MCFS Annual Report 2021

MONASH CENTRE FOR FINANCIAL STUDIES

2021 Annual Report

CONTENTS

ABOUT MCFS

The Monash Centre for Financial Studies (MCFS) conducts leading-edge research into Australian and global financial markets.

Our work is academically rigorous and practical, with an industry-relevant approach aimed at generating knowledge and insights for the benefit of Australian businesses, regulators, policymakers and other interested stakeholders.

A part of the Monash Business School, MCFS provides a vital hub for engagement between Monash University and the finance industry and its stakeholders – including executives, industry associations, regulators, policymakers and others. Through our collaborative research projects, we aim to facilitate a valuable two-way transfer of knowledge and expertise between academia and industry.

We are based in the Melbourne CBD – amid a large and vibrant financial community comprising headquarters and major offices of banks, pension and sovereign wealth funds, investment companies, consulting firms, regulators, policymakers, government departments and technology businesses. This central location assists our researchers and other faculty staff in interacting frequently and efficiently with the practitioner community.

MESSAGE FROM OUR DIRECTOR

I am pleased to present the results of a highly productive 2021 for our team at the Monash Centre for Financial Studies – a year highlighted by ground-breaking new research initiatives and other projects that we were able to advance despite the many obstacles thrown up by COVID-19.

I am particularly proud of our ongoing research projects focusing on superannuation, modern slavery risks for Australian companies, global carbon pricing and other environment-related issues (mentioned in the Highlights sections and outlined in this report).

All of these, I believe, are creating valuable industry-relevant knowledge and real-world benefits for industry and society. Details of these projects are outlined in this 2021 annual report.

Our research also attracted widespread publicity in mainstream Australian and international media, with reports in high-profile outlets, including the Australian Financial Review, the Sydney Morning Herald, SBS, Bloomberg and the Wall Street Journal.

In addition to their primary research work, MCFS team members participated in numerous webinars, forums and committees during 2021, exchanging knowledge and ideas with other researchers and industry partners.

The pandemic has presented challenges for us –restricting face-to-face exchanges with finance industry professionals, regulators, policymakers, academics and others that normally underpin our practical, industry-relevant approach to research.

We were able to sustain wide engagement and collaboration with our industry research partners throughout 2021, supporting the completion of more high-value practical research into significant areas of public policy interest.

I thank all our researchers and administrative support team for their exceptional work in 2021. With several ongoing projects and several exciting new ones, now underway, I look forward to sharing their results in the coming months and years.

PROFESSOR DEEP KAPUR

Director, Monash Centre for Financial Studies

Deputy Dean, External Engagement

HIGHLIGHTS

1The Modern Slavery Disclosure (MSD) scoring framework, designed by MCFS, has become an industry benchmark for the disclosure quality of these statements.

2In an international collaboration with C2Zero and SparkChange, MCFS developed the first global carbon price index.

In partnership with SelfWealth, the researchers provided valuable insights into the trading behaviour of Self-Managed Super Funds and ways to identify savvy DIY investors.

We also conducted podcasts discussing key research findings with the industry practitioners–most notably a series on The Retirement Puzzle, based on our latest research exploring current and future trends in the pension sector.

5The Director of MCFS, Professor Deep Kapur, continued to serve as a member of the Board Investment Committee of REST during 2021. REST is one of Australia’s largest superannuation (pension) funds.

RESEARCH PROJECTS

THE REAL CARBON PRICE INDEX

BEI CUI, UMMUL RUTHBAH, ROGER COHEN, JAN AHRENS, NGA PHAM

Putting a price on carbon is one of the main mechanisms regulators and governments use to limit greenhouse gas emissions. However, with wide variations across jurisdictions in carbon price levels and the mechanisms used to apply them, measurement of carbon prices on a global scale has historically been elusive and a largely neglected field. To help fill this information gap, MCFS researchers devised the world’s first Real Carbon Price Indices, collating carbon price data from multiple jurisdictions to measure and track a notional global carbon price over time.

