MCFS Annual Report 2022

A MONASH CENTRE FOR FINANCIAL STUDIES

2022 Annual Report

ABOUT MCFS

The Monash Centre for Financial Studies (MCFS), which operates as part of the Monash Business School, conducts cutting-edge research on the Australian and global financial markets.

Our research is both academically rigorous and practically focused, with an industry-relevant approach that aims to generate knowledge and insights to benefit Australian businesses, regulators, policymakers, and other stakeholders.

As a critical hub for engagement between Monash University and the finance industry, MCFS collaborates with executives, industry associations, government bodies, and other stakeholders to facilitate a valuable two-way transfer of knowledge and expertise between academia and industry.

Located in the heart of Melbourne’s CBD, MCFS is surrounded by a vibrant financial community that includes the 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 enables our researchers and faculty staff to interact frequently and efficiently with practitioners in the field.

MESSAGE FROM OUR DIRECTOR

One of our significant accomplishments was launching a first-of-its-kind executive education program on Modern Slavery in partnership with Leadership and Executive Education. Our work on modern slavery also received recognition from the federal government, as the Issues Paper of the Review of the Modern Slavery Act featured our research.

Additionally, we initiated a joint research project on climate change risks with Man Group and SparkChange, which further enhanced our expertise in this critical area. We also signed a data distribution agreement with Bloomberg to make the Real Carbon Price Index and its subindices more accessible.

Our team of researchers were invited to present at several top international and domestic industry conferences and roundtables, including the ICGN Seoul Conference, Securities Investors Association Singapore Corporate Governance Conference 2022, Australasia Business Ethics

Network Workshop, and Leadership for Sustainable Success: People, Planet and Profit, among others.

Lastly, we are delighted to welcome four prominent industry executives, Michael Aked, Henrik Andersson, Steven Carew, and Andre Roberts, as Senior Advisors to our Centre. Their expertise and insights will help us continue to deliver industry-relevant research and knowledge.

Overall, it has been a productive year for MCFS. We look forward to continuing to conduct rigorous and practical research that generates valuable insights for the financial industry.

PROFESSOR DEEP KAPUR Director, Monash Centre for Financial Studies Deputy Dean, External Engagement

Reflecting on the past year, I take great pride in our achievements at MCFS and our significant, positive impact on the financial sector.

HIGHLIGHTS

1

MCFS launched a first-of-its-kind executive education program on Modern Slavery in collaboration with Leadership and Executive Education and co-organised webinars with CFA Societies Australia and the CFA Institute Asia Pacific Research Exchange (ARX) on modern slavery.

2

The Centre started a joint research project on climate change risks with Man Group and SparkChange. Man Group is a global investment management firm specialising in hedge funds, with over $140 billion in assets under management.

3

MCFS signed a data distribution agreement with Bloomberg to increase the visibility and accessibility of the Real Carbon Price Index and its sub-indices; a research collaboration with the CFA Institute to generate industry-relevant insights on retirement and an MOU with givvable - an AI-powered supplier sustainability tracking platform, for data sharing and tool development.

4

The Issues Paper of the Review of the Modern Slavery Act featured the Centre’s work on modern slavery. In addition, MCFS submitted a response to the public consultation on the Modern Slavery Act.

5

The Centre received the Impact Accelerator Grant from Monash Business School.

6

Professor Deep Kapur, the Director of the Centre, was reappointed as a member of the Board Investment Committee of REST, one of the largest superannuation funds in Australia.

7

MCFS researchers were invited to present at top international and domestic industry conferences and roundtables, including the ICGN Seoul Conference, Securities Investors Association Singapore Corporate Governance Conference 2022, Australasia Business Ethics Network Workshop, Leadership for Sustainable Success: People, Planet and Profit organised by Business Circle, among others. 8

The Centre added four prominent industry executives to its list of Senior Advisors, Michael Aked (Senior Investment Manager, Scientific Beta), Henrik Andersson (Chief Investment Officer, Apollo Capital), Steven Carew (Chief Investment Officer, Janna Investment Advisers Pty Ltd), and Andre Roberts (Senior Portfolio Manager, Invesco Ltd).

