RESEARCH ASB - UNSW Business School...Australian School of Business Research Highlights 2011–2013...

Australian School of BusinessResearch Highlights 2011–2013

Australian School of BusinessNever Stand Still

2011–2013

RESEARCHHIGHLIGHTSOur cutting-edge research is shaping public pOlicy and business practice in an impressive range Of cOmmercial disciplines – spreading knOwledge, insights and ideas arOund the wOrld.

ASB

WELCOME TO ASB

The AusTrAliAN school of BusiNess is AT The forefroNT NATioNAlly for compeTiTive reseArch grANTs, puBlicATioNs ANd reseArch degree compleTioNs.

our excelleNT reseArch eNviroNmeNT is BuilT oN Three plATforms: quAliTy fAculTy, NATioNAlly compeTiTive reseArch fuNdiNg ANd high quAliTy reseArch sTudeNTs.

A cAtAlyst for knowledge And new ideAsour research faculty and students have made some impressive achievements over the past two years, as you’ll see in this research guide, which highlights our commitment to quality research relevant to Australia and the rest of the world.

Unlocking ideAs to inform And innovAte

our faculty determine new research directions, making a significant impact on knowledge by disseminating research outcomes and ideas and stimulating future research agendas for the academic community. this also provides a source of innovation for industry. meanwhile, our research students are our future. they keep ideas fresh, and by developing their skills we ensure a future supply of researchers.

collAborAtion And impActAt the Asb, we build knowledge in partnership with industry, government and researchers at other leading universities around the world. our strong links with the international research community have placed increasing emphasis on engagement with Asia in the past few years, and we can see this region becoming a dominant global force in business innovation. we also provide information on government policy and provide industry with new perspectives by producing research results with real world relevance.

over the following pages you’ll find many examples of the impact we’ve had across our diverse areas of excellence, and the ways we build research teams across a range of disciplines, providing substantial opportunities for research students and early career researchers to collaborate with senior researchers.

if you have any questions or would like further information on any of these research projects, you are welcome to contact the researchers directly, or call the Australian school of business research office.

// Professor Roger Simnett Associate dean (research), Australian school of business

2011–2013

// PROFESSOR ROGER SIMNETT

3 //RESEARCH HIGHLIGHTS

HIGHLIGHTSRESEARCH

RESEARCH HIGHLIGHTS

NO.1– ExcEllEncE in REsEaRch foR

austRalia (ERa) in ‘commERcE, managEmEnt, touRism and sERvicEs’

– ExcEllEncE in REsEaRch foR austRalia (ERa) in ‘laW and lEgal studiEs’

ExcEllEncE in REsEaRch foR austRalia

thE ExcEllEncE in REsEaRch foR austRalia (ERa) REpoRt 2012 EvaluatEs REsEaRch activity and quality in austRalia’s 41 highER Education institutions.

unsW REcEivEd thE gRadE of:– ‘Well above world standard’ for the research fields of ‘Commerce,

Management, Tourism and Services’ and ‘Law and Legal Studies’– ‘Above world standard’ for the research fields of ‘Economics’ and

‘Information and Computing Sciences’.

highEst Rating of “WEll aBovE WoRld standaRd” Was achiEvEd in thE folloWing spEcific suBJEct aREas:‘Accounting, Auditing and Accountability’, ‘Banking, Finance and Investment’, ‘Business and Management’, ‘Marketing’, ‘Econometrics’ and ‘Law and Legal Studies’.

community cEntRE Centre for Innovation and Entrepreneurship (CIE) www.asb.unsw.edu.au/cie

affiliatEd REsEaRch cEntREs Capital Markets Co-operative Research Centre (CMCRC) www.cmcrc.com

Centre of Excellence in International Finance & Regulation (CIFR) www.cifr.edu.au

Centre for Social Impact (CSI) www.csi.edu.au

Securities Industry Research Centre of Asia-Pacific (SIRCA) www.sirca.org.au

Sustainable Tourism Cooperative Research Centre (STCRC) www.sustainabletourismonline.com

242

Post graduate degree (research)

studEnt EnRolmEnt

aRc gRants funding commEncEd in 2012Discovery Projects : 6 projects $1,918KLinkage Projects: 2 projects $590KDECRA: 2 awards $750K

total $3,258K

302

PublishEd JouRnal aRticlEs in 2011

The Australian School of Business has nine research centres impacting the way business operates:

ARC Centre of Excellence in Population Ageing Research (CEPAR) www.cepar.edu.au

Asia-Pacific Ubiquitous Healthcare Research Centre (APuHC) www.asb.unsw.edu.au/apuhc

Australian Institute for Population Ageing Research (AIPAR) www.asb.unsw.edu.au/aipar

Centre for Accounting and Assurance Research (CAAR) www.asb.unsw.edu.au/caar

Centre for Applied Economic Research (CAER) www.asb.unsw.edu.au/caer

Centre for Energy and Environment Markets (CEEM) www.ceem.unsw.edu.au

Industrial Relations Research Centre (IRRC) www.asb.unsw.edu.au/irrc

Korea Research Institute (KRI@UNSW) www.kri.unsw.edu.au

Institute of Global Finance (IGF) www.asb.unsw.edu.au/igf

REsEaRch cEntREs and institutions


FUNDING AND GRANTS

in austRalia, nationally comPEtitivE REsEaRch funding EnsuREs that, in a small Economy whERE Public REsEaRch suPPoRt is scaRcE, REsEaRch funding is diREctEd to thE highEst quality PRoJEcts.

EvERy yEaR, thE ASB is awaRdEd substantial funding foR its REsEaRch fRom a vaRiEty of souRcEs, thE most imPoRtant of which is thE AuSTrAliAn reSeArch council’S (Arc) national comPEtitivE gRants PRogRam.

thE discovERy and linkagE PRoJEct schEmEs aRE thE two maJoR schEmEs fRom which thE asb REcEivEs funding, including awaRds and fEllowshiPs.

ANDGRANTS

FUNDING

// PROFESSOR RONALD MASULIS


thE social nEtWoRK antEcEdEnts and pERfoRmancE outcomEs of sERvicE innovation// Investigator/s: Associate Professor Steven S Lui (ASB/Management)Total funding: $226,000

thE antEcEdEnts and outcomEs of affEctivE and cognitivE REadinEss foR oRganisational changE//Investigator/s: Associate Professor Alannah E Rafferty (ASB/Management), Associate Professor Nerina L Jimmieson (Queensland)Total funding: $150,000

undERstanding thE lEaRning and dEvElopmEnt of EmployEEs’ Emotion REgulation stRatEgiEs ovER timE: REthinKing thE paRadigm//Investigator/s: Associate Professor Markus Groth (ASB/Management)Total funding: $225,000

FUNDING AND GRANTS

continuEd

Evaluating and Enhancing thE composition and functioning of multidisciplinaRy gREEnhousE gas assuRancE EngagEmEnt tEams//Investigator/s: Professor Roger Simnett (ASB/Accounting) and Professor Ken Trotman (ASB/Accounting)Total funding: $249,328

impRoving auditoRs? RisK assEssmEnt and dEtEction of financial statEmEnt fRauds//Investigator/s: Professor Ken Trotman* (ASB/Accounting)Total funding: $583,737 * Australian Professorial Fellowship offered for five years

Evaluating REgulatoRy initiativEs diREctEd at audit fiRms to impRovE audit quality//Investigator/s: Professor Elizabeth A Carson (ASB/Accounting), Professor Roger Simnett (ASB/Accounting), Professor Neil L Fargher (ANU), Professor Ann Vanstraelen (Maastricht)Total funding: $234,840

oWnERship linKagE and thE functioning of intER-fiRm capital maRKEts duRing thE gloBal financial cRisis//Investigator/s: Professor Ronald W Masulis (ASB/ Banking and Finance), Dr Jason Zein (ASB/ Banking and Finance), Associate Professor Kien P Pham (ASB/ Banking and Finance)Total funding: $100,000

gloBal financial cRisis and financial staBility: an invEstigation of thE systEmic RisK foR financial institutions//Investigator/s: Professor Fariborz Moshirian (ASB/ Banking and Finance), Dr Bohui Zhang (ASB/ Banking and Finance)Total funding: $250,000

do WEalth cREating mERgERs and acquisitions REally huRt acquiRER shaREholdERs?//Investigator/s: Professor Peter L Swan (ASB/ Banking and Finance), Professor Ronald W Masulis (ASB/ Banking and Finance)Total funding: $230,000

