Past Seminars

Past Seminars

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2017

Details Description
14 February 2017
Melbourne CBD

22 February 207
Sydney CBD

Associate Professor Elizabeth Sheedy
Macquarie Applied Finance Centre

Revisiting the Lehman Sisters Hypothesis: Does Diversity Improve Financial Risk Management

  • The global crisis was a “man-made disaster created in the testosterone-drenched environment of Wall Street” (Sunderland, 2009)
  • “Lehman Brothers would never have happened if there’d been Lehman Sisters there with them!” (Kroes, 2009)

In the financial services industry where risk management should be sine qua non, diversity is an issue for ongoing debate and scrutiny. This study scrutinises the supposed benefits of diversity for risk management on the dimensions of gender and age. The analysis is based on staff survey responses drawn from ten banks headquartered in Australia, Canada and the UK.

Elizabeth Sheedy published the article 'Senior female bankers don't conform to stereotypes and are just as ready to take risks' in The Conversation on 30 January with more than 10,000 reads, which proves the relevance of diversity themes in risk management.

2016

Details Description
24 November 2016
Sydney CBD

Associate Professor Roy Kouwenberg
Chair of the Ph.D. Program at Mahidol Unversity, Bangkok

Moderator:
Associate Professor Peter Vann
Program Director, Retirement Outcomes, MAFC

Panel:
Simon Russell
Founder and Director of Behavioural Finance Australia (BFA)
Steve Christie
Director and Principal of ACD Financial
Frank Ashe
Honorary Fellow, MAFC
David Bell
Chief Investment Officer, Mine Wealth and Wellbeing Super Fund

Seminar with Assoc. Prof. Roy Kouwenberg discussing ambiguity aversion and investment philosophies in retirement wealth targets

'Ambiguity aversion and household portfolio choice: Evidence and implications'

Most investment decisions have to be made without exact information about the distribution of future stock returns, a problem known as decision making under ambiguity (facing “unknown unknowns”). It is typically assumed that people dislike making decisions under ambiguity, but little is known about how ambiguity aversion influences people’s actual investment decisions in practice.

Download the paper

'A liability-relative drawdown approach to pension asset liability management'

In the last decades, the traditional investment philosophy of pension funds has come under pressure after facing a perfect storm of lower interest rates and high market volatility. The traditional mean-variance framework is ill suited to deal with the non-normal extreme returns observed in financial markets.

Download the paper

9 November 2016
Sydney CBD

Dr Anthony Corr
Research Director, Redpoint Investment Management

Managing impact of biases and risks when incorporating ESG factors in equity portfolios?

The incorporation of Environment, Social and Governance issues into investment decision making is an important part of the Australian asset management landscape. Almost every major Australian asset owner is a signatory to the UN Principals for Responsible Investing (UNPRI). The first principal requires signatories to incorporate ESG issues into investment analysis and decision making processes. How this is achieved is left to the signatories.

Download the presentation PDF, 763.11 KB

2 November 2016
Sydney CBD

Geoff Brianton
Chief Investment Office, Lincoln Indicators

Can Super Funds change the world? Exploring the use of ESG considerations in management of Super Fund

To what extent should the various agents responsible for the management of superannuation funds take environmental, social and corporate governance (known collectively as ESG) considerations into account in their investment strategies? ESG issues have risen up the agenda of most Super Funds over the last decade - but what should be their response and can the issue be effectively delegated to the Fund Managers employed by Super Funds?

Download the presentation PDF, 20019.76 KB

12 October 2016
Sydney CBD

Al Clark
Global Head of Multi-Asset, Nikko AM

The Increasing Impact of Geopolitics on Investment Decisions

From Brexit, the European refugee crisis, and ISIS to North Korean missile launches, South China Sea skirmishes and Donald Trump. The list of potentially destabilising geopolitical events seems to be growing by the day. Al Clark, Global Head of Multi-Asset at Nikko Asset Management, will share his team’s research and insights into geopolitics and how best to incorporate the potential impact when making asset allocation decisions.

