This study investigates how policy uncertainty affects the acquisition process during the post-announcement period. Utilizing a sample of Australian mining sector acquisitions over 1998-2017, we find that rising policy uncertainty after initial acquisition announcements is associated with delays...

We examine the wealth effect of reverse takeover transactions to shareholders of shell companies. Using three return proxies, including buy-and-hold return, expert-based return and implied premium ratio, we find evidence strongly consistent with a significant gain to shareholders of shell...

This paper examines the decision of private firms to go public through two alternative routes – IPO vs. backdoor listing (BDL). The latter involves a sequence of structured inter-company events by which a private firm achieves a listing status by undertaking a reverse takeover of a...

Using proprietary Australian Tax Office (ATO) data, we document the size, asset allocation and expenses for a sample of 209,420 Australian self-managed superannuation funds (SMSFs) for the three years to June 2010. Two recent Government reviews have highlighted a lack of basic knowledge of the...

Using proprietary data, this study examines auditor industry specialisation, professional brand effects and non-audit services (NAS) in the self-managed superannuation fund (SMSF) sector, the fastest growing and largest segment of the Australian $1.75 trillion retirement savings industry. We...

Keith Goode has for many years been one of Australia's highest profile mining analysts. He is unique among them, being a commissioned analyst. Goode's clients — mostly small cap mining companies with limited analyst coverage — pay for a report, which he publishes electronically, but only if...

This study investigates the economic consequences of fair value disclosure of earnouts required by IFRS 3 (2008). Due to the counterintuitive income statement effects of fair value accounting for changes in financial liabilities, acquirers are likely to overstate earnout liabilities at the...

We investigate firm level financial and non-financial information and their association with project failure for a sample of pre-production gold development firms. We choose pre-revenue generating ‘single project' mining companies, since project failure is synonymous with company failure for...

This study investigates how policy uncertainty affects firms' asset acquisitions and explores whether deal structure matters in mitigating uncertainty-related costs. Using a unique hand-collected sample of asset acquisitions with a mixture of staged and non-staged transactions, we document that,...