RESEARCH PROJECTS

MODERN SLAVERY DISCLOSURE QUALITY RATINGS: ASX100 COMPANIES UPDATE 2022

NGA PHAM, BEI CUI, UMMUL RUTHBAH

This research brief assessed the disclosure quality of the modern slavery statements of ASX100 companies in FY2021 using the

CONSOLIDATION OF THE SUPERANNUATION INDUSTRY

UMMUL RUTHBAH, BEI CUI, NGA PHAM

This research project, commissioned by the Link Group, focused on the consolidation of the superannuation industry in Australia. Over the past few years, there has been a significant increase in mergers between super funds due to competitive pressure on performance, fees, and costs. In addition, the recent Your

DRIVING IMPROVEMENTS IN MODERN SLAVERY REPORTING: THE ROLE FOR AUSTRALIAN INVESTORS

NGA PHAM, CLARE BARTRAM

The Modern Slavery Act 2018 (MSA) was introduced to encourage Australian companies to disclose their modern slavery practices, but corporate Australia’s response has been disappointing. This joint research with ISS reveals three critical gaps in the S&P/ASX 300 modern slavery reporting and performance.

enhanced methodology – MSD 2.0. This is part of Monash’s Modern Slavery Research Program that tracks the disclosure quality of these companies for the second year. The improved framework looks into more granular elements of risk identification, due diligence and remediation processes, and KPIs and, thus, allows further insights into best practices.

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Future, Your Super reform, which took effect in mid-2021, has added to the pressure on funds with underperforming products to improve their performance or merge with higher-performing funds.

The research investigates whether mergers between superannuation funds have improved member benefits and reduced fees and costs in the past decade.

Firstly, operational-level modern slavery risks tend to be overlooked, particularly in professional services sectors. Secondly, most companies do not extend their modern slavery statements to their indirect suppliers, where the risk of exploitative labour is high. Lastly, there is a lack of remediation of modern slavery controversies, with only 4% of cases assessed by ISS ESG having credible measures adopted and only 51% of S&P/ASX 300 companies describing remediation processes in their modern slavery statements.

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FALSE DISCOVERIES IN THE ANOMALY RESEARCH: NEW INSIGHTS FROM THE STOCK EXCHANGE OF MELBOURNE (1927–1987)

Using a unique dataset managed by MCFS of companies listed on the Stock Exchange of Melbourne from 1926 to 1987, we studied 30 well-known anomalies in cross-sectional returns. Our study was conducted on a true out-of-sample basis. The results indicated that the majority of return-predictive signals were not confirmed. Only the dividend yield, value uncertainty, and short-term residual reversal effects were found to be significant.

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HOW COULD PENSION SYSTEM DESIGN FEATURES HELP LOWER PUBLIC PENSION SPENDING?

NGA PHAM, UMMUL RUTHBAH, BEI CUI

Public pensions pose significant challenges for governments, with costs rising due to demographic and economic trends. But carefully designed reforms to pension systems

TREND-FOLLOWING STRATEGIES FOR CRYPTO INVESTORS

TRINH LE, UMMUL RUTHBAH

Cryptocurrencies like Bitcoin and Ether have taken the investment world by storm, with their potential to generate exponential returns. However, to avoid the risk of substantial losses, investors should approach this volatile market with caution and implement comprehensive

can help mitigate the impact of ageing populations on pension system sustainability.

In this research project, funded by the CFA Institute, we find that governments and policymakers should encourage longer working lives, restrict early access to retirement savings, and promote higher private savings for retirement while ensuring that the costs of any incentives to save for retirement do not exceed the resulting reductions in government expenditure on state pensions to reduce the pressure on the public pension system.

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investment and risk-management strategies. In this study, we find that trend-following strategies with shorter lookback periods are effective in generating a high Sharpe ratio; however, transaction costs may decrease profits due to frequent portfolio rebalancing. As the cryptocurrency market changes, it is vital to remain informed and adaptable to maximise returns while minimising risks.

