The University of Western Australia

BUSINESS SCHOOL

THE TWENTY-FIFTH

PhD CONFERENCE IN ECONOMICS AND BUSINESS

7th

November – 9th

November 2012

Perth

PROGRAM

Centre for Aboriginal Programmes

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Accessible Toilet........................................................Public Toilet............................................................Public Telephone....................................................Bicycle Rack...........................................................Bus Stop..................................................................Shuttle Bus Terminus.............................................. T

CAR PARKS AND FACILITIESPlease read the signs before you park your vehicle!

Permit Parking Yellow (student) 1, 4, 8, 9, 14, 21, 31, 35, 37Red (staff) 1, 2, 3, 4, 6-10, 14-15,18-21, 24-27, 29-31, 33, 34,37, 40 & 41 Student Car pool’g 14 (car pooling permit required)University Club 39 (members and guests - permit required)Accessible bays 1, 2, 3, 5, 8, 9,14-16, 18, 19, 22,23,25 30-31, 34, 37, 39, 40 & 41 (UWA Accessible or ACROD permit required)Reserved bays reserved at all times - including car poolingService bays 1-3, 5, 6, 8, 9, 14-16, 18-20, 22-24, 27, 28, 30, 31, 33, 34, 37 (place business card or Parking Authority Permit on dashboard)

Pay Parking Short Term : $1.10 per hour : 1, 3, 4, 20, 37Long Term: 90 cents per hour : 9, 17, 23, 25, 31, 33, 35

Motorcycle bays 1, 3, 4, 8, 10, 14, 15, 16, 18, 25, 31, 34, 37, 40 & 41 (no permit required)

Limited Bus Parking East of Music building - phone 6488 3020 Bus Routes to Campus23, 24, 78, 79, 97, 98, 99, 102, 103, 107.Please check with Transperth for current information - 13 62 13 http://www.transperth.wa.gov.au

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FAIRWAY ENT. 3

Currie Hall

St. ThomasMore College

St. George's College

Perth InternationalArts Festival

Education

S T I R L I N G H I G H WAY

GORDON STREET

P31

P30

CLIFTON

STREET

P17

P19

Physics

Geology

Geography

ReidLibrary

Undercroft &Winthrop Hall

P22

SUNKENGARDEN

GREATCOURT

Art GalleryLawrence Wilson Administration

RILEY OVAL

SOMERVILLEAUDITORIUM

M O U N T S B AY R O A D

Hackett Hall

Recreation Centre

P1

Music

P2

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RIV

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P3

Arts

P23

Boatshed

JAMES OVAL

P4 OAK

LAWN

LawEconomics& Commerce

SocialSciences

Wills & Tatts LT P5

P6

Guild Village

Shenton House

AnatomyPsychology

PRESCOTT CT.

PhysiologyBiochemistry

Agriculture

P8

P9

Zoology

Botany

P10

HumanMovement

ChildCare

Biol. SciencesLibrary

P7

P15

P27

General Purpose 3

Civil &

Electrical & Electronic Engineering

TISC

Computer Science

General Purpose 2

Maths & Phys Sci.Library

IASIrwin St.Building

COOK ST.

CAPORN ST.

EVERETT ST.

PRINCESS ROAD

FAIRW

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COOPER ST.

EDWARD ST.

CLARK ST.

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MYERS ST.

PARK ROAD

PARK AVENUEWIN

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CRAWLEY

FAIR

WAY

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FAIRWAY ENT. 1

FAIRWAY ENT. 4

PARKWAY ENT. 3

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HACKETT ENT. 2

HACKETT ENT. 3

TAXONOMIC GARDEN

P25

CWR/Environmental Engineering

AVEN

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TENNIS COURTS

Matilda Bay

Architecture& Fine Arts

P E L I C A N P O I N T

DolphinTheatre

OctagonTheatre

Trinity

St. Catherine's College

Bus Parking

Pool

Student Admin.

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To Fremantle

To Perth

Clifton StreetBuilding

Audio VisualUnit

Combined Workshops

Biology14/16

Parkway

OutdoorLaboratory

SoilScience

SandersBuilding

MYERS ST.

