Faculty of Commerce and Administration

2006 School Report

School of

Economics and Finance

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TABLE OF CONTENTS

From the Head of School ___________________________________________ 4

Our Staff ____________________________________________________________ 5

Our Teaching _______________________________________________________ 7 AIMS AND OBJECTIVES__________________________________________________________ 7 STUDENT DEMOGRAPHICS ______________________________________________________ 7 UNDERGRADUATE ENROLMENTS ________________________________________________ 8 2006 STUDENT PASS RATES* ____________________________________________________ 9 Undergraduate Teaching_____________________________________________________________9

ECONOMICS COURSES _________________________________________________________ 9 MONEY AND FINANCE COURSES ________________________________________________10 ECONOMETRICS COURSES_____________________________________________________10 SUMMER SCHOOL_____________________________________________________________10 Graduate Teaching________________________________________________________________ 10 HONOURS____________________________________________________________________10 FINANCIAL MATHEMATICS PROGRAMME _________________________________________11 VICTORIA INTERNATIONAL APPLIED FINANCE PROGRAMME ________________________11 Outstanding Students _____________________________________________________________ 11

Our Research ______________________________________________________12 MUGE ADALET ________________________________________________________________12 GEOFF BERTRAM _____________________________________________________________13 ROGER BOWDEN______________________________________________________________14 STEPHEN BURNELL____________________________________________________________15 PAUL CALCOTT _______________________________________________________________16 CHIA­YING CHANG_____________________________________________________________16 PETER CHANG ________________________________________________________________17 JIN SEO CHO__________________________________________________________________17 PENELOPE DE BOER___________________________________________________________18 TOBY DAGLISH________________________________________________________________18 LEWIS EVANS_________________________________________________________________19 GRAEME GUTHRIE_____________________________________________________________20 VIV HALL _____________________________________________________________________21 CHIROK HAN__________________________________________________________________22 HUI HUANG ___________________________________________________________________23 STEPHEN KEEF _______________________________________________________________23 MOHAMMED KHALED __________________________________________________________24 KUNHONG KIM ________________________________________________________________24 JACEK KRAWCZYK ____________________________________________________________25 MARTIN LALLY ________________________________________________________________26 DAWN LORIMER_______________________________________________________________27 RICHARD MARTIN _____________________________________________________________28 JOHN MCDERMOTT ____________________________________________________________28 YULIYA MESHCHERYAKOVA ____________________________________________________29 LYNDON MOORE ______________________________________________________________30 JERRY MUSHIN________________________________________________________________30 VLADIMIR PETKOV_____________________________________________________________31 JOHN RANDAL ________________________________________________________________31

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LEIGH ROBERTS ______________________________________________________________32 JACK ROBLES_________________________________________________________________32 JOHN SINGLETON _____________________________________________________________33 PAUL TOMPKINSON____________________________________________________________33 MALATHI VELAMURI ___________________________________________________________34 SHUNMING ZHANG ____________________________________________________________34 VUW Economics and Finance Seminar Series _________________________________________ 36

Visitors__________________________________________________________________________ 38

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FROM THE HEAD OF SCHOOL

In 2006, following a nation­wide trend, the School of Economics and Finance saw our international student numbers fall by 20%, while domestic numbers rose by 5%. We ended the year with 1,075 full­time equivalent students, down 7% on 2005.

Visitors to the School in 2006 included the Reserve Bank Professorial Fellow, Dick Herring (Wharton), Mukul Majumdar (Cornell), Larry Christiano (Northwestern), Steven Swidler (Auburn), Hank Bessembinder (Utah), Simon Anderson (Virginia), Ahmed Mushfiq Mobarak (Colorado), Barry Chiswick (Illinois at Chicago), Carmel Ullman Chiswick (Illinois at Chicago), Alex Frino (Sydney), Doug Allen (Simon Fraser), and Stuart L. Gillan (Arizona State). Overall, the School hosted 20 international and four domestic visitors.

With regards to recruitment, the School successfully hired John McDermott (formally the Chief Economist of the ANZ National Bank of New Zealand, PhD from Yale, with research interests in Macroeconomics, International Finance, and Time Series Econometrics), Toby Daglish (formally with the University of Iowa, PhD from Toronto, with research interests in Derivatives, Financial Engineering, and Risk Management), and Lyndon Moore (PhD from Northwestern, with research interests in Economic History, Finance, and Business History). All three will greatly strengthen the research and teaching programmes of the School.

Unfortunately, the School lost three staff in 2006; John Owens (Finance and Econometrics, who returned to the USA), Richard Martin (Microeconomics and Experimental Economics, who returned to Canada), and Chirok Han (Econometrics, who moved to the University of Auckland). All three will be greatly missed. The only positive aspect of their departures was that all three assured us there was nothing more the School could have done to retain them; all three were happy here and left for personal and family reasons.

Stephen J Burnell Head School of Economics and Finance

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OUR STAFF

Head of School Stephen J. Burnell, MCA VUW, MPhil PhD Camb

Professors Roger J. Bowden, BA BSc MA Auck PhD Manc 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 Neil Quigley, BA MA(Hons) Cant, PhD Toronto

Associate Professors/Readers Jacek B. Krawczyk, MSc PhD Warsaw Martin T. Lally, BCA (Hons) PhD VUW John McDermott, MCom Auck, MA MPhil PhD Yale 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 Paul Calcott, MSS Dip Econ Waik, MCom Cant, PhD UCLA Chirok Han, BA MA Seoul, PhD Mich State Colin E. Jeffcoat, BA (Hons) VUW, BA MSc Auck, PhD N Carolina Stephen P. Keef, BSc (Hons) Leic, MBA PhD Aston Mohammed Khaled, BA Dhaka, MSc (Hons) Islam, MA Essex, PhD Br Col Kunhong Kim, MS PhD Carnegie­Mellon Jerry Mushin, BSc (Hons) Lond Paul Tompkinson, BA (Hons) Leic, Dip EconEconometrics MSc Southampton

Lecturers Müge Adalet, BA Koc University, PhD Calif Chia­Ying Chang, BA Fu­Jen, MA Penn State, PhD Vanderbilt Peter Chang, BS Southern Methodist, MS PhD Texas Jin­Seo Cho, MA Yonsei, MA PhD Calif Toby Daglish, BSc Cant, PhD Tor Hui Huang, BS Tsinghua, MA PhD Western Ont Richard Martin, BAH Guelph, MA U Qu. (Can), PhD S. Fraser Yuliya Meshcheryakova, Dip(Hons) Applied Maths Voronezh, MA NES, MA & PhD Northwestern Lyndon Moore, B Econ(Hons) Tas, MA PhD Northwestern Vladimir Petkov, MA Sofia, MS PhD Cornell John Randal, BSc MSc DipFinMath PhD VUW Malathi Velamuri, BSc, MA Madras, MS PhD Texas

Post­Doctoral Fellow Shunming Zhang, BS CCN, MS PhD ChAcSc

Director, Financial Mathematics Programme Leigh Roberts, BSc (Hons) Melb, MSc Tas, MSc Lond, PhD VUW, AIAA

Director, Victoria International Applied Finance Programme Dawn Lorimer, BCom Auck

Director, 100­Level Programmes, SEF Penelope de Boer, BSc Cant

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Manager Amanda Dillon

Administrators Amanda Campbell Suzanne Freear Alice Fong Bun Wong

Adjunct Professors Robert A. Buckle, BCom (Acc) MCom (Hons, Econ) Auck Peter Thomson, BSc (Hons) Otago, PhD ANU Leslie Young, MSc (Hons) VUW, DPhil Oxon, Professor of Finance, Chinese University of Hong

Kong

Emeritus Professors L. Fraser Jackson, MA NZ, FSS

External Contributing Lecturers to SEF Programmes Joe Cheung, FinEdu Tech Ltd Jackie Cummings, Health Services Research Centre Luke Geldermans, School of Economics and Finance, VUW Veronica Jacobsen, Ministry of Justice Jaromir Kovárík Shee Boon Law Dave Mare, Motu Richard Meade, Cognitus Ltd Ganesh Nana, BERL Adrian Slack, School of Economics and Finance, VUW Robert Stephens, School of Government, VUW Steven Stillman, Motu Antong Victorio, School of Government, 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 Male ............................................................. 1550

Female ............................................................. 1324

Study Status Full­time ............................................................. 2266 Part­time ............................................................... 608

Fee Type Domestic ............................................................. 2051 International ............................................................... 823

Age 17 ............................................................... 144 18 ............................................................... 554 19 ............................................................... 437 20 ............................................................... 425 21 ............................................................... 360 22 ............................................................... 287 23 ............................................................... 171 24 ............................................................... 115

25­29 ............................................................... 213 30­34 ................................................................. 85 35­39 ................................................................. 41 40­99 ................................................................. 42

Ethnicity Asian ............................................................. 1187 European/Pakeha ............................................................. 1318

Fijian ................................................................. 19 Māori ............................................................... 146

Pacific Islander ............................................................... 100 Other ............................................................... 123

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UNDERGRADUATE ENROLMENTS Number of Students in 2006 ............................................................................................................................................................5586 2006 Enrolments in ECON courses ECON130 .........................................................................1167

ECON130** ........................................................................ 223 ECON140 ........................................................................... 624 ECON140** .......................................................................... 92 ECON201 ........................................................................... 175 ECON202 ........................................................................... 181 ECON205 ............................................................................. 34 ECON224 ............................................................................. 25 ECON305 ............................................................................. 62 ECON307 ............................................................................. 24 ECON309 ............................................................................. 48 ECON314 ............................................................................. 61 ECON328 ............................................................................. 32 ECON330 ............................................................................. 53 ECON333 ............................................................................. 54

2006 Enrolments in MOFI courses MOFI201 ........................................................................... 413 MOFI202 ........................................................................... 252 MOFI301 ........................................................................... 135 MOFI302 ........................................................................... 120 MOFI303 ............................................................................. 87 MOFI305 ........................................................................... 112 MOFI 306 ............................................................................. 11