Download the presentation PDF, 2140.74 KB

19 October 2016
Melbourne CBD

31 August 2016
Sydney CBD

John O’Connell
Chief Investment Officer, Macquarie Banking & Financial Services
Founder, OwnersAdvisory by Macquarie, an industry award winning digital investment advice platform

The evolving world of Digital Financial Advice through the eyes of a Robo adviser

The rise of Robo-advice has attracted both keen competition and fierce debate. While the variety and popularity of online investment and savings platforms has grown dramatically, key issues remain unanswered. Where does Robo advice fit in the spectrum of wealth management and which forms will survive. We invited John O’Connell, the Chief Investment Officer of Macquarie’s Banking and Financial Services group, to take us through the rapidly evolving field. In particular John outlined how the advice, planning and fund management channels business models are adapting and walk us through Macquarie’s robo adviser, OwnersAdvisory.

Click here to watch the presentation and learn more.

 
28 September 2016
Sydney CBD

Dr John Laker
AO, BEc (Hons 1) (Syd), MSc (Econ) PhD (Lon), Hon DScEcon (Syd)

Associate Professor Elizabeth Sheedy
PhD(Macq) BCom(UNSW)

My Oath! Does the financial services industry need 'The Banking and Finance Oath'?

Dr. John Laker and Associate Professor Elizabeth Sheedy will discuss these and the audience’s questions during this Finance Professional Talk. The Banking and Finance Oath is founded on a shared belief in the inherent ‘good’ of the banking and finance industry. The Oath is an effort to re-assert the ethical foundation of the industry beyond regulation and compliance, by broadening expectations and discussion to include ethics, integrity, honesty and trust.

22 September 2016
Melbourne CBD

Simon Russell
Founder and Director of Behavioural Finance Australia (BFA)

Overcoming the hidden biases in financial forecasts

Financial forecasts and predictions for the future underpin decision-making made by governments, corporations and investors. Forecasts can have substantial financial, economic and social consequences. However, many forecasts are systematically biased by decision-making traps. In this talk Simon Russell will explore some of the psychology behind common forecasting errors, and strategies to help identify and overcome them.

Download the presentation
PDF, 1523.87 KB

Read Simon's article: 'Like magic: forecasts go up, forecasts go down'

20 June 2016
Sydney CBD

Salvatore Ferraro
Founder, Evidente

The cult of equity. Will future stock returns be permanently lower and what are the key investment implications?

The substantial decline in returns from low risk assets since the financial crisis has confounded most economists and underpinned the widely held view that lower risk free rates must be associated with lower expected returns from risky assets such as stocks.  But earnings yields have remained stable at the same time that risk free rates have fallen, suggesting that controlling for future growth, the equity risk premium has increased. A higher risk premium is consistent with evidence that hurdle rates across corporate Australia have remained sticky and that animal spirits remain dormant. The implications for rate of return regulation of utilities are explored.

Download the presentation PDF, 2413.62 KB

18 May 2016
Sydney CBD

Shane Magee

Senior Lecturer,
Macquarie Applied Finance Centre

Risk governance in the Insurance sector

Regulatory expectations with regard to risk governance in financial institutions have risen significantly – see CPS220 and Solvency II.  Risk governance mechanisms (such as an active board risk committee, high status Chief Risk Officer) are designed to focus the attention of the board on risk management, but how effective are these mechanisms? In this session we report results from a research project analysing risk governance in 107 insurance firms drawn from 18 countries including Australia.  Under what circumstances are firms most likely to adopt risk governance?  What are the consequences of adoption in terms of firm performance? 

Download the presentation
PDF, 821.18 KB

View the Graduate Diploma of Applied Finance (Risk Management) brochure
PDF, 100.94 KB

28 April 2016
Sydney CBD

Hosted by
Elizabeth Sheedy

Associate Professor, Program Director, Financial Risk Management Stream,
Macquarie Applied Finance Centre

Speaker
Pat McConnell

Honorary Fellow,
Macquarie Applied Finance Centre

Strategic risk management - The failure of HBOS

Strategic Risk is one of the greatest risks facing any firm.  The failure of a corporate strategy will invariably cause losses to shareholders and may even result in the bankruptcy of the firm, as occurred, for example, with Lehman Brothers and the Royal Bank of Scotland. The presentation will look at the reasons why the UK bank Halifax/Bank of Scotland (HBOS) failed, requiring over £20 billion of UK taxpayers’ support.  The UK banking regulators, the PRA and FCA, categorised the failure as the result of a “flawed and unbalanced strategy”. The presentation will describe this flawed strategy and the failure to manage the strategic risks in it.

