Financial Markets and Corporate Governance Conference (FMCG)

FMCG

2021 Virtual Conference: 7 to 9 April 2021 & PhD Symposium: 8 April 2021

La Trobe Business School in conjunction with the CFA society, Auckland University of Technology, Deakin University, Macquarie University, Monash University, Queensland University of Technology, RMIT University, University of South Australia and Victoria University of Wellington is pleased to present the 11th Financial Markets and Corporate Governance Conference and PhD symposium (FMCG 2021). The conference and PhD Symposium was held virtually. Registration was free for Academics and PhD Students.

Theme: Governance, Corporate Culture and Financial Markets

Download Conference Program

Day One

Wednesday, 7 April, 09:00-18:15 AEST

09:00 - 09:15: Welcome Address and Opening of the Conference

    Professor John Dewar AO, Vice-Chancellor and President, La Trobe University

    Session Chair: Professor Bala Balachandran, La Trobe Business School


09:20 - 10:20: Plenary Talk

    “Research Issues in Corporate Governance”

    AggarwalProfessor Reena Aggarwal, McDonough School of Business, Georgetown University
    Professor Aggarwal specializes in global financial markets, capital raising, initial public offerings, initial coin offerings, FinTech, institutional investors, ETFs, private equity, valuation, stock exchange structure, securities market regulation, corporate governance and ESG. Her research is well-recognized for addressing global governance challenges and has received several awards including the BlackRock-National Association of Corporate Directors Award. She was honoured with the Allan N. Nash Distinguished Doctoral Graduate Award by University of Maryland, and the Distinguished Alumnus Award by BITS Pilani. She has served on the editorial boards of major journals. She regularly presents her work to government agencies and at academic conferences.
    Moderator: Associate Professor Elvira Sojli, University of New South Wales

10:30 - 11:30: Plenary Talk

    “Corporate Purpose”

    KarpoffProfessor Jonathan M. Karpoff, Foster School of Business, University of Washington
    Jonathan M. Karpoff is the Washington Mutual Endowed Chair in Innovation and Professor of Finance at the University of Washington’s Foster School of Business. Jon’s research seeks to understand how and when Adam Smith’s Invisible Hand works, or does not work, to coordinate economic activities and promote social well-being. This research addresses a wide range of topics – from fisheries management to arctic exploration and business misconduct – and has received the Griliches Prize, Sharpe Award, and other awards that recognize impactful research. Jon’s work also is frequently cited in media outlets – including The New York Times, The Economist, The Wall Street Journal, National Public Radio, and podcasts, including The Secret History of the Future.
    Moderator: Associate Professor Banita Bissoondoyal-Bheenick, RMIT University

11:45 - 12:45: Plenary Talk

    “Does Changing Liability Protection Affect Corporate Director Quality?”

    MasulisProfessor Ron Masulis, UNSW School of Business, University of New South Wales
    Ron’s expertise is in empirical corporate finance and corporate governance. He publishes in M&A, boards of directors, executive compensation, ownership structure, business groups, private equity, investment banking, international finance and market microstructure. Among financial economists worldwide, he has one of the highest sustained rates of top tier publications and citations. He is the 2018 Asia/Pacific Finance Cavalcade’s Chair, 2018 FMA Annual Program Vice President and has served on the AFA, WFA, FMA and FIRS boards of directors and the editorial boards of the top four finance journals. He is an ECGI research associate and an ABFER senior academic fellow.
    Moderator: Dr Sagarika Mishra, Deakin University

13:30 - 15:00: Conference Concurrent Sessions

    54 papers in 18 concurrent sessions hosted by AUT, Deakin, La Trobe, Macquarie, Monash, RMIT, QUT, UniSA and VUW

15:15 - 16:00: Plenary Talk

    “Are “High-Powered" Incentives Confined to when the “Signal-to-Noise" Ratio is Weak?”