Through this ongoing project – the result of an international collaboration of experts in carbon markets and financial indices from Monash, C2Zero and SparkChange – we aim to bring new clarity and knowledge about global trends in carbon pricing to policymakers, researchers, investors and the public at large.

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IS THERE WISDOM WITHIN THE CROWD?

BEI CUI, NGA PHAM, UMMUL RUTHBAH

When saving for retirement, most Australians leave it to experts – superannuation fund managers – to make investment decisions on their behalf. But a growing number of people are taking their chances on an alternative route to retirement: self-managed superannuation (SMSF).

Are SMSF members smarter? Do they reap bigger rewards? Or are they wasting their time and effort for little, if any, advantage? We analysed the performances of tens of

MODERN SLAVERY STATEMENT DISCLOSURE QUALITY: ASX100 AND ASX300 COMPANIES

NGA PHAM, BEI CUI, UMMUL RUTHBAH

Australia’s largest companies are now required by law to produce annual statements to disclose risks of modern slavery practices in their operations and supply chains – and to detail how they manage and mitigate such risks. But are all firms complying with the letter and spirit of the Modern Slavery Act (2018)? We conducted two projects to assess and compare high-profile companies’ quality of modern slavery disclosures.

thousands of SMSFs over an eight-year period from the start of 2012. The results suggest that many SMSF investors would have been better off putting their money in a broad market index fund for their Australian equities or investing with active fund managers.

We also analysed the data to identify SMSF winners and worst performers from the crowd. Our research revealed that, while most people would have been better off leaving it to the experts, there were indeed pockets of ‘wisdom’ within the crowd of SMSF investors.

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PROJECT 1

The first project focused on the disclosure quality of Modern Slavery Statements submitted by Australia’s 100 largest listed companies (comprising the ASX100) for FY2020. The analysis revealed wide disparities in the extent and quality of statements. Larger firms with high numbers of employees and large supply spend typically scored better than average across our sample.

PROJECT 2

In our second project, we developed a new framework to assess Modern Slavery Statements submitted by an expanded sample group of Australia’s 300 largest listed companies – the ASX300. The analysis, applying an A-F rating system, again revealed significant disparities in disclosure quality between companies.

We plan to continue reviewing modern slavery disclosure by ASX300 companies annually. In doing so, we hope to provide an impetus for companies to improve their modern slavery reporting standards progressively.

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THE VALUE OF NAMES

DAVID KREITMEIR, PAUL RASCHKY, NATHAN LANE

This paper studies how a core strategy of international civil society groups – informing and publicising human rights abuses – impacts the asset prices of firms associated with these abuses. The study focuses on a major trend at the centre of ongoing international media

NEWS AND TRADING AFTER HOURS

BEI CUI, ARIE ESKENAZI GOZLUKLU

This paper explores after-hours trading (4 pm-8 pm) in United States equity markets and how it is affected by news events. We collected a large set of news items released after-hours trading (AHT) and documented their impacts on AHT activity and market quality. Three types of news events attracted the most AHT: earnings announcements, insider trades, and index reconstitutions.

campaigns: the assassination of civil society activists involved in mining activity. Collecting and coding 20 years of data on assassination events, we use the Event Study Methodology to study how publicity about these events impacts the asset prices of firms associated with abuse. We show that firms associated with an assassination have large, negative abnormal returns following the event.

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Among other findings:

• Most earnings announcements shifted to AHT from regular trading hours (9:30 am-4 pm) over time

• Corporate insiders were more likely to delay their sales filings until after markets closed

• Index reconstitutions during AHT led to volume surges and contributed to a negative capital asset pricing model (CAPM) slope.

• During the COVID-19 pandemic, expanded retail access (mainly via the Robinhood trading platform) led to a sharp increase in after-hours trades.

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ONGOING PROJECTS

PORTFOLIO DECARBONISATION STRATEGIES

BEI CUI AND UMMUL RUTHBAH

Decarbonisation is an increasingly significant consideration in professional investment policies, impacting active and passive strategies.