Mechanical

Engineering

Child StudyCentre

P14

Park AvenueBuilding

P20

P18

P21

P29

P16

P24

WHITFELDCOURT

P34

P33

UWAPress

P35

MONASH AVENUE

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SPITAL AV

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Medical & Dental Library

Child Care

OHCWA

P37P36

28 Broadway

Queen Elizabeth II Medical Centre

P8

Visitors Centre

Crawley Site

35 Stirling Highway

MotorolaBuilding

CTEC

ForensicScience

39 Myers St

P38

P39

MCS

UniversityClub of WA

P41Business School

ClaremontSite

Myers St. Bldg

P26

P26

PARKWAY ENT. 4

PARKWAY ENT. 1

FAIRWAY ENT. 2

P40

PARKWAY ENT. 2

WatersportsComplex

NedlandsSite

Monash AvenueSite

Park AvenueSite

POOLE AV.

PRINCESS ROAD

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BAY ROAD

AGETT ROAD

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INFORMATION FOR VISITORS

Conference Location:

The conference sessions will be held at the Business School, Hackett Entrance No. 4,

off Hackett Drive. The conference office will be located in Room G30, on the ground

floor.

Parking:

Visitors to the campus MUST purchase a parking ticket and park in the visitor bays

only.

• Casual Visitors

Short Term parking is available in visitor bays, indicated by white and green

signs. Please read the signs carefully to ensure that you park in the

appropriate parking bay as time limits apply to some parking bays.

• All-day parking

All day parking is available in visitors bays indicated by white and green

signs displaying 9P and is available in:

Carpark 9, adjacent to the Business School, Hackett Entrance No. 4

Carpark 33, Parkway Entrance 4 (see map)

Carpark 35, Hackett Drive, Matilda Bay

Email Access:

UnifiGuest is a Wireless Internet Service available for official visitors of the

University of Western Australia. You should have received your personal Login

details and Instructions from Business School Helpdesk.

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CONFERENCE CONVENORS

Ken Clements and Izan

Business School

The University of Western Australia

CONFERENCE COORDINATOR Mei Han

Ph: (08) 6488 7930

Email: Mei.Han@uwa.edu.au

CONFERENCE ASSISTANTS Grace Gao, Liang Li, Tom Simpson,

Siew Hong Wade and Yuewen Xiao

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Partner Universities

Sponsors

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Dr Ian Harper

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Sponsors

ANZ Bank

Australian Finance Conference & Australian Equipment Lessors Association Incorporated

Australian National University

Cape Bouvard Investments Pty Ltd

Chamber of Minerals and Energy of Western Australia

Commonwealth Treasury

Department of Industry, Innovation, Science, Research and Tertiary Education

Economic Society of Australia

Economic Society of Australia (WA Branch)

Frontier Economics

Dr Ian Harper

Industrial and Commercial Bank of China

Macquarie Group Foundation

Mannkal Economic Education Foundation

Monash University

Productivity Commission

Reserve Bank of Australia

Securities Industry Research Centre of Asia-Pacific

University of Queensland

University of Western Australia

WA Department of Finance

WA Department of State Development

WA Office of the Auditor General

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PROGRAM OVERVIEW

Wednesday 7th

November

6.30 pm Registration & Reception BBQ

Business School Riverside Verandah & Foyer

Opening Address: Phil Dolan

Dean, Business School

University of Western Australia

Following the Reception BBQ, a bus will be available for students and discussants returning to

Trinity College and the Duxton Hotel. The bus will depart from outside the main entrance of the

Business School at 9.00 pm. Please follow the signs to catch the bus.

Thursday 8th

November

8.30 - 9.00 am Late Registration – Room G30

9.00 – 10.30 am Session 1: Sexual Selection, Growth and Climate Change

10.30 – 11.00 am Group Photo

Morning Tea – BHP Billiton Courtyard

11.00 – 12.30 pm Session 2: Mutual Fund Investment and Firm Growth

Session 3: Productivity & Public Goods

12.30 – 1.30 pm Lunch – Business School Riverside Verandah

1.30 – 3.00 pm Session 4: Share Ownership Patterns

Session 5: FDI and Exchange Rates

3.00 – 3.30 pm Afternoon Tea – BHP Billiton Courtyard

3.30 – 5.00 pm Session 6: Earnings and CEOs

Session 7: Macroeconometrics

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Friday 9th

November

9.00 – 10.30 am Session 8: Banking

Session 9: Migration

10.30 – 11.00 am Morning Tea – BHP Billiton Courtyard

11.00 – 12.30 pm Session 10: Currency Swaps and Profits

Session 11: Preferences and Consumption

12.30 – 1.30 pm Lunch – Business School Café and Woodside Courtyard

1.30 – 3.00 pm Session 12: Asset Pricing

Session 13: Food and Energy

3.00 – 3.30 pm Afternoon Tea – BHP Billiton Courtyard

3.30 – 5.00 pm Session 14: Pricing and Credit Risk

Session 15: Microeconomics

6.30 pm Conference Dinner at The University Club, Hackett Drive, Crawley,

10 minutes’ walk, north from the Business School (see map)

Author and Discussant prizes to be awarded

Harry Clarke, La Trobe University, will choose the winner of a special

award for the Student with the Most Potential in Economics.