    Peter SwanProfessor Peter Swan AO, UNSW School of Business, University of New South Wales
    Professor Peter Swan AO FRSN FASSA is currently in the School of Banking and Finance, Business School, University of New South Wales-Sydney. UNSW appointed him to the title of Scientia Professor for the period, January 2003 - December 2008, in recognition of international eminence in research. Peter was elected as a Fellow of the Academy of Social Sciences in Australia in 1997. According to Mark Blaug's Who's Who in Economics: A Biographical Dictionary of Major Economists, 2nd ed., 3rd ed., 1999, he is in the top ten most highly cited economics and finance academics in Australia.
    Moderator: Associate Professor Huu Duong, Monash University

16:15 - 18:15: Conference Concurrent Sessions

    72 papers 18 concurrent sessions hosted by AUT, Deakin, La Trobe, Macquarie, Monash, RMIT, QUT, UniSA and VUW

Day Two

Thursday, 8 April, 08:00-18:00 AEST

08:00 - 09:20: PhD Concurrent Sessions

    18 papers in 9 PhD concurrent sessions hosted by AUT, Deakin, La Trobe, Macquarie, Monash, RMIT, QUT, UniSA and VUW

09:30 - 10:30: Plenary Talk

    “True Liquidity and Fundamental Prices: US Tick Size Pilot”

    TChordiaProfessor Tarun Chordia, Goizueta Business School, Emory University
    Professor Tarun Chordia joined the Goizueta Business School in the fall of 2000. Prior to joining Emory University in 2000, Professor Tarun Chordia received his PhD in finance from the Anderson School, UCLA, in 1993. He was an Assistant Professor of Finance at the Owen Graduate School of Management, Vanderbilt University from 1993. Tarun's research is grounded in both theory and empirical methods and spans a diverse area of financial economics. His teaching interests include securities and portfolios, financial institutions and fixed income markets. Prior to his doctoral studies, he worked for Citibank as a relationship and credit manager in the Financial Institutions Group.


    Moderator: Professor Petko Kalev, La Trobe University

10:45 - 12:15: Plenary Panel Session

    Topic: “Endogeneity”

    Moderator
    Robert FaffEmeritus Professor Robert Faff, UQ Business School, University of Queensland
    Professor Robert Faff is one of the leading finance academics who has made significant contribution to finance academia in Australia. He has secured 14 Australian Research Council grants (funding exceeding $4 million) and has published more than 340 refereed journal papers (40 of them in ABDC A* journals). Robert is Editor-in-Chief of Pacific-Basin Finance Journal; formerly: Editor of Accounting and Finance (2002-2011) and Associate Editor of several other leading journals including Abacus and Australian Journal of Management. Currently, Robert Faff is Professorial Fellow at Bond University and Emeritus Professor of Finance at the UQ Business School.
    Panel Members
    MassoudProfessor Nadia Massoud, Melbourne Business School, University of Melbourne
    Nadia is Professor of Finance at Melbourne Business School, the University of Melbourne. Massoud earned her Ph.D. at Queen’s University (Ontario, Canada). and has extensively conducted researched in the areas of Financial Intermediation, Corporate Governance, Corporate Finance, and recently in Emerging Technology and Financial Market. She has published in major academic journals such as the Review of Financial Studies, Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Rand Journal of Economics, Journal of Business. Her research has won several prestigious awards including the JFE Fama/DFA Prize for Capital Markets and Asset Pricing.
    LNaveenAssociate Professor Lalitha Naveen, Fox School of Business, Temple University
    Dr. Lalitha Naveen is Associate Professor of Finance at Temple University. Her primary research focus is in the areas of corporate board structure and executive compensation. Specifically, her research investigates the factors that determine the corporate governance mechanisms adopted by firms and how these mechanisms, in turn, affect firm policies and firm value. Her research papers have received several Best Paper Awards and have been published in top finance and accounting journals, including Review of Financial Studies, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and Journal of Accounting and Economics.


    Tom SmithProfessor Tom Smith, Macquarie Business School, Macquarie University and UQ Business School, University of Queensland
    Tom has a PhD from Stanford and is regarded as Australia’s top Finance Academic. His research interests are in the areas of Environmental Finance; Asset Pricing Theory and Tests; Design of Markets – Market Microstructure; and Derivatives. His articles have appeared in leading journals including the Journal of Financial Economics, Journal of Finance, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Business, Journal of Law and Economics, Journal of Accounting Research.



