Faculty of Economics and Commerce

ARC-funded Research Projects (Discovery and Linkage Grants)

Administering Institution: The University of Melbourne

 

Accounting and Business Information Systems


Discovery Projects

Linkage Projects

 

NEW 2010 FUNDING


Economics

Discovery Projects


NEW 2010 FUNDING


Linkage Project


Finance


Discovery Projects


Management and Marketing


Discovery Projects

 

NEW 2010 FUNDING


Linkage Projects

 

NEW 2010 FUNDING



Melbourne Institute


Discovery Projects

 

NEW 2010 FUNDING


Linkage Projects

 


Accounting and Business Information Systems

Accelerating Expertise Development Using Knowledge Structures and Expert Systems

ARC Discovery Project DP0878422 (2007 for funding commencing 2008)

There is a shortage of experts among many professional fields in Australia, a problem that is starting to be further exacerbated by a large number of pending retirements. Professions dependent on high-level experts operating in complex decision domains face potential devastation and may fail to continue to exist within Australia. The proposed research directly addresses this looming crisis by presenting a replicable methodology for rapid expertise development that is to be demonstrated within the Australian insolvency environment. However, the methodology will be easily portable to other knowledge work professions facing similar crisis conditions.

Prof SA Leech; Prof SG Sutton; Prof V Arnold; A/Prof J Rose
2008: $160,000
2009: $160,000
2010: $112,00

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An Empirical Analysis of Structural Cost Management Decision Making

ARC Discovery Project DP0880031 (2007 for funding commencing 2008)

This study analyses the rationale adopted by firms in implementing cost management choices with significant social and economic consequences. Layoffs, across-the-board cost cuts and off-shoring are significant influences on workforce participation levels in the Australian economy. This study explores the factors associated with firms and managers that lead to systematic preferences for certain types of cost management responses. In analyzing these decisions in a range of organizational settings, and seeking to establish best practice benchmarks in innovative cost management practice, this study directly supports the government's workforce participation agenda.

Prof AM Lillis; A/Prof SW Anderson
2008: $34,000
2009: $20,000
Primary RFCD Code: 3502 – Business and Management

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Modelling the Adoption and Use of Virtual Services Technologies for Rural and Regional Healthcare: Economic and Quality of Care Perspectives

ARC Linkage Project LP0774949 (2006 Round 1 for funding commencing in 2007)

Rural and regional Australians account for more than a third of the population.   Compared with their urban counterparts, they face higher mortality rates and experience higher hospitalisation rates.  They face significant challenges in accessing healthcare services and expertise.  This research will provide guidelines on the effective and efficient use of virtual services technologies to provide more equitable access to healthcare for rural and regional Australians.  This will enable healthcare providers and government agencies to select and deliver appropriate technology solutions yielding improved quality of care at a reduced cost.  Access delays will be reduced through localised healthcare delivery.

A/Prof MJ Davern; A/Prof KE Stagnitti; Prof CB Ferguson
2007: $62,000
2008: $60,000
2009: $60,000
Primary RFCD Code: 3502 – Business and Management
Partner Organisations: Deakin University; Southwest Alliance of Regional Health (SWARH)

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Modelling Factors Affecting the Long-term Demand for and Supply of Professional Accounting and Allied Services in Rural and Regional Australia

ARC Linkage Project LP0669235 (2005 Round 2 for funding commencing in 2006)

Rural and regional areas accommodate more than a third of Australia's population and generate two-thirds of its net export income. This project will enable the accounting profession to establish effective strategies and policies for the education, training, and recruitment of professional staff in regional communities. Maintaining the quality and viability of professional services is critical to the economic development of these communities and crucial to maintaining equity between city and country. This project will ensure that professional accounting and allied services can meet future regional demands with the potential for this modelling to be applied to other regional services.

Prof CB Ferguson; Prof BJ Cooper; A/Prof GL Wines; A/Prof BF Jackling

2006: $33,319
2007: $77,216
2008: $80,693
2009: $36,797
Primary RFCD Code: 3506 – Services
Partner Organisations: CPA Australia; RMIT; Deakin University
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Securing the Future of Financial Services: Building a Behavioural Model of Effective Operational Risk Management

ARC Linkage Project LP100100068 (2009 Round 1 for funding commencing in 2010)

Securing the financial services industry is fundamental to the Australian economy. Effective operational risk management is vital to this goal. It requires appropriate attitudes to operational risk and widespread buy‑in to risk management practices. This project will identify managerial controllable factors that ensure more consistent and widespread deployment of effective operational risk management practices and attitudes. It will inform the monitoring activities of regulators. In turn, it will enable the financial services industry to better avoid undesirable risks and to better manage the negative effects of unexpected events. This directly contributes to the future stability of the Australian economy.

A/Prof Michael J Davern, Dr Carlin Dowling, A/Prof Robyn Moroney
2010: $55,000
2011: $55,000
Primary RFCD: 1501 - ACCOUNTING, AUDITING AND ACCOUNTABILITY

Partner Organisations: National Australia Bank

 

The Reliability of Corporate Reporting of Greenhouse Gas Estimates: Determinants, Consequences, Training for Accountants and Policy Initiatives

ARC Linkage Project LP100100076 (2009 Round 1 for funding commencing in 2010)

Fundamental to the successful re‑allocation of resources to address climate change is that greenhouse gas estimates reported by firms are reliable. The first outcome from this research is the development of tools to assist and train the Australian accountancy profession in the estimation of reliable emissions. The second outcome is identification of factors associated with the inaccuracy and bias of greenhouse gas emissions reported by companies and the consequences of the inaccuracies for the share market's valuation of emission liabilities. These research findings will identify issues that need to be addressed by regulators to ensure that the greenhouse gas estimates reported by companies are reliable.

