MCFS Annual Report 2023

ABOUT MCFS

The Monash Centre for Financial Studies (MCFS), situated within Monash Business School, conducts research on Australian and global financial markets. Its goal is to support businesses, regulators, policymakers, and other stakeholders in Australia and beyond.

As a bridge between Monash University and the finance industry, MCFS facilitates the exchange of knowledge by partnering with industry executives, associations, and government entities. Located in Melbourne’s CBD, the centre is strategically positioned to interact with the finance community, enhancing its research’s practical relevance.

In addition to research, MCFS offers undergraduate and graduate programs that incorporate industry perspectives, equipping students for careers in finance and contributing to the sector’s development.

MESSAGE FROM OUR DIRECTOR

As the year concludes at MCFS, I’m pleased to highlight our accomplishments, showcasing our dedication to financial research and education excellence.

A notable achievement was the introduction of the ‘Fundamentals of Investment Strategy’ unit, designed to bridge academic theory and industry practice through collaboration with industry leaders. The unit attracted approximately 250 students in its initial offering, including 10% from non-business disciplines, emphasising its broad appeal and interdisciplinary reach. This reflects our effort to deliver a holistic financial education that extends beyond traditional academic confines.

This year, MCFS received the Dean’s Award for Research Impact and Engagement, a testament to our research’s significance and engagement with the broader community. Among individual accolades, Dr Nga Pham was distinguished with the Rising Star Award at the ICGN Global Governance and Stewardship Awards.

Our research into modern slavery has made a notable impact, contributing significantly to the Public Consultation for the Review of the Modern Slavery Act and influencing the Review Panel’s Final Report. This aligns with Monash University’s commitment to its Sustainable Development Goals (SDGs). Our efforts were also highlighted in Monash’s Environmental, Social, and Governance (ESG) report, underscoring our contributions to these vital areas.

Moreover, our researchers have presented their work on prestigious international and domestic stages, marking our presence in global discussions.

This year also marked a significant collaboration with the newly established Creative Destruction Lab program at Monash Business School, where I have the honour of serving as chair. This partnership is poised to foster a joint research program on venture capital, further strengthening our commitment to producing industry-relevant research and shaping the future of finance.

Looking forward, we are enthusiastic about continuing our work in delivering impactful research and contributing to the evolution of the finance sector. I sincerely thank our team, partners, and the academic community for their steadfast support.

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

HIGHLIGHTS

The Centre received the Dean’s Award for Research Impact and Engagement and was the Business School’s nominee for the Vice Chancellor’s Award for Research Impact and Engagement.

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

Professor Kapur also serves as the chair of the newly established Creative Destruction Lab program at Monash Business School. This collaboration is set to launch a joint research initiative on venture capital, deepening our dedication to generating research that is relevant to the industry and moulding the future of finance.

MCFS launched a new teaching unit, Fundamentals of Investment Strategy, aiming to bridge the gap between the university’s current course offerings in this area and the demands of the financial industry.

The Centre collaborated with prominent industry executives in delivering its Fundamentals of Investment Strategy unit, enhancing the depth of engagement with the industry.

MCFS researcher Dr Nga Pham won the Rising Star Award at Canada’s ICGN (International Corporate Governance Network) Global Governance and Stewardship Awards. She was appointed chair of the Financial Capital Committee of ICGN, which represents global institutional investors.

Dr Nga Pham was invited to be a member of the University’s Modern Slavery Steering Committee, advising the university on modern slavery actions and reporting.

MCFS’s pivotal research on modern slavery has informed the Australian Government’s Modern Slavery Act Review. MCFS thus contributed to Monash’s efforts in advancing the SDGs and was featured in the university’s ESG report, showcasing our commitment to global change.

MCFS researchers were invited to present at top international and domestic industry conferences, including the ICGN UK conference, the discussion on the ISSB advancements led by CFA Japan, the Australian Government’s Modern Slavery Conference and the Trans-Tasman Business Circle Women Leaders Study Tour.

