RESEARCH PUBLICATIONS

 PRESENTATIONS

KEVIN DAVIS

Room 11-019, "The Spot", Faculty of Business and Economics
The University of Melbourne, Victoria, 3010 Australia
and
Research Director, Australian Centre for Financial Studies and Professor of Finance, Department of Accounting and Finance, Monash University
Level 46, 525 Collins Street, Melbourne, Victoria, 3000, Australia
Ph: +61 3 8344 5098 (Unimelb) or +61 3 9666 1050 (ACFS)
Mobile: 0409 970 559

* As of January 1, 2014 I am on a 0.6 part time appointment at Melbourne University and have an 0.2 part time appointment as Professor of Finance at Monash University linked to my role as Research Director of ACFS. I was also a member of the Financial System (Murray) Inquiry panel announced by the Federal Treasurer in December 2013 and which reported in November 2014.Since 2011 I have been a member of the Australian Competition Tribunal

Research Areas

Recent Additions

Miscellany 

Credit Unions and Demutualisation 

Australian Financial Sector Development and Regulation

Protecting Employee Entitlements

Access Pricing

Derivatives, Financial Engineering and Innovation 

Corporate Finance and Taxation

The Global Financial Crisis 

Banking and Funds Management

Financial Regulation

Other

2016

Bail In Securities, Is the game worth the candle ACFS Finance Policy Brief, September 2016

Hunting the BIRP: Is there a Bail In Risk Premium in Australian Bank Hybrids? (with Michael Saba) Draft 20 June 2016

Peer to Peer Lending: Structures, Risks and Regulation (with Jacob Murphy) Melbourne Money and Finance Conference, July 2016

Infrastructure Bonds: A Missing Market for Retail Investors (ACFS Report for NAB, July 2016))

Stapled Securities: Adaptable Innovation or Antipodean Anomaly (Australian Tax Forum, 2016: 2)

Cooperative and Mutual Financial Institutions: Is there a Future? (Presentation to "Reviving the Cooperative Movement" Conference, Melbourne May 23, 2016)

Dividend Imputation and the Australian Financial System, JASSA, March 2016

Why Australia does not need a Royal Commission into banking (The Conversation, April 12, 2016)

Untangling the debate on bracket creep, dividend imputation and negative gearing (The Conversation, February 12, 2016)

Three factors pushing Australian banks into a retreat home (The Conversation, February 2, 2016)

2015

Basel IV and Australian Banks (with Mark Lawrence) JASSA 2015 Dec

Financial Advice and Financial Resilience: An Australian Perspective (for UK Social Market Foundation, December 2, 2015)

Why Levying GST on the Banks has been in the 'too hard' basket (The Conversation, December 2, 2015)

Macroprudential Regulation and Banking Regulation (November 2015, forthcoming Australian Economic Review)

Asian Banking Integration, Depositor Preference and Deposit Insurance (November 2015)

Depositor Preference and Deposit Insurance (revised Sept 2015)

Dividend Imputation and the Australian Financial System: What have been the consequences? Australian Centre for Financial Studies 21 October 2015

Tax Reform Aside, There's No Case to Kill Off Dividend Imputation The Conversation, 22 Oct 2015

Privatising Public Information: The Sale of the ASIC Business Registers, ACFS FRDP 2015-05, 4 September 2015

No Financial Claims Scheme Levy - A Good Decision - ACFS FRDP 2015-04, 1 September 2015 (also available at ANZ BlueNotes)

Bail In: Not a Panacea ANZSFRC Statement 13, 28 August 2015

"Trouble for the Banks" Radio National Interview (link)

P2P Lending Eureka Interactive Interview with Alan Kohler

"Banks are raising capital, but should we be worried?" The Conversation, 11 August 2015

Basel 4 and Implications for Australian Banks (with Mark Lawrence) Melbourne Money and Finance Conference July 2015

Australian Debt Securities and Corporate Bonds: Improving access to the Corporate Bond Market for retail investors (ACFS Report for NAB), June 2015

Depositor Preference, Bail-in, and Deposit Insurance Pricing and Design, April 30, 2015

Changing Organizational Form: Demutualization and the Privatization of Communal Wealth - Australian Credit Union Experiences (November 2015 revision - forthcoming in Annals of Public and Cooperative Economics)

What you need to know about Peer to Peer Lending (The Conversation, 30 March)