2006 Enrolments in QUAN courses QUAN102 ........................................................................... 558 QUAN102** ........................................................................ 145 QUAN103 ............................................................................. 69 QUAN103** .......................................................................... 62 QUAN111 ........................................................................... 457 QUAN201 ........................................................................... 103 QUAN203 ............................................................................. 47 QUAN301 ............................................................................. 36 QUAN304 ............................................................................. 43 QUAN371 ............................................................................. 81

2006 Enrolments in FINM courses FINM 371 ............................................................................. 13

** Summer courses

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2006 STUDENT PASS RATES* *Figures are indicative of those students who completed all course requirements and achieved a grade of 50% or better **Summer Course

ECONOMICS ECON 130 ..............................................................77% ECON 130** ...........................................................64% ECON 140 ..............................................................78% ECON 140** ...........................................................78% ECON 201 ..............................................................69% ECON 202 ..............................................................69% ECON 205 ..............................................................76% ECON 224 ..............................................................92% ECON 305 ..............................................................97% ECON 307 ..............................................................96% ECON 309 ..............................................................71% ECON 314 ..............................................................93% ECON 328 ..............................................................88% ECON 330 ..............................................................91% ECON 333 ..............................................................93%

MONEY & FINANCE MOFI 201 ..............................................................87% MOFI 202 ..............................................................77% MOFI 301 ..............................................................66% MOFI 302 ..............................................................90% MOFI 303 ..............................................................78% MOFI 305 ..............................................................76% MOFI 306 ............................................................100%

ECONOMETRICS QUAN 102 ..............................................................66% QUAN 102** ...........................................................65% QUAN 103 ..............................................................70% QUAN 103** ...........................................................84% QUAN 111 ..............................................................76% QUAN 201 ..............................................................76% QUAN 203 ..............................................................74% QUAN 301 ..............................................................83% QUAN 304 ..............................................................98% QUAN 371 ..............................................................95%

FINANCIAL MATHEMATICS FINM 371 ..............................................................92%

UNDERGRADUATE TEACHING

ECONOMICS COURSES

ECON 130: Economic Principles and Issues ­ P Tompkinson*, J Mushin, P de Boer, A Slack, R Martin, M Adalet

ECON 140: Economics and Strategic Behaviour ­ P Calcott*, J Mushin, A Slack, J Kovárík ECON 201: Microeconomics ­ M Khaled*, V Petkov ECON 202: Macroeconomics ­ V Hall*, P Chang

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ECON 205/IBUS 202: The Development of the Modern International Economy ­ J Singleton*, M Adalet

ECON 224/PUBL 203: Introduction to Public Economics ­ A Victorio* (SoG) ECON 305: Macroeconomics: Growth, Business Cycles and Sustainability ­ G Bertram*, KH Kim ECON 307/PUBL 303: Public Sector Economics ­ R Stephens* (SoG) ECON 309: International Economics ­ P Tompkinson*, Y Meshcheryakova ECON 314: Microeconomics: Information and Markets ­ P Calcott*, L Geldermans, J Robles ECON 328: Industry Structure and Business Strategy – L Evans*, R Martin ECON 330: Law and Economics – L Evans*, V Jacobsen ECON 333: Economics of Work and Pay ­ M Velamuri*, P Calcott

MONEY AND FINANCE COURSES

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

ECONOMETRICS COURSES

QUAN 102: Statistics for Business ­ J Randal*, C Thomson QUAN 103: Introductory Maths for Business ­ P de Boer* QUAN 111: Mathematics for Economics and Finance ­ P de Boer*, M Khaled, J Kovárík QUAN 201: Introduction to Econometrics – M Khaled*, C Han QUAN 203: Econometric Theory for Economics and Finance ­ J Randal*, JS Cho QUAN 301: Econometrics ­ C Han, KH Kim* QUAN 304: Financial Econometrics ­ JS Cho*, J McDermott QUAN 371/FINM 371: Financial Mathematics ­ L Roberts*, H Huang

SUMMER SCHOOL

ECON 130: Economic Principles and Issues ­ J Mushin, P de Boer ECON 140: Economic and Strategic Behaviour ­ A Slack QUAN 102: Statistics for Business – A Slack, J Randal, G Nana QUAN 103: Introductory Maths for Business ­ P de Boer

GRADUATE TEACHING

HONOURS

ECON 401: Topics in the Nature of Economic Inquiry ­ P Tompkinson* ECON 402: Advanced Macroeconomic Theory A ­ K H Kim* ECON 403: Advanced Macroeconomic Theory A ­ CY Chang*, J McDermott ECON 404: Advanced Microeconomic Theory A – J Robles*, V Petkov ECON 405: Advanced Microeconomic Theory A ­ P Calcott, V Petkov* ECON 406: Economic Dynamics A ­ J Krawczyk* ECON 407: Economic Dynamics B ­ J Krawczyk* ECON 408: Advanced Econometrics A ­ C Han* ECON 409: Advanced Econometrics B ­ JS Cho*, J Randal ECON 410/PUBL 410: Public Economics A ­ R Stephens* (SoG) ECON 411/PUBL 411: Public Economics B ­ J Cummings (HSRC), P Calcott* ECON 412: International Economics A – Y Meshcheryakova*

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ECON 413: International Economics B – K H Kim* ECON 414: Theories of Growth and Development ­ G Bertram* ECON 415: Topics in Development Economics ­ G Bertram* ECON 416: Labour Markets – M Velamuri*, D Mare, S Stillman (Motu) ECON 417: Labour Markets in the Global Economy – M Velamuri*, D Mare, S Stillman (Motu) ECON 421: The Asian Miracle Economies since 1945 – J Singleton* ECON 422: Industrial Organisation ­ R Martin* ECON 423: Macroeconomic Modelling of the New Zealand Economy ­ V Hall* MMCA 401: Methodology ­ P Tompkinson* MOFI 401: Options ­ G Guthrie* MOFI 402: Corporate Finance ­ M Lally* MOFI 403: Monetary Economics A ­ P Chang* MOFI 405: Stock Prices & Volatility Modelling ­ J Randal*, P Thomson MOFI 406: Special Topic: Strategic Portfolio Theory ­ Glenn Boyle* MOFI 407: Advanced Investments ­ M Lally* MOFI 409: Special Topic: Real Options – G Guthrie*

FINANCIAL MATHEMATICS PROGRAMME

FINM 470: Introduction to Risk Management and Insurance ­ L Roberts* FINM 471: Risk Management and Insurance – L Roberts* FINM 472: Financial Engineering & Risk Management, ­ L Roberts* FINM 465/MOFI 406: Special Topic: Mathematics of Finance ­ L Roberts*

VICTORIA INTERNATIONAL APPLIED FINANCE PROGRAMME

MMAF 501: New Zealand Capital Markets – R Bowden* MMAF 502: Corporate Finance – D Lorimer*, J Cheung MMAF 514: Derivatives – G Guthrie* MMAF 515: Financial Institutions Management – D Lorimer* MMAF 521: Macroeconomic Processes and Financial Management ­ R Bowden* MMAF 522: Risk and Insurance – L Roberts* MMAF 523: Treasury Accounting and Tax – S B Law & A Smith MMAF 524: Financial Econometrics – V Martin* MMAF 525: Financial Modelling ­ J Cheung* MMAF 527/MOFI 401: Options ­ G Guthrie* MMAF 530/MOFI 409: Special Topic: Real Options – G Guthrie* MMAF 531/ MOFI 406: Special Topic: Mathematics of Finance ­ L Roberts* MMAF 532/MOFI 405: Stock Prices & Volatility Modelling – J Randal*, P Thomson

OUTSTANDING STUDENTS

ABN­AMRO Scholarship in Finance Awarded to encourage the study of Business Finance, to students enrolled in MOFI 400­level courses: James Boyle

Bernard Edward Murphy Memorial Scholarships Awarded to the best eligible graduate/s in Economics proceeding to Honours/Masters study: Ingmar de Ruiter

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First New Zealand Capital Scholarship Awarded to encourage the study of Business Finance, to students enrolled in MOFI 400­level or 300­ level courses: William Thomson

Australasian Institute of Banking & Finance Awarded to the best student in MOFI 301: Corporate Finance William Thomson

Philpott­BERL Scholarship Nathaniel Robson

GGG Watson Award Yinjia Lu

Jan Whitwell Prize for Monetary and Macroeconomics Awarded to the best student in ECON 305 and MOFI 303: Lisa Tat

School of Economics and Finance Prize Makower McBeath & Co Staff Prize Awarded to the best student in ECON 140: Awarded to the best student in ECON 130: James Dunn Vivian Lim

SEF Prize in Second Year Macroeconomics SEF Prize in Second Year Microeconomics Hamish Don Nimesh Patel

SEF Postgraduate Scholarship James Key

SEF Graduate Assistantships Eli Grace­Webb Jessica Bensemann

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OUR RESEARCH

MÜGE ADALET POSITION Lecturer

ACADEMIC QUALIFICATIONS BA Koc University, PhD University of California, Berkeley

DISCIPLINE INTERESTS Financial Institutions and Crises, Banking Regulation, European Financial History, Cross Border Mergers and Acquisitions, Corporate Governance, History of European Central Banking, Universal Banking, Capital Flow Reversals and Sudden Stops

2006 TEACHING WORKLOAD Lecturer: ECON 130, ECON 205 2006 RESEARCH ACTIVITIES Other Academic Publications: Working and Occasional Papers

‘Current Account Reversals: Always a Problem?’ with Barry Eichengreen (NBER Working Paper No. 11634, 2005), 55pp.

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‘The Effect of Financial Structure on Crises: Universal Banking in Interwar Europe’ (Wellington, School of Economics and Finance, Working Paper, November 2006), 42pp. ‘Fundamentals, Capital Flows and Capital Flight: The German Banking Crisis of 1931’, (Wellington, School of Economics and Finance, Working Paper, November 2006), 37pp.

Conference Presentations ‘Global Merger Waves’, (with Julian di Giovanni and Andre Faria), presented at the 11th Annual Meeting of LACEA, (Mexico City, Mexico, November 2006).

