Social impact bonds (SIBs) can be defined as “a mechanism that harnesses private capital for social services and encourages outcome achievement by making repayment contingent upon success.” Since 2010, which marked the advent of the first SIB, 43 have been set up in 11 countries representing an investment of over €200 million. Public welfare expenditures...

Organisational capital refers broadly to internal practices, processes and systems that enable firms to generate value. This paper presents an updated experimental estimate of organisational capital in the Australian market sector, derived using the standard expenditure approach for measuring intangible capital. We find that business investment in organisational capital in Australia is significant and fast...

On 4 February 2015, the NSW Government launched its Social Impact Investment Policy. The policy builds on the success of NSW’s social benefit bonds and sets out the Government’s intent to support a broader social impact investment market in NSW. As part of the policy, the Government aims to deliver two new social impact investment...

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...

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...