Annual Report 2001 - Faculty of Business and Economics - The ...

Department of Finance
Faculty of Economics & Commerce
ANNUALreport2001

CONTENTSpage
2 THE UNIVERSITY OF MELBOURNE
3 FACULTY OF ECONOMICS AND COMMERCE
4 DEPARTMENT OF FINANCE
5 FOREWORD FROM THE HEAD OF DEPARTMENT
6 HIGHLIGHTS
7 ACADEMIC STAFF
13 VISITING ACADEMICS
13 ADMINISTRATIVE STAFF
13 STAFF UNDERTAKING FURTHER DEGREES
14 INDUSTRY WORKSHOP PROGRAMS AND CONFERENCES
15 SEMINAR SERIES
16 RESEARCH AND PUBLICATIONS
17 THESES AND RESEARCH REPORTS
19 RESEARCH PAPER SERIES
20 STAFF REFEREEING ACTIVITIES
20 CONFERENCE AND SEMINAR PAPERS
21 PROFESSIONAL ACTIVITIES
21 FINANCIAL DATABASE FACILITIES
22 SUBJECTS OFFERED BY THE DEPARTMENT OF FINANCE
23 ACADEMIC PROGRAMS 2001
24 STATISTICS
25 ACCREDITATIONS
25 FINANCE AWARDS AND PRIZES
28 FINANCIAL MANAGEMENT ASSOCIATION OF AUSTRALIA
29 PROMINENT ALUMNI
31 STUDY ABROAD AND EXCHANGE OPPORTUNITIES
01

INTERNATIONALLYrecognisedfor
ACADEMICexcellence
Postera crescam laude I shall grow in the esteem of future generations
Internationalisation is essential for the continued
development and growth of the University of
Melbourne. To this end the University has:
The University of Melbourne was
founded in 1853 and commenced
teaching its first students in 1855.
Its main campus is located just
north of Melbourne’s city centre.
The University of Melbourne is the
Australian university of choice for
the brightest local and international
students.
Ranked as one of Australia’s highest researchintensive
universities, the University of Melbourne
takes the prime share of the Commonwealth
Government’s annual research funding allocation.
Reinforcing Melbourne’s position as Australia’s
leading research university is our ability to attract
Australian Postgraduate Awards (APAs), awarded
to researchers of great promise. The most recent
annual figures saw Melbourne receive 161 APAs -
more than any other Australian university. Among
those teaching and conducting research at the
University of Melbourne are many figures of
international standing and reputation.
As one of Australia’s oldest universities, the
University of Melbourne has a long history of
welcoming international students and has a
sophisticated understanding of the infrastructure
and specialised support required for overseas
students. Our reputation was recognised as
University of the Year, by the Good Universities
Guides for 2001-2002. The focus of the award is
for ‘International Standing’. The award recognises
the University of Melbourne as the Australian
university that ranks highest according to criteria
widely used around the world to determine the
reputation or prestige of a university. The Award
is based on a ranking of Australian universities
that used 10 indicators of international standing
ranging from student demand to graduate
employment to research track record.
Developed formal international exchange
agreements with over 110 institutions
worldwide;
Established the Eminent Scholars Scheme
– a highly innovative program designed
to enhance our teaching and research
environment;
Helped to create the prestige Universitas 21
network – an international network of 18
research-intensive universities in ten countries.
The University’s leading role in setting up and
supporting Universitas 21 has greatly lifted its
reputation in Europe, the United States and Asia.
For further information visit
www.unimelb.edu.au/research/universitas21.hmtl;
Included distinguished members of the global
higher education community in its governing
council. The current international member is
Sir Alec Broers, Vice-Chancellor of Cambridge
University and a University of Melbourne
graduate.
The University has established entrepreneurial
links with industry. The University of Melbourne
is a partner in five of 19 Cooperative Research
Centres (CRC) that will attract $325 million in
Federal Government funding over the next seven
years. The Government’s Cooperative Research
Centre Program, launched in 1990, fosters links
between industry, educational institutions and
government to aid world-class research and to
offer business an opportunity to collaborate with
research institutions on R&D relevant to industry
needs.
The benefit of such alliances to postgraduate
students is that they have access to state-of-theart
facilities – their learning is informed by the
latest research conducted by world-class
academics.
The University of Melbourne is a primary focus of
cultural and intellectual stimulus in Australia.
(Source: 2003 Postgraduate Prospectus for
International Students, The University of Melbourne)
02

FACULTYofeconomics
ANDcommerce
The Faculty of Economics and Commerce
is one of eleven faculties at the University of
Melbourne and is one of Australia’s leading
centres of teaching and research in economics
and commerce. The Faculty was established in
1924 with teaching for the Bachelor of Commerce
degree commencing 2 March 1925. Economics,
however, has been taught at the University of
Melbourne since its foundation. W.E. Hearn was
appointed as a professor of history and political
economy in 1855. The foundation Dean of the
Faculty was Professor Sir Douglas Copland who
remained a leading figure in Australian economics
and politics until his death in 1971.
The Faculty has always been a pioneer in
business education in Australia. Marketing
has been taught since the 1930’s; in 1954 it
appointed A.A. Fitzgerald as the first full-time
professor of accounting in Australia; the MBA
degree was introduced in 1963, and is now
taught in the Melbourne Business School.
More recently, the Faculty has introduced Masters
degrees in applied finance, international business,
applied commerce, e-Commerce, management
and accounting.
Since 1925, over 20,000 students have
graduated from the Faculty. Many of these
graduates now occupy senior positions in
business, government and academia, both
within Australia and internationally.
The aims of the Faculty are:
To conduct and disseminate research of
international standing in the disciplines of
accounting, actuarial studies, economics,
econometrics, finance, human resource
management, business information systems,
international business, management and
marketing
To provide the highest quality of teaching
and training to students drawn from the
upper most cohort in Australia and overseas
To develop close and mutually beneficial
relationships with business, government,
the not-for-profit sector and the professions,
both nationally and internationally.
Some 6,000 students are enrolled in the various
degrees and diplomas offered by the Faculty.
Approximately 5,300 students, representing
one in five undergraduates in the University, are
enrolled in the Bachelor of Commerce degree,
either as a single degree, or more commonly in
combination with another degree. Some 700
students are enrolled in postgraduate diplomas
and degrees, including 130 in the PhD.
The teaching load in the Faculty is around 4,000
equivalent full-time students. Of this load, fifty
percent are Australian students paying under
an income contingent loan scheme (HECS) with
some government subsidy, thirty-nine percent
are international students and eleven percent
are full fee paying Australian students.
Some 110 full-time staff at the rank of lecturer
and above are employed in the Faculty.
The Faculty prides itself on its international
reputation, which is fostered by staff and student
interchanges with overseas universities. Staff
publish in the leading international journals and
contribute to applied research and policy within
Australia. Seven full-time and associated staff
have been honoured through election as Fellows
of the Academy of Social Sciences in Australia.
The Faculty is housed in a modern building
complex with state-of-the-art facilities. Four
computer laboratories serve the needs of
undergraduate and postgraduate students.
A Teaching and Learning Unit has been
established to foster developments in multimedia
and new teaching methodologies and to assist
in developing more effective study skills.
(Source: Faculty of Economics and Commerce,
Profile 2002, The University of Melbourne)
03

DEPARTMENToffinance
MISSION STATEMENT THE DEPARTMENT OF FINANCE IS COMMITTED TO EXCELLENCE IN
RESEARCH, TEACHING, PROFESSIONAL DEVELOPMENT AND THE CAREER ADVANCEMENT OF
OUR GRADUATES. WE WILL STRIVE FOR EXCELLENCE BY ENCOURAGING AND REWARDING
SUPERIOR ACHIEVEMENT BY OUR STAFF AND STUDENTS, AND BY FOSTERING STRONG LINKS
WITH INDUSTRY, PROFESSIONAL ASSOCIATIONS AND OTHER UNIVERSITIES.
The Department of Finance is one of four
teaching departments in the Faculty of Economics
and Commerce. It was not formally established
until July 2001 but finance has been taught at
the University of Melbourne for many years.
The Chair in Finance was filled when Professor
Kevin Davis took up his appointment at the start
of 1987 in the Department of Accounting and
Business Law.
In 1991, the creation and naming of new
departments of accounting and finance and
of business law recognised the growing
importance of the finance discipline and
enabled greater focus to be given to its
further development. The new Department
of Accounting and Finance that resulted
comprised four "clusters" of financial
accounting, managerial accounting,
information systems, and finance.
Prior to 1994 there were fewer than six or
seven staff in finance; by 1994 the numbers
had expanded to around ten, while in 2002
there are nineteen full-time members of the
finance academic staff. The quality of
appointments in finance has continued to
increase, including more who have completed,
or are near to completion of, a PhD.
A Faculty restructuring occurred in 1999 in
which an interim Centre of Financial Studies
was established with an appointed Director,
Professor Peter Lloyd from the Department
of Economics. In July 2001 the Department
of Finance was established with Professor
Rob Brown appointed as the new Head of
Department.
The Department of Finance is regarded nationally
as one of the most active and productive within
the country. Members of the Department are
frequent presenters in national conferences and
seminar series and have an excellent success
rate in gaining acceptances for presentations
at international conferences.
The student load in Finance is now over 600
full-time equivalents. There is a strong honours
program with intake restricted to around 40
students. A suite of postgraduate programs
is offered, ranging from the practitioner-orientated
Master of Applied Finance to the more specialised
Master of Commerce in Finance and PhD with
coursework component.
The Department is involved in continuing
education and executive programs. Staff of the
Department have strong links with practitioners
and financial institutions.
04

