This paper addresses the question of whether independent directors of the bidding firm are effective monitors during acquisitions and whether this effectiveness is impaired when the independent directors serve on multiple boards. The choice of the acquisition setting, where the board of...

We examine whether firms that capitalize a higher proportion of their underlyingintangible assets have higher analyst following, lower dispersion of analysts?earnings forecasts and more accurate earnings forecasts relative to firms thatcapitalize a lower proportion. Under Australian generally...

The objective of this study is to provide evidence on how technological innovation conditions underlying the firm's investments drive earnings growth and, hence, market value of equity. Technologies develop and flourish or die out through the combined investment decisions of those firms doing...

The issue of whether foreign exchange risk is priced in financial markets is important in the context of international investment and diversification. Primarily using daily data, we implement a two-factor asset pricing model (incorporating a market factor and an exchange rate factor) in an...

We investigate the role of foreign currency derivatives (FCD) in alleviating foreign exchange rate exposure of Australian firms. While there is some evidence that the use of FCD reduces the level of ex-post short-term exposure, such an effect is absent with regard to the degree of foreign...

Purpose - The purpose of this paper is to provide some insights into the exchange rate exposure of Australian stock returns. Design/methodology/approach - Using a dynamic econometric approach that allows for both asymmetry and time-varying risk exposures in both the exchange rate variable and...

In this article we discuss management accounting theory. We discuss the motivation for and roleof theory in management accounting, arguing that theories in an applied field such asmanagement accounting should provide explanations that are useful for those we study -managers, organizations and...

This paper investigates the association between industry concentration and stock returnon equity, persistence of returns and market to book value ratios of stocks in Australiabetween 1991 and 2003. During this period the market to book value ratios of firmsincreased steadily. Consistent with...

This study theoretically develops the exploratory findings from Hansen and Van derStede (2004), regarding alternative reasons to budget (RtB) in firms. Fouroperational RtB?s are proposed, which are developed from the two operational RtB?sused by Hansen and Van der Stede (2004). Using a similar...

This paper invest igates the management control system choices exercised by a multinational corporation headquarters to control a newly established wholly owned foreign subsidiary located in a t ransition economy. Specifically t his paper aims to identif y what the core ch allenges of...