A/Prof Matthew Pinnuck, Prof Gregory Clinch, Prof Carol A Adams, Prof Ivan Marusic, Prof Gordon Richardson, Prof Peter M Clarkson, Dr Michael J Brear
2010: $44,000.00
2011: $44,000.00
2012: $44,000.00
Primary RFCD: 1501 - ACCOUNTING, AUDITING AND ACCOUNTABILITY
Partner Organisations: CPA Australia

 

LINKAGE ARC GRANTS AWARDED TO OTHER INSTITUTIONS WITH FACULTY CO-INVESTIGATORS

Information Technology (IT) Audit Methodologies in the Australian Public Sector: Addressing Mandatory Requirements of International Standards

ARC Linkage Project LP0882068 (2007 Round 1 for funding commencing in 2008)

The primary benefit occurs in relation to National Research Priority 3: Frontier Technologies for Building and Transforming Australian Industries, notably Priority Goal 'Smart Information Use', as it will enable more sophisticated and accurate assessments of current IT audit methodologies. In turn, these improvements will enable more effective IT audits by government audit offices in Australia, bringing reduced risk and increased efficiency to organisations subject to audit, as well as increasing conformance with the new accounting and auditing standards. Fu rthermore, all Australian citizens, (the indirect clients of public sector audit services), will benefit from well‑managed program‑delivery systems.

Prof PF Green; Dr GJ Ridley; Prof CB Ferguson; Dr PJ Coram
2008: $47,647
2009: $32,098
2010: $25,827
Primary RFCD Code: 3501 – Accounting, Auditing and Accountability
APA(I) Award(s): 1
Collaborating/Partner Organisation(s): CPA Australia , Institute of Chartered Accountants in Australia and the Tasmanian Audit Office
Administering Organisation: The University of Queensland

 

Managing the World's Most Precious Resource: The Role of Water Accounting

ARC Linkage Project LP0884010 (2007 Round 2 for funding commencing in 2008)  

This project contributes to the National Research Priorities goal to develop sustainable ways of improving water productivity, using less water in agriculture and other industries, and providing increased protection of rivers and groundwater. Robust and rigorous water accounting and assurance will allow water managers to identify and address system water losses, and will underpin increased market and investment confidence in water information among water users. The collaborations between industry, academia, government and the accounting and water management professions will provide and demonstrate high profile, significant and timely international thought leadership in the emerging discipline of water accounting standards. 

Prof JM Godfrey; Prof KT Trotman; A/Prof KG Chalmers; Dr R Moroney; Dr B Potter 2008: $28,000
2009: $67,500
2010: $69,000
2011: $29,500
APA(I) Award(s): 1
Collaborating/Partner Organisation(s): CPA Australia, The Institute of Chartered Accountants in Australia
Administering Organisation: Monash University

 

Economics

Relative Income, Social Preferences, and Charitable Giving: An Experimental Analysis

ARC Discovery Project DP1094676 (2009 for funding commencing 2010)

Understanding people's incentives to give to others (i.e., what motivates private donations) is important in regulating social interactions, achieving fair outcomes, and designing optimal responses to natural disasters like floods and bushfires. Australia's social and economic fabric is strengthened by good public polices relating to redistribution and taxation. The cross‑cultural aspect of our study will increase awareness about differing beliefs across countries about the determinants of income and how policy makers can use this information to design appropriate policies to help people in need. This research project will also increase the level of academic interactions between Australian and foreign universities.

A/Prof L Gangadharan; Dr N Erkal; Dr N Nikiforakis
2010: $73,703
2011: $63,849
2012: $45,729
Primary RFCD: 3499 - OTHER ECONOMICS

 

Econometric Estimation and Analysis of Country, Regional and Global Income Distributions

ARC Discovery Project DP1094632 (2009 for funding commencing 2010)   

The project will provide valuable information on characteristics of the income distribution for Australia, and the distributions for countries of socio‑economic significance to Australia. The findings will enable Australian government and non‑government organisations and international agencies to assess the effects of various policies such as those designed to reduce world poverty. The project can help Australia understand the most immediate needs of countries in the region, information that is useful for formulating Australian policy responses that can alleviate poverty and lead to improved living standards in the region, thereby creating a harmonious and safer environment within the Asia‑Pacific region.

Prof WE Griffiths; A/Prof D Chotikapanich; Prof DP Rao
2010: $127,552
2011: $100,000
2012: $166,302

Primary RFCD: 3404 - ECONOMETRICS

 

A New Class of Statistical Methods for Analysing Long Memory Time Series Models with Heteroskedasticity

ARC Discovery Project DP1094010 (2009 for funding commencing 2010)               

This project will result in a class of statistical methods that will aid policy makers and financial analysts when examining and predicting key international and Australian macroeconomic and financial variables that exhibit long memory. Leading applications of long memory modelling in the literature include GDP, CPI, asset pricing models, stock returns, exchange rates and interest rates. It will be possible to robustly and efficiently analyse such series in the presence of changes in variability, such as the overall reduction in variability that has occurred since the 1970's, called the "Great Moderation". The utility of the new methods will be demonstrated by a robust and efficient analysis of the Purchasing Power Parity hypothesis.

A/Prof DC Harris; Dr HY Kew
2010: $61,164
2011: $64,327
2012: $67,490

Primary RFCD: 3404 - ECONOMETRICS

 

Technological Innovation, Trade Liberalization, Unemployment, and Policy Design

ARC Discovery Project DP1096379 (2009 for funding commencing 2010)               

Prof IP King
2010: $53,398
2011: $53,067
2012: $55,016
Primary RFCD: 3402 - APPLIED ECONOMICS

Australia, like all economies, is heavily influenced by technological changes and shifting trade patterns. Understanding these influences, and the impact they have on the distribution of income, the unemployment rate, and the job mix, is very important for the design of appropriate policy initiatives. The proposed research aims to achieve exactly this by developing a mathematical model which incorporates technological change, trade, and unemployment. The model will be used to analyse the effects of these changes and, thus, to design optimal policy. The results from this project should also stimulate policy discussions both within Australia and abroad ‑ enriching academic relations between domestic and international universities.

