We believe that stating the objective for superannuation in isolation is a second-best solution. Income in retirement is supported by the pillars of social security payments (including the age pension), superannuation drawdowns, and assets outside of superannuation (including, most notably, housing). Further, these pillars interact and should ideally be viewed holistically. Treating any one in...

We survey the long-term derivative instruments (warrants) offered by Australian institutions to elderly Australian investors. Our focus is on products other than plain-vanilla life annuities. There are currently four active products. They incorporate a strike price which is either constant or eligible for periodic upward resets. The guarantee terms vary in length from 5 years...

This article examines the ways in which offenders are required to provide very particular accounts of themselves and to self‐narrate in confined ways.

SRISK methodology recently proposed in the literature is refined and extended. The refinement is to define systemic risk using a formalised stress testing framework including a stress function. Baseline risk and the stress risk are in terms of the ordinary and stressed expectation. Stressed expectation is expectation computed under a hypothetical stress, modelled with the...

We examine potential sources of measurement error when evaluating the after-tax performance of fund managers based on periodic snapshots of their holdings alone, compared to when daily transactions data are also available. To do this, we compare portfolio return estimates based on imputed trades from monthly, quarterly and semiannual snapshots with estimates that also incorporate...