FOREword
FROM THE HEAD OF DEPARTMENT
Professor Rob Brown,
Head of Department
This report outlines the activities and
achievements of the newly-established
Department of Finance in 2001.
Finance has been taught within this University
for many years but a separate department
specialising in finance was not established
until July 2001. This year, the Department
has approximately 4500 subject enrolments,
of which 3600 are undergraduate and 900
are postgraduate enrolments. Our graduates are
highly sought after by major employers in the
finance sector, both in Australia and overseas.
At the undergraduate level, the Department's
main teaching focus is the Bachelor of
Commerce. The Department provides its
undergraduate students with an education
that prepares them for employment as finance
specialists and also lays the necessary foundation
for postgraduate study. In addition to a finance
specialisation, many undergraduate students at
Melbourne choose to study finance as part of
their broad education in commerce.
The Department has developed several programs
at the postgraduate level. The highest enrolments
are in the Master of Applied Finance program,
which prepares graduates in any discipline for a
career in finance. Other postgraduate teaching
programs include the Postgraduate Diploma in
Finance, the Master of Financial Management and
the Master of Commerce (Finance).
Together with Ernst & Young and the ANZ Bank,
the Department is involved in teaching the
external short course Understanding Treasury
Management. The Department has also had
regular involvement in the APEC-sponsored
training course, Managing Regulatory Change
in Life Insurance and Pensions.
The research interests of the Department cover
a wide range of areas, including: corporate
finance; investments; international finance;
derivative securities; and financial institutions
management. The Department is particularly
strong in quantitative areas, with five of its
staff holding doctorates in mathematics or
econometrics. Staff research is strongly
encouraged and supported. Staff regularly
present their work in seminars at the University
of Melbourne and other universities, and at
domestic and international research conferences.
Journals in which staff members have published
their research include: International Review of
Financial Analysis; The Journal of Banking and
Finance; The Journal of Finance; Journal of
Financial Research; and Pacific-Basin Finance
Journal.
The Department provides excellent academic
support and facilities for its full-time PhD
students. Unlike many Australian universities,
the University of Melbourne includes one year
of coursework in its PhD program in finance.
The coursework component ensures that all PhD
students are adequately prepared with not only
a theoretical grounding in finance but also in
economics and econometrics.
The Department of Finance is one of the very
few academic departments in Australia that
specialises solely in finance. This gives it a
strong academic and industry focus. Our
objective is to stay at the forefront of finance
education, with a commitment to the needs of
students and employers and to the development
of finance as an academic discipline.
LOOKING AHEAD
Goals for the Department of Finance include:
A strong focus on research with an
objective to increase the number of
publications and to attract greater
research funding
Maintaining and improving the
Department’s student evaluations
Improving access to our extensive
databases for students and staff
Strengthening our links with industry
05

HIGHlights
DISTINCTIONS AND AWARDS
Fraser Thompson – Rhodes Scholar
Following the completion of his Commerce
/Arts degree, Fraser Thompson decided he
wanted to gain a greater understanding of
the world of finance. He applied for, and was
accepted into, the Finance Honours program.
He completed his Honours year in 2001.
Fraser says, “My Honours year was easily
the most rewarding year of my university
study as not only did it give me the chance
to gain a great understanding of finance, but
also I made so many great friends who share
my interests.
The smaller classes in the Honours program
also allowed more interaction between the
professors and students, which certainly
added to the experience. I would strongly
recommend the University of Melbourne
Honours Program in Finance to any
Commerce student.”
His outstanding academic, sporting and
community achievements earned him the
prestigious Rhodes Scholarship for 2002.
Fraser will travel to the United Kingdom in
2002 to pursue a Doctorate in Economics
at Oxford University. “It is my long-term
ambition to become involved in government
economic and financial policy in the context
of globalisation and I am confident that I
could get no better grounding than that
which I received at the University of
Melbourne.”
PHD SUBMISSIONS IN 2001
André Fred Gygax
Thesis: Learning Across Events and the
Dynamics of Abnormal Returns.
Supervisor: Associate Professor Kim Sawyer
Sandra Jericevich
Thesis: The Dynamics of Corporate Lending
Parameters in the Nineties.
Supervisors: Associate Professor Christine
Brown and Professor Kevin Davis
STAFFING
Simon Wheatley and Paul Kofman took
up Chairs in the Department of Finance.
Robert Brown commenced appointment
as Professor of Finance and Head of the
Department. Allison Sarkies was appointed
as Departmental Manager.
INAUGURAL LECTURES
Professor Robert Brown,
Finance Education: Friends, Trends and Ends,
20 November 2001
06

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HEAD OF DEPARTMENT
Robert Brown,
MEc Syd, FCPA, AAIBF Snr
Head of Department and Professor of Finance
Rob Brown is Professor of Finance and Head
of the Department of Finance. Previously, Rob
has held academic appointments at the University
of Sydney and Monash University. A graduate of
the University of Sydney, Rob is also a fellow of
CPA Australia and a senior associate of the
Australasian Institute of Banking and Finance.
He is a co-author of the widely used McGraw-Hill
textbook Business Finance. The 8th edition of
Business Finance will be published in mid-2002.
He has also undertaken consulting work for a
range of clients in the public and private sectors
and has considerable experience in short-course
teaching for business clients, most recently for
BHP Ltd and Roberts Research Group Pty Ltd.
Current research projects include investigating
the determinants of interest rate swap spreads
and the effects of price non-simultaneity on tests
of option valuation models.
Teaching Interests: Business Finance;
International Finance
Research Interests: Option Pricing; Management
and Regulation of Financial Intermediaries
Professional Affiliations: Fellow of CPA
Australia; Senior Associate of Australasian
Institute of Banking and Finance
07

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PROFESSORS
Paul Kofman,
MEc, PhD Erasmus.
Deputy Head of Department and Professor
of Finance
Paul Kofman received his PhD (Economics)
from Erasmus University. He was appointed
as a lecturer in the Econometrics Department
at Monash University in 1994 and was
promoted to senior lecturer in 1996. He was
subsequently appointed as an associate
professor of finance at UNSW, before being
appointed as professor of finance at UTS in
1999. He has been a professor of finance at
the University of Melbourne since 2001.
He has extensive teaching experience in
the areas of international economics, finance,
and financial econometrics. He has worked
as a consultant for the European Options
Exchange, RACV, and the New York Board of
Trade. His research has focused on empirical
and quantitative finance with a particular focus
on the impact of regulation on price discovery
in financial markets. Other areas of research
include insurance pricing and the role of
marketing boards on international trade in
commodities.
Teaching Interests: Option Pricing;
Advanced Finance; Investments
Research Interests: Price Discovery in
Regulated Financial Markets; Extreme Value
Analysis and Financial Applications; Insurance
Rate Making
Professional Affiliations: American Finance
Association; Econometric Society; Global
Association of Risk Professionals; Professional
Risk Managers’ International Association
Kevin Davis,
BEc (Hons) Flinders, ME ANU, FAIBF, FFTP
Commonwealth Bank Group Professor
of Finance
Prior to his appointment at the University
of Melbourne in 1987, Kevin Davis was
a senior lecturer in Economics at the
University of Adelaide. He is a Fellow of
the Australasian Institute of Banking and
Finance and of the Finance and Treasury
Association. His primary research interests
are in the areas of financial institutions and
markets, financial engineering, and corporate
finance. He is co-author/editor of sixteen
books in the areas of finance, banking,
monetary economics, and macroeconomics.
He is also the author of numerous journal
articles and chapters in books. He is
Chairperson of the Melbourne University
Credit Cooperative, a course director of the
Understanding Treasury Management
Program (conducted jointly with Ernst &
Young and ANZ Bank), and has undertaken
an extensive range of consulting assignments
for financial institutions, business and
government.
Teaching Interests: Fixed Interest
and Options Markets (Master of Applied
Finance); Financial Engineering (Master
of Applied Finance); Risk Management
and Regulation (Master of Applied Finance);
Advanced Corporate Finance (PhD)
Research Interests: Financial Institutions
Management; Treasury Management;
Financial Engineering; Corporate Financial
Policy; Financial Markets
Professional Affiliations: Economic
Society of Australia; Accounting Association of
Australia and New Zealand; Fellow of Finance
and Treasury Association; American Economic
Association; American Finance Association;
Financial Management Association; Fellow of
Australasia Institute of Banking and Finance;
President of Pacific-Basin Financial
Management Society; Academy of Financial
Services; Australian Institute of Credit Union
Directors; Multinational Finance Society
Simon Wheatley,
MA (Hons) Aberdeen, MA
S. Fraser, PhD Rochester
Professor of Finance
Simon Wheatley has research and teaching
interests in the areas of investments and
international finance. His particular interests
are in testing asset-pricing models,
determining the extent to which returns
are predictable, and investigating the
determinants of individual portfolio choices.
His publications have appeared in the Journal
of Finance, Journal of Financial Economics,
Journal of Financial and Quantitative Analysis,
and Journal of Monetary Economics.
Prior to joining the University of Melbourne,
he taught at the Universities of British
Columbia, Chicago, New South Wales, and
Washington.
Teaching Interests:
Investments; International Finance
Research Interests:
Investments; International Finance
Professional Affiliations:
American Finance Association
08

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ASSOCIATE PROFESSORS
Christine Brown,
MSc, DipEd, PhD Melb
Christine Brown completed a Bachelor
of Science degree with Honours, Master
of Science, and PhD in mathematics at
the University of Melbourne. After working
in a research position at the Melbourne
Business School, she joined the Department
of Accounting and Finance in 1991.
Her teaching interests include course
development in numerical techniques in
finance and derivative pricing at the
postgraduate level. Current areas of
research include the valuation of options and
futures option contracts and the efficiency
of the markets in which they are traded,
numerical approximations for option pricing
models, pricing innovations in the derivatives
markets, and empirical testing of the pricing
of risky debt.
Teaching Interests:
Corporate Finance; Derivative Assets
and Markets; Option Pricing; Numerical
Techniques in Finance; Financial Institutions
Management
Research Interests:
The valuation of option and futures option
contracts and the efficiency of the markets in
which they trade; Private provision of
infrastructure/real options; Valuing new
securities/financial innovation
Professional Affiliations:
American Finance Association; Financial
Management Association; Accounting
Association of Australia and New Zealand
Kim Sawyer,
BSc W.Aust, MEc, PhD ANU
Kim Sawyer received his PhD in Econometrics
from the Australian National University in
1981. He taught at the University of Iowa in
1982, and at the University of Florida from
1983-85. His principal research interests are
in theoretical finance, financial econometrics,
and corporate ethics.
Teaching Interests:
Advanced Finance; Research Methods;
Asian Capital Markets; Mergers and
Acquisitions; PhD Thesis Workshop
Research Interests:
Finance Theory; Quantitative Finance
09

