This paper provides a framework for defining, formulating and evaluating value investment strategies. We define the relative value of an investment in terms of the prospective yield implied by the investment’s current price and expected future cash flows. We develop an intuitive and...

Recent years have seen an increase in takeover activity in the Australian share market. During this time several of the more active investors have been assigned the image of “corporate raider†by the media. This study looks at the share market reaction to seven such investors, namely,...

A number of recent U.S. studies have documented positive abnormal returns on, and in the period immediately surrounding, the day stocks trade “ex†stock dividends and splits. This paper investigates return behaviour on and around the ex-days of similar Australian capitalisation...