Speech to CIFR FSI Workshop (video) 11 March

CIFR FSI Panel Session - Regulation (video) 11 March

CIFR FSI Panel Session - Resilience (video) 11 March

AB+F report article Davis on Australian banks' rego check, 17 March, 2015

AB+F interview article FSI Pragmatism kills two birds with one stone, 17 March

AB+F interview article FSI is no shift back to regulation, 17 March, 2015

Retirement incomes policy reform in Australia (Reform Symposium, London, 10-11 February, 2015)

FactCheck: is Australia’s corporate tax rate not competitive with the rest of the region? (The Conversation 10 February, 2015)

InFinance profile interview (by Marion Fahrer) - contains commentary on FSI issues, January 2015 

Basel 3++: Buttons, Belts and Braces (ACFS FRDP 2015-01) January 21 2015

2014

Risk Sharing and Access Pricing (December 2014) (revised version of earlier paper)

Liquidity Regulation in Asia: Are there benefits from Basel? November 2014

Financial System Inquiry, Final Report, November 2014

Competition and Financial Regulation, September 2014

Bank Capital Requirements, ROE and Pricing, September 2014

Financial System Inquiry, Interim Report July 2014

Measuring Adequacy of Retirement Savings, John Burnett, Kevin Davis, Carsten Murawski, Roger Wilkins and Nicholas Wilkinson Melbourne Institute Working Paper Series Working Paper No. 5/14, March 2014

Consumer Financial Protection (Invited talk, Fudan University, June 2014)

Financial Institution Leverage: Some Notes February 2014

How does the Financial System Work?, February 2014

"Australian Debt Securities and Corporate Bonds Trends and Prospects" 4th ACFS Bond Market Report for NAB, February 2014

"The Debt Maturity Issue in Access Pricing" Economic Record, Vol 90, No 290, September 2014, 271-281

2013

"The Financial Claims Scheme" (An ACFS report for Challenger) August 2013

"Post Crisis Regulatory Change in Australia and New Zealand" (with Christine Brown and David Mayes) prepared for Joint International Meeting of Shadow Financial Regulatory Committees, Tokyo, Japan, 26-28 October, 2013

"Mutual Equity Interests: An oxymoron?" ACFS FRPD 2013-03 November 2013

Misdiagnosis of Crisis has led to Botched Liquidity RegulationShadow Financial Regulatory Committees of Asia, Australia-New Zealand, Europe, Japan, Latin America and the United States Joint Statement, Tokyo, October 28,2013

"Debt Securities and Corporate Bonds" ACFS Report for NAB, October 2013

"Hockey should put Islamic Finance on his Inquiry's agenda" The Conversation 7 August 2013

"Paying for the Financial Claims Scheme: Expanding the Options" (ACFS FRDP 2013-02, 3 September 2013)

"The Right Price for Low Risk Banks" Australian Financial Review 2 August 2013

Review of "The Bankers' New Clothes" by Anit Admati and Martin Hellwig (18 July 2013)

Rise of the super funds will shape financial sector, The Conversation 15 July 2013

Measuring Retirement Adequacy in Australia (with John Burnett, Carsten Murawski, Roger Wilkins, Nicholas Wilkinson) presented at 18th Melbourne Money and Finance Conference, July 1-2, 2013

Funding Australia's Future: Where do we begin? July 2013

Corporate Bond Market: Prospects for Growth (with Deborah Ralston) InFinance, June 2013, v127, No.2, pp 41 - 43

Understanding Corporate Bonds (ACFS Report for NAB), July 2013 

Dividend Washing (ACFS FRDP 2013-01, 7 June 2013) Also published on The Conversation

Privatizing Communal Wealth: Alternative Demutualization Strategies of Australian Credit Unions (working paper, 20 May, 2013)

Credit Risk and Public Sector Financial Risk Management (Presentation (overheads) at ERM Conference Canberra, 24 April, 2013)

Financial Policy and Regulation: APEC Region Initiatives (Presentation, Asia Pacific Financial Forum Symposium, Sydney, April 2013)

Of Financial Advice and Advisers (ANZSFRC Statement No 11, April 5, 2013)

Super funds: an investment vehicle for scientific research? (Op ed on The Conversation 25 February 2013)

How Does Five Billion Dollars Rate? (6 February 2013) (Op ed on The Conversation 7 February 2013 titled "US government’s lawsuit against S&P puts ratings agencies back in the spotlight"

Australian Corporate Bonds: The Missing Asset Class for Australian Retail Investors (ACFS Report for NAB, January 2013)

Risk Management and Climate Change: The Role of the Financial Sector (Think Tank Report for VCCAR)

Risk Management and Climate Change: The Role of the Financial Sector (Background Paper for ACFS and VCCCAR Think Tank, 5 December 2012)

