of parliamentary inquiries (Hansard) and legislation were analysed drawing on a network policy perspective.

The paper finds that the Australian Government has sought to escape its accountability obligations by employing a range of approaches. The first of these approaches is the construction of a network involving foreign states, private corporations and non-government organizations. The second is through a watered down accountability regime and refusal to be accountable for the day-to-day life of asylum seekers in offshore processing centres through a play with the meaning of “effective control”. Yet while the policy network seems designed to create accountability gaps, the requirement within the network to remain financially accountable undermines the governments claims not to be responsible for the conditions in the detention camps.

The paper focuses largely on the period starting from when Kevin Rudd became Prime Minister to the death in Papua New Guinea of asylum seeker Reza Barati on 17 February 2014. Earlier periods are beyond the scope of this paper.

The paper will result in the identification of deficiencies inhuman rights accountability for extra-territorialized and privatised immigration detention and may contribute towards the formulation of effective policy recommendations to overcome such deficiencies. The paper also provides empirical data on, and academic understanding of, immigration detention outsourcing and offshoring.

The paper will inform debate regarding treatment of unauthorized maritime arrivals and asylum seekers generally.

The paper provides the first detailed and full understanding of the way Australia’s offshore asylum seeker processing policy is practiced. The paper also provides an empirical analysis of the way national policy and its associated accountability mechanisms emerge in response to the competing legitimacy claims of the international community and national electorate.

Moral agents have moral choice. This chapter argues that moral choice denies historical inevitability when moral choice is informed by both moral imagination and historical imagination. I explore this by way of one specific historical example which should be used, as the philosopher Bernard Mayo argued, as a moral exemplar. In pursuing my arguments I utilise work by Sir Isaiah Berlin, amongst others. I do though take issue with Berlin, whom I argue has confused not the nature but the role of historical imagination, claiming dominance for it where it cannot dominate. I conclude with historical inevitability being refuted by moral choice, informed by both moral imagination and historical imagination.I argue that the refutation of historical inevitability has implications for Australian businesses in their current dealings with the People’s Republic of China. Australia escaped the Global Financial Crisis because of Chinese purchases of Australian commodities. But Australian business in trading with China is trading with an unjust regime. Hoffman and McNulty (2009) argue that regarding a regime such as China we can ‘learn from our past’. Regarding the past I argue that Australian business executives dealing with China would benefit by studying the historical example of Churchill’s May 1940 decision and should use that as a moral exemplar. Earlier generations of Australian managers contemptuously dismissed Chinese workers. The current generation of Australian managers, who fail to morally acknowledge China’s workers and citizens, risks being equally contemptuous, dismissive and racist.

Taken at face value, it may initially seem difficult to argue with the sentiments enshrined in the rhetoric that surrounds the TEF – raising the status of teaching in Higher Education (HE), rebalancing its relationship with research, incentivising institutions to focus on the quality of teaching and making them more accountable for ‘how well they ensure excellent outcomes for their students in terms of graduate-level employment or further study’ (OfS, 2018, p. 1). Clearly, these are laudable aspirations that will chime with anyone who believes in the importance of students experiencing an education that enriches and transforms them and their potential. Drawing on Fraser and Lamble's (2014/2015) use of queer theory in relation to pedagogy, however, this chapter aims to expose the TEF not just ‘as a landmark initiative that is designed to further embed a neoliberal audit and monitoring culture into Higher Education’ (Rudd, 2017, p. 59) but as a constraining exercise that restrains diversity and limits potential. Although queer theory is more usually linked with gender and sexuality studies, Fraser and Lamble show us that it can be used ‘in its broader political project of questioning norms, opening desires and creating possibilities’ (p. 64). In this way, the queer theoretical lens used here helps us to question, disrupt and contest the essentialising hegemonic logics behind the nature and purposes of the TEF and its effects in HE classrooms. Using the slantwise position of the homosexual (Foucault, 1996), this queer analysis of the TEF can thus be helpful as a politically generative exercise in opening up space for new possibilities.

The subject of food and drug legislation is again before Parliament. It is proposed, under MR. JOHN BURNS' Food and Drugs Bill (see this Journal, August, 1913), to empower the Local Government Board to make Regulations which shall define an article of food or a drug with regard to its nature, substance, and quality. The Board will only issue Regulations of this kind after making such enquiry as in its opinion may be necessary.

