Faculty of Commerce and Administration

School of Economics and Finance 2011 School Report

TABLE OF CONTENTS
From the Head of School _____________________________________________________ 3 Our Staff ______________________________________________________________________ 4 Our Teaching _________________________________________________________________ 6
AIMS AND OBJECTIVES__________________________________________________________ 6 STUDENT DEMOGRAPHICS ______________________________________________________ 6 UNDERGRADUATE ENROLMENTS ________________________________________________ 7 2010 STUDENT PASS RATES _____________________________________________________ 8

Undergraduate Teaching___________________________________________________ 9
ECONOMICS COURSES _________________________________________________________ 9 MONEY AND FINANCE COURSES _________________________________________________ 9 ECONOMETRICS COURSES ______________________________________________________ 9 SUMMER COURSES_____________________________________________________________ 9

Graduate Teaching ________________________________________________________ 10

HONOURS ____________________________________________________________________ 10 VICTORIA INTERNATIONAL APPLIED FINANCE PROGRAMME ________________________ 10

Outstanding Students _____________________________________________________ 11 Our Research ________________________________________________________________ 12

MORRIS ALTMAN ______________________________________________________________ 12 MARTIN BERKA________________________________________________________________ 13 STEPHEN BURNELL ____________________________________________________________ 13 PAUL CALCOTT _______________________________________________________________ 14 CHIA-YING CHANG _____________________________________________________________ 15 BRANDON CHEN ______________________________________________________________ 15 TOBY DAGLISH ________________________________________________________________ 15 LEWIS EVANS _________________________________________________________________ 16 GRAEME GUTHRIE_____________________________________________________________ 17 VIV HALL _____________________________________________________________________ 18 DEAN HYSLOP ________________________________________________________________ 19 MICHAEL KEEFE _______________________________________________________________ 20 MOHAMMED KHALED __________________________________________________________ 21 JACEK KRAWCZYK ____________________________________________________________ 21 MARTIN LALLY ________________________________________________________________ 22 DAWN LORIMER _______________________________________________________________ 23 JERRY MUSHIN________________________________________________________________ 23 VLADIMIR PETKOV _____________________________________________________________ 24 JOHN RANDAL ________________________________________________________________ 25 LEIGH ROBERTS ______________________________________________________________ 25 JACK ROBLES _________________________________________________________________ 26 YIIT SALAM ________________________________________________________________ 27 STEFANIE SCHURER ___________________________________________________________ 27 CHRISTOPH THOENISSEN ______________________________________________________ 28 PAUL TOMPKINSON ____________________________________________________________ 29

VUW Economics and Finance Seminar Series 2011 ________________________ 30 Visitors to the school________________________________________________________ 33

FROM THE HEAD OF SCH OOL

In 2011 SEF continued with its drive to increase teaching and research capabilities through staff recruitment. The school was fortunate to recruit Associate Professor Ilan Noy and Dr Brandon Chan. These new staff added to the schools expertise in macroeconomics, economic development, and corporate finance. At the end of 2011 the school was actively recruiting for positions in finance and for the Macarthy Chair in macroeconomics. Paul Tompkinson retired from the school in 2011, after 30 years of service. We wish him all the best for his retirement. Drs John Singleton and Malathi Velamuri were on leave of absence. There were four Marsden Grant applications made in 2011, one of the largest in the schools history. Congratulations to Prof Dean Hyslop whose application made it through to the very competitive second round. Professor Stephen Turnovsky, an alumnus of the School and Adjunct Professor, established an endowment in SEF, creating the Stephen Turnovsky Visiting Fellowship. This endowment facilitates international academics to visit SEF to collaborate in research in the SEF community. Stephen is recognised as one of the worlds leading macroeconomi sts and currently holds the Castor Chair in Economics at the University of Washington, Seattle. The second SEF Research Symposium was held in February 2011, and featured not only the school's staff, but colleagues from other departments at Victoria, and external speakers from Treasury, the Reserve Bank of New Zealand, and Massey University. SEF also inaugurated research workshops in Macroeconomics, Microeconomics, Applied Economics, Finance, and Dynamic Macroeconomics (related to the research programme of Stephen Turnovsky). These workshops attracted scholars from VUW, other New Zealand universities, and beyond. Our seminar series, hosted by Drs Michael Keefe and Vladimir Petkov, continues to be a highly successful part of our research programme. In 2011 the school hosted 31 speakers, 24 of whom were international. We also hosted longer-term visitors: Prof Paul Carlin, Indiana University-Purdue University Indianapolis, Prof Jennifer Foo, Stetson University; Prof Guangsheng Lu, Yunnan University; Professor Mahendrarajah Nimalendran, Professor Ser-Huang Poon, Manchester Business School, University of Florida and Associate Professor Yan Yang from Sichuan University. SEF working paper series, re-launched in 2011 and linked to Google Scholar and RePEc, has proven to be extremely popular with close to 20 articles published. Alice Fong has been critical to the success of this initiative. And in a first for SEF, a new peer reviewed student journal, New Zealand Review of Economics and Finance (NZREF), was published and formally launched. Thanks to the editorial board of Sherilyn Evans and Grant Andrews and the Managing Editors Keeran Patel, who was critical in initial stages of the journal and Tom Mathews, who played a crucial role in getting the first volume to press. We look forward to the next edition in 2012.

Morris Altman Head School of Economics and Finance

O U R S TA F F
Head of School Morris Altman, BA (Hons) MA PhD McGill Professors Lewis T. Evans, BAgrSci (Hons) MAgrSci Linc, MA MSc PhD Wisc, Chair of Economics Graeme Guthrie, BSc (Hons) MCom PhD Cant Viv B. Hall, MCom (Hons) PhD Auck, Macarthy Chair of Economics Dean Hyslop, BSc BA (Hons) VUW, MA PhD Princ Neil Quigley, BA MA(Hons) Cant, PhD Tor Associate Professors/Readers Jacek B. Krawczyk, MSc PhD Warsaw Martin T. Lally, BCA (Hons) PhD VUW Jack Robles, BA PhD Calif John Singleton, BA PhD Lanc, BD Edin, MSc Lond Christoph Thoenissen, BA (Hons) Kent, PhD York Senior Lecturers Stephen J. Burnell, MCA VUW, MPhil PhD Camb Paul E. Calcott, MSS Dip Econ Waik, MCom Cant, PhD UCLA Toby Daglish, BSc Cant, PhD Tor Mohammed Khaled, BA Dhaka, MSc (Hons) Islam, MA Essex, PhD UBC Jerry Mushin, BSc (Hons) Lond Vladimir Petkov, MA Sofia, MS PhD Cnell John Randal, BSc MSc DipFinMath PhD VUW Leigh Roberts, BSc (Hons) Melb, MSc Tas, MSc Lond, PhD VUW, AIAA Stefanie Schurer, DipIDP&E Pots, GCertEcon York, PhD Ruhr Bochum Paul Tompkinson, BA (Hons) Leic, DipEconEconometrics MSc Ston Lecturers Martin Berka, MBA Comenius (Slovakia), MA CEU, PhD UBC Chia-Ying Chang, BA Fu-Jen, MA Penn State, PhD Vanderbilt Brandon Chen, BA NTU (Taiwan), MSc Lond, PhD NSW Michael O. Keefe, BA College of the Holy Cross, MS Carnegie-Mellon, PhD Texas Yiit Salam, BA Metu, PhD Iowa Malathi Velamuri, BSc, MA Madras, MS PhD Texas Director, Post-experience Programme Dawn Lorimer, BCom Auck, CTP FAIBF Administration Team Amanda Bristol Alice Fong Suzanne Freear Francine McGee Anna Potts Adjunct Professors John McDermott, MCom Auck, MA MPhil PhD Yale Peter Thomson, BSc (Hons) Otago, PhD ANU Stephen Turnovsky, BA (Hons), PhD Harv

Emeritus Professors John D Gould, MA Lond, MA Brist L. Fraser Jackson, MA NZ, FSS External Contributing Lecturers to SEF Programmes Joe Cheung, FinEdu Tech Ltd Walter Davis Jennifer Foo Stephen Keef Marsha Keefe Louise Lamontagne Mahendrarajah Nimalendran Ser-Huang Poon Adrian Slack Tina Wendel

OUR TEACHING
AIMS AND OBJECTIVES
The School of Economics and Finance administers, promotes and teaches papers for individuals working towards attaining degrees, diplomas and other programmes in the fields of economics, econometrics, economic history and finance. The School strives for academic excellence in all areas.

