La Trobe Business School

Month: November 2019

Industry and academia coming together at LBS’ Behavioural Finance and Capital Markets Conference

Last month, LBS hosted the 9th Behavioural Finance and Capital Markets (BFCM) Conference. The conference aims to bring together scholars and practitioners to present state-of-the-art research in the fields of Behavioural Finance, Experimental Finance and Capital Markets/Market Microstructure.  

The conference is unique in that it merges academic research with the applied work of the finance industry. The conference continuously looks to identify new emerging fields of research and supports better cooperation and collaboration among researchers and between academia and industry. According to it comes down to this:

“The research we do should not only have academic value but also practical application that impacts the finance industry and hence our society. This conference makes that happen.”

Professor Petko Kalev (Founder of the BFCM Conference)

Day 1

After being welcomed by Dean & Head of LBS Prof Jane Hamilton, Mike Aked from Research Affiliates kicked off with a discussion why Kappa is being a more stable estimate of the skew that exists in financial markets, followed by Nick Wade from Northfield Information Services presenting why getting risk “right” is wrong, explaining how risk and volatility are not being equivalent concepts.

The industry forum discussed “Technological Disruptions in the Finance Industry and the role of Humans”. All panel members, which included Joseph Barbara (ASIC), Kingsley Jones (Jevons Global Pty Ltd), Rick Klink (Paritech) and Alistair Rew (AMP Capital), agreed there is and always will be a very important role for humans.

The industry forum
The industry forum

Keynote speaker Dan diBartolomeo from Northfield Information Services discussed “Robo-Advisers”. Particularly where these automated investment advisers have fallen short and more importantly, a solution. This was followed by a keynote of Professor Nadia Massoud from Melbourne Business School on the use of Artificial Intelligence in sentiment analyses of finance data and recent developments on how to improve sentiment measures.

Several industry doctoral candidates from the RoZetta Institute (formerly CMCRC) also presented their work. They presented on the rise in trading on close, the sensitivity of trading to the cost of information and self-organizing maps and financial applications.

PhD Candidates RoZetta Institute
PhD Candidates RoZetta Institute

In his presentation titled Harry Potter’s Classroom: The Case for Either ‘Independent Directors’ or ‘Financial Literacy’, Sam Ferraro from Global Founders Funds Management discussed whether Founder-CEO firms exhibit low board independence and if that matters. This was followed by Simon Russell from Behavioural Finance Australia presenting a chapter from his book Behavioural Finance: A guide for financial advisers focusing on the overstated role of financial literacy.

During the conference dinner Professor Peter Bossaerts from University of Melbourne delivered the last keynote of the day. Peter spoke about the relevance of theoretical finance in a world of behavioural finance, emphasising that industry should hire people who know theory. After the keynote, several presenters received best paper awards.

Best Paper Award sponsored by RoZetta Institute

Antonio Gargano, Juan Sotes-Paladino and Patrick Verwijmeren received the Best Paper Award sponsored by RoZetta Institute (Formerly CMCRC-SIRCA), for their paper entitled Out of Sync: Disagreement among Short Sellers and the Correction of Mispricing.

Best Paper Award sponsored by RoZetta Institute

Best Paper Award sponsored by Amery Partners

Oleg Chuprinin and Arseny Gorbenko received the Best Paper Award sponsored by Amery Partners Pty. Ltd. for their paper entitled Rationally Neglected Stocks.

Best paper award sponsored by Amery Partners Pty

Day 2

On the second day there were parallel sessions where scholars presented their research in one of the following streams:

  • To Be or Not to Be in Cryptocurrencies Markets or in Markets with Divergence of Opinion, Excess Price Volatility and Excessive Portfolio Turnover
  • Overconfidence, Emotions, Moods and Sentiment in Financial Markets
  • Asymmetric Information, Unobserved Heterogeneity and Market-wide Events

The keynote was delivered by Professor Elena Asparouhova – The Francis A. Madsen Professor of Finance at the David Eccles School of Business at the University of Utah. Her talk focused on human-robot interaction in financial markets. Elena gave a brief overview of social science experiments, starting with the Santa Fe competition in 1990 to current experiments that examine if and how technology exacerbates or ameliorates human errors in financial markets.