This paper aims to analyze the portfolio characteristics and the performance measures of sustainability-themed mutual funds, compared to ethical mutual funds that implement different sustainable and responsible investment strategies.

The study refers to a European sample of 106 ethical funds and 51 sustainability-themed funds. The monthly performance of each fund is downloaded from Bloomberg for the period from January 1996 to December 2015. By applying a Fama and French (1993) three-factor model, the authors overcome the limits of a capital asset pricing model (CAPM) based-single index model, to compare the performance of the two categories of funds.

Sustainability-themed funds do not differ significantly from ethical funds in terms of portfolio attributes, except for market capitalization, age and net asset value. Regarding performance measures, the results shows that sustainability-themed funds have a lower underperformance than ethical funds (as measured by Jensen’s alpha), whereas the samples do not differ in terms of market risk (as measured by Beta coefficient). The idiosyncratic risk of sustainability-themed funds is positively influenced by the specific portfolio strategies. The sustainability-themed funds show a higher concentration in the industrial sector and a lower exposure to financial sector than ethical funds; in terms of geographical strategy, they are more global and international oriented; they mainly focus on small caps and value stocks.

The different sustainable and responsible investment strategies can be applied simultaneously and in a growing number of possible combinations. Mutual fund managers can consider thematic approach as an efficient opportunity for reconciling financial performance and economic sustainability. It is demonstrated that sustainability-themed funds adopt a portfolio strategy significantly different from ethical funds and from the environmental, social and governance benchmarks. Mutual fund managers implement a thematic specialization without any negative impact on the funds returns compared to ethical funds; actually, with a proper diversified portfolio, they are able to reduce idiosyncratic risk.

The analysis is extremely innovative, especially for the thematic sample. During the past 15 years, literature about sustainable and responsible investment has been focused especially on the differences in terms of risk and performance between socially responsible and conventional funds. This paper, starting from the methodology applied in these studies, wants to compare two different types of socially responsible strategies, with a specific focus on sustainability-themed mutual funds, given their exponential growth in the past few years.

When it comes to deterring and incarcerating people seeking asylum, there is a fusion between racialisation and politicisation. The bedrock is the colonisation of the nation now called Australia, where the dispossession of Indigenous peoples was a national project that later merged into the building of a state that lauded British heritage and the exclusion of migrants through the White Australia policy. This foundation of nationhood continues in a manner that challenges the myth of harmonious multiculturalism by determining who is deemed worthy and who is excluded. The centrepiece of racialised bordering is the immigration detention regime which is increasingly characterised by transporting people to offshore sites. This chapter argues through examples, how people seeking asylum have been racialised, dehumanised and criminalised, particularly through a national security lens.

The Annual General Meeting of the Pure Food and Health Society of Great Britain was held at 20, Hanover Square, W., on February 27, the President, Sir PHILIP SASSOON, Bart, M.P., in the chair. The Secretary, Mr. A. E. MOORE, read the following report of the Executive Committee:—

The attention of the Board is drawn from time to time to advertisements in trade papers and circulars of preservative substances sold under proprietary names. These consist for the most part of well‐known preservatives or mixtures of preservatives which are easily detected by the analyst in food substances to which they have been added. A new preservative, sold under the name of “Mystin,” for preserving milk and cream has recently been advertised as possessing the advantage that its presence cannot be detected by analysis. Samples have been sent to farmers and milk vendors accompanied by a trade circular from which the following extracts have been taken:—

The purpose of this paper is to outline the current state of political and administrative ethnography in political science and public administration before suggesting that focus groups are a useful tool in the study of governing elites. They provide an alternative way of “being there” when the rules about secrecy and access prevent participant observation. Briefly, it describes the job of Prime Ministers’ Chiefs of Staff before explaining the research design, the preparations for the focus group sessions, and the strategies used to manage the dynamics of a diverse group that included former political enemies and factional rivals.

It outlines the approach to analysis and interpretation before reviewing the strengths and weaknesses of focus groups for research into political and administrative elites.

It concludes that focus groups are a valuable tool for making tacit knowledge explicit, especially when all participants work in a shared governmental tradition.

It is the first project to use focus groups to study the political elites of Westminster systems, let alone Australian government.