Embedded tax liabilities and portfolio choice

his study presents an improved method of dealing with embedded tax liabilities in portfolio choice. We argue that using a risk-free discount rate is appropriate for calculating the present value of future tax liabilities. Supportive of recent research, our results found a taxation-induced preference of holding equities over bonds, and a location preference of holding equities in the taxable account and bonds in retirement accounts. These important findings contrast with traditional investment advice which suggests a greater capacity for risk in retirement accounts.

Mid-Career professionals in STEM transiting to school teaching : barriers at the border

In many countries there is a shortage of quality teachers in areas of science, technology, engineering and mathematics (STEM). Additional to the low levels of recruitment is an extraordinary high attrition rate with some 50% of beginning teachers leaving the profession within five years. One solution implemented in several countries has been to encourage mid-career professionals in the area of STEM to become school teachers. These professionals are said to bring to teaching enthusiasm, knowledge and a passion for their subject which will impact engagement and learning by students. However, these career-changers have constructed professional identities and are accustomed to working within a culture of collaboration and inquiry. In contrast, school cultures are quite different and often teaching is a lonely solitary affair with little opportunity for collegial relationships aimed at knowledge building in the context of teaching. Crossing from a culture of STEM to a culture of schools and teaching can be challenging. This study was conducted with 13 teachers who were followed for three years. However, this paper reports on the experiences of one teacher with an engineering background crossing the boundaries from practising STEM to Teaching STEM.

From outpost to outback : project career paths in Australia

With the growth in project management as a form of work organisation in many sectors of the economy has come the significant rise in the number of project managers and project team members. This change in work organisation brings issues in forging career paths and determining career support in work situations that are often dynamic, short lived and intense. In the relatively small but substantially robust Australian economy, a unique labour market and the tyranny of distance bring their own difficulties. Innovative and collaborative project structures and increasing prevalence of contract work provide both challenges and opportunities for new career pathways in many industries. A growing percentage of Australia's workforce is employed in project-based or project-oriented organisations, leading to the claim that Australia is a project-based economy. This provided a context for our research into the career paths and the issues of career management for project managers working in a project based economy. Using in-depth interviews with project managers from three industry areas we found generational and gender differences in experiences of work, workplace support and mentoring for career development. For a continued strong performance in this economy,organisations that employ project personnel will need to consider how they will ensure the supply of high quality project professionals into the future.

Career-path analysis using optimal matching and self-organizing maps

This paper is devoted to the analysis of career paths and employability. The state-of-the-art on this topic is rather poor in methodologies. Some authors propose distances well adapted to the data, but are limiting their analysis to hierarchical clustering. Other authors apply sophisticated methods, but only after paying the price of transforming the categorical data into continuous, via a factorial analysis. The latter approach has an important drawback since it makes a linear assumption on the data. We propose a new methodology, inspired from biology and adapted to career paths, combining optimal matching and self-organizing maps. A complete study on real-life data will illustrate our proposal.

Contributing factors to optimal project portfolio selection

A modified Delphi approach has been applied in this study to investigate best practice and to determine the factors that contribute to optimal selection of projects. There are various standards and practices that some may recognise as representing best practice in this area. Many of these have similar characteristics and this study has found no single best practice. The study identified the factors that contribute to the optimal selection of projects as: culture, process, knowledge of the business, knowledge of the work, education, experience, governance, risk awareness, selection of players, preconceptions, and time pressures. All these factors were found to be significant; to be appropriate to public sector organisations, private sector organisations and government owned corporations; and to have a strong linkage to research on strategic decision making. These factors can be consolidated into two underlying factors of organisation culture and leadership.

Does board gender diversity have a financial impact? Evidence using stock portfolio performance.

There is growing regulatory pressure on firms worldwide to address the under-representation of women in senior positions. Regulators have taken a variety of approaches to the issue. We investigate a jurisdiction that has issued recommendations and disclosure requirements, rather than implementing quotas. Much of the rhetoric surrounding gender diversity centres on whether diversity has a financial impact. In this paper we take an aggregate (market-level) approach and compare the performance of portfolios of firms with gender diverse boards to those without. We also investigate whether having multiple women on the board is linked to performance, and if there is a within-industry effect. Overall, we do not find evidence of an association between diversity and performance. We find some weak evidence of a negative correlation between having multiple women on the board and performance, but that in some industries diversity is positively correlated with performance.