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, 1984­2005’, 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. 203­234. ‘On the Convergence of Small Island Economics with their Metropolitan Patrons’,World Development, 32, 2 (2004), pp. 343­364. ‘New Zealand since 1984: Elite Succession, Income Distribution and Economic Growth in a Small Trading Economy’, Geojournal 59, 2 (2003), pp. 93­106. ‘Tradeable Emission Quotas and the Control of Greenhouse Gases’, in Tietenberg, T. (ed.) The Economics of Global Warming, Edward Elgar International Library of Critical Writings in Economics 74, Cheltenham, UK, 1997; originally published in Journal of Development Studies 28, 3 (1992), pp 423­446.

2006 TEACHING WORKLOAD Course Coordinator: ECON 305, ECON 414, ECON 415 Lecturer: DEVE 501

2006 RESEARCH ACTIVITIES Articles ‘Introduction: the MIRAB Model in the Twenty­First Century’, Asia Pacific Viewpoint, 47, 1, (April 2006), pp. 1­14. ‘Bundled Discounting, Predatory Pricing and Section 36: A Post­Mortem on CHH v Commerce Commission’, Waikato University Law Review, 14, (December 2006), pp. 17­33.

Chapters ‘Restructuring of the New Zealand Electricity Sector, 1984­2005’, 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. 203­234. ‘Bibliography on Migration and Remittances’, Chapter 10 in Shaw, J. (ed), Remittances, Microfinance and Development: Building The Links

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Vol.1 A Global View (Brisbane: Foundation for Development Cooperation, 2006), pp. 92­123.

Edited Collections ‘Beyond MIRAB: The Political Economy of Small Islands in the Twenty­ First Century’, special issue of Asia Pacific Viewpoint, 47, 1 (April 2006).

Other Academic Publications: Book Reviews Review of Satish Chand, ‘Pacific Islands Regional Integration and Governance’ (Australian National University, Canberra, 2005) in Economic Analysis and Policy: Journal of the Economic Society of Australia (Queensland) 34(2) September 2006.

Major Reports to the Government/NGOs/professional bodies/private clients Statement of Evidence in the matter of the Resource Management Act 1991 and of a Consent Application for the Wairau Hydroelectric Project by Trustpower Limited, prepared for Marlborough Council Planning Committee (June 2006), 35pp.

Conference Presentations ‘Predatory Pricing and Section 36’, 6th Annual Competition Law and Regulation Review Conference, (Wellington, February 2006). ‘The Importance of Resource Fungibility in the AK Model of Economic Growth, and Implications for the Theory of Development Aid’, with Peter Chang, New Zealand Association of Economists Conference, (Wellington, June 2006). ‘Has Deregulation Lowered Electricity Prices? A Cross­Country Study’, with Lyn Grigg and James Tremewan, International Association for Energy Economics Conference, (Postdam, Germany, June 2006). ‘Towards an Economic Taxonomy of Small Island Economies’, International Small Island Studies Association Conference “Islands of the World IX”, (Maui, Hawaii, August 2006).

2006 PROFESSIONAL ACTIVITIES

Refereeing Energy Journal

ROGER BOWDEN POSITION Professor of Economics and Finance

ACADEMIC QUALIFICATIONS BA BSc MA Auckland, PhD Manchester DISCIPLINE INTERESTS Macroeconomics and monetary economics – prices, business

fluctuations and cycles, money and interest rates. Monetary policy – Central Banking and the supply of money and credit. Macroeconomic aspects of public finance, macroeconomic policy and general outlook. International economics. Financial economics. General Financial markets.

NOTABLE PUBLICATIONS ‘Generalising interest rate duration with directional derivatives: Direction X and application’, Management Science, 43, 5 (1997). Statistical Games and Human Affairs, (New York: Cambridge University Press, 1988). ‘Repeated Sampling in the Presence of Publication Effects’, Journal of the American Statistical Association, 82 (1987), lead article with

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commentaries by P. C Ordeshook and L. S Cahoon; pp. 476­84/91. ‘On the Existence and Secular Stability of u­v Loci’, Economica, XL VII, 1 (1980), pp. 35­50.

2006 TEACHING WORKLOAD Course Coordinator: MMAF 501, MMAF 521 2006 RESEARCH ACTIVITIES Articles

‘Asymmetric hedging of the corporate terms of trade’ (with Jennifer Zhu) Journal of Futures Markets, 26 (2006), pp.1059­1088. ‘Instrument insufficiency and economic stabilisation’, Australian Economic Review, 39, 3 (2006), pp. 257­272. ‘The generalized value at risk admissible set: constraint consistency and portfolio outcomes’, Quantitative Finance, 6 (2006), pp. 159­171. Other Academic Publication: Working and Occasional Papers ‘Beyond the short run: The longer time scale volatility of investment value’, with Jennifer Zhu, (School of Economics and Finance, VUW, 2006), Working Paper, 29pp. ‘Which are the world’s wobblier currencies? Reference exchange rates and their variation’, with Jennifer Zhu (School of Economics and Finance, VUW, 2006), Working Paper, 32pp. ‘The agribusiness cycle and its wavelets’, with Jennifer Zhu, (School of Economics and Finance, VUW, 2006), Working Paper, 23pp. ‘Conditional hedges generated by option value at risk’, (AsianFA/FMA, Auckland), Proceeding Paper, 30pp. ‘Knowing a bit but not too much: incomplete directional models and their use in forecasting and hedging’, with Jennifer Zhu & Jin Seo Cho, (School of Economics and Finance, VUW, 2006), Working Paper, 34pp. ‘Option value at risk and the value of the firm: Does it pay to hedge?’, (School of Economics and Finance, VUW, 2006), Working paper, 33pp.

STEPHEN BURNELL POSITION Senior Lecturer; Head of School, Economics and Finance

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 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, Lewis and Yao, Shuntian), Games and Economic Behaviour, 26, (1999), pp. 221­252. ‘New Zealand’s Monetary Conditions Index: A critical analysis’, Agenda, 5, (1998), pp. 477­486. ‘The Value of Money in an Overlapping Generations Model: A Note’, Journal of Economic Theory, 59, (1993), pp. 214­221. ‘Upgrading New Zealand’s competitive advantage: A critique and some proposals’, (with Sheppard, D. K.), New Zealand Economic Papers, 26, (1992), pp. 101­125.

2006 TEACHING WORKLOAD Duties associated with Head of School Lecturer: MOFI 202

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PAUL CALCOTT POSITION Senior Lecturer

ACADEMIC QUALIFICATIONS MSS Dip EconWaikato, MCom Canterbury, PhD UCLA

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

NOTABLE PUBLICATIONS ‘Health Care Evaluation, Utilitarianism and distortionary taxes’, Journal of Health Economics, 19, (2000), pp. 719­730. ‘New of Paternalism’, Economics and Philosophy, 16, (2000), pp. 315­ 321. ‘Can downstream waste disposal policies encourage upstream ‘Design for Environment’?’, (with Walls, Margaret), American Economic Review: Papers and Proceedings, (2000), pp. 233­237. ‘Demand inducement as cheap talk’, Health Economics, 8, (1999), pp. 721­733.

2006 TEACHING WORKLOAD Course Coordinator: ECON 140, ECON 314, ECON 411 Lecturer: ECON 405, ECON 333

2006 RESEARCH ACTIVITIES Articles ‘The Choice of a Liability Regime when there is a Regulatory Gatekeeper', (with Stephen Hutton), Journal of Environmental Economics and Management, (2006) 51(2), pp. 133­258.

Conference Presentations ‘Safe havens from penalties’, Asian Law and Economics Association conference, (Bangalore, India, December 2006).

2006 PROFESSIONAL ACTIVITIES

Refereeing Environmental and Resource Economics

CHIA­YING CHANG POSITION Lecturer

ACADEMIC QUALIFICATIONS BA Fu­Jen, 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 Investment­the Case of Cash­in­Advance Economy’, Journal of Economic Dynamics and Control, 28 (2004), pp. 691­706.

2006 TEACHING WORKLOAD Course Coordinator: MOFI 303, ECON 403 2006 RESEARCH ACTIVITIES Other Academic Publications: Working and Occasional Papers

‘Vertical Differentiation in Monetary Search­Theoretical Models: Revisited’, (VUW School of Economics and Finance, 2006), Working paper, 23pp. ‘Capital Flows, Financial Intermediaries, and Economic Growth’, (VUW School of Economics and Finance, 2006), Working paper, 16pp. ‘Technology, Barriers, Capital Flows and Economic Growth’, (VUW School of Economics and Finance, 2006), Working paper, 19pp.

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Conference Presentations ‘The Role of Market Frictions on Innovative and Imitative Activities: A Search­theoretical Approach’, Annual Meeting of Allied Social Science Association, (Boston, January 2006). ‘Job Matching, Wage Gap and Fertility Choice’, Southern Workshop in Macroeconomics, (Auckland, New Zealand, May 2006). ‘Technology, Barriers, Capital Flows and Economic Growth’, New Zealand Association of Economists Annual Meeting, (Wellington, June 2006). ‘Vertical Differentiation in Monetary Search­Theoretical Models: Revisited’, Australian Meeting of Econometric Society, (Alice Spring, Australia, July 2006).

2006 PROFESSIONAL ACTIVITIES

Support to International Bodies Member, American Economic Association (AEA), Chinese Economic Association in North America (CEANA), Southern Economic Association (SEA), Econometric Society (ES), Economic Society of Australia (ECA).

Refereeing New Zealand Economic Papers

PETER CHANG POSITION Lecturer

ACADEMIC QUALIFICATIONS BS Southern Methodist University, MS PhD University of Texas at Austin

DISCIPLINE INTERESTS Economic Growth, Energy Economics 2006 TEACHING WORKLOAD Course Coordinator: MOFI403

Lecturer: ECON202, MOFI303 2006 RESEARCH ACTIVITIES Conference Presentations

‘The Importance of Resource Fungibility in the AK model of Economic Growth’, New Zealand Economists Association Annual Conference, (Wellington, June 2006). ‘Consequences of Inflationary Targeting’, Asian Financial Association Conference, (Auckland, July 2006).