RESEARCH PROJECTS

MODERN SLAVERY DISCLOSURE QUALITY RATINGS: ASX100 COMPANIES UPDATE 2023

NGA PHAM, BEI CUI, UMMUL RUTHBAH

This research brief presents the third year of Monash’s Modern Slavery Research program,

AUSTRALIAN VENTURE CAPITAL ECOSYSTEM: OVERVIEW, ANALYSIS

CHARLIE NAVE

The Australian Venture Capital industry has matured in the past decade. Successful players like Square Peg, Blackbird, and AirTree followed established VC firms like Uniseed, Brandon Capital, and ATP. Telstra Ventures leads corporate venturing, while Uniseed and MAP excel in domestic accelerators. State and federal programs support innovation, but

PREDICTING DEFAULTS IN CHINA’S CREDIT BOND MARKET

BEI CUI, PRISCILA GRECOV

For this paper, researchers at the Monash Centre for Financial Studies in Melbourne developed a new and innovative analytical model focused on

LONG-TERM CAPITAL MARKET ASSUMPTIONS: PUBLIC EQUITY

LAI HOANG, UMMUL RUTHBAH

This paper presents our Capital Market Assumptions (CMA) for public equities, which outline the expected returns, volatility, and correlation estimates of different equity markets in the next ten years. We consider two widely used approaches to forecasting

in which we assessed statements of ASX100 companies in FY2022 using the enhanced methodology – MSD 2.0. While there have been commendable advancements in modern slavery reporting, the year saw a setback in a small segment of ASX100 companies.

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more work is needed at the state level, for example, establishing their sovereign venture capital funds like that in Victoria. The changing macroeconomic environment has put the industry under pressure. However, established venture capital firms with experience, a proven track record, extensive networks, and substantial financial resources are expected to weather these challenges more effectively. For emerging funds, differentiation and value creation (returns) will come from deep domain expertise (i.e. clean energy, AI) rather than a broader sector-agnostic approach.

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assessing default risk in the Chinese credit bond market. Extensive testing of the model reveals its dramatic outperformance of both the Chinese domestic ratings agencies and major international agencies in its ability to predict which Chinese credit bonds will default.

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real equity returns, including cyclically adjusted price-to-earnings ratio (CAPE) and building blocks. We rely on backtesting to select the best model for each market. We also consider the effects of inflation and foreign exchange rate changes to reflect the real returns to investors and the increasing trend of cross-border investments.

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THE IMPACT OF CLIMATE CHANGE AND CARBON POLICY ON COMPANY EARNINGS

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

This study entailed creating a comprehensive framework to assess how firm financials are affected

THE EXPOSURE OF AUSTRALIAN HOUSING STOCK TO CLIMATE RISKS

TRINH LE, UMMUL RUTHBAH, DANIEL MELSER

This project aimed to evaluate the climate vulnerability of Australia’s housing inventory by combining Sust Global’s physical risk assessments

by climate change and climate policy. We sought to uncover whether there was mispricing resulting from these factors. Thus, the study combined novel econometric and carbon pricing models to build a framework for an asset-level, climate-adjusted valuation of company earnings. This study would inform a more impactful integration of climate risks into financial risk management processes.

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with census data from 2006, 2011, 2016, and 2021. The study focused on three primary aspects. Firstly, the geographical dispersion of vulnerability to extreme weather events. Secondly, the extent to which the positioning of newly constructed residences throughout this interval has augmented or diminished the vulnerability of the housing inventory. Lastly, the historical trajectory of climate susceptibility and the manner in which it will progress towards 2050.

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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,

MODERN SLAVERY DISCLOSURE QUALITY OF THE LARGEST ASXLISTED COMPANIESBOOK CHAPTER (FORTHCOMING)

NGA PHAM, CFA, BEI CUI, UMMUL RUTHBAH

the cost of insurance is increasingly prohibitive. This study explores the relationship between climate risk exposure—a variable likely to be closely related to insurance cost—and the level of non-insurance in Australia.

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The forthcoming book chapter offers an insightful overview of the findings derived from the MCFS Modern Slavery Research Program over two years. This comprehensive program’s initial year of research unearthed a significant variance in the quality of disclosures, while the second year demonstrated notable advancements in reporting standards. This book chapter highlights further areas for improvement in disclosure quality.

ONGOING PROJECTS

MODERN SLAVERY STATEMENT DISCLOSURE QUALITY

NGA PHAM, BEI CUI, UMMUL RUTHBAH

Modern slavery disclosure is a critical step in mitigating the risk associated with modern

MODERN SLAVERY RESEARCH PROGRAMIMPACT STUDY

NGA PHAM, BEI CUI, UMMUL RUTHBAH

The MCFS has been actively engaged in Modern Slavery-related research since 2020.

LONG-TERM CAPITAL MARKET ASSUMPTIONS: FIXED INCOME AND ALTERNATIVES

LAI HOANG, UMMUL RUTHBAH

In this project, we extend our capital market assumptions, which reflect our projections on long-term risk and returns to fixed income and alternative assets.