In this project, we investigate different global carbon management strategies adopted by investment managers, specifically focusing on the carbon footprints of S&P Global 1200 index companies. Among the main strategies examined are divestment and the purchases of carbon allowances and offsets. We will review the performance and costs associated with each strategy against multiple criteria. The intention is to give investors a complete understanding of the pros and cons of different decarbonisation strategies and carbon footprint reduction targets.

DEVELOPING A NEW METHOD TO SCORE MODERN SLAVERY STATEMENTS

NGA PHAM, BEI CUI AND MONASH DATA FUTURES INSTITUTE (MFDI)

With experts from the Monash Data Futures Institute (MFDI), we are developing a Natural

CHINESE CORPORATE CREDIT RISK

BEI CUI AND PRISCILA GRECOV

Most foreign institutional investors are unfamiliar with the rapidly changing dynamics in the Chinese domestic bond market, concerned about the accuracy of credit ratings, and inappropriately price the know risks. Corporate credit risk is probably the biggest risk facing foreign investors in the Chinese onshore bond market. However, there is a strong argument that risk management

Language Processing (NLP) method to use machine learning to build on and enhance our existing methodology for scoring the quality of legally mandated Modern Slavery Statements produced by large Australian companies. The goal is to expand the coverage of the project beyond ASX300 companies and add to the rating mechanism’s efficiency and integrity.

and pricing are improving in the Chinese corporate bond market, as is the accuracy of credit ratings. In the meantime, conducting thorough research into each issuer is an absolute must when foreign investors consider diversifying to the Chinese corporate bond market.

This project aims to have a better understanding of the Chinese corporate bond market structure, the credit risk associated with each company, and the implications on asset allocations. Our research will enable confident and informed participation by international investors in the Chinese fixed-income market.

ENGAGEMENT

INDUSTRY ENGAGEMENT

REST INVESTMENT COMMITTEE

Deep Kapur served as a member of the Board Investment Committee of the REST industry superannuation fund.

C2ZERO

Deep Kapur was appointed as the Strategic Advisor at C2Zero in April this year. C2Zero is a Sydney-based tech company that uses serialised micro-credit tokens to embed carbon allowances into everyday goods and services.

REVISING THE CORPORATE GOVERNANCE CODE IN JAPAN: WHAT SHOULD WE CONSIDER?

26 JANUARY 2021

Japan is currently examining the global ESG (environment, social, governance) landscape to inform a proposed revision of its Corporate Governance Code. Nga Pham from MCFS spoke to asset managers and investors of the Japan Stewardship Forum about the new edition of the Australian Stock Exchange’s Corporate Governance Principles and Recommendations and Australia’s Modern Slavery Act.

CFA SOCIETY ADVOCACY WEBINAR

18 MARCH 2021

Regulators and investors in Japan are interested to learn about the ESG landscape in other markets and how stakeholder interests are incorporated into regulations and codes. Nga Pham talked about Australia’s Modern Slavery Act (2018).

ESG INVESTING IN THE APAC REGION: THE OUTLOOK FOR 2021

21 APRIL 2021

Bei Cui, based on her detailed research into how Asia-Pacific markets react to negative ESG news about companies, talked about opportunities and challenges in ESG investing in the Asia-Pacific region.

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Our senior researchers and leaders participated in numerous webinars and other forums during 2021 to exchange knowledge and ideas with other researchers and key industry partners of Monash Business School. We also collaborated with our industry partners in facilitating industry-oriented research and advising on their investment strategies.

STUDY SESSION ON HUMAN RIGHTS ISSUES

7 JULY 2021

Nomura Asset Management invited Nga Pham to talk about human rights issues to help investors understand what they should or could do through engagement and proxy voting and the implication for Japanese companies or other regions’ companies.

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RESEARCHER TO INNOVATOR PROGRAM

16 SEPTEMBER – 11 NOVEMBER 2021

Ummul Ruthbah, Nga Pham and Bei Cui participated in the Researcher to Innovator program run by Monash Generator. This was the first team from Monash Business School that went through an accelerator program. Our team was also one of the groups selected for the Generator Showcase, where teams pitch their research commercialisation proposals to venture capitalists.