Economic analysEs of paRtial Equity oWnERship aRRangEmEnts: thEoRy, EvidEncE, and policy implications// Investigator/s: Professor Hodaka Morita (ASB/Economics), Associate Professor Arghya Ghosh (ASB/Economics), Professor Jay Pil Choi (ASB/Economics)Total funding: $288,000

dEvElopmEnt of gEnERal mEthodology foR Estimating complEx timE sERiEs modEls//Investigator/s: Professor Robert Kohn (ASB/Economics), Associate Professor Christopher K Carter (ASB/Economics), Associate Professor Valentyn Panchenko (ASB/Economics)Total funding: $750,000

intEgRating puBlic and pRivatE REtiREmEnt RisK pRotEction: puBlic policy and BusinEss pRacticE//Investigator/s: Professor John Piggott* (ASB/Economics), Professor Olivia S Mitchell (Wharton), Professor Richard F Disney (Nottingham)Total funding: $409,230* Australian Professorial Fellowship offered for five years

thE Economics of filial infoRmal caRE: futuRE tREnds and diREctions foR policy suppoRts//Investigator/s: Dr Shiko Maruyama (ASB/Economics), Dr Meliyanni Johar (UTS), Dr Sayaka Nakamura (Yokohama City) Schools: Economics Total funding: $157,725

tRustWoRthinEss and REputation in maRKEts – EmpiRical and ExpERimEntal studiEs//Investigator/s: Dr Ben Greiner (ASB/Economics)Total funding: $150,000

Estimating thE EffEcts of fiscal policy//Investigator/s: Professor James Morley (ASB/Economics)Total funding: $152,000

stimulating global onlinE innovationProfeSSor PATrick finnegAn from The School of informATion SySTemS, Technology And mAnAgemenT wAS AwArded diScovery ProjecT funding for hiS reSeArch inTo leverAging oPen innovATion.

‘This research aims to understand how organisations can improve their innovation processes and outcomes by working with online communities located around the world,’ he says.

Several high profile companies have already had some success working with online communities to develop new products and services.

‘However, much of this success is based on finding one or two individuals with the required expertise in these communities,’ Patrick explains. ‘The big challenge is figuring out how to get groups of globally dispersed individuals, often with disparate skills, to work together without management authority or monetary rewards usually found in R&D practices.’

‘We have already established that certain social and cultural cues can be used as a substitute for these organisational and legal frameworks. The next challenge is designing the software to allow businesses to routinely do this, and the Discovery grant will help us accomplish this’.

The diScovery ProjecT Scheme ProvideS funding for reSeArch ProjecTS ThAT cAn Be underTAken By individuAl reSeArcherS or reSeArch TeAmS. The following diScovery ProjecTS hAve Been AwArded funding By The AuSTrAliAn reSeArch council And commenced BeTween 2011 And 2013. The following Are ThoSe grAnTS where unSw iS The AdminiSTering orgAniSATion, wiTh our AcAdemicS AlSo ASSociATed wiTh grAnTS AdminiSTered By oTher inSTiTuTionS.

lEvERaging opEn innovation: softWaRE and pRocEssEs foR Engaging With onlinE communitiEs//Investigator/s: Professor Patrick Finnegan (ASB/ Information Systems, Technology & Management)Total funding: $300,000

Building amBidExtRous capacity in sERvicE industRiEs: a cRoss national study//Investigator/s: Professor Paul G Patterson (ASB/Marketing), Dr Yi Ting Yu (UTS), Professor Ko de Ruyter (ASB/Marketing)Total funding: $155,000

invEstigating thE impact of augmEntEd REality on consumER dEcision maKing and maRKEting systEms//Investigator/s: Dr Mathew Chylinski (ASB/Marketing), Professor Ashish Sinha (ASB/Marketing), Professor Ko de Ruyter (ASB/Marketing)Total funding: $60,000

diScovery ProjecTS

2011–2013

// PROFESSOR PATRICK FINNEGAN — diScovery ProjecT funding


2011–2013

FUNDING AND GRANTS

continuEd

lEvERaging oRganisational contExt to maximisE tEam pERfoRmancE and thRiving: a dynamic appRoach to undERstand tEam lEaRning acRoss divERsE sEttings//Investigator/s: Dr Catherine Collins (ASB/Management), Professor Cristina Gibson (UWA)Partner organisation/s: Inenco Pty LimitedTotal ARC funding: $410,000

Enhancing intEgRatEd REpoRting: implications foR intERnal and ExtERnal REpoRting and assuRancE//Investigator/s: Professor Roger Simnett, Associate Professor Wendy J Green, Associate Professor Mandy M Cheng, Dr Maria C Balatbat, Dr Yee Shih Phua (all investigators from ASB/Accounting)Partner organisation/s: Institute of Chartered Accountants in Australia and CPA Australia Total ARC funding: $180,000

REconnEcting and Engaging supERannuation fund mEmBERs// Investigator/s: Professor Andreas Ortmann (ASB/Economics), Associate Professor Hazel J Bateman (ASB/Risk & Actuarial), Dr Susan J Thorp (UTS), Dr Loretti I Dobrescu (ASB/Economics), Dr Benjamin Newell (UNSW/Psychology), Professor Glenn W Harrison (Georgia State), Professor Nathaniel T Wilcox (Chapman) Partner organisation/s: UniSuper LtdTotal ARC funding: $247,711

dEvEloping sustainaBlE REtiREmEnt policy in a chinEsE pRovincE: thE casE of ZhEJiang// Investigator/s: Professor John R Piggott (ASB/Economics), Professor Michael Sherris (ASB/Risk & Actuarial), Associate Professor Hazel J Bateman (ASB/Risk & Actuarial), Professor Xian-guo Yao (Zhejiang)Partner organisation/s: Institute for Public Policy, Zhejiang ProvinceTotal ARC funding: $137,420

multi-lEvEl analysis of human REsouRcE managEmEnt systEms on hospital outcomEs//Investigator/s: Associate Professor Julie A Cogin (ASB/Management), Professor Ian O Williamson (Melbourne), Associate Professor Patrick G Bolton (Prince of Wales Hospital)Partner organisation/s: Australian Healthcare and Hospitals Association, Queensland Health, South Eastern Sydney and Illawarra Area Health ServiceTotal ARC funding: $149,660

thE futuRE of aiRcRaft maintEnancE in austRalia: WoRKfoRcE capaBility, aviation safEty and industRy dEvElopmEnt// Investigator/s: Professor Michael G Quinlan (ASB/Management), Professor Ann M Williamson (UNSW/Aviation), Professor Garry F Barrett (Sydney), Associate Professor Anne M Junor (ASB/IRRC), Associate Professor Ian L Hampson (ASB/Management), Dr Erik J Van Voorthuysen (UNSW/Mechanical & Manufacturing Engineering), Dr Sarah E Gregson (ASB/Management) Partner organisation/s: Australian Aerospace, Australian Licensed Aircraft Engineers Association, Australian Manufacturing Workers’ Union, Aviation Maintenance Repair and Overhaul Business Association, Flight Attendants Association of Australia (Domestic), Manufacturing Skills Australia, TAFE NSW, The Transport and Logistics Centre, Transport Workers Union of AustraliaTotal ARC funding: $226,000

assEssing and addREssing tax systEm complExity in austRalia// Investigator/s: Professor Christopher C Evans (ASB/Taxation & Business Law), Professor Rick E Krever (Monash), Professor Jeffrey I Pope (Curtin), Associate Professor Binh Tran Nam (ASB/Taxation & Business Law), Dr Philip A Lignier (Griffith) Partner organisation/s: Institute of Chartered Accountants in AustraliaTotal ARC funding: $143,217

simPlifying tax systEms of thE futuREProfeSSor chriS evAnS wAS AwArded linkAge ProjecT funding for hiS reSeArch inTo TAx SySTem comPlexiTy. ‘ThiS reSeArch will PoTenTiAlly hAve A direcT imPAcT on The AuSTrAliAn TAx SySTem, AS iT will SuggeST wAyS To SimPlify The wAyS BuSineSS And TAxPAyerS inTerAcT wiTh governmenT By redeSigning SySTemS And ProceSSeS, And uSing The lATeST Technology,’ he SAyS.

He says it could also lead to tax law changes to simplify the operation of the tax system, and overseas governments may find this tool useful for measuring the extent of complexity in their own tax systems.

‘In a smaller study we established the tax compliance burden for small business has become significantly worse over the last 15 years, largely as a result of the introduction of GST in 2000. Increasingly, small businesses outsource tax and accounting work to professionals, and the special tax concessions designed to help the small business sector are not having much impact,’ says Chris.

He says the Linkage Grant will allow his team to conduct large-scale surveys to identify tax compliance problem areas and work towards solutions, and also train the next generation of tax compliance cost researchers.

‘It will also enable us to identify useful developments overseas, and share this expertise with national and international researchers in tax.’

The AuSTrAliAn reSeArch council linkAge ProjecT Scheme fundS collABorATive reSeArch ProjecTS BeTween The univerSiTy And induSTry, governmenT or communiTy orgAniSATionS who wiSh To uSe unSw’S exPerTiSe To AnSwer queSTionS or Solve ProBlemS for Their STrATegic BenefiT And comPeTiTive AdvAnTAge.