JIN SEO CHO POSITION Lecturer

ACADEMIC QUALIFICATIONS MA Yonsei, MA PhD University of California, San Diego

DISCIPLINE INTERESTS Econometric theory, Time Series Analysis. 2006 TEACHING WORKLOAD Course Coordinator: ECON 409, QUAN 304

Lecturer: QUAN 203 2006 RESEARCH ACTIVITIES Other Academic Publication: Working and Occasional Papers

‘Knowing a bit but not too much: incomplete directional models and their use in forecasting and hedging’, with Roger Bowden & Jennifer Zhu, (School of Economics and Finance, VUW, 2006), Working Paper 02, 34pp.

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Conference Presentations ‘Testing for Unobserved Heterogeneity in Weibull and Exponential Duration Models’, Far Eastern Meeting of Econometric Society, (Beijing, China, July 2006). ‘Testing for Regime Switching’, Seminar Presentation of Korean Econometric Society (Yonsei University, Seoul, July 2006). ‘Testing for Mixture Hypothesis with Misspecified Exponential Family Distributions’, Australian Statistical Conference/New Zealand Statistical Association Conference 2006, (Auckland, July 2006).

2006 PROFESSIONAL ACTIVITIES

Support to National Bodies Member, New Zealand Statistics Association

Support to International Bodies Member, Econometric Society

Refereeing The Manchester School, Studies in Nonlinear Dynamics & Econometrics

PENELOPE DE BOER POSITION 100­Level Programme Director

ACADEMIC QUALIFICATIONS BSc Canterbury DISCIPLINE INTERESTS Teaching of mathematical concepts to students of economics and

business. NOTABLE PUBLICATIONS Maths Made Easy, (Prentice Hall, 2002), 126pp

‘Mathematics for Business and Economics’, with Khaled, M., (Pearson­ Prentice­Hall, 2003), 262pp.

2006 TEACHING WORKLOAD SEF 100­level/Summer School Director Course Co­ordinator: QUAN 103, QUAN 111 Lecturer: ECON 130

TOBY DAGLISH POSITION Lecturer

ACADEMIC QUALIFICATIONS BSc Canterbury, PhD Toronto

DISCIPLINE INTERESTS Derivatives, Credit Risk, Fixed Income Securities, Financial Econometrics, Portfolio Theory.

NOTABLE PUBLICATIONS ‘A Pricing and Hedging Comparison of Parametric and Nonparametric Approaches for American Index Options’, Journal of Financial Econometrics, 1, 3, 2003, pp.327­364.

2006 TEACHING WORKLOAD Lecturer: MOFI 306 2006 RESEARCH ACTIVITIES Articles

‘Volatility Surfaces: Theory, Rules of Thumb and Empirical Evidence’, (with John Hull and Wulin Suo), Quantitative Finance, forthcoming. Refereeing Quarterly Review of Economics and Finance, Financial Research Letters

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LEWIS EVANS POSITION Professor of Economics

ACADEMIC QUALIFICATIONS BAgrSci MAgrSci Lincoln, MA MSc, PhDWisconsin

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. 523­535. ‘Shareholder Liability Regimes, Principal­Agent Relationships and Banking Industry Performance’, (with Quigley, N.), The Journal of Law and Economics, XXXVIII, 2 (1995), pp. 497­520. ‘Public Utility Regulators are only Human: a Positive Theory of Rational Constraints’, (with Garber, S.), American Economic Review, 78, 3 (1988), pp. 444­462. ‘Confidence Regions for Multipliers in Linear Dynamic Models’, (with Wells, G.), Econometrica, 54, 3 (1986), pp. 699­706.

2006 TEACHING WORKLOAD Course Co­ordinator: ECON 330/LAWS 335, ECON 328 Lecturer: MMBA 503, MOFI 306

2006 RESEARCH ACTIVITIES Articles ‘A Dynamic Theory of Cooperatives: The Link between efficiency and Valuation’, (with G Guthrie), Journal of Institutional and Theoretical Economics, 162, 2 (2006), pp. 364­383. ‘Incentive Regulation of Prices when costs are sunk’, (with G Guthrie), Journal Regulatory Economics, 29, 3 (2006), pp. 239–264.

Chapters ‘The Performance­Based Research Fund and the Benefits of Competition Between Universities’, with Neil Quigley, Ch. 9 of Evaluating the Performance­Based Research Fund: framing the debate, L. Bakker, J. Boston and R. Smyth eds., (Institute of Policy Studies, Victoria University of Wellington, 2006), pp. 231­247.

Other Academic Publication: Working and Occasional Papers ‘Options Provided by Storage can explain High Energy Prices’, with Graeme Guthrie mimeo, (School of Economics and Finance October, 2006), 29pp. ‘Assessing the Integration of Electricity Markets using Principal Component Analysis: Network and Market Structure Effects’, with G Guthrie and S Videbeck, (SSRN Discussion paper, SSRN 906043, June 2006), 20pp.

Conference Presentations ‘Options Provided by Storage can explain High Energy Prices’, Western Economics Association Conference, (San Diego, July 2006).

2006 PROFESSIONAL ACTIVITIES

Support to National Bodies Lay member, New Zealand High Court

Support to International Bodies Member, Editorial board of the Journal of Contemporary Economic Policy, USA Western Economics Association

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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 ‘The Optimal Design of Interest Rate Target Changes’, (with Wright, Julian), Journal of Money, Credit and Banking, 36, 1 (2004), pp. 115­138. ‘Investment, Uncertainty and Liquidity’, (with Boyle, Glenn), Journal of Finance, 58 (2003), pp. 2143­2166. ‘Regulating infrastructure: The impact on risk and investment’, Journal of Economic Literature, 44 (2006), pp. 921­968. ‘Open Mouth Operations’, (with Wright, Julian), Journal of Monetary Economics, 46, 2 (2000), pp. 489­516.

2006 TEACHING WORKLOAD Course Coordinator: MOFI 301, MOFI 401, MOFI 409, MMAF 514, MOFI 306

2006 RESEARCH ACTIVITIES Articles ‘Regulating infrastructure: The impact on risk and investment’, Journal of Economic Literature, 44 (2006), pp. 921­968. ‘Pricing access: Forward versus backward looking cost rules'’, (with John Small and Julian Wright), European Economic Review, 50, 7 (2006), pp. 1767­1789. ‘A dynamic theory of cooperatives: The link between efficiency and valuation'’, (with Lew Evans), Journal of Institutional & Theoretical Economics, 162, 2 (2006), pp. 364­383. ‘Incentive regulation of prices when costs are sunk'’, (with Lew Evans), Journal of Regulatory Economics 29, 3 (2006), pp. 239­264. ‘Hedging the value of waiting'’, (with Glenn Boyle), Journal of Banking & Finance, 30, 4 (2006), pp. 1245­1267. ‘Payback without apology'’, (with Glenn Boyle), Accounting & Finance, 46, 1 (2006), pp. 1­10.

Other Academic Publications: Short Articles ‘Price regulation and investment: a two­way street’, ISCR Competition & Regulation Times, 19, pp. 4­5.

Conference Presentations ‘Incentive regulation: Asset valuation and investment in demand’, NZISCR workshop: Contemporary Issues in Regulatory Theory and Practice, (Wellington, March 2005).

2006 PROFESSIONAL ACTIVITIES

Refereeing Journal of Banking & Finance, Journal of Agricultural and Resource Economics.

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VIV HALL POSITION Professor, Macarthy Chair of Economics

ACADEMIC QUALIFICATIONS Mcom (Hons) PhD Auckland

DISCIPLINE INTERESTS Macroeconomic theory, modeling and policy. Current research: the NZ business cycle; regional NZ and Australasian business cycles; implications for New Zealand, of an Australasian currency or a common currency with the U.S

NOTABLE PUBLICATIONS ‘Consumption­smoothing in a small, cyclically volatile open economy: Evidence from New Zealand’, (with Kunhong Kim and Robert A Buckle), Journal of International Money and Finance, in press, Corrected Proof, available online 13 November 2006, from http://www.sciencedirect.com/science/journal/02615606. ‘Would adopting the Australian dollar provide superior monetary policy in New Zealand?’, (with Aaron Drew, C John McDermott and Robert St Clair), Economic Modelling, 21, 6 (2004), pp. 949­964. ‘Would adopting the US dollar have led to improved inflation, output and trade balances, for New Zealand in the 1990s?’, (with Angela Huang), New Zealand Economic Papers, 38, 1 (2004), pp. 49­63. ‘Fiscal Expansion, Monetary Policy, Interest Rate Risk Premia, and Wage Reactions’, (with David Rae), Economic Modelling, 15, 1998, pp. 621­640.

2006 TEACHING WORKLOAD Course Coordinator: ECON 202, ECON 423, MAPP 521, MAPP 522 2006 RESEARCH ACTIVITIES Articles

‘Consumption­smoothing in a small, cyclically volatile open economy: Evidence from New Zealand’, (with Kunhong Kim and Robert A Buckle), Journal of International Money and Finance, in press, Corrected Proof, available online 13 November 2006, from http://www.sciencedirect.com/science/journal/02615606.

Book Reviews Review of Patrick Minford, Vidya Mahambare and Eric Nowell, Edward Elgar, ‘A Less Costly Trading Environment for the UK?’, Should Britain Leave the EU? An Economic Analysis of a Troubled Relationship, in Association with the Institute of Economic Affairs, 2005, in Agenda, 13, 2 (2006), pp. 175­178.

Other Academic Publication: Working and Occasional Papers ‘The New Zealand Business Cycle: Return to Golden Days?’, (with C John McDermott), CAMAWorking paper 21/2006, August 2006, available from http://cama.anu.edu.au/Working%20Papers/Papers/Hall_McDermott_21 2006.pdf

‘The Ups and Downs of New Zealand House Prices’, (with C John McDermott and James Tremewan), Motu Working Paper 06­03, Motu Economic and Public Policy Research, July 2006; available from http://www.motu.org.nz/motu_wp_series.htm.

Conference Presentations ‘The New Zealand Business Cycle: Return to Golden Days?’, (with C John McDermott), presented to the A R Bergstrom Memorial Conference, (University of Essex, May 2006).