 

Economics of Continuous-time Financial Markets and Endogenous Pricing

ARC Discovery Project DP1094656 (2009 for funding commencing 2010)   

This research has the potential to benefit society by improving the accuracy of pricing in securities markets. First, because the research leads to specific predictions about the interaction of prices for different type of assets, it should lead to more accurate pricing across markets, such as housing, stocks and bonds, which currently function largely independently. Second, it should lead to more accurate pricing of derivatives in the situations where the exercise price of the derivatives differs significantly from the current price of the underlying stock.

Dr R Raimondo
2010: $26,079
2011: $26,079
2012: $26,079

Primary RFCD: 3401 - ECONOMIC THEORY

 

Socioeconomic Status and Health in Australia: An Econometric Investigation into Causality and Pathways

ARC Discovery Project DP1095065 (2009 for funding commencing 2010)   

This project aims to provide new policy‑relevant research focusing on the role of socioeconomic status (SES) in determining health outcomes for children and adults in Australia, and in reducing health‑related inequalities. This project will use high‑quality Australian longitudinal data and the most advanced econometric models to provide new insights into the pathways underlying the SES gradient. The project will also use similar data for Britain as a valuable comparison point. The research will contribute to a better understanding of health outcomes relating to a healthy start to life and strengthening Australia's social and economic fabric.

A/Prof M Shields; Dr DW Johnston
2010: $50,000
2011: $50,000
2012: $20,000

Primary RFCD: 3402 - APPLIED ECONOMICS

 

Community Led Sanitation Interventions: The Role of Social Capital

ARC Discovery Project DP0987011 (2008 for funding commencing 2009)

The economic and social wellbeing of its neighbours is important for Australia. This interest is often expressed through financial aid and the sharing of expertise. This research aims to enhance the effectiveness of financial aid by investigating the extent to which social capital is important in determining the success of a community‑led development project. Thus, this research contributes to a body of knowledge that informs development policy, leading to more effective use of aid funds and to a more prosperous and safe region.

A/Prof LA Cameron; Dr M Shah; Ms RS Purnamasari
2009: $170,000
2010: $130,000
2011: $94,000
Primary RFCD: 3402 - APPLIED ECONOMICS
APD: Ms RS Purnamasari

 

State and Territory Economic Performance and National Economic Policy

ARC Discovery Project DP0987494 (2008 for funding commencing 2009)

The research is intended to provide a better understanding of the relationship between national and state & territory economic behaviour in Australia and the relative strengths of common and idiosyncratic factors affecting economic performance across the states and territories. The results of the research will help to inform both national and sub‑national economic policies and hence contribute to better economic and social outcomes in Australia.

Dr RJ Dixon; Prof GC Lim; Prof D Shepherd
2009: $59,000
2010: $45,000
2011: $47,000
Primary RFCD: 3402 - APPLIED ECONOMICS

 

Scarcity of Ideas and Design of Optimal Incentive Schemes for Innovation

ARC Discovery Project DP0987070 (2008 for funding commencing 2009)

Since innovation is the driving force behind economic growth, enhancing its innovative capacity is an important consideration for Australia. From an economics point of view, this requires the design of optimal incentive schemes in the institutional structures which are central to promoting innovation. The proposed research aims to achieve exactly this by developing a definition of innovativeness and analyzing its implications. Its results will contribute to the policy discussions on innovation in Australia and will enhance the academic interactions between Australian and international universities.

Dr N Erkal
2009: $50,000
2010: $40,000
2011: $26,140
Primary RFCD: 3402 - APPLIED ECONOMICS

 

The US Interest Rate Conundrum and its Implications for Australia

ARC Discovery Project DP0987589 (2008 for funding commencing 2009)

The project generalises existing factor models of interest rates. The project will result in several benefits nationally as well as internationally. As U.S. interest rates and U.S. monetary policy in general are important determinants of interest rates in Australia, the project will lead to an improved understanding of the international mechanism linking interest rates. This will also provide a better framework in which to understand and monitor monetary policy in Australia. An important aspect of the project is the development of new testing procedures that improve upon existing nonparametric methods.

Prof VL Martin
2009: $70,000
2010: $50,000
2011: $50,000
Primary RFCD: 3404 - ECONOMETRICS

 

Australian Real Time Data: Construction, Analysis and Implications for Real Time Policy Making

ARC Discovery Project DP0988112 (2008 for funding commencing 2009)

This first comprehensive macroeconomic real time database for Australia recording the actual data available to policy makers at the time of making decisions will serve as a standard reference for accurate ex post macroeconomic policy evaluation and for accurate forecasts and decision making which are robust to data revisions. The free database will be of interest to Australian researchers, economists, forecasters and policy makers. Readily applicable and interpretable forecasts of the business cycle and the current state of the Australian (and US) economy (e.g. likelihood of recessions or inflation) will be of direct relevance to Australian policy‑makers in Government, the Reserve Bank of Australia, and to the Australian decision‑makers.

A/Prof K Shields; Prof N Olekalns; Prof K Lee
2009: $108,000
2010: $83,000
2011: $77,000
Primary RFCD: 3404 - ECONOMETRICS

 

The Pricing and Risk Management of Reverse Mortgages in the Australian Market

ARC Discovery Project DP0878575 (2007 for funding commencing in 2008)

This project will develop new methodologies for the pricing of reverse mortgages and will examine how sensitive prices are to demographic and financial assumptions in our models. This will increase transparency in the reverse mortgage market for retired Australians and ensure they get a fair deal. Increasing pricing transparency will also reduce risks to the issuing banks both by facilitating securitization and by allowing more accurate modelling of capital costs for mortgages that remain on their balance sheet.

A/Prof MS Joshi; Prof DC Dickson; Dr DG Pitt
2008: $70,000
2009: $72,000
2010: $74,000
Primary RFCD Code: 3503 – Banking, Finance and Investment

 

Bayesian Analysis of Treatment Effects in Experiments with Imperfect Compliance

ARC Discovery Project DP0880069 (2007 for funding commencing in 2008)

This research has a potential to benefit society by providing methods to evaluate the effectiveness of medical treatments and socio‑economic and health related interventions and policies based on experiments with imperfect compliance. The proposed methods are directly relevant to the second national research priority, as they can be used to test potential measures for preventative health care and to evaluate measures for strengthening Australia's social and economic fabric. The usefulness of our methods is demonstrated in the analysis of the effectiveness of a training program for the unemployed in alleviating negative mental health effects from job loss.

