This paper examines the pricing of sterling interest rate futures and forward rate agreement (FRA) contracts using a unique high frequency data set. The futures/FRA differential is close to zero with narrow dispersion, yielding limited arbitrage opportunities when synchronous data are employed....

This study examines the determinants of a firm's decision to utilize a dividend reinvestment plan (“DRP”) and shareholder participation rates under the Australian dividend imputation regime over the period 1995–2009. A DRP enables managers to increase the dividend payout and distribute...

This paper examines the level of informed trading in mining-exploration and production stocks listed on the Australian Stock Exchange. The probability of informed trading is higher in exploration stocks. However, this same pattern is detected in a sample of control-stocks matched by trading...

This study investigates the impact of changes to the New Zealand Exchange's listing rules and legislative amendments to the Securities Markets Act 1988 enacted in December 2002. The reforms provided statutory backing for a more stringent disclosure regime. We find evidence that non-dual listed...

This paper examines the pricing of Eurodollar futures and US dollar FRA contracts using a high frequency data set. I find the median futures/FRA differential is close to zero and the dispersion of the differential smaller than reported in prior studies using low frequency data and implied...

Purpose – The purpose of this paper is to examine the proposition that unexplained price and volume movements detected by the New Zealand Exchange's (“NZX”) surveillance staff reflect speculative trading. Design/methodology/approach – The paper examines a sample of 98 price queries...

Purpose – The purpose of this paper is to investigate the impact of the introduction of New Zealand's statutory‐backed continuous disclosure regime enacted in December 2002 on the differential disclosure behaviour of New Zealand firms with good and bad earnings news....