This qualitative research examines how school principals perceive social justice and accountability, the actions they take, and the reasoning process they use in their attempt to satisfy accountability mandates while simultaneously tackling the various causes of social injustices in their schools. This constructive study aims to gain an in-depth understanding of the world from the subjects’ points of view, to unfold the meaning of their experiences, and to uncover their lived world. It employs semi-structured interviews with open-ended questions guided by the conceptual framework developed from review of literature on social justice, educational leadership, and accountability policy. Twenty-two school principals and vice-principals from the Greater Toronto Area (GTA) were interviewed. The findings show that some participants define social justice as equity, which goes from the economic and political dimensions of resource distribution and equality of opportunity and access, to the cultural aspect of social representation and inclusion. Some view public education as a social justice endeavour with a particular reference to the purpose of public education. Others construe social justice by focusing on its end goal – the academic and social outcomes of students and the impact on their lives. Study participants implement their social justice beliefs and values in praxis by engaging all stakeholders and catalyzing them to be the new force for the social justice movement. Evident in this study is that participants enacted their social justice practices by putting students at the centre, positioning themselves as social justice leaders, developing people for social justice, building school climate through justice, and fostering positive relationship with families and communities. Under current accountability context, principals in this study responded to the current reform by going beyond its narrow focus through instilling a sense of moral responsibility in their perceptions of accountability itself. As social justice activists, they are proactively engaged in expanding its parameters by encompassing the moral, social, and professional aspects of their accountability. Leading for social justice thus becomes a process of constantly confronting and tearing down such obstacles and barriers by leveraging the politics of accountability and social justice to move towards what is best for students.

Past research documents a positive link between momentum and firm-level default risk, yet this anomaly is not connected to default risk at the macro level. Namely, there is no documented momentum during recessions, when default is higher on average. In the first essay, "Momentum and Aggregate Default Risk," we attempt to resolve this puzzle by analyzing momentum pro ts over time, conditional on both business cycles and unexpected changes in aggregate default risk. First, we show that momentum is driven by shocks to aggregate default, rather than general economic conditions such as expansions and recessions. Using the Fama and MacBeth procedure, we find that a conditional default shock factor is priced and can explain a large portion of the total momentum returns. Second, we provide a risk-based explanation for this anomaly by linking the returns of momentum portfolios to shareholder recovery during financial distress. We find that losers have higher recovery (i.e., shareholders have high bargaining power) on average, and, as a result, have relatively lower risk in high default states of the world. Therefore, loser stocks have a lower risk premium and lower expected returns in worsening aggregate default conditions, leading to the observed momentum. This effect is more pronounced among stocks of firms with low credit ratings. Our results help to reconcile the seemingly contradictory evidence documented by previous studies and o er a rational explanation for the momentum anomaly. In the second essay, "Sources of Momentum in Bonds," we study the relationship between momentum in bond returns and aggregate default. We document that momentum in corporate bonds occurs mainly during periods of high default shocks and is driven by losers. Supporting this result, we find that conditional default risk is priced in the cross-section of corporate bond portfolios. Motivated by these findings, we develop a theoretical model connecting bond momentum returns to the ability of bondholders to recover value in financial distress. Specifically, we find that losers have relatively higher recovery potential and, therefore, become less risky when high default shocks occur. Thus, losers have lower expected returns in high default shocks, leading to the observed conditional momentum. Further, US government bonds, with default risk approaching zero, feature no momentum, however this anomaly prevails in sovereign bonds with positive default risk, consistent with our main results.

University of Technology, Sydney. Faculty of Education. / This thesis is an exploration of my practice as a teacher consultant in the area of gender equity. Focusing on my consultancy practice with teachers in primary school settings, the study explores my development as a teacher consultant. The study is a self-study in teacher education practices and considers the following questions: • How do I experience and understand my practice as a gender equity consultant? • How can I improve my practice as a consultant? • How does self-study contribute to professional learning about consultancy? My learning about consultancy is explored using narrative inquiry methods including field notes, journal entries, in-depth and focus group interviews with participating teachers, and reflections on critical friend interactions. These methods were used to develop stories of teacher professional learning and consultancy that informed my understandings about my work with teachers, and subsequent changes to practice. I argue that the process of becoming a teacher consultant is one of continual construction and reconstruction as one reflects on and reframes experience, based on interactions with teachers, colleagues and the professional literature. This process of reconstruction enables one to come more clearly to know the self in practice, and therefore, better understand the needs of others in teacher professional learning contexts. Finally I argue that self-study of teacher education practices offers teacher consultants the means to investigate their practice in ways which result in transformative learning about their support of professional learning for teachers in school settings. This study has implications for self-study of teacher education practices as it expands this methodology to include its usefulness for understanding the practice of teacher consultants supporting the professional learning of experienced teachers in schools.