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2006 PROFESSIONAL ACTIVITIES

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 of Programme Committee, Coordinator of ‘Stabilisation Policy and Policy Modeling’ theme, and jointly of ‘Macroeconomics’ theme, for ‘Markets and Models: Policy Frontiers in the AWH Phillips Tradition’ NZAE/ESAM08 Conference.

Support to International Bodies Program Director and Inaugural Research Associate, Macroeconomic Policy Frameworks Program, Centre for Applied Macroeconomic Analysis (CAMA), Australian National University.

Refereeing International Assessor, Australian Research Council, May 2006, Quality assurance refereeing for New Zealand Association of Economists’ Annual Conference, four papers submitted on “Policy Frameworks” issues, to CAMA’s Working Paper Series, New Zealand Economic Papers, Australian Economic Review, Econometric Theory

CHIROK HAN POSITION Lecturer

ACADEMIC QUALIFICATIONS MA Seoul, PhD Michigan State

DISCIPLINE INTERESTS Econometrics, Instrumental Variable Estimation, Cross Sections, Panel Data Models, Generalized Method of Moments, Asymptotics, Weak Instruments, Weak Moment Conditions.

NOTABLE PUBLICATIONS ‘The Properties of Lp GMM Estimators’ (with de Jong, Robert), Econometric Theory, 18 (2002), pp. 491­504. ‘The Asymptotic Distribution of the Instrumental Variable Estimators when the Instruments are not correlated with the regressors’ (with Schmidt, Peter), Economic Letters, 74, 1 (2001), pp. 61­66.

2006 TEACHING WORKLOAD Course Coordinator: ECON 408 Lecturer: QUAN 301, QUAN 201

2006 RESEARCH ACTIVITIES Articles ‘GMM with Many Moment Conditions’, (jointly with Peter C. B. Phillips), Econometrica, 74, 1, (2006), pp. 147­192.

Conference Presentations ‘Detecting Invalid Instruments Using L1 GMM’, NZESG, (Dunedin, NZ, 2006).

2006 PROFESSIONAL ACTIVITIES

Refereeing Journal of Business, Economics and Statistics

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HUI HUANG POSITION Lecturer

ACADEMIC QUALIFICATIONS BS Tsinghua, MA PhDWestern Ontario

DISCIPLINE INTERESTS Corporate Finance, Market Microstructure, Financial Economics, International Economics.

NOTABLE PUBLICATIONS ‘Asset Pricing under Progressive Taxes and Existence of General Equilibrium’, Journal of Global Optimization, 31, 3 (2005) pp. 471­491.

2006 TEACHING WORKLOAD Lecturer: QUAN 371, MOFI 301 2006 RESEARCH ACTIVITIES Article

‘Informed Trading, Noise Trading and the Cost of Equity’, (with Philippe Gregoire), forthcoming in International Review of Economics & Finance.

Other Academic Publications: Working and Occasional Papers 'Baumol­Tobin and the Costs of National Security Border Delays', with John Whalley, (NBER working paper no. 12296, 2006), 8 pp. ‘The Distortion Theory of Anticipated Utility’, with Shunming Zhang, (Working paper, 2006), 40 pp.

Conference Presentations ‘Substitute Trading and the Effectiveness of Insider Trading Regulations’, The 14th Conference on the Theories and Practices of Securities and Financial Market, (Kaohsiung, Taiwan, December 2006). ‘Substitute Trading and the Effectiveness of Insider Trading Regulations’, AsianFA/FMA, (Auckland, July 2006). ‘Substitute Trading and the Effectiveness of Insider Trading Regulations’, The Financial Intermediation Research Society, Biennial Conference on Banking, Corporate Finance and Intermediation, (Shanghai, June 2006).

2006 PROFESSIONAL ACTIVITIES

Support to International Bodies Member, American Finance Association, Econometrics Society, Western Finance Association

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 ‘Residual Income: A review essay’, (with Roush, M. L.), Australian Accounting Review, 11, 1 (2001), pp. 8­14. ‘Changes in settlement regime and the modulation of the day­of­the­ week effects in stock returns’, (with McGuinness, P. B.), Applied Financial Economics, 11, 4 (2001), pp. 361­372. ‘Throughput Accounting: Exploding an urban myth’, in the FMAC Article of Merit Award Program for Distinguished Contribution to Management Accounting, International Federation Accountants: NY, (2000), pp. 72­82. ‘The causal association between employee share ownership and attitudes: A study based on the Long Framework’, British Journal of Industrial Relations, 36, 1 (1998), pp. 73­82.

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2006 TEACHING WORKLOAD Course coordinator for MOFI 201, MOFI 302

MOHAMMED KHALED POSITION Senior Lecturer

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

DISCIPLINE INTERESTS Demand Systems, Economies of Scale and Scope, Production and Cost Frontiers, Stock­market Efficiency Tests, Earnings­Returns Relations.

NOTABLE PUBLICATIONS ‘Parametric Productivity Measurement and Choice Among Flexible Functional Forms’, (with Berndt, E.), Journal of Political Economy, 87, 6 (1979), pp. 1220­1245. ‘The Incidence and Exportability and Hotel Occupancy and Other Tourist Taxes’, (with Fujii, E. and Mak, J.), National Tax Journal, 38, 2 (1985), pp. 169­177. ‘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. 327­349. ‘Mathematics for Business and Economics’, with Proffitt, P., (Pearson­ Prentice­Hall, 2003), 262pp.

2006 TEACHING WORKLOAD Course Coordinator: ECON 201, QUAN 201 Lecturer: QUAN 111

2006 RESEARCH ACTIVITIES Articles ‘The Changing Demand for Apparel in New Zealand and Import Protection’, (with R. Lattimore), Journal of Asian Economics, 17 (2006), pp. 494­508

Other Academic Publication: Working and Occasional Papers ‘New Zealand’s ‘love affair’ with Houses and Cars’, with Ralph Lattimore, (New Zealand Institute of Economic Research, December 2005), NZ Trade Consortium working paper no. 41, 23 pp.

Conference Presentations ‘Non­Audit Services and Auditor Independence: An Analysis Using the Informativeness of Earnings’, with A.Islam, W. Karim and T. van Zijl, Global Finance Conference, Trinity College, (Dublin, June 2005).

Refereeing Papers in Regional Science

KUNHONG KIM POSITION Senior Lecturer

ACADEMIC QUALIFICATIONS MS (Econ) PhD Carnegie­Mellon

DISCIPLINE INTERESTS Business cycle theory, macroeconomic policy and international finance, time series econometrics and its application to stochastic dynamic models.

NOTABLE PUBLICATIONS ‘How Important is the Intermediate Input Channel in Explaining Sectoral Employment Comovement over the Business Cycle?’, (with Young Sik Kim), Review of Economic Dynamics, 9, 4 (2006), pp. 659­682. ‘Consumption­Smoothing in a Small, Cyclically Volatile Open Economy:

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Evidence from New Zealand’, (with V. B. Hall and R. A. Buckle), Journal of International Money and Finance, 25, 8 (2006), pp. 1277­1295. ‘The Econometric Analysis of Calibrated Macroeconomic Models’, (with A. R. Pagan.), in M. Hashem Pesaran and M. Wickens (eds), The Handbook of Applied Econometrics: Macroeconomics, Oxford, Blackwell, (1995), pp. 356­390. ‘Key features of New Zealand Business Cycles’, (with R. A. Buckle, and V. B. Hall), The Economic Record, 70, 208 (1994), pp. 56­72.

2006 TEACHING WORKLOAD Course Coordinator: QUAN301, ECON 305, ECON402, ECON 413 2006 RESEARCH ACTIVITIES Article

‘How Important is the Intermediate Input Channel in Explaining Sectoral Employment Comovement over the Business Cycle?’, (with Young Sik Kim), Review of Economic Dynamics, 9, 4 (2006), pp. 659­682. ‘Consumption­Smoothing in a Small, Cyclically Volatile Open Economy: Evidence from New Zealand’, (with V. B. Hall and R. A. Buckle), Journal of International Money and Finance, 25, 8 (2006), pp. 1277­1295.

Other Academic Publication: Working and Occasional Papers ‘Credit Market Frictions in an Open Economy’, with Iris Claus, (Canberra, ANU, 2006), CAMAWorking Paper 4/3006, 45pp.

Conference Presentations ‘A Structural VAR Business Cycle Model of a Small Volatile Open Economy’, Discipline of Economics, (Sydney, June 2005).

2006 PROFESSIONAL ACTIVITIES

Refereeing New Zealand Economic Paper

JACEK KRAWCZYK POSITION Reader

ACADEMIC QUALIFICATIONS MSc PhDWarsaw

DISCIPLINE INTERESTS Computational economics, mathematical modelling, dynamic games, optimal control and viability theory.

NOTABLE PUBLICATIONS ‘Coupled Constraint Nash Equilibria in Environmental Games’, Resource & Energy Economics, 27, 2 (2005) pp. 157­181. doi:10.1016/j.reseneeco.2004.08.001 Copyright © 2004 Elsevier Inc. ‘Use of Coupled Incentives to Improve Adoption of Environmentally Friendly Technologies’, (Co­authors: R. Lifran, M. Tidball), Journal of Environmental Economics and Management, 49, 2 (2005), pp. 311­329. doi:10.1016/j.jeem.2004.04.007 Copyright © 2004 Elsevier Inc. ‘Numerical Solutions to Lump­Sum Pension Fund Problems Than Can Yield Left­Skewed Fund Return Distributions’, Optimal Control and Dynamic Games; Chapter 11, Editors: C. Deissenberg and R.F. Hartl (2005), Springer – the Netherlands, pp. 155­176. ‘Why Countries with the same Technology And Preferences can have Different Growth Rates’, (Co­author: K. Shimomura), Journal of Economic Dynamics and Control, 27, 10 (2003), pp. 1899­1916. doi:10.1016/S0165­1889(02)00089­1 Copyright © 2002 Elsevier Science B.V.

