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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-for-
                       profit 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                                       this year. The paper, as presented there, can be found at
                                                                   http://nzae.org.nz/conferences/2008/110708/nr1215387746.pdf
Speculation during Turbulent                                       If you are interested in the updated version please contact
                                                                   Paul Kofman at pkofman@unimelb.edu.au
Market Conditions
Hurricanes and Energy Derivatives – a volatile mix                 Faculty Facts
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
                                                                   Entrepreneurs Week
discovery contribution of online and floor-based trading           Entrepreneurs Week, 15 August – 19 August 2008
systems. The research revealed evidence of the fragility
of online trading platforms when markets move very fast            According to Amir Nissen, President of Student Entrepreneurs
and prices are excessively volatile. In such turbulent market      at the University of Melbourne “Our aim was to showcase
conditions, floor trading seems to be preferable by                some young entrepreneurs and make students more aware
disseminating information in a more structured, less               of the opportunities that entrepreneurship offers. Ideally, we
emotive, order flow.                                               wanted the event to focus greater attention on the role of
                                                                   entrepreneurship in society and inspire people to pursue
The lack of regulation and oversight of online trading             their own dreams. I would like to see Entrepreneurs Week
platforms, potentially leading to excessive market                 embraced by students at large. It would be great to be able to
speculation and price volatility, has been noted repeatedly        run this across all Victorian, or even all Australian Universities.”
by the regulated organized exchanges. The US congress has
so far been reluctant to include these exempt commodity            Modelled on a similar event at Stanford University,
markets under a single regulatory umbrella.                        Entrepreneurs Week 2008 was an initiative of Student
                                                                   Entrepreneurs, sponsored by the Melbourne Graduate School
The research in this paper highlights one (significant) event      of Management and other public and private sector sponsors.
where this lack of regulation caused significant market            The aim of Entrepreneurs Week was to raise awareness of the
disruption spreading well beyond the online trading platform       significance of, and pathways to, innovation and entrepreneur-
itself. The research has also provided a regulatory signalling     ship in the 21st century. Moreover, it highlighted the value
tool. The market information share estimates can potentially       that the University places on working with all stakeholders
reveal ‘unusual’ price patterns indicative of market failure,      in educating the next generation of ethical innovators and
thereby allowing the regulator to intervene in a more timely       entrepreneurs.
fashion. The findings of the research will contribute to
regulatory policy making by informing the debate on the            Events of the week included round table discussions,
merits and disadvantages of online derivatives trading             presentations and an ‘apprentice-style’ competition, the
platforms, to prevent excessive speculation and artificial         Innovator’s Challenge, which challenged students to think
price hikes.                                                       outside the box and create as much value as possible using
                                                                   an assigned everyday object: paper cups. Speakers included
These findings were presented at the Australian Statistical        academics, industry experts and current students.
Conference 2008, in Melbourne on 1 July 2008, and at the
Econometric Society Australasian Meeting 2008, in Wellington       Through this event, the Melbourne Graduate School of
on 5 July 2008. The paper was co-authored with David               Management took a lead role in exemplifying the resources
Michayluk from the UTS and James Moser from the US                 available within the University in relation to supporting
Commodity Futures Trading Commission, the federal regulatory       knowledge transfer and thought leadership in this emerging
organisation for organised commodity derivatives trading.          field of management.

Professor Paul Kofman presented the relevant paper at the          To read more about Student Entrepreneurs at the University
ESAM2007 Conference in Wellington, New Zealand in July             of Melbourne, please visit their website
                                                                   www.eweek.agentsofchange.com.au/

                                                                                                                                          1
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        Publish or Perish
waves 9 to 12 (covering the years 2009
to 2012) to the Melbourne Institute.
                                              Professor Anne-Wil Harzing of the Department of Management
                                              and Marketing has a long-standing research interest in the
Australia’s first and only large-scale
nationally representative household           measurement of research quality.
panel survey, the HILDA Survey is one         Since 2000 she has provided a journal ranking list on her website
of Australia’s largest research projects      (www.harzing.com/jql.htm) that registers between 3,000-5,000 page hits each
in the social sciences. Undertaken            month and is used by many universities in their research evaluation process. The
in collaboration with the Australian          Journal Quality List is now in its 32nd edition and has received nearly 30 citations
Government Department of Families,            in ISI-indexed journals (plus many more in non-ISI indexed journals).
Housing, Community Services and
                                              In October 2006 this was complemented by Publish or Perish. Harzing's Publish
Indigenous Affairs, but also involving
                                              or Perish is a software program that retrieves and analyses academic citations. It
significant input from many other
                                              uses Google Scholar to obtain the raw citations, then analyses these and presents
government agencies, the survey has
                                              a wide range of citation metrics. Since it was introduced late October 2006, the
been following a large sample of
                                              relevant web page (www.harzing.com/pop.htm) has received more than 250,000
Australians (over 19,000 persons)
                                              page hits, currently registering 15,000 – 20,000 hits per month. The program is used
through time. Its broad objective is to
                                              by academics all over the world to prepare for job and tenure applications, research
collect data to assist researchers and
                                              evaluations and literature reviews. The program is also being used internationally by
policy-makers to understand how the
                                              funding organisations, consultancy firms and research institutes at major industrial
lives of Australians have been changing
                                              corporations. Many international funding organisations in the US and Europe now
and to identify the factors driving change.
                                              specify using Publish or Perish for grant applications.
The survey primarily focuses on income
                                              Publish or Perish has been visited by users in 189 countries throughout the world,
and wealth, labour market experience
                                              including Vatican City. The highest proportion of users come from the USA, Great
and and family life. It also collects
                                              Britain, France and Australia.
significant information about health,
something that is set to expand in wave       Publish or Perish has been mentioned in hundreds of different blogs and library
9 with the inclusion of a special health      information pages as well as the online edition of the Hindu newspaper (India’s
module. The plan is to include this           national newspaper) and was prominently featured on the front page of the
module every 4 years.                         Australian Higher Education supplement in January 2008. It is also frequently
                                              discussed on the forum pages of the Chronicle Higher Education, the main source
Under the stewardship of the HILDA
                                              for Higher Education news in the USA
Survey team within the Melbourne
Institute, the project has flourished.        Publish or Perish has received praise from hundreds of organisations world-wide
The number of licensed users of the           including the Centre national de la recherche scientifique which wrote,
 data surpassed the 1000 mark this year,      ‘I would like to thank you for the remarkable work you have done with Publish
with the number of published academic         or Perish. I have introduced all the members of our laboratory to it and we all
journal articles that have used the data      run your program.’
close to 150. More importantly, the data
are widely used in government, with           and Boston College, ‘Anne-Wil, I just want to thank you for the brilliant job you
our around 40% of all licensed users          have done on this. It will be a huge help for a lot of people going up for
employed by government departments            promotion and a lot of promotion and tenure committees.’
and agencies.
More information on the HILDA survey
can be found at
www.melbourneinstitute.com/hilda/