This allows those organisations to stretch their research dollars further, by matching funds with their contribution, which may be cash and in kind.

Our researchers were awarded ARC Linkage Project funding for the following projects commencing in 2011 and 2012. The following are those grants where UNSW is the administering organisation, with our academics also associated with grants administered by other institutions.

linkAge ProjecTS

// PROFESSOR CHRIS EVANS — linkAge ProjecT


ANDFELLOW SHIPS

AWARDS

AWARDS AND FELLOWSHIPS

AuSTrAliAn lAureATe fellowShiPProfessor Michael Keane of ASB’s School of Economics was awarded a prestigious Laureate Fellowship in 2011. This is the first Laureate Fellowship won by the ASB and the first one awarded to researchers in the Economics, Commerce and Management research field since the scheme was introduced in 2010.

Only 17 were awarded across the whole Australian university sector, and UNSW received two in 2011.

undERstanding thE implications of population agEing foR thE futuRE costs of funding hEalth caRE, agEd caRE and agEd pEnsions in austRalia// Investigator/s: Professor Michael P Keane (ASB/Economics)Total funding: $2,461,000

// PROFESSOR MICHAEL KEANE


AWARDS AND FELLOWSHIPS

CHALLENGING ASSUMPTIONS IN BEHAVIOURAL MODELLINGAssociate professor Valentyn Panchenko is passionate about economics and finance behavioural models, and his DECRA-funded project will address inference, estimation, evaluation and model selection problems in a broad range of models.

One of the key problems in estimating complex behavioural models is identifying parameters for individual behaviour.

‘In this project, we’ll combine lab experiments with available Australian and overseas macroeconomic and finance data to do this,’ he explains. ‘I’m especially excited by pushing frontiers in using this methodology, as it allows us to explore potential synergies.’

Ultimately, he hopes that new theoretical methods and macroeconomic and financial model applications could improve economic management. ‘Better estimation, selection and application of models can impact the way business decisions are made, investments are allocated and policies are designed.’

continuEd

DISCOVERY EARLY CAREER RESEARCHER AWARD (DECRA)

Dr Gloria Tian from the School of Banking and Finance and Associate Professor Valentyn Panchenko from the School of Economics have both won a three-year DECRA in 2012, which is a new scheme designed to support and advance promising early career researchers. In 2013, Dr George Shinkle from the School of Management has won a DECRA.

thE advising BoaRds, coRpoRatE RisK-taKing and fiRm pERfoRmancE//Investigator/s: Dr Yuan G Tian (ASB/Banking and Finance)Total funding: $375,000

RoBust infEREncE foR BEhaviouRal modEls in Economics and financE//Investigator/s: Associate Professor Valentyn Panchenko (ASB/Economics)Total funding: $375,000

A THEORy OF STRATEGIC GOAL SETTING FOR AUSTRALIAN bUSINESS FIRMS//Investigator/s: Dr George A Shinkle (ASB/Management)Total funding: $361,952

// DR yUAN (GLORIA) TIAN – decrA ProjecT

// ASSOCIATE PROFESSOR VALENTyN PANCHENKO — decrA ProjecT

NEW IDEAS TO BREAK THE FRAUD TRIANGLEThanks to his Future Fellowship, Associate Professor Clinton Free is now able to collaborate with many co-authors around the world and focus exclusively on his research. His current theoretical research on business fraud investigates the phenomenon of co-offending.

‘Through a series of case studies, I also hope to contribute to the field of crisis management and managing the aftermath of major fraud,’ he says.

‘After conducting interviews with a number of convicted fraud perpetrators in several US Federal prisons, I’ve been able to reflect on the so-called ‘fraud triangle’, and propose extensions to fully incorporate the notion of co-offending in fraud.’

Clinton is currently working with Siemens on a study on bribery, which he hopes will identify anti-corruption control best practice for large multinational corporations.

// ASSOCIATE PROFESSOR CLINTON FREE — fuTure fellowShiP

FUTURE FELLOWSHIP

Associate Professor Clinton Free of the School of Accounting won a five-year Future Fellowship in 2011, the first Future Fellowship won by the ASB since the scheme was introduced by the ARC in 2009. Of the 203 successful Fellowship recipients in 2011, Associate Professor Free was the only recipient awarded in the research field of Commerce, Management, Tourism and Services across the country.

thE tiEs that Bind: fRaudulEnt gRoups, collEctivE action and fRaud RisK//Investigator/s: Associate Professor Clinton W Free (ASB/Accounting)Total funding: $668,601

INVESTIGATING THE ROLE OF CORPORATE BOARDS IN PERFORMANCE‘My DECRA project will investigate the current state, determinants and economic consequences of the advising function of corporate boards,’ says Dr Yuan (Gloria) Tian.

‘By looking into boardroom social connections and entrepreneur directors, the three studies within this project aim to unravel how advising boards promote better corporate risk-taking policies and, in turn, firm performance.

Gloria says she has always been fascinated by corporate governance and this project addresses several highly topical issues, including recent worldwide regulatory reforms, financial contagion, productivity and entrepreneurship. It may have important implications for board appointment practice.

One of the studies uses the boardroom as a lab, investigating the economic contribution of entrepreneurs, linking previous governance and entrepreneurship studies and tracing the value entrepreneurs add to corporations other than their original businesses.

A second project will examine whether corporate executives and board members were able to guide their corporations through the Global Financial Crisis when they were needed the most, and how this this crisis spread into different firms within the APEC region.

‘Australia’s economic safety, growth and prosperity is closely tied to other countries, so I’ll use newly available data to examine how advising boards affected firms’ risk management policies, asset returns and performance in the region. Empirical findings from this project will build our knowledge of the role of corporate boards internationally.’


WITHIMPACT

RESEARCH

RESEARCH WITH IMPACT

Turning SmArTS inTo A SociAl miSSion

PROTECTING THE INTEGRITY OF INTERNATIONAL SECURITIES MARKETSProfessor Michael Aitken, School of banking and Finance

// PROFESSOR MICHAEL AITKEN

a sElf-dEscRibEd ‘accidEntal EntREPREnEuR’, PRofEssoR michaEl aitkEn tuRnEd an idEa foR a stock ExchangE suRvEillancE systEm, smaRts, into a commERcial succEss. now, hE’s making this tEchnology fREEly availablE to maRkEt REgulatoRs aRound thE woRld, foR thE gREatER social good.


BUILDING FAITH IN THE MARKET

More than ever, global markets need to prove fairness and efficiency to ensure investors are willing to put their faith into new ideas and technology.

‘By identifying prohibited trading behaviours, people can have greater faith in markets, which reduces the transaction costs of trading,’ says Michael. ‘Our estimates are that it reduces transaction costs by 10 to 23 basis points.’

So, having already established a highly successful commercial venture, Michael and his team are now taking on a social mission.

‘We’re effectively giving it away – our chief mission is to enhance market quality, so we can get to optimal market design as quickly as possible.’

Both ASIC and the OSC in Canada have already adopted the infrastructure. Australia is the first country in the world to have the same surveillance technology used by the Australian Stock Exchange, ASIC and the majority of Australian brokers, and of the five major technology systems running the world’s markets, three have emanated from Australia.


reduces transaction costs by 10 to 23 basis points

Turning SmArTS inTo A SociAl miSSion

continuEdIn July 2010, Capital Markets Cooperative Research Centre (CMCRC) sold SMARTS to NASDAQ OMX for $90million, a year after it was named the Australian ICT Export of the Year.

Today, SMARTS technology provides real-time alerts for insider trading and market manipulation at 40 exchanges and through 65 international brokers in 50 countries. But when he first developed it in the 1990s, Michael was told it couldn’t be done.

‘Australia was the first market in the world to fully-automate its markets, and that allowed for the possibility of the market to be replayed,’ he says. ‘I took a group of PhD students and found a way to pick up irregularities.’

By the time NASDAQ bought the technology, SMARTS had knowledge and contacts in surveillance in markets all over the world. As CMCRC’s Chief Scientist and Professor of Finance at the Australian School of Business, Michael continues to work with a core group of research students, putting academic ideas to work in the real world of financial markets.

NEW FRAMEWORK FOR MARKET QUALITY

Michael says there has been plenty of academic research into defining and evaluating market efficiency measures, but not into fairness; the ‘extent to which market participants engage in prohibited trading behaviours, of which there are three broad classes: insider trading, market manipulation and broker-client conflict.’

‘We’re the only team working in this field, developing metrics to evaluate and measure market fairness. When you add this to efficiency metrics, you get a Market Quality Framework.’

The ideas underpinning this were published in the Journal of Trading in 2011; Evidence-Based Policy Making for Financial Markets: A Fairness and Efficiency Framework for Assessing Market Quality, Aitken, MJ. and Harris, F.H.deB.