Creative entrepreneurship education for graduate employability in the creative arts

The higher education sector in Australia is under increasing pressure to prove quality and efficacy of education provision, including graduate outcomes. One of the central tasks of higher education has become to prepare nascent professionals as far as possible for initial employment and future working lives beyond this (Boden & Nedeva, 2010). Tertiary educators in the creative arts face significant and distinctive challenges in demonstrating graduate employability, and creative graduates consistently have the poorest outcomes of any subject grouping. In part, this is because the national graduate destinations survey (Graduate Careers Council of Australia, 2012) does not cater to the distinctive ‘portfolio’ nature of creative careers, or take account of the fact that creative careers can take concerted effort over several years to establish (e.g., McCowan & Wyganowska, 2010). However, it is worth asking whether we as tertiary arts educators are doing enough to prepare creative arts students for the world of work, particularly given that the majority of them will be self-employed to some degree (Bureau of Labour Statistics, 2011, Throsby & Zednik, 2010), and will be challenged to build their own careers without recourse to the support of HR departments or intra-firm promotion schemes. It has been demonstrated empirically that career management and creative enterprise skills are among the most important graduate capabilities in determining early creative career success (Bridgstock, 2011), although these skills do not appear in the Learning and Teaching Academic Standards for the Creative and Performing Arts (2010). This paper explores the nature and development of enterprise capabilities for creative arts students (as distinct from students of the business school), examines best practice in the field internationally, and proposes a theoretically-driven creative arts-specific enterprise curriculum model which commences in first year, for demonstrable impact on student enterprise behaviours (such as grant seeking, professional networking and intention to start an enterprise) and employability.

Career implications of multi-layered institutional settings

Project work has grown significantly in volume and recognition in recent decades as projects have ‘become a common form of work organization in all sectors of the economy’ (Lindgren & Packendorff, 2006: 841). This increase in project-based work is just one of the many changes that have been affecting the nature of work, the employment relationship and the associated conceptualization and experience of careers (Baruch, 2004b; Söderlund & Bredin, 2006). A career can be defined as a process of development along a path of work experience and roles in one or more organizations (Baruch & Rosenstein, 1992), and careers involving project-based work take place within multi layered institutional settings. Projects are generally undertaken by small temporary organizations (Ekstedt, Lundin, Söderholm & Wirdenius, 1999; Pettigrew, 2003; Söderlund, 2012) which in turn may form part of larger, permanent entities; involve people drawn from a number of disciplines and organizations; or be formed as partnerships, joint ventures or strategic alliances between two or more organizations (Scott, 2007).

Early career teacher attrition: A case study of independent Catholic girls' schools in Queensland

This research study sought to understand why so many early career teachers in an Australian Religious Institute education sector were leaving teaching. Previous studies on early career teacher attrition across all sectors were based on supply and demand theory, as well as contemporary career theory, and identified various factors such as remuneration, student behaviour and school resourcing as influencing factors. These Australian Religious Institute education sector schools take pride in their good standing. The schools in this sector have worked at addressing many of the factors associated with early career teacher attrition yet despite their efforts they are also experiencing attrition of their early career teachers. A case study of the Queensland independent Catholic girls' school sector explored firstly, the construct of being a teacher in these schools, and secondly, the sociocultural discourses giving rise to unique situations contributing to early career teachers making the decision to leave teaching. Eight early career teachers who had left the profession for which they had recently trained, and eight long standing teachers who were still employed in the sector were interviewed to yield a rich data set. The interviews were conducted within a theoretical framework of what it means to be a teacher by Graham and Phelps (2003) and pedagogic identity and pedagogic practice as noted by Bernstein (2000). The distributive rules and the evaluative rules (Bernstein, 2000) provided the analytical framework to confirm that particular discourses, together with the ways in which the early career teachers realised being a teacher, were important factors in the decision not to remain in teaching. It emerged that being a teacher in the Queensland independent Catholic girls' school sector was complex and demanding. Being a teacher required long hours of personal time to realise the demands of teaching, a situation which did not fare well with the early career teachers who struggled to balance the requirements of teaching with their own personal time. Furthermore, evidence was found that the schools had multifaceted sociocultural discourses that the early career teacher research participants struggled to understand. In contrast, long standing teachers had, through time, experience and observation, developed skills that allowed them to navigate these complex discourses and thus remain long term in the sector. Another finding revealed the considerable dichotomy in how the charism of the schools (the unique way Catholic institutions transmit the beliefs and teachings of the Catholic Church) unfolded for students and staff. While these schools transmit their charism effectively to the students, it is ineffectively transmitted to early career teachers. In contemporary times when a majority of teachers in Australia are moving into their 50s and large numbers are retiring or resigning, (Australian Government, 2011; Australian Government Department of Education, 2007b) it is important for the long term viability of the independent Catholic school sector to retain a stable staff. This study demonstrates that if Catholic schools want to retain their unique identity in the education community and sustain their unique charisms, then they must adopt positive practices to support early career teachers.