JAPAN BOARD DIVERSITY NETWORK

17 NOVEMBER 2021

Nga Pham participated in the network’s meeting as an academic/network member and shared her expertise on ESG.

MODERN SLAVERY RESEARCH ENGAGEMENT

After the release of the Modern Slavery Statement Disclosure Quality report in August 2021, the MCFS team participated in meetings with the following companies and investment funds:

• Human Rights Resources and Energy Collaborative (24 companies including Alcoa, Alinta, AngloAmerican, AngloGold Ashanti, ATCO, Blackstone Minerals, BHP, CITIC Pacific, Fortescue Metals Group Ltd, Galaxy Resources, Gold Fields Ltd, Iluka Resources, Inpex, Mineral Resources, Northern Star Resources, Origin Energy, Perenti Resources, Rio Tinto, South32, Synergy, Talison Lithium, Wesfarmers, Wesfarmers Chemical Energy and Fertilisers, Western Power, Woodside).

• Companies: TPG, CIMIC, ANSELL, Scentre, Cleanaway, Woolworths, QBE, Lendlease, Kathmandu, South32, Metcash, Telstra, Xero, Evolution mining, Accenture, Worley, Northern Star Resources Limited, AusNet Services, AMP, REA, Commonwealth Bank of Australia, Aristocrat

• Nomura Research Institute.

• Investment funds: Invesco, REST Super, Paradice Investment, Telstra Super.

• Other organisations: Walk Free, Australian Catholic Anti-Slavery Network, Institutional Shareholder Services.

MEMBERSHIP AND PROFESSIONAL SERVICES

THE INTERNATIONAL CORPORATE GOVERNANCE NETWORK (ICGN)

Nga Pham became co-chair of the new Financial Capital Committee of ICGN on 2 September 2021. She has also been a member of the Disclosure and Transparency Committee of ICGN since July 2019, participating in quarterly committee meetings to decide on the committee priorities and its annual work plan. In addition, she contributed to drafting the following ICGN works to represent investors’ views on important issues for capital markets:

• December 2021: ICGN 2021 Yearbook: Modern Slavery: Why should investors care?

• September 2021: ICGN’s letter to International Accounting Standards Board on Agenda Consultation

• September 2021: ICGN’s letter to the Financial Accounting Standards Board (FASB) on Agenda Consultation

• June 2021: ICGN’s letter to respond to the UK Department for Work and Pension consultation calling for evidence on consideration of social risk and opportunities by the UK’s occupational pension schemes.

• March 2021: ICGN’s letter to the Australian Senate Standing Committees on Economics regarding Treasury Laws Amendment (2021 Measures No. 1) (Bill 2021) [Provision]:

• July 2020: ICGN’s letter to the International Auditing and Assurance Standards Board’s (IAASB) consultation on Proposed Guidance: Extended External Reporting Assurance

• Commented on other ICGN’s letters to regulators and standard setters.

THE CFA INSTITUTE AND THE CFA SOCIETY MELBOURNE (CFASM)

Nga Pham, as a member of the University Outreach Committee of the CFASM and a volunteer for various other activities of the CFA Institute:

• Co-organised “Your Career in Finance Day (28 September 2021) for Monash students (online) together with the CFASM

• Was CFA Institute’s exam grader (January 2021 and January 2022)

• Was named “Volunteer of the Year” by CFASM.

INVESTOR GROUP ON CLIMATE CHANGE

Ummul Ruthbah, Nga Pham and Bei Cui, as members of the Working Group, participated in quarterly meetings and other activities.

RESPONSIBLE INVESTMENT ASSOCIATION AUSTRALASIA

Nga Pham presented MCFS research on modern slavery to group members on 14 September 2021.

Ummul Ruthbah, Nga Pham and Bei Cui participated in quarterly meetings and other group activities.

