Finance - Research Publications

Permanent URI for this collection

Search Results

Now showing 1 - 6 of 6
  • Item
    Thumbnail Image
    The relation between R&D intensity and future market returns: Does expensing versus capitalization matter?
    Chan, HWH ; Faff, RW ; Gharghori, P ; Ho, YK (Springer Science and Business Media LLC, 2007-07-01)
  • Item
    Thumbnail Image
    On the upper bound of a call option
    Handley, JC (Springer Science and Business Media LLC, 2005-08-01)
  • Item
    Thumbnail Image
    Diversification, fee income, and credit union risk
    Esho, N ; Kofman, P ; Sharpe, IG (Springer Science and Business Media LLC, 2005-09-01)
  • Item
  • Item
    Thumbnail Image
    Narratives in managers' corporate finance decisions
    Coleman, L ; Maheswaran, K ; Pinder, S (WILEY, 2010-09)
    Abstract This article uses the extended case method to explore senior executives’ corporate finance decisions. We quantified firm’s finance practices using a mail survey, and then – to resolve puzzles in managers’ decision processes – conducted face‐to‐face interviews with chief finance officers of large listed firms. The interviews identified six themes as consistent influences on finance decisions: pressures imposed by clienteles; constraints on resources; risk management; heuristics; real options; and sustainability. We conclude that managers are logical and rational in their decisions, but employ a wider range of criteria than assumed in conventional finance theories.
  • Item
    Thumbnail Image
    Re-examination of the historical equity risk premium in Australia
    Brailsford, T ; Handley, JC ; Maheswaran, K (BLACKWELL PUBLISHING, 2008-03)
    Abstract In light of the ongoing debate over the value of the equity risk premium, its increasing use in the regulatory setting, and the impact of dividend imputation on the premium, this paper presents a timely new look at the historical equity risk premium in Australia, and provides an improved understanding of the historical record. We document concerns about data quality that become increasingly important the further back in time one looks. In particular, there are sufficient question marks over the quality of data prior to 1958 to warrant any estimates based thereon to be treated with caution. Accordingly, we present a new set of estimates of the historical equity risk premium corresponding to periods of increasing data quality but of decreasing sample size. Relative to bonds (bills), the equity premium has averaged 6.3 per cent (6.8 per cent) per annum over 1958–2005, which is a period of relatively good data quality. Together with other results in the paper, the findings reveal a historical estimate that is substantially less than widely cited historical studies would otherwise indicate. We reconcile prior evidence through documenting a dividend adjustment that has typically been overlooked. We also provide estimates that incorporate an adjustment for imputation credits.