STUDENT DEMOGRAPHICS
Gender Female ............................................................. 1321 Male ............................................................. 1706 Study Status Full-time ............................................................. 2338 Part-time ............................................................... 689 Fee Type Domestic ............................................................. 2545 International ............................................................... 482 Age 17 ................................................................. 20 18-20 ............................................................. 1769 21-24 ............................................................... 894 25-29 ............................................................... 203 30-34 ................................................................. 84 35-39 ................................................................. 24 40-99 ................................................................. 33 Ethnicity Asian ............................................................... 953 European/Pakeha ............................................................. 1597 Mori ............................................................... 224 Pacific Islander ............................................................... 137 Other ............................................................... 116

UNDERGRADUATE ENROLMENTS
Number of Students in 2011 ................................................................................................................................................... 5927 2011 Enrolments in ECON courses ECON 130 ........................................................................ 886 ECON 130* ...................................................................... 337 ECON 130** ..................................................................... 109 ECON 140* ...................................................................... 402 ECON 140** ..................................................................... 203 ECON 201 ........................................................................ 232 ECON 202 ........................................................................ 200 ECON 211 .......................................................................... 37 ECON212 ......................................................................... 102 ECON 301 .......................................................................... 12 ECON 303 .......................................................................... 12 ECON 305 .......................................................................... 39 ECON 309 .......................................................................... 46 ECON 314 .......................................................................... 65 ECON 330 .......................................................................... 36 ECON 338 .......................................................................... 38 ECON 339 .......................................................................... 31 ECON 340 .......................................................................... 51 ECON 341 .......................................................................... 13 2011 Enrolments in FINA/MOFI courses FINA 101 .......................................................................... 121 FINA 201 .......................................................................... 411 FINA 202 .......................................................................... 234 FINA 203 ............................................................................ 57 FINA 301 ............................................................................ 96 FINA 303 ............................................................................ 61 FINA 304 ............................................................................ 15 FINA 305 ............................................................................ 90 FINA 306 ............................................................................ 28 2011 Enrolments in QUAN courses QUAN 102 ........................................................................ 654 QUAN 102* ...................................................................... 543 QUAN 111* ...................................................................... 399 QUAN 111** ..................................................................... 214 QUAN 201 .......................................................................... 70 QUAN 202 .......................................................................... 15 QUAN 203 .......................................................................... 70 * Second Trimester ** Summer Courses

2011 STUDENT PASS RATES

Figures are indicative of those students who completed all course requirements and achieved a grade of 50% or better ECONOMICS ECON 130 ................................................................. 76% ECON 130* ............................................................... 77% ECON 130** .............................................................. 79% ECON 140* ............................................................... 87% ECON 140** .............................................................. 78% ECON 201 ................................................................. 84% ECON 202 ................................................................. 70% ECON 211 ................................................................. 77% ECON 212 ................................................................. 74% ECON 301 ................................................................. 85% ECON 303 ................................................................. 92% ECON 305 ................................................................. 88% ECON 309 ................................................................. 64% ECON 314 ................................................................. 81% ECON 330 ................................................................. 92% ECON 338 ................................................................. 95% ECON 339 ................................................................. 82% ECON 340 ................................................................. 92% ECON341 ................................................................ 100% MONEY & FINANCE FINA 101 ................................................................... 81% FINA 201 ................................................................... 72% FINA 202 ................................................................... 84% FINA 203 ................................................................... 93% FINA 301 ................................................................... 74% FINA 303 ................................................................... 92% FINA 304 ................................................................... 81% FINA 305 ................................................................... 71% FINA 306 ................................................................... 83% ECONOMETRICS QUAN 102 ................................................................. 67% QUAN 102* ............................................................... 66% QUAN 111* ............................................................... 78% QUAN 111** .............................................................. 45% QUAN 201 ................................................................. 80% QUAN 202 ............................................................... 100% QUAN 203 ................................................................. 68% * Second Trimester ** Summer Courses

UNDERGRADUATE TEACHING
ECONOMICS COURSES
ECON 130: ECON 130: ECON 140: ECON 201: ECON 202: ECON 211: ECON 212: ECON 305: ECON 309: ECON 314: ECON 330: ECON 338: ECON 339: ECON 340: ECON 341: Economic Principles and Issues S Burnell*, J Mushin, A Slack, P Tompkinson Economic Principles and Issues (2/3) S Burnell*, P Tompkinson Economics and Strategic Behaviour S Burnell*, J Mushin Microeconomics V Petkov*, M Altman, P Calcott Macroeconomics - V Hall*, S Burnell Industrial Organisation - J Robles* Macroeconomics: Growth, Stability and Crises J Mushin* Macroeconomics: Growth, Business Cycles and Sustainability - C Thoenissen* International Economics - P Tompkinson* Microeconomics: Information and Markets - J Robles* Law and Economics L Evans* Monetary Economics CY Chang* Information Economics J Robles*, Y Salam Environmental and Resource Economics P Calcott*, Y Salam Public Choice and Social Welfare P Calcott*, V Petkov

MONEY AND FINANCE COURSES

FINA 101: FINA 201: FINA 202: FINA 203: FINA 301: FINA 303: FINA 304: FINA 305: FINA 306: Finance for Business M Keefe*, L Roberts Introduction to Corporate Finance M Lally* Introduction to Investments J Foo* Applied Finance - M Keefe* Corporate Finance M Lally* Derivatives L Roberts* Financial Econometrics J Randal* Investments T Daglish* Financial Economics L Evans *, M Keefe

ECONOMETRICS COURSES
QUAN 102: QUAN 102: QUAN 111: QUAN 201: QUAN 202: QUAN 203: ECON 301: ECON 303: Statistics for Business J Randal*, M Khaled, D Hyslop, S Schurer Statistics for Business (2/3) J Randal*, A Slack Mathematics for Economics and Finance - M Khaled*, J Krawczyk Introduction to Econometrics M Khaled* Business and Economic Forecasting Y Salam Quantitative Methods for Economics and Finance - J Randal*, J Krawczyk Econometrics - D Hyslop* Applied Econometrics D Hyslop*, S Schurer

SUMMER COURSES
ECON 130: Economic Principles and Issues S Burnell*, A Slack ECON 140: Economic and Strategic Behaviour S Burnell*, A Slack QUAN 111: Mathematics for Economics and Finance J Randal* * Course Co-ordinator

GRADUATE TEACHING
HONOURS
ECON 402: ECON 403: ECON 404: ECON 405: ECON 408: ECON 409: ECON 411: ECON 412: ECON 413: ECON 418: ECON 421: ECON 422: ECON 423: ECON 431: FINA 401: FINA 402: FINA 403: FINA 406: FINA 411: FINA 412: FINA 413: Advanced Macroeconomic Theory A CY Chang*, C Thoenissen Advanced Macroeconomic Theory B C Thoenissen*, J McDermott Advanced Microeconomic Theory A J Robles*, V Petkov Advanced Microeconomic Theory B V Petkov*, P Calcott Advanced Econometrics A D Hyslop* Advanced Econometrics B S Schurer* Public Economics B P Calcott* International Economics A P Tompkinson* International Economics B M Berka* ST: The Economics of Behaviour and Behavioural Economics M Altman* The Asian Miracle Economies since 1945 L Lamontagne* Industrial Organisation V Petkov* Macroeconomic Modelling of the New Zealand Economy V Hall* Growth and Development M Altman*, CY Chang Current Topics in Asset Pricing T Daglish* Current Topics in Corporate Finance M Keefe* Derivative Securities Toby Daglish* Fixed Income Securities L Roberts* Stock Prices and Volatility Modelling J Randal* Applications and Extensions of the Capital Asset Pricing Model M Lally* Risk Management and Insurance L Roberts*