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NUSRET CAKICI, ADAM ZAREMBA, ROBERT J. BIANCHI, NGA PHAM

ONGOING PROJECTS

CHINESE CORPORATE CREDIT RISK

bond market. Therefore, conducting thorough research into each issuer is necessary when foreign investors consider diversifying to the Chinese corporate bond market.

BEI CUI AND PRISCILA GRECOV

BEI CUI, PRISCILA GRECOV

Most foreign institutional investors, unfamiliar with the rapidly changing dynamics in the Chinese domestic bond market, are 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

PENSION RESEARCH COLLABORATION

BEI CUI, TRINH LE, NGA PHAM, UMMUL RUTHBAH

Monash Centre for Financial Studies and the CFA Institute have started a collaborative research project on pension and sustainability.

THE IMPACT OF CLIMATE CHANGE AND CARBON POLICY ON COMPANY EARNINGS

MATT GOLDKLANG, BINGZHI ZHAO, BEN BOWRING, UMMUL RUTHBAH, TRINH LE

This project aims to better understand 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.

This collaboration aims to produce new research exploring the relationship between the different design features of the pension systems in developed and developing countries and the pension expenditure, debt burden and overall sustainability of the systems.

The collaboration will be for one year, comprising multiple research reports.

This study aims to create a comprehensive framework for assessing how firm financials are affected by climate change and climate policy. We would like to see if there is mispricing resulting from these factors. To achieve this goal, we plan to construct a statistical sampling method for projecting future distributions of transition and physical risks and then analyse how these risks impact a company’s future cash flows.

This is a joint research project with SparkChange and Man Group.

TCFD FRAMEWORK

BEI CUI

Monash Centre for Financial Studies has created a framework to assess the quality of companies’ financial disclosure related to

THE EXPOSURE OF AUSTRALIAN HOUSING STOCK TO CLIMATE RISKS

TRINH LE, UMMUL RUTHBAH, DANIEL MELSER

This project aims to evaluate the climate vulnerability of Australia’s housing inventory by combining Sust Global’s physical risk assessments with census data from 2006, 2011, 2016, and 2021. The census data

THE IMPACT OF PHYSICAL CLIMATE PERILS ON INSURANCE COVERAGE IN AUSTRALIA

DANIEL MELSER, UMMUL RUTHBAH, TRINH LE

Changes in the climate have impacted different parts of Australia differently, and in some regions, the cost of insurance is increasingly prohibitive. With a changing climate and the increasing incidence of extreme weather, under-insurance and non-insurance pose risks to households that may suffer property loss or damage. It also leads to uncertainty and

climate and establish a uniform rating system to evaluate their level of compliance with TCFD. This framework will be trialled on the 20 most prominent publicly traded companies in the metals and mining industry and the largest superannuation funds.

contains information on the number of properties in each postcode. The main focus is to determine the level of risk exposure of homes across Australia and its spatial distribution. Additionally, the study will analyse the location of newly built properties from 2006 to 2021 and investigate their impact on the average risk exposure of Australian homes. Finally, the project will make future projections of new property locations up to 2050, incorporating climate risk projections to assess the expected trajectory of physical risk exposure in Australian housing.

potential losses for lenders who may assume that borrowers have insurance when, in fact, they do not. We explore the relationship between climate risk exposure—a variable likely to be closely related to insurance cost—and the level of non-insurance in Australia. We match the climate risk data to the HILDA Survey at the postcode level. The HILDA Survey includes a question about whether a household has home contents insurance. Our results will enable us to understand how non-insurance has changed over time and how it varies across regions and by household types.

ENGAGEMENT

Our senior researchers and leaders participated in numerous webinars and other forums during 2022 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.

INDUSTRY ENGAGEMENT REST INVESTMENT COMMITTEE

The REST industry superannuation fund has reappointed Professor Deep Kapur as its Board Investment Committee member for another three years.

MODERN SLAVERY RESEARCH ENGAGEMENT

After the release of the Modern Slavery Statement Disclosure Quality report in August 2021, Monash Centre for Financial Studies participated in meetings with the following companies and investment funds:

• Engagement with the Government

» MCFS provided comments in response to the Government’s consultation for the Review of the Modern Slavery Act (the Act). As an academic institution, our comments are based on insights from our assessment of almost 600 statements submitted by ASX companies and our direct engagement with reporting entities, investors, NGOs and the Government.