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SENIOR LECTURERS
Gerard Gannon, BEc, DipEd, MEc, PhD, Monash
Gerry Gannon obtained his PhD in Financial Econometrics (Monash). He currently lectures in options, derivative assets
and principles of finance. Previously, he taught in the Department of Econometrics (Monash) and the Department of
Economics and Finance (RMIT). Gerry has a number of publications on Australian and international derivative assets
and financial asset price processes in U.S., Pacific-Basin and Australasian journals.
Teaching Interests: Research Methods; International Business Finance; Foundations of Finance
Research Interests: Finance Theory
John Handley, BCom, BMath Newc, MCom (Hons), PhD Melb, ASIA
John Handley undertakes research in finance and teaches in various corporate finance, investment and derivatives
subjects at both undergraduate and postgraduate levels. John's specific research interests include security design,
cost of capital and corporate valuation. His research has been published in the Australian Journal of Management,
Review of Derivatives Research, Journal of Financial Engineering and the Harvard Business School Case Collection.
He has presented papers at various domestic and international finance conferences including the American Finance
Association conference in Chicago in January 1998. Prior to joining the University of Melbourne in 1993, John spent
five years in the corporate finance team of an international investment bank.
Teaching Interests: Corporate Finance; Investments; Derivatives
Research Interests: Corporate Finance; Security Design; Cost of Capital; Corporate Valuation
Professional Affiliations: Associate, Securities Institute of Australia
Asjeet Lamba, BA (Hons) Delhi, MBA Mich, PhD Wash
Asjeet Lamba received his MBA in Finance from the University of Michigan and his PhD in Finance from the University
of Washington. The focus of Asjeet's current research is on the transmission of information among the world's equity
markets and the valuation implications of corporate events such as international joint ventures and acquisitions,
share buybacks, corporate litigation, and insider trading. He has written extensively in his areas of interest including
publications in the Journal of Financial Research, Journal of International Financial Markets, Institutions and Money,
Pacific-Basin Finance Journal, and Multinational Finance Journal. He has presented over fifty research papers at
domestic and international academic conferences. Asjeet has over 15 years of teaching experience in the areas
of corporate finance and international finance.
Teaching Interests: Corporate Finance; International Finance; Investments
Research Interests: Trading and Organisational Structure of Equity Markets; Liquidity and Efficiency of Equity Markets;
Linkages Among the World's Equity Markets; Valuation Implications of Corporate Events
Ken Palmer, BSc (Hons), MCom, PhD ANU
Ken Palmer was educated at the University of Melbourne and the Australian National University. He has held positions
at the University of Southampton, National Taiwan University, the Ruhr University at Bochum, the Australian National
University, the University of Bonn, Massey University, the University of Miami, and La Trobe University. He has also held
short-term visiting positions at the University of Bremen, ETH in Zurich, the University of Urbino, Flinders University, the
University of Queensland, and the University of Ancona.
Teaching Interests: Numerical Techniques; Fixed Interest and Options Markets; Financial Spreadsheeting
Research Interests: Option Pricing; Mathematics of Dynamical Systems
Sean Pinder, BCom (Hons) Monash, PhD Newc, AAIBF Snr
Sean Pinder completed his PhD in 2000. His thesis examined pricing issues relating to derivative securities traded
in Australia. Prior to taking up this position in 2001, Sean lectured at both the undergraduate and postgraduate
levels in the Department of Accounting and Finance at the University of Newcastle and prior to that at Monash
University. Sean has also taught at the postgraduate level at Lancaster University in England and has undertaken
a range of consulting activities for firms operating in both the domestic and international marketplace. He has
developed and delivered professional short-courses for major Australian and overseas companies. Sean has a
well-developed research profile. His work has appeared in leading Australian and international journals. Prior to
entering academia, Sean was employed in the banking industry and is a Senior Associate of the Australasian
Institute of Banking and Finance.
Teaching Interests: Corporate Finance; Risk Management and Regulation; Mergers and Value Enhancing Strategies
Research Interests: Issues relating to the valuation of derivative securities and the analysis of corporate financial
decision-making
Mary Sweeney, BCom, MCom, PhD Melb, DipEd MSC, GradDipSS, GradDip in Commercial Data Processing RMIT
Senior Fellow Mary worked as an accountant in private practice and industry after graduating with a Bachelor of
Commerce degree from the University of Melbourne. Her doctoral thesis focused on the corporate treasury function,
risk management and performance measurement. She is a member of the CPA Committee (Centre of Excellence
in Ethics) and is a former chair of the Finance and Treasury Association's Technical Committee.
Teaching Interests: Corporate Finance; Master of Applied Finance Bridging Subjects
Research Interests: Ethical Investing; Corporate Social Responsibility and Accountability
010

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LECTURERS
Rayna Brown, BA Macq, MCom (Hons) Melb, AAIBF Snr
Rayna Brown’s principal teaching and research interests are in the banking area. Rayna is a graduate of both
Macquarie University and the University of Melbourne. Prior to joining the Department of Finance she held
appointments at Monash University and Victoria University. Current research projects include the rationalisation
of the financial services sector in Australia.
Teaching Interests: Capital Markets; Management of Financial Institutions
Research Interests: Management of Financial Intermediaries; Regulation; Measurement of Efficiency
Professional Affiliations: Senior Associate of Australasian Institute of Banking and Finance
Krishnan Maheswaran, BEc (Hons) La Trobe, MCom (Hons) Melb
Krishnan Maheswaran's principal research interests are in portfolio theory and asset pricing. He has taught across
a variety of subjects from corporate finance to investments at the undergraduate and graduate level respectively.
His current teaching portfolio is principally in investments.
Teaching Interests: Investments; Empirical Finance
Research Interests: Asset Pricing and Consumption; Term Structure of Interest Rates
Professional Affiliations: American Finance Association
Ian O'Connor, BBus Chisholm, MBus RMIT, CPA, AAIBF Snr
Ian O'Connor worked in the Australian banking industry for more than 20 years. His banking appointments have
been in the areas of commercial lending, credit analysis, and a research role in prudential supervision. He moved
to academia in 1991 and has taught at several universities in the areas of business finance, international finance,
investments, derivatives markets, and bank lending. His research interests include derivatives pricing, and volatility
forecasting.
Teaching Interests: International Finance; Business Finance; Bank Lending; Derivatives Markets
Research Interests: Bank Efficiency; Derivative Securities; Volatility Forecasting
Professional Affiliations: Senior Associate of Australasian Institute of Banking and Finance; CPA Australia;
Accounting Association of Australia and New Zealand
Isaac Otchere, BScAdmin Ghana, MA, MMS Carleton, ICA Ghana, PhD Tas
Isaac Otchere joined the Department of Finance in July 1998. Prior to coming to the University of Melbourne,
Isaac taught at the University of Tasmania, its offshore program in Singapore, and at the University of Ghana.
At Melbourne, Isaac teaches International Finance, Financial Management, Mergers and Acquisitions, and Value
Enhancing Strategies at both the undergraduate and postgraduate levels. He has consulted for private organisations
on project evaluation and analysis and has also worked for a multinational corporation in Canada. Since completing his
PhD in 2000, Isaac has developed a research profile in the area of the intra-industry information transfer phenomenon
relating to corporate events such as mergers and acquisitions, privatisation, corporate payout policies, and index
composition changes. He has made numerous presentations at finance conferences. His papers have appeared,
or are forthcoming, in journals such as the Journal of Banking and Finance, International Review of Finance,
International Review of Financial Analysis, and Multinational Finance Journal.
Teaching Interests: Corporate Finance; International Finance; Mergers and Acquisitions; Value Enhancing Strategies;
Business Finance; Investments
Research Interests: Corporate Finance and International Finance; Corporate Payout Policies; Mergers and
Acquisitions; Privatisation and IPOs; Index Changes
Professional Affiliations: Australasian Institute of Banking and Finance; Institute of Chartered Accountants (Ghana);
Eastern Finance Association; Multinational Finance Association; Financial Management Association
Stuart Taylor, BCom Tas, MCom (Hons) Melb, GDip Internet and Web Computing RMIT
Stuart Taylor completed his Bachelor of Commerce with Honours at the University of Tasmania in 1990.
He transferred to the University of Melbourne where he completed the degree of Master of Commerce with Honours
in 1991. His major teaching interest is in the use of computers to solve finance problems. He is currently studying for
a PhD in the Department of Accounting, in the area of auditing.
Teaching Interests: Numerical Techniques in Finance and Investment; Simulation Methods; Monte Carlo Simulation;
Binomial Methods; Finite Difference Methods; Financial Spreadsheeting; Use of Microsoft Excel to Solve Finance
Problems; Programming in Microsoft Visual Basic for Applications
Research Interests: Futures; Options; Numerical Techniques
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SENIOR TUTOR
Callum Scott,
BSc (Hons) Edin, BA Open UK,
GDipEd Dundee, GDipCInfSc, MSc VUT
On leaving the Royal Australian Air Force
where he worked in various capacities in special
training, Callum Scott taught information systems,
computing, and corporate finance at Victoria
University. He joined the Department of Finance
at the University of Melbourne in 1997. Callum
teaches Personal Financial Management,
Technical Analysis and Trading Rules, and Asian
Capital Markets. His research interests include
market learning and the application of artificial
neural networks as market models.
Teaching Interests: Business Finance;
Personal Financial Management; Asian Capital
Markets; Technical Analysis
Research Interests: The application of artificial
neural networks in modelling financial markets
SENIOR FELLOWS
Graham Cocks MEc Syd, MStat Flor, MSc Brad
Michael Ingwersen BEc Monash, MBA Melb
FELLOW
David Robinson BAdmin (Hons) Griffith
012

VISITINGacademics
THE DEPARTMENT OF FINANCE ENCOURAGES AND FOSTERS INTERNATIONAL EXCHANGES
AND VISITORS TO THE DEPARTMENT. THESE HAVE INCLUDED ACADEMICS OF INTERNATIONAL
STANDING IN THEIR FIELD OF STUDY.
REGULAR VISITORS TO THE
DEPARTMENT
Benton Gup,
BEc Hons, MBA, PhD (Econ)
University of Cincinnati
Professor of Finance, Holder of the Alabama
Bankers Association Chair of Banking, The
University of Alabama, Tuscaloosa, Alabama,
United States of America
Patric Hendershott,
PhD Purdue
Professor of Property Economics and
Finance, Department of Land Economy,
University of Aberdeen, Scotland
George Kester,
BBA Wake Forest, MBA (Fin) UNC Charlotte,
PhD Bus Adm Darden
Mamie Fox Tyman Martel Professor and Head
of Department of Management, Williams
School of Commerce, Economics and
Politics, Washington and Lee University,
Lexington, Virginia, United States of America
Richard C. Stapleton,
BA Hons Sheffield University, BA
(Mathematics) Open University,
PhD Sheffield University
Professor of Finance, Strathclyde University,
Glasgow, Scotland
VISITORS TO THE DEPARTMENT
IN 2001-2002
Norbert Hirschauer,
Dr. rer. agr. Hons Humboldt-University of
Berlin, M. Sc. Agric. Technical University
of Berlin, Foundation Course Agricultural
Sciences Georg-August-University of
Göttingen, Certified Commercial
Correspondent and Translator for French
Institute of Foreign Languages Heidelberg
Assistant Lecturer at the Chair of Farm
Management Theory, Humboldt-University
of Berlin, Berlin, Germany,
Gady Jacoby,
MA Hebrew University, PhD York
Assistant Professor of Finance, I.H. Asper
School of Business, Faculty of Management,
University of Manitoba, Winnipeg, Canada
Frank Milne,
BEc MEc Monash, PhD ANU
Bank of Montreal Professor in Economics and
Finance, School of Business, Queen’s
University, Kingston, Canada
Pyeong Ku Yun,
BEc Kukje, MBA Seoul Nat'l, PhD (Bus Adm)
Kyun Kwan
Professor, Department of Business
Administration, Hannam University, Daejon,
Korea
ADMINISTRATIVE STAFF
Silvia Barberoglou
Systems Administrator
Jane Berkley BA, BCom Melb
Marketing Officer
Robin Carey BSc (Econ), MA (Econ) UCR
Personal Assistant to the Head of Department
Helen Dixon
Student Services Officer
Jason Kreitner
BA New Mexico State, JD, MPA Sth Dakota
Academic Services Officer
Wendy Moir BAppSc - InfoTech Hons CSturt
IT Support and Web Developer
Anne Ritter BSc, GradDipCompSci La Trobe
User Support and Systems Coordinator
Allison Sarkies BEc Monash
Departmental Manager
STAFF UNDERTAKING
FURTHER DEGREES
PhD Candidates
Rayna Brown
The Relationship between Capital, Efficiency
and Regulation of Financial Institutions
Krishnan Maheswaran
Essays in Asset Pricing and Consumption
Ian O’Connor
Volatility Cones: A Question of Predictability
Callum Scott
The Nature of Learning in Financial Markets
Using Artificial Neural Networks
Stuart Taylor
Modelling Audit Fees: Analysing the Source of
Quality Differentiation
013