Download the presentation
PDF, 981.32 KB

View the Graduate Diploma of Applied Finance (Risk Management) brochure
PDF, 100.94 KB

22 April 2016
Melbourne CBD

Moderated by 
Dr Peter Vann

Associate Professor and Program Director, Funds and Wealth Management Stream,
Macquarie Applied Finance Centre

Speakers and Panellists
Nick Callil 

Head Retirement, Willis Towers Watson
Scott Durbin
General Manager, Strategy and Retirement, Colonial First State
Justin Sadler
Executive Officer Member Relationships, EquipSuper

The road ahead to good retirement outcomes

Peter Vann moderates a panel of experts discussing the road ahead for good retirement outcomes in an open forum.

There has been much discussion and planning of potential future developments by the financial industry to service the growing portion of the population in retirement. 

In this session, our panel will undertake:

  • A broad “stock take” of the current mechanisms for delivering retirement outcomes,
  • A pragmatic look at the future direction and requirements to deliver good retirement outcomes to retirees, including
    • How to pragmatically manage the idiosyncratic nature of retirees,
    • The products and services required, and
    • How advice can be effectively delivered to the vast cross section of retirees.

7 April 2016
Melbourne CBD

Speakers
Tony Carlton
Program Director, Corporate Finance,
Macquarie Applied Finance Centre
Paul Brunker
Director, Optar Capital and Equities Expert
Manda Trautwein
Director, Business Advisory,
William Buck

Perspectives on the state of valuation in Australia

Valuation plays an important role in many aspects of corporate finance, financial reporting and business decision making. In this seminar, experts from a wide range of valuation perspectives examine the current state of valuation practices in Australia and highlight trends you need to anticipate.

3 March 2016
Sydney CBD

Hosted by
Elizabeth Sheedy
Associate Professor and Program Director, Risk Management Stream, Macquarie Applied Finance Centre

Speaker
Professor Marco Wilkens
Professor of Finance at University of Augsburg

Use of Options by Mutual Funds (Unit Trusts)

The study investigates the important question whether the use of derivatives by mutual funds is beneficial or not. The analysis shows that the use of options by mutual funds yields higher risk-adjusted performance compared to nonuser funds. This is not only due to mechanical effects but also based on superior skill of option user funds' managers. Moreover, option user funds show significantly less systematic risk because they use options mainly for hedging strategies and not for speculation.

The conducted work is also relevant with regards to a paper issued by the SEC in 2011 and currently leading to the preparation of new regulation by the SEC in fear of any risk posed to the financial system or the broader economy. However, the obtained results indicate that such fears might be unjustified as mutual fund option usage enhances their performance and reduces their systematic risk.

Read the paper: 'The benefits of option use by mutual funds', Markus Natter, Martin Rohleder, Dominik Schulte and Marco Wilkens, University of Augsburg, February 18 2015

17 February 2016
Sydney CBD

Moderated by
Dr Peter Vann
Associate Professor and Program Director, Funds and Wealth Management Stream, Macquarie Applied Finance Centre

Speakers and Panellists
Aaron Minney
Head, Retirement Research, Challenger Financial Group
Scott Durbin
General Manager, Strategy and Retirement, Colonial First State
Steve Christie
Honorary Fellow,
Macquarie Applied Finance Centre, and
Principal,
ACD Financial

The road ahead to good retirement outcomes

Peter Vann moderates a panel of experts discussing the road ahead for good retirement outcomes in an open forum.

There has been much discussion and planning of potential future developments by the financial industry to service the growing portion of the population in retirement. 

In this session, our panel will undertake:

  • A broad “stock take” of the current mechanisms for delivering retirement outcomes,
  • A pragmatic look at the future direction and requirements to deliver good retirement outcomes to retirees, including
    • How to pragmatically manage the idiosyncratic nature of retirees,
    • The products and services required, and
    • How advice can be effectively delivered to the vast cross section of retirees.

11 February 2016
Sydney CBD

Moderated by
Tony Carlton
Program Director, Corporate Finance,
Macquarie Applied Finance Centre

Speakers and Panellists
Stephen Reid
National Valuations Leader, Deloitte
Steven Bishop
Executive Director, Author, and Expert in Value Based Management
Paul Brunker
Director, Optar Capital and Equities Expert

Perspectives on the state of valuation in Australia

Valuation plays an important role in many aspects of corporate finance, financial reporting and business decision making. In this seminar, experts from a wide range of valuation perspectives examine the current state of valuation practices in Australia and highlight trends you need to anticipate.