13:15 - 14:00: Plenary Talk

    “Political connections and the transition to low-carbon sources in China: Evidence from a quasi-natural experiment”

    Tom SmithProfessor Tom Smith, Macquarie Business School, Macquarie University and UQ Business School, University of Queensland
    Tom has a PhD from Stanford and is regarded as Australia’s top Finance Academic. His research interests are in the areas of Environmental Finance; Asset Pricing Theory and Tests; Design of Markets – Market Microstructure; and Derivatives. His articles have appeared in leading journals including the Journal of Financial Economics, Journal of Finance, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Business, Journal of Law and Economics, Journal of Accounting Research.


    Moderator: Professor Chandra Krishnamurti, University of South Australia

14:30 - 16:00: Plenary Panel Session: Practitioners

    Topic: "Australian Securities and Investments Commission (ASIC): Past, Present and Future"


    How might the Hayne Royal Commission suggestion to administer the law differently be implemented? A question Brexit has made relevant for the UK and so also other countries. Should a dedicated consumer regulator be created or should the competition and consumer regulator (ACCC) take on this role? Should a regulator of regulators be created or the Ralph Nader initiative of forming firm specific stakeholders’ associations appointing expert advocates/co-regulators?

    According to system scientists this bottom-up approach is the only way regulation or control of complexity by CEO’s can become reliable. It creates reliable risk management for directors while avoiding regulators being captured by private interests. It removes the cost of public or private ombudspersons. Unlike firm funded embedded regulators, stakeholder advocates also become management mentors to enhance both business competitiveness and stakeholder wellbeing. Directors of financial service firms and their regulators would become directly accountable to citizen stakeholders to enrich democracy.
    Moderator
    FelsProfessor Allan Fels AO, Professorial Fellow, University of Melbourne; Foundation Chair of the Australian Competition and Consumer Commission (ACCC 1995-2003); and, Foundation Dean, ANZSOG
    Professor Allan Fels AO graduated in economics (first class honours) and law from the University of Western Australia in 1965. He has a PhD in Economics from Duke University and was a research fellow in the Department of Applied Economics at the University of Cambridge from 1986-1972, where he wrote The British Prices and Incomes Board (Cambridge University Press, 1972).



    Panel Members
    HanrahanProfessor Pamela Hanrahan, Professor of Commercial Law and Regulation, UNSW Business School; Adviser to the Hayne Royal Commission; and, Queensland Regional Commissioner of ASIC in 2013-15
    Dr Pamela Hanrahan is a lawyer, legal academic and author who specialises in corporate law, corporate governance, financial services regulation, data governance and business ethics. She is Professor of Commercial Law and Regulation at the University of New South Wales (UNSW) Business School, a Senior Fellow of the Melbourne Law School, a member of the Centre for Law Markets and Regulation at UNSW, an associate of the Centre for Corporate Law at the University of Melbourne, and founding director of the Cybersecurity and Data Governance Research Network at UNSW Sydney. She is also a founding member of the Society of Investment Law (USA), a Fellow of FINSIA, and a solicitor member of the Law Society of New South Wales.


    GibsonMs Belinda Gibson, Commissioner/Deputy Chair, ASIC 2007-2013; and, Independent Company Director
    Commissioner/Deputy Chair, ASIC 2007-2013; and, Independent Company Director and corporate consultant. Ms Gibson has extensive experience in business strategy, financial transactions, risk oversight, corporate governance and cultural change management. She is currently a non-Executive Director at Brisbane Airport, Ausgrid and Citigroup Australia. Interests include regulatory policy strategies for the financial industry and for infrastructure operators. She has a background as a corporate and securities lawyer and as the lead securities and markets regulator at ASIC. Ms Gibson is a Fellow of the AICD and of the Governance Institute of Australia, and a member of Chief Executive Women.


