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The Australian National University THE AUSTRALIAN NATIONAL UNIVERSITY MARANU College of Business & Economics INApril 2012 Quarterly Magazine The taste of branding Is bottled water more than it seems? The economics of hindsight The lessons of history for today’s economists Cyber-temptation Slacking in the 21st Century From the Contents Dean’s Desk The continuing success of the ANU College of Business Margin is published quarterly by and Economics is built upon the strength of its academic the Marketing and Development Features Office, ANU College of Business endeavour across the full range of business and and Economics. The taste of branding economics related disciplines. It is thanks to our legacy of Editor-in-Chief: Stephen Green research excellence that we count amongst our academic Honours graduate Ben Hamer on the influence of Sub-editors: Amy Taylor 08 branding on bottled water consumption staff some of the foremost authorities in their fields. The Janelle Entwistle College continues to attract leading practitioners in their T: 02 6125 6726 Cyber-temptation fields, and to provide a fertile environment in which to F: 02 6125 0744 Surfing the net on work time: three ANU PhD develop young talent. 12 E: [email protected] students on the modern problem of cyberloafing The benefits of this healthy platform of high quality W: www.cbe.anu.edu.au/margin Graduate profile research for the College’s student population are Mail: Margin Economics graduate Rujia Wang enormous. Our teaching is research-led, meaning that Marketing and Development 17 Office our courses are informed by the latest research, and that ANU College of Business and The economics of hindsight our degree program design reflects the latest advances in Economics each discipline. Students at any level know, therefore, that Australian National University 18 The recent launch of the Centre for Economic History heralds a new era for the field at ANU they will be wholly absorbed into the dynamic process of Canberra ACT 0200 academic enquiry, rub shoulders with leading figures in Design: Stephen Green their chosen study areas, and can truly feel they are part of Production: ANU Print Services Graduate profile Honours graduate and University Medal recipient a world-class centre of knowledge. 23 Front cover image: Yeong Heng Pua The research focus of the College has now been further ©Rrraum/shutterstock.com boosted by recent changes in its structure. Within the Learning on the job College, research and teaching activity will be administered 24 How students of marketing are benefitting from by four research schools. In addition to the existing real business challenges Research School of Economics, there are now the Graduate profile Research School of Accounting and Business Information Honours graduate and University Medallist Systems, the Research School of Finance, Actuarial 27 Nicholas Preston Studies and Applied Statistics, and the Research School Views expressed in Margin are of Management. This restructure has helped refine the not necessarily the views of The Bridging the gender gap in the alignment of research effort to individual discipline areas, Australian National University. 28 boardroom and again strengthens the link between research and A new research study looks at the economic April 2012 education. benefits of broadening diversity on the boards of Margin magazine of The Australian National University At the same time, the College as a whole fosters close Australia’s biggest companies interdisciplinary relationships across business and Next issue published June 2012 Highlights of the past economics disciplines. They are an essential feature Graduates of distinction from the College’s rich of the College ethos, which ensures the freshness and 32 history relevance of our course offerings, the range and impact of our research, and the strength of our voice in influencing Professor Jayne Godfrey debate, in public policy, in industry and professional Dean and Director institutions, and across the academic world. ANU College of Business and Economics Regulars News Photo credits: Photos on pp 2,4,5,7,15,17,20,25 and 27: Stuart Hay 04 p6 courtesy of Mathias Sinning p8 © Fanfo/shutterstock.com; p10 courtesy of Ben Hamer p12© Yuri Arcurs/shutterstock.com; p16 © Amero/shutterstock.com p18 © Paul O Connell © 2010/shutterstock.com Recent Publications p23 courtesy of Yeong Heng Pua; p24 © Dmitri Shironosov/shutterstock.com p28 © Robert Kneschke/shutterstock.com; p23 © Frannyanne/shutterstock.com 33 2 | MARGIN | April 2012 April 2012 | MARGIN | 3 NEWS NEWS during the 1970s, and in particular and the importance of acknowledging GFC could not have occurred.” his influential paper: Expectations this and other interdisciplinary Professor Barton concluded College honours and Achievements