8 February 2016
Melbourne CBD

Laurence Irlicht
Executive Director - Indexed Equities, IFM Investors

Better Beta. What is it really? And why it can work.

In recent years, a new class of equity investment strategies has strongly gained popularity. Known by a variety of names including Better Beta, Smart Beta, Alternative Beta, amongst others, these strategies attempt to beat the market by moving away from capitalisation based indexation towards systematic, and transparent alternative weighting schemes. Examples include Equal Weighting, Low Volatility, Fundamental Indexation, Minimum Variance and many others.

These strategies are becoming increasingly important in our current environment of low equity returns and increasing focus on costs.

In this presentation, we argue why Better Beta should be possible in light of modern findings in empirical finance. We then introduce a simple but instructive example which shows how Better Beta can work in the context of an equally weighted portfolio.

We then show how an investor’s best Beta approach is determined by what information they have, or believe about the market.

Finally, we describe a few of the more popular Better Beta approaches, and note the assumptions about the market which would have to hold for each to be optimal.

2015

Details Description

11 November 2015
Shang-ri-la
The Rocks, Sydney

Chris Condon
Geoff Warren

and others

Contextualising Retirement Income Issues and Solutions

An event supported by Macquarie Applied Finance Centre

There has recently been an increasing amount of discussion on solutions for the retirement phase of the superannuation industry. Unfortunately, there also appears to be much confusion and misinformation.

Macquarie Applied Finance Centre supports Q Group Australia's initiative to reduce confusion and misinformation about solutions for the retirement phase.

26 October 2015
Sydney CBD

James Lockyer
Development Director at Association of Corporate Treasurers

Current Issues in Treasury

Presented by the Association of Corporate Treasurers (UK) and Macquarie Applied Finance Centre

James will discuss some of the key issues facing treasurers today, their potential impact on the business, and the timescales involved.  He'll provide a European perspective alongside consideration of the Australian market.

The world is developing faster than ever, so today’s business needs to be actively thinking about tomorrow’s strategy - historic experience is no longer a reliable basis to anticipate the future.  Hear James address issues facing treasury and its ability to facilitate sound investments, source appropriate funding for those investments, and help manage the risks to stakeholders.

20 October 2015
Singapore, joint event with SAA Global Education

Tony Carlton
Program Director, Corporate Finance,
Macquarie Applied Finance Centre

How the CFO can use corporate finance skills to contribute to value creation

15 October 2015
Sydney CBD, hosted by KPMG

14 September 2015
Melbourne CBD

Elizabeth Sheedy Associate Professor, Program Director, Financial Risk Management Stream,
Macquarie Applied Finance Centre

What we know about risk culture

The Risk Culture Project has developed the world’s first rigorously validated survey instrument for assessing the risk culture of large banks.

Now that the methodology has been rolled out to multiple large banks, what do we know about the nature of risk culture and how it varies? Come for an update on the first major empirical investigation of risk culture.

Based on Sheedy and Griffin ‘Empirical Analysis of Risk Culture in Financial Institutions’.

9 October 2015
Singapore

6 August 2015
Sydney CBD

27 July 2015
Melbourne CBD

Max Morley
Honorary Fellow,
Macquarie Applied Finance Centre

Credit decisioning: the human factor

It’s now well established that humans frequently make cognitive errors in decision making. This session looks at what we can learn from psychology about making better credit decisions.

9 September 2015
Melbourne CBD

17 August 2015
Sydney CBD

Stephen Reid 
BEc(MQ)
Partner | Corporate Finance, National Leader – Valuations, Deloitte Touche Tohmatsu

Optimising project design for value: better decisions for large capital expenditure projects

The value of resources projects is routinely overestimated and poorly understood when projects are sanctioned. Why is this the case?

There is a better way to consider value than the normal base case with a low and a high, to enable better decisions to be made when sanctioning resources projects.

A better approach combines tools and techniques from decision analysis, corporate finance and valuation, portfolio management, data analytics, and behavioural economics to provide tailored insights.

21 August 2015
Sydney CBD

28 July 2015
Melbourne CBD

6 July 2015
Singapore

Paul Kennedy
Honorary Fellow,
Macquarie Applied Finance Centre

Operational risk and eliciting expert opinion

Risk analysis is relatively easy to perform for high frequency events and in stable environments, such as assessing the potential for credit card fraud in the next month. But some risks are much harder to assess due to either lack of data or a changing business environment.