THE PERFORMANCE OF THE 60/40 PORTFOLIO OVER THE LAST CENTURY

NGA PHAM, BEI CUI, UMMUL RUTHBAH

This research, using the Dimson-MarshStaunton Global Investment Returns Database, analysed long-term investment returns in key

slavery practices in companies’ operations and supply chains. The disclosure quality signals the level of commitment and efforts that the companies have undertaken in managing these risks.

Our research measures the disclosure quality of the modern slavery statements submitted by the largest Australian listed companies.

This study is designed to analyse the impact the research program has had on the largest corporations in Australia and how they have shaped their approach to modern slavery risks based on the guidance from MCFS research conducted thus far.

The outputs of the project, combined with our previous research on Capital Market Assumptions relating to equity, could then be used by various types of end users, such as portfolio managers and institutional investors, to construct their portfolios, assess their portfolio risk-return profiles, and build simulation models that take into account different future market scenarios.

markets like Australia, Japan, the UK, and the US, focusing on the 60/40 equity-bond portfolio. The study reveals that the correlation between stocks and bonds is not consistently negative, impacting the effectiveness of traditional investment strategies. These findings emphasise the need for dynamic investment approaches rather than reliance on historical trends.

MODELLING RETIREMENT INVESTMENT WITH THE 60/40 INVESTMENT STRATEGY

NGA PHAM, BEI CUI, UMMUL RUTHBAH

This study focuses on measuring financial stability during retirement using a 60/40

THE PORTFOLIO DECARBONISATION STRATEGY

BEI CUI, UMMUL RUTHBAH

Decarbonisation is increasingly becoming a part of investment policies and impacting active and passive investment strategies. Portfolio Decarbonisation covers a variety of strategies and approaches. In this project, we

TCFD FRAMEWORK

BEI CUI

Monash Centre for Financial Studies developed its Climate-related financial disclosure research program to measure the quality of companies’ climate-related financial disclosure

portfolio model. It evaluates the potential of an average retiree’s financial resources, such as pension incomes and retirement savings, to support a comfortable 25-year retirement. By employing Monte Carlo simulations, we determine the success rate of maintaining a comfortable lifestyle with a 60/40 investment strategy. This study offers crucial insights for retirees and financial planners when navigating retirement strategies amidst market volatility.

will investigate different carbon management strategies to reduce the S&P Global 1200 index’s carbon footprints, i.e., divestment, purchase of carbon allowances, and purchase of offsets. We will review the performance and costs associated with each strategy. The intention is to provide perspective for the different approaches against multiple criteria to enable investors to better understand the pros and cons of different decarbonisation strategies at different levels of carbon footprint reduction targets.

and provide a comparable and standardised rating of the level of alignment with ISSB. The assessment framework is applied to the top 30 companies in the Metals & Mining sector to understand their level of alignment with IFRS S2 recommendations, how they performed compared to their peers, and areas where the quality of their disclosure could be improved.

ENGAGEMENT

Our senior researchers and leaders participated in numerous webinars and other forums during 2023 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

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

MODERN SLAVERY RESEARCH ENGAGEMENT

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

• Engagement with the Government:

» The Australian Government hosted the Modern Slavery Conference, and Dr Nga Pham was invited to join a panel discussion on ‘Consumers’ role in motivating change’.

» The Final Review Report of the Statutory Review of the Modern Slavery Act cited MCFS Modern Slavery research

• Engagement with the industry:

» Dr Ummul Ruthbah and Dr Nga Pham were invited to speak as part of the Trans–Tasman Business Circle Women Leaders about their research on modern slavery reporting.

» Presentations and meetings with companies, fund managers, and other organisations (Medibank, Origin, Xero, SunRice, Worley, APA, South32, Fortescue, Westpac, AllianceBernstein, Macquarie Capital, Jefferies, Platypus Asset Management, Franklin Templeton, WalkFree, The United Nations Global Compact Network Australia, Evans and Partners, Bupa, HESTA)

» A consulting service agreement with SunRice

» Presentation on modern slavery reporting best practices to the Australian University Procurement Network and UNSW, and follow-up meetings

• Internal Engagement:

» Dr 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

During the year, the Center was honoured with the prestigious Dean’s Award for Research Impact and Engagement, a testament to its exceptional efforts in making a tangible impact through research. Furthermore, the Centre was also nominated for the Vice Chancellor’s Award under the same category.