VICTORIA INTERNATIONAL APPLIED FINANCE PROGRAMME

MMAF 501: MMAF 502: MMAF 511: MMAF 512: MMAF 516: MMAF 521: MMAF 522: MMAF 523: MMAF 525: MMAF 527: MMAF 528: MMAF 529: MMAF 530: MMAF 531: MMAF 532: MMAF 533: New Zealand Capital Markets D Lorimer* Corporate Finance Michael Keefe* International Corporate Finance J Foo* Treasury Management D Lorimer* Portfolio Design and Investment T Daglish* Macroeconomic Processes and Financial Management D Lorimer* Risk and Insurance L Roberts* Treasury Accounting and Tax D Lorimer* Financial Modelling J Cheung * Special Topic: Derivative Securities T Daglish* Financial Statements Analysis D Trow* ST: Applications & Extensions of the Capital Asset Pricing Model M Lally* Strategies & Risk Management of Volatility Trading SH Poon* Hedge Funds and Mergers & Acquisitions N Nimalendran*, T Wendel ST: Stock Prices and Volatility Modelling J Randal* ST: Fixed Income Securities L Roberts*

* Course Co-ordinator

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OUTSTANDING STUDENTS
Bernard Edward Murphy Memorial Scholarships Awarded to the best eligible graduate/s in Economics proceeding to Honours/Masters study:

Richard Baird Talosaga Talosaga

Financial Services Institute of Australasia Prize Awarded to the best student in MOFI 301: Corporate Finance

He Huang
GGG Watson Award

Stewart Sinclair
Jan Whitwell Prize for Monetary and Macroeconomics Awarded to the best student in ECON 305 and MOFI 303:

Alan Bristow
School of Economics and Finance Prize Awarded to the best student in ECON 140: Makower McBeath & Co Ltd Staff Prize Awarded to the best student in ECON 130:

Callum Butler
SEF Prize in Second Year Macroeconomics

Callum Butler
SEF Prize in Second Year Microeconomics

Pooja Patel
VUW Graduate Award (Economics and Finance) Julia Arnold Nicholas Bowden Hautahi Kingi Chelsea Leadbetter Peter Nicholls Scott Thompson

Kailin Lee

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OUR RESEARCH
MORRIS ALTMAN
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS Professor PhD McGill Behavioural economics, institutional economics, quantitative economic history, experimental economics, ethics and economic theory, behavioural labour, behavioural finance, economic methodology. A behavioral-institutional model of endogenous growth and induced technical change, Journal of Economic Issues, 63 (2009), pp. 685-713. Reconciling altruistic, moralistic, and ethical behavior with the rational economic agent and competitive markets, Journal of Economic Psychology, 26 (2005), pp. 732-757. Worker Satisfaction and Economic Performance, M.E. Sharpe Publishers, Armonk, New York (2001). Revised real GNP estimates and Canadian economic development, The Review of Income and Wealth , 38, 4 (1992), pp. 455-473. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Coordinator: ECON 418, ECON 431 Lecturer: ECON 201 Articles Behavioural economics, ethics and public policy: Paving the road to freedom or serfdom? in Jonathan Boston ed. Ethics and Public Policy: Contemporary Issues (Wellington: Victoria University Press), 2011, pp. 23-48. Behavioral economics and booms and busts, in Booms and Busts: An Encyclopedia of Economic History from Tulipmania of the 1630s to the Current Global Financial Crisis (M.E. Sharpe Publishers, Armonk, New York), 2011, pp. 74-79. A behavioural and Institutional foundation of preference and choice behaviour: Freedom to choose and choice X-inefficiencies, Review of Social Economy, 69 (2010), pp. 395-411. Dictionary and Encyclopaedia Entries Sens capabilities and economic welfare, in Encyclopedia of Applied Ethics, 2nd edition, Amsterdam: Elsevier Science, (2011). Conference Presentations Hayeks complexity assumption, bounded rationality, and comtemporary behavioural economics, IAREP/SABE/ICABEEF International Conference (Exeter, England, July 2011). Sustainable rational inefficiency, oligarchs, time preferences and market failure, International Confederation of Associations for Pluralism in Economics (Amherst, USA, November 2011). Honours Project Research Papers Acceptance behaviour in other motivated ultimatum games, Daniel McAuliffe (joint supervisor Randal, J) Is New Zealand doing the best they can? What the growth literature says, Martin Wong (joint supervisor Chang, CY).

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2011 PROFESSIONAL ACT IVIT IES

Support to International Bodies Member, International Peer Review Panel Evaluating Research Output for Economics and Business Programmes in Romania (Romanian Research Assessment Exercise). Editorial Board: Journal of Economic Psychology Editor: Journal of Socio-Economics Refereeing Journal of Economics Psychology Journal of Economic Issues

MARTIN BERKA
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS NOT ABLE P UBL IC AT IO NS Lecturer BA Comenius, MA CEU, PhD Br Col Social regulation and its alternatives. Environmental and paternalist intervention. The economics of tort. Non-linear adjustment in international prices and physical characteristics of goods, Review of International Economics, 2009, 17, issue 1 (2009), pp. 51-73. The consumption terms of trade and commodity prices (with Crucini, M), in Commodity prices and markets, NBER-East Asia Seminar on Economics, 20, (University of Chicago Press, February 2011), pp. 119154. International risk-sharing and commodity prices (with Crucini, M and Wang, CW), Canadian Journal of Economics, forthcoming. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Coordinator: ECON 413 Chapter The consumption terms of trade and commodity prices (with Crucini, M), in Commodity prices and markets, NBER-East Asia Seminar on Economics, 20, (University of Chicago Press, February 2011), pp. 119154. Conference Presentations What determines European real exchange rates, American Economic Association (Denver, USA, January 2011).

STEPHEN BURNELL
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS Senior Lecturer MCA VUW, MPhil, PhD Cambridge Monetary and banking theory, microeconomics, dynamic general equilibrium models. Currently, research banking and monetary policy in New Zealand; the demand for cash and transactions costs, optimal fiscal policy; and telecommunications and interconnections agreements. The ultimatum game: Optimal strategies without fairness (with Evans , L and Yao, S T), Games and Economic Behaviour, 26 (1999), pp. 221-252. New Zealands monetary conditions index: A critical analysis, Agenda, 5 (1998), pp. 477-486.

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The value of money in an overlapping generations model: A note, Journal of Economic Theory, 59 (1993), pp. 214-221. Upgrading New Zealands competitive advantage: A critique and some proposals (with Sheppard, D K), New Zealand Economic Papers, 26 (1992), pp. 101-125. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Coordinator: ECON 130, ECON 140 Lecturer: ECON 202 Honours Project Research Papers New Zealand Interest Rates, Geoffrey Ash (joint supervisor Mushin, J)

PAUL CALCOTT
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS NOT ABLE P UBL IC AT IO NS Senior Lecturer MSS Dip Econ Waikato, MCom Canterbury, PhD UCLA Social regulation and its alternatives. Environmental and paternalist intervention. The economics of tort. Mandated self-regulation: the danger of cosmetic compliance, Journal of Regulatory Economics, 38, 2 (2010), pp. 167-179. Doi: 10.1007/s11149-010-9124-1. Contracting for Dynamic Efficiency (with Petkov , V), The B.E. Journal of Theoretical Economics, 10, 1 (2010), pp. 20. Doi: 10.2202/1935-1704.1675. Negotiation versus consultation in the development of a regulation, Environmental and Resource Economics, 39, 2 (2008), pp. 75-82. Doi: 10.1007/s10640-007-9092-9. Liability and manufacturer warnings, International Review of Law and Economics, 28, 2 (2008), pp. 98-105. Doi:10.1016/j.irle.2008.02.007. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Coordinator: ECON 340, ECON 341, ECON 411 Lecturer: ECON 405, ECON 201 Articles Corporate liability and internal procedures', Review of Law and Economics, 7, 1 (2011), pp. 1-18. 'International environmental agreements: Design of optimal transfers under heterogeneity', Environmental Modelling and Assessment (2011), pp. 1-12. Conference Presentations Regulatory triggers and new source review, Australasian Economic Theory Workshop (Adelaide, Australia, February 2011) Honours Project Research Papers Resource management act, Aaron Lefebre (joint supervisor Petkov, V) 2011 PROFESSIONAL ACT IVIT IES Thesis Supervision Tension in New Zealands public hospitals: Performance effects of sharpening incentives, Adrian Slack, completed December 2011 (joint supervisor Robles, J) Competition in a natural monopoly industry: The bypass of gas distribution networks in New Zealand, Daniel Twaddle, completed in 2011 (joint supervisor Salam, Y)

