Returns from investing in Australian equity superannuation funds, 1991-1999

In this analysis of investment manager performance, two questions are addressed. First, do managers that actively trade stocks create value for investors? Second, can the multifactor model of Gruber capture the cross-section of average fund returns for the Australian setting? The answers from this study are as follows: as an industry, investment managers destroyed value for superannuation investors for the period 1991 through 1999, under-performing passive portfolio returns by 2.80-4.00 per cent per annum on a risk-unadjusted basis and 0.50-0.93 per cent per annum on a risk-adjusted basis. Evidence is provided in support of the four-factor model of Gruber; however, the model fails to capture the impact of investment style for the Australian setting. The findings suggest that Australian superannuation investors would transform their retirement savings into retirement income more efficiently through the use of passive alternatives to the stock selection problem.

Stormy Outlook? Domestic students' impressions of international students at an Australian University

The education of international students in Australian universities has grown significantly over recent years, with Australia now having the highest ratio of international students to domestic students among the major English-speaking destinations popular with international students. While there is a variety of research that examines the learning experiences of international students, little research has been conducted that examines the impact that international students have on their domestic counterparts. This paper reports on research that solicits the perceived advantages and disadvantages held by 301 domestic students, who are sharing their educational experience with international students studying hospitality and tourism management. The study reveals that there is a sizable proportion of domestic students (28%) who consider that there are too many international students on campus; that domestic and international students do not readily mix and it also highlights the fact that racist incidents occur. It is suggested that institutions wishing to increase their number of international students must take into consideration the feelings and concerns of their domestic students.