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The Melbourne Centre for Financial Studies has been re-launched as the Australian Centre for Financial Studies on 7 July 2010.

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Organisational Structure and Governance


Industry Advisory Committee

Research Reference Groups

The Melbourne Centre for Financial Studies was established by a consortium of The University of Melbourne, Monash University and RMIT University, in conjunction with Finsia, in response to an initiative of (and provision of seed funding by) the Victorian Government. MCFS is governed by a Board appointed by its contributing members.

MCFS brings together researchers from a range of finance-related disciplines at the consortium member (and other) Universities and from the finance industry. Academic staff conducting research under the Centre's work programs are appointed as Associates of the Centre. A number of external researchers will be affiliated with MCFS. Research assistants and Fellows will be appointed to work on research projects undertaken by the Centre, and research capacity will be augmented by the short- and long-term visitors programs.

Professor Deborah Ralston
Director, MCFS
Professor Kevin Davis, Research Director,

Professor Deborah Ralston is the Director of the Melbourne Centre and a Professor of Finance at Monash University. Previous appointments include Pro Vice Chancellor of the Division of Business Law and Information Science at the University of Canberra, and Director of the Centre for Australian Financial Institutions at the University of Southern Queensland.

Deborah's academic background is in economics and financial management and she has taught in the areas of economics, corporate finance, credit risk management, financial statement analysis and financial institutions management. Her research interests include the impact of financial regulation, the strategy and management of financial institutions and regional economic development. She has published widely in these areas and is a co-author of the text Financial Institutions Management.

Deborah is a Fellow of the Australian Institute of Company Directors, the Financial Services Institute of Australasia, and the Australian Society of Certified Practising Accountants. Deborah was formerly a Director of heritage Building Society 1992-2003 and is currently a Director of the listed mortgage broking company Mortgage Choice.

Professor Kevin Davis is the Research Director of the Melbourne Centre and was its founding Director from June 2005 to June 2009.

Kevin Davis is a Professor of at the University of Melbourne. Prior to joining Melbourne in 1987, he was a Senior Lecturer in Economics at the University of Adelaide. His primary research interests are in the areas of financial institutions and markets, financial engineering and corporate finance. He is co-author/editor of sixteen books in the areas of finance, banking, monetary economics and macroeconomics and numerous journal articles and chapters in books.

Kevin is on the Board (and previously Chairperson) of the Melbourne University Credit Union, and the Board of SIRCA. He has developed and presented numerous training programs for banks and businesses. He has undertaken an extensive range of consulting assignments for financial institutions, business and government, including preparing a report for the Federal Government on Financial System Guarantees (http://fsgstudy.treasury.gov.au/content/default.asp). He is a Senior Fellow of Finsia and a Fellow of the FTA and of the AMIInstitute, and a member of the Economics Society of Australia, Accounting and Finance Association of Australia and New Zealand, American Economic Association, American Finance Association, Financial Management Association, Asian Finance Association.

The Melbourne Centre's Director reports directly to the Centre's Board, which is ultimately responsible for the governance and performance of the Centre. The Board comprises one representative from each of the founding members. Additional appointments to the Board have been made to represent new sponsoring members.

Syd Bone
Keryn Chalmers
Professor of Accounting
Monash University
Bruce Grundy
Professor of Finance
The University of Melbourne
        Professor Anthony Naughton
Martin Fahy
Tony Naughton
Professor of Finance
RMIT University

Finance and Human Resource functions for MCFS are provided by one of the consortium members which acts as the administering institution. Additional oversight of the research activities, governance, and accountability arise from regular performance reporting to the Victorian Government and to Faculty Deans at the Consortium Universities.

To ensure effective research linkages between the Melbourne Centre and researchers at its consortium members, each university has appointed a research manager who will liaise with the Centre's Director on a regular basis.

An Industry Advisory Committee (IAC) has been established, comprising senior members of the Melbourne finance, business and public sectors.

This committee provides strategic advice to the Board and the Centre Director on a range of issues. These include:

  • Identification of opportunities and needs for research to be conducted by the Centre
  • Review of, and suggestions for further development of the work program of the Centre
  • Promoting public awareness of the activities of the Melbourne Centre in the business and financial communities
  • Developing closer linkages between business and academe.

The Industry Advisory Committee meets four times each year, or as required. Members of the committee act in an honorary capacity. The Centre's Director attends meetings of the IAC, ensuring that effective use of the IAC's deliberations is made.