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Fundamental Investment Research – Do Us Results Apply To Australian Investors?, Bruce Vanstone, Tobias Hahn, Gavin Finnie
Fundamental Investment Research – Do Us Results Apply To Australian Investors?, Bruce Vanstone, Tobias Hahn, Gavin Finnie
Bruce Vanstone
For many investors, the financial crisis of 2008 and 2009 has sparked renewed interest in value-based investment approaches. There is much published research supporting the use of fundamental analysis for value-based investment, and much of this research comes from the US. In previous articles, we have shown that US based fundamental investment research does not translate well to the Australian market. In this paper, we show how to test a well documented US fundamental investment strategy and find that it also does not transfer well to our Australian market.
Droughts And Big Baths Of Australian Agricultural Firms, Pamela Kent, Reza Monem, Glenn Cuffe
Droughts And Big Baths Of Australian Agricultural Firms, Pamela Kent, Reza Monem, Glenn Cuffe
Pamela Kent
Purpose – The purpose of this paper is to examine whether Australian agricultural firms display big bath behaviour during droughts by recognising extraordinary and abnormal losses. It is hypothesised that Australian agricultural firms are more likely to report big bath losses in drought years than in non-drought years and, in a given drought year, agricultural firms are more likely to report big bath losses than firms in other industries.
Design/methodology/approach – The authors analyse 405 firm-years data for agricultural firms over 1980-1995. For comparison, they also analyse matched-pair samples of 17 and 30 non-agricultural firms for the drought years of …
High Performers Down Under: Lessons From Australia's Winning Companies, Graeme Cocks
High Performers Down Under: Lessons From Australia's Winning Companies, Graeme Cocks
Graeme Cocks
Drawing on the results of a major 4 year empirical study, this paper identifies the common attributes of eleven of Australia’s long-term high performing organisations. The research involved a survey over 1000 senior executives to identify these organisations and covers the period from 1982 to 2007. It dispels several current myths about the characteristics of winning organisations and identifies how these differ from USA studies. Nine key elements for long-term success have been identified: effective execution, perfect alignment, adapting rapidly, clear and fuzzy strategy, leadership not leaders, looking out and looking in, right people, managing the downside and balancing everything. …