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Brian Gray Scholarship program

APRA and the Reserve Bank of Australia have established the Brian Gray Scholarship program in memory of Brian Gray, who died on 24 August 2001 while serving as Executive General Manager of APRA’s Policy, Research and Consulting Division.

The Brian Gray Scholarship program will fund up to four scholarships annually, to the value of $15,000 each. The scholarship purpose is to support final year Honours and PhD students in finance, economics, actuarial science, econometrics, statistics or related disciplines, who intend to focus full time on their studies and research.

Under this Scholarship program, the recipients will devote a substantial amount of time to an agreed research topic and present their findings to APRA upon completion of their research. Scholarship holders may also be able to gain valuable work experience with APRA during their final year of study.

About Brian Gray

Brian Gray graduated with First Class Honours in economics from Sydney University and joined the Reserve Bank as an economist in 1977. There he had a distinguished career of 21 years and held senior positions in Economic Research, Securities Markets and Bank Supervision. Immediately before APRA’s formation in 1998, Brian was a Chief Manager in the Bank Supervision Department with responsibility for risk analysis and policy development. He was instrumental in designing prudential policy in areas such as loan securitisation and the market risk capital requirements for Australian banks.

Brian joined APRA at its inception with executive responsibility for development of prudential policies covering all financial institutions, research activities and APRA’s specialist risk analysis groups. He was a major force in designing a supervision framework for conglomerate groups and in APRA’s reform proposals for supervising insurance companies. He also was involved in superannuation reform.

Brian was highly respected in the Australian financial community and in Government. He was also well known and influential internationally, making significant contributions to Basel Committee work on its Core Principles for Effective Banking Supervision and reform of the International Capital Accord for banks. He co-chaired an important conference on supervising financial groups in London in 2000.

As Mr Graeme Thompson, APRA’s former Chief Executive Officer, has said: "Brian’s death was a sad shock to us all. He spent over two decades shaping policy at the Reserve Bank, and subsequently at APRA from its formation in 1998. He was known for his warmth and humour and for his interest in developing and guiding others, so it is fitting that his legacy includes supporting tomorrow’s experts in prudential supervision and regulation."

Brian is survived by his wife Cathy, and children Michelle, Joanne and Michael.

What is the application process?

Applications are to be submitted via an on-line application process. This will require you to complete an application form including academic details, work experience, extra-curricular activities, an outline of your proposed research and its relevance to APRA, and two written references. The written references will need to be attached to the application form and so you may need to scan hard copies for this process.

Who can apply?

The Brian Gray Scholarship is open to any Australian/New Zealand citizen or permanent resident, studying a topic of relevance to APRA. The focus will be on honours year students, although postgraduate students can apply.

When do applications close?

Application closing date for the 2019 scholarship intake: TBA.

Current recipients and research topics

Recipient Topic Course University
Chan, June Issues in funds governance PhD candidate, Doctor of Philosophy University of New South Wales
Harvey, Mitchell Asset Bubbles and Monetary Policy Shocks: Is there a relationship? Conducting quantitative research exploring if there is a relationship between monetary policy shocks and asset bubbles Honours candidate, Bachelor of Economics Monash University
Krahe, Kevin Improving the hedging of risk associated with retirement income portfolios and developing a “value-based longevity index” to improve hedging efficiency and reducing basis risk Honours candidate, Bachelor of Actuarial Studies & Bachelor of Economics University of New South Wales

Previous recipients and research reports

Previous years' research reports are available to download from the zip files below. Refer to the tables for the contents of each zip file.

Note: topics may differ slightly from the final report titles.

2017

Recipient Topic Course University
Balnozan, Igor Slow and Steady: Modelling heterogeneous drawdown behaviours in phased withdrawal retirement income products Honours candidate, Bachelor of Actuarial Studies University of New South Wales
Bui, Christina The effects of revenue diversification on financial stability PhD candidate, Doctor of Philosophy University of Technology, Sydney
de Silva, Kiefer On the composition of capital buffers and bank size Honours candidate, Bachelor of Commerce & Bachelor of Laws Monash University
Morris, Matthew Consumer choice of default options under accountability Honours candidate, Bachelor of Business University of Technology, Sydney

2016

Recipient Topic Course University
Lalovic, Ognjen Are hedge funds still hidden in the Shadows? An empirical analysis of US banking regulation Honours candidate, Bachelor of Commerce University of Western Australia
Parotte, Nicole Alternative funding mechanisms for primary health care in Australia Honours candidate, Bachelor of Science (Actuarial) Curtin University of Technology
Perks, Christopher Housing and macroprudential policy in Australia PhD candidate, Economics Australian National University
Wanzare, Nitya The impact of hard and soft information on mortgage default Honours candidate, Bachelor of Mathematics and Finance (Honours in Finance) University of Technology, Sydney

2015

Recipient Topic Course University
Araujo, Gabriela Contagion in financial networks Honours candidate, Bachelor of Commerce (Finance) & Bachelor of Economics University of Queensland
Peng, Natalie Xiaowen Determinants of member choice in the Australian superannuation industry PhD candidate, Accounting University of Queensland
Xian, Alan Liang Individual claim liability analysis using Markov-modulated Poisson processes Honours candidate, Bachelor of Commerce in Actuarial Studies & Bachelor of Science University of New South Wales

