Research Grants

Research Grant Program

Overview

ACFS aims to both promote the creation of knowledge by academic finance researchers and to disseminate that knowledge to industry and government. It also aims to transfer knowledge in the reverse direction, recognising that many advances in financial research have their origins in practice, and that the subject matter of academic research is ultimately the product of industry activities and practice.

The ACFS Research Grant program has operated since 2005, and has disbursed some $1.8 million in funding across 135 grants over that time. Research grants are awarded to academics at one of the program’s contributing universities. In 2016, these contributing universities are:

  • Monash University
  • RMIT University
  • The University of Melbourne

Topics for which research proposals will be accepted are announced each year. Topics must fall under one of the three ACFS program areas, namely Banking and Capital Markets, Funds Management and Superannuation, or Insurance.

ACFS issues a Call for Applications to academics at the relevant schools/departments once each year. Please subscribe to our newsletter or social media accounts to stay informed about future Calls.

Academic research grant program

Awardees must apply their research grant funds towards research that leads to at least one publication in a reputable, peer-reviewed academic journal. A final publication should be completed within an 18-month timeframe. In addition, awardees must submit a 3,000-word piece outlining the results of their research to JASSA: The Finsia Journal of Applied Finance. Previous recipients of research grants have delivered presentations at a range of international conferences as well as at ACFS-organised conferences and seminars.

Commissioned research program

ACFS awards up to three special grants to expert academics to conduct commissioned research on topical industry issues. Academics are required to produce reports that are suitable for an industry audience, and that are published by ACFS. (The underlying research may later be turned into an academic journal publication as well.) A final publication should be completed within a 6-month timeframe. There is no restriction on the use of funds by the author(s) other than those imposed by the employing University.

Past Research Grant Awardees and Publications

Past research grant awardees and resulting academic journal publications are listed below:

2016

Academic Research Grants

  1. Market quality in unregulated bitcoin exchanges
    University: The University of Melbourne
    Lead Investigator: Vincent Grégoire
    Status: In progress
  2. Do people habituate to high risk? An experimental study of the culture of financial irresponsibility
    University: RMIT University
    Lead Investigator: Robert Hoffmann
    Status: In progress
  3. What do investors think of capital structure and security issuance decisions?
    University: Monash University
    Lead Investigator: Chris Veld
    Status: In progress
  4. Large bank systemic risk and non-interest income
    University: Monash University
    Lead Investigator: Barry Williams
    Status: In progress

 

Commissioned Research

  1. Data access and availability in banking and capital markets
    Silvio Contessi, Monash University
  2. Data access and availability in funds management and superannuation
    Paul Lajbcygier, Monash University
  3. Data access and availability in insurance
    Ian Enright, Reinsurance Group of America
2015

Academic Research Grants

  1. Does it pay to pay attention?
    University: The University of Melbourne
    Lead Investigator: Antonio Gargano
    Status: In progress
  2. Is more information always better? A behavioural study on superfunds optimal disclosure design
    University: RMIT University
    Lead Investigator: Robert Hoffmann
    Status: In progress
  3. ‘Good’ or ‘bad’ high frequency traders: Do HFTs act as market makers or scalpers on RBA
    announcement days?
    University: Monash University
    Lead Investigator: Paul Lajbcygier
    Status: In progress
  4. Stress testing the mortgage liabilities of Australian households
    University: RMIT University
    Lead Investigator: Daniel Melser
    Status: In progress
  5. The impact of algorithmic trading on the Australian stock market
    University: Monash University
    Lead Investigator(s): Vinod Mishra and Russell Smyth
    Status: In progress
  6. How should global institutional investors hedge their foreign currency exposure?
    University: The University of Melbourne
    Lead Investigator: Steven J. Riddiough
    Status: In progress
  7. The curse of knowledge overimputation in financial markets
    University: RMIT University
    Lead Investigator: Monica Tan
    Status: In progress

