In this paper I rectify and extend the market governance model of Holmstrom and Tirole (1993) to develop and test a number of hypotheses concerning board structure and incentives. The forced departure of "non-independent" directors from the boards of companies due to regulatory-induced pressure enables the testing of this new theory of corporate governance based...

Social Impact bonds (SIBs) have attracted much attention in the aftermath of the financial crisis. They have been implemented in a number of countries as they seem to be an attractive proposition for financing the delivery of social services. But SIBs remain a fairly new financial instrument aiming at social impact with limited evidence regarding...

The literature on investment horizon is reviewed in order to enhance the understanding of potential influences on long-term investing by institutional investors. Investment horizon reflects an inter-connected web of influences related to an investor’s circumstances, the design of the investing environment, and the choices that are made by key decision makers. Twelve such influences are...

The world's largest insurer, French company AXA, is planning to divest tobacco stocks worth more than $2.5 billion. This will make it the first of the major insurance companies to divest its portfolio of tobacco stocks. The company says its selling out of tobacco for moral reasons, despite stocks remaining a lucrative investment. And it's...

Whether our tertiary education system can sustain, let alone improve participation levels, should be an important consideration for public policy. This presentation supporting paper showcases different scenarios of future participation in vocational and higher education in Australia. The forecasts show that governments must take a longer term view about investment in tertiary education, including balancing...