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CHIA-YING CHANG
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS NOT ABLE P UBL IC AT IO NS Lecturer BA Fu-Jen, MA Penn State, PhD Vanderbilt Monetary/Macroeconomics, endogenous growth theory, industrial organization theory and labor economics. Capital Outflows and Economic Growth, Journal of International and Global Economic Studies, 2, 2 (2010), pp. 47-60. Money, credit and cyclical behaviour of household investment-the case of cash-in-advance economy, Journal of Economic Dynamics and Control, 28 (2004), pp. 691-706. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Coordinator: ECON 338, ECON 402 Conference Presentations When banking systems meet currencies, Southern Workshop in Macroeconomics (Auckland, March 2011). Support to National Bodies Co-organised 1st NZ Macroeconomic Dynamic Workshop, April 2011. Review: papers for 1st NZ Macroeconomic Dynamic Workshop (Wellington, April 2011). Support to International Bodies Invited discussant for TEA-CEANA conference, (Taiwan, December 2011).

2011 PROFESSIONAL ACT IVIT IES

BRANDON CHEN
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS 2011 RESEAR C H ACT IV IT IES Lecturer BA NTU Taiwan, MSc London, PhD NSW Corporate governance, Institutional investor monitoring; CEO incentives and compensation; Board composition; Security price informativeness . Conference Presentations Board monitoring and the wall street rule, Financial Management Association European Conference (Porto, Portugal, June 2011). CEO incentives and institutional trader monitoring are substitutes: Theory and evidence, 24th Australasian Finance & Banking Conference Annual Meeting (Sydney, Australia, December 2011).

TOBY DAGLISH
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS NOT ABLE P UBL IC AT IO NS Lecturer BSc Canterbury, PhD Toronto Derivatives, credit risk, fixed income securities, financial econometrics, portfolio theory. Lattice methods for no-arbitrage pricing interest rate securities, Journal

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of Derivatives, 18, 2 (2010), pp. 7-19. What motivates a subprime borrower to default?, Journal of Banking and Finance, 33, 4 (2009), pp. 681693. Fixed come hell or high water: Selection and prepayment of fixed rate mortgages outside the US (with Patel, N), forthcoming Real Estate Economics. A pricing and hedging comparison of parametric and nonparametric approaches for American index options, Journal of Financial Econometrics, 1, 3 (2003), pp. 327-364. Doi: 10.1093/jjfinec/nbg015. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Co-ordinator: FINA 305, FINA 401, MMAF 516, MMAF 527 Articles Fixed come hell or high water: Selection and prepayment of fixed rate mortgages outside the US (with Patel, N), forthcoming Real Estate Economics. Conference Presentations The valuation of equity futures on the Tokyo stock exchange, 1920-23, 2011 New Zealand Finance Colloquium (Christchurch, February 2011). The valuation of equity futures on the Tokyo stock exchange, 1920-23, 2011 Asian FMA Conference (Queenstown, New Zealand, April 2011). Honours Project Research Papers Is the Fam-French model stable over time?, Brad Vessey (joint supervisor Lally, M) Unit root bias in the estimation of interest rate mean reversion, Chris Worthington (joint supervisor Evans, L) 2011 PROFESSIONAL ACT IVIT IES Policy Advice to Government Report to Commerce Commission on Credit SaILS case. Refereeing Quantitative Finance Journal of Banking and Finance Journal of Empirical Finance Thesis Supervision Essays on the interaction between risk and market structure in electricity markets, Gabriel G Fiuza De Braganca, completed in 2011 (joint supervisor Evans, L).

LEWIS EVANS
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS NOT ABLE P UBL IC AT IO NS Professor of Economics BAgrSci MAgrSci Lincoln, MA MSc, PhD Wisconsin Microeconomics, industrial organisation and econometrics. operation and performance of markets and organisations. The

A dynamic theory of cooperatives: The link between efficiency ad valuation (with Guthrie, G), Journal of Institutional and Theoretical Economics, 162, 2 (2006), pp. 364-383. Incentive regulation of prices when costs are sunk (with Guthrie, G), Journal of Regulatory Economics, 29, 3 (2006), pp. 239-264. Public utility regulators are only human: a positive theory of rational constraints (with Garber, S), American Economic Review, 78, 3

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(1988), pp. 444-462. Confidence regions for multipliers in linear dynamic models (with Wells, G), Econometrica, 54, 3 (1986), pp. 699-706. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Co-ordinator: ECON 330/LAWS 335 Lecturer: MOFI 306 Chapters Compensation for the takings of private property rights (with Quigley, N), chapter 12, Modern Challenges of the Rule of Law, edited by Richard Ekins, (LexisNexis NZ Ltd, Wellington, 2011), pp. 233-261. Honours Project Research Papers Modelling the link between gas and electricity markets in NZ over the last 15 years, Prakashan Sritharan (joint supervisor Keefe, M) 2011 PROFESSIONAL ACT IVIT IES Support to National Bodies Lay member, New Zealand High Court Fellow of Law & Economics Association of New Zealand Policy Advice to Government New Zealand Government Officials on policy towards the dairy industry Electricity Authority on electricity transmission Gas Industry Company on gas transmission Review panel, New Zealand Treasury Reviewer, Institute for the Study of Competition & Regulation Refereeing Scandinavian Journal of Economics International Economics and Policy American Journal of Agricultural Economics Institute for the Study of Competition & Regulation Thesis Supervision Essays on the interaction between risk and market structure in electricity markets, Gabriel G Fiuza De Braganca, completed in 2011 (joint supervisor Daglish, T). Effort, idiosyncratic risk and investment under uncertainty, William Taylor, completed in December 2011 (joint supervisor Guthrie, G) Development of retail payments systems since 1949, Michael Wilkinson, completed in December 2011 (joint supervisor Singleton, J).

GRAEME GUTHRIE
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS Professor BSc (Hons) MCom PhD Canterbury Applications of real options analysis. Corporate finance, including capital budgeting, hedging behaviour. Financial economics. Industrial organization and regulation. Urban economics and real estate markets. Real Options in Theory and Practice, Oxford University Press, New York: New York (2009), 432pp. Regulating infrastructure: The impact on risk and investment, Journal of Economic Literature, 44 (2006), pp. 921-968. Investment, uncertainty and liquidity (with Boyle, G), Journal of Finance,

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58 (2003), pp. 2143-2166. Open mouth operations (with Wright, J), Journal of Monetary Economics, 46, 2 (2000), pp. 489-516. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES On Research & Study Leave Articles A note on operating leverage and expected rates of return, Finance Research Letters, 8 (2011), pp. 88-100. Refereeing Journal of Economic Dynamics and Control Journal of Financial Research RAND Journal of Economics New Zealand Economic Papers Thesis Supervision Effort, idiosyncratic risk and investment under uncertainty, William Taylor, completed in December 2011 (joint supervisor Evans, L)