INDUSTRYworkshop
PROGRAMSandconferences
The Department of Finance is involved
in developing and assisting with various
conferences and programs
CONTINUING EDUCATION AND
WORKSHOPS FOR PRACTITIONERS
Understanding Treasury
Management Course
The Department of Finance, in partnership
with Ernst & Young and ANZ Bank, runs
a three-day residential course entitled
"Understanding Treasury Management".
It has been offered on average six times per
year since 1987. The course is aimed at
corporate treasurers, with each course
attracting around twenty-five participants.
More details can be found at:
http://www.ey.com/Global/gcr.nsf/Australia/AA
BS_-_Understanding_Treasury_Management
CONFERENCES
The Melbourne Money and Finance
Conference
The Melbourne Money and Finance Conference
is organised jointly by the Departments of
Economics and Finance, and has been
sponsored by the ANZ Bank, Commonwealth
Bank of Australia, and National Australia Bank.
It has been held ten times since the late 1980s
and it is aimed at practitioners, policy makers
and academics. It is restricted to an invited
audience of around fifty. Conference proceedings
have been published in book form by Allen and
Unwin, and as special issues of the Australian
Economic Review and Economic Papers.
Conference themes have included: Financial
Deregulation and Monetary Policy; Risk
Management in Financial Institutions;
Privatisation and the Financial System;
Superannuation and the Financial System;
Structural Adjustment and the Financial System.
TRAINING PROGRAMS
Managing Regulatory Change in Life
Insurance and Pensions Training Program
This training program for regulators from the
APEC region is administered by the APEC
Studies Centre at Monash University and
funded by the Commonwealth Bank, AXA,
AusAid, and the Asian Development Bank.
Two-week training programs for twenty-five
participants are held twice per year and a
symposium for senior regulators one per year.
The Department is involved through the regular
participation of Professors Kevin Davis and Rob
Brown, as presenters and through their regular
involvement with the organisation of the program.
Details of the program can be found at:
http://www.apec-finsecreg.org/
014

SEMINARseries
THE DEPARTMENT OF FINANCE PROVIDES STRONG SUPPORT FOR RESEARCH.
A KEY FORUM FOR THE DEVELOPMENT OF RESEARCH IS THE SEMINAR SERIES.
THIS SERIES RUNS THROUGHOUT THE ACADEMIC YEAR. PRESENTERS RANGE
ACROSS VISITING ACADEMICS, THE DEPARTMENT’S STAFF AND PHD STUDENTS,
AND INVITED SPEAKERS FROM OTHER DEPARTMENTS WITHIN THE UNIVERSITY
OF MELBOURNE.
SEMESTER ONE, 2001
Professor Richard Stapleton, The University
of Strathclyde, Intertemporal Portfolio Behaviour
When Labour Income is Uncertain
Professor Patric Hendershott, University of
Aberdeen, Estimation of the Rental Adjustment
Process
Dr Stephen Gray, The University of Queensland,
The Value of Dividend Imputation Tax Credits
Professor Richard Stapleton, The University of
Strathclyde, The Term Structure of Interest-Rate
Futures Prices
Professor Patric Hendershott, University of
Aberdeen, Lease Options, Stochastic Rents,
and the Riskiness of Lease Cash Flows
Professor Adrian Pagan, Australian National
University, A Simple Framework for Analysing
Bull and Bear Markets
Joseph Fan, Hong Kong University of Science &
Technology, On the Patterns and Wealth Effects
of Vertical Mergers
Professor Glenn Boyle, Otago University,
Investment, Uncertainty, and Liquidity
Paul Kofman, Department of Finance,
The University of Melbourne,
Regulatory Tools and Price Changes
in Futures Markets
SEMESTER TWO, 2001
Greg Schwann, University of Auckland,
Trading on Discrete Prices in a Residential Real
Estate Market
Professor Kevin Davis, Department of Finance,
The University of Melbourne, Pawnbroking:
A Credit Market where Default might be
Appreciated
Sirimon Treepongkaruna, The University
of Queensland and Lincoln University, On the
Robustness of Short-term Interest Rate Models
Petko Kalev, Monash University, Underpricing,
Stock Allocation, Ownership Structure and
Post-listing Liquidity of Newly Listed Firms
Associate Professor Gady Jacoby,
The University of Manitoba, On Asset Pricing
and the Bid-Ask Spread
Dr Philip Gray, The University of Queensland,
The Economic Significance of Return
Predictability: An Asset Allocation Approach
Professor Peter Swan, The University of
Sydney, Will the True Marginal Investor Please
Stand Up?: Asset Prices with Immutable Security
Trading by Investors
Professor Peter Swan, The University of
Sydney, Does “Illiquidity” Rather Than “Risk
Aversion” Explain the Equity Premium Puzzle? The
Value of Endogenous Market Trading
Louis Ederington, The Universities of Otago and
Oklahoma, Why Are Those Options Smiling?
Rayna Brown, Department of Finance, The
University of Melbourne, Data Envelopment
Analysis: Measurement and Methodological
Issues in the Financial Services Sector
Yuelen Chen, PhD Student, The University of
Melbourne, Stock Volatility, Leverage and
Bankruptcy Risk
Professor Vance Martin, Department of
Economics, The University of Melbourne,
International Contagion Effects from the
Russian Crisis and LTCM Near-Collapse
015

RESEARCHandpublications
Brown, C. A. “The Successful
Redenomination of a Futures Contract:
The Case of the Australian All Ordinaries Share
Price Contract”, Pacific-Basin Finance Journal,
vol. 1, no. 9, 2001, pp. 47-64
Brown, C. A., Burrows, G. H., Thom, T.,
King, J., & Frearson, J. “Real-time Cost
Management of Aircraft Operations”,
Management Accounting Research, vol. 3, no.
12, 2001, pp. 281-298
Brown, R. M., & Buckley, J.
“An Analysis of the Takeover of the Bank of
Melbourne by Westpac Banking Corporation”,
Accounting Research Journal, vol. 2, no. 14,
2001, pp. 204-214
Davis, K. T. “Credit Union Governance and
Survival of the Cooperative Form”, Journal of
Financial Services Research, vols. 2/3, no. 19,
April/June 2001, pp. 197-210
Davis, K. T., & Lim, G. “Foreign Exchange
Volatility, Causes and Consequences - An
Overview”, Economic Papers, Special Issue,
2001, pp. 1-5
Handley, J. C. “Variable Purchase Options”,
Review of Derivatives Research, vol. 3, no. 4,
2001, pp. 219-230
Kofman, P., & Hall, A. D. “Regulatory Tools
and Price Changes in Futures Markets”,
Australian Economic Papers, vol. 40, 2001,
pp. 520-540
Kofman, P., & Hall, A. D. “Limits to Linear
Price Behaviour: Futures Regulated by Limits”,
Journal of Futures Markets, 21, 2001,
pp. 463-488
Kofman, P., & Moser, J. T. “Stock Margins
and the Conditional Probability of Price
Reversals”, Economic Perspectives, 25 2001,
pp. 2-12
Lamba, A. S. & Otchere, I. “An Analysis of
the Linkages Among the African Equity Markets
and World Equity Markets”, African Finance
Journal, no. 2, vol. 3, 2001, pp. 1-27
Lamba, A. S., & Otchere, I. “An Analysis of
the Dynamic Relationships Between the South
African Equity Market and Major World Equity
Markets”, Multinational Finance Journal, no. 5,
vol. 3, 2001
Otchere, I., & Zhang, Z. “Privatisation,
Efficiency and Intra-Industry Effects. Analysis of
China's Privatisation”, International Review of
Finance, vols. 1 & 2, 2001, pp. 49-70
Palmer, K. J. “A Note on the Boyle-Vorst
Discrete-Time Option Pricing Model with
Transactions Costs”, Mathematical Finance, vol.
3, no. 11, 2001, pp. 357-363
Scott, C. “Forecasting Moving Average
Cross-Overs: An Application of Artificial Neural
Networks”, Accounting Research Journal, vol. 1,
no. 14, 2001, pp. 49-57
Sweeney, M. E., Armstrong, A.,
O'Donovan, G., & Fitzpatrick, M. “Social
Reporting and Australian Banks: Endorsement or
Pretence to the Triple Bottom Line”, Journal of
Corporate Citizenship, vol. 4, Winter 2001,
pp. 91-108
Sweeney, M. E., Armstrong, A., Mitchell, V.,
& O'Donovan, G. “Are Australian Banks Toeing
the Triple Bottom Line?”, Banking and Financial
Services Journal, June 2001, pp. 6-10
RESEARCH GRANTS
Dr Asjeet Lamba An Analysis Of The Capital
Structure Of Australian Multinational Enterprise
Melbourne Research Development Grant
Dr Asjeet Lamba An Analysis Of The Capital
Structure Of Australian Multinational Corporations
Faculty Research Grant
016