FUTURE FUND | REAL CARBON PRICE INDEX

28 FEBURARY 2023

MCFS was invited to present the Real Carbon Price Index to Future Fund and their team.

MONASH-Q GROUP FINANCE COLLOQUIUM

24 MARCH 2023

Dr. Ummul Ruthbah served as the moderator for the Climate Risk Panel during the Monash-Q Group Finance Colloquium. Roger Cohen, Senior Advisor of MCFS, participated in the panel discussions, and Dr. Nga Pham was one of the featured speakers. The primary objective of the Colloquium was to facilitate discussions between academics and practitioners, addressing pertinent issues in quantitative investment management.

MCFS – GIVVABLE MODERN SLAVERY WEBINAR: ‘HOW TO TACKLE MODERN SLAVERY IN SUPPLY CHAINS AND IMPROVE REPORTING’

29 MARCH 2023

Organised by givvable, our industry partner, this webinar unpacked what modern slavery is, what steps businesses can take to manage modern slavery risks in their supply chain, and how to improve their reporting.

CEPR | MONASH BUSINESS SCHOOL WORKSHOP ON HOUSEHOLD FINANCE

19-22 APRIL 2023

The CEPR Network on Household Finance, Monash Centre for Financial Studies, and Monash Business School organised the Eighth European Workshop on Household Finance. The objective of this workshop was to host presentations and foster interaction between senior and junior researchers working in the area of household finance.

MONASH STUDENT MANAGED FUND (MSMF) LAUNCH NIGHT

20 JULY 2023

The Monash Centre for Financial Studies (MCFS) team has participated in the MSMF Launch Night, a distinctive occasion for fostering meaningful

connections between students and industry professionals. It is a unique opportunity for the students to engage in valuable interactions and cultivate professional relationships.

UNVEILED INTERNATIONAL SUSTAINABILITY DISCLOSURE STANDARDS BOARD (ISSB) S1 & S2 AND AGENDA CONSULTATION

25 JULY 2023

Dr Nga Pham was invited to join a panel discussion on the newly issued ISSB Sustainability Disclosure Standards S1 and S2 and discuss what’s next on the agenda for the ISSB. The CFA Society Japan held the webinar.

MONASH STUDENT MANAGED FUND (MSMF) FIRESIDE CHAT

30 AUGUST 2023

The Monash Student Managed Fund (MSMF) community had the privilege of engaging in a dynamic conversation between Professor Kapur and Kiran Singh, Head of Listed Assets at Rest. This fireside chat provided an invaluable learning opportunity for MSMF and a glimpse into the intricate world of investments.

CAREERS IN FINANCE TALK

7 SEPTEMBER 2023

Professor Kapur was invited to speak to our Honours and Master of Commerce students about careers in finance. A great benefit for the students was that Professor Kapur shared his insights and advice on different career options (both academic and industry) for finance students.

ICGN POLICY FORUM & PROXY SEASON REVIEW

20 SEPTEMBER 2023

Dr Nga Pham was invited to speak at the ICGN conference in London on assurance of sustainability reporting.

PARTNERING FOR SOCIETAL IMPACT: THE MODERN SLAVERY DISCLOSURE INDEX, AS PART OF MONASH’S RESEARCH WEEK

24 NOVEMBER 2023

A dynamic panel discussion explored how the Monash Centre for Financial Studies (MCFS), together with its industry partner, givvable, investors and companies, are helping Australian businesses navigate modern slavery risks.

WEBINAR ON MODERN SLAVERY REPORTING AND COMPLIANCE, CO-ORGANISED BY MONASH CENTRE FOR FINANCIAL STUDIES AND THE CFA INSTITUTE

5 DECEMBER 2023

Dr Nga Pham presented the latest ratings of the Modern Slavery statements of ASX100 companies, and industry experts discussed initiatives companies have taken to combat modern slavery.

INDUSTRY ENGAGEMENT FOR THE STUDENTS OF FUNDAMENTALS OF INVESTMENT STRATEGY

20 NOVEMBER 2023 - 13 DECEMBER 2023

MCFS enhanced its newly launched course by inviting industry experts to deliver guest lectures, facilitating valuable interactions between students and the industry. The diverse and engaging topics presented by these guest lecturers added depth and colour to the curriculum.

Through these engagements, students gained a deeper understanding of real-world industry practices, while MCFS took this opportunity to fortify the university’s connections with the professional sector.

