Abstract
This paper examines the link that timing and scale have on investment at airports, particularly those in Australia. It analyses the affect that the complexity of airport operation has on development proposals and how airport managers must create investment rules, priority groups and networking teams to overcome specific problems in the airport management field. It also discusses how productive commercial relationships with airport customers, that is, airlines, are essential in determining precise requirements for airport development.

From the Paper
"The potential investment at functioning airports is an inevitable challenge faced by airport managers at some stage of an airport's life. Although it might seem a case of traditional economic theory, investment in the development of airports is far more complex and multifarious (Lawrence, 1999). Investment in indivisible, capital assets such as runways and terminal buildings, requires meticulous preparation, research and industry consultation. This is for a number of reasons associated with factors attributed with both primary and secondary airports."

Tags:australia, aviation, capital, cost, demand, deregulation, infrastructure

Abstract
Applied strictly to the banking industry, moral hazard refers to the risk exposure of financial institutions and is often caused when a statutory authority provides some kind of financial safety net, such as deposit insurance. This paper looks at moral hazard as it applies to the banking sector and discusses past instances of failure in the banking sector attributed to it. It closes with a discussion of reforms enacted in Australia to minimise the impact of moral hazard on Australian financial institutions.

From the Paper
"Moral hazard hit the United States savings and loan industry hard in the 1980's, when a lot of highly speculative and risky investments were made by the owners of savings and loan institutions. Owners of these institutions found that it was possible to attract a large pool of government insured deposits that could be invested, with little restriction, in these risky projects that had the potential to generate large profits. As the capital was insured by the full faith and credit of the United States government, managers had little incentive to manage the risk exposure of their investment portfolios (Pindyke & Rubinfeld, 2001, p. 608-9)."

Tags:deposit, fdic, insurance

Abstract
The paper examines the National Electricity Market (NEM) formed to facilitate the supply of electricity using free market principles. The paper describes the reforms made in the key sectors of the industry and analyzes the effects of such changes on consumers and society as a whole. The paper shows how the microeconomic reforms have helped free up competition, offer more choice to consumers and improved efficiency in distribution and production. The paper notes, however, that privatization of public assets is a contentious issue and has already imposed constraints on supply and resulted in higher prices in Victoria and South Australia. The paper concludes that it would be in the national interest to closely monitor progress with reforms within these states before similar policies are implemented elsewhere.

From the Paper
"A substantial policy shift in Australia, since the 1980s, has been for microeconomic reforms within key industries, to offer greater efficiency in economy and decrease red tape, lowering barriers to entry for competitors in the hope of creating a pure free market. Thus since the 1990s focus has moved to the electricity industry, to further reforms made in other sectors in the economy. Electricity is an essential commodity, vital for sustained growth and development throughout the whole economy. The electrical industry is also an industry traditionally dominated by the states, which fostered their own - often inefficient - public utilities, which were in charge of generation, distribution and retail, often with little or no private competition."

Tags:privatization, competition, choice, efficiency, supply, distribution, production, price-gouging, monopolies

Abstract
The paper explains that deregulation is the process of removing restrictions on prices, products and entry conditions. The paper discusses how regulation hinders competition and causes inefficiencies, while the removal of these regulations, deregulation, can increase market efficiency. The paper shows why deregulation of financial institutions is necessary. The paper includes graphs and tables.

From the Paper
"Deregulation is the process of removing restrictions on prices, products and entry conditions. During the past 20 years, deregulation has occurred in domestic air transportation, telephone service, interstate transport, and banking and financial services. Before deregulation, the government influenced the economic activity by determining prices, product standards and types. This was seen as a major disadvantage to the businesses as they had no control over the pricing of their products and thus competition was eliminated because the same product a business was selling was marked down as the same price. There are two types of regulations which are the rate of return regulation and Price Cap regulation. The rate of return regulation sets the price at a level that enables a regulated firm to earn a specified target percent return on its capital which means the profit earnt is fixed. Price Cap regulation is the recent replacement for the rate of return regulation as this type of regulation acts as a price ceiling that specifies the highest price that a firm is permitted to set. This is a small benefit for businesses as they have increased control over their pricing methods but still have a limit."

Tags:restrictions, prices, price-cap, competition, market, efficiency

Abstract
This paper aims to explore the future outlook of EPSs, based on a comprehensive review of current systems, their usage levels and the problems of application. The writer also looks at headways technologies are making for more advanced systems. This paper further believes that in the future, mobile payment systems and micro-payment systems providing significant convenience to individual customers will lead the way in the development of EPSs.

From the Paper
"Making payments in exchange for goods, services and information is the essential part of our daily life. Payment methods have evolved from bartering many centuries ago to tokens exchange in more recent times. With the emergence of telecommunication and especially the advent and wide spread of the Internet, electronic payment systems (EPSs) have become a major stimulant for the evolution of payment systems (Parker & Swatman, 2002). Parker & Swatman define EPSs as computerized systems, which enable payments between parties to occur online or electronically rather than using more traditional payments such as cash and cheques."