» Submitted a response to the Modern Slavery Act Review Consultation of the Government

» MCFS was invited to a session for public consultation on the Modern Slavery Act Review, hosted by E&Y

• MOU with industry partner givvable

• Industry associations and networks

» ICGN: MCFS assisted ICGN in drafting its response to Australia’s Consultation for the Review of the Modern Slavery Act.

» Responsible Investment Association

Australasia (RIAA): MCFS joined the Modern Slavery Policy Advocacy Working Group in preparing its response to Australia’s Consultation for the Review of the Modern Slavery Act.

» The National Retail Association

» The Australian Business Ethics Network

• Engagement with investors and companies:

» 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).

» Other companies: Metcash, Evolution mining, Accenture, Worley, AMP, Commonwealth Bank of Australia, Aristocrat, Hub24, WestPac, Reece

» Investment funds: Invesco, REST Super, Telstra Super, Jefferies, Macquarie Capital, and State Super

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

• Internal Engagement:

» Nga Pham is a member of Monash University’s Modern Slavery Steering Committee

» Monash Centre for Financial Studies commented on the Modern Slavery Statement of Monash University

» Participated in the Managers of Businesses (MoB) on Monash Business School’s Professional Development Day.

» Designed and delivered an Executive Education Program on Modern Slavery reporting (with corporate participants from APA, Growth Activist, givvable, CSR, Monash, and Worley). The program provided the participants with a fundamental understanding of current global regulatory developments on modern slavery, a deep dive into the reporting requirements of Australia’s Modern Slavery Act 2018 and guidance on how best to respond to these criteria using Monash’s Modern Slavery Disclosure Quality framework and insights.

TALK ON CORPORATE GOVERNANCE FOR STATE-OWNED COMPANIES

23 NOVEMBER 2022

Dr Nga Pham was invited to talk to the Central Power Corporation of Electricity Vietnam (EVNCPC) about corporate governance for stateowned enterprises during their visit to Australia. She will share her insight from her recent book, “State on Board! Navigating Corporate Governance in Emerging Market Business”. EVN is the largest state-owned corporation in the electricity market in Vietnam.

MODERN SLAVERY: TACKLING MODERN SLAVERY THROUGH INVESTMENT MANAGEMENT

10 NOVEMBER 2022

THE MERCER CFA INSTITUTE GLOBAL PENSION INDEX (MCGPI PROJECT)

MCFS is collaborating with Mercer and the CFA Institute in the new Mercer CFA Institute Global Pension Index (MCGPI) project. This is a threeyear partnership, which started in 2020. The Index compares a number of retirement systems across the globe and covers almost two-thirds of the world’s population. The Index evaluates each retirement system against more than 40 indicators and produces sub-indices of adequacy, sustainability and integrity. Its annual reports also highlight the shortcomings of each pension system and provide recommendations for improvement.

REAL CARBON PRICE INDEX MEDIA ROUNDTABLE BRIEFING

29 NOVEMBER 2022

Dr Bei Cui led this briefing and discussed several topics, including an overview of carbon pricing and carbon markets and the distinction between voluntary and mandatory carbon markets.

This is the second instalment in the Modern Slavery Webinar Series, which CFA Societies Australia and Monash University jointly organise. In this session, we invited speakers from prominent asset owners and fund managers such as Australian Super, Ausbil, and Guardians of New Zealand Superannuation in the region. The speakers shared their insights on how they have identified instances of modern slavery within their portfolios and discussed potential strategies to mitigate the issue.

GENERATION LIFE: MEDIA LUNCH –THE CHANGING RETIREMENT INCOME LANDSCAPE

11 OCTOBER 2022

Dr Ummul Ruthbah was invited to speak about the threats, challenges and opportunities facing Australian retirees uncovered during the Retirement Income Review process and how Australia’s retirement and superannuation landscape compare to other nations.

