Finance - Research Publications

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    Credit Unions and Demutualisation
    Davis, K (EMERALD GROUP PUBLISHING LTD, 2005-01-01)
    This paper reviews experience with credit union demutualisation to date in the light of increasing discussion about whether demutualisation is a likely (or inevitable) future stage in the evolutionary process. It is argued that the credit union industry faces an inherent demutualisation bias which emerges as the sector develops maturity. Contributing factors include the emergence of professional management pursuing personal objectives, together with the economic realities of technological change, financial liberalisation, increased competition, and prudential regulation based on minimum capital requirements. Demutualisation incentives may partially reflect the unsuitability of the mutual form of governance in larger, more sophisticated financial institutions, but there is also a significant risk of demutualisation based on wealth expropriation motives. Alternative policies and strategies which might avoid this demutualisation bias are examined.
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    Capital management in mutual financial institutions
    Brown, C ; Davis, K (ELSEVIER, 2009-03-01)
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    The sub-prime crisis down under
    BROWN, C. ; DAVIS, K. ( 2008)
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    Employee Entitlements and Secured Creditors: Assessing the Effects of the Maximum Priority Proposal
    Anderson, J ; Davis, K (UNIV NEW SOUTH WALES, AUSTR GRAD SCH MANAGEMENT, 2009-06-01)
    Corporate failures and consequent default on obligations have, in some circumstances, led to significant losses for employees with accumulated unpaid leave entitlements. The Australian government responded initially to this problem by implementing a government-funded compensation scheme. Subsequently it announced a proposal involving legislating for seniority (maximum priority) of entitlements in corporate liquidation which has not been implemented. This paper analyses and provides quantitative estimates of the consequences of changing creditor priority in this manner. Contrary to conventional wisdom and arguments mounted in opposition to such a change, the effect on corporate funding costs would be extremely small. The paper argues that legislation to effect such a change warrants further consideration as a complement to the existing compensation scheme.