Understanding market mechanisms and determinants of transaction costs to achieve greater efficiency in Australian fixed-income markets. This project will provide information to policymakers and regulators, enabling the evolution of optimal fixed-income markets, with significant benefits for individuals and the national economy. These benefits will be both short-term (current wealth) and long-term (retirement saving). It will promote Australia as the leader in constructing optimal fixed-income ma ....Understanding market mechanisms and determinants of transaction costs to achieve greater efficiency in Australian fixed-income markets. This project will provide information to policymakers and regulators, enabling the evolution of optimal fixed-income markets, with significant benefits for individuals and the national economy. These benefits will be both short-term (current wealth) and long-term (retirement saving). It will promote Australia as the leader in constructing optimal fixed-income markets, which can be applied to similar markets around the world. Finally, training research students will develop research infrastructure in Australia, and contribute to produce a generation of specialists who will increase Australia's international standing in financial research and its ability to manage an increasingly complex economy.Read moreRead less
The demand and supply of retirement provision. Population and a shrinking public sector mean increasing self-provision for retirement. This project examines various aspects of private retirement provision, focussing on both demand and supply in the retirement income industry. It will analyse institutional features of markets, pension funds and policy structures, and their implications for saving and investment behaviour, life-long financial strategies, efficient resource allocation, and retireme ....The demand and supply of retirement provision. Population and a shrinking public sector mean increasing self-provision for retirement. This project examines various aspects of private retirement provision, focussing on both demand and supply in the retirement income industry. It will analyse institutional features of markets, pension funds and policy structures, and their implications for saving and investment behaviour, life-long financial strategies, efficient resource allocation, and retirement income adequacy. Specially emphasised will be: the role of housing as a retirement asset; the impact of governance structure on pension fund administration; and firm technology and employer-sponsored pension plans. Empirical research will embrace Australia, Japan and the US, allowing international comparison.Read moreRead less
Investing over the Life Cycle. This project will investigate efficiency questions raised by the private and public management of assets within defined contribution pension plans. Because investment risk in such plans falls on the contributing household, they need to be managed with care. The first phase of the project will examine optimal equity investments on behalf of contributing households. The second phase will consider the scope and limits of market-timing endeavours involving switches bet ....Investing over the Life Cycle. This project will investigate efficiency questions raised by the private and public management of assets within defined contribution pension plans. Because investment risk in such plans falls on the contributing household, they need to be managed with care. The first phase of the project will examine optimal equity investments on behalf of contributing households. The second phase will consider the scope and limits of market-timing endeavours involving switches between broad asset classes. The third phase will consider optimal currency hedging. The final phase will consider the optimal taxation of pension fund assets at different points in the household's life cycle.Read moreRead less
Understanding market mechanisms to achieve greater efficiency in the Australian residential real-estate market. This project will provide information to policy-makers, vendors and purchasers, enabling the evolution of an optimal real-estate market, with significant benefits for individuals and the national economy. These benefits will be both short-term (current wealth) and long-term (retirement saving). It will promote Australia as the leader in constructing optimal, efficient real-estate marke ....Understanding market mechanisms to achieve greater efficiency in the Australian residential real-estate market. This project will provide information to policy-makers, vendors and purchasers, enabling the evolution of an optimal real-estate market, with significant benefits for individuals and the national economy. These benefits will be both short-term (current wealth) and long-term (retirement saving). It will promote Australia as the leader in constructing optimal, efficient real-estate markets, which can be applied to similar real-estate markets around the world. Finally, training a research student will develop research infrastructure in Australia, and be a contribution to producing a generation of specialists who will add to Australia's international standing in financial research and its ability to manage an increasingly complex economy.Read moreRead less