Faculty of Commerce and Administration

School of

Economics and

Finance

TABLE OF CONTENTS

From the Head of School _________________________________________________________ 3

Our Staff __________________________________________________________________________ 4

Our Teaching _____________________________________________________________________ 6 Aims and Objectives _____________________________________________________________ 6 Student Demographics ___________________________________________________________ 6 undergraduate Enrolments ________________________________________________________ 7 2009 Student Pass Rates _________________________________________________________ 8 Undergraduate Teaching ________________________________________________________________ 9 Economics Courses _____________________________________________________________ 9 Money and Finance Courses ______________________________________________________ 9 Econometrics Courses ___________________________________________________________ 9 Summer School ________________________________________________________________ 9 Graduate Teaching ____________________________________________________________________ 10 Honours _____________________________________________________________________ 10 Victoria International Applied Finance Programme ____________________________________ 10 Outstanding Students _________________________________________________________________ 11

Our Research ___________________________________________________________________ 12 Morris Altman _________________________________________________________________ 12 Geoff Bertram _________________________________________________________________ 13 Stephen Burnell _______________________________________________________________ 13 Paul Calcott ___________________________________________________________________ 14 Chia-Ying Chang _______________________________________________________________ 14 Pian Chen ____________________________________________________________________ 15 Toby Daglish __________________________________________________________________ 15 Lewis Evans __________________________________________________________________ 16 Graeme Guthrie _______________________________________________________________ 17 Viv Hall ______________________________________________________________________ 17 Dean Hyslop __________________________________________________________________ 19 Stephen Keef _________________________________________________________________ 20 Mohammed Khaled _____________________________________________________________ 20 Jacek Krawczyk _______________________________________________________________ 21 Martin Lally ___________________________________________________________________ 22 Dawn Lorimer _________________________________________________________________ 23 Jerry Mushin __________________________________________________________________ 23 Vladimir Petkov ________________________________________________________________ 24 John Randal __________________________________________________________________ 24 Leigh Roberts _________________________________________________________________ 25 Jack Robles __________________________________________________________________ 25 John Singleton ________________________________________________________________ 26 Paul Tompkinson ______________________________________________________________ 27 Malathi Velamuri _______________________________________________________________ 27 VUW Economics and Finance Seminar Series _____________________________________________ 29

Visitors _____________________________________________________________________________ 31

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FROM THE HEAD OF SCHOOL

Of critical importance to the School of Economics and Finance is that our full-time equivalent students were almost identical in 2009 and 2008, 941 compared to 964. After significant declines in student numbers, especially on the international student front, SEF’s student numbers are beginning to stabilise. Our seminar series, hosted in 2009 by Toby Daglish, continues to be a successful addition to our research programme. This year we hosted 24 speakers, 14 of whom were international. As well as our regular seminar programme we also hosted longer term visitors, in particular Michael Bordo of Rutgers University, who served as the Professorial Fellow in Monetary & Financial Economics and Charles Goodhart who joined us from the London School of Economics and Political Science. After the departures of Roger Bowden, Geoff Bertram, Helen Huang & Pian Chen in early 2009 a clear priority of SEF’s was recruitment to fill important gaps strengthen SEF’s capacity to attract post-graduate and undergraduate students as well as bolstering research capabilities. Success has followed with the appointment of Dr. Dean Hyslop as a Professor of Applied Econometrics who joins SEF from the public service. Also, Dr Christoph Thoenissen as an Associate Professor in Macroeonomics. Christoph, who comes to SEF from University of St Andrews in Fife, United Kingdom will join us in early 2010. Dr. Morris Altman, joined SEF in May 2009 as the new HoS and as a Professor of Behavioural and Institutional Economics. He comes to SEF from the University of Saskatchewan in Canada where he was Head of Department and a senior Professor of Economics. At the end of 2009 the school was actively recruiting in junior Finance and Econometrics positions – and was successful in securing three new junior staff members throughout next year. An important undertaking in the school in 2009 was the complete re-vamping of SEF’s website. It now has a much more informative, fresh, and vibrant look, thanks to the hard work of many support staff and faculty. Of especial importance were the contributions of Amanda Bristol and Francine McGee. SEF also launched a number of new initiatives in 2009. Firstly, SEF re-introduced a PDCP for all faculty below the rank of Professor. This provides faculty with the opportunity to discuss their research and teaching plans with the Head of School and update their profiles on a continuous basis. SEF also proposed a new Masters program that combines honours courses with a 90 point thesis. This provides students with a new and faster pathway to achieve Masters standing plus a post-graduate Master option that is easily recognised internationally as a graduate degree, as compared to the honours degree. In addition, a new peer reviewed student journal, New Zealand Review of Economics and Finance (NZREF), has been established. The first issue will be published in 2011. Finally, a school newsletter to be published bi-annually was launched under the stewardship of Anna Potts. SEF would like to thank the interim Head of School team, Lew Evans, Graeme Guthrie & Viv Hall, for their services to the school during the period January-April, prior to the arrival of Professor Altman as the new HOS. During this time they led significant re-organisation of undergraduate Economics and Finance courses, including the relabeling of our Money and Finance courses (MOFI) to Finance (FINA) and the overall changes to course structure to incorporate the BCA move to 15 points. SEF would also like to express its appreciation to Dr. Stephen Burnell for his many years of service at HoS. Morris Altman Head School of Economics and Finance

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OUR STAFF Head of School Morris Altman, BA (Hons) MA PhD McGill Professors Lewis T. Evans, BAgrSci (Hons) MAgrSci Linc, MA MSc PhD Wisc, Chair of Economics Graeme Guthrie, BSc (Hons) MCom PhD Cant Viv B. Hall, MCom (Hons) PhD Auck, Macarthy Chair of Economics Dean Hyslop, BSc BA (Hons) VUW, MA PhD Princeton Neil Quigley, BA MA(Hons) Cant, PhD Toronto Associate Professors/Readers Jacek B. Krawczyk, MSc PhD Warsaw Martin T. Lally, BCA (Hons) PhD VUW Jack Robles, BA PhD Calif John Singleton, BA PhD Lanc, BD Edin, MSc Lond Senior Lecturers I. Geoffrey Bertram, BA (Hons) VUW, MPhil DPhil Oxon Stephen J. Burnell, MCA VUW, MPhil PhD Camb Paul E. Calcott, MSS Dip Econ Waik, MCom Cant, PhD UCLA Toby Daglish, BSc Cant, PhD Tor Stephen P. Keef, BSc (Hons) Leic, MBA PhD Aston Mohammed Khaled, BA Dhaka, MSc (Hons) Islam, MA Essex, PhD Br Col Jerry Mushin, BSc (Hons) Lond John Randal, BSc MSc DipFinMath PhD VUW Leigh Roberts, BSc (Hons) Melb, MSc Tas, MSc Lond, PhD VUW, AIAA Paul Tompkinson, BA (Hons) Leic, DipEconEconometrics MSc Southampton Lecturers Chia-Ying Chang, BA Fu-Jen, MA Penn State, PhD Vanderbilt Pian Chen, BE Hubei, MA Shenzen, PhD Calif Vladimir Petkov, MA Sofia, MS PhD Cornell Malathi Velamuri, BSc, MA Madras, MS PhD Texas Director, Victoria International Applied Finance Programme Dawn Lorimer, BCom Auck, CTP FAIBF Administration Team Amanda Bristol Alice Fong Suzanne Freear Francine McGee Anna Potts Adjunct Professors Peter Thomson, BSc (Hons) Otago, PhD ANU John McDermott, MCom Auck, MA MPhil PhD Yale Emeritus Professors L. Fraser Jackson, MA NZ, FSS

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External Contributing Lecturers to SEF Programmes Joe Cheung, FinEdu Tech Ltd Andrew Coleman, Motu Shee Boon Law, IRD Nigel Atherfold Ganesh Nana, BERL Adrian Slack, School of Economics and Finance, VUW Andrew Smith, School of Accounting & Commercial Law, VUW Robert Stephens, School of Government, VUW Cushla Thomson, School of Economics and Finance, VUW

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OUR TEACHING AIMS AND OBJECTIVES

The School of Economics and Finance administers, promotes and teaches papers for individuals working towards attaining degrees, diplomas and other programmes in the fields of economics, econometrics, economic history and finance. The School strives for academic excellence in all areas.