THESESand
RESEARCHreports
SUPERVISION OF THESES 2001
DOCTOR OF PHILOSOPHY
Brown, Rayna May The Relationship between
Capital, Efficiency and Regulation of Financial
Institutions. Supervisors: Dr Gerard Gannon and
Professor Paul Kofman
Chen, En Te Initial Public Offering and Use of
Funds. Supervisor: Professor Simon Wheatley
Chen, Yuelan Derivatives and Corporate
Finance. Supervisors: Professor Bruce D. Grundy,
Professor Rabee Tourkey, Professor Simon
Wheatley
Chng, Tuan Shew The Contestability of Modern
Exchanges. Supervisors: Associate Professor
Christine Brown, Associate Professor Kim Sawyer
Cusack, Antony Empirical Analyses of Pricing
and Market Efficiency Impact of Derivative
Instruments in Australia: Past, Present and Future.
Supervisors: Associate Professor Christine
Brown, Professor Kevin Davis
Foong, Kee Kuan Equity Market, Economic
Growth and Investment: Theory and Evidence.
Supervisors: Associate Professor Kim Sawyer,
Dr Jim Thomson, Dr Sean Pinder
Francis, Paul Allen Measuring the Temperature
of the Markets. Supervisor: Associate Professor
Kim Sawyer
Gygax, André Fred Learning Across Events and
the Dynamics of Abnormal Returns. Supervisor:
Associate Professor Kim Sawyer
Jericevich, Sandra The Dynamics of Corporate
Lending Parameters in the Nineties. Supervisors:
Associate Professor Christine Brown, Professor
Kevin Davis
Joo, Chang Han The Korean Aftershock:
Secondary Asset Bubbles. Supervisors:
Dr Francis In, Dr Gerard Gannon, Associate
Professor Kim Sawyer
Josev, Thomas Intervalling Issues in Finance.
Supervisor: Associate Professor Kim Sawyer
Liu, Wai Man Sequential Limit Order
Submission. Supervisors: Associate Professor
Kim Sawyer, Professor Rob Brown, Professor
Rabee Tourkey
Maclachlan, Iain Campbell The Application
of Modern Portfolio Theory in Measuring and
Managing Credit Risk in Commercial Banking.
Supervisor: Professor Kevin Davis
Maheswaran, Krishnan Essays in Asset Pricing
and Consumption. Supervisors: Professor Bruce
D. Grundy, Professor Simon Wheatley
O'Connor, Ian Patrick Volatility Cones: A
Question of Predictability. Supervisors: Professor
Bruce D. Grundy, Associate Professor Kim
Sawyer
Polsiri, Piruna Finance. Supervisor: Professor
Simon Wheatley
Scott, Callum The Nature of Learning in
Financial Markets Using Artificial Neural Networks.
Supervisors: Associate Professor Kim Sawyer,
Dr Don Watson
Singh, Ranjit Ajit The Effect of Macroeconomic
Variables on Financial Asset Prices. Supervisors:
Dr Gerard Gannon, Professor Kevin Davis
Wilkie, Kate Institution and Individual Investor
Behaviour. Supervisor: Professor Kevin Davis
Wong, George Lap-Bun A Financial Theoretic
Model for Evaluating Default Risk. Supervisors:
Associate Professor Christine Brown, Professor
Paul Kofman, Professor Richard Stapleton
017

THESESand
RESEARCHreports
HONOURS
Arsov, Ivailo Contingent Claims Analysis
of Deferred HECS Liabilities.
Supervisor: Dr Ken Palmer
Bi, Lin Individual Trading Volume Lead/Lag
Relations Between the ASX and ASX Option
Market for Eight Selected Stocks.
Supervisor: Associate Professor Christine Brown
Bonakdar, Ally Corporate Diversification
and Effect on Firm Value.
Supervisor: Krishnan Maheswaran
Bostock, Jeremy How Do Australian Equity
Values Change Due to the Offer of Convertible
Notes? Supervisor: Dr John Handley
Chang, Terence The Information Content
of Special Dividends: Australian Evidence.
Supervisor: Krishnan Maheswaran
Connell, Stuart Valuation of Petroleum
Reserves: A Real Options Approach.
Supervisor: Dr John Handley
En, Sophearom Non-Linear Dynamics, Chaos
and Predictability in the Australian Stock Market.
Supervisor: Dr Ken Palmer
Garland, Jonathan The Divergence and Credit
Ratings Effects of Spin-Offs.
Supervisor: Associate Professor Kim Sawyer
Gaunt, Hayden Under-and Overreaction
to Market Signals: Implied Terminal Values
and Consensus Forecasts.
Supervisor: Associate Professor Kim Sawyer
Grzyb, Tom Internet Firms: Back to
Fundamentals? Supervisor: Ian O’Connor
Heckes, Frank The Graveyard in the Sky:
A Behavioural Inquiry into the Existence,
Formation, and Persistence of Price Barriers.
Supervisor: Associate Professor Kim Sawyer
Ip, Edwina Intra-Industry Effects of Cross-Border
Acquisitions in Australia.
Supervisor: Dr Isaac Otchere
Irvine, Thomas An Empirical Investigation into
the Impact of Online Trading Upon Stock Price
Dynamics. Supervisor: Professor Simon Wheatley
Jung, Charlie Dividend Reinvestment Plans
and Their Impact on Shareholder Wealth.
Supervisor: Dr Isaac Otchere
Kelly, Michael Income Securities - Yield
Spreads, Pricing and the Impact of Regulation.
Supervisor: Dr Sean Pinder
Kok, Chern Firm Characteristics, Dividend
Increases and On-Market Share Buybacks: New
Australian Evidence. Supervisor: Dr Asjeet Lamba
Lord, James An Investigation into the
Employment of Multiple Australian Equity Funds
of the Same Style. Supervisor: Dr Sean Pinder
Lou, Min-Jie Executive Compensation and
Corporate Performance: Australian Evidence.
Supervisor: Rayna Brown
McGregor, Andrew Informed Trading in Options
Markets Prior to Takeover Announcements.
Supervisor: Associate Professor Christine Brown
Miranda, Vivek The Preverse Role of
Executive Stock Options in Share Buybacks
and the Market's Response.
Supervisor: Dr Asjeet Lamba
No, Patrick Style Investing: Incorporating
Growth Characteristics in Value Stocks.
Supervisor: Rayna Brown
Picone, Dominic Integration of the Australian
Equity Market: An Examination of the Effect Upon
Dual-Listings. Supervisor: Dr Sean Pinder
Speer, Nicholas Insider Trading Around Annual
Earnings Announcements.
Supervisor: Dr Asjeet Lamba
Tan, Victor Exchange Rate Shocks, International
Competition and Common Industry Impact:
A U.S.-Australian Industry Analysis of Stock
Returns. Supervisor: Professor Simon Wheatley
Thompson, Fraser Firm Survival in the Internet
Industry: How to Tell the Baby From the Bath
Water with Dot-Coms. Supervisor: Ian O’Connor
Tiong, Liang-Liang The Euro Currency Effect:
An Investigation into Structural Changes and
Currency Risk Exposure for Banks.
Supervisor: Rayna Brown
Wee, Yeun-Ling An Empirical Investigation
of Stocks From Different Industries Using a
Disaggregate Approach.
Supervisor: Dr Gerard Gannon
Wong, Wayson Foreign Mergers and
Acquisitions and Exchange Rate Dynamics.
Supervisor: Dr Isaac Otchere
Yue, Wei Exploring the Relevance of the
Hedging Pressure Risk in Futures Markets: An
Investigation on Normal Backwardation in Futures
Market Via the Hedging Pressure Theory.
Supervisor: Dr Gerard Gannon
018

THESESand
RESEARCHreports
RESEARCH REPORTS 2001
MASTER OF COMMERCE
(SPECIALISATION IN FINANCE)
Alamsjah, Vonny Modelling and Forecasting
Indonesian Stock Market Volatility.
Au Yeung, Siu Pang Regulatory Change and
Structural Effects in Hang Seng Index Futures
and the Underlying Cash Market.
Chang, Chi-Ying A GARCH Investigation of
Volatility, Volume, Maturity and Structural Change
in Share Price Index Futures Contracts.
Choo, Kim Loong
Anatomy of Divident Initiation Firms.
Do, Huu Binh Relative Performance of Dynamic
Portfolio Insurance Strategies: Australian
Evidence.
Griggs, Darren
Information Leakage and the Efficient Market.
Harijono Price Volume and Bid-Ask Spread
Effects Associated with Changes in the LQ 45
Index and the MSCI Equity Index Lists.
Horsfall, Allan Kenneth A Unified Framework
for Multi-dimensional Complete-market Option
Pricing Trees.
Mohamed, Karamiah The Impact of Information
Technology Investment Announcement on Firm
Value: Australian Evidence.
RESEARCH PAPER SERIES
Brown, Christine & Davis, Kevin
Dividend Protection at a Price: Lessons From
Endowment Warrants.
Brown, Rayna Data Envelopment Analysis:
Application Issues in the Financial Services Sector.
Davis, Kevin Financial Reform in Australia.
Lamba, Asjeet & Otchere, Isaac The Long-Run
Operating Performance of Initial Public Offerings:
Australian Evidence.
Lamba, Asjeet & Stapledon, Geof
The Determinants of Corporate Ownership
Structure: Australian Evidence.
Otchere, Isaac & Zhang, Zonglan Privatisation,
Efficiency and Intra-industry Effects: Analysis of
China's Privatisation.
Otchere, Isaac & Chan, Janus Intra-industry
Effects of Bank Privatisation: A Clinical Analysis
of the Privatisation of the Commonwealth Bank
of Australia.
Palmer, Ken Replicating and Super Replicating
Portfolios in the Boyle-Vorst Discrete-Time Option
Pricing Model with Transactions Costs.
Palmer, Ken The Least Cost Super Replicating
Portfolio in the Boyle-Vorst Discrete-Time Option
Pricing Model with Transactions Costs:
The One-Period Case.
Piyathumawuttikul, Pisit Comparing Different
Methods of Calculating Historical Value at Risk
(VAR).
Silveri, Sabatino
To Split or Not to Split – Is that the Question?
Smith, Camille Elizabeth The Long-Run
Performance of Australian Stock Returns
Following Debt Offerings.
Suvannaratana, Yui Waewdow The Effects of
Ownership Structure on Information Asymmetry
and Market Liquidity.
Teh, Kian Sin Valuation of E-Tailers:
A Real Options Perspective.
Truong, Le Huong Giang Determinants of
Corporate Hedging Policy: Australian Evidences.
Yeoh, Rita Phaik Ghee Debt Driven
Improvements After Unsuccessful Takeover Bids.
019