    Shann TurnbullDr Shann Turnbull, Founding Life Fellow, Australian Institute of Company Directors (AICD) & 1975 founder of its education course; and, Principal, International Institute for Self-governance
    Dr Shann Turnbull is Principal of the International Institute for self-governance, and a founding Life Fellow of the Australian Institute of Company Directors (AICD). Shann Turnbull obtained an MBA from Harvard in 1963. Formerly a serial entrepreneur who founded several enterprises that included two public mutual funds and three firms that became publicly traded. In 2001 he obtained a PhD from Macquarie University. He has organized several practitioners’ panel sessions for leading international conferences including International Finance and Banking Society conference in Oxford in 2015, and European Financial Management Conferences in 2016, 2017 and 2018. His panel sessions focused on governance of banks, future of digital currencies and stable financial systems, inviting leading scholars around the world.
    BraggSenator Andrew Bragg, Chair of Australian Parliamentary Select Committee on Financial Technology and Regulatory Technology (representing the government)
    Senator Bragg was elected to the Senate for New South Wales in 2019 and has served as a Member of the Liberal Party State Council (NSW) and as Acting Director of the Federal Liberal Party. He has been a member of several Senate Select Committees (including the Financial Technology and Regulatory Technology Committee), and Senate Legislative and General-Purpose Committees. He was previously employed at Ernst & Young, 2008, served as the Policy Manager at the Financial Services Council, the Director of Policy at the Financial Services Council, and as Executive Director of the Business Council of Australia. He holds MFinReg, MBus(Acc), and a BA(IntRel).


    JonesMr Stephen Jones MP, Shadow Minister for Financial Services (representing Labor Party)
    Stephen Jones is the Shadow Minister for Financial Services and Superannuation. He was first elected to the House of Representatives, for the seat of Throsby, in 2010. He is now, following an electoral redistribution, representative of the seat of Whitlam. He has served as Shadow Parliamentary Secretary for Regional Development, Shadow Assistant Minister for Health, Shadow Minister for Regional Communications, and Shadow Minister for Regional Services, Territories and Local Government. During his time in parliament, he has served on many committees, including the Joint Standing Committee for the National Broadband Network and standing committees for Economics and Tax and Revenue. He holds a BA and an LLB.



16:15 - 18:15: PhD Concurrent Sessions

    24 papers in 8 PhD concurrent sessions, and 4 papers in a conference session, hosted by AUT, Deakin, La Trobe, Macquarie, Monash, RMIT, QUT, UniSA and VUW

Day Three

Friday, 9 April, 08:30-20:30 AEST

08:30 - 10:00: Conference Concurrent Sessions

    54 papers in 18 conference concurrent sessions hosted by AUT, Deakin, La Trobe, Macquarie, Monash, RMIT, QUT, UniSA and VUW

10:15 - 11:45: Plenary Panel Session: Editors

    Moderator
    Terry WalterProfessor Terry Walter, University of Wollongong
    Professor Terry Walter is one of the leading finance academics who has made significant contribution to finance academia during his distinguished career over a 50-year period, by publishing 75 research papers and supervising 22 PhD students. Seven of his PhD students have subsequently been promoted to Professors in Australian universities, while others have had considerable success in industrial roles. He has received seven ARC discovery grants, one ARC infrastructure grant, two ARC collaborative grants, one cooperative research centre grant and two CIFR grants.
    Panel Members
    TChordiaProfessor Tarun Chordia, Goizueta Business School, Emory University
    Professor Tarun Chordia joined the Goizueta Business School in the fall of 2000. Prior to joining Emory University in 2000, Professor Tarun Chordia received his PhD in finance from the Anderson School, UCLA, in 1993. He was an Assistant Professor of Finance at the Owen Graduate School of Management, Vanderbilt University from 1993. Tarun's research is grounded in both theory and empirical methods and spans a diverse area of financial economics. His teaching interests include securities and portfolios, financial institutions and fixed income markets. Prior to his doctoral studies, he worked for Citibank as a relationship and credit manager in the Financial Institutions Group.


