Digital Commons Network^™

Editorial Volume 6 Issue 5, Ron Perrin, Greg Laing, Ciorstan Smark

Australasian Accounting, Business and Finance Journal

The articles published in this issue of AABFJ cover a variety of discipline areas as well as providing a contrast in methodologies for research. Cheung and Powell (2012) provide guidance on the use of the Excel modelling package to construct parametric and Monte Carlo Simulation models. Lama (2012) examined the relationship between corporate governance and a firm’s performance as measured by return on equity, earning yield and return on assets, and found and found that in mid-sized Australian ASX companies there was a positive correlation. Morunga and Bradbury (2012) report on the data overload found in the financial reports of …

Commentary: Curriculum Alignment And After: Prompts, Positions And Prospects At La Trobe University, Adrian N. Jones

Journal of University Teaching & Learning Practice

The move to align curriculum has been an important aspect of endeavours to improve and reform higher education. This article places alignment reform at La Trobe University in its institutional context. The reform of generalist degrees programmes is emphasised. The article first traces a problem of curriculum anarchy which La Trobe shared with many other institutions. The paths and foundations of La Trobe's move to align its curriculum are then described, with a focus on their implications for generalist (i.e., non-vocational) programmes. The article concludes by suggesting and sketching a new agenda for reform after alignment: a focus on what …

Champions Or Helpers: Leadership In Curriculum Reform In Science, Elizabeth D. Johnson, Fiona L. Bird, Jeanette Fyffe, Emma Yench

Journal of University Teaching & Learning Practice

This study describes the perceptions of embedded teaching and learning leadership teams working on curriculum reform in science teaching departments. The teams combined a formally recognised leader, School Director of Learning and Teaching, with a project-based, more junior academic, Curriculum Fellow, to better leverage support for curriculum reform. Teams were established on the principles of localizing support and maximising credibility with discipline staff. The core teams were supported by a larger Faculty team of Associate Dean Academic, academic developer, educational designer, first year coordinator and project manager. Key themes emerging from the collected data were the complementary roles of members …

Using Capstones To Develop Research Skills And Graduate Capabilities: A Case Study From Physiology, Brianna L. Julien, Louise Lexis, Johannes Schuijers, Tom Samiric Phd, Stuart Mcdonald Phd

Journal of University Teaching & Learning Practice

In 2011, the Department of Human Biosciences introduced two physiology capstone subjects as part of the Design for Learning Project at La Trobe University. Consistent with the project, the aims of these subjects were to provide an effective culmination point for the Bachelor of Health Science course and to offer students orientation to opportunities for further study, employment and career development. The aim of this paper is to provide an overview of the skills-related assessment tasks of the newly introduced capstone program and an evaluation of the capstone program based on student performance and feedback scores in conjunction with staff …

Actively Promoting Student Engagement Within An Online Environment: Developing And Implementing A Signature Subject On ‘Contemporary Issues In Sex And Sexuality’, Gillian Fletcher, Gary W. Dowsett, Lilian Austin

Journal of University Teaching & Learning Practice

La Trobe University is committed to improving the first year experience, and to developing its online teaching portfolio in response to increasing student demand. This article will acknowledge that these two objectives will remain contradictory if online learning systems are used predominantly as repositories of information with little thought given to their specific pedagogic possibilities. The article will then present a case study of an ‘Signature Subject’ that was developed to actively promote learner-material, learner-learner and learner-lecturer engagement in an entirely online environment, through use of synchronous and asynchronous sessions. Background to subject development will be provided, followed by discussion …

Transforming Information Literacy Conversations To Enhance Student Learning: New Curriculum Dialogues, Fiona A. Salisbury, Sharon Karasmanis, Tracy Robertson, Jenny Corbin, Heather Hulett, Tai L. Peseta

Journal of University Teaching & Learning Practice

Information literacy is an essential component of the La Trobe University inquiry/research graduate capability and it provides the skill set needed for students to take their first steps on the path to engaging with academic information and scholarly communication processes. A deep learning approach to information literacy can be achieved if students have an opportunity to build awareness of generic skills followed by practice in their discipline context. This article describes a collaborative model for developing and embedding information literacy resources within disciplines, that is based on Biggs and Tang's (2007) concept of constructive alignment, and that is suitable for …

