We examine the impact of R&D intensity and agency costs on the value of firms across 13 economies. We find that R&D adds value while high agency costs reduce value. R&D adds value, however, even when agency costs are high. We show that in those firms where agency costs are high and R&D intensity...

We investigate the impact of the Morgan Stanley Capital International change in index calculation on Australian stocks. We are able to differentiate between a downward sloping demand curve hypothesis and the investor awareness hypothesis. Broadly speaking, the results are consistent with...

This paper explores the nature and extent of revisions to Australian macroeconomic data. Specifically, we analyse quarterly GDP and monthly balance on current account data. We find some impact of revisions. In addition, we also find that indirect measures of data quality, such as, statistical...

On 23 September 1993 the International Olympic Committee announced that Sydney would host the 2000 Olympic Games. Given the keen competition between rival cities bidding for the Olympics it could be argued that the winning city anticipates economic benefits to accrue from hosting the games. To...

A growing literature exists analysing the impact of balance on current account announcements on bilateral exchange rates. This literature typically considers and reports results for a number of bilateral exchange rates. This paper investigates whether there are distinct effects across the range...

This paper re-investigates the day-of-the-week effect in Australia. This issue has been previously investigated using an Australian dataset over the period 1974-95 by Easton and Faff (Applied Financial Economics, 4, 1994). They find that the robust techniques suggested by Connolly (Journal of...