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The purpose of this paper is to test the impact of a rule that affects tertiary students progressing from an introductory level finance course to intermediate level. The rule restricted students from progressing until they achieved a higher grade than just a “pass” mark.

Archival data were gathered from 11 semesters regarding student performance pre and post the rule being introduced.

Results show that the rule was associated with an increase in the chances of success at intermediate level for those students enrolled after the rule was introduced.

This paper’s main contribution regards the evidence that increasing prior learning at an introductory level has a positive follow-on effect for students learning at intermediate level. This has a practical implication for educators, as the rule has shown to increase the chance of success for knowledge development in the first year of studies.

The setting for this paper is unique and could potentially be replicated elsewhere. In 1980, Schaffer and Calkins called for an evaluation of the pre-requisites necessary for finance education at the tertiary level, and this paper answer this call stating that pre-requisites can contribute to the academic success of finance students.

This paper aims to examine the impact of the Brexit referendum on the risk structure of financial asset prices. Co-movements are analysed using daily price returns of major stock and bond indices as well as commodities and exchange rates from June 2014 to June 2018. The authors used a multivariate GARCH model to study the dynamics of the conditional correlation matrix of asset returns. It was found that the conditional variances and correlations of assets spike on and after the Brexit referendum and then quickly revert to normal levels, suggesting that the effect of the referendum was transient rather than structural. The findings are of interest to investors as co-movements of financial assets can significantly impact financial portfolios and hedging strategies.

The authors used a multivariate GARCH model to study the dynamics of the conditional correlation matrix of asset returns.

It was found that the conditional variances and correlations of assets spike on and after the Brexit referendum and then quickly revert to normal levels, suggesting that the effect of the referendum was transient rather than structural.

The findings are of interest to investors as co-movements of financial assets can significantly impact financial portfolios and hedging strategies.

To the best of the authors’ knowledge, research studying the underlying asset co-movements around Brexit does not exist.