The primary objective of this event was to build relationships with influential Melbourne-based journalists covering superannuation, financial services and wealth to discuss Australia’s changing retirement income landscape and future policy recommendations.

SIAS CORPORATE GOVERNANCE CONFERENCE

10 OCTOBER 2022

Dr Nga Pham was invited to speak at the SIAS Corporate Governance Conference hosted by the Securities Investors Association. She joined the session on ESG and Stakeholder Capitalism and discussed how investors drive the ESG agenda and what boards should do.

ICGN SEOUL CONFERENCE

5 & 6 OCTOBER 2022

Dr Nga Pham was invited to speak at the ICGN Seoul Conference, hosted by Korea Exchange & Korea Institute of Corporate Governance and Sustainability. She joined the panel discussion session on corporate capital allocation efficiency and resilience. Specifically, Dr Pham spoke about how investors have voiced their concerns about the inefficient use of capital, such as valuedestroying projects and persistently low payout.

business leaders. The Trans-Tasman Business Circle is a strategic growth partner for leading organisations in Australia, New Zealand and Singapore in the public and private sectors.

MCFS - CFA INSTITUTE ARX MODERN SLAVERY WEBINAR

27 APRIL 2022

This is the first webinar in the series that Monash Centre for Financial Studies and the CFA Institute’s Asia Pacific Research Exchange (ARX) organised on modern slavery. The webinar was on the current state of modern slavery risks and the evolving legal and regulatory landscape in several key markets.

2022 FINANCIAL MARKETS AND CORPORATE GOVERNANCE CONFERENCE (FMCG 2022)

22 APRIL 2022

THOUGHT CAPITAL PODCAST: MEASURING THE CLEAN ECONOMY

4 JULY 2022

Dr Ummul Ruthbah and our two senior advisors, Jan Ahrens and Roger Cohen, participated at the Thought Capital, the podcast from Monash Business School and talked about putting a price on carbon.

LEADERSHIP FOR SUSTAINABLE SUCCESS: PEOPLE, PLANET AND PROFIT

23 JUNE 2022

The Trans-Tasman Business Circle invited MCFS to present their research on Modern Slavery to the 2022 AU Women Leaders Study Tour“Leadership for Sustainable Success - People, Planet and Profit” - led by Sam Mostyn AO. The delegation consisted of 40 senior women

Professor Deep Kapur moderated a panel discussion titled ‘Superannuation Investment for the Next Decade’ at the 2022 FMCG Conference. The panel included three distinguished practitioners, Stephen Anthony, Steven Carew, and Suzanne Branton, who discussed the evolving trends and their impact on the superannuation industry. Stephen Anthony and Steven Carew also hold positions as Senior Advisors at Monash Centre for Financial Studies.

MODERN SLAVERY DISCLOSURE QUALITY OF LARGEST ASX-LISTED COMPANIES

20 APRIL 2022

Dr Nga Pham was the main speaker at the Special Interest Group of Accounting and Ethics event of the Australasia Business Ethics Network. She talked about the disclosure quality of the modern slavery statements of the largest ASX-listed companies.

MEMBERSHIP AND PROFESSIONAL SERVICES

THE INTERNATIONAL CORPORATE GOVERNANCE NETWORK (ICGN)

Dr Nga Pham co-chairs ICGN’s Financial Capital Committee, which produces ICGN’s regular viewpoints and responses to public consultations of governments, regulators and standard-setting bodies globally.

INVESTOR GROUP ON CLIMATE CHANGE

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

RESPONSIBLE INVESTMENT ASSOCIATION AUSTRALASIA (RIAA)

Nga Pham is a member of RIAA’s Human Rights Working Group and Modern Slavery Working Group and participated in their quarterly meetings and specific policy advocacy projects.

MEDIA ENGAGEMENT

• Bloomberg | Quint: Hedge Fund Activists Battle Old Japan in Toshiba’s Crucial Vote

• Australian Government: Review of Australia’s Modern Slavery Act 2018

• MinterEllison: Modern slavery | a shift away from box-checking to real impacts for business

• The Sydney Morning Herald: ‘Exploit people for profit’: It’s time to step up the fight against modern slavery

• Freedom Hub: Company Boards: Ramp up your Modern Slavery Response

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

• Lexology: Report finds ASX 300 companies are ‘lagging’ on modern slavery, suggests investors are crucial to driving improvement

• Point Advisory: Three common mistakes companies make in modern slavery statements, and how to avoid them

EDUCATION

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.

