This research explores the empirical association between takeover bid premium and acquired goodwill, and tests whether the empirical association changes after the passage of approved accounting standard AASB1013: Accounting for Goodwill. AASB1013 mandates capitalization and amortization of...

Australian universities have in recent times been undergoing a substantial transformation in the way in which they are managed. They have moved away from the (British-based) traditional collegiate model to one in which professional managers play a centre-stage role. This paper investigates an...

The paper demonstrates a technique for testing for the approximate “timing†of significant changes in relative risk. This technique is useful in cases where we are interested to see whether the timing of such a change is related to certain events in history. It is applied here to...

We explain the probability of a trade at the asking price across time. The database contains intraday bidâ€ask quotes and transaction prices on the Australian Stock Exchange. We find systematic patterns in the probability of a trade at the asking price, corresponding to previously documented...

This paper examines whether the benefits to the Australian investor from international diversification documented by previous Australian studies are still present when we control for estimation risk. The perfor Mance of the Bayes-Stein international portfolio which controls directly for such...

A compelling reason for engaging in on-market buy-backs is that it provides a signal about the undervaluation of the company. In this paper an alternative, accounting based, method of determining fundamental value and undervaluation is used, namely the Ohlson residual income valuation framework....