                                                                                                                                      2
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            Left to right: Alicia Glenane-Antoniadis (the moderator of the
the longest established mail houses in Victoria. The company        CBC), Joan Glenane (the director of the FMH) and Marie Coson
has seen and adapted to a number of industry changes.               (first prize winner). Maria was awarded a $100 Myer gift voucher,
                                                                    opportunity for employment with FMH and a certificate of
Australia Post’s introduction of barcoded mail in 1999 was one
                                                                    achievement.
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.               Left to right: Sue Lim (the runner-up) received her award of two
It also provided students with comprehensive, regular               tickets to a Village Gold Class Cinema, opportunity for
feedback so they could improve their problem-solving skills.”       employment with FMH and a certificate of achievement.
Joan Glenane, a director of Family Mail House, expressed
her sincere thanks to the students who participated for their       Dr Paladino says that the types and sizes of companies
ideas. “Student responses were comprehensive, objective             that will participate in the challenge will be deliberately
and insightful, providing the company with a fresh                  varied from semester to semester, and she is currently
perspective”.                                                       looking for a large multinational conglomerate to
Marie Coson and Sue Lim were judged to have presented               participate in the next challenge. If you are interested in
the best solutions to the company out of 66 submissions.            having the next generation of bright young marketing
All students who participated were formally acknowledged            minds present fresh solutions to your company, please
for their efforts by FMH. Well done to all of the students          contact Dr Angela Paladino at
who participated.                                                   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




                                                                                                                                        3
Melbourne GSM Global                                             Women’s Legal Services
Mobility Program to Kuala                                        Victoria Case Study Bank
Lumpur                                                           Dr Prakash Singh of the Department of Management
                                                                 and Marketing and Dr Martin Davies from the Teaching
The Melbourne GSM ran its second Global Mobility                 and Learning Unit ran the first of several Case Study
Program to Kuala Lumpur from the 12 – 25 July.                   Workshop for the lawyers of the Women’s Legal
18 high achieving Masters students from across the               Service Victoria (WLSV) in September.
Melbourne GSM successfully completed the program
                                                                 The workshop was the official beginning of the development
accompanied by Dr Andre Sammartino from the
                                                                 of a vital case study bank for the WLSV. The WLSV is a non-
Department of Management and Marketing.                          profit, voluntary organisation that provides legal assistance
The program provided the students with valuable international    to women who face issues such as domestic violence.
work experience consulting on genuine business issues for        The case study bank is crucial for the work that the
Australian and Malaysian companies including an investment       service does – lobbying governments, providing training,
bank, an engineering firm, HR consultants and a convention       making media comments and advising clients.
centre. The projects ranged from marketing based projects        After aiding the WLSV to obtain a grant from the Victorian
to business development and system adaptation projects.          Legal Service Board, Dr Singh and Dr Davies are now
The students worked in teams and presented their findings        providing the technical assistance with the delivery of the
and recommendations to senior company executives on the          project by providing training to employees of the WLSV to
final day. The presentations were highly impressive, with the    develop case study writing capability.
companies very pleased with the calibre of the students and
the hard work they put into their projects. Feedback from the    Once this is done, Dr Singh and Dr Davies will design and
companies indicated that they intended to implement some         implement a storage and retrieval system whereby cases
of the recommendations proposed by the students. Other           can be easily accessed. Currently, the focus is on simple
activities during the two-week program included a weekend        written case studies, but may expand to include rich media
sightseeing trip to Melaka and an introductory lecture series    case studies.
at exchange partner university, the University of Malaya.        If this initiative is successful for WLSV, there is a strong
  This program offered an excellent opportunity for              possibility that the model will be emulated by many of
  students to gain work experience and a global                  the other 50 legal services in the state, and the 200-plus
  perspective simultaneously.                                    services in the rest of the country.
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 dest-
inations 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,                Left to right: Penny Drysdale (Law Reform and Policy Lawyer),
Manager Student Experience, Melbourne Graduate                   Dr Prakash Singh, Gillian Dallwitz on the right (the CEO of the
School of Management                                             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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