You'll hear how the research provides insights into how to use expert judgement to produce effective risk assessments.

30 July 2015
Melbourne CBD

10 July 2015
Sydney CBD

Simon Schwarz
Honorary Fellow,
Macquarie Applied Finance Centre

Credit analysis: accounting vs. market or both

In recent years the controversy has raged about the best information upon which to base credit decisions. Is it best to use data from the markets (where available) or the accounts or both? New research provides useful guidance for institutional bankers.

14 May 2015
Sydney CBD

Elizabeth Sheedy
Associate Professor, Program Director, Financial Risk Management Stream,
Macquarie Applied Finance Centre

Cashflow-at-risk modelling

A vast literature exists to guide VaR modelling for short-term trading positions. But what about modelling strategies for longer-term exposures?

With a focus on practical guidance for simulating currency and commodity price exposures, this seminar is based on De Mello, Sheedy and Storck (2015) Journal of Applied Corporate Finance.

30 April 2015
Sydney CBD

Susan Edwards
Senior Lecturer,
Macquarie Applied Finance Centre

Secured financing: an essential up-date on the Personal Property Securities Act

If you are a financier do you have enforceable security?  If you are a borrower could you lose ownership of your property? Do you even know what the PPSA is?

This session looks at the first three years of the PPSA, its impact on secured financing, and how the Act is applying to transactions. Some of the Act's consequences include owners losing their property and some financiers losing their security.

The Act has revolutionised security law in Australia and is here to stay.  With the final Review of the Act having just been released, and Review will be debated, those working in the area need to deal with the law on a daily basis.

11 March 2015
Sydney CBD

Professor Rudi Zagst
Mathematical Finance
Director of the Center of Mathematics 
Head of the Chair of Mathematical Finance at Technische Universität München, Germany

A Quantum of Solace – Mathematical lessons from turbulent times

Rudi will examine the burst of the dotcom bubble (2000) and the latest financial crisis (2007–2009) initiating frustrations among investors and quants.

You'll enjoy comprehensive discussion on how best to model financial markets, and in particular, how to forecast market downturns and other economic crises.

Rudi will look at possible answers to this question even if remaining unsolved for generations. He'll start with a weather forecast for the financial market, and continue via the pricing of CDOs under changing market conditions, progressing to a new index for measurement of illiquidity. Finally, Rudi will attempt to provide solace to all those who thought that the invention of new quantitative models ended with the credit crunch.

19 March 2015
Sydney CBD

19 February 2015
Melbourne CBD

Wai-Yee Chen 
CPA MAppFin (Macq) ADA2(ASX)
Senior Adviser - Derivatives Specialist
Ord Minnett

Instinct vs. Logic: Neuroscience and Finance Professionals - What, when and how

As professionals in finance and numbers-based sectors, we engage in logic, data, facts, research and analysis in almost all of our work.

Well-meaning colleagues, friends and family advise us not to be impulsive in our decision making, not to be led astray by emotions, to have self-control, and to use logic in our daily considerations.

What about when it comes to the big decisions in life and at work? Is it all logic? Or is another type of intelligence at play?

What is this "other" intelligence that we naturally engage in some decisions?  How do we know when to use it?  What is it, anyway?  Do I have it, can it be trusted, or how do I engage more of it?

Let's explore these questions and gain insight into the interaction of instincts with logic, and how neuroscience gives us clues to our integrated intelligence.

27 March 2015
Melbourne CBD

Natasha Hall
Associate Director, Financial Services
Standard & Poor's

Can effective enterprise risk management impact credit ratings?

Examining the way in which the adequacy of enterprise risk management (ERM) can impact credit ratings in the insurance sector, Natasha will also discuss the regulatory drivers of ERM advancement and the consideration of regulatory frameworks within S&P’s industry and country risk assessments.

S&P's approach to detailed ERM, economic capital modelling assessments for insurers, and the  advancement of ERM practices across the Asia-Pacific region, will be explored. 

10 February 2015
Singapore

Tony Carlton
Program Director, Corporate Finance,
Macquarie Applied Finance Centre

Tips for Improving Valuations

You'll learn of:

  • ways to incorporate mean reversion of earnings, growth options and downside risks into a valuation; and
  • benefits of modelling residual income.

Tony will outline recent developments in cost of capital research, using multiples as a valuation tool, and the latest analytical and empirical research into valuations.

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