2014

Recipient Topic Course University
Brown, Alexandra The reaction of the Australian stock market to monetary policy announcements from the RBA Honours candidate, Bachelor of Commerce (Finance) & Bachelor of Business Flinders University
Diinis, Emmanuel The false hope revisited: The modern awards system and the defined contribution superannuation market Honours candidate, Bachelor of Economics in Commerce & Bachelor of Laws University of Western Sydney
Li, Ruizhu (Yolanda) Perceived value of using superannuation for purchasing a family home Honours candidate, Bachelor of Commerce University of New South Wales

2013

Recipient Topic Course University
Jutasompakorn, Pearpilai Predicting success of government intervention during GFC PhD candidate, Finance Monash University
Ljubic, Melissa A cross national panel data analysis of multidimensional deprivation Honours candidate, Bachelor of Commerce in Economics University of Wollongong
Nisbet, Elise Influence of board structure on the performance and governance framework of Australia's superannuation funds Honours candidate, Bachelor of Commerce (Finance) & Bachelor of Laws and Legal Practice Flinders University
Qu, Jason Zhiwei An efficiency study of the Australian superannuation industry Honours candidate, Bachelor of Economics and Bachelor of Commerce (Economics) University of New South Wales

2012

Recipient Topic Course University
Bui, Yen Measuring efficiency of Australian superannuation funds using data envelopment analysis PhD candidate, Finance Flinders University
Liu, Chung-Yu Claim-count modelling with shot noise Cox processes Honours candidate, Bachelor of Commerce (Actuarial Studies) University of New South Wales
Natraj, Ganesh Viswanath Is the RBA averse to interest rate volatility? Honours candidate, Bachelor of Economics & Bachelor of Engineering University of Western Australia

2011

Recipient Topic Course University
Preston, Nicholas Keeping up with the Joneses: The impact of reference groups on the subjective financial well-being of Australian retirees Honours candidate, Bachelor of Actuarial Studies & Bachelor of Science (Finance) Australian National University

2010

Recipient Topic Course University
Parrish, Tahlia How young Australians make their superannuation decisions Honours candidate, Bachelor of Commerce (Finance) & Bachelor of Laws and Legal Practice Flinders University
Rowell, David Moral hazard in the Australian market for comprehensive automobile insurance PhD candidate, Economics Australian Centre for Economic Research on Health, University of Queensland

2009

These reports are accessible via the Australian Government web archive.

Recipient Topic Course University
Donald, M. Scott What contribution does trust law make to the regulatory scheme shaping superannuation in Australia? PhD candidate, Law University of New South Wales
Ngai, Andrew Static hedging effectiveness for longevity risk with longevity bonds and derivatives    
Nichols, Luke Multimodel inference for reserving    
Weltewitz, Florian A model of credit risk in interbank markets with interest rate spreads Honours candidate, Bachelor of Economics University of Queensland

2008

These reports are accessible via the Australian Government web archive.

Recipient Topic Course University
Jones, Callum Measuring West Australian house prices: Methods and implications   University of Western Australia
McDougall, Lyn An analysis of superannuation fund default options Honours candidate, Accountancy Queensland University of Technology

2007

These reports are accessible via the Australian Government web archive.

Recipient Topic Course University
Hallett, Aiden The impact of electronic message board takeover rumours on the US equity market    
Matic, Vinko The impact of a pandemic on life insurance Honours candidate, Actuarial Studies Australian National University
Pollard, Mathew Bayesian value-at-Risk and the Capital Charge Puzzle Honours candidate University of New South Wales
Simpson, Jaan A discrete time renewal risk model with general interclaim times and its application to modelling insurance risk Honours candidate, Actuarial Studies  

2006

These reports are accessible via the Australian Government web archive.

Recipient Topic Course University
Sorbello, Robert Analysis of equity release products Honours candidate, Actual Studies Australian National University
Stuart, Robyn Robust estimation of dynamic models with unmodelled errors: An instrumental variable approach    

2005

These reports are accessible via the Australian Government web archive.

Recipient Topic Course University
Antioch, Dan Summary of risk calibration for currency options: Development and application of a calibration methodology for value-at-risk and the Greeks Honours candidate University of Melbourne
Boyd, Tristan What determines early exercise of employee stock options? Honours candidate University of Western Australia
Clark, Joseph Summary of comparison and evaluation of Australian superannuation funds: A consumer's perspective   University of Queensland
Tao, Emily Summary of analysis of premium liabilities fo Australian lines of business Honours candidate University of Melbourne

2004

These reports are accessible via the Australian Government web archive.

Recipient Topic Course University
Killmier, Sam Summary of exploring unknown quantities: Development and application of a stochastic catastrophe model with output and sensitivities Honours candidate University of Melbourne
Ngo, Phong International financial regulation, regulatory risk and the cost of bank capital: A summary PhD candidate, Economics Australian National University
O'Neill, Michael Principal components modelling of mortality Honours candidate, Finance and Applied Statistics Australian National University
Reedman, Evan An examination of the overreaction anomaly: Implications for the allocation of investment capital   Queensland University of Technology

2003

The recipients for 2003 were:

  • Dudek, Tomasz - Honours candidate, Actuarial Studies,
  • Layton, Maximilian - Honours candidate, Economics,
  • Lazarevic, Nina - Honours candidate, Econometrics, and
  • Sutherland-Wong, Christian - Honours candidate, Actuarial Studies.

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