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					KNOWLEDGE TRANSFER
in the Faculty of Economics and Commerce
OCTOBER 2008

We aim to develop close and mutually beneficial relationships with business, government, the not-forprofit sector and the professions, both nationally and internationally. These relationships underpin our position as a leading Economics and Commerce Faculty in the region and one of the best in the world.
Professor Margaret Abernethy, Dean Faculty of Economics and Commerce

Here are some recent examples of Knowledge Transfer in the Faculty of Economics and Commerce.

Minimising Commodity Trading Speculation during Turbulent Market Conditions
Hurricanes and Energy Derivatives – a volatile mix
Prof Paul Kofman of the Dept of Finance investigated natural gas derivatives trading during the hurricane Katrina season in the USA in 2006, and compared the efficiency and price discovery contribution of online and floor-based trading systems. The research revealed evidence of the fragility of online trading platforms when markets move very fast and prices are excessively volatile. In such turbulent market conditions, floor trading seems to be preferable by disseminating information in a more structured, less emotive, order flow. The lack of regulation and oversight of online trading platforms, potentially leading to excessive market speculation and price volatility, has been noted repeatedly by the regulated organized exchanges. The US congress has so far been reluctant to include these exempt commodity markets under a single regulatory umbrella. The research in this paper highlights one (significant) event where this lack of regulation caused significant market disruption spreading well beyond the online trading platform itself. The research has also provided a regulatory signalling tool. The market information share estimates can potentially reveal ‘unusual’ price patterns indicative of market failure, thereby allowing the regulator to intervene in a more timely fashion. The findings of the research will contribute to regulatory policy making by informing the debate on the merits and disadvantages of online derivatives trading platforms, to prevent excessive speculation and artificial price hikes. These findings were presented at the Australian Statistical Conference 2008, in Melbourne on 1 July 2008, and at the Econometric Society Australasian Meeting 2008, in Wellington on 5 July 2008. The paper was co-authored with David Michayluk from the UTS and James Moser from the US Commodity Futures Trading Commission, the federal regulatory organisation for organised commodity derivatives trading. Professor Paul Kofman presented the relevant paper at the ESAM2007 Conference in Wellington, New Zealand in July

this year. The paper, as presented there, can be found at http://nzae.org.nz/conferences/2008/110708/nr1215387746.pdf If you are interested in the updated version please contact Paul Kofman at pkofman@unimelb.edu.au

Faculty Facts Entrepreneurs Week
Entrepreneurs Week, 15 August – 19 August 2008
According to Amir Nissen, President of Student Entrepreneurs at the University of Melbourne “Our aim was to showcase some young entrepreneurs and make students more aware of the opportunities that entrepreneurship offers. Ideally, we wanted the event to focus greater attention on the role of entrepreneurship in society and inspire people to pursue their own dreams. I would like to see Entrepreneurs Week embraced by students at large. It would be great to be able to run this across all Victorian, or even all Australian Universities.” Modelled on a similar event at Stanford University, Entrepreneurs Week 2008 was an initiative of Student Entrepreneurs, sponsored by the Melbourne Graduate School of Management and other public and private sector sponsors. The aim of Entrepreneurs Week was to raise awareness of the significance of, and pathways to, innovation and entrepreneurship in the 21st century. Moreover, it highlighted the value that the University places on working with all stakeholders in educating the next generation of ethical innovators and entrepreneurs. Events of the week included round table discussions, presentations and an ‘apprentice-style’ competition, the Innovator’s Challenge, which challenged students to think outside the box and create as much value as possible using an assigned everyday object: paper cups. Speakers included academics, industry experts and current students. Through this event, the Melbourne Graduate School of Management took a lead role in exemplifying the resources available within the University in relation to supporting knowledge transfer and thought leadership in this emerging field of management. To read more about Student Entrepreneurs at the University of Melbourne, please visit their website www.eweek.agentsofchange.com.au/

