- Finance - Research Publications
Finance - Research Publications
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ItemInformed trader usage of stock vs. option markets: Evidence from hedge fund investment advisorsMartin, JS ; Aragon, GO (SSRN Electronic Paper Collection, 2008)
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ItemTwo Paths to Financial DistressAharoni, G ; Brown, C ; Zeng, Q (European Financial Management Association, 2008)
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ItemAnalysts’ recommendation changes or disagreements with market consensus: from which signal does the market take its lead?Brown, RL ; Chan, HWH ; Ho, YK (European Financial Management Association, 2007)
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ItemManagerial perspectives on corporate finance decisionsCOLEMAN, L ; MAHESWARAN, K ; PINDER, S (Accounting and Finance Association of Australia and New Zealand, 2008)
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ItemTime varying short-horizon return predictabilityHenkel, SJ ; Martin, JS ; Nardari, F (SSRN Electronic Paper Collection, 2008)
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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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ItemThe sub-prime crisis down underBROWN, C. ; DAVIS, K. ( 2008)
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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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ItemMeasurement of insider trading in wagering marketsColeman, L (Informa UK Limited, 2007-03-01)
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ItemAudit quality, auditor compensation and initial public offering underpricingChang, X ; Gygax, AF ; Oon, E ; Zhang, HF (WILEY, 2008-09)Abstract We jointly study the impact of audit quality on auditor compensation and initial public offering (IPO) underpricing using a sample of Australian firms going public over the period 1996–2003. We find that quality (Big Four) audit firms earn significantly higher fees than non‐Big Four auditors, and audit quality is positively associated with IPO underpricing. The positive relation between audit quality and underpricing is more pronounced for small issues, IPOs underwritten by non‐prestigious underwriters, and those that are not backed by venture capitalists. Taken together, our results suggest that quality auditors serve as a signalling device that enhances post‐issue market value of equity.