2006 TEACHING WORKLOAD Course Coordinator: ECON406, ECON 407, OPRE358, OPRE359

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2006 RESEARCH ACTIVITIES Articles ‘A Discrete­time Dynamic Game of Seasonal Water Allocation’, (with M. Tidball), Journal of Optimization Theory and Applications, 128, 2 (2006), pp. 411­429. ‘Numerical Solutions to Coupled­Constraint (or Generalised Nash) Equilibrium Problems’, Computational Management Science, Online Date: November 09 (2006), DOI10.1007/s10287­006­0033­9. ‘On Stable Learning in Dynamic Oligopolies’, (F. Szidarovszky), Pure Mathematics and Applications, 15, 4 (2006), pp. 453­468.

Conference Presentations ‘’A Viable Solution to a Small Open­Economy Monetary Policy Problem’, (with K. Kim), 12th International Conference on Computing in Economics and Finance, (Limassol, Cyprus, June 2006). ‘Coupled constraint Markovian­Nash equilibria in dynamic environmental games’, The Twelfth International Symposium on Dynamic Games and Applications, (Sophia Antipolis, France, July 2006). ‘Satisficing Viable Solutions to a Monetary Policy Problem’, (with R Sethi), Econophysics Colloquium 2006 and Third Bonzenfreies Colloquium, (Tokyo, Japan, November 2006).

2006 PROFESSIONAL ACTIVITIES

Support to International Bodies Associate Editor of Environmental Modeling and Assessment, Co­Editor of EOLSS: Encyclopedia of Life Support Systems, Reviewer for Mathematical Reviews.

Refereeing Ecological Economics, Computational Management Science, Information Sciences.

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 ‘The Fama­French Model, Leverage and the MM Propositions’, The Journal of Financial Research, 27, 3 (2004), pp. 341­349. ‘Time­Varying Market Leverage, the Market Risk Premium and the Cost of Capital’, Journal of Business Finance and Accounting, 29 (Nov/Dec 2002), pp. 1301­1318. ‘Valuation of Companies and Projects under Differential Personal Taxation’, Pacific­Basin Finance Journal, 8, 1 (March 2000), pp. 115­ 133. ‘An Examination of Blume and Vasicek Betas’, The Financial Review, 33, 3 (August 1998), pp. 183­198.

2006TEACHING WORKLOAD Course Coordinator: MOFI305, MOFI402, MOFI407 2006 RESEARCH ACTIVITIES Articles

‘Regulatory Revenues and the Choice of the CAPM: Australia Versus New Zealand’, Australian Journal of Management, 31, 2 (2006), pp. 1­19.

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Conference Presentations ‘Estimating Betas: Firm Specific Estimates, Industry Averages and Combined Estimates’, Australasian Finance and Banking Conference (Sydney, December 2006).

2006 PROFESSIONAL ACTIVITIES

Support to National Bodies Commerce Commission, March 2006, preparation of Review of ‘Report on Cost of Debt of Transpower NZ Limited’, 13 pp. Commerce Commission, May 2006, preparation of Review of WACC for Administrative Settlement, 38pp. Commerce Commission, July 2006, preparation of Definition of ROI Performance Measure, 15pp.

Support to International Bodies Queensland Competition Authority, December 2005, preparation of Review of ‘The Performance of Alternative Techniques for Estimating Equity Betas of Australian Firms’, 23pp. Queensland Competition Authority, December 2005, preparation of Review of ‘The Value of Imputation Credits for Regulatory Purposes’ (available at www.qca.org.au/gas), 17pp. Australian Competition and Consumer Commission, March 2006, preparation of The Appropriate Credit Rating for Australian Electricity Transmission Businesses, 16pp. Queensland Competition Authority, March 2006, preparation of Review of ‘Comments on the Review of ‘The Value of Imputation Credits for Regulatory Purposes’, 31pp. Australian Competition and Consumer Commission, May 2006, preparation of ‘The Assessment of Excess Earnings: Implementation Issues’, 23pp. Co­Editor of Pacific Accounting Review.

Refereeing New Zealand Journal of Applied Business Research, Accounting and Finance, International Transactions in Operational Research, 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, pp236. Financial Risk Mathematics, (with Roger Bowden), London: Association of Corporate Treasurers, 2005, 403 + iii. Risk Management, (with Roger Bowden), London: Association of Corporate Treasurers, 2005, 377 + iii. Financial Modeling for Managers: with Excel Applications, second edition, USA, (Authors Academic Press, 2003), 282pp.

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2006 TEACHING WORKLOAD Directorship Duties for Victoria International Applied Finance Programme Course Coordinator: MMAF 502, MMAF515

RICHARD MARTIN POSITION Lecturer

ACADEMIC QUALIFICATIONS BAH Guelph, MA U Qu. (Canada), PhD S. Fraser

DISCIPLINE INTERESTS Experimental Economics, Applied Microeconomics NOTABLE PUBLICATIONS ‘A Network Bypass Model of Cook Strait Ferries’, New Zealand

Economic Papers, 40, 1 (2006), pp. 7­22. ‘Cheap, dirty (yet effective) in class experiments’, Papers and Proceedings: Australasian Teaching Economics Conference (University of Sydney, July 2005). ‘Severance Payments and Unemployment Insurance: a commitment issue’, with S. Mongrain & S. Parkinson, Journal of Public Economic Theory, 6, 4 (2004), pp. 593­606. ‘Debt Financing and Entry’, International Journal of Industrial Organization, 21, 4 (2003), pp. 533­549.

2006 TEACHING WORKLOAD SEF Seminar Convenor Course Co­ordinator: ECON422 Lecturer: ECON130, ECON328

2006 RESEARCH ACTIVITIES Articles ‘A Network Bypass Model of Cook Strait Ferries’, New Zealand Economic Papers, 40, 1 (2006), pp. 7­22.

Conferences ‘How is donation behaviour affected by the donation behaviour of others?’, Australasian Meeting of the Econometric Society, (Alice Springs, June 2006). ‘Matching and money manipulation: A natural field experiment’, Workshop in field experiments, (University of Canterbury, March 2006).

Refereeing New Zealand Economic Papers

JOHN MCDERMOTT POSITION Associate Professor

ACADEMIC QUALIFICATIONS MCom Auck, MA MPhil PhD Yale DISCIPLINE INTERESTS Macroeconomics, Econometrics, and International Finance

NOTABLE PUBLICATIONS ‘An Unbiased Appraisal of Purchasing Power Parity’, (with P Cashin), IMF Staff Papers, 50 (2003), pp. 321­351. ‘Booms and Slumps in Commodity Prices’, (with P Cashin and A. Scott), Journal of Development Economics, 69 (2002), pp. 277­296. ‘Consumption Smoothing and the Current Account: Evidence for France, 1970­96’, (with P.R Agenor, P Cashin and C Bismut), Journal of International Money and Finance, 18 (1999), pp. 1­12. ‘Nonlinear Econometric Models with Deterministically Trending

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Variables’, (D. W. K. Andrews), Review of Economic Studies, 62 (1995), pp. 343­360.

2006 TEACHING WORKLOAD Lecturer: QUAN 304, ECON 403 2006 RESEARCH ACTIVITIES Articles

‘Parity Reversion in Real Exchange Rates: Fast, Slow or Not at All?’, (with P Cashin), IMF Staff Papers, 53 (2006), pp. 89­119.

Chapters ‘Properties of International Commodity Prices: Identifying Trends, Cycles, and Shocks’, (with P Cashin) in Agricultural Commodity Markets and Trade: New Approaches to Analyzing Market Structure and Instability, edited by Alexander Sarris and David Hallam, (Food and Agriculture Organization of the United Nations, Italy and Edward Elgar, UK, 2006), chapter 1, pp. 16­30.

Other Academic Publication: short articles ‘Comments on the Macroeconomic Policy Forum’, in Testing stabilisation policy limits in a small open economy, edited by Bob Buckle and Aaron Drew, (Reserve Bank of New Zealand and The Treasury, 2006), pp195­ 197 (ISBN 0­9582675­2­9).

Other Academic Publication: Working and Occasional Papers ‘The Ups and Downs of New Zealand House Prices’, (with Viv Hall and James Tremewan), MotuWorking Paper 06­03, 32pp.

Conference presentations ‘The New Zealand Business Cycle’, (with Viv Hall), the 16th New Zealand Econometric Study Group Meeting, (Dunedin, August 2006).

2006 PROFESSIONAL ACTIVITIES

Support to National Bodies Member, Treasury Forecast External Panel

Refereeing Economia, The Manchester School, Journal of Macroeconomics, IMF Staff Papers, Journal of International Money and Finance, Oxford Economic Papers, Economic Record, Journal of Agricultural and Resource Economics

YULIYA MESHCHERYAKOVA POSITION Lecturer

ACADEMIC QUALIFICATIONS Dip(Hons) Applied Maths Voronezh, MA NES, MA & PhD Northwestern

DISCIPLINE INTERESTS Macroeconomics, International Economics NOTABLE PUBLICATIONS ‘Cyclical Adjustment of the Budget Surplus: Concepts and Measurement

Issues’, (with Burnside, Craig), in Fiscal Sustainability in Theory and Practice, Craig Burnside, ed. World Bank. Chapter 5 (2005), pp. 113­ 131. ‘Mexico: A Case Study of Procyclical Fiscal Policy’, (with Burnside, Craig), in Fiscal Sustainability in Theory and Practice, Craig Burnside, ed. World Bank, Chapter 6 (2005), pp. 133­174.

2006 TEACHING WORKLOAD Course Co­ordinator: ECON 412 Lecturer: ECON 309

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2006 RESEARCH ACTIVITIES Conference Presentations ‘Macroeconomic Effects of International Outsourcing’, ESAM06 Conference, (Alice Springs, Australia, July 2006).

2006 PROFESSIONAL ACTIVITIES

Refereeing Reviewer for Mathematical Reviews (an online database of the American Mathematical Society)

LYNDON MOORE POSITION Lecturer

ACADEMIC QUALIFICATIONS B Econ(Hons) Tas, MA PhD Northwestern

DISCIPLINE INTERESTS Economic History, Finance, Business History NOTABLE PUBLICATIONS ‘Regime Changes and Debt Repudiation: The case of Russia, Austro­

Hungary, and the Ottoman Empire following World War One’, (with Jakub Kaluzny), Explorations in Economic History, 42 (2005), pp. 237­ 258.

