An analysis of capital raising by Australian listed firms : The factors that drive the choice of type of security and issue method. Firstly, this study will guide the setting of stock exchange listing rules and tax legislation by providing an analysis of how changes in listing rules and the tax treatment of debt and equity issues affect firms' choice of security and distribution method. Second, the focus on capital raising in international markets will assist corporate treasurers in determining ....An analysis of capital raising by Australian listed firms : The factors that drive the choice of type of security and issue method. Firstly, this study will guide the setting of stock exchange listing rules and tax legislation by providing an analysis of how changes in listing rules and the tax treatment of debt and equity issues affect firms' choice of security and distribution method. Second, the focus on capital raising in international markets will assist corporate treasurers in determining the location of their financing and has implications for macro economic policy through the influence on capital flows and the balance of payments. Third, the integrated model of financing decisions will assist firms, their advisors and capital providers in financing and investment activities.Read moreRead less
Venture capitalist networks and the financing of innovation. This project aims to understand why some venture capitalists (VCs) are more successful than others at financing start-ups. It studies the role of network connections between individual VCs, which are an important channel through which VCs accumulate specialised skills, exchange information and establish reputation. This project will analyse how these networks evolve, whether they explain an individual VC’s performance, and how network- ....Venture capitalist networks and the financing of innovation. This project aims to understand why some venture capitalists (VCs) are more successful than others at financing start-ups. It studies the role of network connections between individual VCs, which are an important channel through which VCs accumulate specialised skills, exchange information and establish reputation. This project will analyse how these networks evolve, whether they explain an individual VC’s performance, and how network-related human capital shapes the boundaries of a VC partnership. The expected outcomes will contribute insights into low capital allocation to venture capital funds the constrained formation of new venture capital partnerships by Australian institutional investors.Read moreRead less
Superannuation Funds: Ensuring the Financial Health of Australians in Retirement. Superannuation is relevant to all Australians, providing a foundation for their lifestyle in retirement. The protection and enhancement of superannuation savings have been high priorities of both government and regulatory agencies. Recent legislative changes include mandated choice of superannuation fund and increased disclosure requirements. Regulators have also flagged the need for increased corporate governance ....Superannuation Funds: Ensuring the Financial Health of Australians in Retirement. Superannuation is relevant to all Australians, providing a foundation for their lifestyle in retirement. The protection and enhancement of superannuation savings have been high priorities of both government and regulatory agencies. Recent legislative changes include mandated choice of superannuation fund and increased disclosure requirements. Regulators have also flagged the need for increased corporate governance among superannuation funds. This project assesses the impact of these developments through an assessment of competition, performance and accountability within the superannuation industry. Monitoring the industry in this way will strongly contribute to the financial and economic health of Australians in retirement.
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Understanding market mechanisms to achieve greater efficiency in institutional equities and futures markets. This project investigates the impact of high frequency trading on financial market quality. Financial markets are essential for capital raising and form a critical part of the Australian economy. Ordinary residents have billions invested in it through superannuation. Deterioration in market quality leads to poor consumer confidence, increases firms’ cost of capital and transaction costs, ....Understanding market mechanisms to achieve greater efficiency in institutional equities and futures markets. This project investigates the impact of high frequency trading on financial market quality. Financial markets are essential for capital raising and form a critical part of the Australian economy. Ordinary residents have billions invested in it through superannuation. Deterioration in market quality leads to poor consumer confidence, increases firms’ cost of capital and transaction costs, and ultimately reduces retirement quality. The proliferation of high frequency trading in financial markets requires a thorough understanding of their impact on market quality. This project aims to lead to more efficient regulation, improving financial markets and making Australia attractive to investors and enhancing the quality of retirement for residents.Read moreRead less
Global Financial Crisis and financial stability: an investigation of the systemic risk for financial institutions. The aim of this project is to provide information about the systemic risk of major financial institutions around the world on a real time basis. The findings of this study will allow both financial markets and regulators to monitor in real time, on a daily and weekly basis, the financial risk of large financial institutions from around the world.