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New HILDA Survey Contract
The Australian Government has awarded the contract to manage the Household, Income and Labour Dynamics in Australia (HILDA) Survey for another 4 years to the Melbourne Institute of Applied Economic and Social Research.
For the last 8 years, the Melbourne Institute of Applied Economic and Social Research has been responsible for the design and administration of the HILDA Survey, as well as the production, dissemination and promotion of public use data sets from the survey. That role will now continue for at least another 4 years, with the Australian Government recently announcing, following a competitive tender process, that it was awarding the HILDA Survey contract for waves 9 to 12 (covering the years 2009 to 2012) to the Melbourne Institute. Australia’s first and only large-scale nationally representative household panel survey, the HILDA Survey is one of Australia’s largest research projects in the social sciences. Undertaken in collaboration with the Australian Government Department of Families, Housing, Community Services and Indigenous Affairs, but also involving significant input from many other government agencies, the survey has been following a large sample of Australians (over 19,000 persons) through time. Its broad objective is to collect data to assist researchers and policy-makers to understand how the lives of Australians have been changing and to identify the factors driving change. The survey primarily focuses on income and wealth, labour market experience and and family life. It also collects significant information about health, something that is set to expand in wave 9 with the inclusion of a special health module. The plan is to include this module every 4 years. Under the stewardship of the HILDA Survey team within the Melbourne Institute, the project has flourished. The number of licensed users of the data surpassed the 1000 mark this year, with the number of published academic journal articles that have used the data close to 150. More importantly, the data are widely used in government, with our around 40% of all licensed users employed by government departments and agencies. More information on the HILDA survey can be found at www.melbourneinstitute.com/hilda/

Publish or Perish
Professor Anne-Wil Harzing of the Department of Management and Marketing has a long-standing research interest in the measurement of research quality.
Since 2000 she has provided a journal ranking list on her website (www.harzing.com/jql.htm) that registers between 3,000-5,000 page hits each month and is used by many universities in their research evaluation process. The Journal Quality List is now in its 32nd edition and has received nearly 30 citations in ISI-indexed journals (plus many more in non-ISI indexed journals). In October 2006 this was complemented by Publish or Perish. Harzing's Publish or Perish is a software program that retrieves and analyses academic citations. It uses Google Scholar to obtain the raw citations, then analyses these and presents a wide range of citation metrics. Since it was introduced late October 2006, the relevant web page (www.harzing.com/pop.htm) has received more than 250,000 page hits, currently registering 15,000 – 20,000 hits per month. The program is used by academics all over the world to prepare for job and tenure applications, research evaluations and literature reviews. The program is also being used internationally by funding organisations, consultancy firms and research institutes at major industrial corporations. Many international funding organisations in the US and Europe now specify using Publish or Perish for grant applications. Publish or Perish has been visited by users in 189 countries throughout the world, including Vatican City. The highest proportion of users come from the USA, Great Britain, France and Australia. Publish or Perish has been mentioned in hundreds of different blogs and library information pages as well as the online edition of the Hindu newspaper (India’s national newspaper) and was prominently featured on the front page of the Australian Higher Education supplement in January 2008. It is also frequently discussed on the forum pages of the Chronicle Higher Education, the main source for Higher Education news in the USA Publish or Perish has received praise from hundreds of organisations world-wide including the Centre national de la recherche scientifique which wrote,

‘I would like to thank you for the remarkable work you have done with Publish or Perish. I have introduced all the members of our laboratory to it and we all run your program.’
and Boston College, ‘Anne-Wil, I just want to thank you for the brilliant job you have done on this. It will be a huge help for a lot of people going up for promotion and a lot of promotion and tenure committees.’

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Management & Marketing students with big ideas solve problems for Family Mail House
High achieving students in the Department of Management and Marketing recently completed a rare opportunity; consulting on real case work for an Australian business.
The Case-Based Challenge run in the ‘Principles of Marketing’ subject allowed students to put into real-life practice the concepts they had learnt in the lecture theatre, helping solve weekly issues for Family Mail House (FMH). FMH is one of the longest established mail houses in Victoria. The company has seen and adapted to a number of industry changes. Australia Post’s introduction of barcoded mail in 1999 was one of the greatest industry challenges to date. Impressively, FMH was the first mail house to lodge barcoded mail in Victoria. It is also one of Australia Post’s few select Bulk Mail Partners. It’s the first time the challenge has been run, and while the program is not assessed, the most realistic and comprehensive responses at the end of the semester were chosen as winners. Students received prizes and the opportunity to complete further work experience with the company. Dr Angela Paladino, who developed and oversaw the web-based challenge, says the experience was both unique and invaluable for the students. “The Case-Based Challenge gave students the opportunity to apply what they learnt each week and address realistic challenges faced by the companies in the marketplace. It also provided students with comprehensive, regular feedback so they could improve their problem-solving skills.” Joan Glenane, a director of Family Mail House, expressed her sincere thanks to the students who participated for their ideas. “Student responses were comprehensive, objective and insightful, providing the company with a fresh perspective”. Marie Coson and Sue Lim were judged to have presented the best solutions to the company out of 66 submissions. All students who participated were formally acknowledged for their efforts by FMH. Well done to all of the students who participated.

Left to right: Alicia Glenane-Antoniadis (the moderator of the CBC), Joan Glenane (the director of the FMH) and Marie Coson (first prize winner). Maria was awarded a $100 Myer gift voucher, opportunity for employment with FMH and a certificate of achievement.