PAUL DOCHERTY

20 NOVEMBER 2023

Paul Docherty, Head of Research and Portfolio Construction at Rest Super, captivated the students with an enlightening discussion on five major megatrends shaping our industry today, offering valuable insights into future directions.

TONY DICKINSON

21 NOVEMBER 2023

Tony Dickinson, a Client Advisor-VP at UBS Wealth Management, shared his expertise, guiding attendees through the complexities of financial planning with practical strategies for wealth management in uncertain times.

JONATHON RAZOS

22 NOVEMBER 2023

Jonathon Razos, Investment Analyst at Talaria Capital, provided a deep dive into equity markets, highlighting innovative approaches to equity investment and the impact of market dynamics.

VIDHUR RANGASWAMY

27 NOVEMBER 2023

Vidhur Rangaswamy, Portfolio Manager at Tanarra Capital, led an engaging session on activist investing, outlining how active engagement can lead to long-term value creation and positive corporate change.

ROGER COHEN

28 NOVEMBER 2023

Roger Cohen, Founder of C2Zero, demystified ETFs for the audience with “A Primer to ETFs”, offering a foundational understanding and strategic insights into effective ETF investment.

STEPHEN ANTHONY

29 NOVEMBER 2023

Stephen Anthony, Chief Economist at Macroeconomics Advisory, presented a compelling outlook on the global economy, discussing key trends, challenges, and opportunities in the global economic landscape.

INNA ZORINA & WINNIE WONG

4 DECEMBER 2023

In a dynamic fireside chat, Inna Zorina from the President’s Council Representative of Asia Pacific North and Oceania, CFA and Winnie Wong, Portfolio Manager of Spirit Super, delved into investment strategy, exploring strategic investment approaches.

ANDRE ROBERTS

5 DECEMBER 2023

Andre Roberts, Senior Portfolio Manager at Invesco Ltd., enlightened attendees with “A Primer to Quant Investments”, offering insights into quantitative investment strategies and their significance in modern portfolio management.

MICHAEL AKED

6 DECEMBER 2023

Michael Aked, Senior Investment Manager at Scientific Beta, addressed the critical issue of “Climate Change and Investment Strategy”, emphasising the importance of sustainable investing in today’s changing world.

KIRAN SINGH

11 DECEMBER 2023,

Kiran Singh, Head of Listed Assets at Rest Super, shared his expertise on general investment strategy, highlighting effective approaches and trends shaping investment decisions.

STEVEN CAREW & SYD BONE

12 DECEMBER 2023

Steven Carew, Head of Multi Boutique Platform, Warakirri Asset Management, and Syd Bone, Chief Executive Officer from CP2 Limited, discussed “Investment Strategy and Retirement”, providing students with the opportunity to engage in an insightful discussion on preparing for retirement in the current economic climate.

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 retirement systems across the globe, which cover 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.

MEMBERSHIP AND PROFESSIONAL SERVICES

THE INTERNATIONAL CORPORATE GOVERNANCE NETWORK (ICGN)

Dr Nga Pham 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

• Sustainability: ASX100 improving on modern slavery disclosure

• 3CR: Corporate responsibility for modern slavery

• The National Tribune: Modern Slavery Disclosure Quality Report shows jump in Australian reporting standards

• The Mirage: Australian Modern Slavery Reporting Standards Surge

• Monash: Academic reporting modern slavery compliance of Australia’s corporate giants wins global honour

• Australian Government: Report of the statutory review of the Modern Slavery Act 2018 (Cth) cites MCFS research and consultation submission

• ICGN: Reference to MCFS research within the ICGN response to the Modern Slavery Act Review

• Responsible Investment Association Australasia (RIAA): Three common mistakes companies make in modern slavery statements, and how to avoid them.

EDUCATION

BEX3131/ BEX5131FUNDAMENTALS OF INVESTMENT STRATEGY

The Fundamentals of Investment Strategy unit is crafted to equip students with a solid foundation in personal investment knowledge and to foster the development of their individual investment philosophy – a personal framework that guides their understanding of investments and financial markets. While it is primarily tailored for those keen on managing their own investments, the unit is equally beneficial for students aspiring to become investment and financial professionals.

This course presents a rare chance for students to gain insights into investment strategy fundamentals, taught by both esteemed local and international investment experts and Monash’s own faculty. It emphasises a hands-on approach, offering practical knowledge and perspectives on the intricacies of making investment decisions in various contexts.

In its inaugural run, the unit garnered significant interest, enrolling 252 students. Remarkably, around 10% of these students were from disciplines outside the business faculty, highlighting the unit’s broad appeal and interdisciplinary relevance.