Dr L Jacobi
2008: $37,518
2009: $29,000
Primary RFCD Code: 3404 - Econometrics

 

New Perspectives on Australian Economic History: Geography, Institutions and Major Episodes

ARC Discovery Project DP0772302 (2006 for funding commencing in 2007)

This project will contribute directly to an improved knowledge of the determinants of the structure of economic activity, and macroeconomic performance and economic growth in Australia. Having a better understanding of the main influences on Australian economic growth will assist in the development of policies to promote these outcomes. The project will also make a significant addition to international knowledge in the field of new comparative economic history by adding an extra body of evidence to cross‑country perspectives on the determinants of national economic performance that draws on Australia's distinctive geography and institutions. Finally, the project will provide valuable research training and skills.

Prof JI Borland; Dr AJ Clarke; Dr RH Hillberry; Dr LL Uren
2007: $65,000
2008: $95,000
2009: $65,000
Primary RFCD Code: 3403 – Economic History and History of Economic Thought

 

New Econometric Evidence on the Roles of Socio Economic Characteristics and Lifestyle Choices in Determining Child and Adult Health Outcomes

ARC Discovery Project DP0770354 (2006 for funding commencing in 2007)

This research is directly relevant to the National Research Priority 'Promoting and Maintaining Good Health'. It will provide detailed information on issues such as the extent of socio‑economic differentials in child and adult health, the role of income redistribution in reducing health inequalities, the effectiveness of the national health system in protecting the health of children from the poorest families, and the role of lifestyle choices in determining health outcomes. Attention will be paid to the effects of alcohol consumption, smoking, exercise and diet in the context of adult and childhood obesity. There will also be new insights on the relative importance of 'nature' versus 'nurture' in determining child health.

A/Prof M Shields
2007: $45,000
2008: $37,000
2009: $50,000
Primary RFCD Code: 3402 – Applied Economics

 

An Econometric Analysis of Labour Market, Health and Educational Consequences of Cannabis Use

ARC Discovery Project DP0770580 (2006 for funding commencing in 2007)

This research will provide comprehensive empirical knowledge about the linkages between cannabis use, health, education, employment and earnings in Australia. Understanding these linkages is important because although cannabis is a commonly used drug, it is unclear how its use impacts on these important aspects of overall wellbeing and productivity. The knowledge gained from this research will contribute towards designing policies that encourage Australians to make choices that lead to positive pathways, so that they may achieve healthy lifetime outcomes. Productive and healthy outcomes for individuals will contribute to healthy economic outcomes for Australia.

Dr J Williams; Dr CL Skeels; Prof JC van Ours; Dr RL Pacula
2007: $100,000
2008: $90,000
2009: $100,000
Primary RFCDCode: 3404 – Econometrics
 

 

DISCOVERY ARC GRANTS AWARDED TO OTHER INSTITUTIONS WITH FACULTY
CO-INVESTIGATORS

Higher Order Moment Contagion Testing: Implications of the US Subprime Mortgage Crisis for Australia

ARC Discovery Project DP0985783 (2008 for funding commencing 2009)

Even though crises are usually short lived, the long term implications of changes in asset values may be profound, particularly for superannuation assets. Implications of financial crises are also profound for institutions such as the RBA who change policy to achieve domestic objectives. The understanding of how internationally based financial crises affect Australia is important particularly when domestic inflationary pressures would appear to precipitate the need for the RBA to take the opposite policy stance to that prevalent of central banks internationally. This proposal highlights these relationships to provide insights into portfolio allocation decisions and provides information to facilitate well founded decisions by policy makers.

Dr RA Fry; Prof VL Martin; Dr LC Tang
2009: $130,000
2010: $90,000
2011: $90,000
Primary RFCD: 3404 - ECONOMETRICS


Bayesian Inference for Welfare Comparisons of Income Inequality and Poverty

ARC Discovery Project DP0771334 (2006 for funding commencing in 2007)

The major expected outcome of this research is an array of techniques for making welfare comparisons involving income inequality and poverty within a framework of Bayesian inference. Various applications of the techniques are expected to yield useful information on inequality comparisons over time and space and on changes in the level of poverty.

Dr D Chotikapanich; Prof WE Griffiths
2007: $65,000
2008: $53,236
2009: $55,000
Primary RFCD Code: 3404 - Econometrics
Administering Organisation: Monash University

 

Estimation and Inference in Weakly Identified Models

ARC Discovery Project DP0771445 (2006 for funding commencing in 2007)

Economic and social systems are made up of interacting components leading to complex structures that are difficult to predict and manage. Consequently policy analysis and decision‑making must be informed by statistical analysis of data. In many situations the informational content of observations is minimal; examples of such situations are found in the areas of education, health, finance and various aspects of macroeconomic analysis. This project aims to develop methods of estimation and inference that make more efficient use of the information available in data. This will lead to more precise statistical analyses, resulting in a clearer understanding of economic and social systems, and better informed policy analysis and decision making.

Prof DS Poskitt; Dr CL Skeels; Dr G Forchini
2007: $100,000
2008: $80,000
2009: $100,000
Primary RFCD Code: 3404 – Econometrics
Administering Organisation: Monash University

 

Auctions of Standing Trees

ARC Linkage Project LP0990130 (2008 Round 2 for funding commencing in 2009)

This project is critical to the ecological well‑being of Australia. Standing trees are extremely important in Australia because they prevent soil erosion and stabilize water tables; their location influences fire risks. Much timber is sold at auction. While it is possible and desirable to learn how other nations use auctions to sell standing trees, information from those locales needs to be used with care when adapting it to the Australian experience. The project will use state of the art theory and methods to implement novel public policy. It will also develop expertise necessary to implement modern economic methods in environmental policy settings.