Izan, University of Western Australia, will choose the winner of a special

award for the Student with the Most Potential in Finance.

The Best Student Presentation and the Best Discussant will be determined

by a vote of all participants. Ballot papers will be distributed at

Registration.

Following the Conference Dinner, a bus will be available for students and discussants returning

to Trinity College and the Duxton Hotel. The bus will depart from outside the main entrance of

the University Club at 10.00 pm.

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PROGRAM DETAILS

THURSDAY 8th

NOVEMBER

9:00 – 10:30 - SESSION 1: Sexual Selection, Growth and Climate Change Ernst & Young LT

Session Chair: Michael McLure, University of Western Australia

Jason Collins, University of Western Australia

Sexual Selection, Conspicuous Consumption and Economic Growth

Soo Keong Yong, University of Queensland

The Impact of Time Consistent Emissions Taxes on Investment in Clean Technology: An

Experiment

Discussants: Paul Frijters, University of Queensland

Gigi Foster, University of New South Wales

10.30 – 11.00 am Group Photo

Morning Tea – BHP Billiton Courtyard

11:00 – 12:30 - SESSION 2: Mutual Fund Investment and Firm Growth Case Study Room G.42

Session Chair: Millie Chang, University of Western Australia

George Jiaguo Wang, University of Melbourne

On Market States and the Value of the Actively Managed Mutual Fund Industry

Davin Wang, Monash University

Do Diversified and Focused Firms Have Different Growth Options? Evidence from Total Asset

Growth

Discussants: Susan Thorp, University of Technology, Sydney

Richard Heaney, University of Western Australia

11:00 – 12:30 - SESSION 3: Productivity and Public Goods Case Study Room 1.42

Session Chair: Peter Robertson, University of Western Australia

Wayan Arsana, University of Western Australia

Efficiency, Technical Change and Productivity Growth in Indonesian Regions

Yingying Lu, Australian National University

Private Externalities and Environmental Public Goods: Politico-economic Consequences

Discussants: Prasada Rao, University of Queensland

Simon Grant, University of Queensland

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12.30 – 1.30 pm Lunch – Business School Riverside Verandah

1:30 – 3:00 - Session 4: Share Ownership Patterns Case Study Room G.42

Session Chair: Ray da Silva Rosa, University of Western Australia

Rowan Clarke, University of Western Australia

The Effect of Substantial Holdings on Capital Structure and Dividend Policy

Raja Mukherjee, University of Western Sydney

Equity Home Bias - A Global Perspective

Discussants: Tom Smith, University of Queensland

Egon Kalotay, Macquarie University

1:30 – 3:00 - SESSION 5: FDI and Exchange Rates Case Study Room 1.42

Session Chair: Yihui Lan, University of Western Australia

Ghaith Al-Eitan, Curtin University

A Dynamic Model for Determining Inward Foreign Direct Investment in Jordan

Taya Dumrongrittikul, Monash University

Do Policy-Related Shocks Affect Real Exchange Rates of Asian Developing Countries?

Discussants: Graeme Wells, University of Tasmania

Rodney Strachan, Australian National University

3.00 – 3.30 pm Afternoon Tea – BHP Billiton Courtyard

3:30 – 5:00 - SESSION 6: Earnings and CEOs Case Study Room G.42

Session Chair: Marvin Wee, University of Western Australia

Mohd Tanvir Ansari, Queensland University of Technology

Bank Opacity and Information Asymmetry around Quarterly Earnings Announcements

Chia-Feng Yu, Monash University

CEO Turnover, Earnings Management, and Big Bath

Discussants: Doug Foster,University of Technology, Sydney

Luciana Fiorini, University of Western Australia

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3:30 – 5:00 - SESSION 7: Macroeconometrics Case Study Room 1.42

Session Chair: Rod Tyers, University of Western Australia

Varang Wiriyawit, Australian National University

Implications for Welfare Analysis of Structural Parameter Estimation Bias: An Example of a

