Financial regulators perform inter alia a quality control function, as they search for recession-generating flaws in the financial system. Some groupings of regulations operate more or less independently to other groupings, as is the case when different agents – not necessarily different...

Following previous research which established that liquidity commonality exists within one stock market over a short period of time, this paper finds that liquidity commonality also exists globally. Utilising a large number of stock exchanges and a twelve year research time frame, this paper...

We provide empirical evidence on the degree of systemic risk in Australia before, during and after the Global Financial Crisis. We calculate a daily index of systemic risk from 2004 to 2013 in order to understand how real economy firms influence the outcomes for the rest of the economy. This is...

An important component of the Basel Committee on Banking Supervision's framework of capital measurement and capital standards is the public disclosure of regulatory information (referred to as “Pillar 3” within the framework). The standard sets minimum requirements for the public disclosure...

Theory suggests that increasing the public availability of regulatory information may hurt the information environment of bank stocks. It is therefore not clear whether the Basel Accord's intent to foster market discipline by requiring banks to publish information on their risk management...

Institutional investment in Australia is both highly innovative and complex. The regulatory focus – and associated literature – on institutional investment has been on the sell-side. Considerably less attention has been paid to the buy-side, that is to the institutional investors themselves....

Savings decisions are essential in reallocating income across periods but understanding this concept may be mired by low levels of financial literacy. We survey individuals to identify the role of financial literacy in savings rates. We note differences in financial literacy and savings rates...

This working paper is the second published output of an eighteen-month (December 2014 – June 2016) research project conducted by staff at the Melbourne Law School that examines enforcement and penalties regimes under legislation administered by the Australian Securities and Investments...

We combine survey data from retirement plan members with information from interviews with plan executives to get both perspectives on who accepts the default plan and default investment option and why. We use a natural experiment in default construction where a new regulatory framework required...