Owning a share of your work: tax treatment of Employee Share Schemes

An Employee Share Scheme (ESS) is a scheme where employers offer shares or options to an employee in relation to their employment. This report highlights the benefits, but also the difficulties in measuring the usage of ESS in Australia, and also examines the effectiveness of...
Discussion paper

Dirty big secret: financial performance of fossil fuel companies

Amid the stockmarket turmoil of 2020, fossil fuel companies have performed worse than the wider market. However, the underperformance of fossil fuel companies is not limited to early this year. Fossil fuel companies have performed worse than the wider market over the entire last decade.

Growing New Zealand's capital markets 2029

This report highlights the role capital markets play in supporting the growth and productivity of New Zealand.
Discussion paper

A history of Australian equities

This paper presents stylised facts about the historical Australian equity market, drawn from a new hand-collected unit record dataset on listed companies from 1917 to 1979.

Investing in the dark 2019: Australian companies are still failing to properly disclose climate risk

Since Market Forces first conducted this research at the start of 2018, companies have become more willing to acknowledge climate change risks. However, very few have fully detailed the potential implications of these risks for their particular business. Even fewer have disclosed plans to transition...
Working paper

Information effects of the Basel bank capital and risk pillar 3 disclosures on equity analyst research – an exploratory examination

An important component of the Basel Committee on Banking Supervision's framework of capital measurement and capital standards is the public disclosure of regulatory information (referred to as “Pillar 3” within the framework). The standard sets minimum requirements for the public disclosure of information on banks’...

Review of Australian equity market cleanliness

Market integrity is fundamental to well-developed financial markets. We consider it important to measure and monitor market cleanliness to provide an overview of market integrity in order to better inform our regulatory work. In this report, we have measured Australian equity market cleanliness using a...

Mine 2016: slower, lower, weaker ... but not defeated

Key findings: 2015 saw the first collective net loss in the Top 40’s history (US$27B) Market capitalisation is down 37% negating all gains from the commodity super-cycle High debt sees some miners fighting for survival through asset fire sales Focus on costs continues, but so...