2011 PROFESSIONAL ACT IVIT IES

VIV HALL
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS Professor, Macarthy Chair of Economics Mcom (Hons) PhD Auckland New Zealand, Australian and Pacific Rim business cycle analysis; Macroeconomic modelling and policy, with particular reference to monetary and fiscal policy; growth and productivity analysis. New Zealand business cycle (with McDermott, C J), Econometric Theory, 25, 4 (2009), pp. 1050-1069. Consumption-smoothing in a small, cyclically volatile open economy: Evidence from New Zealand (with Kim, K H and Buckle, R A), Journal of International Money and Finance, 25 (2006), pp. 1277-1295. Unobserved components business cycles for New Zealand. What are they, and what might drive them? (with McDermott, C J), The Economic Record, 87, 277, (2011), pp. 294-317. A quarterly post-Second World War real GDP Series for New Zealand (with McDermott, C J), New Zealand Economic Papers, 45, 3 (2011), pp. 273-298. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Coordinator: ECON 202, ECON 423 Articles Is there an unobserved components common cycle for Australasia? Implications for a common currency (with McDermott, C J), New Zealand Economic Papers, published online 15 November 2011 (iFirst); available from http://www.tandfonline.com/action/showAxaArticles?journalCode=rnzp20 or http://dx.doi.org/10.1080/00779954.2011.623297 A quarterly post-Second World War real GDP Series for New Zealand (with McDermott, C J), New Zealand Economic Papers, 45, 3 (2011), pp. 273-298. Unobserved components business cycles for New Zealand. What are they, and what might drive them (with McDermott, C J), The Economic

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Record, 87, 277 (2011), pp. 294-317. Conference Presentations Recessions and Recoveries in New Zealands Post-World War II Business Cycles (with McDermott, C J), Annual Conference of New Zealand Association of Economists (Wellington, New Zealand, June 2011. Honours Project Research Papers Stylised facts for New Zealand business cycles: a post1987 perspective, Stuart McKelvie (joint supervisor Thoenissen, C) 2011 PROFESSIONAL ACT IVIT IES Policy Advice to Government Member, Independent Advisory Panel for New Zealand Treasurys Macroeconomic Forecasts, 2011. Support to National Bodies Member of Board of Trustees, New Zealand Institute of Economic Research (Inc.). Affiliate, Motu Economic and Public Policy Research Co-convenor (for Victoria University of Wellington) from June 2010 to June 2011 of the New Zealand Treasury, Reserve Bank of New Zealand and VUW Conference entitled New Zealands Macroeconomic Imbalances Causes and Remedies, June 2011. Support to International Bodies Program Director and Inaugural Research Associate, Macroeconomic Policy Frameworks Program, Centre for Applied Macroeconomic Analysis (CAMA), Australian National University. Refereeing The Economic Record Co-guest-editor, special issue of New Zealand Economic Papers on New Zealands Macroeconomic Imbalances.

DEAN HYSLOP
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS NOT ABLE P UBL IC AT IO NS Professor BSc BA (Hons) VUW, MA PhD Princeton Analysis of labour markets; Applied microeconomics analysis Estimating the dynamic treatment effects of an earnings subsidy for welfare leavers (with Card, D), Econometrica, 73, 6 (2005), pp.17231770. Rising US earnings inequality and family labor supply: The covariance structure of intrafamily earnings, American Economic Review, 91, 4 (2001), pp. 755-777. State dependence, serial correlation, and heterogeneity in intertemporal labor force participation of married women, Econometrica, 67, 6 (1999), pp. 1255-1294. Does inflation Grease the wheels of the labor market'? (with Card , D) in Christina Romer and David Romer (eds), Reducing Inflation: Motivation and Strategy, NBER Conference Volume, University of Chicago Press, 1997. 2011 TE AC HING WO RKLO AD Course Coordinator: QUAN 301, QUAN 303, ECON 408

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2011 RESEAR C H ACT IV IT IES

Articles Returning to Work From Injury: Longitudinal Evidence on Employment and Earnings (with Crichton, S and Stillman, S), Industrial and Labor Relations Review, 64, 4, (2011), pp. 763-783. Honours Project Research Papers An analysis of changes in the Australian income distribution, 20012009, Sean Hyland (joint supervisor Khaled, M)

2011 PROFESSIONAL ACT IVIT IES

Refereeing Economic Record Economica Journal of Health Economics Journal of Labor Economics Journal of Applied Econometrics Industrial and Labor Relations Review LABOUR: Review of Labour Economics and Industrial Relations Empirical Economics

MICHAEL KEEFE
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS Lecturer BA College of the Holy Cross, MS Carnegie-Mellon, PhD Texas The inter-relationship of corporate finance, financial markets and institutions. Topics include theoretical and empirical analysis of IPO first trading day returns and empirical work in the areas of short selling, capital structure and the time variation of cash holdings. Does corporate ownership affect capital structures and adjustment of capital structures Evidences from Chinese listed companies (with Wang, Z and Lin, W), Corporate Ownership and Control, 6, 4 (2009), pp. 532-541. Course Coordinator: FINA 203, FINA 402, MMAF 502, MMAF 528 Lecturer: FINA 306 Conference Presentations Time variation in the market value of firms Cash Holdings (with Kieschnick, R), 2011 Auckland Finance Meeting (Auckland, New Zealand, December 2011). Is the IPO offer price revision really a proxy for private information, 2011 FMA Asian Conference (Queenstown, New Zealand, April 2011). The effect of differences of opinion and valuation uncertainty on the pricing of IPOS by investment banks, 2011 New Zealand Finance Colloquium (Christchurch, New Zealand, February 2011). Honours Project Research Papers Ambiguity Aversion in Financial Decision Making , Sam Wilson (joint supervisor Daglish, D) 2011 PROFESSIONAL ACT IVIT IE S Refereeing Journal of Banking and Finance

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2011 TE AC HING WO RKL O AD 2011 RESEAR C H ACT IV IT IES

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MOHAMMED KHALED
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS NOT ABLE P UBL IC AT IO NS Senior Lecturer BA (Hons) Dhaka, MSc Islamabad, MA (Econ) Essex, PhD Br Columbia Demand systems, economies of scale and scope, production and cost frontiers, stock-market efficiency tests, trends in stock prices and returns. Tests of weak-form efficiency of the Dhaka stock exchange (with Islam, A), Journal of Business Finance and Accounting, 32, 7 & 8 (2005), pp. 1613-1624. Estimates of scale and scope economies in the New Zealand life insurance industry (with Adams, M B and Pickford, M), The Manchester School, 69, 3 (2001), pp. 327-349. The incidence and exportability and hotel occupancy and other tourist taxes (with Fujii, E and Mak, J), National Tax Journal, 38, 2 (1985), pp. 169-177. Parametric productivity measurement and choice among flexible functional forms (with Berndt, E), Journal of Political Economy, 87, 6 (1979), pp. 1220-1245. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Coordinator: QUAN 111, QUAN 201 Lecturer: QUAN 102 Articles Are investors moonstruck? Further international evidence on lunar phases and stock returns (with Keef, S), Journal of Empirical Finance, 18 (2011), pp. 56-63. A Note on the Turn of the Month and Year Effects in International Stock Returns (with Keef, S P), The European Journal of Finance (2011), pp.16. http://dx.doi.org/10.1080/1351847X.2011.617379. The seasonal affective disorder (SAD) hypothesis: A note (with Keef, S P), Journal of Socio-Economics, 40 (2011), pp. 959-967. Are economic profit and the internal rate of return merely accounting measures? (Roush, M L and Keef, S P) , International Journal of Latest Trends in Finance and Economic Sciences, 1, 3 (2011), pp. 120-129. 2011 PROFESSIONAL ACT IVIT IES Refereeing Quarterly Review of Economics and Finance Journal of Business and Economics Studies Journal of Banking and Finance Thesis Supervision The role of exports in African economic development: A comparative study of Mauritius and Tunisia, Simon Carey, completed in March 2011 (joint supervisor Singleton, J and Sahli, M).