Simple RBC Model

Jasmine Zheng, Australian National University

How do Monetary and Fiscal Policy Shocks Explain US Macroeconomic Fluctuations? - A FAVAR

Approach

Discussants: Penny Smith, Reserve Bank of Australia

Lance Fisher, Macquarie University

FRIDAY 9th

NOVEMBER

9.00 – 10.30 - SESSION 8: Banking Case Study Room G.42

Session Chair: Juerg Weber, University of Western Australia

Linh Nguyen, Monash University

Government Ownership, Regulation, Economic Development and Bank Stability-International

Evidence

Sidharth Sahgal, University of New South Wales

Pick Your Poison: Systemic Risk and Banking Activity

Discussants: Linden Luo, Treasury

Michael Skully, Monash University

9.00 – 10.30 - SESSION 9: Migration Case Study Room 1.42

Session Chair: Abu Siddique, University of Western Australia

Debayan Pakrashi, University of Queensland

The Political Economy of Migration in China

Xingang (Singa) Wang, Auckland University

Longitudinal Analysis of Assimilation, Ethnic Capital and Immigrants’ Earnings: Evidence from

a Hausman-Taylor Estimation

Discussants: Bob Gregory, Australian National University

Deborah Cobb-Clark, University of Melbourne

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10.30 – 11.00 am Morning Tea – BHP Billiton Courtyard

11:00 – 12:30 - SESSION 10: Currency Swaps and Profits Case Study Room G.42

Session Chair: Sirimon Treepongkaruna, University of Western Australia

Yang Chang, University of Technology, Sydney

Carry Trade and Liquidity Risk: Evidence from Forward and Cross-Currency Swap Markets

Yaqiong (Chelsea) Yao, University of Melbourne

Macroeconomic Risk Factors and Momentum Profits

Discussants: Jeff Sheen, Macquarie University

Terry Walter, SIRCA

11:00 – 12:30 - SESSION 11: Preferences and Consumption Case Study Room 1.42

Session Chair: Yanrui Wu, University of Western Australia

Jie Ding, Macquarie University

Australian Retirees' Preferences between Consumption, Government Pension, Bequest and

Housing

Lucille Wong, Griffith University

An Analysis of Australian Consumption Patterns

Discussants: Alan Woodland, University of New South Wales

Ranjan Ray, Monash University

12.30 – 1.30 pm Lunch – Business School Café and Woodside Courtyard

1:30 – 3:00 - SESSION 12: Asset Pricing Case Study Room G.42

Session Chair: Paul Gerrans, University of Western Australia

Changtao (William) Wang, University of New South Wales

Estimating the Value of Patent Rights in Australia

Zhangxin (Frank) Liu, University of Queensland

Volatility Indices and State-Preferences Pricing

Discussants: Paul Jensen, University of Melbourne

Paul Kofman, University of Melbourne

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1:30 – 3:00 - SESSION 13: Food and Energy Case Study Room 1.42

Session Chair: Anu Rammohan, University of Western Australia

Mohd (Reza) Gharibnavaz, La Trobe University

A General Equilibrium Analysis of Alternative Scenarios for Food and Energy Subsidy Reforms

in Iran

Mohd (Ismail) Khan, La Trobe University

Optimal Water Allocation for Rice Production under Climate Change

Discussants: David Pearce, Centre for International Economics, Canberra

David Pannell, University of Western Australia

3.00 – 3.30pm Afternoon Tea – BHP Billiton Courtyard

3:30 – 5:00 - SESSION 14: Pricing and Credit Risk Case Study Room G.42

Session Chair: Luciana Fiorini, University of Western Australia

Peyman Khezr, University of Sydney

Auction Versus Posted Price and the Informed Seller Problem

Jue Wang, University of Sydney

A Structural Approach to Estimate Market-Assessed Sovereign Credit Risk

Discussants: Stephen King, Monash University

Geoff Kingston, Macquarie University

3:30 – 5:00 - SESSION 15: Microeconomics Case Study Room 1.42

Session Chair: Andrew Williams, University of Western Australia

Richard Norman, University of Technology, Sydney

Equity Weighting in the Economic Evaluation of Healthcare

Colette Marais, University of Melbourne

A Structural Analysis of the Mining Activities at a South African Vanadium Mine

Discussants: Denzil Fiebig, University of New South Wales

Zhanar Akhmetova, University of New South Wales

6.30 pm Conference Dinner at The University Club

Author and Discussant prizes to be awarded.