2018 Investment Management Research Conference

Now in its 12th year, the annual IMR Conference presents investment management research. It has a focus on issues related to the flow of investment funds along the continuum from savers to the ultimate investment outcomes, and particularly regarding funds management (across all asset classes); wealth management (particularly investment and superannuation); and banking (particularly financial intermediation and regulation).

Previously the UTS Paul Woolley Centre annual conference, the IMR Conference is now a Portfolio Construction Forum initiative that brings together the full spectrum of investment management analysts - academic faculty from leading university business schools, public sector members, central bankers, professional investors, consultants and experienced practitioners and advocates.

The IMR Conference advances investment management research, and enables practitioners to better identify quality investment management solutions and their place in portfolios. We'd welcome you joining us!

Graham Rich                                            Ron Bird
Managing Partner & Dean                     Director - IMR Program
Portfolio Construction Forum                  Professor - University of Technology Sydney
 

QUICKLINKS

Overview  When, where, who it's suited to, CE hours

About  Introduction, 2018 Theme, Program & Faculty

Register  Registration options, terms and conditions

 

OVERVIEW

WHEN

Thursday 20 September 2018
- Arrive 7.45am-8.15am for check in
- Be seated by 8.20am
- The program starts at 8.30am sharp, and ends at 5.00pm

Friday 21 September 2018
- Arrive by 8.00am-8.30am
- Be seated by 8.35am
- The program starts at 8.45am sharp, and ends at 5.00pm

WHERE

Aerial UTS Function Centre
L7, Building 10, 235 Jones Street, UTS, Ultimo NSW 2007    
Getting there

MOST SUITED TO

The IMR Conference is most relevant to:
academics, public sector members, central bankers and regulators who focus on research in funds management, wealth management and banking; and,
financial services professionals - both practitioners and advocates - focused on the spectrum of issues involved in designing and building investment portfolios. This includes those from private wealth management firms, investment research and consulting houses, and funds management, superannuation and investment platform companies. It is particularly suited to CIMA® certificants and CFA Charterholders.

CE ACCREDITATION: 13 CE HOURS

The 2018 IMR Conference is assessed and accredited by the Forum for 13 CE hours that can be used to help meet the CE/CPD requirements of 15 regulators, associations, institutes and designations - including ASIC RG104/105/146 CE requirements and CIMA® certificants’ CE commitment.

 

ABOUT THE PROGRAM

INTRODUCTION

Now in its 12th year, the annual IMR Conference presents investment management research to an academic, public sector, central bank, regulator and financial services audience.

It has a focus on issues related to the flow of investment funds along the continuum from savers to the ultimate investment outcomes, and particularly regarding:
- funds management (across all asset classes);
- wealth management (particularly investment and superannuation); and,
- banking (particularly financial intermediation and regulation).

Previously the UTS Paul Woolley Centre annual conference, the IMR Conference is now a Portfolio Construction Forum initiative that brings together the full spectrum of investment management analysts - academic faculty from leading university business schools, public sector members, central bankers, professional investors, consultants and experienced practitioners and advocates.

The aim is to advance investment management research, and enable practitioners to better identify quality investment management solutions and their place in portfolios.

The IMR Conference is a companion program to the half-day IMR Workshop each March.

THIS YEAR'S THEME

Is a better functioning financial services industry around the corner?

The antecedent to the IMR Program, the Paul Woolley Centre, was established with the hope of bringing attention to the failure of the financial services industry worldwide to live up to its obligations of servicing us in an effective and respectful way. We do not want to claim any credit for the recent establishment of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry - but we welcome it in the hope that it will result in better functioning capital markets from which we all will benefit.

The focus of IMR Conference 2018 is on the obligations and behaviour of financial intermediaries and what needs to be done to obtain improved outcomes in this area.

FACULTY & PROGRAM

This year's keynote speaker, Professor Anat Admati, PhD, Stanford University, is a long-term activist in the policy debate on financial regulation. She is co-author of the book, The Banker’s New Clothes: What’s Wrong with Banking and What to Do About It. She has been named by Time Magazine as one of the 100 most influential people in the world and by Foreign Policy Magazine as one of the world’s 100 greatest thinkers.

Professor Admati is supported by leading local thought leaders in the areas of:
- banking - Professor Carl Rhodes, LittD, University of Technology Sydney
- capital markets - Professor Tom Smith, PhD, Macquarie University; and,
- information markets - Professor Stephen Taylor, PhD, University of Technology Sydney

In addition, 2018 will see the return of our popular debate. This year, it will address the (somewhat pessimistic) topic - Honesty, fairness and justice are incompatible with financial services.

The rest of the IMR Conference will follow the popular format of bringing together leading speakers from both academia and the private sector. We are happy to have speakers from four of the leading central banks - the IMF, the Federal Reserve, the RBA and the RBNZ.

From the responses of a worldwide call for papers, we have been able to put together a session consisting of six excellent academic speakers chosen because of the relevance of their work to the financial services industry.

