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2023 Financial Markets and Corporate Governance Conference (FMCG 2023)

We are proud to present the 13th Financial Markets and Corporate Governance Conference and PhD Symposium (FMCG 2023) at Deakin Business School. The three-day conference will be held virtually and it is free to attend.

Registration and program

Register for FMCG 2023

Download the Program Overview

Download the full program – updated to include prize and award winners

Page index

Conference overview

With a comprehensive program including multiple concurrent sessions, this conference will bring together leading experts from around the world to discuss, consider and share current research and emerging trends in the Australian and international finance sector.

This conference will bring together leading professionals from across the world to discuss, and share recent research and developing trends in the Australian and global finance sectors. It will feature several concurrent sessions.

There will be daily keynote presentations by leading finance scholars and in-depth panel sessions on Fintech, ESG finance and superannuation (pension) funds, which will appeal to both academics and practitioners.

Call for papers

The Deakin Business School in partnership with La Trobe University, Macquarie University, RMIT University, UNISA and Victoria University of Wellington invites academics and PhD students to submit papers to be considered for presentation at the 13th Financial Markets and Corporate Governance Conference and PhD symposium (FMCG2023). The conference and PhD Symposium will be held virtually. There is no registration fee. Please submit your paper at fmcg2023@deakin.edu.au


Conference Best Paper Awards

Five Conference Best Paper awards ($500 each)

One best paper award will be presented under each of the following categories:

  • Accounting Information/ Disclosure Practices/Earnings Quality/Audit Fees
  • Asset Pricing/Financial Markets/Market Microstructure/Funds Management
  • Banking/Behavioural Finance/Corporate Finance/Financial Economics
  • Corporate Governance/Social Responsibility
  • Emerging Markets.


PhD Symposium Best Paper Awards

Five best research paper awards ($500 each) at the PhD Symposium.

One best paper award will be presented under each of the following categories:

  • Accounting Information/ Disclosure Practices/Earnings Quality/Audit Fees
  • Asset Pricing/Financial Markets/Market Microstructure/Funds Management
  • Banking/Behavioural Finance/Corporate Finance/Financial Economics
  • Corporate Governance/Social Responsibility
  • Emerging Markets.


PhD Symposium Award

ELIGIBILITY of Award – PhD Symposium

Only the papers written by PhD students (sole authorship) will be considered for the PhD symposium award. 

Special Conference Issues 

Pacific-Basin Finance Journal (Elsevier’s Journal) will run a special conference issue focusing on Asia Pacific markets, and presenters at the conference are invited to consider submitting their papers for publication.

Keynote Speakers

Prof. Carole Comerton-Forde  

Differential Access to Dark Markets and Execution Outcomes
9am Wednesday, 12 April 

Carole Comerton-Forde is Professor of Finance at the University of Melbourne. Her research in market structure examines how the mechanics of the market, such as regulation and technology, impact prices, liquidity and trader behaviour. Her research focuses on equities markets but spans many geographies including Europe, US, Canada, Hong Kong and Australia. Her current research interests include fragmentation, dark pools and the connection between the cost of raising capital and secondary market liquidity. Her research has been published in leading academic journals including the Journal of Finance, the Journal of Financial Economics and the Journal of Financial and Quantitative Analysis.

Carole has previously held academic positions at UNSW, the Australian National University and University of Sydney, and visiting positions at New York University and the London School of Economics and Political Science. She was also Visiting Economist at the New York Stock Exchange. She has acted as a consultant for a number of stock exchanges and market regulators around the world. She is currently an economic consultant for the Australian Securities and Investments Commission, an Academic Advisor to the Plato Partnership and a Research Fellow at the Centre for Economic Policy Research.

Prof. David Yermack

Bitcoin Mining Meets Wall Street: A Study of Publicly Traded Crypto Mining Companies 
9am Thursday, 13 April 

Prof. David Yermack is the Albert Fingerhut Professor of Finance and Business Transformation and Chair of the Finance Department at New York University’s Stern School of Business, where he has been a member of the faculty since 1994.  In 2014 Prof. Yermack began teaching a full semester course at NYU on Digital Currency and Blockchains with his Law School colleague Prof. Geoffrey Miller.  The course was the first in the world on this topic taught at a major university, and it now draws more than 300 students annually.

Prof. Yermack was awarded AB (1995), MBA (1991), JD (1991), AM (1993) and PhD (1994) degrees, all from Harvard University.  In addition to his research on blockchains and digital currencies, Professor Yermack has published some of the most cited papers in the fields of executive compensation and corporate governance. He has also written papers on such diverse topics as options in baseball player contracts, incentive compensation for clergymen, tobacco litigation, fraudulent charitable contributions, CEOs’ mansions, and the fashion industry.  He is a frequent speaker on digital currency and blockchains to academic, industry, and government audiences.