STAFFrefereeingactivities
STAFF ACTED AS REFEREES OF ARTICLES
SUBMITTED TO THE FOLLOWING JOURNALS:
Accountability and Performance
Accounting and Finance
Accounting Research Journal
Australian Journal of Management
Company and Securities Law Journal
Economic Papers
Economics and Philosophy
International Journal of Forecasting
International Review of Financial Analysis
Journal of Banking and Finance
Journal of Economics and Business Accounting
Journal of Economics and Finance
Journal of Financial and Quantitative Analysis
Journal of Financial Economics
Journal of International Economics
Managerial Finance
Multinational Finance Journal
Pacific-Basin Finance Journal
Psychometrika
Review of Quantitative Finance and Accounting
Studies in Economics and Finance
CONFERENCE AND SEMINAR PAPERS
Brown, Christine
Dividend Protection at a Price: Lessons from
Endowment Warrants, Presentation, CEMAF-
ISCTE Conference – Lisbon (March)
Brown, Christine
Dividend Protection at a Price: Lessons from
Endowment Warrants, Seminar Presentation,
Strathclyde University, Glasgow (March) and
University of Reading (May)
Gannon, Gerard & Shew-Chng, T.
Risk Minimization and Trading Performance of
Dynamic Hedging Models: Volatility Transmissions
and Time Varying Co-variance. Electronic
publication, SSRN/FEN: European Financial
Management Association, Ed. J. Doukas
Lamba, Asjeet
Share Buybacks in a Highly Regulated and Less
Regulated Market Environment, Presentation,
Financial Management Association Conference,
Toronto
Lamba, Asjeet The Long-Run Operating
Performance of Initial Public Offerings: Australian
Evidence, Presentation, Financial Management
Association Conference, Toronto
Lamba, Asjeet A Comparison of the
Shareholder Wealth Effects of Firms Announcing
Domestic and International Joint Ventures,
Presentation, Asia-Pacific Finance Association
Conference, Bangkok
Lamba, Asjeet
International Joint Ventures and Political Risk,
Presentation, Asia-Pacific Finance Association
Conference, Bangkok
Lamba, Asjeet
The Determinants of Corporate Ownership
Structure: Australian Evidence, Presentation,
Corporate Governance: Reassessing Ownership
and Control Conference, London
Lamba, Asjeet
The Determinants of Corporate Ownership
Structure: Australian Evidence, Presentation, Law
and Economics Research Workshop, London
Otchere, Isaac
Intra-Industry Effects of Bank Privatisation: A
Clinical Analysis of the Privatisation of the
Commonwealth Bank of Australia, Presentation
at Asia Pacific Finance Association Conference,
Bangkok, Thailand
Otchere, Isaac
The Long Run Stock Market and Operating
Performance of Initial Public Offerings: Australian
Evidence, Presentation, Financial Management
Association (International) Conference, Toronto,
Canada
Otchere, Isaac
Seminar Presentations at: Australian National
University; Hong Kong University of Science
and Technology; Victoria University of Technology;
University of New England.
Scott, Callum
Presentation at Conference of Business,
University of Hawaii
Sweeney, M.E., & Armstrong, A.
Enhancing Corporate Governance by
Demonstrating Corporate Responsibility
in Reporting, Governance and Corporate
Social Responsibility in the New Millenium,
Deakin University, Burwood
020

PROFESSIONALactivities
Including Institutional and Committee Responsibilities
Brown, Christine
ANZ Bank - Understanding Treasury Management
ANZ Treasury Professional Development Course
Credit Union Advisory Committee
Melbourne University Credit Cooperative Ltd
Australian Financial Markets Association
Brown, Robert
CPA Australia
Editorial Board, Accounting and Finance
Editorial Board, Accounting Research Journal
Davis, Kevin
ANZ Bank - Understanding Treasury
Management
Melbourne University Credit Cooperative Ltd
Advisory Committee, Managing Regulatory Change in
Life Insurance Program
Pacific-Basin Financial Management Society
Financial Management Association
Working Party on Asia-Pacific activities
Flinders University
Gannon, Gerard
Editorial Board, International Review
of Financial Analysis
Kofman, Paul
Proceedings of the Chicago Board of
Trade Futures & Options Symposia
Program Committee Asia-Pacific Finance
Association Conference
Organising Committee for 19th Economic
Theory Workshop
Lamba, Asjeet
Executive Board, Pacific-Basin Financial
Management Society
Board of Advisors, Centre of Financial Services,
S. P. Jain Institute of Management & Research,
Mumbai, India
Otchere, Isaac
Editorial Board, African Finance Journal
Palmer, Ken
Editorial Board, Advanced Non-Linear Studies,
Non-Linear Oscillations
Sawyer, Kim
Q-Group (Victoria)
Sweeney, Mary
CPA Australia
Ethics & Corporate Governance Centre of
Excellence Committee
Wheatley, Simon
Editorial Board, Accounting and Finance
Presenter
Presenter
Member
Victoria Deputy Chair
Member of Accreditation Board
Adviser, Accreditation of
Financial Sequences
Member
Member
Joint organiser and principal lecturer
Director (Chairperson)
Member
President/Past President
Member
Chair of Review of BEc,
BDB, BSB, BIB
Member
Editor
Member
Member
Member
Member
Associate Editor
Member
Coordinator
Member
Member
FINANCIAL DATABASE FACILITIES
AGSM SHARE PRICE AND PRICE
RELATIVE DATASETS (1977-2001)
AGSM ANNUAL REPORT RECORD
DATABASE (1951-1985)
ASX FINDATA - ANNUAL REPORT
FINANCIAL DATA (1987-2001)
BLOOMBERG
CRSP DAILY & MONTHLY US
STOCK DATABASE
CRSP US INDICES DATABASE
CRSP DAILY & MONTHLY US
TREASURY DATABASE
COMPUSTAT
MORNINGSTAR
SDC PLATINUM
GLOBAL NEW ISSUES DATABASES
MERGERS, ACQUISITIONS AND
ALLIANCES DATABASES
DATASTREAM
SIRCA - CORE RESEARCH DATA
021

SUBJECTSofferedbythe
DEPARTMENToffinance
UNDERGRADUATE
SECOND YEAR SUBJECTS
333-201 Business Finance
333-202 Management of Financial Institutions
333-203 Personal Financial Management
THIRD YEAR SUBJECTS
333-301 Investments
333-302 Corporate Finance
333-303 International Finance
333-304 Asian Capital Markets
HONOURS
333-401 Financial Management
333-402 Advanced Finance
333-403 Numerical Techniques in Finance
333-404 Research Methods in Finance
333-410 Finance Research Essay
POSTGRADUATE
POSTGRADUATE DIPLOMA IN FINANCE
333-403 Numerical Techniques in Finance
333-810 Financial Spreadsheeting
333-815 Fundamentals of Portfolio Management
333-816 Financial Markets and Instruments
333-819 Project Finance
MASTER OF APPLIED FINANCE
333-649 Corporate Valuation
333-661 Principles of Finance
333-662 Fixed Interest and Options Markets
333-663 Corporate Finance
333-664 Risk Management and Regulation
333-665 Financial Management and Analysis I
333-666 Financial Management and Analysis II
333-667 International Finance
333-668 Financial Spreadsheeting
333-671 Finance Law
333-672 Treasury Management
333-673 Project Finance
333-674 Portfolio Management
333-675 Funds Management
333-677 Technical Analysis and Trading
333-678 Financial Engineering
333-680 Investing in Alternative Assets
333-682 Applied Research Project
333-683 Special Topics in Finance
333-685 Marketing Financial Analysis and Control
333-686 Bank Lending Practices
MASTER OF COMMERCE (FINANCE)
333-401 Financial Management
333-402 Advanced Finance
333-403 Numerical Techniques in Finance
333-613 Foundations of Finance
333-615 International Business Finance
333-617 Financial Institutions Management
333-618 Option Pricing
333-620 Special Topics in Finance
333-625 Research Report (Finance)
PHD
333-403 Numerical Techniques in Finance
333-615 International Business Finance
333-617 Financial Institutions Management
333-618 Option Pricing
333-620 Special Topics in Finance
333-703 PhD Finance Thesis Workshop
333-704 Research Methods in Finance
022

ACADEMICprograms2001
BACHELOR OF COMMERCE
The Bachelor of Commerce (BCom) is a
three-year full-time program. The degree aims
to develop powers of critical analysis that can be
applied in many fields, and to provide professional
training for a wide variety of professions. Students
studying the BCom can structure their program
of study to include a finance specialisation.
Undergraduate students since 1989 have been
able to study finance from the second year of
their degree. Two subjects, Business Finance 1
(now renamed Business Finance) and Business
Finance 2 (now renamed Corporate Finance),
were introduced to replace the single third
year subject previously offered in that area.
International Finance was introduced at the third
year level in 1990. New subjects, the Economics
and Management of Financial Institutions (since
renamed Management of Financial Institutions)
and Personal Financial Management, were
introduced in 1991 and 1992 respectively. In
1992, a further third year subject, Investments,
was introduced. Other new subjects to be
introduced include Asian Capital Markets.
HONOURS IN FINANCE
The Honours year is an additional (fourth) year
of specialised study in finance. It is an integrated
program with small classes and an emphasis
on research and specialised subject areas.
The Honours year is open to both commerce
students and combined commerce students,
as well as to suitable graduates from other
institutions. The degree is an entry qualification
for higher degrees (Masters and PhD) both within
Australia and overseas. The Honours program in
Finance at the University of Melbourne is
undoubtedly one of the best in the country.
The degree is well regarded by private and public
sector firms, in particular, high profile firms. These
include major corporate firms, investment banks,
management consulting and accounting firms
who seek to employ our graduates on a regular
basis. In addition, recent graduates have gone
on to pursue further academic studies, including
MBA and PhD degrees, at top international
business schools such as Harvard, Wharton
and New York University.
Two recent initiatives in relation to the program
are the establishment of the Finance Honours
Prize and the establishment of the Melbourne
Finance Honours Alumni network. The Finance
Honours Prize is now awarded annually to the
student who is placed first overall in the Honours
program in Finance in that year. The prize
consists of book (to the value of $200) plus
an inscribed medallion (the “Finance Medal”).
POSTGRADUATE DIPLOMA IN FINANCE
In 1989, the Postgraduate Diploma in Finance
was introduced. The program is open to those
interested in working in the finance industry
who have a Bachelor of Commerce degree
or equivalent with some studies in finance.
It provides students with a one-year graduate
degree.
The objectives of the program are to provide: a
year of study for graduates wishing to undertake
further training in finance but who are not invited
to undertake honours level study; a preliminary
program of study to facilitate progression of
students to the Master of Financial Management;
a course of study for practitioners to fill a market
demand for a course of this type.
MASTER OF APPLIED FINANCE
In 1994, the Master of Applied Finance program
commenced with a part-time intake of thirty
students. This full-fee paying course is targeted
at practitioners with a degree and several years'
experience in financial markets and industry.
It can be completed on a full-time basis in twelve
months or two years part-time. The course
offerings are specifically tailored towards the
interests of practitioners and enrolments continue
to be strong.
MASTER OF COMMERCE (FINANCE)
The Master of Commerce (Finance) offers
high-level academic training in finance. Many
of the graduates (and currently enrolled part-time
students) are employed in highly responsible
positions in the business and financial community.
The course has attracted a significant number
of enrolments from teachers of finance in other
Victorian tertiary institutions.
PHD WITH COURSEWORK
The Department of Finance offers a PhD
program with a coursework component.
Students undertake a maximum of one year
of coursework and two years of full-time research.
Students receive close supervision. The program
has benefited from access to Australian, US and
global databases and an active seminar series.
Suitable candidates can undertake the degree
on a part-time basis.
023