JACEK KRAWCZYK
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS Reader MSc PhD Warsaw Computational economics, mathematical modelling, dynamic games, optimal control theory and viability theory; applications of the above to monetary policy, portfolio management, environmental and energy

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economics. NOT ABLE P UBL IC AT IO NS Coupled constraint nash equilibria in environmental games, Resource & Energy Economics, 27, 2 (2005) pp. 157-181. Use of coupled incentives to improve adoption of environmentally friendly technologies (with Lifran, R and Tidball, M), Journal of Environmental Economics and Management, 49, 2 (2005), pp. 311-329. Numerical solutions to lump-sum pension fund problems than can yield left-skewed fund return distributions, Optimal Control and Dynamic Games, Chapter 11, Editors: C Deissenberg and R F Hartl (2005), Springer the Netherlands, pp. 155-176. Why countries with the same technology and preferences can have different growth rates (with: Shimomura, K), Journal of Economic Dynamics and Control, 27, 10 (2003), pp. 1899-1916. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Coordinator: Maths for Honours Lecturer: QUAN 111, QUAN 203 Articles When can it be not optimal to adopt a new technology? A viability theory solution to a two-stage optimal control problem of new technology adoption (with Serea, O S), Optimal Control Applications and Methods, (2011), 18 pps, online DOI 10.1002/oca.1030. Conference Presentations Viable satisficing policies versus the Taylor rule in an open economy (with Kim, K H), 15th International Conference in Computing in Economics and Finance (San Francisco, USA, June 2011). Honours Project Research Papers Target variations in a loss avoidance pension fund problem, Jarred Foster (joint supervisor Salam, Y)

MARTIN LALLY
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS NOT ABLE P UBL IC AT IO NS Associate Professor BCA (Hons) PhD VUW Cost of capital and valuation, with a particular interest in the implications of taxes. Tax-adjusted market risk premiums in New Zealand: 1931-2002 (with Marsden, A), Pacific-Basin Finance Journal, 12, 3 (2004), pp. 291-310. Time-varying market leverage, the market risk premium and the cost of capital, Journal of Business Finance and Accounting, 29 (2002), pp. 1301-1318. Valuation of companies and projects under differential personal taxation, Pacific-Basin Finance Journal, 8, 1 (2000), pp. 115-133. An examination of Blume and Vasicek betas, The Financial Review, 33, 3 (1998), pp. 183-198. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Coordinator: FINA 201, FINA 301, FINA 412, MMAF 529 Articles Optimal dividend policy, debt policy and the level of investment within a multi-period DCF framework, Pacific-Basin Finance Journal, 19 (2011), pp. 21-40.

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Conference Presentations The optimal initiation date for pension entitlements under a defined benefits pension scheme, 15th New Zealand Finance Colloquium (Christchurch, New Zealand, February 2011). Honours Project Research Papers NZ finance companies and the debt premium, Ved Prasad (joint supervisor Chen, B) 2011 PROFESSIONAL ACT IVIT IES Support to International Bodies Australian Energy Regulator, expert witness in the case of ActewAGL Distribution v AER, relating to the appropriate averaging term for the risk free rate (February 2011). Essential Services Commission, preparation of Review of Returns to Business in Regulatory Decision Making: What is Best Practice? , (February 2011). Queensland Competition Authority, preparation of Comments on Submissions Relating to the QCAs Proposed WACC for the SEQ Entities (March 2011), www.qca.org.au. Refereeing Abacus Accounting & Finance New Zealand Journal of Applied Business Research

DAWN LORIMER
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS NOT ABLE P UBL IC AT IO NS Director, Post-experience Programme BCom Auckland Bank and corporate treasury and financial risk management: Treasury and banking education. Financial Maths for Managers: An excel companion, second edition, Wellington; Kiwicap Education, 2005, 236pp. Financial Risk Mathematics (with Bowden, R), London: Association of Corporate Treasurers (2005), 403 + iii. Risk Management (with Bowden, R), London: Association of Corporate Treasurers (2005), 377 + iii. Financial Modeling for Managers: with Excel Applications , second edition, USA, (Authors Academic Press, 2003), 282pp. 2011 TE AC HING WO RKLO AD Directorship Duties for Victoria International Applied Finance Programme Course Coordinator: MMAF 501, MMAF 511, MMAF 512, MMAF 521, MMAF 523, MMAF 525

JERRY MUSHIN
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS NOT ABLE P UBL IC AT IO NS Senior Lecturer BSc (Hons) London Macroeconomics, monetary policy and exchange rates. Interest rates, prices, and the economy, Scientific Publishers (India), Jodhpur, 2009, 224pp.

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Increasing stability in the mix of exchange-rate policies, Studies in Business and Economics, 14, 1 (2008), pp. 17-30. The deceptive resilience of fixed exchange rates, Journal of Economics, Business and Law, 6, 1 (2004), pp. 1-27 Co-existing prices and cross-elasticity of demand, Kyklos, 53, 1 (2000), pp. 71-74. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Coordinator: ECON212 Lecturer: ECON 130, ECON 140 Article More on replacement currencies, 19551973, International Journal of Economic Research, 8, 2 (2011), pp. 229-230. Common currencies: Economic and political causes and consequences, The Business Economist, 42, 2 (2011), pp. 19 26. Honours Project Research Papers Celtic Tiger and British Lion after the GFC: an analysis of joining a monetary union, Burt Jackson (joint supervisor Roberts, R)

VLADIMIR PETKOV
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS NOT ABLE P UBL IC AT IO NS Senior Lecturer MA (Econ) Sofia, MS (Econ) PhD Cornell Dynamic games, contracts, environmental economics. Contracting for dynamic efficiency (with Calcott, P), The B.E. Journal of Theoretical Economics, 10, 1 (2010), pp. 1-20. Delegated management in dynamic duopolies, International Game Theory Review, 12, 2 (2010), pp. 93-114. Delegation and commitment in durable goods monopolies, (with Coury, T), Games and Economic Behavior, 53 (2008), pp. Dynamics, learning and subsidization of infant firms, Journal of Industry Competition and Trade, 7, 2 (2007), pp. 73-93. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Coordinator: ECON 201, ECON 405, ECON 422 Lecturer: ECON 404 Articles International Environmental Agreements: Design of Optimal Transfers Under Heterogeneity (with Calcott, P), Environmental Modeling and Assessment, (2011), pp. 1-12. DOI: 10.1007/s10666-011-9290-2. Conference Presentations Endogenous addictiveness: Implications for competition and regulation (with Calcott, P), 29th Australasian Economic Theory Workshop (Adelaide, Australia, February 2011). Honours Project Research Papers Timeconsistent Monopsony, Shanella Rajanayagam (joint supervisor Robles, J) 2011 PROFESSIONAL ACT IVIT IES Refereeing Environmental Modeling and Assessment Mathematical Social Sciences Reviewer for American Mathematical Society

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Thesis Supervision Environmental regulation of firms that experience inconsistency; James Zuccollo, completed in October 2011.

dynamic

JOHN RANDAL
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS Senior Lecturer BSc MSc DipFinMath PhD VUW Stock price modelling, derivative pricing, financial time series analysis. Current research includes the application of robust statistics to financial data, in particular for volatility estimation, and analysis of the leverage effect. Influences on tax evasion behaviour: Insights from a behavioural simulation experiment (with Marriott, L and Holmes, K), New Zealand Journal of Taxation Law and Policy, 16, 4 (2010), pp. 369-394. A First Course in Applied Statistics: With applications in biology, business, and the social sciences (with Clark, M), 2nd edn., Pearson, 2010, 368pp. A reinvestigation of robust scale estimation in finite sample s, Computational Statistics and Data Analysis, 52 (2008), pp 5014-5021. How is donation behaviour affected by the donations of others? (with Martin, R), Journal of Economic Behaviour and Organization, 67, 1 (2008), pp. 228-238. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Coordinator: QUAN 102, QUAN 111, QUAN 203, FINA 304, FINA411, MMAF532 Honours Project Research Papers Non-linear modeling of the changing lag structure in the New Zealand building industry, Chelsea Leadbetter (joint supervisor Burnell, S)

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LEIGH ROBERTS
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS NOT ABLE P UBL IC AT IO NS Senior Lecturer BSc (Hons) Melbourne, MSc Tasmania, MSc London, PhD VUW, AIAA Financial mathematics, risk management and insurance. Combinatorics; jack polynominals and zonal polynominals. In the firing line: Actuarial educators and education, Actuary Australia, (2010), pp. 11-14. On the TTT transformation, innovation martingales and testing exponentiality, 4th Asia-Pacific International Symposium on Advanced Reliability and Maintenance Modelling (Wellington, 2010), pp. 325-332. Towards a parsimonious calculation of Jack Polynomials, International Journal of Pure and Applied Mathematics, 39, 2 (2007), pp 173-189. On the existence of moments of ratios of quadratic forms, Econometric Theory, 11 (1995), 750-774. 2011 TE AC HING WO RKLO AD Course Coordinator: FINA 303, FINM 406, FINA 413, MMAF 522, MMAF 531, MMAF 533. Lecturer: FINA 101