2012

Financial Crisis Management: Who Has Power: Who's Accountable? (InFinance, Nov/Dec 2012, V126 No 4, pp44-45)

Remittances: Their Role, Trends, and Australian Opportunities (Report by ACFS for Western Union) November 2012

Trade in Financial Services (Background paper for MAFC Training Program, Singapore, November 2012)

Australia's Trade in Financial Services in PwC, Melbourne Institute, AsiaLink, ANZ Services Report, October 2012

Down the Yellow Brick Road - or up the garden path? (The Conversation 8 November, 2012)

Basel 3: Implications for the Australian Financial System (Talk to CEDA function 8 October 2012)

Government Cost of Capital (FTA Congress presentation, Melbourne, November 2, 2012)

Corporate tax cuts: who needs them? (26 October 2012) (The Conversation, 31 October 2012)

Tail Wags Dog in Retail Government Bond Market Development (18 September 2012)

Financial Crisis Management - Power and Accountability (ACFS, FRDP 2012-05, 17 September 2012)


Stapled Securities: Antipodean Anomaly or Adaptable Innovation? (revised version of earlier working paper, 16 September 2012)

Off-Market Buybacks in Australia: Tax Changes and their Consequences (working paper, 5 September 2012, with Christine Brown)

Britain's Banking Reforms - Is this the future shape of banking? (ACFS Financial Regulation Discussion Paper 2012-04, 12 September 2012)

Should there be a bank deposit guarantee fee? (The Conversation, 5 September 2012)

The Debt Maturity Issue in Access Pricing (working paper, September 2012)

Yes, Bonds are Risky  (op ed), (AFR 22 August 2012)

Testimony to Senate Economics Committee Inquiry into the post-GFC banking sector 8 August 2012 (link to Hansard)

Introductory Remarks to Senate Economics Committee Inquiry into the post-GFC banking sector  8 August 2012

Financial Regulatory Reform: What is the Australian Vision? Address to NSW Economics Society Forum 19 July 2012

Why Stapled Securities? ACFS Financial Regulation Discussion Paper 2012-03, 15 June 2012

Reserve Bank Interest Rate Cut, commentary - The Conversation, 5 June 2012

The Australian Banking Sector Post-GFC  ACFS Submission to: Senate Economics Committee “Inquiry into the post-GFC banking sector” (Submission 49), June 4, 2012

Small Cap Equity Raisings: Are the ASX Proposals the Best Option (ACFS Financial Regulation Discussion Paper 2012-2), May 14, 2012

Buybacks Beware (ACFS commentary, with Christine Brown) May 3, 2012

Don't forget the debt: there's more to fiscal prudence than a return to surplus (The Conversation, May 2, 2012)

Too Big to Swallow (published in Business Spectator (May 1, 2012) as The Four Big Elephants in the Room

A system at risk: the case for regulatory overhaul in Australia's banking sector, (on The Conversation)

ANZSFRC Statement No 10 Do the Big Four Australasian Banks Require Special Regulation? April 12, 2012

Superannuation: Individual experiences over the past decade (An ACFS report for AIST using data from the HILDA survey), March 2012

Can a Corporate Bond Market solve the Super Equity Bias? (Australian Financial Review op-ed 20 March 2012 - retitled as "Traps lurking in new corporate bond market"

Proportionate Financial Regulation (Melbourne APEC Finance Centre workshop, 5-9 March 2012)

Interview with Satyajit Das (on The Conversation)

Banking Profitability, Bank Capital and Competitition (Australian Centre for Financial Studies, Financial Regulation Discussion Paper 2012-1, 20 February 2012)

Slower Credit Growth: A Benefit for Bank Capital Positions (Australian Financial Review op-ed 21 February 2012 - retitled as "Benefits of Slower Credit Growth)

Rates of wrath: understanding the Big Four's actions on interest rates (The Conversation, 15 Feb 2012)

Sky News Interview on Bank Interest Rates 9 February 2012

Why the Equity Bias (Australian Financial Review op-ed (retitled "Tax system drives us to equities") 7 Feb 2012)

Higher Bank Capital: What's Wrong with That? (Australian Financial Review op-ed (retitled "Social Dimension to Bank Capital Ratios"), 30 Jan 2012)

Finance Sector Employment on a Slippery Slope (Australian Financial Review op-ed 18 Jan 2012)

Stapled Securities: Antipodean Anomaly or Adaptable Innovation (working paper) January 2012

