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Tiffany Hutcheson


Since being employed by the School of Finance and Economics in 1995 I have taught several subjects in the areas of economics and financial markets. Currently and between Spring Semester 2000 and Spring Semester 2002 I have been the Coordinator of Undergraduate Courses for the School of Finance and Economics. As Coordinator I have attended the monthly meetings of the Undergraduate Planning Committee and brought to the attention of the Committee several minor changes in the majors offered by the School. I am the School’s representative on the Assessment Grade Committee and over 2002 was a member of the Faculty Academic Conduct Committee. Currently I am working on three research papers. The first paper is on “Temporal Relationships and Foreign Exchange Markets” and has already been presented at an international conference. The second paper is being written jointly with another academic from the School and is examining the “Learning difficulties encountered by International Students”. The third paper is being written jointly with two other academics and is currently being revised to be resubmitted for publication. This paper is titled “Regime Switches in Property Market Risk Premiums: Some International Comparisons”.

Lecturer, Finance Discipline Group
BEc (Hons) (Syd), MCom (Hons) (UNSW)
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Terry, C., Hutcheson, T.J. & Hunt, B.F. 2000, Introduction to the financial system, Nelson Thomson Learning, South Melbourne, Australia.


Hutcheson, T.J. & Newell, G. 2017, 'Property Investment Decision-Making by Superannuation Funds', Pacific Rim Real Estate Society 23rd Annual Conference, Sydney, Australia.
Meyer, P.H., Hutcheson, T.J. & Jie, F. 2008, 'What's in it for me? A comparison of postgraduate and undergraduate performance in supplemental instruction at an Australian university', Enhancing the Effectiveness of Learning and Teaching in Economics: Proceedings of the 13th Australasian Teaching Economics Conference, 13th Australasian Teaching Economics Conference, Lambert Academic Publishing, Sydney, Australia, pp. 42-49.
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PASS has proven to be a popular progrem with m:dergraduate University students. r:rls study examines the impact of the PASS pro""",, when it is introduced into a postgraduate subject. The results imply that the postgraduate students who attended PASS "were on average able to achieve higher .marks fum: students that did not However, the feedback provided by postgraduate students on the her:efits they felt they achieved whi!st attending PASS was not as positive as the feedback provided by undergraduate students.
Hutcheson, T.J. 2003, 'Lead-lag relationship in currency markets', 17th Australasian Finance and Banking Conference, Australasian Finance and Banking Conference, --, Sydney, Australia.
Hutcheson, T.J. 2002, 'Temporal relationships and foreign exchange market', 9th Annual Conference of the MultiNational Finance Society, 9th Annual Conference of the MultiNational Finance Society, Paphos, Cyprus.
Hutcheson, T.J. 2001, 'The theory and practice of risk management', Currency Hedging in Turbulent Times Training Seminar, Sydney, Australia.
Hutcheson, T.J. 2000, 'Trading in the Australian foreign exchange market', Seminar Presentation, School of Finance and Economics, University of Technology, Sydney, Sydney, Australia.

Journal articles

Hutcheson, T.J. 2009, 'A suggestion for using oral presentations to reduce the incidence of plagiarism in business courses', Australasian Journal of Economics Education, vol. 6, no. 2, pp. 44-63.
Wilson, P.J., Okunev, J., Hutcheson, T.J. & Zurbruegg, R. 2004, 'Regime switching in the real estate risk premium.', Pacific Rim Property Research Journal, vol. 10, no. 2, pp. 168-192.
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Wilson, P.J., Okunev, J. & Hutcheson, T.J. 2003, 'Predicting behaviour in Australian securitised property markets', Australian Property Journal, vol. 37, no. 8, pp. 574-577.
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Hutcheson, T.J. 2003, 'Exchange rate movements as explained by dealers', Economic Papers, vol. 22, no. 3, pp. 35-46.
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Theoretically, the value of a currency is determined by the economic fundamentals of its country, such as interest rates, inflation rates and national income. These fundamentals have an effect on trade and capital flows and hence the demand and supply of the currency. However, there have been many well-known episodes when real exchange rates have moved contrary to these fundamentals for lengthy periods of time (Krugman, 1989). Attempts using empirical models to test economic fundamentals as a basis for predicting exchange rate movements have not been very successful especially over the short run (Taylor, 1995). Furthermore, market practitioners have successfully developed and implemented profitable trading strategies, which do not rely on economic fundamentals. One reason for the poor performance of trading activities based on fundamental analysis could be the behaviour of practitioners trading in the foreign exchange market (Krugman, 1989). For example, some practitioners may trade tactically in a way that forces an exchange rate to move away from its fundamental value. These practitioners would then establish a currency position that becomes profitable once general market trading moves the exchange rate back towards its true value
Hutcheson, T.J. 2001, 'Trading in Foreign Exchange', Economic Papers, vol. 20, no. 2, pp. 13-25.
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Hutcheson, T.J. & Sharpe, I.G. 1998, 'Ownership structure and building society efficiency', Australian Journal of Management, vol. 23, no. 2, pp. 151-168.


