Organisation

Centre for International Finance and Regulation

Owning Institution:

University of New South Wales

Macquarie University

University of Technology Sydney

Government of Australia

Government of New South Wales

University of Sydney

University of Melbourne

Australian National University

The Centre for International Finance and Regulation (CIFR) was a Centre of Excellence operating from 2011 to 2016 to address fundamental issues affecting the Australian financial industry. CIFR’s mission was to promote financial sector vibrancy, resilience and integrity, supporting Australia as a regional financial centre through leading research and education on systemic risk, market and regulatory performance and financial market developments. CIFR funded 71 research projects, involving well over 100 researchers from domestic and international universities.

For Australia’s financial industry, CIFR provided a strategic link between academia, policy-makers, regulators and other industry participants. Now closed, the Centre's output of 148 papers are all available at this publisher page.

Working paper

Designing an investment organization for long-term investing

31 Oct 2014

Geoffrey J. Warren

Centre for International Finance and Regulation

We address how investment management organizations might be built to successfully pursue long-term investing. A variety of recommendations and suggestions are put forward that address four building blocks: organizational; incentives; investment approach; and discretion over trading. A key message is the need to manage the principal-agency issues that occur across multi-layered operations, with the aim...

Working paper

Commonality in liquidity

31 Oct 2014

Fariborz Moshirian,

Avanidhar Subrahmanyam,

Claudia Wee,

Bohui Zhang

Centre for International Finance and Regulation

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 timeframe, this paper observes that liquidity commonality exists in both developed and emerging markets. In...

Working paper

Long-term investing: An institutional investor perspective

31 Oct 2014

Geoffrey J. Warren

Centre for International Finance and Regulation

The literature on investment horizon is reviewed in order to enhance the understanding of potential influences on long-term investing by institutional investors. Investment horizon reflects an inter-connected web of influences related to an investor’s circumstances, the design of the investing environment, and the choices that are made by key decision makers. Twelve such influences are...

Working paper

Benefits (and pitfalls) of long-term investing

31 Oct 2014

Geoffrey J. Warren

Centre for International Finance and Regulation

Three key advantages held by long-term investors include: the capacity to adopt positions where payoff timing is uncertain; the ability to exploit opportunities generated by the actions of short-term investors; and latitude to invest in unlisted and/or illiquid assets. These advantages provide access to a broader investment opportunity set than available to short-term investors. Strategies...

Working paper

Financial products and short-form disclosure documents – challenges and trends

8 Oct 2014

Andrew Godwin,

Ian Ramsay

Centre for International Finance and Regulation

Recent years have seen a trend in many jurisdictions towards the adoption of short-form disclosure documents for retail financial products. This has been noted by the International Organization of Securities Commissions (IOSCO) in a recent consultation report on retail structured products, which stated as follows: Regulatory tool: Consistent with their respective legal frameworks, IOSCO members...