The aim of this thesis is to analyse international financial integration. Chapter 2 investigates the determinants of international financial integration. Variables including the capital control policy dummy variable, openness to international trade, domestic credit and economic growth are candidates for explaining variation in the degree of international financial integration. Chapter 3 analyses cointegration between the US and several European Union equity markets. Between 1993 and 1998, there is mixed evidence of cointegration ties with the US equity market. Over the period covering the introduction of the euro, most of the European markets did not show any evidence of cointegration with the US market. Granger causality tests reveal significant causality running from the US to the European markets. Chapter 4 estimates time series of market and idiosyncratic volatilities for the firms composing the index DJ Eurostoxx 50 following the volatility decomposition method of Campbell et al. (2001). There was a positive trend in both market and firm-level volatility and average correlation among firms has increased. This contrasts with the US evidence in Campbell et al. (2001) of a strong positive trend in firm-level volatility, no trend in market volatility and a decrease in the average correlation. Results confirm a statistically significant market risk-return trade-off and that firm-level volatility has no predictive power for subsequent market returns. Chapter 5 analyses the link between FDI and economic growth using panel data. FDI has a stronger positive impact on economic growth in countries with higher levels of education attainment, those that are more open to international trade, have better stock market development and lower rates of population growth and levels of risk. Chapter 6 investigates the determinants of the home bias. Results indicate that capital controls and transaction costs are factors driving the home bias of Australian equity portfolio investment. The home bias lessens if the bilateral trade is higher. Australian investors invest a higher share of their portfolio in countries with better institutions and larger market size.

This thesis investigates the pricing (or mispricing) of earnings quality in Australia. It investigates whether information in earnings quality is used by investors in valuing firms, evidenced by an association between earnings quality and the cost of equity. In the alternate form, the question may be posed as whether earnings quality is mispriced by investors such that there may be opportunities to earn abnormal profits from trading strategies based on earnings quality. Ten earnings quality constructs are studied: total accruals, unexpected accruals, cash-to-profit, accrual quality, persistence, predictability, smoothness, relevance, conservatism and timeliness. In the cost of equity pricing tests, when earnings quality is proxied using one construct (accrual quality), it is found to be associated with the cost of equity. However, when the additional nine constructs are included in the regression models, accrual quality loses statistical significance. Various other constructs are found to be associated with the cost of equity depending on the choice of the cost of equity proxy. In the trading strategy tests, there is some initial evidence of trading strategy opportunities for firms with high quality earnings. However, after deleting outlier observations with annual buy-and-hold returns of greater than 200% the potential for earning abnormal returns from a hedge portfolio strategy disappears. The existence of Australian evidence on the accruals anomaly provides a convenient basis to validate the results of the earnings quality trading strategy tests. Although no clear evidence on the accruals anomaly is found, results are obtained which appear to be consistent with prior Australian evidence of the accruals anomaly, depending on the research design choices made. Overall, the evidence on whether earnings quality is priced or mispriced in Australia is best viewed as inconclusive. It highlights the importance of conducting thorough robustness tests and suggests a need for caution by researchers in making inferences from a narrow set of earnings quality constructs and research design specifications.

