{"title":"The Impact of International and NESB Students on Measured Learning and Standards in Australian Higher Education","authors":"Gigi Foster","doi":"10.2139/ssrn.1756829","DOIUrl":"https://doi.org/10.2139/ssrn.1756829","url":null,"abstract":"Do international students and/or students from non-English language speaking backgrounds (NESB students) perform worse than other students in Australian undergraduate classrooms? What happens to other students' marks when these students are added to classrooms? I provide new empirical evidence on these questions using very recent administrative panel data from the business faculties of two Australian Technology Network universities. Results show that both international students and NESB students perform significantly worse than other students, even controlling for selection into courses. Both effects are large and do not disappear after the first semester, but non-English speaking background predicts substantially more of a reduction in marks than international student status. Adding international NESB students to a tutorial leads to a reduction in the marks of English-speaking students in that tutorial, whereas the marks of all students benefit from the addition of domestic NESB students to tutorials.Finally, evidence of an upward buoying effect on marks is found from adding international NESB students to courses, which is likely due to the presence of grading on a curve at the course level, but this effect is only felt by international NESB students themselves. Logic suggests that this rise is unlikely to be due to a true learning effect, implying that on average, international NESB students' already low marks are inflated in courses with large fractions of such students.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2011-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80772853","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A Survey of Actuarial Graduates","authors":"Brian Chu, John R. Evans, David E. Morgan","doi":"10.2139/SSRN.1728611","DOIUrl":"https://doi.org/10.2139/SSRN.1728611","url":null,"abstract":"The survey of actuarial graduates from UNSW was undertaken in 2010 to obtain an understanding of their experience after graduation.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2010-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82071303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Improving Longevity and Mortality Risk Models with Common Stochastic Long-Run Trends","authors":"M. Sherris, Séverine Arnold (-Gaille)","doi":"10.2139/ssrn.1702029","DOIUrl":"https://doi.org/10.2139/ssrn.1702029","url":null,"abstract":"Modeling mortality and longevity risk presents challenges because of the impact of improvements at different ages and the existence of common trends. Modeling cause of death mortality rates is even more challenging since trends and age effects are more diverse. Despite this, successfully modeling these mortality rates is critical to assessing risk for insurers issuing longevity risk products including life annuities. Longevity trends are often forecasted using a Lee-Carter model. A common stochastic trend determines age-based improvements. Other approaches fit an age-based parametric model with a time series or vector autoregression for the parameters. Vector Error Correction Models (VECM), developed recently in econometrics, include common stochastic long-run trends. This paper uses a stochastic parameter VECM form of the Heligman-Pollard model for mortality rates, estimated using data for circulatory disease deaths in the United States over a period of 50 years. The model is then compared with a version of the Lee-Carter model and a stochastic parameter ARIMA Heligman-Pollard model. The VECM approach proves to be an improvement over the Lee-Carter and ARIMA models as it includes common stochastic long-run trends.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2010-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84331046","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Communication, Creativity and Critical Thinking in the Undergraduate Actuarial Studies Program","authors":"Brian Chu","doi":"10.2139/ssrn.1677175","DOIUrl":"https://doi.org/10.2139/ssrn.1677175","url":null,"abstract":"This presentation topic aims to address potentially underappreciated skills required of an actuarial graduate and a potential research candidate. The discussion provides the author’s views based on his teaching experience and in talking with industry practitioners. This presentation also outlines some possible teaching initiatives to draw out these skills in the actuarial undergraduate to provide them with a more well-rounded skill set.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2010-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82805564","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Accrual Anomaly in Australia: A Closer Look at Trading Strategy Returns","authors":"Stephen L Taylor, Leon Wong","doi":"10.2139/ssrn.1635610","DOIUrl":"https://doi.org/10.2139/ssrn.1635610","url":null,"abstract":"We conduct a detailed examination of the accrual anomaly in Australia using a trading strategy research design. Our primary contribution is to show how sensitive the results are to the precise research design specifications. We focus on four key areas of importance in designing such tests. First, the choice of proxy for total accruals; second, the definition of abnormal returns (i.e., the return generating model); third, the impact of data trimming as a response to exceptionally large returns; and fourth, the choice between value or equal weighting of returns. We show that research design choices do matter, and in doing so we also provide some reconciliation of apparently conflicting prior evidence of any accrual anomaly in Australia. Our results suggest the need for caution in drawing inferences from specific research design specifications in trading strategy tests of the accrual anomaly.