Michael is now travelling around the world, offering this infrastructure free of charge to any regulator willing to use it. ‘We’ve already been successful at making money out of the SMARTS system. Now we can help regulators to optimise their markets.’

Regulators can use this methodology to evaluate whether changes are appropriate for their market, and compare a market before and after a potential market design change to ensure optimal market design.

‘For example, high frequency trading has been used for a long time in the US. So we can evaluate how has it affected the market, and provide that evidence to other markets which may be considering high frequency trading policies,’ he says.


Developed by the International Federation of Accountants, with Professor Roger Simnett as lead researcher and task force member, the Standard ISAE 3000 (International Standard on Assurance Engagements) guides accountants, auditors and assurance professionals when undertaking non-financial audits.

It has been adopted in 130 countries, by 160 accounting associations in those countries, and by all major international audit networks including Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers – as well as many Auditor-Generals. As an umbrella standard, it has direct impact on the accountancy profession and the companies that they work with, and is the basis of other standards currently in development for specific applications.

APPLYING AUDIT STANDARDS TO NON-FINANCIAL REPORTING

Following highly-pubicised corporate collapses such as Enron, the IAASB (International Auditing and Assurance Standards Board) wanted to ensure better and more reliable reporting by companies, and assurance of this reporting by auditors.

Professor Simnett’s research paper (S. Maijoor, A. Vanstraelen, T.J. Mock, H.T. Tan, M. Hasan, P. Roebuck and R. Simnett and H‐J Kirsch, The Determination and Communication of Levels of Assurance other than High, April 2002) was used as the basis for an approach that would be reliable and practical.

This research provided evidence of the application of the financial statement audit process to non‐financial statement assurance engagements, and identified the types of non-financial assurance engagements being undertaken in 16 countries to take these practical implications into account.

A COHESIVE FRAMEWORK

ISAE 3000 focuses on areas such as ethical requirements, quality control, the use of experts and obtaining evidence. It makes many aspects of business more transparent, and has resulted in significant behaviour changes in companies.

For example, ISAE 3410 Assurance Engagements on Greenhouse Gas (GHG) Statements addresses responsibilities in identifying, assessing, and responding to risks of material misstatement when engaged to report on greenhouse gas (GHG) statements.

This standard, based on UNSW’s robust research and expertise in this area, was established and approved in Australia in December 2007. It was approved internationally in June 2012, and passed into law in Australia the same month.

It’s a landmark standard disclosing a company’s GHG emission information, and was developed following a series of global roundtables chaired by Simnett, discussing the range of national and regional greenhouse gas initiatives undertaken by regulators around the world.

ISAE 3000 is now in widespread use around the world, and directly impacts the way auditors approach their work. By increasing the relevance and reliability of data, it supports greater public confidence in company information and informs management decisions within and between companies.

A LANDMARK DECISION WITH WIDESPREAD IMPACT

On 11 November 2011, Prime Minister Julia Gillard announced ‘…the Federal Government will fund our share of the pay rises that flow from the Full Bench’s final decision.’ In 2012 she announced that $3 billion in Commonwealth funding had been set aside for this purpose, and an estimated 150,000 Social and Community Services Workers would benefit of whom 120,000 were low-paid women.

These are the first Equal Remuneration Orders in the new national employment relations system, and it establishes a precedent by defining the principle of Equal Remuneration for Work of Equal or Comparable Value with no need to prove discriminatory intent or to find a comparative male worker.

This work has also been extended into other applications, including an interview-based pilot program for EOWA to understand laboratory and clerical work and the printing and finance sector. Anne Junor and Ian Hampson were also invited to participate in a 2011–13 Linkage project looking at eight further skill areas, including cleaning and hospitality.

By precisely quantifying the role of gender in the historical undervaluation of care-work, it resulted in pay increases of between 23 and 45% for 150,000 Social and Community Services workers, valued at $3 billion, phased in to 2021.

SHINING A SPOTLIGHT ON PAY IN AUSTRALIA AND NEW ZEALAND

Initially funded by the New Zealand government as part of a pay and employment equity project, the resulting research report and toolkit Spotlight: A Skills Recognition Tool (2009) is openly available online through the NZ Ministry of Business and Innovation, and the Equal Opportunity for Women in the Workplace Agency (EOWA) in Australia.

The early stages of work involved an extensive literature review, three rounds of cross sectional interviewing in the New Zealand Health, Education and Public Administration sectors, and extensive data coding and analysis. The IRRC Spotlight researchers then developed a taxonomy of under-codified skills, looking at awareness-shaping, relationship management (boundary management, cross-cultural connections) and co-ordination skills.

Anne Junor gave extensive evidence of undervaluation for the 2010 Fair Work Australia Equal Remuneration Case, which was cited in a May 2011 Full Bench decision accepting undervaluation. The applicants were asked to identify the precise role of gender in the undervaluation, by Award. The IRRC Spotlight researchers devised a methodology and undertook further fieldwork. Their report was integral to the final joint submission and was accepted as the basis for quantifying the pay increases.

The methodology recognised that carers often did several things at once, and took a modified time use approach. It quantified the relative proportions of direct and indirect care work in jobs at different grades.


quAnTifying undervAluATion leAdS To lAndmArk PAy increASeS

EQUAL REMUNERATIONIan Hampson, School of Management, Anne Junor, Industrial Relations Research Centre (IRRC), Australian School of business

this REsEaRch into EquitablE Pay in thE hEalth, Education and community sEctoRs has diREctly infoRmEd changEs in govERnmEnt Policy, with widER and long-tERm Ramifications.

gloBAl STAndArd for reliABle, relevAnT dATA ASSurAnce

DEVELOPING WORLDWIDE ASSURANCE STANDARDS Roger Simnett, School of Accounting, Australian School of business

an intERnational standaRd, built uPon unsw REsEaRch, has changEd thE way accountants and auditoRs aRound thE woRld assEss comPany infoRmation and REPoRts.

continuEd


thE austRalian school of businEss is homE to a talEntEd cohoRt of EaRly caREER REsEaRchERs and ExPERiEncEd sEnioR REsEaRchERs, all dEdicatEd to building thEiR REPutations in a divERsE RangE of disciPlinEs.

RECOGNISING A LIFETIME OF INFLUENCE ON ACCOUNTING PRACTICEProfessor Ken Trotman has had a tremendous impact on accounting education and research, both in Australia and overseas. He is one of a handful of international researches who have regularly published in the major international accounting journals over a period of 30 years, and he has been influential in the development of other academics, particularly PhD students.

In developing the Coopers & Lybrand/AFAANZ Research Methods Monograph, he greatly influenced auditing research in Australia. Other contributions include practitioner monographs on Construction Accounting and Analytical Review and Thought Leadership papers for the ICAA on Professional Judgment, Differential Auditing Standards and Meeting Market Expectation.

Ken’s current research interests are concerned with behavioural decision making in accounting. This research examines information processing and the quality of decisions made by both users of accounting reports and by accountants themselves.

In 2011, he was inducted into the Australian Accounting Hall of Fame and received an Australian Professorial Fellowship for his contribution to research and thought leadership in accounting.

Ken also received a five year ARC Professorial Fellow Grant in 2011. He will test the impact of different auditor group discussion formats on the outputs of these discussion groups. Improvements in this process could reduce financial statement fraud and its associated impact on the users of financial statements.

ANDAWARDS

AWARDS AND ACHIEVEMENTS

ACHIEVEMENTS

// PROFESSOR KEN TROTMAN


// DR yEE SHIH PHUA — reSeArch AchievemenT AwArd

EXPLORING THE ROLE OF CONTROLS IN OUTSOURCING yee Shih Phua, Senior Lecturer, Accounting

Yee Shih Phua was a Senior Auditor with Arthur Anderson in Singapore before joining UNSW in 2007. ‘I really enjoy the process of identifying gaps in knowledge,’ she says. ‘It’s about finding something that is novel, and which contributes not only to academia but also the real world.’

Her research interest focuses on management control systems within and between firms, and trust and controls in inter-organisational relationships.

In her paper with co-authors Professors Margaret Abernethy and Anne Lillis ‘Controls as exit barriers in multi-period outsourcing arrangements’, Yee explores the influence of control choice on the ease with which outsourcing firms switch suppliers.

‘We hypothesise that the investments that firms make in controls vary with the type of controls, and that these investments will generate switching costs of varying magnitudes,’ she explains.

They find that firms adopting trust-based controls experience the most difficulty in switching suppliers, followed by firms with bureaucratic-based controls, and finally firms with market-based controls.

‘This suggests the controls managers adopt at the outset of outsourcing arrangements will have strategic consequences, affecting sourcing flexibility.’ Trust-based controls make it easier to implement changes with incumbent suppliers, but reduce the ease of exiting the relationship and switching suppliers.

‘I am also working on a paper that examines how certain factors during the formation phase of inter-organisational relationships affect the initial trust that managers (or ‘buyers’) have in their supplier firms; and how initial trust then affects the buyer’s control and collaboration decisions.’