Prof HJ Paarsch; Prof J Rust; Mr GC Stoneham; Mr M Eigenraam; Dr V Nemes
2009: $ 27,950
2010: $ 41,020
2011: $ 26,140
2012: $ 26,140
2013: $ 23,070
2014: $ 10,000
Primary RFCD Code: 3402 - Applied Economics
APA(I) Award(s): 1
Collaborating/Partner Organisation(s): Victorian Department of Sustainability and Environment

 

LINKAGE ARC GRANTS AWARDED TO OTHER UNIVERSITY OF MELBOURNE DEPARTMENTS WITH FACULTY CO-INVESTIGATORS

Understanding Cycles in Mineral Commodity Price, a Market Model with Uncertainty

ARC Linkage Project LP0882686 (2006 Round 1 for funding commencing in 2007)

Mining accounts for more than 8% of Australia's GDP, and almost 50% of Australia's total merchandise exports. Understanding phenomenological mechanisms for price fluctuations and using our dynamic price model can help determine better timing of investments in mining infrastructure. This knowledge will help Australia benefit from the upside of commodity 'cycles', super or not. The market model that will be developed in this project can be used to assist in better planning for commodity cycle upside, improving the overall efficiency of capital utilisation in the long term.

A/Prof FJ Vazquez‑Abad; Prof D Dufresne; Dr M Menabde; Prof A van den Nouweland
2008: $77,000
2009: $75,000
2010: $88,000
Primary RFCD Code: 3402 – Applied Economics
Collaborating/Partner Organisation(s): BHP Billiton
Awarded to the Department of Mathematics and Statistics


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Finance

Share Buybacks and Information Asymmetry: Winners and Losers

ARC Discovery Project DP0878537 (2007 for funding commencing in 2008)

This study is the first to examine the effectiveness of existing regulations governing share buybacks in Australia. The results will be important for understanding how domestic capital market regulation affects the international competitiveness of Australian companies through their relative cost of capital. It will also assist in ensuring that capital market integrity is increased through the optimal design of regulation and improved market transparency, and thereby encourage greater participation by investors. The results will assist regulatory agencies in designing market surveillance that identifies signs of insider trading or market manipulation associated with corporate capital management activities.

A/Prof CA Brown; A/Prof JC Handley; A/Prof AS Lamba
2008: $51,000
2009: $56,000
2010: $36,000
Primary RFCD Code: 3503 – Banking, Finance and Investment

 

Three Decades of Financial Distress and Corporate Restructuring in Australia

ARC Discovery Project DP0879459 (2007 for funding commencing in 2008)

Corporate financial distress is costly and disruptive to Australia's economy. While shareholders are the first to lose, the flow‑on effects include bankruptcies, unemployment, and a negative impact on economic growth. By analysing three decades of Australian experience we aim to gain a deeper understanding of the dynamics underlying financial distress and corporate restructuring. The potential benefits include improvements to corporate practice in responding to financial distress, improvements to ASX governance (regarding listing rules and transparency in particular for small‑capitalization firms), and ultimately to economic policy by elucidating the corporate sector's dynamic response across the business cycle.

Prof Dr P Kofman; Dr HW Chan; Prof BD Grundy
2008: $32,000
2009: $38,000
2010: $34,537
Primary RFCD Code: 3503 – Banking, Finance and Investment

 

Consumption, Financial Wealth and Housing Wealth over the Long Run

ARC Discovery Project DP0774407 (2006 for funding commencing in 2007)

Our research gives economic policymakers a better understanding of the linkage between housing and financial market fluctuations and economic stability in Australia. In this, it focuses on how long run social trends have helped or hindered macroeconomic stability. It promotes a deeper knowledge of consumption patterns across different age groups, with a focus on financial security of retirees. Finally, we make a basic contribution to basic research by developing new techniques for examining panel datasets.

A/Prof G Schwann; Prof GC Lim; Dr Q Zeng
2007: $73,000
2008: $59,983
2009: $61,028
Primary RFCD Code: 3503 – Banking, Finance and Investment

 

DISCOVERY ARC GRANTS AWARDED TO OTHER INSTITUTIONS WITH FACULTY CO-INVESTIGATORS


Storage and the Hotelling Valuation Principle: Understanding the Dynamics of the Oil Industry

ARC Discovery Project DP0770537 (2006 for funding commencing in 2007)

Understanding the economics of the oil market is important for understanding the shift toward smaller, more
fuel-efficient motor vehicles and less fuel-intensive farming techniques. A better understanding of fundamental oil price processes will lead to more accurate oil price forecasting and hence more accurate pricing of oil derivatives (options, futures and swaps) and improved risk management (e.g. airlines hedging the cost of their jet fuel needs).

Prof RA Heaney; Prof BD Grundy
2007: $100,000
2008: $115,000
2009: $130,000
Primary RFCD Code: 3402 – Applied Economics
Administering Organisation: RMIT University

 

Management and Marketing

Boards of Directors and the Governance of Emergence Risk

ARC Discovery Project DP1094986 (2009 for funding commencing 2010)               

Australian firms systematically under‑invest in innovation and other future‑oriented activities.  An underlying premise of this research is that, in part, this is because they do not systematically include emergence risk in their governance activities.  If we find that this is the case, one impact of this research will be to contribute to a rethinking of the roles and practices of boards of directors.  A consequence of this will be that Australian corporations will become more competent in the management of innovation and other future‑oriented activities.

Prof D Samson
2010: $150,000
2011: $130,000
2012: $130,000

Primary RFCD: 3502 - BUSINESS AND MANAGEMENT

 

Managing Transformational Change: A Discursive Approach

ARC Discovery Project DP0771639 (2006 for funding commencing in 2007)

This research program will help to improve business competitiveness, which is predicated on the ability to manage transformational change, and add to the Australian repertoire of effective change practices. It will provide insights into social innovation which depends upon effective inter‑organizational collaboration by organizations from different sectors to bring about social change. It will help managers in diverse organizations deal with issues of sustainability and human health which depend upon managerial capacity in addition to scientific endeavours. It will help locate Australia as a centre of expertise in the use of discourse analysis in organization and management theory.