STUDENT DEMOGRAPHICS

Gender Female .......................................................... 1327 Male .......................................................... 1612 Study Status Full-time .......................................................... 2228 Part-time ............................................................ 711 Fee Type Domestic .......................................................... 2524 International ............................................................ 415 Age 17 ............................................................ 194 18 ............................................................ 629 19 ............................................................ 548 20 ............................................................ 496 21 ............................................................ 313 22 ............................................................ 175 23 ............................................................ 106 24 .............................................................. 81 25-29 ............................................................ 248 30-34 .............................................................. 83 35-39 .............................................................. 22 40-99 .............................................................. 45 Ethnicity Asian ............................................................ 919 European/Pakeha .......................................................... 1413 Māori ............................................................ 212 Pacific Islander ............................................................ 118 Other ............................................................ 277

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UNDERGRADUATE ENROLMENTS

Number of Students in 2009 ............................................................................................................................................. 6123 2009 Enrolments in ECON courses ECON 130 ................................................................... 1501 ECON 130* ................................................................... 271 ECON 130** .................................................................. 213 ECON 140 ..................................................................... 483 ECON 140** .................................................................. 134 ECON 201 ..................................................................... 210 ECON 202 ..................................................................... 201 ECON 205 ....................................................................... 35 ECON 305 ....................................................................... 82 ECON 309 ....................................................................... 51 ECON 314 ....................................................................... 68 ECON 328 ....................................................................... 38 ECON 330 ....................................................................... 55 ECON 333 ....................................................................... 46 2009 Enrolments in MOFI courses MOFI 201 ...................................................................... 402 MOFI 202 ...................................................................... 187 MOFI 301 ...................................................................... 126 MOFI 302 ........................................................................ 42 MOFI 303 ........................................................................ 43 MOFI 305 ...................................................................... 107 MOFI 306 ........................................................................ 12 2009 Enrolments in QUAN courses QUAN 102 ..................................................................... 530 QUAN 102* ................................................................... 511 QUAN 103 ....................................................................... 64 QUAN 111 ..................................................................... 427 QUAN 201 ....................................................................... 55 QUAN 203 ....................................................................... 94 QUAN 301 ....................................................................... 27 QUAN 304 ....................................................................... 17 QUAN 371 ....................................................................... 28 * Second Trimester ** Summer Courses

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2009 STUDENT PASS RATES

Figures are indicative of those students who completed all course requirements and achieved a grade of 50% or better ECONOMICS ECON 130 .............................................................. 76% ECON 130* ............................................................ 76%

ECON 130** ........................................................... 75% ECON 140 .............................................................. 81% ECON 140** ........................................................... 75% ECON 201 .............................................................. 82% ECON 202 .............................................................. 71% ECON 205 .............................................................. 74% ECON 305 .............................................................. 79%

ECON 309 .............................................................. 84% ECON 314 .............................................................. 95% ECON 328 .............................................................. 87% ECON 330 .............................................................. 87% ECON 333 .............................................................. 93%

MONEY & FINANCE MOFI 201 ............................................................... 74% MOFI 202 ............................................................... 76% MOFI 301 ............................................................... 68% MOFI 302 ............................................................... 90% MOFI 303 ............................................................... 84% MOFI 305 ............................................................... 75% MOFI 306 ............................................................... 83%

ECONOMETRICS QUAN 102 .............................................................. 73% QUAN 102* ............................................................ 70%

QUAN 103 .............................................................. 72% QUAN 111 .............................................................. 88% QUAN 111* ............................................................ 80% QUAN 201 .............................................................. 84% QUAN 203 .............................................................. 68% QUAN 301 .............................................................. 85% QUAN 304 .............................................................. 94% QUAN 371 .............................................................. 96%

* Second Trimester ** Summer Courses

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UNDERGRADUATE TEACHING

ECONOMICS COURSES

ECON 130: Economic Principles and Issues – S Burnell*, J Mushin, A Slack, P Tompkinson ECON 140: Economics and Strategic Behaviour – S Burnell*, J Mushin ECON 201: Microeconomics – P Calcott, V Petkov* ECON 202: Macroeconomics - V Hall*, A Coleman ECON 205/IBUS 202: The Development of the Modern International Economy - J Singleton* ECON 305: Macroeconomics: Growth, Business Cycles and Sustainability - G Bertram*, V Hall ECON 309: International Economics - P Tompkinson* ECON 314: Microeconomics: Information and Markets - P Calcott*, J Robles ECON 328: Industry Structure and Business Strategy – L Evans*, J Robles ECON 330: Law and Economics – L Evans*, R Robinson ECON 333: Economics of Work and Pay - M Velamuri*

MONEY AND FINANCE COURSES

MOFI 201: Finance - S Keef*, C Thomson MOFI 202: Money and Banking - J Mushin*, S Burnell MOFI 301: Corporate Finance – M Lally* MOFI 302: Financial Policy and Management - S Keef* MOFI 303: Monetary Economics – CY Chang* MOFI 305: Investments – T Daglish* MOFI 306: Special Topic: Financial Economics – G Guthrie*, L Evans

ECONOMETRICS COURSES

QUAN 102: Statistics for Business - J Randal*, A Slack, G Nana, C Thomson QUAN 103: Introductory Maths for Business – J Krawczyk* QUAN 111: Mathematics for Economics and Finance - M Khaled*, C Thomson QUAN 201: Introduction to Econometrics – M Khaled* QUAN 203: Econometric Theory for Economics and Finance - J Randal* QUAN 301: Econometrics – D Hyslop, M Khaled* QUAN 304: Financial Econometrics - P Chen* QUAN 371: Financial Mathematics - L Roberts*

SUMMER SCHOOL

ECON 130: Economic Principles and Issues – A Slack ECON 140: Economic and Strategic Behaviour - A Slack * Course Co-ordinator

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GRADUATE TEACHING HONOURS ECON 402: Advanced Macroeconomic Theory A – CY Chang*, T Ng ECON 403: Advanced Macroeconomic Theory B – V Hall*, J McDermott ECON 404: Advanced Microeconomic Theory A – J Robles*, V Petkov ECON 405: Advanced Microeconomic Theory B – P Calcott, V Petkov* ECON 406: Economic Dynamics A – J Krawczyk* ECON 408: Advanced Econometrics A – P Chen* ECON 409: Advanced Econometrics B – D Hyslop* ECON 410/PUBL 410: Public Economics A – R Stephens* (SoG) ECON 411/PUBL 411: Public Economics B – P Calcott* ECON 412: International Economics A – P Tompkonson* ECON 413: International Economics B – A Coleman* ECON 414: Theories of Growth and Development – G Bertram* ECON 416: Labour Markets – M Velamuri* ECON 421: The Asian Miracle Economies since 1945 – J Singleton* ECON423: Macroeconomic Modelling of the New Zealand Economy – V Hall* ECON 422: Industrial Organisation – V Petkov* MOFI 401: Options – T Daglish* MOFI 402: Corporate Finance – M Lally* MOFI 404: Monetary Economics B – CY Chang* MOFI 405: Stock Prices & Volatility Modelling – J Randal* MOFI 407: Advanced Investments – M Lally* MOFI 409: Special Topic: Topics in Corporate Finance – G Guthrie* MOFI 410: Real Options – G Guthrie*