    Robert FaffEmeritus Professor Robert Faff, UQ Business School, University of Queensland
    Professor Robert Faff is one of the leading finance academics who has made significant contribution to finance academia in Australia. He has secured 14 Australian Research Council grants (funding exceeding $4 million) and has published more than 340 refereed journal papers (40 of them in ABDC A* journals). Robert is Editor-in-Chief of Pacific-Basin Finance Journal; formerly: Editor of Accounting and Finance (2002-2011) and Associate Editor of several other leading journals including Abacus and Australian Journal of Management. Currently, Robert Faff is Professorial Fellow at Bond University and Emeritus Professor of Finance at the UQ Business School.
    KarpoffProfessor Jonathan M. Karpoff, Foster School of Business, University of Washington
    Jonathan M. Karpoff is the Washington Mutual Endowed Chair in Innovation and Professor of Finance at the University of Washington’s Foster School of Business. Jon’s research seeks to understand how and when Adam Smith’s Invisible Hand works, or does not work, to coordinate economic activities and promote social well-being. This research addresses a wide range of topics – from fisheries management to arctic exploration and business misconduct – and has received the Griliches Prize, Sharpe Award, and other awards that recognize impactful research. Jon’s work also is frequently cited in media outlets – including The New York Times, The Economist, The Wall Street Journal, National Public Radio, and podcasts, including The Secret History of the Future.
    Tom SmithProfessor Tom Smith, Macquarie Business School, Macquarie University and UQ Business School, University of Queensland
    Tom has a PhD from Stanford and is regarded as Australia’s top Finance Academic. His research interests are in the areas of Environmental Finance; Asset Pricing Theory and Tests; Design of Markets – Market Microstructure; and Derivatives. His articles have appeared in leading journals including the Journal of Financial Economics, Journal of Finance, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Business, Journal of Law and Economics, Journal of Accounting Research.



12:00 - 13:00: Industry Keynote Speaker

    "Sustainability in Investment Management: Trends and Opportunities"

    MWiltonMs Maria Wilton AM, Vice Chair of the Global Board of Governors of the CFA Institute; Deputy Chair of Infrastructure Victoria; and, a Director of Victorian Funds Management Corporation, Australia Post Super and the Dexus Wholesale Property Fund
    Maria Wilton is an experienced Non-Executive Director and finance executive with a thirty year history in the investment and pension fund industry. She was CEO and Chair of Franklin Templeton Investments for 12 years and prior to that held various investment and business roles in global and domestic asset management companies including BT Financial Group (formerly Rothschild), County and JP Morgan. Before joining the investment management industry, Maria worked for the Commonwealth Treasury in economic research. Maria is currently Vice Chair of the global Board of Governors of the CFA Institute, Deputy Chair of Infrastructure Victoria and a Director of Victorian Funds Management Corporation, Australia Post Super and the Dexus Wholesale Property Fund. She holds a Bachelor of Economics from the University of Tasmania and is a Chartered Financial Analyst charter holder. In January 2019 she became a Member of the Order of Australia for service to business and finance and to the community.
    Welcome: Professor Susan Dodds, Deputy Vice-Chancellor (Research and Industry Engagement), La Trobe University
    Chair and Moderator: Mr Greg Jamieson, Head of Department, Economics, Finance and Marketing, La Trobe Business School

13:45 - 15:15: Plenary Panel Session: Practitioners

    Topic: “The future of superfund investing”

    Moderator
    Mr Rob Fowler, CFA Society Melbourne
    Rob Fowler CFA is the former Chief Investment Officer of HESTA super fund. Rob retired from HESTA in 2019 and is currently Chair of the Professional Learning Committee of the CFA Society Melbourne, and holds a number of advisory and director roles. Prior to joining HESTA in 2004, Rob held various roles within the investment industry and in chartered accounting.