WORKPLACE INTEGRATED LEARNING (WIL) INTERNS, 2022

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

JAMES WALKER

4/01/2022-18/02/2022, 30 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

• Reviewing the modern slavery disclosure framework

SUSIE HO

4/01/2022-18/02/2022, 30 DAYS

Worked on:

• Preparing book summaries

• Data collection and review for the modern slavery disclosure project

YANHONG SHI

28/02/2022-27/05/2022, 20 DAYS

Worked on:

• Data collection and review for the modern slavery disclosure projectScoring modern slavery disclosure statements

CONNOR FRANCIS VAUGHAN

28/02/2022-27/05/2022, 30 DAYS

Worked on:

• Data collection and review for the modern slavery disclosure projectScoring modern slavery disclosure statements

• Data collection for the pension research project for CFAI

• Data collection for the Super Funds M&A project

GURPAL SINGH RANDHAWA

28/02/2022-27/05/2022, 20 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

HITESH PUNJABI

25/07/2022-21/10/2022, 45 DAYS

Worked on:

• Developing a climate disclosure assessment framework based on the TCFD model

• Data collection and review for the climate disclosure assessment framework

PARUL CHANNA

21/11/2022- 6/02/2023, 30 DAYS

Worked on:

• Data collection and review for the TCDF-aligned climate disclosure assessment framework

NICHOLAS O’DONOGHUE

21/11/2022- 6/02/2023, 20 DAYS

Worked on:

• Data collection and review for the TCDF-aligned climate disclosure assessment framework

ZARIN FARIHA

07/11/2022-27/01/2023, 20 DAYS

Worked on:

• Data collection and review for the TCDF-aligned climate disclosure assessment framework

ZHANRAN XU

14/11/2022-27/01/2023, 20 DAYS

Worked on:

• Data collection and review for the TCDF-aligned climate disclosure assessment framework

OUR PEOPLE

MCFS STAFF

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

UMMUL RUTHBAH Deputy Director

NGA PHAM Senior Research Fellow

BEI CUI Research Fellow

TRINH LE Research Fellow

LAI HOANG Research Fellow

IOANNA ZOGRAFOU Executive Assistant to Deep Kapur

AFFILIATED FACULTY MEMBERS

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

KLAUS ACKERMANN Assistant Professor, Department of Econometrics and Business Statistics

SIMON ANGUS Associate Professor, Department of Economics

MARIANO PITOSH HEYDEN Professor, Department of Management

BONSOO KOO Associate Professor, Department of Econometrics and Business Statistics

DAMIEN LAMBERT Lecturer, Department of Accounting

JOSEPH LIU Professor, Department of Software Systems and Cybersecurity

KAVEH MAJLESI Professor, Department of Economics

DANIEL MELSER Adjunct Research Fellow, Department of Econometrics and Business Statistics

PAUL RASCHKY Professor, Department of Economics

SENIOR ADVISORS

JAN AHRENS Chief Executive Officer, SparkChange

MICHAEL AKED Senior Investment Manager, Scientific Beta

HENRIK ANDERSSON Co-Founder and CIO, Apollo Capital

STEPHEN ANTHONY Chief Economist, Macroeconomics Advisory

SYD BONE Chief Executive Officer, CP2 Limited

STEVEN CAREW Head of Multi Boutique Platform, Warakirri Asset Management

ROGER COHEN Founder, C2Zero

TRACY GOPAL CEO and Founder, Third Arrow Strategies

ANDRE ROBERTS Senior Portfolio Manager, Invesco Ltd.

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

FURTHER INFORMATION

Monash Business School

Monash Centre for Financial Studies

T: +61 3 9903 8315

E: mcfsinfo@monash.edu

monash.edu/business/mcfs

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