This staff working paper examines productivity trends in the Australian utilities industry and highlights some significant issues relating to the measurement and interpretation of changes in measured productivity over time. Multifactor productivity (MFP) growth in Australia's market sector has...

There are many incentives that impact managers' disclosure decisions. This paper primarily examines one of these incentives - the capital market incentive. We offer a unique setting, the electric utility industry as it transitioned through deregulation, and we show a positive association between...

In this paper we examine the impact of several local and global risk factors on the stock returns of S&P 500 industries' indices by applying a multifactor arbitrage pricing model. The local macroeconomic factors are industrial production, inflation, changes of expected inflation, term structure,...

In this paper we examine the impact of several local and global risk factors on the stock returns of S&P 500 industries' indices by applying a multifactor arbitrage pricing model. The local macroeconomic factors are industrial production, inflation, changes of expected inflation, term structure,...