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Abstract:
Climate change is increasingly being recognised as a factor that will be one of the most significant challenges to face business, government and the community in the foreseeable future (IPCC, 2007; NOAA, 2008; and Hansen et al., 2007). The impact it will have on the financial services sector, is not immediately clear, as it is a comparatively low emissions sector and one that has received little public scrutiny in recent years in regards to climate change. Despite this, it is accepted that the financial sector will be critical to climate change response due to its role as a provider of capital and advice, and the influence this provides on both business and consumers. In addition, it is also argued that the impact of climate change (extreme weather patterns, sea level rises and atmospheric changes) on asset values, business performance and risk will also effect the performance of credit, investment and insurance portfolios. Finally, it is also apparent that the sector will be impacted by regulatory change in relation to their own operations and those of their clients as emissions reporting, carbon trading and other environmental policies become law.

This study examines the preparedness of the financial services sector for climate change. Senior staff in sustainability related roles from across the industry are interviewed to this end. We find that the sector faces significant risk and potential reward from climate change, yet despite some examples of strong engagement, there are great disparities across institutions and the various subsectors of the industry. Interviewees argue that the sector does a lot of talking about climate change and awareness is high, but this has not translated into systemic action at the coal face. Accordingly, legitimacy concerns are yet to translate into a systematic and broad response from the sector. Therefore, regulatory intervention is seen as critical to improve the pace of response in the short term.

Sustainability, Climate Change, ESG

Abstract:
With a two-period mixed oligopolistic framework, this paper analyses the interaction between the length of incentive contracts and market behaviour. Assuming an environment in which firms choose either a long-term or short-term contract, we examine how contracts differ between public and private firms. The results show that the contracts would differ completely among firms; public firm prefers to make a short-term contract while private firm makes a long-term contract.

Abstract:
This Australian study seeks to better understand the disparity between the positive attitudes towards Socially Responsible Investing (SRI) and the level of investment in SRI, by examining both the attitudes to SRI and the investment choices that are made. It is hypothesised that those who are more committed to principles of environmental sustainability are more likely to invest in SRI. To test this, 318 people from two large Queensland organisations are surveyed in relation to their investment attitudes and preferences. We find that there are significant differences in investment attitudes with environmentalists placing more importance on SRI investment criteria. However, there was no significant difference between environmentalists and non-environmentalists in terms of utility scores from an investment selection experiment with the environmentalists placing higher importance on financial performance criteria than SRI criteria, making choices similar to those with the lowest level of environmental activism. Furthermore, the observed lack of congruency between attitudes and choices in relation to environmental criteria may have implications for the growth of SRI funds.

Abstract:
This paper examines whether the relevance of conventional (earnings focused) accounting information for valuation has declined in Australia over a recent period of 28 years. Motivation is provided by the anecdotal concerns of financial analysts, accounting regulators, and a cluster of US centric academic research papers that conclude that the relevance of financial accounting (and earnings in particular) has declined over time. After controlling for nonlinearities and stock price inefficiencies, we find that the value relevance of core accounting earnings has not declined. A possible exception is found for small stocks. We also observe that net book values are relatively less important in Australia when compared to the USA. Our results are informative for investors who require feedback on valuation issues and the International Accounting Standards Board regulators in any further moves towards a balance sheet focus.

Abstract:
This study investigates the extent and manner of long-term and short-term price interaction between the equity market of Australia and those of China, Hong Kong, Singapore and Taiwan taking into account the effect of the Asian financial crisis. It uses cointegration and generalised forecast variance and impulse response analyses. The study finds no long-term price relationship between the equity markets of Australia and the Chinese states. The short-term evidence indicates that Australia was only significantly interdependent with Hong Kong during the pre-Asian crisis period and with Hong Kong and Singapore during the post-crisis period. Australia and these markets react to a shock from each other immediately during the first day and complete this reaction by day two. These findings are useful for investors and policy makers, especially in light of the economic importance of these nations and China's recent admittance to the World Trade Organisation.