VICTORIA INTERNATIONAL APPLIED FINANCE PROGRAMME MMAF 501: New Zealand Capital Markets – D Lorimer* MMAF 502: Corporate Finance – D Lorimer*, P Duignan MMAF 512: Treasury Management – D Lorimer* MMAF 514: Derivatives – D Lorimer*, C Brown MMAF 516: Portfolio Design and Investment – T Daglish* MMAF 522: Risk and Insurance – L Roberts* MMAF 523: Treasury Accounting and Tax – D Lorimer*, S B Law, A Smith MMAF 524: Financial Econometrics – D Lorimer*, V Martin MMAF 525: Financial Modelling – D Lorimer*, J Cheung MMAF 526: Law and Finance – D Lorimer* MMAF 527: Special Topic: Options – T Daglish* MMAF 528: ST: Advanced Corporate Finance – M Lally* MMAF 529: ST: Advanced Investments – M Lally* MMAF 530: ST: Real Options – G Guthrie* MMAF 531: Financial Mathematics and Insurance – L Roberts* MMAF 532: ST: Stock Prices and Volatility Modelling – J Randal* * Course Co-ordinator

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OUTSTANDING STUDENTS Bernard Edward Murphy Memorial Scholarships Awarded to the best eligible graduate/s in Economics proceeding to Honours/Masters study: Scott Thompson and Hautahi Kingi First New Zealand Capital Scholarship Awarded to encourage the study of Business Finance, to students enrolled in MOFI 400-level or 300-level courses: James Tate Financial Services Institute of Australasia Prize Awarded to the best student in MOFI 301: Corporate Finance Hautahi Kingi GGG Watson Award Nathaniel Robson Jan Whitwell Prize for Monetary and Macroeconomics Awarded to the best student in ECON 305 and MOFI 303: Hautahi Kingi School of Economics and Finance Prize Makower McBeath & Co Ltd Staff Prize Awarded to the best student in ECON 140: Awarded to the best student in ECON 130: Sarah Denton Richard Law SEF Prize in Second Year Macroeconomics SEF Prize in Second Year Microeconomics Michael Clarke Nond Maolanon VUW Graduate Award (Economics and Finance) Timothy Armour Simon Carey Sarah Drought John Nash Peter O’Connor Gael Price Xin Song Sarah Turner Yasmin Valji

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OUR RESEARCH

MORRIS ALTMAN

POSITION Professor ACADEMIC QUALIFICATIONS PhD McGill

DISCIPLINE INTERESTS Behavioural economics, institutional economics, quantitative economic history, experimental economics, ethics and economic theory, behavioural labour, behavioural finance, economic methodology.

NOTABLE PUBLICATIONS ‘A behavioral-institutional model of endogenous growth and induced technical change’, Journal of Economic Issues, 63 (2009), pp. 685-713. ‘Reconciling altruistic, moralistic, and ethical behavior with the rational economic agent and competitive markets’, Journal of Economic Psychology, 26 (2005), pp. 732-757. Worker Satisfaction and Economic Performance, (M.E. Sharpe Publishers, Armonk, New York, 2001). ‘Revised real GNP estimates and Canadian economic development’, The Review of Income and Wealth, series 38, 4 (1992), pp. 455-473.

2009 RESEARCH ACTIVITIES Articles ‘A behavioral-institutional model of endogenous growth and induced technical change’, Journal of Economic Issues, 63 (2009), pp. 685-713. ‘Behavioral economics, economic theory and public policy’, Australasian Journal of Economic Education (forthcoming). Other Academic Publications: Dictionary/Encyclopaedia Entries ‘History and theory of cooperatives’, in International Encyclopedia of Civil Society, edited by Helmut Anheier & Stefan Toepler (Springer: New York, 2009). Conference Presentations ‘Efficiency wage idealism: Does reciprocity and altruistic punishment yield fair and high wages?’, 4th Australian Workshop on Experimental Economics (University of Canterbury, December 2009). ‘Behavioral economics, ethics, and public policy: The road to serfdom or freedom?’, Ethical Foundations of Public Policy Conference (VUW, Wellington, December 2009). ‘Selfishness, altruism, and moral sentiments and opportunity cost’, IAREP-SABE International Meeting (Saint Mary’s University, Canada, June 2009). ‘X-efficiency, behavioural economics, socio-economic wellbeing, power and the cooperation heuristic’, Association for Social Economics/ASSA Meeting (San Francisco, January 2009).

2009 PROFESSIONAL ACTIVITIES

Support to International Bodies Editor in Chief, Journal of Socio-Economics (Elsevier Science) Editorial Board, Journal of Economic Psychology (Elsevier Science) Editorial Board, Social Science Research Network President of Association of Social Economics Executive Board Member (Society for the Advancement of Behavioral

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Economics) Executive Board Member (International Association for Research in Economic Psychology) Conference organizer for the international meetings of the Society for the Advancement of Behavioral Economics and the International Association for Research in Economic Psychology, Halifax 2009 Conference organiser for the AEA/ASSA/Association for Social Economics meetings 2009. External Expert, Review of the University of Wageningen Economic Program, The Netherland, 2009 (on-site review).

GEOFF BERTRAM

POSITION Senior Lecturer ACADEMIC QUALIFICATIONS BA (Hons) VUW, MPhil, DPhil Oxford

DISCIPLINE INTERESTS Energy and environmental economics, deregulation of natural monopoly, employment, economic growth and development. Geoff’s current research is on “light handed regulation” in New Zealand with particular reference to the electricity and gas network industries; economics of small island development; and current account sustainability.

NOTABLE PUBLICATIONS ‘Restructuring of the New Zealand electricity sector, 1984-2005’, Chapter 7 in Sioshansi F P and Pfaffenberger W (eds), International Experience in Restructured Electricity Markets: What Works, What Does Not, and Why?, Elsevier (2006), pp. 203-234. Beyond MIRAB: The political economy of small islands in the twenty-first century, special issue of Asia Pacific Viewpoint, 47(1) (2006). 'Price-cost margins and profit rates in New Zealand electricity distribution networks since 1994: The cost of light handed regulation', with Twaddle D, Journal of Regulatory Economics, 27, 3 (2005), pp. 281-307. ‘New Zealand since 1984: Elite succession, income distribution and economic growth in a small trading economy’, Geojournal 59(2) (2004), pp. 93-106.

2009 TEACHING WORKLOAD Course Coordinator: ECON 305, ECON 414 Lecturer: DEVE 511

2009 RESEARCH ACTIVITIES Articles ‘New Zealand’s overseas debt, the banks, and the crisis’, Foreign Control Watchdog, 120, (2009), pp. 25-39. ‘The banks, the current account, the financial crisis and the outlook’, Policy Quarterly, 5, 1 (2009), pp. 9-16. ‘The beak of the finch: insights into the economic development of small economies’ (with Baldachino G), The Round Table, 98, 401 (2009), pp 141-160.

STEPHEN BURNELL

POSITION Senior Lecturer ACADEMIC QUALIFICATIONS MCA VUW, MPhil, PhD Cambridge

DISCIPLINE INTERESTS Monetary and banking theory, microeconomics, dynamic general equilibrium models. Currently, research banking and monetary policy in

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New Zealand; the demand for cash and transactions costs, optimal fiscal policy; and telecommunications and interconnections agreements.

NOTABLE PUBLICATIONS ‘The ultimatum game: Optimal strategies without fairness’ (with Evans L and Yao S T), Games and Economic Behaviour, 26 (1999), pp. 221-252. ‘New Zealand’s monetary conditions index: A critical analysis’, Agenda, 5 (1998), pp. 477-486. ‘The value of money in an overlapping generations model: A note’, Journal of Economic Theory, 59 (1993), pp. 214-221. ‘Upgrading New Zealand’s competitive advantage: A critique and some proposals’ (with Sheppard D K), New Zealand Economic Papers, 26 (1992), pp. 101-125.

2009 TEACHING WORKLOAD Course Coordinator: ECON 130, ECON 140 Lecturer: MOFI 202

PAUL CALCOTT

POSITION Senior Lecturer ACADEMIC QUALIFICATIONS MSS Dip Econ Waikato, MCom Canterbury, PhD UCLA

DISCIPLINE INTERESTS Social regulation and its alternatives. Environmental and paternalist intervention. The economics of tort.

NOTABLE PUBLICATIONS `Negotiation versus consultation in the development of a regulation', Environmental and Resource Economics, 39 (2008), pp. 75-82. `The choice of a liability regime when there is a regulatory gatekeeper' (with Hutton S) Journal of Environmental Economics and Management, 51 (2006), pp. 153-164. `Can downstream waste disposal policies encourage upstream ``Design for environment”?' (with Walls M), American Economic Review, 90 (2000), pp. 233-237. ‘Health care evaluation, utilitarianism and distortionary taxes’, Journal of Health Economics, 19 (2000), pp. 719-730.