// DR yOUNGDEOK LIM — reSeArch AchievemenT AwArd

ANALYSING KEY ACCOUNTING ISSUES FOR GLOBAL FINANCIAL REGULATORSyoungdeok Lim, Senior Lecturer, Accounting

For Youngdeok, academic life is both creative and flexible, and allows him to focus on current accounting issues such as financial analyst conflicts of interest, tax avoidance, and supply chain risk management.

He has recently had four articles published in major international journals, including Contemporary Accounting Research, the Journal of Banking and Finance and British Journal of Management.

In his paper titled Conflict of Interest or Information Sharing? Evidence from Affiliated Analyst Performance in Korea with Professor Jung, Youngdeok examined the accuracy and optimism of forecasts made by affiliated analysts, compared to those made by independent analysts.

‘Using Korean chaebol firms, we tested the information-sharing hypothesis and the conflict of interest hypothesis,’ explains Youngdeok. ‘Our results showed the forecasts made by the affiliated analysts with a business group (chaebol) are less accurate and more optimistic than those made by the independent analysts. Our results provided evidence of conflict of interest arising from earnings-related intragroup propping behavior.’

Analysts play an important role as acquirers and providers of information. So understanding their forecast biases is highly relevant to regulators.

‘These findings raise issues as to whether business groups should be allowed to own financial companies, such as security firms. They also have policy implications - regulators may consider restricting affiliated analysts or requiring them to fully disclose any conflict of interest that could impair such independence and objectivity.’

Youngdeok is now turning his attention to mandatory audit firm rotation, another key issue for international regulators.

continuEd


REcEnt puBlications//– Lim, Y., and K. Jung (2012), ‘Conflict of Interest or Information Sharing? Evidence from Affiliated Analyst Performance in Korea’, Contemporary Accounting Research, Vol 29 (2), 505–537

– Lim, Y. (2012), ‘Tax Avoidance and Underleverage Puzzle: Korean Evidence’, Review of Quantitative Finance and Accounting, Vol 39 (3), 333–360

– Jung, K., Y. Lim and J. Oh (2011), ‘A Model for Measuring Supplier Risk: Do Operational Capability Indicators Enhance the Prediction Accuracy of Supplier Risk?’, British Journal of Management, Vol 22, 609–627

– Lim, Y. (2011), ‘Tax Avoidance, Cost of Debt and Shareholder Activism: Korean Evidence’, Journal of Banking and Finance, Vol 35 (2), 456–470

REcEnt puBlications//Phua, Y.S., M.A. Abernethy, and A.M. Lillis (2011), ‘Controls as Exit barriers in Multi-period Outsourcing Arrangements’, The Accounting Review, Vol 86(5): 1795–1834

REcEnt ExtERnal gRants// ARC Linkage Project: Enhancing Integrated reporting: implications for internal and external reporting and assurance (Investigators: R Simnett, W Green, M Cheng, M Balatbat and YS Phua; Total funds awarded: $180,000)


2011–2013

continuEd


REcEnt puBlications//– Harford, J., M. Humphery-Jenner and R. Powell (2012), ‘The Sources of Value Destruction in Acquisitions by Entrenched Managers’, Journal of Financial Economics, Vol 106 (2), 247–261– Powell, R. and A. Yawson (2012), ‘Internal Restructuring and Firm Survival’, International Review of Finance, Vol 12 (4), 435– 467– Humphery-Jenner, M. and R. Powell (2011), ‘Firm size, takeover profitability, and the effectiveness of the market for corporate control: Does the absence of anti-takeover provisions make a difference?’, Journal of Corporate Finance, Vol 17 (3), 148– 437– Lee, E. and R. Powell (2011), ‘Excess Cash Holdings and Shareholder Value’, Accounting and Finance, Vol 51 (2), 549– 574

REcEnt puBlications//– Cassar, A., P. Grosjean, and S. Whitt (forthcoming), ‘Social Cooperation and the Problem of the Conflict Gap: Survey and Experimental Evidence from Post-War Tajikistan,’ In: The Economics of Conflict: Theory and Empirical Evidence, edited by Karl Wärneryd MIT Press– Grosjean, P., F. Ricka and C. Senik (forthcoming), ‘Learning, Political Attitudes and Crises: Lessons from Transition Countries’, Journal of Comparative Economics, In Press– Grosjean, P. (2011), ‘The Weight of History on European Cultural Integration: A Gravity Approach’, The American Economic Review, Vol 101 (3), 504–508– Grosjean, P. (2011), ‘The Institutional Legacy of the Ottoman Empire: Islamic Rule and Financial Development in South Eastern Europe’, Journal of Comparative Economics, Vol 39 (1), 1–16– Grosjean, P. and C. Senik (2011), ‘Demoncracy, Market Liberalization, and Political Preferences’, The Review of Economics and Statistics, Vol 93 (1), 365–381– Mullan, K., P. Grosjean and A. Kontoleon (2011), ‘Kand Tenure Arrangements and Rural-Urban Migration in China’, World Development, Vol 39 (1), 123 –133

REcEnt ExtERnal gRants//

unitEd statEs dEpaRtmEnt of statE titlE viii REsEaRch aWaRd:The Co-Evolution of Trust and Institutions: Evidence from the Balkans (Investigator: P Grosjean; Total funds awarded: US$20,000)

unitEd statEs dEpaRtmEnt of statE titlE viii REsEaRch aWaRd:Violence and Socio-Economic Preferences: An Empirical Investigation in Tajikistan and Kosovo (Investigator: P Grosjean; Total funds awarded: US$18,750)

// ASSOCIATE PROFESSOR RONAN POWELL — reSeArch AchievemenT AwArd

SUCCESSFUL TAKEOVERS DETERMINED BY MANAGEMENT CULTURERonan Powell, Associate Professor, banking and Finance

When he first undertook his PhD in England in the mid 1990s, Ronan developed an interest in mergers and acquisitions and realised not much work had been done to predict these major events, which had a significant impact on a target’s share price. He began developing a model to define the characteristics of a firm positioned for takeover.

Since then, his focus on M&A has moved into analysing how managers use the process to promote their own personal benefits. What motivates managers to do these deals?

‘When I looked at the Australian market, I saw that the absence of state takeover laws (and anti-takeover provisions) made it more difficult to entrench managers. The result is we have a more active takeover market.’

In 2011, he had two papers published in significant journals, and two accepted for publication, including The sources of value destruction in acquisitions by entrenched managers in the Journal of Financial Economics. Ronan was also promoted to Associate Professor for the School of Banking and Finance in 2012, and he actively supervises Honours and PhD students.

‘I love supervising research students, it gives you such a different perspective,’ he says. ‘Especially if you’re too close to something to see the obvious answer,’ He is looking forward to increased responsibilities in this area, as well as the opportunity to increase ties with industry.// PAULINE GROSJEAN — reSeArch AchievemenT AwArd

// DR PAULINE GROSJEAN — reSeArch AchievemenT AwArd

LESSONS FROM HISTORY FOR ECONOMIC BEHAVIOUR

Dr Pauline Grosjean, Senior Lecturer, Economics

Pauline has a particular interest in the influence of history and culture on economic behaviour, and she has achieved an impressive number of published papers over the past 18 months. This includes four papers published in A* or A journals and several chapters in a report for the European Bank for Reconstruction and Development.

In her paper on Democracy, Market Liberalisation and Political Preferences, published in The Review of Economics and Statistics in February 2011, her findings overturned the conventional belief that by developing a market, democracy will follow as the increasingly wealthy population demands it.

On the contrary, she and fellow author Claudia Senik found no evidence of this, whereas democratic countries were more likely to support market reform.

She is now hoping to further her previous research into the legacy of conflict on market development by undertaking work the Solomon Islands, investigating links between conflict, local trust, and participation in a market economy.

‘I gave a talk at the US Department of State on this subject recently, and I hope these facts will be taken into account with funding of aid projects, so they are tailored to suit local situations,’ she says.

Pauline has a PhD from the Toulouse School of Economics and post-doctoral qualifications from UC Berkeley, and she has held positions at the European Bank for Reconstruction and Development and the University of San Francisco.


continuEd


eBay was finding that up to 99% of its buyer and seller feedback was positive, so there was little value to this information – creating a potential impact on trust and trade.

‘Using empirical data and lab experiments we studied the reasons for this, and found ways to make feedback more informative. eBay implemented our recommendations worldwide.’

These findings have been recently published in the journal Management Science: Engineering Trust - Reciprocity in the Production of Reputation Information.

‘If feedback is open (so everyone can see it), then we might see retaliations to negative feedback. This leads to overly positive feedback and a loss in information.’

Ben is now studying bargaining situations in which one party knows more about the negotiated good than the other party.