In this study I investigate the potential improvement in multiple-based valuations from using composite valuations based on price to earnings and price to book ratios against their respective individual ratios and actual price in terms of their predictive accuracy against future price. It is motivated by the popularity of accounting-based market multiples used by practitioners in valuation activities with little published research documenting the absolute and relative performance of composite multiples and its vulnerability to manipulation by biased analysts. First, I generate benchmark multiples using a multiple regression approach and in turn these benchmark multiples are used in the generation of composite valuations. Second, I incorporate firm characteristics such as anticipated growth and financial positions in the development of these composite valuations. Third, I investigate any further improvement in predictive accuracy from enterprise value to sales ratio which is less subjective to accounting policy choices and conservative accounting. The main results support the hypothesis that composite benchmark multiples lead to improved valuations over single multiples and further improvement is achieved by incorporating the potential growth rate and financial condition in the composite benchmark multiples. In particular, the three ratio regression-based composite multiples with the growth and the financial condition factor has the smallest mean and median absolute valuation errors. Findings remain unchanged when the analysis is based on December fiscal year end firms and using a parsimonious model in the estimation regression. However, the analysis of mispricing reveals that the valuation model might be useful in settings where market price is not available, such as initial public offerings and court valuation of private firms where a valuation is needed due to strong evidence that high positive pricing errors identify subsequent high returns.

Addressing inequities in health both within and between countries has attracted considerable global attention in recent years. In theory, equity remains one of the key policy objectives of health systems and underpins the allocation of health sector resources in many countries. In practice, however, current evidence demonstrates that only limited progress has been made in terms of bridging the health inequity gap and improving the health of the least advantaged. The persistence of inequities in health and health outcomes raises concerns about how governments and health authorities distribute limited health resources to improve the health of the poor and most vulnerable and thereby promote equity. This thesis is about equity and allocation of financial resources in the health system of New South Wales, one of the eight states of Australia. It investigated the extent to which there has been a movement towards equity in resource allocation to Area Health Services under the NSW Health Resource Distribution Formula and whether this has been reflected in equitable resource allocation within Area Health Services. It considered only resources allocated through the NSW Department of Health. The study employed a combination of qualitative and quantitative methods to gather and analyse data. The qualitative component analysed data gathered through semi–structured interviews with policy makers, health executives, managers, and other stakeholders to establish the resource allocation processes and the factors upon which the allocation decisions were based. The quantitative component analysed health expenditure and health needs data to assess the extent to which allocation of resources from the State to Area Health Service levels has been equitable in terms of reflecting the level of health needs. Two indices were constructed and used as proxies for health needs. Principal component analysis was used in the construction of one of the indices, using demographic, socio–economic and health-related data. The other index was developed using a combination of premature mortality and morbidity data. The quantitative study spans the two decades 1989/90 to 2006/07, with a more detailed analysis of material for the years 2003/04 to 2006/07. The findings of the study show a considerable degree of inequity in resource allocation with several Area Health Services (AHSs) receiving less than a fair share of funding for the years analysed, although some movements towards equity were evident. This contradicts the general impression that the introduction of the resource distribution formula in NSW has significantly improved equity in resource allocation. In general, funding allocation at the State level correlated significantly with population size but not with health needs of the eight AHSs in NSW. Similarly, within the AHSs, allocation of funds was based on programs and services and not on health needs. Key issues that emerged from the qualitative data as affecting the equity with which health funds are allocated in the NSW health system include limited use of the resource distribution formula at the state level, lack of an effective resource allocation tool to guide the distribution of funds within AHSs, and insufficient emphasis on equity at the AHS level. It is crucial that these and several other issues identifies in the study are addressed if current inequities in funding and in health outcomes generally are to be effectively reduced.

This thesis investigates the pricing (or mispricing) of earnings quality in Australia. It investigates whether information in earnings quality is used by investors in valuing firms, evidenced by an association between earnings quality and the cost of equity. In the alternate form, the question may be posed as whether earnings quality is mispriced by investors such that there may be opportunities to earn abnormal profits from trading strategies based on earnings quality. Ten earnings quality constructs are studied: total accruals, unexpected accruals, cash-to-profit, accrual quality, persistence, predictability, smoothness, relevance, conservatism and timeliness. In the cost of equity pricing tests, when earnings quality is proxied using one construct (accrual quality), it is found to be associated with the cost of equity. However, when the additional nine constructs are included in the regression models, accrual quality loses statistical significance. Various other constructs are found to be associated with the cost of equity depending on the choice of the cost of equity proxy. In the trading strategy tests, there is some initial evidence of trading strategy opportunities for firms with high quality earnings. However, after deleting outlier observations with annual buy-and-hold returns of greater than 200% the potential for earning abnormal returns from a hedge portfolio strategy disappears. The existence of Australian evidence on the accruals anomaly provides a convenient basis to validate the results of the earnings quality trading strategy tests. Although no clear evidence on the accruals anomaly is found, results are obtained which appear to be consistent with prior Australian evidence of the accruals anomaly, depending on the research design choices made. Overall, the evidence on whether earnings quality is priced or mispriced in Australia is best viewed as inconclusive. It highlights the importance of conducting thorough robustness tests and suggests a need for caution by researchers in making inferences from a narrow set of earnings quality constructs and research design specifications.