2009 TEACHING WORKLOAD Course Coordinator: ECON 201, ECON 314, ECON 411 Lecturer: ECON 405, ECON 201

2009 RESEARCH ACTIVITIES Conference Presentations ‘Corporate liability and internal procedures’, Society for Environmental Law & Economics (Vancouver, March 2009).

2009 PROFESSIONAL ACTIVITIES

Refereeing Journal of Environmental Economics & Mangement Resource & Energy Economics Environmental Modeling & Assessment

CHIA-YING CHANG

POSITION Lecturer ACADEMIC QUALIFICATIONS BA Fu-Jen, MA Penn State, PhD Vanderbilt

DISCIPLINE INTERESTS Monetary/Macroeconomics, endogenous growth theory, industrial organization theory and labor economics.

NOTABLE PUBLICATIONS ‘Money, credit and cyclical behaviour of household investment-the case of cash-in-advance economy’, Journal of Economic Dynamics and

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Control, 28 (2004), pp. 691-706. 2009 TEACHING WORKLOAD Course Coordinator: ECON 402, MOFI 303, MOFI 404 2009 RESEARCH ACTIVITIES Other Academic Publications: Working and Occasional Papers

‘Can a Home Country Benefit from FDIs? A theoretical analysis’ (School of Economics and Finance, Wellington, 2009), Working Paper, 20pp. Conference Presentations ‘Can a home country benefit from FDIs? A theoretical analysis’, Western Economic Association International (Vancouver, June-July 2009).

2008 PROFESSIONAL ACTIVITIES

Refereeing New Zealand Economic Papers Thesis supervision ‘The effects of new entries on economic growth: A story on advanced and laggard sectors’, Vera Hansen completed in November 2009.

PIAN CHEN

POSITION Lecturer ACADEMIC QUALIFICATIONS BE, Hubei, MA Shenzhen, PhD University of California, Davis

DISCIPLINE INTERESTS Econometrics, Quantitative Finance, demand and welfare analyses, labor economics.

NOTABLE PUBLICATIONS ‘Modeling high dimensional economic systems’, PhD Dissertation completed at University of California, Davis (2007). ‘The development of Zhuhai special economic zone’, in Su D B, editor, A Brief History of Chinese Special Economic Zones [Chinese], chapter 2, Guangdong Economic Publishing House (2001), pp. 176-248. ‘The development of Shantou special economic zone’, in Su D B, editor, A Brief History of Chinese Special Economic Zones [Chinese], chapter 3, Guangdong Economic Publishing House (2001), pp. 249-306. ‘Five legal issues regarding multinational corporations’, University of International Business and Economics Journal [Chinese], 5 (2001), pp. 42-46.

2009 TEACHING WORKLOAD Lecturer: ECON 408, QUAN 304

TOBY DAGLISH

POSITION Lecturer ACADEMIC QUALIFICATIONS BSc Canterbury, PhD Toronto

DISCIPLINE INTERESTS Derivatives, credit risk, fixed income securities, financial econometrics, portfolio theory.

NOTABLE PUBLICATIONS ‘What motivates a subprime borrower to default?’, Journal of Banking and Finance, 33, 4 (2009), pp. 681–693. ‘Volatility surfaces: Theory, rules of thumb and empirical evidence’ (with Suo W L and Hull J), Quantitative Finance, 7, 5 (2007), pp. 507-524, http://www.tandf.co.uk/journal. ‘A pricing and hedging comparison of parametric and nonparametric approaches for American index options’, Journal of Financial

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Econometrics, 1, 3 (2003), pp. 327-364, doi: 10.1093/jjfinec/nbg015. 2009 TEACHING WORKLOAD Course Co-ordinator: MOFI 305, MOFI 401, MMAF 527 2009 RESEARCH ACTIVITIES Articles

‘What motivates a subprime borrower to default?’, Journal of Banking and Finance, 33, 4 (2009), pp. 681-693. Conference Presentations ‘Pricing Chinese floating rate bonds and swaps’, 13th New Zealand Finance Colloquium (VUW, Wellington, February 2009).

2009 PROFESSIONAL ACTIVITIES

Thesis supervision ‘Convertible bond pricing with stochastic volatility’, Simon Garisch completed in November 2009.

LEWIS EVANS

POSITION Professor of Economics ACADEMIC QUALIFICATIONS BAgrSci MAgrSci Lincoln, MA MSc, PhD Wisconsin

DISCIPLINE INTERESTS Microeconomics, industrial organisation and econometrics. The operation and performance of markets and organisations.

NOTABLE PUBLICATIONS ‘Contracts in continuous time asymmetric information models: The importance of large information flows’ (with Brock W), Journal of Economic Behaviour and Organisation, 29, 3 (1996), pp. 523-535. ‘Shareholder liability regimes, principal-agent relationships and banking industry performance’ (with Quigley N), The Journal of Law and Economics, XXXVIII, 2 (1995), pp. 497-520. ‘Public utility regulators are only human: a positive theory of rational constraints’ (with Garber S), American Economic Review, 78, 3 (1988), pp. 444-462. ‘Confidence regions for multipliers in linear dynamic models’ (with Wells G), Econometrica, 54, 3 (1986), pp. 699-706.

2009 TEACHING WORKLOAD Course Co-ordinator: ECON 330/LAWS 335, ECON 328 Lecturer: MOFI 306

2009 RESEARCH ACTIVITIES Articles ‘How options provided by storage affect electricity prices’ (with Guthrie G), Southern Economic Journal, 75, 3 (2009), pp. 681-702. Books The E-Book: Forest Valuation under Carbon Pricing: A Real Options Approach (with Glenn Boyle, Richard Meade, Gabriel Fiuza and Andrea Lu), VDM, Verlag, 2009, 208pp.

2009 PROFESSIONAL ACTIVITIES

Support to National Bodies Lay member, New Zealand High Court Member, Government Electricity Task Force Fellow of Law & Economics Association of New Zealand Support to International Bodies Member, Editorial board of the Journal of Contemporary Economic Policy (Western Economics Association). Member, Editorial Board of the journal "Agribusiness", Wiley, from 2007

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GRAEME GUTHRIE

POSITION Professor ACADEMIC QUALIFICATIONS BSc (Hons) MCom PhD Canterbury

DISCIPLINE INTERESTS Finance (including capital budgeting, real options, and the term structure of interest rates). Monetary economics (including central bank targeting of interest rates). Microeconomics (including network economics and regulation.

NOTABLE PUBLICATIONS Real Options in Theory and Practice, Oxford University Press, New York: New York, 432pp. ‘Regulating infrastructure: The impact on risk and investment’, Journal of Economic Literature, 44 (2006), pp. 921-968. ‘Investment, uncertainty and liquidity’ (with Glenn B), Journal of Finance, 58 (2003), pp. 2143-2166. ‘Open mouth operations’ (with Wright J), Journal of Monetary Economics, 46, 2 (2000), pp. 489-516.

2009 TEACHING WORKLOAD Course Coordinator: MOFI 306, MOFI 409, MOFI 410 2009 RESEARCH ACTIVITIES Articles

‘Estimating implied valuation parameters: Extension and application to ground lease rentals’ (with Boyle G and Quigley N), Accounting and Finance, 49, 3 (2009), pp. 465—479. ‘Carbon subsidies, taxes, and optimal forest management'’ (with Kumareswaran, D), Environmental and Resource Economics, 43, 2 (2009), pp. 275—293. ‘How options provided by storage affect electricity prices' (with Evans L), Southern Economic Journal, 75, 3 (2009), pp. 681-702. Books Real Options in Theory and Practice, Oxford University Press, New York: New York, 432pp. Conferences ‘Commodity price behaviour resulting from transaction-cost frictions’, 13th New Zealand Finance Colloquium (VUW, Wellington, February 2009).