Collaborating To Embed Academic Literacies And Personal Support In First Year Discipline Subjects, Kate Chanock, Craig Horton, Mark Reedman, Bret Stephenson

Journal of University Teaching & Learning Practice

This article discusses a Design for Learning project in the Faculty of Humanities and Social Sciences, where academic and personal support for students was interwoven in their first semester. Staff of the Academic Language and Learning Unit (ALLU) worked with discipline staff to develop their students’ capabilities across a range of disciplines, while the Faculty’s First Year Coordinator organised dedicated tutors to identify and support students who struggled to engage with their first semester’s work. ALLU staff, consulting with subject coordinators, designed extra tutorials focussing on the subjects’ readings for four weeks, and working towards the first marked assignment. Using …

Taking Responsibility For Academic Integrity: A Collaborative Teaching And Learning Design, Julianne East, Lisa Donnelly

Journal of University Teaching & Learning Practice

La Trobe University, like many Australian universities, states that it values honest academic endeavour (Academic Integrity Policy 2011), and it can provide examples of good teaching practice in the areas of academic integrity, proper acknowledgment and avoiding plagiarism. Rather than relying on the chance that individuals will just develop good practices, this university has recently taken a more systematic approach to teaching students and staff about academic integrity and providing resources to ensure a consistent message and application of acknowledgment conventions. This systematic approach was made possible through the University’s curriculum reform program, the Design for Learning. By positioning academic …

Editorial 9.3, Tai Peseta

Journal of University Teaching & Learning Practice

This Special Edition of JUTLP is unique in that it examines a single university's approach to curriculum reform, providing insights from many of the people who were engaged in the process.

At La Trobe University in Australia the mechanism for engaging in discussions at a university level has been encapsulated in an institutional strategy known as Design for Learning (DfL) (La Trobe University 2009). From 2007, former Deputy Vice-Chancellor (Academic) Belinda Probert and former Pro Vice-Chancellor (Curriculum and Academic Planning) Tom Angelo, led an exciting and edgy curriculum change initiative intended to build on La Trobe’s learning and teaching strengths, …

Succession Planning In Australian Farming, John Hicks, Richard Sappey, Parikshit Basu, Deirdre Keogh, Rakesh Gupta

Australasian Accounting, Business and Finance Journal

The theme of this paper is that succession planning in Australian farming is under-developed. It may be linked to economic and social change which suggests that farmers need to adapt to generational change but this is being resisted or ignored. The implications of this are the slow decline of family farming, a poor transfer of skills and knowledge to subsequent generations of farmers in some parts of the agricultural sector and the potential for an extension of the financial services industry to develop a more effective raft of succession planning measures to mitigate the effects of a traditional approach to …

Collaborating With Industry To Enhance Financial Planning And Accounting Education, Mark Brimble, Craig Cameron, Brett Freudenberg, Campbell Fraser, Kirsten Macdonald

Australasian Accounting, Business and Finance Journal

Higher education is integral to the professionalisation of financial planning in Australia. However, the traditional separation between ‘content’ and ‘practice’ in tertiary curriculum does not necessarily equip students with the skills required to apply the content in a professional context. Contextualisation of the financial planning curriculum requires collaboration between higher education institutions and the profession to develop authentic learning environments, such as work-integrated learning (WIL). This paper describes the collaboration by one Australian university to develop a professionally integrated Financial Planning and Accounting degree and provides evidence of its impact from an industry perspective. The results reveal a high level …

Kiwisaver And Retirement Adequacy, Kirsten L. Macdonald, Robert J. Bianchi, Michael E. Drew

Australasian Accounting, Business and Finance Journal

Investors face a long and uncertain journey to retirement and beyond, particularly when investing in new defined contribution schemes such as New Zealand’s KiwiSaver. This paper seeks to provide positive insights into the design of KiwiSaver by assessing the recently announced move from 4 to 6% minimum contribution rates using stochastic simulation. We consider retirement adequacy from two perspectives: (i) multiples of gross final earnings achieved during the accumulation phase; and (ii) replacement rates of salaries during the decumulation phase. The findings reveal that an increase in the contribution rate from 4 to 6% dramatically increases the probability of investors …