After studying Business Administration in Berlin, Ben did a PhD in Economics at the University of Cologne, and spent two years at Harvard Business School before joining the ASB as a Lecturer in 2008. He says he enjoys the freedom of research. ‘I can work on the things that truly interest me - my work becomes my hobby and vice versa!’

// DR bEN GREINER — reSeArch AchievemenT AwArd

APPLYING BEHAVIOURAL KNOWLEDGE TO MARKET DESIGNDr ben Greiner, Lecturer, Economics

Ben Greiner’s research focuses on Experimental and Behavioural Economics, in particular the ways social motivations shape our behaviour when we are also confronted with strategic incentives.

‘Much of my research deals with the effect of uncertainty, of not knowing what options other people have or what actions they will take, on strategic and social behaviour,’ says Ben.

He actively applies his research in order to improve real-world markets.

‘For example, we advised the Australian Government on the design of auctions which allocate carbon permits to industry,’ says Ben. ‘In another project, we advised eBay on how to design the rules of their feedback system.

2011–2013

REcEnt puBlications//– Bolton, G., B. Greiner and A. Ockenfels (2013), ‘Engineering Trust: Reciprocity in the Production of Reputation Information’, Management Science, Vol 59, 265–285– Greiner, B., A. Ockenfels and K. Sadrieh (2012), ‘Internet Auction’, The Oxford Handbook of the Digital Economy, Oxford University Press, Oxford– Erev, I. and B. Greiner (2012), ‘The 1- 800 Critique, Counter-examples, and the Future of behavioral Economics’, The Methods of Modern Experimental Economics, Oxford University Press, Oxford– Greiner, B., A. Ockenfels and P. Werner (2012), ‘The Dynamic Interplay of Inequality and Trust- An Experimental Study’, Journal of Economic Behavior and Organization, Vol 81, 355–365– Greiner, B., W. Guth and R. Zultan (2012), ‘Social Communication and Discrimination- A Video Experiment’, Experimental Economics, Vol 15, 398–417– Ambrus, A. and B. Greiner (2012), ‘Imperfect public monitoring with costly punishment- An Experimental Study’, American Economic Review, Vol 102, 3317– 3332– Greiner, B., A. Ockenfels and P. Werner (2011), ‘Wage Transparency and Performance: A Real-Effort Experiment’, Economics Letters, Vol 111, 236–238

REcEnt ExtERnal gRants//ARC Discovery Grant: Trustworthiness and Reputation in Markets- Empirical and Experimental Studies (Investigator: B Greiner; Total funds awarded: $150,000)

// DR bEN GREINER


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DIVERSE AREAS OF RESEARCH

School of AccounTingAs Australia’s leading accounting research school, the school already has a strong research culture and a reputation for thought leadership.

The School hosts the Centre for Accounting and Assurance Research (CAAR), working in partnership with the private and public sector. As just one example of the Centre’s applied research, CAAR’s Director, Professor Ken Trotman, recently published research on water accounting and auditor judgements as part of an ARC Grant project.

Another project highlight saw Dr Maria Balatbat, Associate Professor Mandy Cheng, Associate Professor Wendy Green and Dr Yee Shih Phua, investigate ways in which the accounting profession can contribute to businesses’ sustainability initiatives, including environmental performance management

systems and sustainability reports. This project, sponsored by CPA Australia, highlights the School’s leadership role in climate change and business sustainability research across disciplinary areas.

‘We collaborate closely with government and business,’ says Head of School Associate Professor Peter Roebuck. ‘We co-host the annual community lecture at the CPA Australia Congress, as well as leading global conferences such as International Symposium on Audit Research and Global Management Accounting Research Symposium.’

Professor Roger Simnett is actively working on accounting standards, in particular the emerging Integrated Reporting framework. Dr Christina Boedker has played an instrumental role in establishing the Centre of Workplace Leadership, a partnership between the Federal Government, Industry and Academic leaders which has received $12 million funding from the government.’

thE asb’s Eight schools takE a multi-disciPlinaRy aPPRoach to REsEaRch, and havE EstablishEd a cultuRE of ExcEllEncE and collaboRation within thEiR fiElds. hERE aRE somE of thEiR highlights in 2011 and 2012.

Associate Professor Elizabeth Carson consulted on the International Auditing and Assurance Standard’s Board (IAASB) Audit Quality Framework, currently the most authoritative international document on this issue of fundamental importance to auditing practice. She has also joined an international team working on research literature for the Public Company Accounting Oversight Board (the key regulator for audit firms in the United States).

During the period 2011–12 the School of Accounting had more than 15 papers published in top tier journals, including The Accounting Review, Journal of Accounting Research and Journal of Management Accounting Research.

It ensures the high quality of its Higher Degree Research graduates is maintained through rigorous reviews, generous research support, a strong research mentoring program and visits from internationally renowned academics.

ACCOUNTING

ASB


continuEd


School of BAnking And finAnceThe School of Banking and Finance at ASB is regarded as the leading finance school in Australia, and one of the top five in the Asia-Pacific region. It has become the banking and finance research school of choice for the brightest scholars from around the world, with significant expertise in corporate finance, corporate governance and investments, and a vibrant seminar and visitor program.

Over the past two years, Banking and Finance researchers published ten articles in the top four finance discipline journals (Review of Financial Studies, Journal of Finance, Journal of Financial Economics and Journal of Financial and Quantitative Analysis), and members of faculty continued to attract global recognition with presentations at top tier finance conferences – including presenting eight papers at the American Finance Association Annual Meeting.

The School has also established, with government and industry funding, the Centre for Financial Regulation (CIFR) and it was a founding member of the Capital Markets Cooperative Research Centre (CMCRC).

‘Through our school, the CMCRC trains PhD students who complete their theses working with industry sponsors including leading stock exchanges and regulators,’ says Associate Professor Jerry Parwada, Head of School. ‘We’ve also extended our international collaboration with universities and regulators through the newly founded Institute of Global Finance, allowing us to look into the policy area of global systemic risk’.

In further recognition of the Schools’ thought leadership, Professor Renèe Adams was appointed Commonwealth Bank Chair in Finance in December 2011. She is regarded one of the fastest rising finance academics in Australia and the region.

Associate Professor Parwada is looking forward to producing more successful graduates through the school’s rigorous PhD program, and sending increasing numbers to present at the major finance conferences. ‘I believe you’ll see many more of our graduates in top academic positions around the world, presenting keynote addresses and taking the leading journal editor roles,’ he says.

BANKING AND FINANCE

ASB

School of economicSThe School of Economics aims to be the leading economics group in the region, producing outstanding research with national and international impact. It actively informs government policy and shows leadership through partnerships with professional bodies, editorial appointments and hosting significant conferences.

These strong links with industry and government include running workshops to bring together leading academics and industry, such as the Symposium in honour of JW Nevile, hosted with the Centre for Applied Economic Research. ARC Linkage Grants include almost $1 million for tackling the tough problems in productivity measurement: Infrastructure, service and R&D (2008–13), which sees ASB researchers working with the RBA, Productivity Commission and the ABS.

The School is gaining significant international attention with its outstanding Experimental Economics research produced through the ASB Experimental Lab. It’s a growing strength for the school, which recently hosted Professor Al Roth, 2012 Nobel Prize winner, from Harvard.

Dr Ben Greiner, who recently published a paper on experimental economics in American Economic Review, has also established an experimental economics seminar series, bringing together experimental economists from other institutions in the Sydney region.

Labour economics is another key area of research focus. Professor Denise Doiron (Head of School since 2013) was selected to present the prestigious 2011 Fay Gale Lecture by the Academy of Social Sciences in Australia at UNSW, the University of Tasmania and the University of Western Australia.

‘We provide a supportive research environment, which includes a very active visitor program, a very busy seminar series, many research groups, and a dynamic research culture,’ says Professor Kevin Fox, former Head of School in 2012. He believes in giving his academics internationally competitive teaching loads and support, so they can further advance their careers.

‘We will continue to build on our recruiting successes, place more PhD students on the international academic market, and support more colleagues to receive ARC Laureate Fellowships, joining Professor Michael Keane,’ he says.

ECONOMICS

INFORMATION SYSTEMS, TECHNOLOGY AND MANAGEMENT

School of informATion SySTemS, Technology And mAnAgemenTThe School of Information Systems, Technology and Management (ISTM) is currently identifying two to three core competency areas they’ll focus on to strengthen their position as one of Australia’s leading Information Systems schools, especially in terms of research. Dr Kieran Conboy, Associate Professor at the school, is looking forward to growing tighter links with industry in these areas.

The school has had strong research outcomes in the past two years, especially in the key areas of Agile and LEAN methodology in project management, eHealth, Open Innovation and cloud computing.

Published papers investigated adopting Agile and LEAN methods in large organisations, including the impact on trust and motivation on teams. Researchers worked with companies such as Atlassian, Cisco, Intel and Accenture to support them with adopting the latest methodology.