Prof C Hardy; Dr S Maguire
2007: $24,000
2008: $20,000
2009: $21,000
Primary RFCD Code: 3502 – Business and Management

 

DISCOVERY PROJECTS GRANT AWARDED TO OTHER UNIVERSITY OF MELBOURNE DEPARTMENTS WITH FACULTY CO-INVESTIGATORS

Enforcement of Chinese Employment Law: Regulatory Innovation and Wage Arrears

ARC Discovery Project DP0771091 (2006 for funding commencing in 2007)

Australia 's security and economic well‑being is closely bound up with China. It is in Australia's interests that China develops a sound legal system as the foundation of a prosperous, humane and stable society. The pervasive failure to pay Chinese workers their correct wages tests the capacity and credibility of Chinese law. An assessment of the legal system's response to the wage problem will provide specific insights on securing compliance with the employment law in China, benefiting Australian foreign policy makers, traders, investors and overseas development organisations. It will facilitate collaborative work between China and Australia on strengthening the regulatory capacity of Chinese institutions.

Dr S Cooney; Dr SC Biddulph; A/Prof Y Zhu
2007: $60,000
2008: $40,000
2009: $40,000
Primary RFCD Code: 3901 – Law
Awarded to the Law Faculty

 

DISCOVERY ARC GRANTS AWARDED TO OTHER INSTITUTIONS WITH FACULTY CO-INVESTIGATORS

Reassessing the Role of Industry Associations through an Examination of Australian and New Zealand Wool Marketing, 1890-1960

ARC Discovery Project DP1095758 (2009 for funding commencing 2010)

This is a study of organisational innovation in an internationally-important industry. Wool industry associations built and maintained a marketing organization, regionally and then nationally, that sold more than a half of the world's wool. Our long-term study assesses whether associations along the supply chain could replenish their social capital and remain adaptive and flexible organisations in the face of marked changes in the environment. The nature of the web of connections between associations in the wool market deserves further study. If their cooperation made possible the institutions governing wool selling then government agencies may need to take a more nuanced approach to regulating inter-organizational collaboration.

Prof SP Ville; Prof DT Merrett
2010: $30,000
2011: $40,000
2012: $20,000
Primary RFCD 3403 - ECONOMIC HISTORY AND HISTORY OF ECONOMIC THOUGHT

Administering Organisation: University of Wollongong

 

Approved Pay Alignment: Fact or Fallacy?

ARC Discovery Project DP1096775 (2009 for funding commencing 2010)

The project will make an important contribution to our understanding of the impact of employee pay system configuration on firm performance and, in turn, on national productivity and Australia's social and economic fabric. The findings will enrich pay system theory and guide evidence-based improvement in firms' pay practices. It will help employers to identify the most contextually appropriate and effective ways to manage pay level, structure and plan choice and thus to design pay systems that employees in different workplace contexts perceive as fair and that enhance organisational performance and ability to attract, motivate and retain high calibre staff.

A/Prof JL Shields; A/Prof M Brown; Dr M O'Donnell; Prof RJ Long; Prof D Scott; Prof SJ Perkins
2010: $50,000
2011: $62,000
2012: $62,000
Primary RFCD: 3502 - BUSINESS AND MANAGEMENT
Administering Organisation: The University of Sydney

 

An Evidence Based Approach to Developing Human and Social Capital in Organisations

ARC Linkage Project LP0882114 (2007 Round 1 for funding commencing in 2008)

A social and economic issue facing Australian organisations is the skills shortage and the retention of qualified professionals and managers. Our research informs this issue by examining the mechanisms for developing and engaging managerial employees in Australian organizations. These types of strategies can help reduce the 'brain drain' out of Australia. Moreover, it should increase the capability of businesses to attract Australians back ‑‑'brain gain'. Organizational strategies based on human and social capital development will also strengthen the social fabric of Australian society by building knowledge capabilities and enhancing well‑being.

A/Prof M Kraimer; A/Prof S Seibert; Dr LD Sargent
2008: $68,000
2009: $68,000
2010: $68,000
Primary RFCD Code: 3502 – Business and Management
Partner Organisation(s): Deloitte

 

Aged Care in Crisis? The Effects of Work Organisation on Nurse, Resident and Organisational Outcomes

ARC Linkage Project LP0882174 (2007 Round 1 for funding commencing in 2008)

Given the rapidly ageing Australian population and critical nurse retention issues in aged care, this program of research will have significant national benefit. First, assessing the interactive effects of work stressors and high performance work practices on employee strain and turnover will be particularly important in terms of developing strategies for employee retention. Second, by examining across time the links between work stressors and high performance work practices on one hand and resident outcomes on the other, the research will have important implications for ensuring older people receive quality care and live with dignity in Aged care.

Dr LD Sargent; A/Prof WG Harley
2008: $45,000
2009: $45,000
Primary RFCD Code: 3502 – Business and Management
Partner Organisation(s): Australian Nursing Federation (Victoria Branch)

 

LINKAGE PROJECTS GRANT AWARDED TO OTHER UNIVERSITY OF MELBOURNE DEPARTMENTS WITH FACULTY CO-INVESTIGATORS

Learning from Preventable Deaths: A Prospective Evaluation of Reforms to Coroners' Recommendation Powers in Victoria

ARC Linkage Project LP100100307 (2009 Round 1 for funding commencing in 2010)

Coroners in Australia investigate nearly 13,000 deaths each year and have a unique vantage point on health and safety risks.  The public as a whole will benefit from information that helps translate those insights into system changes that work to prevent injuries and accidents from occurring.  This project is designed to produce such information.  It will also serve stakeholders at several other levels.  By illuminating circumstances in which coroners recommendations produce positive change, project findings will help coroners shape and disseminate their prevention messages for maximum effect.  Also, for states interested in modifying or boosting coroners' recommendation powers, our findings will help guide reforms.