There was also the chance for doctoral candidates to present their research topics. Candidates came from Australian universities such as La Trobe University, Monash University and University of New South Wales, but there were also candidates from international universities such as the University of Utah and the University of Auckland.

BFCM in the news

Several news articles were published about research presented at the conference:

participants of the BFCM Conference

If you have any questions about the conference, please contact Prof Petko Kalev (P.Kalev@latrobe.edu.au).

PRME Week at LBS – Using dialogue to build partnerships for sustainability

On the 24th and 25th of October, La Trobe Business School hosted a successful seventh CR3+ Conference. The theme this year was “Using dialogue to build partnerships for sustainability” and explored how partnerships can bring about sustainable solutions as we work together on progressing the Sustainable Development Goals (SDGs). More than 60 people from more than 15 countries attended the conference. This blog summarises some of its highlights.

Prof Suzanne Young opening the CR3+ conference

Day 1

Prof Dennis McDermott, La Trobe University’s Pro Vice-Chancellor (Indigenous), was the first keynote speaker of the conference. Dennis talked about authenticity, partnership and change, and how indigenous knowledge can assist partnership building for the UN Sustainable Development Goals (SDGs).

The second keynote was delivered by Jillian Reid from Mercer. Jillian discussed the climate scenario analysis Mercer has developed, investing for positive impact and how the SDGs are used as a framework for responsible investment.

The panel discussion on the first day focused on multi-stakeholder partnerships for sustainability where we learned that partnerships are complex and that dialogue, trust, respect and being open minded are critical to advancing the partners’ individual objectives, and those of the partnership.

panel discussion focused on multi-stakeholder partnerships for sustainability

The day was wrapped up at Charcoal Lane – a Mission Australia social enterprise restaurant that provides guidance and opportunity to young Aboriginal people in need of a fresh start in life. The Executive Chef of Charcoal Lane, Greg Hampton, gave an insightful talk about the social development aspect of the restaurant, but also their menu and the origin of the food they use.

Day 2

The second day of the CR3+ Conference was off to a good start with a keynote from Dr Leeora Black from Deloitte (and also LBS advisory board member) discussing the social aspects of sustainability, corporate social responsibility and particularly Australia’s Modern Slavery Act.

keynote from Dr Leeora Black from Deloitte

Later in the morning it was time to get creative with Lego SeriousPlay©. Dr Heather Stewart and Dr Rob Hales from Griffith University provided a workshop using Lego that focused on building relationships and collaboration with the aim of exploring the embedding of sustainable development goals in learning and teaching within business schools.

The last speaker on the second day was Dr Raghu Raman from Amrita University. Raghu introduced the university’s Live-in-Labs® – a program that breaks classroom and lab barriers by applying learned theory in real-world settings. It uses principles of lean research for the development and deployment of sustainable solutions for current challenges faced by rural communities in India.

After the conference

The day after the conference, the Australia New Zealand PRME Chapter meeting took place on the theme ‘Students as Partners’. The day was about sharing stories and learning from students about how universities can partner with them more effectively to co-create curriculum and extracurricular activities that advance knowledge about the SDGs. Eleven students from across Australia and New Zealand were in attendance and had the opportunity to ask academics what they are doing to advance Sustainable Development across the region.

Australia New Zealand PRME chapter meeting
Australia New Zealand PRME chapter meeting

Besides the Australia New Zealand PRME Chapter meeting, there was also a PRME Champions group meeting with representatives of 40 business schools from all continents. The meeting was co-hosted by La Trobe Business School and Deakin Business School.  This was the fourth and final meeting of the 2018-2019 Champions cycle, with a key outcome of the meetings being the development of a Blueprint for SDG integration across Business Schools in the areas of teaching, research and partnerships.  Once completed, the blueprint will be available to the 700+ Business School signatories worldwide.

PRME Champions group meeting

The week of PRME-related activities hosted by LBS demonstrate our continued commitment to be a Business School with purpose. This was showcased through the week’s focus on partnerships for sustainable development, highlighting the role of indigenous values and ‘ways of knowing’ in our approach to partnerships, and the wider academic community’s recognition of the student voice in our thinking about sustainability. Furthermore, through our international partnerships with the CR3+ network, PRME and the Champions Group, our staff and students had the opportunity to engage with a global network of academics who research and teach in sustainability, partnerships and CSR.