Carola Frydman

New Perspectives from Financial History: The Role of Bankers on Boards 
9am Friday, 14 April 

Carola Frydman is the Harold L. Stuart Professor of Finance and the Faculty Director of the John L. Ward Center for Family Enterprises at the Kellogg School of Management at Northwestern University, and a Research Associate at the National Bureau of Economic Research. Her research areas are at the intersection of corporate finance and economic history, with special focus on corporate governance and executive compensation, financial frictions, financial crises, the development of financial markets, and antitrust policies. She was co-Editor of Explorations in Economic History, and Associate Editor of the Review of Financial Studies and the Journal of Economic History, among other journals. She is currently an Associate Editor at the Journal of Finance. Prior to joining Kellogg, she was a faculty member at MIT Sloan and at the Department of Economics at Boston University. She received a Ph.D. in Economics from Harvard University, and M.A. and B.A. degrees in Economics from Universidad de San Andrés, Argentina.

Plenary Panels

ESG panel

Impact Investing
1230–2pm Wednesday, 12 April 


  • Professor Tom Smith, Head, Department of Applied Finance, Centre for Corporate Sustainability and Environmental Finance, Macquarie University


Fintech Panel

Fintech Valuation and Capital Raising
12–1:30pm Thursday, 13 April



Practitioners Round Table Panel

Are public stock exchanges becoming obsolete?
2:15–3:45 pm Thursday, 13 April


  • Professor Allan Fels AO, University of Melbourne Law School, Founding chair of the Australian Competition and Consumer Commission 1995 to 2003.


  • David Ferrall, Founder (2015), Managing Director & Group CEO of FinClear. Australia first private capital exchange.
  • Scott Hudson, General Manager, Market Liason, ComputerShare, Australia largest share register for 800 of ASX’s 2,326 listed companies. 
  • Tim Sheehy, Director-General, The Chartered Governance Institute with a global membership of 43,000
  • Dr Shann Turnbull, Principal: International Institute for Self-governance, member of a private equity partnership who purchased over 50% or the shares in Antinomy Nickel in 1971 when the directors also owned over 50% because brokers on the stock exchange committee sold shares they did not own. In 1974 he obtained permission from the US SEC to undertake the first combined tender and proxy solicitation offer for a Pacific Exchange investment bank hat was a member of the New York Stock exchange on condition all seven equity parties disclosed the ultimate beneficial ownership of their offeror company. 

Round Table Agenda:
Over half the session will be allocated for audience Q & A. So the speakers will only make short introductory remarks to initiate audience participation. An outline of the motivations for the session and some of the issues to be discussed are set out below:

Democratising and purifying capitalism with sunlight share trading? 
Technology is making stock exchanges obsolete with dark pool trading volume in the US increasing to 42% of all equities. Major stock exchanges trade their own shares without prior disclosure of the identity of counterparties. ASX operating rules allows “anonymity and pseudonymity” to makes price discovery incomplete because the identity of who is trading is price-sensitive information. Knowledge of who you are dealing with is denied, to break a fundamental rule of business. It allows brokers to trade against their clients, insider traders, undisclosed short selling, naked short selling, and other types of direct and indirect manipulations, and a much more convenient and safer way to launder money and finance terrorist or other illegal transactions than using a legal casino. If stock exchanges can trade their own shares why should not regulators allow any firm to trade its own shares in the sunlight to allow everyone to be informed of who they are dealing with? The introduction of investor disclosure will be facilitated by Company Director IDs being extended to all citizens as announced by the Minister for Finance. There are now many truly public digital exchanges that offer such full disclosure of counterparties. Sunlight trading would purify capitalism with more efficient, simpler cost-effective trades with instant settlements.

Dr Shann Turnbull presented a paper ‘Can digital technology make self-listed firms more efficient?’ (powerpoints) to the 33rd Annual Australian Conference of Economists in 2021 and to the 35th conference of the Academy of Finance in 2022.

A related blog was posted on 21 March 2021 “RegistryZ To Replace Stock Exchanges? at https://www.longfinance.net/news/pamphleteers/registryz-to-replace-stock-exchanges/ The author Professor Alderman Michael Mainelli was then a Sheriff of the City London. Next November he becomes the 695th Lord Mayor of the City of London.

Superannuation Panel

Title: Australia's Super System – Past, Present and Future  
12.45–2:15pm Friday, 14 April




Program details

The three day program including PHD symposium and all concurrent sessions can be viewed in the daily schedules.

Conference Host

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