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2011 RESEAR C H ACT IV IT IES

Conference Presentations Can implied forward mortgage rates predict future mortgage rates? recent New Zealand experience, Australasian Actuarial Education and Research Symposium (Canberra, Australia, December 2011). Honours Project Research Papers Investigation of recent developments in insurance and banking regulatory environment, Phuong Pham (joint supervisor Krawczyk, J)

2011 PROFESSIONAL ACT IVIT IES

Refereeing Research Synthesis Methods

JACK ROBLES
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS Associate Professor PhD UC San Diego Game theory and economic theory: Currently researching rationality in extensive form games, evolutionary stability in bargaining situations, discrimination (in group bias) as a repeated game equilibrium, and contracts between lawyers and clients. Product innovation and parallel trade (with Li , C Y), The International Journal of Industrial, 25 (2007), pp. 417-429. Does evolution solve the hold up problem? (with Ellingsen , T), Games and Economic Behavior, 39 (2002), pp. 28-53. Evolution in finitely repeated coordination games, Games and Economic Behavior, 34 (2001), pp. 312-330. Evolution with changing mutation rates, Journal of Economic Theory, 79 (1998), pp. 192-207. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Coordinator: ECON 211, ECON 314, ECON 339, ECON 404 Articles Demand growth and strategically useful idle capacity, Oxford Economic papers, 63, 4 (2011), pp. 767-786. Stochastic Stability in Finitely Repeated Two Player Games, The B.E. Journal of Theoretical Economics, 11, 1 (2011), pp. 1-22. Honours Project Research Papers Costs to Fire, in a signalling game setting, Tim Newton-Howes (joint supervisor Calcott, P) 2011 PROFESSIONAL ACT IVIT IES Refereeing The American Economic Review Theoretical Economics INFOR The Canadian Journal of Operations Research Games and Economic Behavior Journal of Economic Behavior and Organization New Zealand Economic Papers Thesis Supervision Tension in New Zealands public hospitals: Performance effects of sharpening incentives, Adrian Slack, completed 2011 (joint supervisor Calcott, P)

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YIIT SALAM
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS NOT ABLE P UBL IC AT IO NS Lecturer BA Metu, PhD Iowa Applied econometrics, economics empirical microeconomics, environmental

International competitiveness and the unit-labor-cost-based competitiveness index, METU Studies in Development, 1 (2004), pp. 4370. Course Coordinator: QUAN 202 Lecturer: ECON 339, ECON 340 Conferences Optimal water resource management: Optimal pricing of water, New Zealand Econometrics Study Group (Dunedin, New Zealand, February, 2011). Honours Project Research Papers Modelling household car ownership in New Zealand, Ken Joe (joint supervisor Schurer, S)

2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES

2011 PROFESSIONAL ACT IVIT IES

Refereeing Contemporary Economic Policy Canadian Journal of Economics Environmental Modeling and Assessment International Journal of Industrial Organization Journal of Forest Economics New Zealand Economic Papers Thesis Supervision Competition in a natural monopoly industry: The bypass of gas distribution networks in New Zealand, Daniel Twaddle, completed in 2011 (joint supervisor Calcott, P).

STEFANIE SCHURER
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS NOT ABLE P UBL IC AT IO NS Senior Lecturer MSc Econ York, PhD Ruhr Bochum Panel data econometrics, economics of personality psychology, health economics Stability of Big-Five personality traits' (with Cobb-Clark, D), Economics Letters, Forthcoming. DOI:10.1016/j.econlet.2011.11.015 'How does heterogeneity shape the socioeconomic gradient in health satisfaction' (with Jones, A M), Journal of Applied Econometrics, 26, 4 (2011), pp.549-579. 'The effects of an incentive program on quality of care in diabetes management' (with Scott, A, Jensen, P, and Sivey, P), Health Economics, 18, 9 (2009), pp. 1091-1108. 'Is the relationship between inflation and its uncertainty linear?' (with Karanasos, M), German Economic Review, 9 (2008), pp. 265-286. 2011 TE AC HING WO RKLO AD Course Coordinator: ECON 409 Lecturer: QUAN 102, ECON 303

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2011 RESEAR C H ACT IV IT IES

Articles Stability of Big-Five personality traits' (with Cobb-Clark, D), Economics Letters, Forthcoming. DOI:10.1016/j.econlet.2011.11.015 'Are doctors satisfied with their work? Results from the MABEL longitudinal survey of doctors' (with Joyce, C M, Scott, A, Humphreys, J, and Kalb, G), Medical Journal of Australia, 194, 1 (2011), pp. 30-33. 'How does heterogeneity shape the socioeconomic gradient in health satisfaction' (with Jones, A M), Journal of Applied Econometrics, 26, 4 (2011), pp.549-579. Working or Occasional Paper 'Two economists' musings on the stability of locus of control' (with CobbClark, D). IZA Discussion Paper No. 5630. 'Evidence on the long shadow of poor mental health across three generations' (with Johnston, D W and Shields, M A). IZA Discussion Paper No. 6014. 'The Stability of Big Five personality traits' (with Cobb-Clark, D). IZA Discussion Paper No. 5943. Conference Presentations Two economists musings on the stability of locus of control, 14th Annual Labour Econometrics Workshop, (Sydney, Australia, August 2011). Honours Project Research Papers The persistence of mental health and its economic consequences, Roy John (joint supervisor Hyslop, D)

2011 PROFESSIONAL ACT IVIT IES

Refereeing Journal of Health Economics Health Economics Journal of Applied Econometrics

CHRISTOPH THOENISSEN
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS NOT ABLE P UBL IC AT IO NS Associate Professor BA (Hons) Kent, PhD York Business cycle dynamics, open economy macroeconomics, financial frictions Exchange rate dynamics, asset market structure and the role of the trade elasticity, Macroeconomic Dynamics, 15 (2011), pp. 119-143. 'Financial shocks and the US business cycle' (with Nolan, C), Journal of Monetary Economics, 56 (2009), pp. 594-604. 'Consumption and real exchange rates with incomplete financial markets and non-traded goods' (with Benigno, G), Journal of International Money and Finance, 27 (2008), pp. 926-948. Equilibrium exchange rates and supply side performance (with Benigno, G), Economic Journal, 113, 486 (2003), pp. C103-124. 2011 TE AC HING WO RKLO AD 2011 RESEAR C H ACT IV IT IES Course Coordinator: ECON 305, ECON 403 Lecturer: ECON 402 Articles Exchange rate dynamics, asset market structure and the role of the trade elasticity, Macroeconomic Dynamics, 15, (2011), pp 119-143.

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International business cycles and the relative price of investment goods, (with Basu, P), Canadian Journal of Economics, 44, (2011), pp. 580-606. Conference Presentations Financial intermediation and the international business cycle, SWIM (Auckland, New Zealand, March 2011). Financial intermediation and the international business cycle, Computation in Economics and Finance (San Francisco, USA July 2011). Working or Occasional Papers Financial intermediation and the international business cycle (with Kamber, G), CAMA working paper 2011-22. Also appeared as: CDMA Working Paper 1108 (University of St Andrews). The financial accelerator and monetary policy rules (with Kamber , G), CAMA working paper. Honours Project Research Papers Disaggregating New Zealand's Bilateral Real Exchange Rates, Raiko Shareef (joint supervisor Berka, M) 2011 PROFESSIONAL ACT IVIT IES Refereeing Macroeconomic Dynamics Australian Economic Papers Journal of Economic Dynamics and Control Journal of International Economics Reserve Bank of New Zealand Working Paper