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2010-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85328088","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Spatial Variability in Mortality and Socioeconomic Factors for Australian Mortality","authors":"M. Sherris, A. Tang","doi":"10.2139/ssrn.1594522","DOIUrl":"https://doi.org/10.2139/ssrn.1594522","url":null,"abstract":"Mortality rates are known to vary by geographical location and to depend on socio-economic factors. Demographic, ethnic and socio-economic mortality factors vary by geographical location. Regions that are in closer proximity are expected to have similar mortality because of similar socio-economic factors and demographic characteristics. In this paper the spatial variability of Australian mortality is assessed using a spatial model along with explanatory risk factors including age, income, labour force participation and unemployment rate. Geo- graphical variation is based on statistical subdivisions, areas of similar social and economic backgrounds. Logistic regressions are estimated using an hierarchical Bayes model with Markov Chain Monte Carlo methods for mortality rates in 208 statistical subdivisions in Australia for census years 1996, 2001 and 2006. Spatial models explain mortality variation by geographical location better than non-spatial models when limited data is available for socio-economic factors. Explanatory factors, which also vary spatially, reduce the need for spatial models for mortality. The modeling has implications for pricing and risk management in life insurance companies. Geographical variation in risks can be quantied using spatial models especially if there is limited data for risk factors that gen- erate mortality heterogeneity. Employment and workforce participation, ethnic background as well as income are found to be signicant in explaining mortality variation by geographical location in Australia. Geographical location has been used recently in the UK based on postcode in pricing and risk management of mortality and longevity risk products. As demonstrated in this paper, spatial geodemographic models should be of signicant interest to insurers in assessing mortality risk.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2010-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85778727","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"GST – Missed Opportunities","authors":"D. Agrawal","doi":"10.2139/SSRN.1506864","DOIUrl":"https://doi.org/10.2139/SSRN.1506864","url":null,"abstract":"Recently, the Empowered Committee of State Finance Ministers released the First Discussion Paper on Goods and Services Tax in India. This discussion paper is the result of three years of deliberations between policy makers of the Central Government and State Governments to herald the Indian economy in to a unified common market with free movement of goods and service across the length and breadth of India. Presently, due to various central and state levies on the goods and services, Indian market is fragmented. It is expected that subsuming all indirect taxes and levies under a single tax regime will create a grand common market with little distortions due to local factors. This paper examines some aspects of the proposed regime.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2009-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84428360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Measuring a Boom and Bust: The Sydney Housing Market 2001-2006","authors":"R. Hill, Daniel Melser, I. Syed","doi":"10.2139/ssrn.1425247","DOIUrl":"https://doi.org/10.2139/ssrn.1425247","url":null,"abstract":"The Sydney housing market peaked in 2003. The period 2001-2006 is, therefore, of particular interest since it captures a boom and bust in the housing market. We compute hedonic, repeat-sales and median price indexes for five regions in Sydney over this period. While the three approaches are in broad agreement regarding the timing of the turning point in the housing market, some important differences also emerge. In particular, we find evidence of sample selection bias in our hedonic and repeat-sales data sets, which in turn seems to generate bias (although in opposite directions) in our hedonic and repeat-sales indexes. The median indexes also may be biased as a result of an apparent decline in the average quality of houses sold in the latter part of the sample. Although in this case the repeat-sales indexes seem to generate the most reliable results, we nevertheless in general favor the hedonic approach. We also find evidence of convergence in prices across regions during the boom and divergence in the subsequent bust.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2009-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79314269","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Engineering Trust - Reciprocity in the Production of Reputation Information","authors":"Gary E. Bolton, B. Greiner, Axel Ockenfels","doi":"10.2139/ssrn.1355583","DOIUrl":"https://doi.org/10.2139/ssrn.1355583","url":null,"abstract":"Reciprocal feedback distorts the production and content of reputation information, hampering trust and trade efficiency. Data from eBay and other sources combined with laboratory data provide a robust picture of how reciprocity can be guided by changes in the way feedback information flows through the system, leading to more accurate reputation information, more trust and more efficient trade.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2009-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76675750","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Impacts of Guaranteed Minimum Death Benefit Options on the Profit Margins of Unit Linked Products","authors":"Changki Kim","doi":"10.2139/ssrn.1317459","DOIUrl":"https://doi.org/10.2139/ssrn.1317459","url":null,"abstract":"This paper shows a model of the profit testing and the process of assessing the profitability of the unit linked products. The impacts of the imbedded guaranteed minimum death benefit (GMDB) options on the profit margins of the unit linked policies are analysed.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76878359","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}