THE MERCER CFA INSTITUTE GLOBAL PENSION INDEX (MCGPI PROJECT)

As a member of the Advisory Board of the MCGPI, Nga Pham organises semi-annual board meetings, reviews project reports and participates in communication activities. She has been working on the project since 2018.

THE MONASH/C2ZERO REAL CARBON PRICE INDEX

Ummul Ruthbah, Nga Pham and Bei Cui partnered with carbon market specialists C2Zero and SparkChange to construct the first global Carbon Price Index and engaged with World Bank to develop a global carbon price benchmark.

INTERNAL ENGAGEMENT

CLIMATE CHANGE RESEARCH WORKSHOP

02-03/12, Ummul Ruthbah participated in the two-day workshop and was one of the five representatives from Monash Business School.

COLLABORATION WITH THE MONASH DATA FUTURES INSTITUTE (MDFI)

Collaborating with the MDFI to develop the NLPbased capacity for scoring the disclosure quality of Modern Slavery Statements (December 2021).

MEDIA ENGAGEMENT

• Wall Street Journal: Australian companies struggle to assess modern-slavery risks - WSJ

• The Australian Financial Review: Major Australian companies failing at slavery disclosure

• The Australian Financial Review: ASX 100 companies report on modern slavery

• Inside Retail: “It’s disappointing”: Why retailers should do more to tackle modern slavery

• The Sydney Morning Herald: ‘This is alarming’: Major Australian companies fail at slavery disclosure

• SmartCompany: Australia has long been complicit in modern slavery. It’s time boards addressed these risks

• Ausbiz Interview: Identifying modern slavery among Australia’s largest companies

• Bloomberg: Biggest Australian companies ranked in addressing modern slavery

• SBS On the Money Vodcast: Modern slavery supply chain risks + markets

• SBS On the Money: SBS On the Money: Australian companies report on modern slavery | SBS News

• 3CR Radio (with Claudia Craig): Collingwood College meets Regan Lamble, Workers host alternative Covid press conference, Afghan solidarity, corporate responsibility for modern slavery

• Medianet: Identifying modern slavery: An analysis of Australia’s largest companies

• Probono Australia: Woolworths leads the way in tackling modern slavery in supply chains

• The Market Herald: Mixed quality in the first round of ASX100 modern slavery statements

• Business News: Fortescue Wesfarmers submit top modern slavery statements

• The West: Andrew Forrest’s Fortescue Metals Group, Woolworths leads big business charge against modern slavery

• Inside Retail: Woolworths, Wesfarmers rank high in modern slavery reporting investigation –Inside Retail

• Banking Day: Guidance needed on modern slavery disclosure

• Today, Headline: Michael Pascoe: Useful idiots – the accessories to Morrison’s big climate lie

• Carbon Pulse: New index aims to show cost of carbon allowances in global context

• Noel Turnbull: New index helps Track climate performance and puts Australia last

• Money Management: SMSF investors failing to beat market

• Bloomberg: Major Australian companies failing at modern slavery disclosure

• The Australian Financial Review: Industry banking on academic learning

• YourLifeChoices: You think you have enough? Here’s why you’re probably wrong

i

PODCAST

3 PODCAST: MACHINE LEARNING, CRISIS AND TAIL RISKS

3 FEBRUARY 2021

Deep Kapur was interviewed for the Investment Innovation Institute’s i3 podcast on machine learning, the effect of the COVID-19 pandemic on markets and other topics.

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INVESCO INCLUSIVE PODCAST: FEAR FACTOR SERIES

21 SEPTEMBER 2021

Deep Kapur was interviewed for an Invesco Podcast episode titled “Factor investing and ESG are perfect partners”.

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THE RETIREMENT PUZZLE

The Retirement Puzzle is a podcast series that explores current and future trends in the pension sector and how they can impact us all. In six episodes, researchers at MCFS take turns hosting and welcoming guests from across the world to talk about living longer, retirement strategies and making money last.

At the macro level, we discuss issues related to the design of retirement income systems, such as the superannuation guarantee and housing savings, universal age pension, pensions and housing.