STATISTICS
COURSE
TOTAL ENROLMENTS BY COURSE AND ATTENDANCE TYPE
PhD (Faculty)
MCom (Faculty) Research Only
MAF
PGDF
FULL-TIME
PART-TIME
0 10
20 30 40 50 60 70 80 90 100
ENROLMENTS
COURSE
COMMENCING ENROLMENTS BY COURSE AND ATTENDANCE TYPE
PhD (Faculty)
MCom (Faculty) Research Only
MAF
PGDF
COURSE
PhD (Faculty)
MCom (Faculty) Research Only
MAF
PGDF
COURSE
PhD (Faculty)
MAF
PGDF
0 5 10 15 20 25 30 35
TOTAL ENROLMENTS BY COURSE
0 10 20 30 40 50 60 70 80 90 100
COMPLETIONS BY COURSE AND HOME LOCATION
0 10 20 30 40 50 60
ENROLMENTS
INTERNATIONAL
DOMESTIC
ENROLMENTS
ENROLMENTS
(Source: The University of Melbourne Statistics 2001, University Planning Office, The University of Melbourne
Further information is available through the University Planning Office website http://www.unimelb.edu.au/UPO/)
024

ACCREDITATIONS
financeawards
andprizes
ACCREDITATIONS
Australasian Institute of Banking and Finance
The following subjects are accredited towards
achieving Senior Associate status with the
Australasian Institute of Banking and Finance:
Bachelor of Commerce
325-101 Management
325-211 Marketing
333-201 Business Finance
Plus any 3 of the following:
333-301 Investments
333-302 Corporate Finance
333-303 International Finance
333-309 Derivative Securities
Master of Applied Finance
333-685 Marketing, Financial Analysis and Control
333-661 Principles of Finance
Plus any 3 of the following:
333-662 Fixed Interest and Options Markets
333-663 Mergers and Value Enhancing Strategies
333-665 Financial Management and Analysis I
333-666 Financial Management and Analysis II
333-667 International Finance
Please note that an additional management subject
may be required.
FINANCE AND TREASURY ASSOCIATION
The Master of Applied Finance program also
meets the academic requirements to upgrade
membership to Certified Finance Treasury
Professional status of the Finance and Treasury
Association.
FINANCE AWARDS AND PRIZES
UNDERGRADUATE AWARDS 2001
DEUTSCHE BANK PRIZE FOR
ADVANCED FINANCE
Eligibility: Student must be enrolled in
the subject 333-402 Advanced Finance
Selection Criteria: Awarded to the student
with the highest result
Value and Frequency: $500 annual award
Recipient: Victor Choon Kiat Tan
SALOMON SMITH BARNEY PRIZE FOR
INTERNATIONAL FINANCE
Eligibility: Student must be enrolled in the
subject 333-303 International Finance
Selection Criteria: Awarded to the student
with the highest result
Value and Frequency:
$750 annual award to 2005
Recipient: Olga Viktorovna Sviatochevski
DEUTSCHE BANK PRIZE FOR
NUMERICAL TECHNIQUES IN FINANCE
Eligibility: Student must be enrolled in the
subject 333-403 Numerical Techniques in Finance
Selection Criteria: Awarded to the student
with the highest result
Value and Frequency: $500 annual award
Recipient: Gordon Kwok-Tung Li
SALOMON SMITH BARNEY PRIZE FOR
OPTION PRICING
Eligibility: Student must be enrolled in the
subject 333-618 Option Pricing
Selection Criteria: Awarded to the student
with the highest result
Value and Frequency:
$750 annual award to 2005
Recipient: George Lap-Bun Wong
AUSTRALIAN SECURITIES AND
INVESTMENT COMMISSION
Requirements for accreditation with ASIC
changed on 30 June 2002. The Department
will seek maximum accreditation under the
new guidelines for all courses.
025

ACCREDITATIONS
financeawards
andprizes
STATE CHAMBER OF COMMERCE PRIZE
Eligibility: Student must be an undergraduate
degree student enrolled in the subject 333-304
Asian Capital Markets
Selection Criteria: Awarded to the student
with the highest result.
Value and Frequency:
$50 in 2000 [percentage of NAI] annual award
Recipient: Wei Han Pang
MACQUARIE BANK PRIZE FOR
CORPORATE FINANCE
Eligibility: Students must be enrolled in the
subject 333-302 Corporate Finance
Selection Criteria: Awarded to the top three
students obtaining the highest marks
Total Value and Frequency: $1,600 annually:
First prize $1,000, Second prize $400,
Third prize $200.
Recipients:
First prize: William Lim
Second prize: Talia Lee Sewell
Third prize: Olga Viktorovna Sviatochevski
MACQUARIE BANK PRIZE FOR INVESTMENTS
Eligibility: Students must be enrolled in
the subject 333-301 Investments
Selection Criteria: Awarded to the top
three students obtaining the highest marks
Total Value and Frequency: $1,600 annually:
First prize: $1,000, Second prize: $400,
Third prize: $200.
Recipients:
First prize: Kenny Woo
Second prize: Jeremy Ong
Third prize: Ivo Bloodworth
AUSTRALASIAN INSTITUTE OF BANKING
AND FINANCE PRIZE
Eligibility: Student must be enrolled in
the subject 333-202 Management of
Financial Institutions
Selection Criteria: Awarded to the student
with the highest result
Value and Frequency: $250 annual award
Recipient: Harry Chun Foung Lee
COLES MYER PRIZE
Eligibility: Student must be enrolled in
the subject 333-401 Financial Management
Selection Criteria: Awarded to the student
with the highest result
Value and Frequency: $500 annual award
Recipient: Jonathan Garland
AUSTRALIAN SECURITIES AND INVESTMENTS
COMMISSION PRIZE
Eligibility: Student must be enrolled in the
subjects 333-201 Business Finance and
732-202 Corporate Law
Selection Criteria: Highest aggregate mark
in the two subjects
Special Conditions: The recipient must complete
the two subjects in the same academic year.
Value and Frequency: $500 annual award
to 2004
Recipient: Kingston Wong
FINANCIAL PLANNING ASSOCIATION OF
AUSTRALIA LTD PRIZE
Eligibility: Student must be enrolled in the
subject 333-203 Personal Financial Management
Selection Criteria: Awarded to the student
with the highest result
Value and Frequency: $500 annual award
Recipient: Craig Justin Twitt
026

ACCREDITATIONS
financeawards
andprizes
FINANCE HONOURS PRIZE THE UNIVERSITY COUNCIL APPROVED A PROPOSAL THAT
AN ANNUAL AWARD BE MADE TO THE BEST STUDENT IN THE FINANCE HONOURS YEAR.
THIS PRESTIGIOUS AWARD CONSISTS OF A $200 BOOK PRIZE AND AN INSCRIBED MEDALLION.
THERE ARE MANY FINE STUDENTS IN THE DEPARTMENT OF FINANCE AND THE DEPARTMENT
SEEKS TO RECOGNISE THEIR ACHIEVEMENTS WHEREVER POSSIBLE. THIS AWARD PROVIDES
THE DEPARTMENT WITH A WELCOME FURTHER OPPORTUNITY TO DO SO. THE INAUGURAL
FINANCE HONOURS PRIZE WAS AWARDED IN 2001 TO VICTOR TAN.
Eligibility: Student must be enrolled in the
Bachelor of Commerce Honours program
specialising in Finance
Selection Criteria: Awarded to the
student placed first overall in the Finance
Honours Program
Value and Frequency: Medallion and book
to the value of $200. Annual award to 2005.
Recipient: Victor Tan
Left to right: Professor Rob Brown, Victor Tan,
Dr John Handley
POSTGRADUATE AWARDS
MASTER OF APPLIED FINANCE AWARDS,
GRADUATING CLASS OF 2001
TOP STUDENT
Khoon Haur Ng
AWARDS
Robert Andrew Alford
Indrawati Bakti
Helen Elizabeth Beaton
Wai Hung Chan
Jing Chen
Famawati
Simon Alexander Gregory
Sylviana Halim
Deborah Amanda Jones
Hyoung Youp Kim
Cameron Sean McDonald
Andrea Maree Medwin
Kunal Mittal
Susie Yen Peng Oh
Michael O'Shea
Kin Joh Pua
Andrew Bruce Radford Robertson
James Shady
Chui Ping Teo
Mark Joseph Toohey
Sean Michael Vaughan
Stephen Walters
Rudianto Wiharso
Wu Xiao
027

FINANCIALmanagement
ASSOCIATIONofaustralia
The FMAA was established in 1990 by a group of third year Commerce students at the University of
Melbourne in order to promote student involvement in the discipline. They were supported in this
by the initiative of Professor Kevin Davis and with the strong support of the FMAA's founding Gold
Sponsor, Macquarie Bank. The FMAA is an independent student association, which works closely
with the Department of Finance at the University of Melbourne.
The FMAA's endeavours have met with enormous success. The Association has rapidly become
one of the most dynamic and enthusiastically supported student bodies at the University, enjoying
a strong reputation for energy and professionalism. This has been evident in the ever-increasing
membership register, which now numbers over seven hundred in Victoria, and the high level of
corporate sponsorship and support, which has flowed from the Association's success.
The FMAA is now a national organisation. The University of Sydney joined in 1994 and the University
of Queensland in 1995. By expanding nationally, the FMAA gives its members the opportunity to
discover graduate opportunities and establish contacts throughout Australia.
PROFESSIONAL DEVELOPMENT Throughout the academic year the FMAA holds Professional
Development sessions. Drawing on the resources of corporate sponsors, FMAA members are given
access to a wide range of activities, including a unique mock interview program, technical lectures on
campus and at our sponsor firms’ offices, resume writing and skills seminars, and a first year work
experience initiative.
COMPETITIONS Competitions have been the FMAA’s fastest growing activity. In 2002, the FMAA
will be hosting the state finals of a national management competition on campus, catering for over one
hundred students from universities throughout Victoria. The FMAA will also manage a tax competition
in conjunction with a student society at Monash University. Another initiative currently in development
is a series of prizes to be awarded to top students within the Department of Finance at the University
of Melbourne.
FUNCTIONS The FMAA hosts a variety of social functions throughout the year. These functions
range from the Careers Luncheon, an informal lunchtime gathering, to the Down to Business
Luncheon, a formal business luncheon in September, where sponsor firm representatives and students
are brought together to discuss their professional careers and aspirations. The FMAA also hosts a
Corporate Cocktails evening in May, which, over the years, has become a highlight of the University
social calendar. It is attended each year by two hundred representatives from the student body and
sponsor firms.
PUBLICATIONS In addition to regular newsletters sent to student members, the FMAA produces
two greatly sought after publications. The Annual Journal comprises articles from students and sponsor
firms on various topics, ranging from critical analyses of contemporary corporate issues to exposés on
recent events held by the FMAA. The Who’s Who of the Corporate World is a student guide to various
national and international firms. The publication gives sponsor firms the opportunity to highlight their
firm’s characteristics and to communicate to students the attributes they seek in graduates. In contrast
with previous years, the 2001 edition of the Who's Who was distributed as a CD-ROM.The FMAA was
established in 1990 by a group of third year Commerce students at the University of Melbourne in order
to promote student involvement in the discipline. They were supported in this by the initiative of
Professor Kevin Davis and with the strong support of the FMAA's founding Gold Sponsor, Macquarie
Bank. The FMAA is an independent student association, which works closely
with the Department of Finance at the University of Melbourne.
The FMAA's endeavours have met with enormous success. The Association has rapidly become
one of the most dynamic and enthusiastically supported student bodies at the University, enjoying
a strong reputation for energy and professionalism. This has been evident in the ever-increasing
028

