There is continuing debate in the asset-pricing literature as to the acceptance of the Fama–French three-factor model. While this model has received strong empirical support from tests in the US equity market, tests of the model in the Australian market have yielded inconclusive findings,...

This paper examines the statistical and economic significance of short-term autocorrelation in Australian equities. We document large negative first-order autocorrelation in individual stock returns. Preliminary results suggest this autocorrelation is economically significant, as two simple...

type="main" xml:id="acfi12061-abs-0001" <title type="main">Abstract</title> <p>Accounting and Finance (A&F ) has experienced a surge in published research in the last decade. The analysis here reveals a marked increase in the number of published articles in A&F since 2003, a distinct trend for published papers to have a...</p>

Value investment strategies are premised on research that value stocks outperform growth stocks. However, the research findings are dependent on the portfolio classification method that is used to sort stocks using the attributes of size and book-to-market ratios. Different stock markets contain...

In 1989 the New Zealand government deregulated the taxicab industry. Barriers to entry and centralised fare setting were abandoned. This paper examines the impact of the deregulation on industry concentration and fares in urban areas with populations of less than 100 000. While there appears to...

Guidance Note 1 of the Red Book states that the valuation of an operational entity includes four components: the land and buildings; the trade fixtures and fittings; the trading potential, excluding personal goodwill; and the benefit of any transferable licenses and consents. Accounting changes...