2009 PROFESSIONAL ACTIVITIES

Support to International Bodies Social Sciences and Humanities Research Council of Canada Refereeing International Journal of Central Banking Marsden Fund Journal of Financial Research New Zealand Economic Papers Quarterly Journal of Economics Quarterly Review of Economics and Finance

VIV HALL

POSITION Professor, Macarthy Chair of Economics ACADEMIC QUALIFICATIONS Mcom (Hons) PhD Auckland

DISCIPLINE INTERESTS New Zealand, Australian and Pacific Rim business cycle analysis; Macroeconomic modelling and policy, with particular reference to monetary and fiscal policy; growth and productivity analysis.

NOTABLE PUBLICATIONS ‘New Zealand business cycle’ (with McDermott C.J), Econometric Theory, 25, 4 (2009), pp. 1050-1069. ‘Regional business cycles in New Zealand. Do they exist? What might drive them?’ (with McDermott C J), Papers in Regional Science, 86, 2, (2007), pp. 167-191. ‘Consumption-smoothing in a small, cyclically volatile open economy: Evidence from New Zealand’ (with Kim K H and Buckle R A), Journal of International Money and Finance, 25 (2006), pp. 1277-1295. ‘Would adopting the Australian dollar provide superior monetary policy in New Zealand?’ (with Drew A, McDermott C J and St Clair R), Economic Modelling, 21, 6 (2004), pp. 949-964.

2009 TEACHING WORKLOAD Course Coordinator: ECON 202, ECON 403, ECON 423 Lecturer: ECON 305

2009 RESEARCH ACTIVITIES Articles ‘New Zealand business cycle’ (with McDermott C J), Econometric Theory, 25, 4 (2009), pp. 1050-1069. ‘Application of a dynamic panel data estimator to cross-country coffee demand: A tale of two eras’ (with Webb M S), Journal of Economic Development, 34, 1 (2009), pp. 1-17. Other Academic Publication: Working and Occasional Papers ‘A quarterly post-world war II real GDP series for New Zealand’ (with McDermott C J), Reserve Bank of New Zealand Discussion Paper DP2009/12 (2009), available from http://www.rbnz.govt.nz/research/discusspapers/dp09_12.pdf. Conference Presentations ‘A quarterly post-world war II real GDP series for New Zealand’ (with McDermott C J), 14th Australasian Macroeconomics Workshop Conference (AMW09) (Melbourne, April 2009). ‘A quarterly post-world war II real GDP series for New Zealand’ (with McDermott C J), Annual Conference of New Zealand Association of Economists (Wellington, July 2009).

2009 PROFESSIONAL ACTIVITIES

Policy Advice to Government Member, Independent Advisory Panel for New Zealand Treasury’s Macroeconomic Forecasts, 2009 Support to National Bodies Member of Board of Trustees, New Zealand Institute of Economic Research (Inc.). Reserve Bank of New Zealand: Member of the VUW Foundation Management Committee for the VUW/RBNZ Professorial Fellowship in Monetary and Financial Economics. Affiliate, Motu Economic and Public Policy Research. Member, Statistics New Zealand Productivity Reference Group. Support to International Bodies Program Director and Inaugural Research Associate, Macroeconomic Policy Frameworks Program, Centre for Applied Macroeconomic Analysis (CAMA), Australian National University. External Examiner, PhD thesis, Australian National University

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(November 2009). Refereeing Economic Modelling Two papers submitted to CAMA’s Working Paper Series, on ‘Macroeconomic Policy Frameworks’ issues.

DEAN HYSLOP

POSITION Professor ACADEMIC QUALIFICATIONS BSc BA (Hons) VUW, MA PhD Princeton

DISCIPLINE INTERESTS Analysis of labour markets; Applied microeconomics analysis NOTABLE PUBLICATIONS ‘Estimating the dynamic treatment effects of an earnings subsidy for

welfare leavers’ (with Card D), Econometrica, 73, 6 (2005), pp.1723-1770. ‘Rising US earnings inequality and family labor supply: The covariance structure of intrafamily earnings’, American Economic Review, 91, 4 (2001), pp. 755-777. ‘State dependence, serial correlation, and heterogeneity in intertemporal labor force participation of married women’, Econometrica, 67, 6 (1999), pp. 1255-1294. ‘Does inflation “Grease the wheels of the labor market'?’ (with Card D) in Christina Romer and David Romer (eds), Reducing Inflation: Motivation and Strategy, NBER Conference Volume, University of Chicago Press, 1997.

2009 TEACHING WORKLOAD Course Coordinator: ECON 409 Lecturer: QUAN 301

2009 RESEARCH ACTIVITIES Articles ‘Skill upgrading in New Zealand, 1986-2001’ (with Maré D), Australian Economic Review, 42, 4 (2009), pp. 422-434. ‘The dynamic effects of an earnings subsidy for long-term welfare recipients: Evidence from the SSP applicant experiment’ (with Card D), Journal of Econometrics, 153, 1 (2009), pp. 1-20. Other Academic Publication: Working and Occasional Papers ‘Job mobility, and wage dynamics’ (with Maré D), Statistics New Zealand LEED research paper (2009), 34pp, available at http://www.stats.govt.nz/Publications/WorkKnowledgeAndSkills/LEED-reports/job-mobility-wage-dynamics.aspx. Conference Presentations ‘Programme evaluation: Randomisation, heterogeneity and modelling’, invited AWH Phillips lecture to the New Zealand Association of Economists (NZAE) Conference (Wellington, July 2009). ‘Job mobility, and wage dynamics’, invited lecture to the 9th Comparative Analysis of Enterprise Data (CAED) (Tokyo, October 2009).

2009 PROFESSIONAL ACTIVITIES

Support to International Bodies Review of Grand funding application for Athens University of Economics and Business Academic Tenure Review of City University of New York (CUNY).

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Refereeing American Economic Review American Economic Journal: Applied Economics American Economic Journal: Economic Policy Australian Economic Review Canadian Journal of Economics Economics Bulletin Empirical Economics Journal of Applied Econometrics Journal of Economic Dynamics and Control LABOUR: Review of Labour Economics and Industrial Relations Review of Economic Studies.

STEPHEN KEEF

POSITION Senior Lecturer ACADEMIC QUALIFICATIONS BSc (Hons) Leicester MBA PhD Aston

DISCIPLINE INTERESTS Accounting ethics and education, employee share ownership, futures. NOTABLE PUBLICATIONS ‘The dynamics of the Monday effect in international stock indices’ (with

Khaled M and Zhu H), International Review of Financial Analysis, 18, (2009), pp. 125-133. ‘The Monday effect in US cotton prices’ (with Zhu H), Agribusiness: An International Journal, 25, 3 (2009), pp. 427-448. ‘Residual income: A review essay’ (with Roush M L), Australian Accounting Review, 11, 1 (2001), pp. 8-14. ‘Changes in settlement regime and the modulation of the day-of-the-week effects in stock returns’ (with McGuinness P B), Applied Financial Economics, 11, 4 (2001), pp. 361-372.

2009 TEACHING WORKLOAD Course Coordinator: MOFI 201, MOFI 302 2009 RESEARCH ACTIVITIES Articles

‘The dynamics of the Monday effect in international stock indices’ (with Khaled M and Zhu H), International Review of Financial Analysis, 18, 3 (2009), pp. 125-133. ‘The Monday effect in US cotton prices’ (with Zhu H), Agribusiness: An International Journal, 25, 3 (2009), pp. 427-448. ‘Residual income adds up to much ado about nothing’ (with Roush M L), Real Estate Law and Industry Report, 2, 1 (2009), pp. 282-289. ‘The effective interest rates of PIEs’, Taxation Today, (2009), pp. 8-13.

MOHAMMED KHALED

POSITION Senior Lecturer ACADEMIC QUALIFICATIONS BA (Hons) Dhaka, MSc Islamabad, MA (Econ) Essex, PhD Br Columbia

DISCIPLINE INTERESTS Demand systems, economies of scale and scope, production and cost frontiers, stock-market efficiency tests, trends in stock prices and returns.