PROMINENTalumni
GRADUATES OF THE FACULTY HAVE BEEN, OR CURRENTLY
ARE, LEADERS IN BUSINESS, PUBLIC POLICY AND ACADEMIA.
BELOW IS A LIST OF CURRENT PROMINENT ALUMNI OF THE
FACULTY OF ECONOMICS AND COMMERCE.
BUSINESS
MS ELIZABETH ALEXANDER,
Partner, PricewaterhouseCoopers
MR PHILIP BRASS, Chairman,
Rothschild Australia
MR TONY BURGESS, Head,
Corporate Finance, Deutsche Bank AG
MR TERENCE CAMPBELL,
Executive Chairman, JB Were & Son
MR ROSS CAMERON, Director, AMCOR
MS PENNY CHONG, Program Manger,
Marketing Operations, IBM, Malaysia
MR DICK CHAN TEIK HUAT, Managing
Director, Metroplex Berhad, Malaysia
MR ESMOND CHOO, Executive Director,
RHB-Cathay Securities, Singapore
MR BILL CONN, Company Director
MR LAURIE COX, Director, Macquarie Bank
MR DAVID CRAWFORD,Company Director
MR CHARLES GOODE AC,
Chairman, ANZ Bank
MR PETER HAMEISTER, Viacom Australia
MR IAN JOHNSTON, Director, Coles Myer
MS MERRAN KELSALL,
Director, BDO Nelson Parkhill
MR ANANDA KRISHNAN,
Company Director, Malaysia
MR SOLOMAN LEW, Director, Coles Myer
MR LEON L'HUILLER, Company Director
MR ALWYN LIM,
Certified Public Accountant, Singapore
DATO' JIMMY T.C. LIM,
CEO, AMCORP, Malaysia
MR MUAN LIM, Vice-President, Finance
and Complements Group, Hewlett-Packard
MR GARY MORGAN,
Executive Chairman, Roy Morgan Research
MR HUGH MORGAN AO, Managing Director,
Western Mining Corporation
KHUN NUKUL PRACHAUBMOH,
Chairman, First Asia Securities, Thailand
MR JAMES RIADY,
Deputy Chairman, LIPPO, Indonesia
MR IRVING ROCKMAN,
Chairman, Regency Hotels
MR IRVING SAULWICK, Managing Partner,
Irving Saulwick and Associates
MR PETER SCANLON, Company Director
MR ASGARI STEPHENS,
Company Director, Malaysia
MS TAN LEI CHENG, CEO,
Tan & Tan Developments Berhad, Malaysia
MR BRUCE TEELE, J.B.Were Stockbroking
MR CHRIS THOMAS, Managing Partner
Melbourne, Egon Zehnder
MR BRIAN WATSON,
Chairman, J.P. Morgan Australia
MR STAN WALLIS AO,
Chairman, Coles Myer and AMP
MS ALICE WILLIAMS,
Director, NM Rothschild Australia
MR EU MING YEOW,
Minolta Marketing, Malaysia
MR PETER YATES, CEO, PBLmembership
register, which now numbers over seven hundred
in Victoria, and the high level of
corporate sponsorship and support, which 029

PROMINENTalumni
PUBLIC SERVICE
SENATOR RICHARD ALSTON, Minister for
Communication, Information Technology and
the Arts, Australian Government
MR JOHN BRUMBY,
Minister for Finance, Minister for State
and Regional Development, and Minister
for Innovation, Victorian Government
MR NICHOLAS BIWAT, Minister of Trade
and Tourism, Government of Kenya
MR MICHAEL CARMODY,
Australian Commissioner of Taxation
SENATOR ROD KEMP, Minister for the Arts
and Sport, Australian Government
MS JENNY MACKLIN, Deputy Leader of the
Federal Labor Party and Shadow Minister for
Employment, Education, Training and
Science.
DATO' MUSTAPA MOHAMED,
Executive Director, National Economic
Action Council of Malaysia.
DR GARRY SAMPSON, Senior Advisor,
World Trade Organisation, Geneva
PROFESSOR JUDITH SLOAN,
Commissioner, Productivity Commission
PROFESSOR RICHARD SNAPE,
Commissioner, Productivity Commission
KHUN MECHAI VIRAVAIDYA, Chairman,
Population and Community Development
Association, Thailand.
MR IAN WATSON, Deputy President,
Australian Industrial Relations Commission
030
HIGHER EDUCATION
PROFESSOR MAX CORDEN AC,
Johns Hopkins University
MR ROBERT CHAMPION DE CRESPIGNY,
Chancellor, University of Adelaide
PROFESSOR JANE GODFREY, Department
of Accounting and Finance, Monash University
PROFESSOR ROBERT GREGORY AO,
Head, Division of Economics and Politics,
RSSS, Australian National University
PROFESSOR GEOFF HARCOURT,
Cambridge University
PROFESSOR KEITH HOUGHTON, Fitzgerald
Professor of Accounting, University of
Melbourne
PROFESSOR JOE ISAAC AO, Department of
Management, University of Melbourne
PROFESSOR CARRICK MARTIN, Deputy
Vice-Chancellor, Macquarie University
PROFESSOR FRED MCDOUGALL, Graduate
Business School, University of Adelaide
PROFESSOR BILL NORTON, Director,
Centre for Money, Banking and Finance,
Macquarie University
PROFESSOR STUART LEECH, Department
of Accounting, University of Melbourne
PROFESSOR PAUL RIZZO,
Director, Melbourne Business School
PROFESSOR TERRY SHEVLIN, Professor
of Accounting, University of Washington
PROFESSOR RAE WESTON, Professor
of Management, Macquarie University
HON. DAVID WHITE,
Council, University of Melbourne
PROFESSOR ROSS WILLIAMS, Dean,
Faculty of Economics and Commerce,
University of Melbourne
(Extract from Faculty of Economics and
Commerce, Profile 2002, The University
of Melbourne)has flowed from the
Association's success.
The FMAA is now a national organisation. The
University of Sydney joined in 1994 and the
University
of Queensland in 1995. By expanding nationally,
the FMAA gives its members the opportunity
to
discover graduate opportunities and establish
contacts throughout Australia.
PROFESSIONAL DEVELOPMENT
Throughout the academic year the FMAA
holds Professional Development sessions.
Drawing on the resources of corporate sponsors,
FMAA members are given access to a
wide range of activities, including a unique
mock interview program, technical lectures on
campus and at our sponsor firms’ offices,
resume writing and skills seminars, and a first
year work experience initiative.
COMPETITIONS Competitions have been
the FMAA’s fastest growing activity. In 2002,
the FMAA
will be hosting the state finals of a national
management competition on campus, catering
for over one hundred students from universities
throughout Victoria. The FMAA will
also manage a tax competition
in conjunction with a student society at
Monash University. Another initiative currently
in development
is a series of prizes to be awarded to top students
within the Department of Finance at the
University
of Melbourne.
FUNCTIONS The FMAA hosts a variety of
social functions throughout the year. These
functions
range from the Careers Luncheon, an informal
lunchtime gathering, to the Down to Business
Luncheon, aformal business luncheon in
September, where sponsor firm representatives
and students are brought together to
discuss their professional careers and aspirations.
The FMAA also hosts a Corporate
Cocktails evening in May, which, over the
years, has become a highlight of the
University social calendar. It is attended each
year by two hundred representatives from the
student body and sponsor firms.
PUBLICATIONS In addition to regular
newsletters sent to student members, the
FMAA produces
two greatly sought after publications. The
Annual Journal comprises articles from students
and sponsor firms on various topics,
ranging from critical analyses of contemporary
corporate issues to exposés on recent events
held by the FMAA. The Who’s Who of the The

STUDYabroadand
EXCHANGEopportunities
The variety of ethnic groups in Melbourne contributes to Australia’s vast cultural and social diversity. It creates a city full of surprises for the
visitor and inhabitant alike. Melbourne is a sophisticated and safe city. It amalgamates traditional Australian flavour with true internationalism.
Within this global context, the University of Melbourne and the Faculty of Economics and Commerce invite students enrolled in overseas
institutions to participate in its Study Abroad or Exchange program for six months or a full year. Conversely, the Faculty provides opportunities
for Australian students to take part of their degree in an overseas university. International students are fully integrated with Australian students
in classes and on-campus housing. University graduates who have spent time studying abroad gain a competitive edge in any job market,
but more importantly, broaden their appreciation of cultural subtleties, contributing to a rich and satisfying life.
Faculty of Economics and Commerce
currently has Exchange Programs with the
institutions listed below:
CANADA
McGill University
Queen’s University
University of Toronto
University of British Columbia
FRANCE
Universite Bordeaux, 1, 2, 3 & 4
Universite Jean Moulin – Lyon 3
GERMANY
Freie University Berlin
Ruprecht Karls University Heidelberg
Albert Ludwigs University Freiburg
HONG KONG
University of Hong Kong
INDONESIA
University of Indonesia
ITALY
University of Padua/Padova
Bocconi
JAPAN
Doshisha University
Hitotsubashi University
Keio University
Kobe University
Kyoto University
Osaka University
Osaka City University
Ritsumeikan University
Sophia University
KOREA
Korea University
Pusan National University
Yonsei University
MALAYSIA
University of Malaysia
MEXICO
Monterrey Institute of Technology
& Higher Education (ITESM)
THE NETHERLANDS
University of Amsterdam
Erasmus University
PEOPLE’S REPUBLIC OF CHINA
Peking University
SINGAPORE
National University of Singapore
Nanyang Technological University
SWEDEN
Lund University
Umea University
Uppsala University
TAIWAN
National University of Taiwan
THAILAND
Thammasat University
Chulalongkorn University
Prince of Songkla University
UNITED KINGDOM
University of Birmingham
University of Glasgow
University of Nottingham
Heriot-Watt University
University of Manchester
UNITED STATES OF AMERICA
Boston College
Pennsylvania State University
North Carolina State University
State University of New York at Buffalo
University of California at Berkeley
University of California at Los Angeles
University of California at Riverside
University of California at San Diego
University of California at Santa Barbara
University of California at Santa Cruz
University of Illinois, Urbana-Champaign
University of Miami
University of Michigan
University of North Carolina at Chapel Hill
University of Richmond
University of Southern California
University of Texas
University of Washington
(Extract from Faculty of Economics and Commerce,
Profile 2002, The University of Melbourne)
031

Department of Finance
Faculty of Economics and Commerce
Economics and Commerce Building
The University of Melbourne
Victoria Australia 3010
Telephone: +61 3 8344 6912
Fax: +61 3 8344 6914
Web site: www.ecom.unimelb.edu.au/finwww