    Panel Members
    MD Ms Mary Delahunty, Head of Impact, HESTA -- Discussing: Responsible Investments
    Mary is the Head of Impact for HESTA and has been with the fund since early 2013. She has held senior roles in financial services organisations for over 15 years and is passionate about progressing responsible investment practices and gender equality. HESTA is one of Australia’s largest superannuation funds with $57bn under management and over 850,000 members. Mary is a 2015 Churchill Fellow, awarded for the completion of international research on equity for women in pension systems, a Chair of the Ministerial Advisory Council for Gender Equality in the State of Victoria, and sits on the Advisory Board for the McKell Institute. She is also a former Mayor and Councillor of the City of Glen Eira, a Board Member of The Emergency Services Telecommunication Authority and an advisory panel member for the State Government. Previous roles include Chair of Reclink Australia, a National Not for Profit organisation offering sports and recreation opportunities to break the cycle for disadvantaged Australians. Mary holds a Master of Finance (Corporate Advisory) and is a Graduate of the Australian Institute of Company Directors.
    MDelanyMark Delaney, CFA, CIO, AustralianSuper -- Discussing How the pandemic has changed the way super funds think about investing
    Mark Delaney was appointed Chief Investment Officer and Deputy CEO of AustralianSuper in July 2006 after the ARF and STA merger. Mark has the formidable responsibility of investing currently around $200 billion of member’s retirement savings. He has expanded AustralianSuper’s in-house investment management capabilities combining this with external advisers to continue to deliver top quartile investment returns. Mark has over 20 years’ experience in financial markets. He was previously the CEO of STA and prior to that the Head of Investments at STA. Mark has also held senior positions with AXA and Federal Treasury. He holds a Bachelor of Economics (Honours), is a Chartered Financial Analyst, and a Director of IFM Investor Advisory Board. In February 2021, he was appointed as Vice Chair of the Pacific Pension & Investment Institute.
    kolloDr Michael Kollo, Chief Economist, Fæthm; and, Honorary Academic, ANU -- Discussing Artificial Intelligence
    Michael gained his PhD in Finance from the London School of Economics (LSE) in the UK, before embarking on a career in quantitative asset management, working at a suite of sophisticated institutional asset managers (Blackrock, Fidelity and Axa) where he led research teams and spoke globally on applying quantitative (data science) techniques in asset management, the limits and applications of machine learning, and the applications of alternative data for different investment problems. Michael moved back to Australia in 2017, joining HESTA ($50bn fund) to set the quantitative finance function. Michael joined Faethm.AI in 2020, a SaaS company focused on defining and measuring the impact of technology on the global workforce, and the automation impact on global industries, firms and societies.

15:30 - 17:30: Conference Concurrent Sessions

    72 papers in 18 conference concurrent sessions hosted by AUT, Deakin, La Trobe, Macquarie, Monash, RMIT, QUT, UniSA and VUW

17:30 - 18:00: Session on Conference Special Issues: Pacific Basin Finance Journal and Accounting and Finance

    Professor Balasingham Balachandran
    Associate Professor Huu Nhan Duong
    Dr Lily Nguyen

18:30 - 20:30: Presentation of Lifetime Achievement Awards and Best Paper Awards

    Closing Address and Congratulations to Awardees
    Professor Simon Evans, Pro Vice-Chancellor, College of Arts, Social Sciences and Commerce, La Trobe University
    Moderator
    Mr Greg Jamieson, Head of Department, Economics, Finance and Marketing, La Trobe Business School
    Thanks from Conference Chair
    Professor Balasingham Balachandran
  • Presentation of Life-time achievement awards
    • Contribution of CFA Society to the conference:
      Ms Inna Zorina, President of CFA Society Melbourne
    • Presentation of Conference Best Paper Awards
    • Presentation of PhD Best Paper Awards
    • Thank you from sponsors

    Special Conference Journal Issues

    Special Conference Issues

    Pacific-Basin Finance Journal (Elsevier) and Accounting & Finance (Wiley) will run a special conference issue and all presenters at the conference are invited to consider submitting their papers for publication.

    Fees and Registration

    Registration is free for Academics and PhD Students. The virtual conference will be hosted primarily via Zoom (certain sessions may run in Microsoft Teams and if this is the case, you will be advised after registration). Please register using the link below and check your email for registration confirmation, session Zoom details and remember to go online at the appropriate date and time. Try the links beforehand to avoid technical difficulties and get in touch if you have any issues.

    Conference Chair

    Professor Balasingham Balachandran
    Department of Economics, Finance & Marketing
    La Trobe Business School
    La Trobe University
    Vic 3086
    Australia
    Email: fmcg2021@latrobe.edu.au

    Hosts and Sponsors

    AUT CFA Melbourne Deakin UniversityLBSMQBS MBS QUTRMIT logoUniSA VUW

    Past Conferences