Prof David M Studdert, A/Prof Jane E Pirkis, Prof Graham E Sewell
2010: $86,000
2011: $92,000
2012: $91,000
Primary RFCD: 1117 - PUBLIC HEALTH AND HEALTH SERVICES
Partner Organisations: Department of Justice, Office of the State Coroner
Administering Organisation: The University of Melbourne (School of Population Health)


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Melbourne Institute

Assessing and Enhancing the Quality of Longitudinal Survey Data

ARC Discovery Project DP1095497 (2009 for funding commencing 2010)   

Australia has begun investing heavily in the collection of population‑wide longitudinal survey data. Most of that effort has focused first on collection and dissemination and second on analysis, with scant attention paid to the quality of data collected. This is unfortunate given that longitudinal surveys exhibit many problems (e.g., attrition, panel conditioning, and seam effects) that are not relevant in more ubiquitous cross‑section of surveys. Without adequate resources devoted to these methodological issues, the quality of substantive research will be questioned and interest from potential users decline. Maximizing the investment being made in longitudinal data thus requires a complementary investment in methodological research.

Prof MP Wooden; Prof P Lynn; Dr JR Frick
2010: $115,000
2011: $115,000
2012: $115,000

Primary RFCD: 3705 - DEMOGRAPHY

 

Effects on Labour Supply, Savings and Welfare of the July 2007 Policy Changes to Superannuation and the Age Pension

ARC Discovery Project DP0986345 (2008 for funding commencing 2009)

This proposal's central question falls within the priority goal of 'Strengthening Australia's social and economic fabric'. Understanding the effects of alternative superannuation tax arrangements is crucial in view of concerns regarding aggregate private savings and labour force participation in an ageing economy. Low savings or participation could have implications for sustained economic growth. This project's outcomes will provide an indication of the potential effects of policies on labour supply and savings. After further modifications, the model developed in this project can also address other questions in the context of life‑cycle decisions under uncertainty, such as labour supply, fertility or health.

A/Prof GR Kalb; Prof J Creedy; Dr L Cai; Dr J van de Ven
2009: $90,000
2010: $40,000
Primary RFCD: 3402 - APPLIED ECONOMICS

 

International Comparisons of Retirement Decisions and Well‑being of Mature Age Populations: Applied Micro-economic Analyses

ARC Discovery Project DP0987972 (2008 for funding commencing 2009)

Australia needs a pension reform to promote longer working lives of mature people in a health‑ and productivity-enhancing way, that is also financially sustainable. This study uses cutting‑edge methodology and data to analyse decisions surrounding how mature people disengage from employment towards their eventual permanent retirement, and how these decisions relate to their health and well‑being. It compares and contrasts Australia with the UK, Germany and the US to derive lessons for developing evidence‑based pension reform. International comparative research enables the identification of important policy, institutional and/or cultural differences and lessons that may well be missed by single country studies.

Prof K Mavromaras; Prof JW Freebairn; A/Prof BW Headey; Dr Y Tseng; A/Prof K Bender; Prof I Theodossiou
2009: $100,000
2010: $100,000
2011: $100,000
2012: $90,000
Primary RFCD: 3402 - APPLIED ECONOMICS


Effects of Private Health Insurance on Health Care Usage and Health Outcomes in Australia

ARC Discovery Project DP0880429 (2007 for funding commencing in 2008)

Australians spend more than $7 billion each year on private health insurance (PHI), of which government subsidies amount to more than $2 billion. There is, however, little understanding of how PHI affects health care usage and health outcomes. Having PHI is likely to result in better health for the insured, but more health resources are also likely to be used. Moreover, the health of the uninsured could be adversely affected if health resources available to the public hospital sector are reduced. This research will inform health policymaking on the effects of subsidising PHI on health care usage and health outcomes.  

Dr J Yong; Dr A Palangkaraya; Prof JW Freebairn
2008: $33,750
2009: $28,695
2010: $45,384
Primary RFCD Code: 3402 – Applied Economics

 

The Effects of the Tax and Social Security System on Labour Supply and Social Welfare

ARC Discovery Project DP0770567 (2006 for funding commencing in 2007)

This research will provide independent assessment of the work‑incentive effects of government policies in the area of income tax, social security and childcare costs. Capacity constraints may threaten sustained economic growth in Australia. Understanding and supporting the drivers of work force participation is stated in the National Research Priorities as being vital. In addition to the empirical results, the project provides a set of tools that can be used to evaluate new policies with respect to the effects on labour supply, income distribution and social welfare. This will provide timely and independent evidence on which to evaluate new policies and therefore increase the quality of the debate on tax and social security policy.

A/Prof GR Kalb; Prof J Creedy
2007: $110,000
2008: $115,000
2009: $120,000
Primary RFCD Code: 3402 – Applied Economics

 

Blended Payment Systems for Doctors: Evaluation of an Experiment

ARC Discovery Project DP0771005 (2006 for funding commencing in 2007)

The results of the study will provide new evidence for health care policy makers in Australia (and internationally) on the effects of changing the remuneration system for GPs on the costs and quality of health care provided. The study will examine effects in the national priority and national health priority areas of preventive health care and chronic disease. The results will be relevant to other countries, such as the US and UK, where blended payments schemes exist for GPs but have not been evaluated.

Prof A Scott; A/Prof H Britt; Dr PH Jensen
2007: $80,000
2008: $85,000
Primary RFCD Code: 3402 – Applied Economics

 

DISCOVERY GRANT AWARDED TO OTHER INSTITUTIONS WITH FACULTY
CO-INVESTIGATORS

Understanding the Saving Behaviour of Australian Households: Private Retirement Provision and the Policy of Forced Saving

ARC Discovery Project DP0772731 (2006 for funding commencing in 2007)

The outcomes from the research on Australian retirement saving behaviour will generate a range of national benefits. First, the collaboration of researchers across institutions, and internationally, will enhance and promote Australian research skills. Second, Australian research will be will be placed at the forefront of an important, international field. Third, the research will make fundamental contributions to the evidence base for the design of public policies to ensure Australians have access to adequate resources in retirement. This is an urgent public policy concern due to the rapid ageing of the Australian population: the fraction aged over 65 years is forecast to double from 10% to 20% over the next 40 years.

