Unlike US and Continental European jurisdictions, Australian monetary policy announcements are not followed promptly by projections materials or comprehensive summaries that explain the decision process. This information is disclosed 2weeks later when the explanatory minutes of the Reserve Bank...

This paper uses a unique data set of trades in a unique pair of securities that enables the precise identification of individual broker activity and the trade direction of that activity. We find direct evidence that the imposition (removal) of short-sale constraints limits (generates) trading...

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...

Purpose – The purpose of this paper is to investigate the extent of directors breaching the reporting requirements of the Australian Stock Exchange (ASX) and the Corporations Act in Australia. Further, it seeks to assess whether directors in Australia achieve abnormal returns from trades in...

Unlike acquiring company shareholders in Australian takeovers, but like shareholders in government initial public offerings, shareholders of companies purchasing Australian government assets earn economically and statistically significant positive abnormal returns. However, unlike privatisations...

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

Recent theory relates expected returns and covariant risk to the investment decisions of a firm across certain stages of the business cycle. Using the Australian accounting environment that provides a wider scope for the capitalisation of intangible assets compared with the United States, 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...

By examining the correlation between the size, value and momentum empirical regularities and macroeconomic variables we investigate whether these regularities may be explained as risk factors within Merton's (1973) ICAPM. We examine the commodity-based Australian economy where financial asset...