NOTABLE PUBLICATIONS ‘Tests of weak-form efficiency of the Dhaka stock exchange’ (with Islam A), Journal of Business Finance and Accounting, 32, 7 & 8 (2005), pp.

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1613-1624. ‘Parametric productivity measurement and choice among flexible functional forms’ (with Berndt E), Journal of Political Economy, 87, 6 (1979), pp. 1220-1245. ‘The incidence and exportability and hotel occupancy and other tourist taxes’ (with Fujii E and Mak J), National Tax Journal, 38, 2 (1985), pp. 169-177. ‘Estimates of scale and scope economies in the New Zealand life insurance industry’ (with Adams M B and Pickford M), The Manchester School, 69, 3 (2001), pp. 327-349.

2009 TEACHING WORKLOAD Course Coordinator: QUAN 111, QUAN 201, QUAN 301

2009 RESEARCH ACTIVITIES Articles ‘The dynamics of the Monday effect in international stock indices’, (with Keef S and Zhu H), International Review of Financial Analysis, 18, 3 (2009), pp. 125-133. Conference Presentations ‘Turn of the month effect in stock returns: International panel data evidence’, (with Keef S), presentation at the Western Economic Association International 84th Annual Conference (Vancouver, Canada, June-July 2009), 21pp.

JACEK KRAWCZYK

POSITION Reader ACADEMIC QUALIFICATIONS MSc PhD Warsaw

DISCIPLINE INTERESTS Computational economics, mathematical modelling, dynamic games, optimal control theory and viability theory; applications of the above to monetary policy, portfolio management, environmental and energy economics.

NOTABLE PUBLICATIONS ‘Coupled constraint nash equilibria in environmental games’, Resource & Energy Economics, 27, 2 (2005) pp. 157-181. ‘Use of coupled incentives to improve adoption of environmentally friendly technologies’ (co-authors: Lifran R, Tidball M), Journal of Environmental Economics and Management, 49, 2 (2005), pp. 311-329. ‘Numerical solutions to lump-sum pension fund problems than can yield left-skewed fund return distributions’, Optimal Control and Dynamic Games, Chapter 11, Editors: C Deissenberg and R F Hartl (2005), Springer – the Netherlands, pp. 155-176. ‘Why countries with the same technology and preferences can have different growth rates’ (co-author: Shimomura K), Journal of Economic Dynamics and Control, 27, 10 (2003), pp. 1899-1916.

2009 TEACHING WORKLOAD Course Coordinator: ECON 406, QUAN 103 2009 RESEARCH ACTIVITIES Articles

‘”Satisficing” Solutions to a monetary policy problem: A viability theory approach’, (with Kim KH), Macroeconomic Dynamics, 13 (2009), pp. 46-80. ‘Towards prediction of HCV therapy efficiency’, (with Wasik S, Jackowiak P, Kedziora P, Formanowicz P, Figlerowicz M, Blazewicz J), Computational and Mathematical Methods in Medicine, (2009)

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forthcoming. Conference Presentations ‘Computation of a viability kernel for the four meta-state monetary-policy macroeconomic problem’ (with Serea O S), Workshop on Perturbations, Game Theory, Stochastics, Optimisation and Applications (University of South Australia, September, 2009), available at < http://www.vuw.ac.nz/staff/jacek_krawczyk/somepapers/macro_kernel_compu1oana.pdf>. 'How to use Rosen's normalised equilibrium to enforce a socially desirable pareto efficient solution' (with Tidball M), 15th International Conf in Computing in Economics & Finance (SCE) (Sydney, Australia, July 2009), available through the Conference Maker: https://editorialexpress.com/cgi-bin/conference/conference.cgi?action=login&db_name=CEF2009. 'Viable solutions to an open economy monetary policy problem' (with Kim K, Sethi R), 15th International Conference in Computing in Economics & Finance (SCE) (Sydney, Australia, July 2009), available through the Conference Maker: < https://editorialexpress.com/cgi-bin/conference/conference.cgi?action=login&db_name=CEF2009 >.

2009 PROFESSIONAL ACTIVITIES

Support to International Bodies Member, organising committee of the 15th Computational Economics Conference, Sydney, July 2009. Research Scholar, Kyoto University Institute for Economic Research, Kyoto, 2009. Honorary Theme Co-editor, Encyclopaedia of Life Support Systems (EOLSS), UNESCO Eolss Publishers, Oxford, UK). Advisory editor, Environmental Modeling and Assessment Associate editor, Letters in Spatial and Resource Sciences Editorial board member, Decision Making in Manufacturing and Services (DMMS)

MARTIN LALLY

POSITION Associate Professor ACADEMIC QUALIFICATIONS BCA (Hons) PhD VUW

DISCIPLINE INTERESTS Cost of capital and valuation, with a particular interest in the implications of taxes.

NOTABLE PUBLICATIONS ‘Tax-adjusted market risk premiums in New Zealand: 1931-2002’ (with Marsden A), Pacific-Basin Finance Journal, 12, 3 (2004), pp. 291-310. ‘Time-varying market leverage, the market risk premium and the cost of capital’, Journal of Business Finance and Accounting, 29 (2002), pp. 1301-1318. ‘Valuation of companies and projects under differential personal taxation’, Pacific-Basin Finance Journal, 8, 1 (2000), pp. 115-133. ‘An examination of Blume and Vasicek betas’, The Financial Review, 33, 3 (1998), pp. 183-198.

2009TEACHING WORKLOAD Course Coordinator: MOFI 301, MOFI 402, MOFI 407, MMAF 528 2009 RESEARCH ACTIVITIES Conference Presentations

‘Optimal dividend policy, debt policy and the level of investment within a multi-period DCF framework’, 13th New Zealand Finance Colloquium (VUW, Wellington, February 2009).

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2009 PROFESSIONAL

ACTIVITIES Support to National Bodies New Zealand Defence Forces, preparation of Rental Rates and Taxation (February, 2009), 10pp. Commerce Commission, preparation of Cost of capital estimates for distribution cabinets and fibre-based backhaul: A review ( May 2009), 29pp New Zealand Customs Service, preparation of Comparison of employee benefits under alternative pension schemes (July 2009), 32pp. Commerce Commission, preparation of The Estimated debt premium for the TSP, (2009), 38pp. www.comcom.govt.nz Commerce Commission, preparation of Pre-tax versus post-tax analysis for the TSP, (September 2009), 5pp. (www.comcom.govt.nz). Commerce Commission, advice on the Commission’s Cost of capital guidelines and preparation of WACC and leverage (November 2009), 8pp. (www.comcom.govt.nz). New Zealand Defence Forces, advice on charging airlines for Ohakea landing rights (November 2009). Refereeing The Financial Review Accounting & Finance New Zealand Economic Papers

DAWN LORIMER

POSITION Director, Victoria International Applied Finance Programme ACADEMIC QUALIFICATIONS BCom Auckland

DISCIPLINE INTERESTS Bank and corporate treasury and financial risk management: Treasury and banking education.

NOTABLE PUBLICATIONS Financial Maths for Managers: An excel companion, second edition, Wellington; Kiwicap Education, 2005, 236pp. Financial Risk Mathematics (with Bowden R), London: Association of Corporate Treasurers (2005), 403 + iii. Risk Management (with Bowden R), London: Association of Corporate Treasurers (2005), 377 + iii. Financial Modeling for Managers: with Excel Applications, second edition, USA, (Authors Academic Press, 2003), 282pp.

2009 TEACHING WORKLOAD Directorship Duties for Victoria International Applied Finance Programme Course Coordinator: MMAF 501, MMAF 512, MMAF 523, MMAF 524, MMAF 525, MMAF 526

JERRY MUSHIN

POSITION Senior Lecturer ACADEMIC QUALIFICATIONS BSc (Hons) London

DISCIPLINE INTERESTS Macroeconomics, monetary policy and exchange rates. NOTABLE PUBLICATIONS ‘Increasing stability in the mix of exchange-rate policies’, Studies in

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Business and Economics, 14, 1 (2008), pp. 17-30. ‘The deceptive resilience of fixed exchange rates’, Journal of Economics, Business and Law, 6, 1 (2004), pp. 1-27. Output and the role of money, World Scientific Publishing Company Inc, New York, London and Singapore (2002), 250pp. ‘Co-existing prices and cross-elasticity of demand’, Kyklos, 53, 1 (2000), pp. 71-74.

