This paper highlights some of the unrealistic expectations that managers and investors have in the ongoing debate over fees, with changes recommended for both sides.
The Perils of Preference Shares
This paper analyses the weaknesses of preference shares, using recent Australian examples to illustrate the issues.
Taking the Heat Out of Home Lending
This article details specific measures banks should take beyond current prudential guidelines to de-risk their home lending operations in advance of a potential fall in house prices.
Beware of Greeks Selling Bonds? (A 5 C’s Analysis of Greek Debt)
This article uses the 5 C’s of credit to analyse the creditworthiness of Greece and to provide an opinion on the recently issued bonds.
Should Qantas be Given Taxpayer Assistance and What Will it Cost?
This article analyses whether taxpayer assistance for Qantas is fair and necessary. It also estimates the cost of a government guarantee of Qantas debts.
Where are we at in the credit cycle and how should investors respond?
This article defines the four phases of the credit cycle, then details how investors should position credit portfolios to profit from coming phases.
Does Australia have a House Price Bubble and are RMBS at Risk?
The question of whether Australian house prices are excessive is increasingly being asked. This article briefly reviews the theory and history of housing bubbles, before analysing Australian house prices and what impact a bubble could have on Residential Mortgage Backed Securities (RMBS).
All the Hallmarks of a Credit Bubble in China
In the lead up to previous credit crises, six indicators have pointed to the impending danger. This article analyses how China benchmarks against these indicators and concludes that China is highly likely to be heading towards a credit crisis and substantial economic downturn.