2006 RESEARCH ACTIVITIES Articles ‘Derivative Pricing 60 years before Black Scholes: Evidence from the Johannesburg Stock Exchange’, (with Steve Juh), The Journal of Finance, 61, 6 (2006), pp. 3069­3098.

Conference Presentations ‘The Effect of WW1 on World Stock Market Integration’, INFINITI Finance Conference, (Dublin, Ireland, June 2006).

2006 PROFESSIONAL ACTIVITIES

Refereeing Explorations in Economic History

JERRY MUSHIN POSITION Senior Lecturer

ACADEMIC QUALIFICATIONS BSc (Hons) London DISCIPLINE INTERESTS Macroeconomics, monetary policy and exchange rates.

NOTABLE PUBLICATIONS ‘The Deceptive Resilience of Fixed Exchange Rates’, Journal of Economics, Business and Law, 6, 1 (2004), pp. 1­27. ‘Output and the Role of Money’, World Scientific Publishing Company Inc, New York, USA (2002), 250pp. ‘Co­Existing Prices and Cross­Elasticity of Demand’, Kyklos, 53, 1 (2000), pp. 71­74. ‘A Multi­Currency Adjustment System for the South Pacific’, Singapore Economic Review, 36, 1 (1993), pp. 92­98.

2006 TEACHING WORKLOAD Course Coordinator: MOFI202 Lecturer: ECON130, ECON140

2006 RESEARCH ACTIVITIES Articles ‘The Uncertain Prospect of Asian Monetary Integration’, International Economics and Finance Journal, 1, 1, (2006), pp. 89­94.

Other Academic Publications: Encyclopedia ‘The Euro and its Antecedents’, in Robert Whaples (ed), Encyclopedia of

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Economic and Business History (Miami University, 2006), 12pp. 2006 PROFESSIONAL

ACTIVITIES Refereeing World Scientific Publishing Company, McGraw­Hill Education (UK) Ltd, Encyclopedia of Economic and Business History

VLADIMIR PETKOV POSITION Lecturer

ACADEMIC QUALIFICATIONS MA (Econ) Sofia University, MS (Econ) PhD Cornell University DISCIPLINE INTERESTS Dynamic Games, Industrial Organization, Environmental Economics,

Behavioral Economics. 2006 TEACHING WORKLOAD Course Co­ordinator: ECON 405

Lecturer: ECON 201, ECON 404 2006 RESEARCH ACTIVITIES Other Academic Publications: Working and Occasional Papers

‘Policy Selection, Habit Persistence and Market Power’, with Luca Bossi, (University of Miami, June 2006), 15pp. ‘Monetary Incentives in Contracts and Dynamic Efficiency’, with Paul Calcott, (Wellington, VUW, October 2006), 24pp. ‘Transfers between Emitters and Dynamic Externalities’, with Paul Calcott, (Wellington, VUW, October 2006), 27pp. Conferences ‘Infant Firm Subsidization in Industries with Dynamic Structure’, New Zealand Association of Economists (Wellington, June 2006). ‘Monetary Incentives in Contracts and Dynamic Efficiency’, International Society for Differential Games, (Sophia Antipolis, France, July 2006) ‘Delegation and Commitment in Durable Goods Monopolies’, European Economic Association, (Vienna, Austria, August 2006).

2006 PROFESSIONAL ACTIVITIES

Refereeing American Mathematical Society, Journal of Industry, Competition and Trade, Journal of Environmental Modeling and Assessment

JOHN RANDAL POSITION 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 effect.

NOTABLE PUBLICATIONS ‘Maximum likelihood estimation for Tukey's three corners’, (with, Thomson, P.), Computational Statistics and Data Analysis, 46, 4 (2004), pp. 677­687. ‘Ground rental rates and ratchet clauses’, Accounting and Finance, (with Lally, M.), 44 (2004), pp. 187­202. ‘A First Course in Applied Statistics’, with M Clark (Auckland, Pearson, 2004), 320pp. ‘Non­parametric estimation of historical volatility’, (with Peter Thomson

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and Martin Lally), Quantitative Finance, 4 (2004), pp. 427­440. 2006 TEACHING WORKLOAD Course Coordinator: QUAN 102, QUAN 203, MOFI 405

Lecturer: ECON 409 2006 RESEARCH ACTIVITIES Conference Presentations

‘Give me a break? New Zealand visitor arrivals and the effects of 9/11’, The Australasian Meeting of the Econometric Society, (Alice Springs, Australia, July 2006).

2006 PROFESSIONAL ACTIVITIES

Refereeing Quantitative Finance

LEIGH ROBERTS POSITION Senior Lecturer, Director of the Financial Mathematics Programme

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 ‘On the Existence of Moments of Ratios of Quadratic Forms’,

Econometric Theory, 11, 1995, 750­774. ‘Risk Management of Catastrophes in New Zealand’, Australian Institute of Actuaries’ Quarterly Journal, 1995, 23­46. ‘Weighted Mortality Rates as Early Warning Signals for Insurance Companies’, Austin Bulletin, 23, 2, 1993, 273­286. ‘On Ratios of Random Variables and Generalised Mortality Rates’, Journal of Applied Probability, 29, 1992, 286­279.

2006 TEACHING WORKLOAD Course Coordinator: QUAN371, FINM 470, FINM 471, FINM 472, FINM 465

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 contracts between lawyers and clients.

NOTABLE PUBLICATIONS ‘Does evolution solve the hold up problem?’, (with Tore Ellingsen), Game and Economic Behavior, 34 (2001), pp. 28­53. ‘Evolution in finitely repeated coordination games’, Games and Economic Behavior 34 (2001), pp. 312­330. ‘Evolution with changing mutation rates’, Journal of Economic Theory, 79 (1998), pp. 192­207. ‘Evolution and Long run equilibria in coordination games with summary statistic payoff technologies’, Journal of Economic Theory, 75 (1997), pp. 180­193.

2006 TEACHING WORKLOAD Course Coordinator: ECON 404 Lecturer: ECON 314

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2006 PROFESSIONAL ACTIVITIES

Refereeing Games and Economic Behavior, Economic Theory, Journal of Economic Theory, Econometrica, Journal of Economic Behavior and Organization, American Economic Review

JOHN SINGLETON POSITION Associate Professor

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,

1973­2002, with Arthur Grimes, Gary Hawke, and Sir Frank Holmes (Auckland, Auckland University Press, 2006), 340pp. Economic Relations Between Britain and Australasia 1945­1970, with Robertson, P. L., (Palgrave, Basingstoke, 2002), 289pp. ‘The World Textile Industry’, (Routledge, London, 1997). ‘Lancashire on the Scrapheap: The Cotton Industry, 1945­70’, (Oxford University Press, 1991).

2006 TEACHING WORKLOAD Course Coordinator: ECON205, ECON421 2006 RESEARCH ACTIVITIES Books

Innovation and Independence: The Reserve Bank of New Zealand, 1973­2002, (Auckland, Auckland University Press, 2006), 340pp.

Chapters ‘Auckland Business: The National and International Context’, in Ian Hunter and Diana Morrow (eds), City of Enterprise: A Business History of Auckland (Auckland, Auckland University Press, 2006), pp. 8­26.

Conference Presentations ‘Central Banking in the British ‘Dominions’, 1940­2000’, Asia Pacific Economic and Business History Conference, (Brisbane, February 2006). ‘Freight costs between Australasia and Europe, c. 1870­1939’, XIVth International Economic History Congress, (Helsinki, August 2006).

2006 PROFESSIONAL ACTIVITIES

Support to International Bodies Member, Economic History Society of Australia and New Zealand (Executive Committee Member from March 2003), Economic History Society, Association of Business Historians Refereeing Australian Economic History Review European Science Foundation

PAUL TOMPKINSON POSITION Senior Lecturer

ACADEMIC QUALIFICATIONS BA (Hons) Leicester, Dip Economics and Econometrics MSc Southampton

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

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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 J. Bethwaite), Journal of Economic Psychology, 12, 1991, 287­298. ‘The Strategic Use of Economic Models in a Macro Game’, New Zealand Economic Papers, 25, 1991, 39­50. ‘The Ultimatum Game: Raising the Stakes’, (with J. Bethwaite), Journal of Economic Behaviour and Organisation, 27, 1995, 439­451. ‘The Ultimatum Game: and Non­Selfish Utility Functions’, (with J. Bethwaite), Journal of Economic Psychology, 17, 1996, 48­71.

2006 TEACHING WORKLOAD Graduate Coordinator for School of Economics and Finance Course Coordinator: ECON130, ECON309, MMCA401, ECON401

MALATHI VELAMURI POSITION Lecturer

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

DISCIPLINE INTERESTS Labour Economics, Labour Supply, Gender Issues, International Labour Markets, Time Use.

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.

2006 TEACHING WORKLOAD Course Coordinator: ECON 416, ECON 417, ECON 333 2006 RESEARCH ACTIVITIES Reports to Government/NGOs/Professional Bodies/Private Clients

‘The Cost of Crime’, (with Steven Stillman), Motu Report to the Ministry of Justice, 38 pp.

Conference Presentations ‘Taxes, Health Insurance and Women’s Self­Employment’, Econometrics Society (ESAM), (Alice Springs, Australia, July 2006). ‘Job Attachment Patterns of Men and Women: The Role of Promotion Expectations and Experience’, European Association of Labour Economists (EALE) Annual Conference, (Prague, Czech Republic, September, 2006).

2006 PROFESSIONAL ACTIVITIES

Refereeing Health Economics.

SHUNMING ZHANG POSITION Post­Doctoral Research Fellow

ACADEMIC QUALIFICATIONS BS CCN, MS PhD ChAcSc

DISCIPLINE INTERESTS Mathematical Economics, Financial Economics, Applied General Equilibrium Theory, Economic Theory and Economic Policy, International Trade, Development Economics.