A/Prof GF Barrett; Dr TF Crossley; Dr Y Tseng
2007: $100,000
2008: $100,000
2009: $100,000
Primary RFCD Code: 3402 – Applied Economics
Administering Organisation: The University of New South Wales

 

The Market for Technology in Australia

ARC Linkage Project LP0989343 (2008 Round 1 for funding commencing in 2009)

Over the last 5 years, formalised markets for technology have accelerated in the US. However, there is no recognised formal market in Australia. Results from our primary data collection and analysis will highlight whether deficiencies in the market for technology are creating obstacles for the commercialisation of Australian technology. This is a particularly important issue for Australia given our relative isolation arising from geographical distance and lack of attachment to a major trading bloc such as the EU or NAFTA.

A/Prof EM Webster; Dr PH Jensen; Mr SD Applegate; Dr R Gilmore; Ms KJ Sinclair
2009: $168,000
2010: $188,000
2011: $95,000
Primary RFCD: 3402 - APPLIED ECONOMICS
Collaborating/Partner Organisation(s):
IP Australia
Australian Institute for Commercialisation
Watermark

 

Job Retention and Advancement of Disadvantaged Job Seekers

ARC Linkage Project LP0776894 (2006 Round 2 for funding commencing in July 2007)

This project will use empirical methods to help determine what is necessary for job retainment and career

advancement of disadvantaged jobseekers. Job retainment and advancement are essential to prolonged workforce participation and the development of human capital of disadvantaged jobseekers re‑entering the workforce. Understanding and supporting the drivers of workforce participation is identified as a National Research Priority. Therefore, the project findings will be of considerable importance to employment policy development in Australia to help ensure that future policy developments improve the human capital of disadvantaged entrants to the labour market and alleviate longer‑term poverty and social exclusion.

Dr R Scutella; Dr RK Wilkins; Prof K Mavromaras; Prof P Gregg; Dr J Wadsworth; Mr DJ Perkins
2007: $28,765
2008: $53,765
2009: $50,500
2010: $44,644
2011: $19,144
Primary RFCD Code: 3402 – Applied Economics
Partner Organisation(s): Brotherhood of St Laurence

 

LINKAGE GRANT AWARDED TO OTHER UNIVERSITY OF MELBOURNE DEPARTMENTS WITH FACULTY CO-INVESTIGATORS

Social and Health Inequalities Related to Changes in Drinking Water in Rural Victoria

ARC Linkage Project LP0989576 (2008 Round 1 for funding commencing in 2009)

This project will add significantly to knowledge about the role of water in health. Dental caries (decay) experience over an individual's life time is influenced by dental health in early childhood. Obesity and overweight in early childhood is also a predictor of later life obesity. Both these conditions reduce life chances and wellbeing for Australians and are costly for communities. Understanding why and how choices about drinks for children are made by parents using a longitudinal design will help to develop interventions and policies that support the use of water in preference to sweetened and acidic beverages.

Dr AM Sanigorski; Prof EB Waters; Prof A Scott; Mr MG Gussy; Ms LC Gold; A/Prof H Calache
2009: $129,000
2010: $125,000
2011: $134,000
2012: $134,000
2013: $140,000
Primary RFCD: 3212 - PUBLIC HEALTH AND HEALTH SERVICES
Collaborating/Partner Organisation(s):
Dental Health Services Victoria
Awarded to the School of Population Health

 

Improving Employment Outcomes in Early Psychosis: Social and Economic Benefits of Early Intervention

ARC Linkage Project LP0883237 (2007 Round 2 for funding commencing in 2008)

Over 74% of people with psychotic illnesses like schizophrenia, despite wanting to work, are unemployed, more than any other disability group. This project examines an evidence-based method in which young people with psychosis can be effectively supported to return to the competitive labour market. In Australia, unemployment of people with schizophrenia costs $927 million, over half the total illness costs of schizophrenia. For people with psychosis, unemployment exacerbates social and economic marginalisation. This project aims to reduce the economic cost of unemployment among the mentally ill as well as using employment to reduce social marginalisation of people with mental illness.

Dr E Killackey; Prof HJ Jackson; Dr R Scutella; Dr Y Tseng; Prof JI Borland
2008: $80,400
2009: $152,959
2010: $109,743
2011: $37,184
APA(I) Award(s): 1
Collaborating/Partner Organisation(s): ORYGEN Research Centre
Awarded to the Faculty of Medicine, Dentistry & Health Sciences – (School of Behavioural Science)

 

LINKAGE GRANT AWARDED TO OTHER INSTITUTIONS WITH FACULTY CO-INVESTIGATORS

Ageing Baby Boomers in Australia (ABBA): Informing Actions for Better Retirement

ARC Linkage Project LP0882748 (2007 Round 1 for funding commencing in 2008)

The research will improve understanding of baby boomers & inform action to achieve positive outcomes individually & for an ageing Australia. It will: 1) inform baby boomers of ways in which their actions in late middle age can increase the chance of having satisfying healthy lives in retirement; 2) inform employers & governments on key factors enabling people to work longer; 3) challenge stereotypes of baby boomers by showing their variability over the life course & in retirement; 4) provide four researchers with knowledge & expertise in applied, multi‑disciplinary research on individual & population ageing; 5) identify baby boomers' expectations for themselves, governments, & the community to guide directions for Australia's response to ageing.

Prof HL Kendig; Dr YD Wells; Prof MP Wooden; Dr KM O'Loughlin; Prof DA De Vaus
2008: $162,194
2009: $136,734
2010: $176,734
Primary RFCD Code: 3701 - Sociology
APA(I) Award(s): 2
Collaborating/Partner Organisation(s): National Seniors and AARP
Administering Organisation: The University of Sydney

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