Left to right: Sue Lim (the runner-up) received her award of two tickets to a Village Gold Class Cinema, opportunity for employment with FMH and a certificate of achievement.

Dr Paladino says that the types and sizes of companies that will participate in the challenge will be deliberately varied from semester to semester, and she is currently looking for a large multinational conglomerate to participate in the next challenge. If you are interested in having the next generation of bright young marketing minds present fresh solutions to your company, please contact Dr Angela Paladino at a.paladino@unimelb.edu.au.

Alumni Refresher Lecture series 2008
On the 13th, 20th & 27th August the inaugural Alumni Refresher Lecture series was held. Each evening two leading academics provided an update on recent developments and research within the Faculty in the areas of finance, economics, management and marketing.
The issues that were addressed ranged from the challenges and benefits of innovation, inflation targeting, the opportunities and challenges of real options analysis and investment appraisal. This format of two 45-minute lectures provided an opportunity for graduates to hear about the recent research that has been conducted in various areas within the faculty as well as an opportunity to network socially and professionally with other Alumni. Its aim was also to nurture an environment that supports the continuing involvement of our Alumni in the life of the University and to contribute to the life long learning of our graduates. For information on future Alumni events, please visit www.ecom.unimelb.edu.au/alumni/events.html

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Melbourne GSM Global Mobility Program to Kuala Lumpur
The Melbourne GSM ran its second Global Mobility Program to Kuala Lumpur from the 12 – 25 July. 18 high achieving Masters students from across the Melbourne GSM successfully completed the program accompanied by Dr Andre Sammartino from the Department of Management and Marketing.
The program provided the students with valuable international work experience consulting on genuine business issues for Australian and Malaysian companies including an investment bank, an engineering firm, HR consultants and a convention centre. The projects ranged from marketing based projects to business development and system adaptation projects. The students worked in teams and presented their findings and recommendations to senior company executives on the final day. The presentations were highly impressive, with the companies very pleased with the calibre of the students and the hard work they put into their projects. Feedback from the companies indicated that they intended to implement some of the recommendations proposed by the students. Other activities during the two-week program included a weekend sightseeing trip to Melaka and an introductory lecture series at exchange partner university, the University of Malaya.

Women’s Legal Services Victoria Case Study Bank
Dr Prakash Singh of the Department of Management and Marketing and Dr Martin Davies from the Teaching and Learning Unit ran the first of several Case Study Workshop for the lawyers of the Women’s Legal Service Victoria (WLSV) in September.
The workshop was the official beginning of the development of a vital case study bank for the WLSV. The WLSV is a nonprofit, voluntary organisation that provides legal assistance to women who face issues such as domestic violence. The case study bank is crucial for the work that the service does – lobbying governments, providing training, making media comments and advising clients. After aiding the WLSV to obtain a grant from the Victorian Legal Service Board, Dr Singh and Dr Davies are now providing the technical assistance with the delivery of the project by providing training to employees of the WLSV to develop case study writing capability. Once this is done, Dr Singh and Dr Davies will design and implement a storage and retrieval system whereby cases can be easily accessed. Currently, the focus is on simple written case studies, but may expand to include rich media case studies. If this initiative is successful for WLSV, there is a strong possibility that the model will be emulated by many of the other 50 legal services in the state, and the 200-plus services in the rest of the country.

This program offered an excellent opportunity for students to gain work experience and a global perspective simultaneously.
Students who participated will benefit from having international work experience to add to their CV, something that employers value highly and helps the students differentiate themselves in the job market. Following the success of this program and the earlier pilot program to Bangkok in February, a new Global Business Practicum subject developed by the Melbourne Graduate School of Management and the Department of Management & Marketing has been developed which will run as an intensive subject in Summer and Winter terms. The destinations for 2009 will be Singapore and Bangkok in February and Kuala Lumpur and China (city to be confirmed) in July. For more information please contact Clare Harper, Manager Student Experience, Melbourne Graduate School of Management

Left to right: Penny Drysdale (Law Reform and Policy Lawyer), Dr Prakash Singh, Gillian Dallwitz on the right (the CEO of the Women's Legal Service Victoria & Family Law Legal Service) and Dr Martin Davies.

Contacts
If you would like further information about the Faculty of Economics and Commerce Knowledge Transfer activities or how to get involved, please do not hesitate to contact: Brooke Young, Executive Director, Graduate School Telephone: 8344 2166 Email: gsdir-ecom@unimelb.edu.au www.ecom.unimelb.edu.au/ faculty/knowledge_ transfer.html

Events
If you would like information on Knowledge Transfer events, please visit: www.knowledgetransfer.unimelb.edu.au/

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