Carlin, Tyrone M; Ford, Guy --- "Editorial" [2004] JlLawFinMgmt 1; (2004) 3(1) Journal of Law and Financial Managment 7

• Editorial

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Editorial

2004 marks the third anniversary of the foundation of the Journal of Law and Financial Management, and also the transition from the production of one edition to two editions per year. We have been delighted with the growing awareness of the journal, and the strong support we have received from contributing authors and the ongoing efforts of the editorial board.

This edition of the journal, to be referenced as Volume 3(1) 2004, includes three papers. The first of these is by Professor Alex Frino of the University of Sydney. This important paper deals with the issue of whether the return on a synthetic position constructed using stock index futures and a risk free asset efficiently delivers the value of dividends. In his paper, Professor Frino offers a mathematical proof that the returns on synthetic positions using such contracts should deliver capital gains, cash dividends and the value of franking credits derived by arbitrageurs. This is an important result in financial management holding considerable implications for practical application.

The second paper in this edition, by Subhrendu Rath, follows the technical tone set by Professor Frino in his contribution, and deals with the question of autocorrelation in asset returns, another question of some significance to practitioners and researchers in financial markets and investment management.

The final paper in this edition of the journal was authored by Rami Hanegbi and Professor Mirko Bagaric, both of the School of Law at Deakin University. Their contribution, under the provocative title “Superannuation and the Ageing Myth” is bound to prove controversial. In this article, the authors attack a number of key shibboleths of the current policy stance on retirement incomes and explore alternative perspectives. It is to be hoped that this type of contribution will stimulate more robust debate on this issue of critical national importance.

Thanks once again to the editorial board for the support they have provided during the year, and to Carla Mollica without whose design and production skills the preparation of the Journal of Law & Financial Management would not be possible.

Tyrone M Carlin & Guy Ford, Sydney, June 2004.