An International Comparison of Corporate Financial Policy. Our research contributes to the finance discipline, corporate decision making and public policy. Existing empirical literature provides managers with insights on the impact of firm characteristics on corporate financial decisions. However, beyond suggesting that well-functioning banks, equity and bond markets are an integral part of corporate financing, no insight is provided as to the role played by the public policy, legal structures a ....An International Comparison of Corporate Financial Policy. Our research contributes to the finance discipline, corporate decision making and public policy. Existing empirical literature provides managers with insights on the impact of firm characteristics on corporate financial decisions. However, beyond suggesting that well-functioning banks, equity and bond markets are an integral part of corporate financing, no insight is provided as to the role played by the public policy, legal structures and the suppliers of capital. In a market such as Australia, where superannuation is a large and increasing part of corporate funding, this is a glaring omission. This study seeks to examine the impact of public policy, legal and institutional structures on these financial choices.Read moreRead less
Chief executive officer pay, incentives, talent and risk-taking: Excessive pay, regulation and the global financial crisis. The Prime Minister has requested the regulators, APRA and Treasury, to come up with rules that would prevent a repeat of the trillion dollar bailouts and guarantees to the financial sector and banks at risk of failure. Excessive pay and risk-taking by bank executives shoulder made the blame for the global crisis that has already cost Australian investors and taxpayers a siz ....Chief executive officer pay, incentives, talent and risk-taking: Excessive pay, regulation and the global financial crisis. The Prime Minister has requested the regulators, APRA and Treasury, to come up with rules that would prevent a repeat of the trillion dollar bailouts and guarantees to the financial sector and banks at risk of failure. Excessive pay and risk-taking by bank executives shoulder made the blame for the global crisis that has already cost Australian investors and taxpayers a sizeable portion of the nation's wealth. The project will greatly assist the regulators in this task. It will also identify compensation practices that reward good long-term performance without excessive pay. This could dramatically raise the performance of Australian companies and ameliorate the problem of dissatisfied investors and taxpayers.Read moreRead less
Evaluating the Performance of Active Australian Equity Managers Utilising their Daily Portfolio Holdings and Trades. The aim is to evaluate the performance of active institutional Australian equity fund managers by statistical and mathematical modelling of their trades. Using a unique dataset of daily portfolio holdings and trades, we compare the trading styles of those who have persistently outperformed the market with those that have not so as to reveal drivers of superior performance. Such a ....Evaluating the Performance of Active Australian Equity Managers Utilising their Daily Portfolio Holdings and Trades. The aim is to evaluate the performance of active institutional Australian equity fund managers by statistical and mathematical modelling of their trades. Using a unique dataset of daily portfolio holdings and trades, we compare the trading styles of those who have persistently outperformed the market with those that have not so as to reveal drivers of superior performance. Such a study has been impossible until now due to non-disclosure of trades. Understanding the fundamental origins of fund performance enhances the overall returns to investors, provides a new ratings system yielding superior information, and redirects the nest-eggs of "mums and dads" towards better-performing managers.Read moreRead less