An Evaluation of the Morningstar System of Managed Fund Ratings in Australia and New Zealand. This project evaluates the Morningstar system of rating managed funds. Fund ratings considerably influence who manages A$590 billion (June 2000 - AXISS Australia) in investment funds and are thus important to the efficient operation of the Australian capital market. Key project elements are: (1) thorough investigation of the domestic Morningstar ratings methodology, identifying its strengths and weaknes ....An Evaluation of the Morningstar System of Managed Fund Ratings in Australia and New Zealand. This project evaluates the Morningstar system of rating managed funds. Fund ratings considerably influence who manages A$590 billion (June 2000 - AXISS Australia) in investment funds and are thus important to the efficient operation of the Australian capital market. Key project elements are: (1) thorough investigation of the domestic Morningstar ratings methodology, identifying its strengths and weaknesses; (2) comparison of the US and Australasian methodologies; (3) analysis of the predictive ability of ratings; (4) an investigation into the feasibility of rating funds on stock selection and market timing; and (5) an investigation of the impact of Morningstar ratings on fund flows.Read moreRead less
Risk and Prudential Regulation and Supervision of Australian Financial Institutions. The project seeks to enhance the effectiveness of prudential regulation and supervision of financial institutions (FIs) by examining the risk of FIs, as reflected in default risk premiums on FI international debt issues and variability of revenue/profitability measures, and the effect of broadening FI activities and the shift towards fee/commission income on FI risk. This forms the basis for the development and ....Risk and Prudential Regulation and Supervision of Australian Financial Institutions. The project seeks to enhance the effectiveness of prudential regulation and supervision of financial institutions (FIs) by examining the risk of FIs, as reflected in default risk premiums on FI international debt issues and variability of revenue/profitability measures, and the effect of broadening FI activities and the shift towards fee/commission income on FI risk. This forms the basis for the development and testing of statistical early warning systems of impending financial problems in Australian FIs. The models are compared with examiner rating systems currently used in prudential supervision.Read moreRead less
Religion, Finance and Ethics: Islamic and conventional perspectives on shared principles, practices, and financial institutions and instruments. By linking together specialists in finance, banking and religious history, with the Muslim Community Cooperative (Australia), this project explores communication and mutual benefit between international Islamic finance and conventional Western finance. It will propose new financial structures and instruments to expand the scope of Islamic finance, to m ....Religion, Finance and Ethics: Islamic and conventional perspectives on shared principles, practices, and financial institutions and instruments. By linking together specialists in finance, banking and religious history, with the Muslim Community Cooperative (Australia), this project explores communication and mutual benefit between international Islamic finance and conventional Western finance. It will propose new financial structures and instruments to expand the scope of Islamic finance, to maximise lending and investment opportunities in Australia, and to promote interaction between the Islamic and conventional financial sectors. The project will enable Australian researchers to work with international authorities in Islamic finance, promoting dialogue between Islamic and other groups, and increase investment and development within the Australian financial market.Read moreRead less
The failings of financial markets. Financial markets are failing to serve society. The recent Royal Commission into Misconduct in Financial Services has highlighted many examples, as have major litigation cases against Australia’s banks for market manipulation at enormous scale. Markets are becoming increasingly fragile with the automation of trading and are failing in funding companies, with fewer companies listing on stock markets. This project will investigate how and why financial markets ar ....The failings of financial markets. Financial markets are failing to serve society. The recent Royal Commission into Misconduct in Financial Services has highlighted many examples, as have major litigation cases against Australia’s banks for market manipulation at enormous scale. Markets are becoming increasingly fragile with the automation of trading and are failing in funding companies, with fewer companies listing on stock markets. This project will investigate how and why financial markets are failing, what are the real effects of these failings, and what should be done about them. The project will develop policy solutions to mitigate the failings, thereby enhancing Australia’s economic prosperity, benefitting retirement savings, and improving regulatory efficiency.
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Discovery Early Career Researcher Award - Grant ID: DE150100895
Funder
Australian Research Council
Funding Amount
$369,000.00
Summary
Executive Overconfidence. This project aims to analyse the benefits and costs of appointing overconfident individuals as Chief Executive Officers (CEOs), their subsequent impact on corporate performance and litigation-risk, and how this CEO overconfidence may be harnessed through appropriate regulation and incentive-based contracts. The project will examine the circumstances in which firms appoint overconfident individuals as CEOs and how such individuals may affect firm performance, including t ....Executive Overconfidence. This project aims to analyse the benefits and costs of appointing overconfident individuals as Chief Executive Officers (CEOs), their subsequent impact on corporate performance and litigation-risk, and how this CEO overconfidence may be harnessed through appropriate regulation and incentive-based contracts. The project will examine the circumstances in which firms appoint overconfident individuals as CEOs and how such individuals may affect firm performance, including takeover performance and litigation risk. The project aims to analyse whether regulations, such as the Sarbanes-Oxley Act, can help to harness CEO overconfidence. Additionally, it will assess the optimal way to compensate overconfident CEOs to maximise firm value.Read moreRead less