Abstract:
In recent years concerns have been raised about a gap emerging between graduate attributes and what industry requires (Yap, 1997; Albrecht and Sack, 2000). This is often referred to as a lack of 'employment readiness' of students and the need to engage industry with students and the curriculum. Such a concern was highlighted in the 2007 report titled 'Graduate Employability Skills' prepared for the Business, Industry and Higher Education Collaboration Council. While work integrated learning attempts to address this issue, it is questionable how successful this is if students are not adequately prepared prior to their placement.

In an attempt to address this concern a Professional Development Program (the 'PDP') was developed. The PDP is integrated into the degree program and is designed to systematically develop students’ learning, employment and generic skills and supplements their theoretical studies. It is argued that this integration of the PDP permeating the Degree enhances students' employment readiness. In addition, the PDP created other tangential benefits to the students and the university in terms of student engagement and motivation.

This paper details the procedures that have been developed, and provides preliminary evidence on the impact of the first part of the PDP. It will be argued by the authors that to attain the possible benefits of a WIL program it is critical that practices and support mechanisms are adopted to emphases the 'I' - that is, the integration of work and learning.

Abstract:
Success in a modern world requires more than just technical skills, with employers requiring graduates with arange of skills which can be critical for job performance and career advancement (Cohen, 1999; Tucker & McCarthy, 2001). An important graduate attribute is good communication skills (Usoff & Feldmann, 1998), with self confidence a key in its development (Reinsch & Shelby, 1996). The literature also demonstrates that the use of professionals and industry representatives can enhance students’ confidence and their self-belief (Subramaniam & Freudenberg, 2007). It is on the basis of these findings that a full day Student-Industry Conference involving first to third year students in a number of related undergraduate financial planning courses was developed. The conference provided opportunities for these students to come together and present research papers that they had worked on in their courses. These student presentations were attended by not only other students, but also industry representatives who were involved in the assessment process.

Furthermore, students had the opportunity to listen to a number of relevant industry speakers on current topics and research in the field. This also included discussions about the overall direction of the industry and the graduate recruitment process. Through this and other mechanisms, the Student-Industry Conference was designed to allow for the improvement of students’ selfefficacy through mastery, modelling and verbal persuasion. This paper details the empirical evidence as to whether students’ participation in this Student-Industry Conference improved their self-efficacy, particularly in terms of their communication skills. Data from a questionnaire of participating students indicates that the students perceived greater self-efficacy as a result of this initiative. With such improved self-efficacy students may be able to enhance their careers in the future.

self-efficacy, student conference, university teaching

Abstract:
The skills required by a student to excel both academically and in their chosen professional careers have been identified by many institutions, and can be referred to as ‘generic capabilities’. These generic capabilities can extend from interpersonal skills, problem solving, oral communication and career skills. In recent years concerns have been raised about a gap emerging between graduate attributes developed in university degrees and what industry requires (Yap, 1997; Albrecht and Sack, 2000; Kavanagh and Drennen, 2008). This is often referred to as a lack of ‘employment readiness’ of students and the need to engage industry with students and the curriculum. Such a concern was highlighted in the 2007 report titled ‘Graduate Employability Skills’ prepared for the Business, Industry and Higher Education Collaboration Council. One of the generic skills of concern is career skills, which relates to knowledge of the relevant profession, the ability to interact with the profession and seek a career.

To address this concern a Professional Development Program (the PD Program) was developed. The PD Program is integrated into a Business Degree and is designed to systematically develop students’ learning, employment and generic skills and supplements their theoretical studies. It is argued that this integration of the PD Program permeating the Degree enhances students’ generic capabilities, including their career skills.

This paper details the procedures that have been developed, and provides preliminary evidence that the PD Program has, from the perspective of students, made a substantial contribution to the building of a ‘professional’. In particular, we argue that integrating professional skills and awareness systematically into an undergraduate degree in partnership with industry has developed students’ generic capabilities, improved their employment readiness and provided students with a greater understanding of their future profession.

Professional Identity, WIL, graduate attributes