Volatility timing : how best to forecast portfolio exposures

This paper investigates how best to forecast optimal portfolio weights in the context of a volatility timing strategy. It measures the economic value of a number of methods for forming optimal portfolios on the basis of realized volatility. These include the traditional econometric approach of forming portfolios from forecasts of the covariance matrix, and a novel method, where a time series of optimal portfolio weights are constructed from observed realized volatility and directly forecast. The approach proposed here of directly forecasting portfolio weights shows a great deal of merit. Resulting portfolios are of equivalent economic benefit to a number of competing approaches and are more stable across time. These findings have obvious implications for the manner in which volatility timing is undertaken in a portfolio allocation context.

Academic Development Program : QUT University Wide

The QUT Sessional Academic Program (SAP) has scaffolded levels, each with experience-appropriate objectives: • SAP 1: Introduction to Learning and Teaching aims to develop confidence and build awareness of pedagogy and managing class-room scenarios. • SAP 2: Learning and Teaching in Large Units focuses on aligning curriculum and assessment through learning activities and builds a community of teaching practice with sessionals and subject coordinators. • SAP 3: Developing your Teaching Practice focuses on whole of university and classroom strategies to ensure student success through effective feedback; reflective practice and learning communities. • SAP 4: Enhancing your Teaching Practice applies these factors to teaching success. In conjunction with: • Sessional Career Advancement Development: for Higher Degree Research students/ sessional staff who aspire to become academics provides guidance on developing an academic portfolio in teaching, research and service. And • Sessional Academic Success program providing ongoing, local support (see separate nomination). A critical factor in its success is its praxis approach. Theoretical principles are modelled. Eg, ‘active learning’ is explained and modelled through learning activities, which participants evaluate ‘on the fly’ against the criteria of learning, engagement and connection with peers. The topics ‘learning communities’ and ‘reflective practice’ are explored as a learning community–then applied in participants’ classes, with reflections shared in the next session. This produces a ‘meta-awareness’ of theory and principles, as they are explained, applied in practice, and critically analysed for their effectiveness in workshops.

Portfolio selection using artificial intelligence

The application of artificial intelligence in finance is relatively new area of research. This project employed artificial neural networks (ANNs) that use both fundamental and technical inputs to predict future prices of widely held Australian stocks and use these predicted prices for stock portfolio selection over a long investment horizon. The research involved the creation and testing of a large number of possible network configurations and draws conclusions about ANN architectures and their overall suitability for the purpose of stock portfolio selection.

Too many cooks? Co-creating and co-teaching studio courses in the creative media context : a career-focussed approach

This Case Study relates to the creation and implementation of career‐focussed courses in Creative Media for film, television, animation, broadcast and web contexts. The paper examines the advantages and disadvantages of co‐teaching, and how different professional and academic backgrounds and disciplines can productively inform curriculum design and delivery in the academic/professional context. The authors, as co‐creators and co‐lecturers, have developed a number of courses which represent current working models for intermediate to advanced level academic/professional study, and attract students from across the creative disciplines; including theatre, media, visual arts and music. These courses are structured to develop in students a wide range of aesthetic and technical skills, as well as their ability to apply those skills professionally within and across the creative media industries. Issues regarding the balance between academic rigour, practical hands‐on skill development, assessment, logistics, resources, teamwork and other issues, are examined in the paper.