The Financial Life Well-Lived: Psychological Benefits Of Financial Planning, Kym Irving

Australasian Accounting, Business and Finance Journal

As the financial planning industry undergoes a series of reforms aimed at increased professionalism and improved quality of advice, financial planner training in Australia and elsewhere has begun to acknowledge the importance of interdisciplinary knowledge bases in informing both curriculum design and professional practice (e.g. FPA 2009). This paper underscores the importance of the process of financial planning by providing a conceptual analysis of the six step financial planning process using key mechanisms derived from theory and research in cognate disciplines, such as psychology and well-being. The paper identifies how these mechanisms may operate to impact client well-being in the …

The Financial Coaching Advice Model: An Exploration Into How It Satisfies Expectations Of Quality Advice, Julie Knutsen, Robyn Cameron

Australasian Accounting, Business and Finance Journal

For 20 years, the financial planning sector in Australia has been transitioning from a sales-orientated force to a profession of qualified and skilled practitioners. Today, the potential for professional financial planning advice to benefit Australians financially, economically and psychologically is recognised by government. Financially, these benefits include increased savings, less interest expense through faster debt reduction, higher investment returns and appropriate levels of insurance. Economically, a more financially literate society has the potential for less reliance on an already burdened social security system. Psychologically, the benefits include the peace of mind that comes from an individual being confident in financial …

Incorporating Financial Literacy Into The Secondary School Accounting Curriculum: A New Zealand Perspective, Grant Samkin, Mary Low, Jordan Taylor

Australasian Accounting, Business and Finance Journal

This paper examines whether selected stakeholder groups believe accounting should continue to be taught as an elective subject in its current form at New Zealand secondary schools or whether incorporating a financial literacy component would increase the subject’s relevance to students. A mixed method approach combining qualitative and quantitative research methods was used. An electronically administered survey was used to obtain the responses of secondary school accounting teachers, while additional insight in the form of semi-structured interviews was obtained from other stakeholders.

Although respondents generally agreed that students benefited from accounting as an elective subject at secondary school, all agreed …

Editorial: Special Issue On Financial Planning, Mark Brimble, Brian Murphy, Rakesh Gupta

Australasian Accounting, Business and Finance Journal

The special edition presents current research in the area of financial planning. With the continual upheaval in global financial markets (including Australia), the general trend towards self-funded retirement and less reliance on the state, financial crises and the continual regulatory changes in the financial markets, this issue is timely and topical. This is the third special edition on financial planning, providing an excellent outlet for quality research in financial planning.

Reply To “Response: Board Composition And Firm Performance: Evidence From Bangladesh - A Sceptical View”, Afzalur Rashid, Anura De Zoysa, Sudhir Lodh, Kathy Rudkin

Australasian Accounting, Business and Finance Journal

This paper replies to Chowdhury’s (2010) response to the paper "Board Composition and Firm Performance: Evidence from Bangladesh" (2010). It challenges the strength of the criticisms, arguing that the factors discussed in Chowdhury (2010) do not necessarily impair the outcome of the research. The authors elucidate issues raised, and in so doing, reproduce the results incorporating the commentator’s suggestions.

The Effect Of Ifrs Adoption On The Financial Reports Of Local Government Entities, Kamran Ahmed, Manzurul Alam

Australasian Accounting, Business and Finance Journal

This paper aims to analyse the changes in accounting surplus (loss), equity and assets, and liabilities as a result of accounting policy changes from the Australian Accounting Standards (AAS) to the International Financial Reporting Standards (IFRS) in Australian local government entities. Using the reconciliation notes disclosed by 117 local government entities, evidence is provided on the effects of IFRS adoption by identifying the key items that of difference between IFRS and AASB. The results show some differences between two sets of accounts prepared under these different accounting standards. While the average surplus (loss) of local councils has decreased, their equities, …