WORKPLACE INTEGRATED LEARNING (WIL) INTERNS, 2023

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

MARCUS KHOA TRAN

09.01.23 – 06.02.23, 20 DAYS

Worked on:

• Climate-related Financial Disclosure Quality project

TANAY RAJESH GANDHI

09.01.23 – 20.02.23, 30 DAYS

Worked on:

• Climate-related Financial Disclosure Quality project

WING TUNG LAM

09.01.23 – 27.02.23, 20 DAYS

Worked on:

• Climate-related Financial Disclosure Quality project

ABINAYAN THILLAINADARAJA

06.03.23 – 17.05.23, 20 DAYS

Worked on:

• Modern Slavery Research Program

MCFS

HANNAH KHO

07.03.23 – 16.05.23, 20 DAYS

Worked on:

• Modern Slavery Research Program

JACK PARENTE

07.03.23 – 19.05.23, 20 DAYS

Worked on:

• Modern Slavery Research Program

ZHI-YIN HUANG

27.02.23 – 26.05.23, 10 WEEKS

Worked on:

• Modelling Retirement Investment with the 60/40 Investment Strategy

ARYAN AJAY MITTAL

24.07.23 – 20.10.23, 10 WEEKS

Worked on:

• Climate-related Financial Disclosure Quality project

SEBASTIAN GANCI

26.06.23 – 21.07.23, 20 DAYS

Worked on:

• Modern Slavery Research Program

YAMAN SHARMA

26.06.23 – 21.07.23, 20 DAYS

Worked on:

• Modern Slavery Research Program

YENULI LOKUGAMHEWA

26.06.23 – 21.07.23, 20 DAYS

Worked on:

• Modern Slavery Research Program

AKARSH MUKUNDAN

24.07.23 – 20.10.23, 10 WEEKS

Worked on:

• Modelling Retirement Investment with the 60/40 Investment Strategy

BENJAMIN JOSEPH SANTA MARIA

24.07.23 – 29.09.23, 30 DAYS

Worked on:

• Modern Slavery Research Program

VITOU VATHNA

24.07.23 – 29.09.23, 20 DAYS

Worked on:

• Climate-related Financial Disclosure Quality project

DANIGAN JAMES KEECHA-MILSOM

08.11.23 – 24.11.23, 14 DAYS

Worked on:

• Modelling Retirement Investment with the 60/40 Investment Strategy

OUR PEOPLE

MCFS STAFF

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

NGA PHAM Senior Research Fellow

TRINH LE Research Fellow

ADITYA SHANKAR Research Assistant

IOANNA ZOGRAFOU Executive Assistant to Deep Kapur

UMMUL RUTHBAH Deputy Director

BEI CUI Research Fellow

LAI HOANG Research Fellow

LAKMINI WICKREMERATNE Research Assistant

AFFILIATED FACULTY MEMBERS

DANIEL

PROFESSORIAL FELLOW

MARIANO PITOSH HEYDEN Professor, Department of Management

BONSOO KOO Associate Professor, Department of Econometrics and Business Statistics

JOSEPH LIU Professor, Department of Software Systems and Cybersecurity

KAVEH MAJLESI Professor, Department of Economics

MELSER Adjunct Research Fellow, Department of Econometrics and Business Statistics

PAUL RASCHKY Professor, Department of Economics

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

DEBORAH RALSTON Member, RBA Payments System

KLAUS ACKERMANN Assistant Professor, Department of Econometrics and Business Statistics

SIMON ANGUS Associate Professor, Department of Economics

SENIOR ADVISORS

JAN AHRENS

Chief

MICHAEL AKED

HENRIK

STEPHEN ANTHONY

FRANCES

SYD BONE

Chief Executive Officer, CP2 Limited

STEVEN CAREW

Head of Multi Boutique Platform, Warakirri Asset Management

RODGER COHEN Founder, C2Zero

ANDRE ROBERTS

Senior Portfolio Manager, Invesco Ltd.

RANJIT AJIT SINGH

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

Executive Officer, SparkChange

Senior Investment Manager, Scientific Beta

ANDERSSON Co-Founder and CIO, Apollo Capital

Chief Economist, Macroeconomics Advisory

ATKINS Co-founder, givvable

FURTHER INFORMATION

Monash Business School

Monash Centre for Financial Studies

T: +61 3 9903 8315

E: mcfsinfo@monash.edu

monash.edu/business/mcfs

CRICOS provider: Monash University 00008C