Prior research in the Australian equity market has failed to fully document the well-known influences of size and book-to-market effects that have been evidenced in other markets. While much is known about the size effect in Australia, data limitations have curtailed attempts to analyse the...

There is substantial argument that political risk is an important and increasing influence on international portfolio allocation decisions. The purpose of this paper is to investigate the relation between political risk and stock returns within the context of emerging markets. The issue is...

Emerging stock markets have been identified as being at least partially segmented from global capital markets. As a consequence, it has been argued that local risk factors rather than world risk factors are the primary source of equity return variation in these markets. This paper seeks to...

Accounting for defined benefit pension plans is complex, and given the magnitude of many of these schemes relative to their corporate sponsor, understanding whether pension disclosures are value relevant is key to improving the quality of financial reports. The application of fair value...

This paper examines the information content of stock option exercises versus regular insider share trades by corporate executives. We argue that the asymmetric payoff structure of options makes managerial wealth – compared to holdings of shares – relatively more sensitive to stock price...

This paper examines the impact of automated trading in the stock market on the information transmission between the stock and futures markets. This issue is of particular relevance given the trend of exchanges to introduce automated trading. We focus on the Australian market as its institutional...

This paper examines the financial effectiveness of marketing communication expenditure (MCE) as an instrument to increase risk-weighted capital. We nest a cross-sectional time-series panel model within the risk-adjusted earnings principles of Ohlson (1995), and apply the model to a dataset of...

This paper extends the existing literature by analysing the dual impact of changes in the interest rate and interest rate volatility on the distribution of Australian financial sector stock returns. In addition, a multivariate GARCH-M model is used to analyse the impact of deregulation on the...

The tentative decisions under International Accounting Standards Reporting Comprehensive Income (Performance Reporting) (IAS Plus 2004c) require several items that are noncore business to be included as comprehensive income. Using data from Australian firms we replicate the IAS adjustments and...