Tags:atms, banking, cards, cash, clearing, credit, eft, eftpos, electronic, interbank, internet, smart, systems

Abstract
The purpose of this writing is to critically analyze the Community Bank Model in terms of the service product, markets, service quality and provider capabilities, in order to complete a situation analysis. The paper analyzes the community bank in Bendigo and shows how while other banks were closing local branches and abandoning communities, Bendigo Bank identified an opportunity from this broader re-structural trend and devised the Community Bank Model. The paper provides a brief background on the banking industry in Australia and then looks at how the Bendigo bank structured and strategised to succeed for its customer base.

From the Paper
"As part of the deregulation of the banking industry that took place during the 1980's, building societies came under greater competitive pressure and many, including then Bendigo Building Society, became a bank (Viney, p100, 2000). In 1998, Bendigo Bank introduced their Community Bank model, which could be said to reflect their previous "friendly" building society image. The Community Bank model was mainly a response to the closing of 2030 bank branches across Australia (Wilmot, 2002). The model is based on a franchise-type arrangement. The arrangement is that Bendigo Bank provides capital, technology, training, and continuing support (Borham, 2000). The local community, consisting of individuals and small business operators, is required to contribute equity capital of about $350,000 to establish the community branch."

Tags:closures, community, situation, strategy

Abstract
This paper explains the attractions and risks of financing investments in Australia with margin loans. The paper first describes the two types of loans that margin lending provides. The paper then specifically explains the impact of the recent global financial crisis (and its consequences for share prices) on the use of margin loans. Two graphs are included with the paper.

From the Paper
"The risk of margin lending is particularly present when volatility increases. Both profits and losses are magnified. In this instance a margin call, where the margin loan provider can sell your securities without contacting you, could wipe out part or most of your investment. Also, interest rate risk is present and if rates appreciate against your investment you will be losing potential gains, at a 'magnified' rate. You may be unable to pay back the loan if interest rates have increased due to the increase in interest paid on the margin loan."
"The GFC (Global Financial Crisis) has seen margin loan providers scale back the amount they are willing to lend out in general, to limit the potential credit risk to their margin loans. They have specified how much they are willing to lend on specific stocks and funds due to the generally unsettled market conditions. Diversified portfolios have been encouraged by again limiting the amount of the margin loan if the portfolio is undiversified. This is a great way of managing risk."

Tags:trading, lending, shares

Abstract
This paper details the background to the "Overreaction Hypothesis" and places it in the context of studies in cognitive psychology. The paper also examines the extensive and disputed evidence as to the existence of an "overreaction effect" and whether the evidence is consistent with investor irrationality or can be explained by other factors. This methodology is primarily based on the original work of De Bondt and Thaler (1985).

From the Paper
"The ability of financial markets to interpret information quickly and accurately has been the subject of considerable academic and professional debate for over thirty years. Initially, the Efficient Market Hypothesis (EMH) was widely accepted and any dissenting opinion was considered heretical. General acceptance of the hypothesis lead to a fundamental change in professional investor behavior away from active investment management and towards passive investment management."

Tags:analysis, anomaly, capm, efficient, emh, finance, heuristic, hypothesis, market, mm

Abstract
This paper starts by presenting the basic components of securitization. It then outlines the common reasons for using securitization. Next, various parties in a securitization transaction are identified, and their roles explained. One important component of securitization - eligible asset, is then examined in detail. The paper also suggests the application of securitization in different industries. Finally, the history and recent development of securitization in Malaysia is studied in detail.

From the Paper
"Securitisation is an innovative technique in raising finances for a company. Its primary objective is twofold convert dull assets into usable cash and clean up balance sheet of a company. By definition, securitisation refers to the parcelling and selling pools of eligible assets by the company owning the assets to a special purpose vehicle (SPV) company, which issues debt securities to finance the purchase of such assets. The SPV uses cash flow from the assets to service the debt it created to purchase these assets. The debt securities are usually rated and tradable in the secondary market."

Tags:agency, cagamas, capital, collateral, commission, danaharta, enhancement, flow, income, market, mortgage

Abstract
This paper examines the post-war international monetary system, which was introduced to deal with the shortcomings of a freely fluctuating exchange rates regime. It starts by presenting the history of the Bretton Woods System (BWS) and its features. The paper then outlines the pre-requisites for the BWS to operate. A series of events that led to the collapse of the BWS are also studied alongside its inherent defect (the 'n'th country problem).

From the Paper
"As early as 1942, the Americans and British shared common ground on international monetary matters. They were opposed to a system of freely fluctuating exchange rates, which they judged to have had adverse effects on the world economies on two counts, in the years immediately after World War I and in the 1930s when the Great Depression set in. They were also opposed to a system of absolutely fixed exchange rates. In addition, there was also a common view that unregulated and competitive trade restrictions were not beneficial to the international community. By contrast, both countries agreed that countries should be free to control certain capital transfers especially those of a short-term nature."

Tags:bancor, exchange, keynes, marshall, maynard