Assessing The Value Of Graphical Presentations In Financial Reports, Arabella Volkov, Greg Laing

Australasian Accounting, Business and Finance Journal

The purpose of this study was to replicate the research of Davis (1989) to test the decision usefulness of different information presentations as alternatives to financial information that would normally be represented as numbers. A laboratory experiment, based upon Davis’ (1989) study, was conducted using a within subject experimental design to test for information effects. The experiment consisted of two groups with fifteen subjects in each. Decision usefulness was measured from the perspective of a user’s efficiency and effectiveness (operationalised as accuracy and response time) in answering questions of different levels of complexity. Evidence of the superior effectiveness and efficiency …

Partnership Versus Public Ownership Of Accounting Firms: Exploring Relative Performance, Performance Measurement And Measurement Issues, Mark E. Pickering

Australasian Accounting, Business and Finance Journal

Despite theoretical arguments that partnerships are the most efficient ownership form for professional service firms (PSFs), PSFs are increasingly moving to other ownership structures, such as publicly listed companies (PLCs). Research on the comparative performance of PSF, PLCs and partnerships is sparse with conflicting results suggesting that some segments of PSFs are moving to a less efficient form. This study explores the performance of two Australian accounting PLCs compared to a sample of similar sized mid tier accounting firms. The accounting PLCs achieved substantially higher revenue growth rates but lower productivity than the partnership sample. Measurement issues were identified in …

Risk And Return In Hedge Funds And Funds-Of-Hedge Funds: A Cross-Sectional Approach, Hee Soo Lee

Australasian Accounting, Business and Finance Journal

The objective of this study is to examine whether the available data on individual hedge funds (HFs) and funds-of-hedge funds (FOHFs) can reveal the risk-return trade-off and, if so, to find an appropriate risk measure that captures the cross-sectional variation in HF and FOHF returns and compare the risk-return relationship in HFs and FOHFs. Using the “live funds” and the “dead funds” datasets provided by Hedge Fund Research Inc. (HFR), we concentrate on alternative risk measures such as semi-deviation, VaR, expected shortfall and tail risk and compare them with standard deviation in terms of their ability to describe the cross-sectional …

Governance-Default Risk Relationship And The Demand For Intermediated And Non-Intermediated Debt, Husam Aldamen, Keith Duncan, Safdar Khan

Australasian Accounting, Business and Finance Journal

This paper explores the impact of corporate governance on the demand for intermediated debt (asset finance, bank debt, non-bank private debt) and non-intermediated debt (public debt) in the Australian debt market. Relative to other countries the Australian debt market is characterised by higher proportions of intermediated or private debt with a lower inherent level of information asymmetry in that private lenders have greater access to financial information (Gray, Koh & Tong 2009). Our firm level, cross-sectional evidence suggests that higher corporate governance impacts demand for debt via the mitigation of default risk. However, this relationship is not uniform across all …

Performance Of Active Extension Strategies: Evidence From The Australian Equities Market, Reuben Segara, Abhishek Das, James Turner

Australasian Accounting, Business and Finance Journal

This study examines the performance of several active extension strategies, commonly known as 130/30, in the Australian equities market. A detailed analysis of the factors affecting performance is explored using Monte Carlo simulations based on eight years of historical returns for the constituents of the S&P/ASX 200 index under a variety of realistic cost assumptions. We find evidence of a statistically significant increase in performance of active extension strategies over equivalent long-only portfolios, holding all other factors constant. The observed increase is highest for managers with greater levels of skill, where any tracking error limit is high and total costs …

Editorial Volume 6 Issue 3, Ciorstan Smark

Australasian Accounting, Business and Finance Journal

This issue of AABFJ has several finance articles related to the Australian securities market. Segara, Das and Turner (2012) report results from the use of active extension strategies in the Australian equities market. Lee (2012) examines whether individual hedge funds and funds-of-hedge funds (FOHFs) exhibit risk-return trade-off patterns. Finally, Aldamen, Duncan and Khan (2012) explore the impact of corporate governance on the demand for debt in the Australian market. Pickering (2012) explores the issue of whether public (ASX listed) or partnership ownership of accounting firms is the more efficient form.