NOTABLE PUBLICATIONS ‘On Convergence of a Semi­Analytical Method for American Option Pricing’, (with Xiaotie Deng, Yonggeng Gu, Shouyang Wang), Journal of Mathematical Analysis and Applications, 313, 1, (2006), pp. 353­365.

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‘VAT Base Broadening When the Location of Some Consumption is Mobile’, (with John Whalley), Economics Letters, 87, 2 (2005), pp. 199­ 205. ‘Dynamic Arbitrage­free Asset Pricing with Proportional Transaction Costs’, (with Chunlei Xu and Xiaotie Deng), Mathematical Finance, 12, 1 (2002), pp. 89­97. ‘Extension of Stiemke's Lemma and Equilibrium in Economy with Infinite­ dimensional Commodity Space and Incomplete Markets’, Journal of Mathematical Economics, 26, 2 (1996), pp. 249­268.

2006 RESEARCH ACTIVITIES Articles ‘On Convergence of a Semi­Analytical Method for American Option Pricing’, (with Xiaotie Deng, Yonggeng Gu, Shouyang Wang), Journal of Mathematical Analysis and Applications, 313, 1 (2006), pp. 353­365.

Other Academic Publications: Working and Occasional Papers ‘The Distortion Theory of Anticipated Utility’, with Hui Huang, (2006), 41pp. ‘Stochastic Dominance under Anticipated Utility Theory’, with Hui Huang, (2006), 25pp.

Conference Presentations ‘Inequality Change in China and Labour Mobility (Hukou) Restrictions’. (with John Whalley), 2006 International Symposium on Contemporary Labor Economics – Labor Markets, (Xiamen University, China, December 2006).

2006 PROFESSIONAL ACTIVITIES

Refereeing Journal of International Economics

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VUW ECONOMICS AND FINANCE SEMINAR SERIES Convenor: Richard Martin

24 February 2006 Professor Kris Inwood, Professor of Economics, University of Guelph, Canada Paper: "A Long­Run Perspective on Physical Well­Being in Canada", (a joint paper with John Cranfield)

1 March 2006 Professor Dick Herring, University of Pennsylvania, USA, Professorial Fellow in Monetary and Financial Economics at RBNZ and the School of Economics & Finance, VUW Paper: "Implementing Basel II: Is the Game Worth the Candle?"

17 March 2006 Simon P, Anderson, University of Virginia, Charlottesville, VA, USA Paper: "Information Congestion"

29 March 2006 Professor Mukul Majumdar, HT & RI Warshow Professor of Economics, Cornell University Ithaca, New York, USA Paper: "Famines: A Walrasian Approach"

5 April 2006 Professor Mukul Majumdar, HT & RI Warshow Professor of Economics, Cornell University Ithaca, New York, USA Paper: "Dynamical Systems: Simple and Complex"

5 May 2006 Associate Professor Donggyu Sul, Dept of Economics, University of Auckland Title: "Economic Transition and Growth" June 2005

10 May 2006 Professor Walter Bossert, Dept of Sciences,Economics and CIREQ, University of Montreal, Canada Title: "Infinite Horizon Choice Functions"

16 May 2006 Professor Larry Christiano, Northwestern University, Chicago, USA Title: "Optimal Monetary Policy in a Sudden­Stop"

17 May 2006 Professor Steven Swidler, Auburn University, Alabama, USA. J Stanley Mackin distringuished Professor of Finance Title: "Trading House Price Risk with Existing Futures Contracts"

26 May 2006 ­ Friday Ahmed Mushfiq Mobarak, University of Colorado Title: "Partner Search by Multinational Corporations in a Corrupt Environment"

29 May 2006 ­ Monday Doug Allen, Simon Fraser University, Canada Title: "The Duel of Honor: Screening for Unobservable Social Capital"

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31 May 2006 ­ Wednesday Dr Stuart L. Gillan, Assistant Professor of Finance W.P Carey School of Business, Arizona State University, USA Title: "Explicit vs Implicit Contracts: Evidence from CEO Employment Agreements"

7 June 2006 Jacek Krawczyk and Dr Kunhong Kim, School of Economics and Finance, VUW Title: "A Viable Solution to a Small Open­Economy Monetary Policy Problem"

14 June 2006 Jacek Krawczyk, Reader in School of Economics and Finance, VUW. Wellington Title: "Coupled Constraint Markovian­Nash Equilibria in Dynamic Environmental Games"

16 June 2006 Michael Webb, MCA Student, Victoria University of Wellington. Presentation of Thesis paper Title: "Dynamic Panel Data Models: Estimation, Inference and Cross­Country Applications"

19 July 2006 Kerry Papps, PhD Cornell University, NY Title: "The Effects of Divorce Risk on the Labour Supply for Married Couples"

7 August 2006 Associate­Professor Isao Ishida, University of Tokyo, Japan Title: "Scanning Multivariate Conditional Densities with Probability Integral Transforms, with Application to Volatility Modeling"

8 August 2006 Dr Susana Iranzo,University of Sydney. Australia Title: "College Education, Skilled­Biased Technological Adoption and Productivity: Theory and Evidence from the US"

18 September 2006 Professor Dick Herring, University of Pennsylvania, USA, Professorial Fellow in Monetary and Financial Economics at RBNZ and the School of Economics & Finance, VUW Title: "Hedge funds and financial stability"

22 September 2006 Professor Alex Frino, Chair of Finance, University of Sydney and Director of Securities Industry Research Centre of Asia Pacific Title: "The Information Content of Trader Identification"

27 September 2006 Dr Sohini Somanathan, Reader in the Dept of Economics, University of Delhi, India Title: "A Longitudinal Analysis of Households in Rural India"

13 October 2006 Dr Ning Gong, Melbourne Business School, University of Melbourne, Australia Title: "Forward­looking Information Disclosure and Share Return Volatility"

6 November 2006 Dr Rob Vigfusson, Federal Reserve Board of Governors. Washington DC, USA Title: "Trade integration, Competition, and the Decline in Exchange­Rate Pass­Through"

9 November 2006 Adrian Slack, PhD Student, SEF, VUW Title: "Advocacy and Conflicts of Interest"

16 November 2006 Emmanuel De Vierman, John Hopkins University, Baltimore MD, USA Title: "Which Nonlinearity in the Phillips Curve?" The Absence of Accelerating Deflation in Japan"

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22 November 2006 Professor Carmel Ullman Chiswick, University of Illinois at Chicago, USA Title: "The Economic Determinants of Ethnic Assimilation"

24 November 2006 Barry Chiswick, Distinguished Professor, University of Illinois at Chicago, USA Title: "Computer Usage, Destination Language Proficiency and the Earnings of Natives and Immigrants", (co­ authored with Paul Miller)

6 December 2006 Professor Hank (Hendrik) Bessembinder, Blaine Huntsman Chair in Finance, David Eccles School of Business, University of Utah, USA Title: "Liquidity Biases in Asset Pricing Tests"

8 December 2006 Ms Jennifer Steele, University of Texas at Austin, USA, PhD student Title: "Essays on Incomplete Information in Economic Development"

11 December 2006 Mr Ryan Greenaway­McGrevy, PhD Candidate, University of Auckland Title: "Asymptotic Evaluation of Long­Horizon Forecasts"

VISITORS

February 2006 Professor Kris Inwood, Professor of Economics, University of Guelph, Canada

March 2006 Professor Dick Herring, University of Pennsylvania, USA, Professorial Fellow in Monetary and Financial Economics at RBNZ and the School of Economics & Finance, VUW Simon P, Anderson, University of Virginia, Charlottesville, VA, USA Professor Mukul Majumdar, HT & RI Warshow Professor of Economics, Cornell University Ithaca, New York, USA

May 2006 Associate Professor Donggyu Sul, Dept of Economics, University of Auckland Professor Walter Bossert, Dept of Sciences,Economics and CIREQ, University of Montreal, Canada Professor Larry Christiano, Northwestern University, Chicago, USA Professor Steven Swidler, Auburn University, Alabama, USA. J Stanley Mackin distringuished Professor of Finance Ahmed Mushfiq Mobarak, University of Colorado Doug Allen, Simon Fraser University, Canada Dr Stuart L. Gillan, Assistant Professor of Finance W.P Carey School of Business, Arizona State University, USA

July 2006 Kerry Papps, PhD Cornell University, NY

August 2006 Associate­Professor Isao Ishida, University of Tokyo, Japan Dr Susana Iranzo,University of Sydney. Australia

September 2006 Professor Dick Herring, University of Pennsylvania, USA, Professorial Fellow in Monetary and Financial Economics at RBNZ and the School of Economics & Finance, VUW

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Professor Alex Frino, Chair of Finance, University of Sydney and Director of Securities Industry Research Centre of Asia Pacific Dr Sohini Somanathan, Reader in the Dept of Economics, University of Delhi, India

October 2006 Dr Ning Gong, Melbourne Business School, University of Melbourne, Australia

November 2006 Dr Rob Vigfusson, Federal Reserve Board of Governors. Washington DC, USA Emmanuel De Vierman, John Hopkins University, Baltimore MD, USA Professor Carmel Ullman Chiswick, University of Illinois at Chicago, USA Barry Chiswick, Distinguished Professor, University of Illinois at Chicago, USA

December 2006 Professor Hank (Hendrik) Bessembinder, Blaine Huntsman Chair in Finance, David Eccles School of Business, University of Utah, USA Ms Jennifer Steele, University of Texas at Austin, USA, PhD student Mr Ryan Greenaway­McGrevy, PhD Candidate, University of Auckland

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The New Zealand Institute for the Study of Competition and Regulation (ISCR) is a charitable trust established

in 1998 to promote, facilitate, sponsor and produce public good research on markets, industries and

organisations. The principal objective of this research is to shed light on competition and regulatory issues

relevant to New Zealand

Particular emphasis is placed on the stimulation of public interest and awareness of these issues. All ISCR

research is publicly available through its website: http://www.iscr.org.nz. In addition much is disseminated via

ISCR publications and seminars.

ISCR maintains a small group of Masters degree students who work on thesis topics under the supervision of

one or more of the primary research team. These students also assist with other ISCR projects.

Funding for ISCR’s work comes from a membership base of private and public companies, and from research

and contract work.