 

Commissioned Research

  1. Trends in the Australian small loan market
    Dr Marcus Banks, Associate Professor Ashton de Silva and Professor Roslyn Russell
  2. Home equity release: Challenges and opportunities
    Associate Professor Ashton de Silva, Dr Farzad Alavi Fard, Dr Sarah Sinclair and Dr Stuart Thomas
2014
  1. Project Title: The performance of ethical portfolios
    University: Monash University
    Lead Investigator: Daniel Chai
    Status: In progress
  2. Project Title: The impact of social media presence on business outcomes: a case study of the Australian general insurance industry
    University: RMIT University
    Lead Investigator: Angela Dobele
    Status: In progress
  3. Project Title: The impact of international funding cost on mortgage interest rates and fees in Australia or why banks no longer follow the cash rate cycle
    University: Griffith University
    Lead Investigator: Benjamin Liu
    Status: In progress
    Working paper: Pham, Q.C., Liu, B. and Roca, E. (2015) “The mortgage interest rates and cash rate cycle relationship and international funding cost: Evidence in the context of Australia”, Discussion Papers Finance, Griffith Business School, No. 04.
  4. Project Title: Funds management decisions by individual investors: why consumers seek non-professional self-help?
    University: RMIT University
    Lead Investigator: Kaleel Rahman
    Status: In progress
  5. Project Title: Bayesian strategic asset allocation
    University: Monash University
    Lead Investigator: Andrew Sanford
    Status: In progress
  6. Project Title: Do firms strategically build their political connections?
    University: RMIT University
    Lead Investigator: Jing Shi
    Status: In progress
  7. Project Title: Monetary policy rules in Australia
    University: RMIT University
    Lead Investigator: George Tawadros
    Status: Complete
    Publication: Tawadros, G.B. (2016), “Asymmetric monetary policy rules in Australia”, Applied Economics, published online 5 April, DOI: 10.1080/00036846.2016.1164823.
  8. Project Title: CEO compensation and risk-taking
    University: Monash University
    Lead Investigator: Yulia Veld-Merkoulova
    Status: In progress
2013
  1. Project Title: Commodity hedging with stochastic volatility models
    University: Deakin University
    Lead Investigator: Michael Chng
    Status: Complete
    Publication: Liu, Q., Chng, M. and Xu, D. (2014) “Hedging industrial metals with stochastic volatility models”, Journal of Futures Markets, Vol, 34, Issue 8, pp. 704–730.
  2. Project Title: Who started the fire: Has residential mortgage innovation fuelled a housing affordability crisis?
    University: RMIT University
    L
    ead Investigator: Ashton de Silva
    Other Researchers: Stuart Thomas, Jonathan Boymal, Jason Potts
    Status: In progress
    Presentation: de Silva, A., Boymal, J., Potts, J. and Thomas, S. (2015) “Does innovation in residential mortgage products explain rising house prices?”, presentation to the Australasian Housing Researchers Conference, Hobart, 18-20 February.
    Working Paper: de Silva, A., Boymal, J. and Potts, J. (2015), “Does innovation in residential mortgage products explain rising house prices? No”, Munich Personal RePEc Archive, 30 January.
  3. Project Title: Dividend policy, corporate ownership, earnings growth and market returns: An Australian study
    University: RMIT University
    Lead Investigator: Michael Dempsey
    Other Researchers: Thanh Tan Truong
    Status: In progress
  4. Project Title: Q-theory and/or mispricing explanations of investment-based anomalies
    University: Monash University
    Lead Investigator: Philip Gray
    Status: In progress
  5. Project Title: Diversification and performance: The recent experience of Australian banks
    University: Monash University
    Lead Investigator: Abey Gunasekarage
    Status: Complete