In this study I investigate the potential improvement in multiple-based valuations from using composite valuations based on price to earnings and price to book ratios against their respective individual ratios and actual price in terms of their predictive accuracy against future price. It is motivated by the popularity of accounting-based market multiples used by practitioners in valuation activities with little published research documenting the absolute and relative performance of composite multiples and its vulnerability to manipulation by biased analysts. First, I generate benchmark multiples using a multiple regression approach and in turn these benchmark multiples are used in the generation of composite valuations. Second, I incorporate firm characteristics such as anticipated growth and financial positions in the development of these composite valuations. Third, I investigate any further improvement in predictive accuracy from enterprise value to sales ratio which is less subjective to accounting policy choices and conservative accounting. The main results support the hypothesis that composite benchmark multiples lead to improved valuations over single multiples and further improvement is achieved by incorporating the potential growth rate and financial condition in the composite benchmark multiples. In particular, the three ratio regression-based composite multiples with the growth and the financial condition factor has the smallest mean and median absolute valuation errors. Findings remain unchanged when the analysis is based on December fiscal year end firms and using a parsimonious model in the estimation regression. However, the analysis of mispricing reveals that the valuation model might be useful in settings where market price is not available, such as initial public offerings and court valuation of private firms where a valuation is needed due to strong evidence that high positive pricing errors identify subsequent high returns.

Addressing inequities in health both within and between countries has attracted considerable global attention in recent years. In theory, equity remains one of the key policy objectives of health systems and underpins the allocation of health sector resources in many countries. In practice, however, current evidence demonstrates that only limited progress has been made in terms of bridging the health inequity gap and improving the health of the least advantaged. The persistence of inequities in health and health outcomes raises concerns about how governments and health authorities distribute limited health resources to improve the health of the poor and most vulnerable and thereby promote equity. This thesis is about equity and allocation of financial resources in the health system of New South Wales, one of the eight states of Australia. It investigated the extent to which there has been a movement towards equity in resource allocation to Area Health Services under the NSW Health Resource Distribution Formula and whether this has been reflected in equitable resource allocation within Area Health Services. It considered only resources allocated through the NSW Department of Health. The study employed a combination of qualitative and quantitative methods to gather and analyse data. The qualitative component analysed data gathered through semi–structured interviews with policy makers, health executives, managers, and other stakeholders to establish the resource allocation processes and the factors upon which the allocation decisions were based. The quantitative component analysed health expenditure and health needs data to assess the extent to which allocation of resources from the State to Area Health Service levels has been equitable in terms of reflecting the level of health needs. Two indices were constructed and used as proxies for health needs. Principal component analysis was used in the construction of one of the indices, using demographic, socio–economic and health-related data. The other index was developed using a combination of premature mortality and morbidity data. The quantitative study spans the two decades 1989/90 to 2006/07, with a more detailed analysis of material for the years 2003/04 to 2006/07. The findings of the study show a considerable degree of inequity in resource allocation with several Area Health Services (AHSs) receiving less than a fair share of funding for the years analysed, although some movements towards equity were evident. This contradicts the general impression that the introduction of the resource distribution formula in NSW has significantly improved equity in resource allocation. In general, funding allocation at the State level correlated significantly with population size but not with health needs of the eight AHSs in NSW. Similarly, within the AHSs, allocation of funds was based on programs and services and not on health needs. Key issues that emerged from the qualitative data as affecting the equity with which health funds are allocated in the NSW health system include limited use of the resource distribution formula at the state level, lack of an effective resource allocation tool to guide the distribution of funds within AHSs, and insufficient emphasis on equity at the AHS level. It is crucial that these and several other issues identifies in the study are addressed if current inequities in funding and in health outcomes generally are to be effectively reduced.