2011

"The Global Financial Crisis and Financial Regulation in the Antipodes" by Christine Brown, Kevin Davis, Mervyn Lewis, David Mayes, in R Litan (ed) WORLD IN CRISIS: Insights from Six Shadow Financial Regulatory Committees From Around the World http://finance.wharton.upenn.edu/FIC/FICPress/crisis.pdf


Should Banks Be Compelled to Pass on Interest Rate Cuts? (The Conversation, 6 Dec, 2011) 

Eurozone debt on ABC 24 9 December 2011

Superannuation: Trends and Issues (ACFS-KPMG report)

The contagion effect: how much will Australian banks be buffeted by Europe? (The Conversation, 24 November 2011)

12 per cent: What's it worth? (ACFS report for AIST)

Rogue Traders (comments on ABC Inside Business, Sunday 2 Oct)

The Vickers Report: Implications for Australia (ACFS FRDP 2011-4)

Response to the Exposure Draft of the 2011 Strategic Roadmap for Australian Research Infrastructure

Living Wills (The Conversation, 7 October 2011) also on Business Spectator

Different Times - Less Fuss on Deposit guarantee (AFR 14 Sept 2011)

Private Saving: The Role of Life Event Products (ACFS Report for Abacus)

The role of credit ratings agencies (The Conversation, 2 August 2011)

Household Saving and Investing for Life-Cycle Events:Government Incentives and Insurance Bonds

The Australian Financial System in the 2000s (Reserve Bank Conference Paper) (August 2011)

Taxes, Tenders and the Design of Australian Off-Market Share Repurchases (August 2011) (published in Accounting and Finance, October 2012)

Million Dollar cap doesn't fit (AFR 8 June 2011)

Regulatory Reform after the Global Financial Crisis (MAFC Quarterly #11, May 2011)

Cost of Equity Issues: A further report for the AER

Deposit Insurance - Getting the Financial Claims Scheme Settled (ACFS, FRDP 2011-03)

Basel III - Liquidity Options (ACFS, FRDP, 2011-02)

Self Managed is the Key (op-ed, AFR 16 April 2011)

Risk Sharing and Access Pricing

 The Future of Australian Bank Funding (ACFS-KPMG Report)

Regulatory Reform Post the Global Financial Crisis: An Overview

Off-market share repurchases: policies wanted (ACFS, FRDP 2011-01)

Buybacks - what is happening? (op-ed, AFR 9 March 2011)

Mortgage fees must be transparent (op-ed, AFR 24 Feb 2011)

Cost of Equity Issues: A Report for the AER

2010

Its Easy to Exit from Exit Fees (op-ed)

Are Tax Incentives Needed for a Fifth Pillar (op-ed)

ACFS FRDP 2010-06 What is "fair" taxation of credit unions

Housing Mortgage Contract Design and Banking Sector Competition (Senate Economics Committee Bank Competition Inquiry, Submission #8)

Taking off the bank fee blindfold (op-ed)

ACFS FRDP 2010-05 Mortgages: Time to Redesign

Mortgage Contract Redesign (op-ed)

Mortgage Market: Time for Reform (op-ed)

Mortgage Interest Rates and Mortgage Contracts (op-ed)

So many ways to sell a corporate bond (op-ed)

Why Pre-Tax Discount Rates Should be Avoided (working paper) 

The Urgent task of Recapitalizing banks: Doing it Gradually (op-ed)

Bank Governance: What do we know; What should we do? (working paper)

ACFS FRDP 2010-04 Why be Afraid of Higher Bank Capital Requirements? 

Rethinking Financial Regulation (Melbourne University Insights)

Financial Wellbeing in Retirement (AFCS-Finsia Monograph)

ACFS FRDP 2010-03 Leverage and Self Managed Super Funds

ACFS FRDP 2010-02 Deregulating Retail Bond Issuance

ACFS FRDP 2010-01 Taxing the Banks

Bank Capital Adequacy: Where to Now? (working paper). Published in Regulatory Failure and the Global Financial Crisis: An Australian Perspective edited by Mohamed Ariff, John Farrar and Ahmed M. Khalid

Regulation of Managed Investments: Lessons from the Great Southern Failure (published JASSA)

Link to articles for The Conversation

Link to Financial System Inquiry

Links to international comparative data sets

Links to Superannuation Research Resources (in construction)

SSRN webpage

Videos

Op-Eds and Commentary

Australia-New Zealand Shadow Financial Regulatory Committee

ACFS Roundtable: Disability Insurance

ACFS Roundtable: Super and Insurance

Protection of Retail Investors in Australia - background information

Capitalising Credit Unions - a plan for survival

A Melbourne Commerce Academic's Lot  (a bit of Xmas party doggerel)

University Debt Funding