    Publication: Edirisuriya, P., Gunasekarage, A. and Dempsey, M. (2015) “Australian specific bank features and the impact of income diversification on bank performance and risk”, Australian Economic Papers, Vol. 54, Issue 2, pp. 63-87, June.
  6. Project Title: What drives socially responsible investment growth?
    University: Monash University
    Lead Investigator: Francis In
    Status: In progress
  7. Project Title: From pit to bit: How changes in market microstructure influence social structures and ethical standards
    University: The University of Melbourne
    Lead Investigator: Lyndon Moore
    Status: In progress
  8. Project Title: The Wikileaks effect
    University: RMIT University
    Lead Investigator: Imad Moosa
    Other Researchers: Vikash Ramiah
    Status: In progress
  9. Project Title: Are SRI funds riskier than conventional equity funds?
    University: Monash University
    Lead Investigator: Imon Palit
    Status: In progress
  10. Project Title: Credit risk information dynamics and capital structure arbitrage: Evidence from the U.S. CDS and equity markets
    University: Deakin University
    Lead Investigator: Vincent Xiang
    Status: In progress
2012
  1. Project Title: Mandatory selling restrictions and IPO firms’ long-run performance
    University: Monash University
    Lead Investigator: Janto Haman
    Status: In progress
  2. Project Title: Do fees signal performance in the hedge fund industry?
    University: Monash University
    Lead Investigator: Paul Lajbcygier
    Status: In progress
  3. Project Title: A review of retirement savings investment behaviours: Theory and evidence
    University: Monash University
    Lead Investigator: Paul Lajbcygier
    Status: In progress
  4. Project Title: House of cards: What made up Australia’s lucky hand?
    University: Deakin University
    Lead Investigator: Bob Li
    Status: In progress
  5. Project Title: The pricing of deposit insurance under systematic risk
    University: Deakin University
    Lead Investigator: Chien-Ting Ling
    Status: Complete
    Publication: Lee, S., Lin, C. and Tsai, M. (2015), “The pricing of deposit insurance in the presence of systematic risk”, Journal of Banking and Finance, Vol. 51, pp. 1-11, DOI:10.1016/j.jbankfin.2014.10.012.
  6. Project Title: The effects of multilateral trading systems on financial markets
    University: RMIT University
    Lead Investigator: Imad Moosa
    Status: Complete
    Publication: Ramiah, V., Moosa, I. Pham, H.N.A., Scundi, A. and Teoh, W.H. (2015), “The effects of multilateral trading systems on risk and return in equity markets”, Applied Economics, Vol. 47, No. 44, pp. 4777–4792, DOI: 10.1080/00036846.2015.1034843.
  7. Project Title: Bank reputation: Why is there a discrepancy between customer and community satisfaction?
    University: Deakin University
    Lead Investigator: Dianne Thomson
    Status: Complete
    Publication: Jain, A., Keneley, M. and Thomson, D. (2014), “Bank reputation in Australia: A view from the inside”, JASSA: The Finsia Journal of Applied Finance, Issue 2, pp. 29-34.
    Publication: Jain, A., Jeneley, M. and Thomson, D. (2015), “Customer-owned banking in Australia: From credit union to mutual bank”, Annals of Public and Cooperative Economics, Vol. 86, Issue 3, pp. 465-478.
    Publication: Jain, A., Guo, J. and Lin, C. (2014), “Bank fundamentals, executive compensation and public perception of banks in Australia”, Economic Papers, Vol. 33, Issue 3, pp. 220-232.
  8. Project Title: Nearness to historical high earnings, anchoring bias and earnings momentum profits
    University: Monash University
    Lead Investigator: Cameron Truong
    Status: In progress
  9. Project Title: Australian commercial property investment market: Styles, performance and funding (Commissioned Paper Series)
    University: RMIT University
    Lead Investigator: David Higgins
    Status: In progress
  10. Project Title: The Australian payments system (Commissioned Paper Series)
    University: Monash University
    Lead Investigator: Steve Worthington
    Status: In progress