Finally, 2018 will see the continuance of the very popular session introduced in 2017, where financial services professionals put forward important investment propositions for debate by a panel of academics and investment consultants - and the delegate audience.


Thursday 20 September 2018

8.30am-8.40am

Opening remarks
Graham Rich, IMR Conference Moderator & Dean, Portfolio Construction Forum

Welcome
Professor David Brown, PhD, University of Technology Sydney

8.40am-10.15am

Banking, Governance and Politics
Professor Anat Admati, PhD, Stanford Graduate School of Business

The Financial Services Royal Commission and the Limits of Corporate Social Responsibility
Professor Carl Rhodes, LittD, UTS Business School

10.15am-10.35am
Morning break

10.35am-12.40pm

Some Myths about Earnings
Professor Stephen Taylor, PhD, University of Technology Sydney

Carbon bubbles and stranded assets in financial markets
Professor Tom Smith, PhD, Macquarie University

Motivated savings: The impact of projections on retirement saving intentions
Professor Ben Newell, PhD, Deputy Head of School of Psychnology, University of New South Wales

12.40pm

Debate:  Honesty, fairness and justice are incompatible with financial services - Part 1
Positives:  Adjunct Professor Nicholas Morris, PhD, UNSW Sydney & Deen Sanders, OAM, PhD, Deloitte
Negatives:  Pauline Vamos, Chair, CIMA Society of Australia and Jack Gray, PhD.

1.05pm-1.40pm
Lunch break

1.40pm-3.25pm

Debate:  Honesty, fairness and justice are incompatible with financial services - Part 2
Positives:  Adjunct Professor Nicholas Morris, PhD, UNSW Sydney & Deen Sanders, OAM, PhD, Deloitte
Negatives:  Pauline Vamos, Chair, CIMA Society of Australia and Jack Gray, PhD.

Trade-offs in Bank Resolution
Giovanni Dell'Ariccia, PhD, International Monetary Fund

Explaining Monetary Spillovers: The Matrix Reloaded
Jonathan Kearns, PhD, Reserve Bank of Australia

3.25pm-3.45pm
Afternoon break

3.45pm-5.00pm

Is the market always right? Improving federal funds rate forecasts by adjusting for the term premium
Michael Callaghan, Reserve Bank of NZ

Final session to be advised


Friday 21 September 2018

8.45am-8.55am

Opening remarks
Graham Rich, IMR Conference Moderator & Dean, Portfolio Construction Forum

Introduction
Professor Ron Bird, IMR Conference Curator, University of Technology Sydney

8.55am-10.45am

Research Review 1: Are markets efficient? Insights from toy models for the trend and value anomalies
Stefano Ciliberti, Head of Alternative Beta Research, Capital Funds Management

Research Review 2: Less is More – Overdiversification in a problem in multi-manager portfolios
Michael Furey, CIMA
®, Delta Research & Advisory

Research Roundtable 3: What risks are we really managing?
Rein van Rooyen, CFA, CIMA, QSuper

Each Research Review includes a discussant panel:
Professor Kathy Walsh, PhD, University of Technology Sydney
Jack Gray, PhD
Assoc Professor, Philip Gharghori, PhD, Monash University
Professor Ron Bird, University of Technology Sydney

12.00pm-12.40pm
Lunch break

12.40pm-2.45pm

Choosing and using utility functions in forming portfolios
Assoc Professor Geoff Warren, PhD, The Australian National University

Global market inefficiencies
Professor Sohnke Bartram, PhD, University of Warwick

Investment, the corporate tax rate, and the pricing of franking credits
Professor Peter Swan, AO, PhD, UNSW Business School

2.45pm-3.05pm
Afternoon break

3.05pm-4.45pm

Global equity fund performance evaluation with equity and currency style factors
Professor David Gallagher, PhD, University of Queensland

Exchange-traded funds and retail investors: Hedging or gambling?
Professor Patrick Roger, PhD, EM Strasbourg Business School

Key takeouts & close
Graham Rich, IMR Conference Moderator & Dean, Portfolio Construction Forum

 

REGISTER

By registering for the 2018 IMR Conference, you agree you have read, understood and agree to be bound by the Registration Terms and Conditions below.

REGISTRATION OPTIONS

Registration is strictly limited to a maximum of 150 delegates, one third being academics, public secotr members, bankers and regulators, and two-thirds being financial services professionals.

Academics, public sector members, bankers and regulators:  Complimentary by invitation  Register now
Financial services professionals:  A$295+GST per person   Register now

REGISTRATION TERMS & CONDITIONS

Registration for the Program is subject to the standard Portfolio Construction Forum Program Terms and Conditions. By registering, you agree you have read, understood and agree to be bound by these, including but not limited to the CE policy and Cancellations policy.

Registration inclusions

Registration includes one individual attending the Program on Thursday 20 September 2018 and Friday 21 September 2018 including morning tea, lunch, and afternoon tea on both days as well as membership of portfolioconstructionforum.edu.au and access to the online webcast published after the program. Travel, accommodation and parking are not included.