The impact of payout policy changes on firm value and short selling activities across different taxation regimes. Brealey et al (2011) assert that we don't know enough yet about how payout policy varies across firms. This project examines the information content of dividend changes and repurchase programs and the long-term market impact of these announcements, controlling for the substitution effect of repurchases/dividends in different institutional/tax regimes. This project also examines wheth ....The impact of payout policy changes on firm value and short selling activities across different taxation regimes. Brealey et al (2011) assert that we don't know enough yet about how payout policy varies across firms. This project examines the information content of dividend changes and repurchase programs and the long-term market impact of these announcements, controlling for the substitution effect of repurchases/dividends in different institutional/tax regimes. This project also examines whether short sellers manifest abnormal behaviour around the announcement of dividend changes and repurchase programs, and whether earnings are manipulated upwards to maintain the dividend or downwards prior to the announcement of repurchase programs. The findings will be of major interest to academics, managers, investors and regulators.Read moreRead less
An international study of seasoned equity offerings: long term returns, earnings management, liquidity, ownership structure, and financial crisis. This study will provide critical insights into the impact of alternative mechanisms for seasoned equity offerings on liquidity and firm value. Considering the lack of confidence in financial markets during the financial crisis, this study will have significant implications regarding the current use and regulation of seasoned equity offerings.
Financial tunnelling: shareholder protection and wealth changes during two decades of capital management activities in Australia. Companies raise capital and distribute capital and profits through various mechanisms, often structured to benefit important shareholders such as institutions. This study examines the extent to which minority shareholders have had wealth destroyed through company capital management activities, and offers corporate governance solutions.
Quantitative Analysis of Systemic Risk in Insurance. This project aims to achieve a contemporary and comprehensive quantitative analysis of systemic risk in insurance. The significance lies in narrowing the gap between the studies of systemic risk in banking and insurance. Expected outcomes include the construction of insurance/reinsurance networks to formalise systemic risk, the analysis of the role of network integration, and the development of pricing frameworks to entail a systemic risk prem ....Quantitative Analysis of Systemic Risk in Insurance. This project aims to achieve a contemporary and comprehensive quantitative analysis of systemic risk in insurance. The significance lies in narrowing the gap between the studies of systemic risk in banking and insurance. Expected outcomes include the construction of insurance/reinsurance networks to formalise systemic risk, the analysis of the role of network integration, and the development of pricing frameworks to entail a systemic risk premium. The project will benefit insurers and regulators by providing a forward-looking approach to monitoring and assessing insurance risk during a systemic crisis. These important original contributions to insurance risk management will help establish Australia’s global leadership in systemic risk.Read moreRead less
Forecasting and Financing Healthy Ageing and Aged Care in Australia. This project aims to quantify future risks of chronic illness and functional disability in retirement, proposing financing strategies aimed at enhancing healthy ageing, lifestyle quality and aged care provisions. The project devotes to devising a framework integrating government and private sector participation in funding health costs which increase significantly in older ages. The expected outcome includes sustainable retireme ....Forecasting and Financing Healthy Ageing and Aged Care in Australia. This project aims to quantify future risks of chronic illness and functional disability in retirement, proposing financing strategies aimed at enhancing healthy ageing, lifestyle quality and aged care provisions. The project devotes to devising a framework integrating government and private sector participation in funding health costs which increase significantly in older ages. The expected outcome includes sustainable retirement income scenarios for easing fiscal pressure from social initiatives such as age pension and aged care financing at the same time improving living standards for seniors. The project expects to place Australia at the forefront of research on sustainable solutions to financial challenges facing retirees.Read moreRead less
A New framework to improve human-robot interaction in financial markets. This project aims to investigate the interaction of humans with robots (automated, algorithmic traders) in financial markets. It will build a novel environment based on controlled experiments within the context of financial markets. It is expected to discover how market participants choose to engage robots, and when and why robots are disengaged. The project will also investigate how the use of robots affects price behavio ....A New framework to improve human-robot interaction in financial markets. This project aims to investigate the interaction of humans with robots (automated, algorithmic traders) in financial markets. It will build a novel environment based on controlled experiments within the context of financial markets. It is expected to discover how market participants choose to engage robots, and when and why robots are disengaged. The project will also investigate how the use of robots affects price behaviour, and efficiency of allocation. This will provide significant benefits, such as enhancing Australia’s capacity for the scientific study of financial markets and for developing financial technology using an experimental method.Read moreRead less
The Importance of Being Politically Connected. The literature on the importance of political connections to firms and their value implications is scant. This project aims to develop a framework that depicts the interplay of political connections, institutional factors, corporate governance, media coverage and firm value. In particular, it investigates how political connections enhance the value of firms in China and how this changes as the market transitions.
Creating Sustainability-Oriented Fintech Lending Platforms in Australia. This project aims to investigate how FinTech lending companies can use customers' environmental information to access their creditworthiness, and whether lending decisions based on environmental information can promote pro-environmental behaviour and expedite the societal transformation towards a low-carbon economy. These aims will be achieved through a quantitative analysis that evaluates the use of a customer's "carbon fo ....Creating Sustainability-Oriented Fintech Lending Platforms in Australia. This project aims to investigate how FinTech lending companies can use customers' environmental information to access their creditworthiness, and whether lending decisions based on environmental information can promote pro-environmental behaviour and expedite the societal transformation towards a low-carbon economy. These aims will be achieved through a quantitative analysis that evaluates the use of a customer's "carbon footprint" for predicting default risk, and a field experiment that analyses the economic and environmental benefits of the proposal. The project intends to develop a new approach that contributes to developing a sustainable lending platform for Fintech firms and establishing sustainable FinTech standards for policymakers.Read moreRead less
Australia’s Climate Strategy and Positioning for the Clean Tech Revolution. The aims of this project are to analyse and benchmark Australia’s climate change strategy and positioning in terms of its readiness to take advantage of a clean technology revolution, and to analyse what the revolution might look like and how it will evolve. Scientific evidence points to the increasingly urgent need for action on climate change and investment in cleaner technologies on a large scale. This need for action ....Australia’s Climate Strategy and Positioning for the Clean Tech Revolution. The aims of this project are to analyse and benchmark Australia’s climate change strategy and positioning in terms of its readiness to take advantage of a clean technology revolution, and to analyse what the revolution might look like and how it will evolve. Scientific evidence points to the increasingly urgent need for action on climate change and investment in cleaner technologies on a large scale. This need for action coincides with emerging policy and technological developments that are already taking place. The project aims to provide new decision-making frameworks for the timing and extent of investments in new technologies. Analysing Australia's positioning and the coming clean technology revolution would benefit policy-makers, corporations and investors.Read moreRead less
Surviving financial crises: a study of the Australian Government securities market. This project assesses the capacity of the Australian Government securities market to meet investor demand in times of financial crises. The outcomes will provide governments in Australia and other countries with the necessary tools to enhance the efficiency of securities markets and to flag liquidity problems in a timely manner.