PREVIEW: INTRODUCING RETIREMENT PUZZLE WITH UMMUL RUTHBAH, NGA PHAM AND BEI CUI

Australia’s superannuation system isn’t immune to challenges. Follow researchers from the Monash Centre for Financial Studies as they explore critical trends in the pension sector and their impact on us all.

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EPISODE 1: WHY EQUITY IS AT THE CENTRE OF EVERY GOOD RETIREMENT SYSTEM: SPEAKING TO DR STEPHEN KING

When Australia’s Retirement Income Review presented its proposals, a heated debate ensued – particularly questions of equity between higher and lower-income earners, renters and homeowners, savers and non-savers, and those who can minimise tax and those who cannot.

MCFS Research Fellow Ummul Ruthbah speaks to Dr Stephen King, a commissioner at the Productivity Commission, about these trade-offs.

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EPISODE 2: ROGER COHEN SAYS IT’S TIME TO CONSIDER THE UNIVERSAL AGE PENSION SERIOUSLY

Dr Ummul Ruthbah talks to Dr Roger Cohen, the founder and principal of Portable Beta, about the ‘retirement trap’ and why giving everyone a pension makes sense.

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EPISODE 3: IT IS A ‘ONE-POT’ THING: THE SINGAPOREAN EXPERIENCE ACCORDING TO JOSEPH CHERIAN

The ‘four pillars’ of Singapore’s unique compulsory savings and pension system – home ownership, retirement income, healthcare savings and insurance and building savings – support its ranking in the top 10 in the world, according to the Mercer CFA Institute Global Pension Index. MCFS Research Fellow Nga Pham talks about its features with Professor Joseph Cherian of the National University of Singapore.

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EPISODE 4: WHAT WE CAN STILL LEARN FROM GRATTON AND SCOTT’S THE 100-YEAR LIFE

Published in 15 languages, the multi-awardwinning 100-Year Life struck a global chord when it argued that our three-stage life – ‘education, work, retirement’ – was increasingly redundant. Dr Nga Pham of MCFS chats to one of the authors, Professor Andrew Scott, about how to fund a ‘multi-stage life’.

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EPISODE 5: ‘THEY DO NOT BEAT THE MARKET’: THE UNPALATABLE TRUTH ABOUT SELF-MANAGED SUPER FUNDS

Despite having $A728 billion assets under management – about 25 per cent of our total super assets – strangely, little is known about the performance and preferences of self-managed superannuation fund (SMSF) investors. Retirement Puzzle co-hosts Dr Nga Pham, and Dr Bei Cui delved into eight years’ worth of day-to-day domestic portfolio trading data from SMSF investors with their co-host Dr Ummul Ruthbah. What they found was less than reassuring.

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EPISODE 6: DOES THE SUPERANNUATION GUARANTEE DISCOURAGE PRIVATE SAVING?

The Super Guarantee’s primary purposes are to ensure that households have sufficient savings for retirement and to reduce the burden on the government budget from the Age Pension. Has it achieved these goals? And how does it affect household saving behaviour? MCFS researcher Dr Bei Cui talks to fellow researchers Dr Nga Pham and Dr Ummul Ruthbah.

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EDUCATION

WORKPLACE INTEGRATED LEARNING (WIL) INTERNS, 2020

HUY NGUYEN 25.11.20 – 28.05.21, 50 DAYS

Worked on:

• A research brief on Applying NLP and Sentiment Analysis with ProxyInsight Data Modern slavery reporting quality index.

CASSANDRA FRIEDMAN 24.11.20 – 11.02.21, 25 DAYS

Worked on:

• A review of how different pension systems in the world consider and support housing affordability and other housing matters.