Building on the use of Agile methods, research into Open Innovation investigates the way inter-organisation innovation, such as crowdsourcing, can drive ideas and solutions.

Another project looked at the role of the CIO in an organisation, and the skills and abilities they need to be effective – and ways universities could better provide those competencies.

The School also hosts the Asia-Pacific ubiquitous Healthcare research Centre (APuHC), which has been collaborating with global and national organisations on a range of funded eHealth projects, including eHealth for Aged Care (launched 2012) and establishing an eHealth infrastructure for ethical research data sharing.

‘Collaboration is all about active research, being involved at the grassroots level in new technology,’ Dr Conboy says, describing a future network of excellence in these areas with linkage grants and world-class speakers and consultants working with the school’s key corporate partners and research students.


School of riSk And AcTuAriAl STudieS

Drawing on a range of disciplines, the School of Risk and Actuarial Studies focuses on integrated research into risk, risk management, actuarial studies, insurance, superannuation and population ageing.

The School is actively involved in extensive research with AIPAR (Australian Institute for Population Ageing and Research) and a number of faculty are Associate Investigators for the Centre of Excellence in Population Ageing and Research. Head of School Professor Michael Sherris is also Chief Investigator for the Centre.

In 2012, Professor Sherris, Senior Research Associate Dr Katja Hanewald and Maathumai Nirmalendran from Finity Consulting were awarded the prestigious Melville Financial Services Prize from the Actuaries Institute for their research into how regulators and regulatory requirements impact prices for longevity insurance products in the form of life annuities.

The paper examined how a life insurer could profitably meet its obligations and maintain solvency given the impact of regulatory requirements on pricing.

‘It is important to address issues of interest to industry and the profession while at the same time producing high quality research that will contribute to the academic literature and our understanding of important issues,’ said Dr Hanewald on receiving the award.

The School actively supports younger academics to obtain internal and external grant support for research activity, including conference presentations and PhD scholarship. It has a strong research seminar, workshop and visitor program, and works closely with industry partners, such as PricewaterhouseCoopers and Australian Prudential Regulation Authority, through ARC Linkage Grants.

‘We’re building a strong PhD program in the School with excellent students,’ says Professor Sherris. His goals include ensuring all academic staff has some form of external grant support (including a large proportion with ARC grants) and all staff receive recognition for their impact with publication in leading international journals.

School of mAnAgemenTThe ASB’s highly regarded School of Management brings together multiple disciplines, schools and research centres to connect management research with teaching.

It focuses on applied research, with the potential to improve the effectiveness of organisations and staff wellbeing. Organisational studies bring together complementary disciplines, such as occupational health & safety, behavioural psychology, international business and change management.

Professor Michael Quinlan has produced a series of publications on the impact of insecure and flexible work arrangements on occupational health and safety outcomes, and implications for regulators. He also looked into the impact of workplace death on families, and together with Associate Professor Ian Hampson is studying the skill and safety effects of off-shoring heavy aircraft maintenance.

He is frequently called on to consult with government and has prepared papers for Safework Australia and the European Agency for Occupational Health and Safety.

Dr George Shinkle recently had three research studies published in top-tier journals, including a review of 50 years of research on organisational goals. Associate Professor Shayne Gary is working on a number of behavioural research projects, including collaborating with a number of industry partners to investigate managerial policies behind successful merger and acquisition integrations.

‘The School of Management has two annual research incentive schemes, one for junior scholars that provides research funds for outstanding publications, and one for all School members whose research meets certain specified conditions,’ explains Professor Chris Jackson, Head of School.

‘Our visitor program attracts outstanding academics, the seminar program encourages knowledge sharing and we hold developmental workshops for graduate research students and staff.’

These are just some of the reasons why the School attracts academics of the highest quality, wins top research grants, and has many members of the School regularly publishing research in the very best academic journals.

continuEd


School of TAxATion And BuSineSS lAwThe School of Taxation and Business Law has an impressive reputation locally and internationally for excellent research in all aspects of taxation and business law.

‘Our focus is on relevance and impact. Much of our research is applied research that can have a direct practical impact on the way tax and legal systems – or aspects of them – operate in practice,’ says Professor Chris Evans, acting Head of School.

Recent research highlights include a large number of Higher Degree by Research completions, many successful industry conferences, and a range of successful competitive grant applications – in addition to its three major ARC grants it secured other funding from the Australian Institute

MARKETING

RISK AND ACTUARIAL STUDIES

TAXATION AND BUSINESS LAW

MANAGEMENT

of Judicial Administrators, Academy of Social Sciences in Australia, AusAID, the Institute of Chartered Accountants in Australia, CPA Australia and Catalyst Australia.

The School also has an impressive publications record, with over 30 A* and A refereed journal articles in the period, more than half its total output.

The School hosted a number of prestigious conferences in 2011–12. ‘We staged the Atax 10th International Tax Administration Conference in April 2012, with over 100 delegates from around the world, as well as the annual GST Conference and the 2011 State Funding Forum,’ says Professor Evans. ‘We also commenced our Thought Leadership Series of lectures, with an inaugural lecture by Professor Judith Freedman from the Faculty of Law at Oxford University.’

Three academic members of staff and two HDR students were invited to attend the Federal Government’s high profile Tax Forum in Canberra in October 2011, and the School hosted visits from eminent international academics and researchers, from institutions including Wharton, Oxford, Warwick University, Southampton University, Leeds University and the University of Hong Kong.

‘We also have a number of key teaching and research relationships with Government agencies,’ says Professor Evans. Examples include cooperative teaching and training initiatives with the Australian Taxation Office, and research engagements with the Federal Treasury and State Treasuries, as well as with the OECD in Paris.

Finally, the School enjoys a good research relationship with the tax profession in Australia. ‘We share a Master’s program with the Institute of Chartered Accountants and we are currently conducting a series of research projects for this body as well as CPA Australia.’

The School also has ongoing partnerships with peak accounting firms such as KPMG and Ernst & Young.

School of mArkeTingAs Head of Australia’s premier School of Marketing, Professor Ashish Sinha is especially proud of his School’s most recent burst of research productivity.

‘It has been exceptional and unprecedented, with many faculty members having their papers published in (or received acceptances from) high quality A* and FT45 journals, including Mathew Chylinski, Julien Cayla, Jack Cadeaux, Nitika Garg, Jenny Lee, Larry Dwyer, Tania Bucic, Paul Patterson, Greg Whitwell and Jennifer Harris.’

Two of the School’s Early Career Researchers, Jenny Lee and Mathew Chylinski, also had their papers accepted in highly ranked A* journals.

In addition, Professors Adrian Payne and Ashish Sinha received the ‘Best Professor in Marketing Management’ and the ‘Best Professor in Marketing’ awards from the CMO Asia Chapter for their contributions to the region, and PhD student Sumaiya Ahmed became the first ASB and Marketing student to win the UNSW 3-Minute Thesis competition.

Professor Sinha says the School’s highly selective PhD program continues to be a cornerstone of its research productivity. Seven new PhD students were admitted in the 2012 academic year. ‘Our PhD students are our research colleagues. They receive a solid foundation in school-supported coursework, quality supervision and thesis proposal review, and are supported with attendance at leading conferences.

He believes the School offers an excellent research environment by rewarding and recognising high research productivity and supporting conference attendance. All new hires benefit from funding support and one no-teaching term, with a light teaching load for the first two years for early career researchers.

The School works closely with industry practitioners, and frequently provides media interviews and thought leadership articles through Knowledge@ASB.

‘We have a continuous dialogue with the community at large through numerous initiatives, such as the Marketing in Asia speaker series,’ says Professor Sinha. This series brings together eminent speakers from Asia and the local business community, in recognitions of the growing importance of the fast developing and growing Asian region to Australia.


RESEARCH CENTRES AT ASB

CENTRESAT ASB

RESEARCH

thE asb’s REsEaRch cEntREs aRE thE souRcE of cutting-EdgE REsEaRch acRoss disciPlinEs. by funding thEsE cEntREs wE bRing acadEmics, businEss and govERnmEnt togEthER, balancing PuRE and aPPliEd REsEaRch.

ARC CENTRE OF EXCELLENCE IN POPULATION AGEING RESEARCH (CEPAR)CEPAR is a unique collaboration between academia, government and industry, focusing on one of our major social and economic challenges: our ageing population in the 21st century. Potential issues include lower economic growth, higher health costs, and cultural change in the workforce. Its innovative research provides global solutions and builds a new generation of researchers across disciplines.

