In Australia, unlike US and European jurisdictions, the Reserve Bank of Australia discloses its stance on monetary policy via two separate events: the announcement of a monthly target cash rate for overnight loans; and two weeks later, the release of the explanatory minutes of the Board meeting...

In US and European jurisdictions, monetary policy announcements that set a target interest rate for overnight loans are followed promptly by projections materials or statements that explain the deliberation process. In Australia however, these releases are made separately with the announcement...

In this paper the probability of a player winning a tennis match is modelled, with the probability being updated on a point-by-point basis throughout the duration of the match. This modelled probability of winning the match is then compared on a point-by-point basis with the implied probability...

There is a wide literature on sports betting markets, a literature that examines the informational efficiency of these markets and uses them as laboratories to test for possible impacts of psychological factors on financial markets. The innovation of this study is the examination of price...

The level of firm investment, along with firm profitability, has been shown to be empirically powerful asset pricing factors in the US and other markets. The q-factor model of Hou, Xue, and Zhang (2014), and the 5-factor model of Fama and French (2014a), both rely on factors capturing the...

This paper provides a comprehensive examination of whether portfolios formed on capital asset pricing model anomalies capture information related to changes in the investment opportunity set and therefore may be appropriate candidates as state variables within Merton's (1973) ICAPM framework....

Two regularities in financial economics are that prices underreact to news events and that they display short-term momentum. This paper tests for the presence of these regularities in prediction markets offered by the betting exchange Betfair on the 2008 Ryder Cup Golf Competition. Betfair...

This paper provides a comprehensive examination of whether portfolios formed on capital asset pricing model anomalies capture information related to changes in the investment opportunity set and therefore may appropriate candidates as state variables within Merton's (1973) ICAPM framework....

Recent theory relates expected returns and covariant risk to the investment decisions of a firm. The irreversible nature of physical assets-in-place results in them being riskier than growth options across certain stages of the business cycle. Using the Australian accounting environment, this...

Zhang (2005) and Cooper (2006) provide a theoretical risk-based explanation for the value premium by suggesting a nexus between firms' book-to-market ratio and investment irreversibility. They argue that unproductive physical capacity is costly in contracting conditions, but provides growth...