PAUL TOMPKINSON
POSIT ION AC ADE MIC Q UAL IF IC AT IO NS DISC IPL INE INT ERESTS Senior Lecturer BA (Hons) Leicester, DipEconomics and Econometrics MSc Southampton Economic methodology, international trade theory and policy. Current research is on trade and welfare with occupational preferences, argumentation in economics and the methodology of economic modelling. The effect of information on fiscal preferences (with Bethwaite , J), Journal of Economic Psychology, 12 (1991), pp. 287-298. The strategic use of economic models in a macro game, New Zealand Economic Papers, 25 (1991), pp. 39-50. The ultimatum game: Raising the stakes (with Bethwaite , J), Journal of Economic Behaviour and Organisation, 27 (1995), pp. 439-451. The ultimatum game: and non-selfish utility functions (with Bethwaite, J), Journal of Economic Psychology, 17 (1996), pp. 48-71. 2011 TE AC HING WO RKLO AD Course Coordinator: ECON 309, ECON 412 Lecturer: ECON 130

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VUW ECONOMICS AND FI NANCE SEMINAR SERIES 2011

Convenors: Michael Keefe and Vladimir Petkov

January 20 January 2011 Speaker: Professor Alon Klement, IDC Law Faculty in Israel Title: "Private Selection and Arbitration Neutrality" February 18 February 2011 Speaker: Professor Andreas Loffler, University of Paderborn, Germany Title: "Rational expectation equilibria with uncertain risk aversion" 22 February 2011 Speaker: Professor Robert Cairns, McGill University, Canada Title: "The Fundamental Problem of Accounting and the Measurement of Capital" March 18 March 2011 Speaker: Professor Gordon Thiessen, Professorial Fellowship in Monetary and Financial Economics with Reserve Bank of New Zealand and the School of Economics and Finance Title: "The Challenges of Macro Prudential Policies" 22 March 2011 Public Lecture Speaker: Professor Gordon Thiessen, Professorial Fellowship in Monetary and Financial Economics with Reserve Bank of New Zealand and the School of Economics and Finance Title: "Can Global Financial Regulation Save us from Future Crises?" 23 March 2011 Speaker: Professor Hugh Schwartz, Behavioural Economist, Washington, USA Title: "Improving Economic Policy" 25 March 2011 Speaker: Professor Geoffrey Hodgson, Hertfordshire University, United Kingdom Title: "The Problem of Cooperation and the Unbearable Emptiness of Rationality" 30 March 2011 Speaker: Professor Miles B Livingston, University of Florida, Warrington College of Business Administration, Gainsville, Florida, USA Title: "Brokerage Commissions: The Hidden Costs of Owning Mutual Funds" April 5 April 2011 Speaker: Dr Ning (Tony) Tang, Wilfrid Laurier University, Canada Title: "Signaling via stock splits: Evidence from short interest" 6 April 2011 Speaker: Dr Richard Smith, Professor of Econometric Theory and Economic Statistics, Cambridge University, UK Title: "Tests for neglected heterogeneity in modern condition models"

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15 April 2011 Speaker: Professor Ser-Huang Poon, Manchester Business School, UK Title: "The impact of institution: holding and trading on market liquidity and crisis" May 5 May 2011 Speaker: Dr Tue Gorgens, Australian National University, Canberra, Australia. Title: "Modelling health care costs and life expectancy: Insights from Australian individual health expenditure data" 11 May 2011 Speaker: Professor Paul Carlin, University of Indiana, Purdue, USA Title: "The Academic Gender Wage Gap-Peer Review, performance and market considerations" 13 May 2011 Speaker: Dr Jim McAloon, Associate-Professor School of History, Victoria University of Wellington. In conjunction with the Business, Economic, Accounting history Network (BEAN). Inaugural seminar. Title: "Middle Class Scots and Colonial Economic Success: Thoughts and Comparisons" 23 May 2011 Speaker: Dr Tue Gorgens, SPEAR Centre, Research School of Economics, Australian National University, Canberra, Australia Title: "Testing a parametric function against a non-parametric alternative in IV and GMM settings" 27 May 2011 Speaker: Dr Yiuman Tse, University of Texas at San Antonio, USA Title: "The relationship between currency carry trades and US stocks" June 3 June 2011 Speaker: Professor Michael Shields, University of Melbourne, Australia Title: "Destined for (Un)Happiness: Does Childhood Predict Adult Life Satisfaction?" 10 June 2011 Speaker: Gabriel Fiuza de Braganca, PhD student, School of Economics and Finance, Victoria University of Wellington Title: "Essays on the interaction between risk and market structure in electricity markets" 17 June 2011 Speaker: Dr Larry Lepper, Recent PhD graduate, School of Economics and Finance, Victoria University of Wellington In conjunction with the Business, Economic, Accounting history Network (BEAN) Title: "Lytton Strachey and other Cultural Influences on Keynes's Communication of Economic Ideas in Economic Consequences of the Peace" August 5 August 2011 Speaker: Professor Tim Cason, Purdue University, West Lafayette, Indiana, USA Title: "Empowering Neighbours versus Imposing Regulations: An experimental analysis of pollution reduction schemes" 12 August 2011 Speaker: Dr Simona Fabrizi, Massey University - Albany, Auckland Title: "Suggested retail prices with downstream competition" 19 August 2011 Speaker: Professor Kris Inwood, University of Guelph, Guelph, Ontario, Canada In conjunction with the Business, Economic, Accounting history Network (BEAN) Title: "Stayers and Leavers, Diggers and Canucks: The 1914-1918 War in Comparative Perspective".

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September 7 September 2011 Speaker: Professor Russell Hillberry, Dept of Economics, University of Melbourne, Australia Title: "What Triggers an Anti-Dumping Petition? Finding the Devil in the Detail" 9 September 2011 Speaker: Professor Mahendrarajah (Nimal) Nimalendran, Warrington College of Business, University of Florida, Gainsville, Florida Title: "Margins and Hedge Fund Contagion" 16 September 2011 Speaker: Simon Carey, MA Student, School of Economics and Finance, VUW Title: "The economic development of Maurtitus and Tunisia: a comparative study" in conjunction with the Business, Economic, Accounting history Network (BEAN) October 7 October 2011 Speaker: Dr Bart Frijns, Auckland University of Technology, Auckland Title: "Excess Co-movement in International Stock Markets" 14 October 2011 Speaker: Dr Marco Faravelli, The University of Queensland, Australia Title: "Smooth Politicans and Paternalistic Voters: A theory of large elections" 21 October 2011 - Friday Speaker: Dr Steve Behrendt, School of History Philosophy Political Science and International Relations, VUW Title: "History of Liverpool as a Trading Port, 1700-1850" (a Marsden funded project) In conjunction with the Business, Economic, Accounting history Network (BEAN) November 2 November 2011 - Wednesday Speaker: Dr Carsten Murawski, University of Melbourne, Australia Title: "Personality and Finance: The Relation between Personality Traits and Financial Behaviour" 4 November 2011 - Friday Speaker: Dr Joachim Inkmann, University of Melbourne, Australia Title: "Managing Financially Distressed Pension Plans in the Interest of Beneficiaries" 10 November 2011 - Thursday Speaker: Dr Zoran Ivkovic, Michigan State University Title: "Strategic performance allocation in institutional asset management firms: Behold the power of stars and dominant clients" 11 November 2011 - Friday Speaker: Dr Hai Lin, University of Otago Title: "Predictability of corporate bond returns clients" 25 November 2011 - Friday Speaker: Dieter Nautz, Freie Universitt Berlin (Free University Berlin) Title: "Central Bank Communication and the Perception of Monetary Policy by Financial Market Experts"

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V I S I TO R S TO T H E S C H O O L
Professor Robert Cairns, McGill University, Canada Professor Paul Carlin, University of Indianna, Purdue, USA Professor Francesco Facchinei, University of Rome la Sapienza, Rome, Italy Professor Jennifer Foo, Stetson University, Orlando, USA Dr Tue Gorgens, Australian National University, Canberra, Australia Professor Kun-hong Kim, Hallym University, Korea Professor Paul Menchik, Michigan State University, USA Professor Mahendrarajah Nimalendran, University of Florida, Florida, USA Professor Ser-Huang Poon, Manchester Business School, UK Professor Hugh Schwartz, Washington, USA Professor Michael Shields, University of Melbourne, Australia Professor Richard Smith, Cambridge University, UK Dr Ning (Tony) Tang, Wilfred Laurier University, Canada Professor Gordon Thiessen, ex Governor-Bank of Canada, Montreal, Canada

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