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Finance - Research Publications
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ItemAnalysts' recommendations: from which signal does the market take its lead?Brown, R ; Chan, H ; Ho, Y (SPRINGER, 2009-08)
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ItemAn empirical investigation of whether Australian capital gains tax reforms influence individual investor behaviourHanlon, D ; Pinder, S (Elsevier BV, 2007-11-01)
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ItemNo Preview AvailableAccess regime design and required rates of return: Pitfalls in adjusting for inflation and tax effectsDavis, K (SPRINGER, 2006-01)
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ItemCapital management in mutual financial institutionsBrown, C ; Davis, K (ELSEVIER, 2009-03)
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ItemThe sub-prime crisis down underBROWN, C. ; DAVIS, K. ( 2008)
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ItemThe valuation effects of prime rate revisions: Is there an advantage of being first?Ariff, M ; LAMBA, A ( 2006)
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ItemGovernance structures of initial public offerings in AustraliaShekhar, C ; Stapledon, G (WILEY, 2007-11)We study the relationship between venture capital financing, CEO ownership, compensation structure, and board structures for a group of Australian IPO firms. Results suggest that board structures are influenced by the industry the firm is in, and presence of venture capitalists results in a larger board with a higher number of outside directors. CEOs in non VC‐backed firms own a significantly higher fraction of firm shares, and CEO ownership is negatively related to both board size and outside blockholders. VC‐backed firms are significantly more likely to disclose information about CEO compensation packages, but the relationship between actual board size and structure and disclosure is insignificant. Finally, we also find that venture capital backing significantly decreases the time to change‐in‐status for firms, whereby firms cease to exist as independent entities.
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ItemEmployee Entitlements and Secured Creditors: Assessing the Effects of the Maximum Priority ProposalAnderson, J ; Davis, K (UNIV NEW SOUTH WALES, AUSTR GRAD SCH MANAGEMENT, 2009-06)Corporate failures and consequent default on obligations have, in some circumstances, led to significant losses for employees with accumulated unpaid leave entitlements. The Australian government responded initially to this problem by implementing a government-funded compensation scheme. Subsequently it announced a proposal involving legislating for seniority (maximum priority) of entitlements in corporate liquidation which has not been implemented. This paper analyses and provides quantitative estimates of the consequences of changing creditor priority in this manner. Contrary to conventional wisdom and arguments mounted in opposition to such a change, the effect on corporate funding costs would be extremely small. The paper argues that legislation to effect such a change warrants further consideration as a complement to the existing compensation scheme.
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ItemFund Size, Transaction Costs and Performance: Size Matters!Chan, HWH ; Faff, RW ; Gallagher, DR ; Looi, A (UNIV NEW SOUTH WALES, AUSTR GRAD SCH MANAGEMENT, 2009-06)Recent studies find evidence that small funds outperform large funds. This fund size effect is commonly hypothesized to be caused by transaction costs. Due to the lack of transactions data, prior studies have investigated the transaction costs theory indirectly. Our study, however, analyses the daily transactions of active Australian equity managers and finds aggregate market impact costs incurred by large managers are significantly greater than those incurred by small managers. Furthermore, we show large managers exhibit preferences for trade package formation and portfolio characteristics consistent with transaction cost intimidation. We analyse the interaction between transaction cost intimidation and the fund size effect, and document that large managers pursuing a highly active trading strategy suffer more from fund size, than large funds following a more passive strategy. This suggests the fund size effect is related to transaction costs, as trading activity is a good proxy for expected market impact. Finally, based on a simulation experiment, we find that transaction cost intimidation is at least as important as the increase in market impact costs due to fund size.
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