• A summary of the literature on household finance and household asset allocation

• A PowerPoint presentation on the top 10 Australian Super Fund performance analysis

KAI OLIVER INGLIS 23.11.20 – 15.02.21, 20 DAYS

Worked on:

• Shareholder activism in Japan

• Analysis of Institutional Voting on NIKKEI225 Companies using data from ProxyInsight

ANDREW JAMES MOORE 10.03.21 – 13.05.21, 20 DAYS

Worked on:

• Modern slavery disclosure framework

• Scoring modern slavery disclosure statements

• Editing report on superannuation

GEORGE COUROYIANNIS 28.06.21 – 23.07.21, 20 DAYS

Worked on:

• Collecting APRA Super funds data

• Scoring modern slavery disclosure statements

• Formatting reports in LaTex

Through our internship program, MCFS helps Monash Business School students to expand their knowledge and networks and gives them valuable work experience to assist their future success.

KEVIN TAT 28.06.21 – 23.07.21, 20 DAYS

Worked on:

• Scoring modern slavery disclosure statements

• Formatting reports in LaTex

• Downloading emission data

KATRINA LE 28.06.21 – 23.07.21, 20 DAYS

Worked on:

• Scoring modern slavery disclosure statements

• Formatting reports in LaTex

• Downloading emission data

KATHALEEYA ROS: 29.06.21 – 24.08.21, 25 DAYS

Worked on:

• Scoring modern slavery disclosure statements

• Formatting reports in LaTex

• Literature review on costs and fees of pension funds

SAMUELSON LIM 26.07.21 – 22.10.21, 30 DAYS

Worked on:

• Summarising articles and book chapters on carbon trading

• Scoring modern slavery disclosure statements

HARSH MODI 27.07.21 – 22.10.21, 30 DAYS

Worked on:

• Scoring modern slavery disclosure statements

• Formatting report using LaTex

• Preparing podcast transcripts

KAMALJEET SINGH 26.07.21 – 22.10.21, 30 DAYS

Worked on:

• Scoring modern slavery disclosure statements

• Summarising reports and book chapters on climate risks

RICKY KARUNIA 25.10.21 – 23.12.21, 25 DAYS

Worked on:

• Data collection and review for the modern slavery disclosure project

BENJAMIN KAPLAN 15.11.21 – 04.02.22, 25 DAYS

Worked on:

• Data collection and review for the modern slavery disclosure project

• Preparing keywords for developing the NLP method for the modern slavery disclosure index project

IANTHE VOLBRECHT 22.11.21 – 18.02.22, 20 DAYS

Worked on:

• Preparing book summaries

• Literature review for SMSF paper

• Literature review for portfolio decolonisation paper

OUR PEOPLE

MCFS STAFF

DEEP KAPUR

Deputy Dean, External Engagement Director, Monash Centre for Financial Studies

UMMUL RUTHBAH

Senior Research Fellow

NGA PHAM

Research Fellow

BEI CUI Research Fellow

IOANNA ZOGRAFOU

Executive Assistant to Deep Kapur

AFFILIATED FACULTY MEMBERS

SIMON WILKIE

Head, Monash Business School Dean, Faculty of Business and Economics

PAUL RASCHKY

Associate Professor, Dept of Economics

KLAUS ACKERMANN

Lecturer, Department of Econometrics and Business Statistics

SIMON ANGUS

Associate Professor

SENIOR ADVISORS

JAN AHRENS

Head of Research, SparkChange

SYD BONE

Chief Executive Officer, CP2 Limited

ROGER COHEN Founder at C2Zero

MARIANO

PITOSH HEYDEN

Associate Professor, Department of Management

BONSOO KOO

Associate Professor, Department of Econometrics and Business Statistics

DAMIEN LAMBERT

Lecturer, Department of Accounting

RANJIT AJIT SINGH

Assistant Director, Monetary and Capital Markets Department, International Monetary Fund (IMF)

MONASH BUSINESS SCHOOL

Monash Centre for Financial Studies

Monash Business School

Monash University Level 13, 30 Collins Street Melbourne, VIC 3000 Australia

T: +61 3 9903 8315

E: mcfsinfo@monash.edu

LinkedIn: linkedin.com/company/ monash-centre-financial-studies

monash.edu/business/mcfs