Finance - Research Publications

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    Takeovers, Ownership, and Shareholder Wealth — The Australian Evidence
    Shekhar, C ; Torbey, V (Emerald, 2005-03-01)
    We examine the relationship between value, ownership, and governance structures for a set of acquisitions by Australian companies over the period of 1994–2001. We find that the propensity to diversify increases with the equity ownership of firms' directors, whereas the composition of the board, the presence of block holders and their ownership does not materially affect the decision to diversify. Board size has a positive but weak impact on the tendency to diversify. We also find no significant negative wealth effects for the shareholders of diversifying firms, although in comparison the shareholders of non‐diversifying acquirers experience significantly positive upward revisions of firm values. Although method of payment influences acquirer returns, ownership and governance do not have any impact on announcement period returns. Our results support the notion that capital markets may consider the ownership and governance structures as exerting enough influence to overcome any costs imposed by diversification strategies, hence limiting value loss to the shareholders.
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    Credit Unions and Demutualisation
    Davis, K (EMERALD GROUP PUBLISHING LTD, 2005-01-01)
    This paper reviews experience with credit union demutualisation to date in the light of increasing discussion about whether demutualisation is a likely (or inevitable) future stage in the evolutionary process. It is argued that the credit union industry faces an inherent demutualisation bias which emerges as the sector develops maturity. Contributing factors include the emergence of professional management pursuing personal objectives, together with the economic realities of technological change, financial liberalisation, increased competition, and prudential regulation based on minimum capital requirements. Demutualisation incentives may partially reflect the unsuitability of the mutual form of governance in larger, more sophisticated financial institutions, but there is also a significant risk of demutualisation based on wealth expropriation motives. Alternative policies and strategies which might avoid this demutualisation bias are examined.
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    The market impact of trends and sequences in performance: New evidence
    Durham, GR ; Hertzel, MG ; Martin, JS (BLACKWELL PUBLISHING, 2005-10-01)
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    International joint ventures and political risk
    JANAKIRAMANAN, SJ ; LAMBA, A ; BAILEY, JB ( 2005)
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    On the upper bound of a call option
    Handley, JC (Springer Science and Business Media LLC, 2005-08-01)
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    Diversification, fee income, and credit union risk
    Esho, N ; Kofman, P ; Sharpe, IG (Springer Science and Business Media LLC, 2005-09-01)
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    Intraday REIT liquidity
    Bertin, W ; Kofman, P ; Michayluk, D ; Prather, L (Informa UK Limited, 2005-04-01)
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    DESIGNING BANKING SECTOR SAFETY NETS: THE AUSTRALIAN EXPERIENCE
    Davis, K ; Gup, BE (SPRINGER, 2005-01-01)