2009 TEACHING WORKLOAD Course Coordinator: MOFI 202 Lecturer: ECON 130, ECON 140

2009 RESEARCH ACTIVITIES Book Interest rates, prices and the economy Scientific Publishers (India) Jodhpur (2009), 224pp. Article ‘An illustration of the importance of elasticities in microeconomic policy’, Australasian Journal of Economics Education, 5, 1 (2008), pp. 1-5. Other Academic Publications: Book Review ‘Review of Chris Mulhearn and Howard Vane, The Euro: Its origins, development and prospects’, (Edward Elgar publishing, 2008), ‘Book Reviews in Economic and Business History’ (Miami University, USA 2009), 3pp.

VLADIMIR PETKOV

POSITION Lecturer ACADEMIC QUALIFICATIONS MA (Econ) Sofia University, MS (Econ) PhD Cornell University

DISCIPLINE INTERESTS Dynamic games, contracts, environmental economics. NOTABLE PUBLICATIONS ‘Infant firm subsidization in industries with dynamic structure’, Journal of

Industry Competition and Trade, 7, 2 (2007), pp. 73-93. 2009 TEACHING WORKLOAD Course Coordinator: ECON 201, ECON 405, ECON 422

Lecturer: ECON 404 2009 RESEARCH ACTIVITIES Conferences

‘Contracting for dynamic efficiency’, 27th Australasian Economic Theory Workshop (Massey, Auckland, February 2009).

2009 PROFESSIONAL ACTIVITIES

Refereeing Economic Theory Reviewer for American Mathematical Society Thesis Supervision ‘Intra-Labour Strategic Commitment’, Matt Nolan completed in October 2009.

JOHN RANDAL

POSITION Senior Lecturer ACADEMIC QUALIFICATIONS BSc MSc DipFinMath PhD VUW

DISCIPLINE INTERESTS Stock price modelling, derivative pricing, financial time series analysis. Current research includes the application of robust statistics to financial data, in particular for volatility estimation, and analysis of the leverage

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effect. NOTABLE PUBLICATIONS ‘A reinvestigation of robust scale estimation in finite samples’,

Computational Statistics and Data Analysis, 52, (2008), pp 5014-5021. ‘How is donation behaviour affected by the donations of others?’ (with Martin R), Journal of Economic Behaviour and Organization, 67, 1 (2008), pp. 228-238. ‘Non-parametric estimation of historical volatility’ (with Thomson P and Lally M), Quantitative Finance, 4 (2004), pp. 427-440. ‘Maximum likelihood estimation for Tukey’s three corners’ (with Thomson P), Computational Statistics and Data Analysis, 46, 4 (2004), pp. 677-687.

2009 TEACHING WORKLOAD Course Coordinator: QUAN 102, QUAN 203, MOFI 405 2009 RESEARCH ACTIVITIES Articles

‘How Sunday, price, and social norms influence donation behaviour’ (with Martin R), Journal of Socio-Economics, 38 (2009), pp 722-727. Conference Presentations ‘Fitting jump diffusion processes using the EM algorithm’, The Australasian Meeting of the Econometric Society (Canberra, Australia, July 2009). ‘Measuring volatility of non-normal returns’, Cherry Bud Workshop (Keio University, Japan, March 2008).

LEIGH ROBERTS

POSITION Senior Lecturer ACADEMIC QUALIFICATIONS BSc (Hons) Melbourne, MSc Tasmania, MSc London, PhD VUW, AIAA

DISCIPLINE INTERESTS Financial mathematics, risk management and insurance. Combinatorics; jack polynominals and zonal polynominals.

NOTABLE PUBLICATIONS ‘Towards a parsimonious calculation of Jack Polynomials’, International Journal of Pure and Applied Mathematics, 39, 2 (2007), pp 173-189. ‘On the existence of moments of ratios of quadratic forms’, Econometric Theory, 11 (1995), 750-774. ‘Weighted mortality rates as early warning signals for insurance companies’, Austin Bulletin, 23, 2 (1993), 273-286. ‘On ratios of random variables and generalised mortality rates’, Journal of Applied Probability, 29 (1992), 286-279.

2009 TEACHING WORKLOAD Course Coordinator: QUAN 371, FINM 465, FINM 470, FINM 472.

JACK ROBLES

POSITION Associate Professor ACADEMIC QUALIFICATIONS PhD in Economics, University Caflifornia, San Diego

DISCIPLINE INTERESTS Game theory and economic theory: Currently researching rationality in extensive form games, evolutionary stability in bargaining situations, discrimination (in group bias) as a repeated game equilibrium, and

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contracts between lawyers and clients. NOTABLE PUBLICATIONS ‘Product innovation and parallel trade’ (with Li C Y), The International

Journal of Industrial, 25 (2007), pp. 417-429. ‘Does evolution solve the hold up problem?’ (with Ellingsen T), Games and Economic Behavior, 39 (2002), pp. 28-53. ‘Evolution in finitely repeated coordination games’, Games and Economic Behavior, 34 (2001), pp. 312-330. ‘Evolution with changing mutation rates’, Journal of Economic Theory, 79 (1998), pp. 192-207.

2009 TEACHING WORKLOAD Course Coordinator: ECON 404 Lecturer: ECON 201, ECON 314, ECON 328

JOHN SINGLETON

POSITION Reader ACADEMIC QUALIFICATIONS BA PhD Lancaster, BD Edinburgh, MSc London

DISCIPLINE INTERESTS Financial history (especially central banking), economic relations in the British empire and commonwealth, business history.

NOTABLE PUBLICATIONS Innovation and Independence: The Reserve Bank of New Zealand, 1973-2002 (with Grimes A, Hawke G, and Sir Holmes F), (Auckland, Auckland University Press, 2006), 340pp. Economic relations between Britain and Australasia 1945-1970 (with Robertson P L), (Palgrave, Basingstoke, 2002), 289pp. ‘The World Textile Industry’, (Routledge, London, 1997). ‘Lancashire on the scrapheap: The cotton industry, 1945-70’, (Oxford University Press, 1991).

2009 TEACHING WORKLOAD Course Coordinator: ECON 205, ECON 421 2009 RESEARCH ACTIVITIES Articles

‘The Euromarkets and the New Zealand government in the 1960s’, Australian Economic History Review, 49, 3 (2009), pp. 252-275. ‘Financial crises, sound policies and sound institutions: An interview with Michael Bordo’. Reserve Bank of New Zealand Bulletin, 72, 3 (2009), pp. 61-68. Book The Watchdog: New Zealand’s Audit Office 1840-2008 (Co-author with Green D, JS 40%), Dunedin, Otago University Press, 2009, 208 pp Conference Presentations ‘Basket pegs and exchange rate regime change: Australia and New Zealand in the mid-1970s’ (with Catherine Schenk), presented at workshop on ‘Exchange Rate Regimes in Historical Perspective’ (University of Glasgow, March 2009). ‘Central banks: how do they protect their status and influence?’, paper presented at workshop on ‘Central Banking in the Twentieth Century’ (University of Reading, April 2009). ‘The winds of change for central banks? The impact of economic crises on the central banking world’, presented at the workshop on ‘The Global Financial Crisis: Historical Perspectives and Implications of New

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Zealand’ (Reserve Bank of New Zealand, June 2009). 2009 PROFESSIONAL

ACTIVITIES Refereeing Business History Economic History Review Textile History

PAUL TOMPKINSON

POSITION Senior Lecturer ACADEMIC QUALIFICATIONS BA (Hons) Leicester, DipEconomics and Econometrics MSc

Southampton DISCIPLINE INTERESTS Economic methodology, international trade theory and policy. Current

research is on trade and welfare with occupational preferences, argumentation in economics and the methodology of economic modelling.

