Leveraged superannuation

Dunn, Peter, Francis, Scott and Hall, Jason (2009) Leveraged superannuation. Accounting and Finance, 49 3: 505-529. doi:10.1111/j.1467-629X.2009.00295.x

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Author Dunn, Peter
Francis, Scott
Hall, Jason
Title Leveraged superannuation
Journal name Accounting and Finance   Check publisher's open access policy
ISSN 0810-5391
Publication date 2009-09-01
Year available 2009
Sub-type Article (original research)
DOI 10.1111/j.1467-629X.2009.00295.x
Open Access Status Not Open Access
Volume 49
Issue 3
Start page 505
End page 529
Total pages 25
Editor Robert Faff
Place of publication Melbourne, Australia
Publisher Wiley-Blackwell Publishing Asia
Language eng
Subject C1
150205 Investment and Risk Management
900103 Superannuation and Insurance Services
Abstract Rules governing superannuation investments are made with respect to investment-specific risks, rather than overall portfolio risks. In particular, legislation prohibits borrowing except in specific circumstances and on a non-recourse basis. We model the distribution of leveraged portfolio outcomes for a representative investor, accounting for their age-earnings profile, differing taxation of dividends, capital gains and franking credits, and the volatility of equity returns and interest rates. With explicit portfolio modelling, there is no need to categorize specific investments as 'too risky' on a stand-alone basis. We show that leverage is likely to enhance retirement outcomes for investors with low risk aversion.
Keyword Leverage
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: 2010 Higher Education Research Data Collection
UQ Business School Publications
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Citation counts: TR Web of Science Citation Count  Cited 1 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 1 times in Scopus Article | Citations
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Created: Fri, 04 Sep 2009, 20:24:35 EST