‘By 2050, the proportion of Australians aged over 65 will double to 25%. The number of very old will quadruple. CEPAR undertakes research and builds expertise to improve the way we manage this transition.’ Professor John Piggott, CEPAR Director.www.cepar.edu.au



CENTRE FOR ACCOUNTING & ASSURANCE RESEARCH (CAAR)CAAR provides a focus for interdisciplinary research, in the areas of accounting, financial management and assurance services and, together with other relevant schools within UNSW and public and private sector parties. www.asb.unsw.edu.au/caar

CENTRE FOR APPLIED ECONOMIC RESEARCH (CAER)CAER’s primary emphasis is on applied economic research relevant to policy issues. For more than 30 years a significant body of such research has been carried out and the results published in academic journals, books and the Centre’s own publications. www.asb.unsw.edu.au/caer

ASIA-PACIFIC UBIQUITOUS HEALTHCARE RESEARCH CENTRE (APUHC)‘Ubiquitous healthcare’, or u-health, refers to the idea of healthcare any time and anywhere in the world, delivered electronically. Internet and mobile phone technologies give underprivelaged sections of the world population access to healthcare, such as the elderly, people in remote developing regions, or those isolated by natural disaster.

APuHC is leading research across business, public health and ICT disciplines to improve access and reduce the cost of healthcare — without sacrificing quality.

‘It has been projected that by 2027 the entire NSW state budget will be consumed by healthcare costs. Given the current model of hospital based healthcare and increasing burden of chronic diseases, we need new sustainable models, policy frameworks and technologies to manage healthcare, the world’s largest business sector.’ Professor Pradeep Ray, APuHC Director.www.apuhc.unsw.edu.au

continuEd

2011–2013

AUSTRALIAN INSTITUTE FOR POPULATION AGEING RESEARCH (AIPAR)AIPAR has been developed within UNSW as an umbrella for research initiatives focused on demographic transition. It is uniquely global in incorporating research teams covering health, labour, economic, financial and technology related issues by harnessing expertise from the fields of business, social sciences, engineering, medicine and the built environment — the institute is globally unique.www.asb.unsw.edu.au/aipar


INDUSTRIAL RELATIONS RESEARCH CENTRE (IRRC)IRRC is a leading source of authoritative analysis, informing policy and practice in workplace health and safety, sustainable productivity, skills, participation and equity. Established in 1980, IRRC is the longest-running research centre in its field in Australia and continues to address the emerging issues in the changing world of work and workplace relations, locally and around the world. www.asb.unsw.edu.au/irrc

KOREA RESEARCH INSTITUTE (KRI)KRI has established cooperative research networks among scholars in Korean studies and Korean research, conducting research projects on important pending issues in the region, and contributing to policy formation in the related areas. www.kri.unsw.edu.au


continuEd CENTRE FOR ENERGY AND ENVIRONMENTAL MARKETS (CEEM) CEEM brings together UNSW researchers from the ASB and the Faculties of Engineering, Arts and Social Sciences, Environmental Studies and Law, working alongside a number of international organisations to conduct research into the design, analysis and performance of energy and environmental markets and their associated policy frameworks.www.ceem.unsw.edu.au

INSTITUTE OF GLOBAL FINANCE (IGF) IGF promotes high quality finance and financial and banking policy research and key financial and regulator policy analysis. It promotes research that encourages innovation and policies that in turn contribute to global and regional financial stability and sustainable economic growth. IGF works closely with the Volatility Institute at NYU. www.asb.unsw.edu.au/igf

2011–2013

ASB

NYU


HIGHER DEGREE RESEARCH

PoSTgrAduATe reSeArch ProgrAmS

thE austRalian school of businEss is a dynamic and stimulating EnviRonmEnt foR PostgRaduatE REsEaRch, committEd to thE PuRsuit of ExcEllEncE.

DEGREERESEARCH

HIGHER

Those undertaking research degrees, and those supervising them, are the School’s research lifeblood. Established researchers and their research students’ work together at the edge of knowledge, from advanced supervision through to seminar programs and supportive feedback. The interactions benefit both groups.

We are committed not only to preserving our dominance in the traditional areas of success, but also to developing new areas of strength for the coming years. Postgraduate research students are always encouraged to be creative in their work, and each student generation works with the knowledge already established, and then leaves their own mark.

A wide range of prestigious scholarships support our research students, funded by the Australian Commonwealth Government, UNSW, ASB, overseas governments, research grants and industry. We also have one of the strongest success rates in Australia for securing nationally competitive research funding, as this guide has highlighted. In recent years this has increased the research and funding opportunities for postgraduate research students, as ASB grant holders actively involve students in their research projects.

We all look forward to the next generation of research students, and welcome them to the global fraternity of the ASB research scholars.

// Associate Professor Glenn Otto Director, Postgraduate Research

Australian School of Business

// ASSOCIATE PROFESSOR GLENN OTTO


continuEd


OUR GRADUATESThe ASB successfully graduated 230 HDR students over the last five years. Many of our alumni occupy senior positions in universities, government bodies and businesses both in Australia and overseas.

Of those who have provided information about their current appointments, the majority hold academic positions, with many in Australia employed by Group of Eight (a coalition of Australia’s leading research-intensive universities).

Mark Humphrey-Jenner commenced his PhD in 2009, after completing Honours degrees in Finance and Law at UNSW, with the assistance of an Australian Postgraduate Award scholarship, and a UNSW Research Excellence Award, which is only offered to a University Medallist.

Mark’s research focused on law, finance and private equity, looking at ways to optimise corporate decision making, and to inform the policy debate on how to structure laws in order to create corporate value.

Throughout his PhD he published papers in top tier finance journals, such as Journal of Financial Economics and Strategic Management Journal. He has also conducted research in law, with his law and finance work being accepted into journals such as the Journal of Empirical Legal Studies. Mark is currently working as a Senior Lecturer at the School of Banking and Finance at the ASB.

2011–2013

‘i EnRollEd at thE asb duE to its REPutation foR high quality financE REsEaRch, which EnablEd mE to PuRsuE woRk in quantitativE financE whilE Publishing in toP JouRnals’

dR maRk humPhERy-JEnnER

Phd in banking and financE in 2012

PoSTgrAduATe reSeArch ProgrAmS in The ASBWe offer two postgraduate research degrees, a Doctor of Philosophy (PhD) and a Master of Philosophy (MPhil).

DOCTOR OF PHILOSOPHY (phd)The PhD degree requires completion of a piece of research that demonstrates a significant and original contribution to knowledge in the field of study. Candidates acquire advanced specialist research training and produce a thesis that summarises the research and provides evidence for independent thought and critical analysis, effective communication and expert knowledge of the discipline in the international context.

DURATION

3–4 years full-time studies

COURSEWORK

Up to 8 coursework subjects

CURRENT ENROLMENTS (AS AT APRIL 2013)

MASTER OF PHILOSOPHY (mphil)The MPhil degree provides an opportunity for students to complete a component of coursework including research methodology relevant to the field of study and also to complete an original piece of research, more limited in scope and nature to that required for a PhD. This degree is ideal for students to acquire basic research training.

DURATION

1.5 years full-time studies

COURSEWORK

4 coursework subjects

CURRENT ENROLMENTS (AS AT APRIL 2013)

196studEnts

46studEnts

OUR PHD AND MPHIL STUDENTS ARE BASED IN ONE OF EIGHT DISCIPLINARY SCHOOLS.

– ACCOUNTING

– BANKING AND FINANCE

– ECONOMICS

– INFORMATION SYSTEMS,

TECHNOLOGY & MANAGEMENT

– MARKETING

– MANAGEMENT

– TAXATION & BUSINESS LAW

– RISK & ACTUARIAL STUDIES

For more information on the PhD programs and MPhil programs offered by each of the disciplinary schools please visit the postgraduate research pages at www.asb.unsw.edu.au

To learn more abouT our research acTiviTies, please geT in Touch.

Australian School of BusinessThe University of New South WalesSydney NSW 2052 Australia

PhoNe +61 2 9385 5144FAx +61 2 9385 6434emAil [email protected] www.asb.unsw.edu.au/research

Photography// Aran Anderson// Cath muscat// Sam Cotton Design// michelle Devine

2011–2013

What’s next?

business schools hold a unique posiTion, aT The inTersecTion of business and managemenT Theory, business educaTion and professional pracTice. By seeking answers to questions of theoretical and practical importance to organisations, the research undertaken at business schools and universities today will influence the way business operates in the future.

When our academics conduct scholarly research, they pursue original ideas about business processes and organisations in a systematic and rigorous manner.

At the Australian School of Business, we are committed to improving our research performance and enhancing the school’s academic standing by building on its record for publications in leading academic journals, competitive grant performance and business linkages.

The research profiles in this booklet have provided a taste of just some of the many research projects that are currently underway at the ASB. We hope it inspires you to visit our website and further explore the breadth and diversity of our research.

conTinued


To learn more abouT our research acTiviTies, please geT in Touch.

Australian School of BusinessThe University of New South WalesSydney NSW 2052 Australia

PhoNe +61 2 9385 5144FAx +61 2 9385 6434emAil [email protected] www.asb.unsw.edu.au/research

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RESEARCH ASB - UNSW Business School...Australian School of Business Research Highlights 2011–2013...

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