in Income Theory, relationships within tertiary education: by pointing out that when one (published in the Accounting Review “Disciplines should not be narrowly acknowledged the way economics in 1974) which “became compulsory defined and exclude the important and accounting are interwoven, and reading for any study of accounting interrelationships which occur between worked to maintain and strengthen ties Professor Allan Barton theory during the era of high inflation.” them. The College framework can between them, it enhanced both their Professor Godfrey went on to outline facilitate bringing the disciplines relevance to the real world, and the the pivotal role that Professor Barton together to take advantage of their appeal of the individual disciplines. Professor Barton stated that, while has played in the development of overlapping boundaries as occurs in Emeritus Professor and as an active Professor Barton is himself a perfect it had taken him by surprise, he was the ANU College of Business and the real world.” member of the Research School of example of this close synergy between greatly honoured by the proposal Economics. During a period of Accounting and Business Information The significance of this overlap two academic disciplines and it is to name the Forum after him and austerity and budget cuts coupled with Systems. His influence on the thinking between economics and accounting, in therefore fitting that his name should accepted with pleasure. tremendous teaching loads, Professor of successive generations of public particular, was demonstrated, he said, Barton, as Head of the Department be attached to a meeting space within Allan Barton was Professor of administrators, policy makers, during the Global Financial Crisis: of Accounting and Public Sector the College that very much fosters the Accounting at ANU for over thirty academics and accountants has been same ideal. Finance, and then as Dean of the “By not accounting for... complex years, during which he taught nearly substantial. Faculty of Economics, demonstrated derivative securities properly and hiding The ‘Allan Barton Forum’ is a multi- three generations of economics and Speaking at the naming ceremony, great managerial skill in steering the their high risk characteristics, the purpose venue which hosts academic accounting students. He was a tireless Dean of the ANU College of Business faculty through challenging times, ‘investment banks’ completely misled advocate of Keynesian economics seminars, teaching symposia, social and Economics, Professor Jayne shouldering much of the teaching load the markets and investors lost many and a critic of the Chicago school gatherings and official university Godfrey paid tribute to Professor himself. He is in particular, “greatly billions of dollars … Had the securities free-market tradition. His sharpness events. It is located on the second Barton’s influential contribution to respected for holding the faculty been properly accounted for and the of insight and strength of opinion floor of the ANU College of Business education and research, and to the together during fierce debates over information been publicly reported, the remained undiminished throughout his and Economics Building. discipline of accounting: the position of accounting within career, as did his output in academic the Bachelor of Economics degree.” publications and newspaper releases “[Allan Barton’s] economics grounding Professor Allan Barton Appropriately, his tenure as Dean challenging anything he regarded as an is a lesson to all of us who are culminated in the establishment of example of poor thinking. accounting academics. Right from the the Bachelor of Commerce program, first year courses that he taught as through which nearly three decades In recognition of his outstanding Professor Barton served on many foundation Professor of Accounting advisory committees and boards of accounting students have pursued achievements, the ANU College at Macquarie University in the late and held a number of University their undergraduate studies, and which of Business and Economics has ‘60s, Allan has used theoretical administrative roles. He was Head of remains a centerpiece of the College’s named the College’s function room underpinnings to explain accounting the Department of Accounting and undergraduate offerings. after distinguished accountant and and its role.” Public Sector Finance from 1975 economist Professor Allan Barton. Although he formally retired in 1998, to 1980, and Dean of the Faculty This approach is exemplified in Professor Barton has remained a highly The official naming ceremony for the of Economics between 1979 and Professor Barton’s ground-breaking active teacher and researcher. ‘Allan Barton Forum’ was held on 1983. He was also a member
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