If you have any questions about the Business School’s involvement with the UN PRME or any of the events discussed in this blog, please contact Dr Swati Nagpal.

This blog is the last blog in the SDG Series, a series that focused on the 17 Sustainable Development Goals set by the United Nations, in the lead up to the CR3+ Conference.

More blogs in the SDG Series:

- An introduction to the Sustainable Development Goals
- SDG Series: Sustainable Development Goal 1
- SDG Series: Sustainable Development Goal 2
- SDG Series: Sustainable Development Goal 3
- SDG Series: Sustainable Development Goal 4
- SDG Series: Sustainable Development Goal 5
- SDG Series: Sustainable Development Goal 6
- SDG Series: Sustainable Development Goal 7
- SDG Series: Sustainable Development Goal 8
- SDG Series: Sustainable Development Goal 9
- SDG Series: Sustainable Development Goal 10
- SDG Series: Sustainable Development Goal 11
- SDG Series: Sustainable Development Goal 12
- SDG Series: Sustainable Development Goal 13
- SDG Series: Sustainable Development Goal 14
- SDG Series: Sustainable Development Goal 15
- SDG Series: Sustainable Development Goal 16
- SDG Series: Sustainable Development Goal 17

Book launch – Cost Management for Nonprofit and Voluntary Organisations

La Trobe Business School’s Centre for Public Sector Governance, Accountability and Performance (CPSGAP) invites you to attend the launch of the book titled “cost management for non-profit and voluntary organisations” written by Professor Zahirul Hoque, Director of CPSGAP and Dr Tarek Rana, formerly an LBS staff member and now Senior Lecturer in Accounting at RMIT University.

Book cover, titled cost management for non-profit and voluntary organisation
Picture by CRC Presss

The book is one of the outcomes from a research conducted by the two authors that was funded by the Chartered Institute of Management Accountants (CIMA) UK.

The research

Increasing competition for funding and government compliance requirements have put nonprofit organisations under pressure to be more cost-effective when undertaking development projects and delivering services to the community. Cost accounting and cost management tools are considered a means to provide adequate and quality information for management control for all sorts of organisations, including nonprofits.

The research examined the current costing and cost management practices in the Australian nonprofit sector and offers insight into how nonprofit and voluntary organisations can control and manage the costs of their operation and projects through contemporary costing and cost management tools.

The book

Routledge has published the research monograph. The book provides information on how adetailed and regularly updated cost information and reporting model can help nonprofit organisations managing their operations efficiently and effectively.

Motivated by a lack of evidence on how and whether Australian nonprofit organisations address current challenges through modern cost management tools, we attempted to write this book using our field study evidence on the sector’s cost accounting practices.

prof zahirul hoque

The book will particularly be of benefit to a range of stakeholders in the sector, including financial and management accountants, accounting professional bodies, government, policy makers, academics, consultants, and operational managers.

The authors

Professor Zahirul Hoque is Professor of Management Accounting/Public Sector in the Department of Accounting and Data Analytics and Director – CPSGAP, La Trobe Business School, La Trobe University. He is a Fellow of CPA Australia (FCPA) and Institute of Cost and Management Accountants (FCMA) of Bangladesh.

Dr Tarek Rana is Senior Lecturer in Accounting at RMIT University. He is a Chartered Management Accountant of CIMA (UK), Chartered Global Management Accountant of AICPA, Chartered Accountant of CA ANZ, and Fellow of CPA Australia. Dr Rana was the co-investigator to this project while at La Trobe University.

Event details

Guest speaker: Catherine Willis
Acting Assistant Commissioner General Counsel,
Australian Charities and Not-for-profits Commission

When: Friday 22 November 2019 03:00 pm until 05:00 pm
Where: La Trobe City Campus, Level 2, 360 Collins Street, Melbourne, Room 2.10
Registration & Contact: Professor Zahirul Hoque (z.hoque@latrobe.edu.au/ 03 9479 3433)
Event webpage: www.latrobe.edu.au/events/all/cpsgap-seminar-and-book-launch

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