Hutcheson, T.J. 2008, 'Improving Student Skills in Essay Writing and Oral Presentations', Working Paper Series.
In most subjects that students complete as part of a Business or Commerce degree they are typically assessed by way of submitting a written essay and sitting for an exam. A student should be able to show in their written essay that they understand topics covered in the subject and have gained knowledge whilst writing the essay. Unfortunately, lecturers have found that the standard of a large number of written essays submitted by both undergraduate and postgraduate students can be fairly poor and display varying degrees of plagiarism. When marking an essay it is often difficult to know whether a student actually understands what they have written in their essay. This occurs in essays written by local students as well as essays written by overseas students whose first language is not English. Students are often informed in their subject guides and lectures about the University assistance provided on essay writing and plagiarism; however it appears that they do not necessarily take up this assistance. This paper evaluates the impact in a business postgraduate subject of replacing the written essay component of assessment with a shorter written essay and requiring students do an oral presentation of their answer to the class. The students are provided with resources on assignment writing that provide assistance with essay writing and referencing as well as preparation and giving of an oral presentation. A quantitative analysis is undertaken to see whether the use of the assignment writing resources by students had an impact on their assignment mark and also if had an impact on the level of plagiarism found in the written assignments.
Hutcheson, T.J. & Tse, H.P. 2006, 'Tutorial attendance and grade achievement (F&E paper #145)'.
Hutcheson, T.J. & Tse, H.P. 2004, 'Learning by students (F&E paper #136)'.
Hutcheson, T.J. 2003, 'Lead-lag relationship in currency markets'.
Hutcheson, T.J. 2000, 'Trading in the Australian Foreign Exchange Market', Working Paper Series.
The market for for foreign exchange is the most heavily traded financial market. Theoretically exchange exchange rate movements are determined by economic fundamentals, such as inflation and interest rates, which influence the supply and demand for currencies. However, empirical models of exchange rate determination based on these fundamentals have not been very successful in predicting exchange rate movements, especially over the short run. Furthermore, market practitioners argue that they have successfully developed profitable trading strategies, which do not rely on an analysis of economic fundamentals. A reason for the poor performance of econometric models and trading strategies based on fundamental analysis could be the attitudes and behaviour of practitioners trading in the foreign exchange market. In order to obtain information about trading behaviour in the Australian foreign exchange market dealers authorised to trade in this market were approached in a survey for their views on market behaviour and trading strategies. This paper provides a detailed analysis of the responses to the survey questions.
Hutcheson, T.J. 1998, 'Is Speculative Activity in Asia Pacific Markets Anything New?', Working Paper Series.
This paper evaluates the role of speculative behaviour in the floating of several Asian currencies in 1977. The incentive for speculators to adopt trading strategies forcing a country to float their currency is taken into account after assessing the exchange rate regimes, currency movements and economic fundamentals for countries in the Asia Pacific. The globalisation of capital markets and use of short-term borrowing by the Asian countries affected by speculative pressures is also taken into consideration.
Wilson, P.J., Okunev, J. & Hutcheson, T.J. 1998, 'Regime Switches in Property Market Risk Premiums: Some International Comparisons', Working Paper Series.
Hutcheson, T.J. & Sharpe, I.G. 1997, 'Ownership Structure and Building Society Efficiency', Working Paper Series.
This paper investigates the effect of ownership structure on the cost efficiency of Australian building societies using the stochastic econometric frontier approach. Contrary to the expense preference hypothesis, mutually owned societies we found to be, on average, more cost efficient than those under stock ownership. Moreover, mutual and stoc-owned societies have significantly different cost functions or production technologies. The results are consistent with U.S. results of Mester (1993).


Hutcheson, T.J. Australian Centre for Co-operative Research 2001, Financing co-operative housing, partnerships for sustainability in the NSW co-operative housing sector, Sydney, Australia.