Impact Of A College Freshman Social And Emotional Learning Curriculum On Student Learning Outcomes: An Exploratory Study, Ning Wang, Stephen C. Wilhite, Jeannette Wyatt, Thomas Young, Geraldine Bloemker, Emily Wilhite

Journal of University Teaching & Learning Practice

This study investigates the impact of implementing a social and emotional learning curriculum for college freshmen on student learning outcomes, including social and emotional competence and academic performance. Through the use of a quasi-experimental design, the growth in social and emotional competence of students who participated in the social and emotional learning seminars is compared with that of students who were enrolled in other freshman seminars. This comparison is complemented by a qualitative analysis of students’ self-reflections in relation to specific dimensions of social and emotional competence. The results of this study suggest that exposure to a social and emotional …

What Constitutes Effective Feedback To Postgraduate Research Students? The Students’ Perspective, Martin East, John Bitchener, Helen Basturkmen

Journal of University Teaching & Learning Practice

Many Western universities are experiencing considerable growth in the numbers of postgraduate research students, both local and international. This increase and diversification bring with them challenges for how to make these students’ research studies successful. In particular, what students may wish to receive by way of supervisor-student relationships, and feedback within those relationships, may differ from what supervisors give, thereby creating potential tensions in the relationship and hindering effective learning. This article looks at what research students report they receive by way of feedback from supervisors, and what they say they find most effective. Evidence from questionnaires (n = 53) …

The Effectiveness Of Oral Presentation Assessment In A Finance Subject: An Empirical Examination, Shyam S. Bhati

Journal of University Teaching & Learning Practice

The purpose of this paper is to study the effectiveness of oral presentation as an assessment tool in a Finance subject. Assessment data collected from a postgraduate Finance subject in an Australian university over a period of five years from 2005 to 2009 was analysed statistically to determine the relation between students’ performance in oral presentation and other forms of assessments. The sample consists of assessment records of 412 students and 98 group presentations. From the study of correlations between oral presentations and other assessments, it is concluded that students perform better in written assessments compared to oral assessment. The …

Developing Animated Cartoons For Economic Teaching, Yu Aimee Zhang

Journal of University Teaching & Learning Practice

Purpose – A picture is worth a thousand words. Multimedia teaching materials have been widely adopted by teachers in Physics, Biotechnology, Psychology, Religion, Analytical Science, and Economics nowadays. To assist with engaging students in their economic study, increase learning efficiency and understanding, solve misconception problems, encourage in class discussion, and increase final performance for students (especially for international students and RA students), some animations and cartoons are developed to explain basic economic concepts for both macroeconomic and microeconomic concepts, issues and events. Methodology – Two surveys were first conducted to collect first year and international students’ requirement and suggestions. Cartoons …

Teamwork In First Year Law Units: Can It Work?, Tracey L. Carver, Amanda Stickley

Journal of University Teaching & Learning Practice

There is an abundance of literature on the importance of teamwork in undergraduate degrees; how to teach it, how to assess it and how to manage it. However, there is also much recorded about students’ dislike of teamwork, especially where an early experience is unsatisfactory and builds resistance against such assessment. Accordingly, despite the revolution of embedding skills into undergraduate university courses, this article commences by examining the issues which commonly arise as impediments to implementing teamwork in this environment – both generally, and in the context of the particular discipline of law. It then examines how the teaching and …

From Tinkering To Meddling: Notes On Engaging First Year Art Theory Students, Kit Messham-Muir

Journal of University Teaching & Learning Practice

This paper considers the two-year-long process of redesigning Art Theory: Modernism, the initial core art theory course at The University of Newcastle in Australia, with the aim of increasing the academic engagement of first year fine art students. First year students are particularly vulnerable to dropping out if they feel disengaged from the University. This paper does not present any grand solutions for teaching today’s first year students. It does, however, consider ways of designing authentic assessment items that acknowledge the new conditions of pedagogy today. This paper offers ideas for engaging first year students, by creating multidimensional resources that …