NOTABLE PUBLICATIONS ‘The effect of information on fiscal preferences’ (with Bethwaite J), Journal of Economic Psychology, 12 (1991), pp. 287-298. ‘The strategic use of economic models in a macro game’, New Zealand Economic Papers, 25 (1991), pp. 39-50. ‘The ultimatum game: Raising the stakes’ (with Bethwaite J), Journal of Economic Behaviour and Organisation, 27 (1995), pp. 439-451. ‘The ultimatum game: and non-selfish utility functions’ (with Bethwaite J), Journal of Economic Psychology, 17 (1996), pp. 48-71.

2009 TEACHING WORKLOAD Graduate Coordinator for School of Economics and Finance Course Coordinator: ECON 309, ECON 412 Lecturer: ECON 130

MALATHI VELAMURI

POSITION Lecturer ACADEMIC QUALIFICATIONS BSc, MA Madras, MS PhD University of Texas, Austin

DISCIPLINE INTERESTS Labour Economics, Labour Supply, Health, Job Dynamics, Gender Issues, Migration, Crime.

NOTABLE PUBLICATIONS ‘Health insurance, employment sector choices and job attachment patterns of men and women’, Doctoral Thesis (submitted to University of Texas at Austin, August 2004), pp. 124.

2009 TEACHING WORKLOAD Course Coordinator: ECON 416, ECON 333 2009 RESEARCH ACTIVITIES Other Academic Publications: Working and Occasional Papers

‘Is the internet bad news? The online news era and the market for high-quality news’ (with Paul Frijters), http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1396003 ‘Demand for private health insurance and hospital care in Australia: evidence from the national health survey’ (with Eldridge D, Koc C and Onur I) Conference Presentations ‘Joint demands for health insurance and health care: Evidence from Australia’ (with Eldridge D, Koc C and Onur I), New Zealand Association of Economists Conference (Wellington, July 2009).

2009 PROFESSIONAL Refereeing

ACTIVITIES Contemporary Economic Policy Reserve Bank of New Zealand Occasional Papers

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VUW ECONOMICS AND FINANCE SEMINAR SERIES

Convenor: Toby Daglish

10 February 2009 Speaker: Professor Steve Swidler, University of Auburn, Alabama, USA Title: "An Empirical Analysis of Residential Property Flipping" 25 February 2009 Speaker: Professor John Gibson, University of Waikato, Hamilton Title: "The Microeconomic Determinants of Emigration and Return Migration of the Best and Brightest: Evidence from the Pacific" 27 February 2009 Speaker: Professor Scott Weisbenner, ex-University of Illinois, now Michigan State University, A.J. Pasant Professor of Finance Title: "Local Dividend Clienteles" 2 March 2009 Speaker: Dr Valentyn Panchenko, Senior Lecturer, School of Economics, Australian School of Business, University of New South Wales, Sydney Title: "Out of sample comparison of copula specifications in multivariate density forecasts" 6 March 2009 Speaker: Professor Robin Grieves, University of Otago, Dunedin Title: "The Search for Relative Value in Bonds" 13 March 2009 - Joint Seminar with VMS Speaker: Prof. Kaoru Yamaguchi, Doshisha University, Kyoto, Japan & currently visiting the Victoria Management School, Victoria University of Wellington Title: "An Introduction to Macroeconomic Modelling using System Dynamics" 17 March 2009 Speaker: Prof. Wayne Mikkelson, University of Oregon, Oregon, USA Title: "Do favorable market conditions lead to costly decisions to go public?" 20 March 2009 Speaker: Associate Professor Richard Watt, University of Canterbury, Christchurch. Title: "A New Approximation to the Risk Premium for Large Risks" 31 March 2009 Speaker: Professor Stephen Le Roy, University of California, Santa Barbara, USA Title: "Modeling mortgage defaults and mortgage pricing" 3 April 2009 Speaker: Dr Andrew Coleman, MOTU, Wellington Title: "Tax credit constraints and the big costs of small inflation" 7 April 2009 Speaker: Associate Professor Mario Crucini, Dept of Economics, Vanderbilt University, USA Title: "A Model of International Cities: Implications for Real Exchange Rates"

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1 May 2009 Speaker: Dr Laura Meriluoto, Senior Lecturer, Canterbury University, Christchurch Title: "Fixed Price Offers in online Auctions" 12 June 2009 Speaker: Professor Michael Bordo, Rutgers University, New Brunswick, New Jersey, USA Jointly with Reserve Bank of NZ, the Monetary Economics Fellow Title: "Foreign Currency Debt, Financial Crises and Economic Growth: A Long Run View" 10 July 2009 Speaker: Dr Jacek Krawczyk, Reader, VUW, School of Economics and Finance, Wellington Title "How to use Rosen's normalised equilibrium to enforce a socially desirable Pareto efficient solution" 17 July 2009 Speaker: Professor Michael Bordo, Rutgers University, New Brunswick, New Jersey, USA Jointly with Reserve Bank of NZ, the Monetary Economics Fellow Title: "Global Shocks, Global Financial Crises: How do small open economies like New Zealand protect themselves?" 22 July 2009 Speaker: Professor Christophe Deissenberg, Universite de la mediterranee, Aix-Marseille, France Title: "Learning Benevolent Leadership in an Agency-Based Economy" 7 August 2009 Speaker: Professor Jacques Poot, Professor of Population Economics, Population Studies Centre, University of Waikato Title: "Migration, Relationship Capital and International Travel: Theory and Evidence" 17 August 2009 Speaker: Dr Kent Gang Deng, LSE, London, UK Title: "China: The Communist State with Maoist Living Standards, 1956-1976" 11 September 2009 Speaker: Dr Erwann Sbai, Dept of Economics, Auckland University, Auckland NZ Title: "Estimation and Comparison Procedure for Electricity Spot Market Auctions" 19 October 2009 Speaker: Professor Yukiko Abe, Hokkaido University, Japan Title: "The Equal Employment Opportunity Law and Labour Force Behaviour of Women in Japan" 2 November 2009 Speaker: Dr Ilke Onur, Visiting Lecturer, School of Economics, University of New South Wales, Australia Title: "Last-Minute Bidding in Sequential Auctions, with Unobserved, Stochastic Entry" 6 November 2009 Speaker: Dr Martin Berka, Massey University, Albany, Auckland Title: "What determines European real exchange rates?" (with Mick Devereux)

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VISITORS February 2009 Professor Steve Swidler, University of Auburn, Alabama, USA Professor Scott Weisbenner, ex-University of Illinois, now Michigan State University, USA March 2009 Professor Stephen Le Roy, University of California, Santa Barbara, USA April 2009 Associate Professor Mario Crucini, Dept of Economics, Vanderbilt University, USA June 2009 Professor Michael Bordo (Monetary Economics Fellow), Rutgers University, New Brunswick, New Jersey, USA July 2009 Professor Christophe Deissenberg, Universite de la Mediterranee, Aix-Marseille, France August 2009 Dr Kent Gang Deng, London School of Economics, London, UK November 2009 Dr Ilke Onur, School of Economics, University of New South Wales, Australia

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Founded in 1998, ISCR is an independent, non-profit research institute. Funding of its activities is provided by members, project work, and research grants. Governance of ISCR is the responsibility of Executive Director, Chairman and the Board of Directors.

The primary objectives of ISCR research are to assist in understanding:

• how markets and organisations operate • how markets provide appropriate incentives and disciplines for organisations • the limitations of markets, and the role of regulation in addressing these limitations • the importance of property rights and institutional structures in facilitating effectiveness of markets,

organisations, competition, and regulation in New Zealand

Some broad research themes are:

Competition and Markets

Analysis of economic units in a competitive environment. In particular,

• The importance of incentives (financial, reputational, career, and moral) in shaping economic behaviour • The role of market competition in facilitating incentives and imposing appropriate discipline on

participants • Optimal investment, financing and savings strategies in a competitive environment

Regulation and Governance

Analysis of economic units in a regulated environment. In particular,

• The incentive effects of regulation • The optimal design of regulation • Developments in the legal and regulatory environment

The Economic Structure of Industries, Institutions, Markets and Contracts

Description and assessment of specific firms and industries.

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