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Articles 1 - 26 of 26
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Modelling The Usage And Understanding Of Financial Products: An Empirical Analysis Of Australian Owner-Occupied And Investor Mortgages, A. C. Worthington
Modelling The Usage And Understanding Of Financial Products: An Empirical Analysis Of Australian Owner-Occupied And Investor Mortgages, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
Binary logit models are used to predict usage and understanding of owner-occupied and investor mortgages on the basis of demographic, socioeconomic and financial characteristics. The data is drawn from the 2003 ANZ Survey of Adult Financial Literacy in Australia and relates to 3,548 respondents. Factors examined include financial literacy, gender, age, ethnicity, occupation, educational level and family structure, along with household income, savings and debt. Understanding is defined in terms of knowledge of mortgage rates, fees and charges and familiarity with key mortgage terms. The results indicate that being middle-aged or a couple with children increases the likelihood of an …
Linking Theory And Praxis Through Concepts Theories: Providing A Conceptual Face For The Strategic Balanced Scorecard, T. Watts, C J. Mcnair-Connolly
Linking Theory And Praxis Through Concepts Theories: Providing A Conceptual Face For The Strategic Balanced Scorecard, T. Watts, C J. Mcnair-Connolly
Faculty of Business - Accounting & Finance Working Papers
Over the past few years, criticisms, that many of the management accounting techniques of the last decade lack integrated theories that provide a deeper explanation of the technical phenomena constructed, have been levelled by management accounting researchers. The implications of the conclusions drawn by Ittner and Larcker (2001) and Zimmerman (2001), that research relating to practitioner-oriented techniques has neglected the broader theoretical context, is challenged by reference to existing theoretical concepts that provide this underpinning and through this a more complete understanding of the technique. One recent technique developed has been Kaplan and Norton’s strategic balanced scorecard, to which this …
Whether The Weather: A Comprehensive Assessment Of Climate Effects In The Australian Stock Market, A. C. Worthington
Whether The Weather: A Comprehensive Assessment Of Climate Effects In The Australian Stock Market, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
The paper examines the impact of weather-related moods and feelings on the Australian stock market over the period 1958 to 2005. Eleven daily weather elements (precipitation, evaporation, relative humidity, maximum and minimum temperature, average daytime temperature, hours of bright sunshine, and the speed and direction of the maximum wind gust and the average daytime wind) are included in the analysis, along with daily nominal and real market returns. Non-parametric correlation analysis and autoregressive moving average (ARMA) models are employed, supplying strong evidence of sustained inertia and overreaction in market returns, and non-normally distributed, highly interrelated, but stationary, weather conditions. But …
Mary Addison Hamilton, Australia’S First Lady Of Numbers, K. Cooper, A Kurtovic
Mary Addison Hamilton, Australia’S First Lady Of Numbers, K. Cooper, A Kurtovic
Faculty of Business - Accounting & Finance Working Papers
In the early 20th century, the restriction of women entering the accounting as well as other professions was common, yet Australia’s first lady of numbers, Mary Addison Hamilton (Addie) has also been Australia’s forgotten pioneer. Addie became the first woman admitted to membership of a recognised professional accounting body in the British Commonwealth during a time when women’s admission to the accounting arena was strongly discouraged. This paper will attempt to explain why it is that Addie’s outstanding achievement has gone unnoticed by the modern day accounting profession rating no mention in Australian accounting history literature. Was it a case …
The Critique Of Accounting Theory, M. Gaffikin
The Critique Of Accounting Theory, M. Gaffikin
Faculty of Business - Accounting & Finance Working Papers
In previous papers (Gaffikin 2005a, 2005b, 2005c, 2006) the discussion has examined accounting as a science, with attempts to employ a scientific methodology; as a purely technical expression of economic theory, heavily dominated by research in finance; and as part of “law”, albeit law (regulation) heavily influenced by dominant economic and political ideology. That discussion revealed that all these perspectives have suffered from severe shortcomings. Fortunately, there are other perspectives on accounting which may prove more fruitful and some of these will be discussed in this paper. A common element in many of these alternatives approaches is to view accounting …
Stochastic Price Modelling Of High Volatility, Mean-Reverting, Spike-Prone Commodities: The Australian Wholesale Electricity Market, H. Higgs, A. C. Worthington
Stochastic Price Modelling Of High Volatility, Mean-Reverting, Spike-Prone Commodities: The Australian Wholesale Electricity Market, H. Higgs, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
It is commonly known that wholesale spot electricity markets exhibit high price volatility, strong mean-reversion and frequent extreme price spikes. This paper employs a basic stochastic model, a mean-reverting model and a regime-switching model to capture these features in the Australian national electricity market (NEM), comprising the interconnected markets of New South Wales, Queensland, South Australia and Victoria. Daily spot prices from 1 January 1999 to 31 December 2004 are employed. The results show that the regimeswitching model outperforms the basic stochastic and mean-reverting models. Electricity prices are also found to exhibit stronger mean-reversion after a price spike than in …
Prisons, The Profit Motive And Other Challenges To Accountability, J. Andrew
Prisons, The Profit Motive And Other Challenges To Accountability, J. Andrew
Faculty of Business - Accounting & Finance Working Papers
It has been argued that “accountability is the linchpin of the correctional system” (Freiberg, 1999, p 120) and needs to be a central feature of any prison system. It is here that care needs to be taken. Accountability in its modern manifestation has become a largely technical and instrumental process, yet accountability for prison policies and practices has an undeniable moral component that needs to be addressed in order for public accountability to be meaningful within this domain. In Australia, accountability for private prisons has emphasised performance measures, contractual compliance and monitoring, and this has often led to poor outcomes …
Efficiency In The Australian Stock Market, 1875-2006: A Note On Extreme Long-Run Random Walk Behaviour, A. C. Worthington, H. Higgs
Efficiency In The Australian Stock Market, 1875-2006: A Note On Extreme Long-Run Random Walk Behaviour, A. C. Worthington, H. Higgs
Faculty of Business - Accounting & Finance Working Papers
This note examines the weak-form market efficiency of the Australian stock market. Daily returns from 6 January 1958 to 12 April 2006 and monthly returns from February 1875 to December 2005 are examined for random walks using serial correlation coefficient and runs tests, Augmented Dickey-Fuller, Phillips-Perron and Kwiatkowski, Phillips, Schmidt and Shin unit root tests and multiple variance ratio tests. The serial correlation tests indicate inefficiency in daily returns and borderline efficiency in monthly returns, while the runs tests conclude that both series are weak-form inefficient. The unit root tests suggest weak-form inefficiency in both return series. The results of …
The Value Of Prerequisites: Providing The Links Between Understanding And Progression, V. Baard, T. Watts
The Value Of Prerequisites: Providing The Links Between Understanding And Progression, V. Baard, T. Watts
Faculty of Business - Accounting & Finance Working Papers
This paper contributes to the debate about understanding and progression provided through the use of discipline specific prerequisites. The results were compared of those students from 2003 2004 and 2005 completing the subject Principles of Finance and who had, or had not, completed the subject Business Statistics, a desired but not a formal prerequisite for Business Finance. First, the average mark in Principles of Finance for all students who had completed Business Statistics was compared to the average mark of all students who had not completed Business Statistics. Second, the average pass mark for all students in Principles of Finance …
The Fall Of Management Accounting: The Nira And The Homogenization Of Cost Practices In The U.S., C J. Mcnair-Connolly, T. Watts, R. Vangermeersch
The Fall Of Management Accounting: The Nira And The Homogenization Of Cost Practices In The U.S., C J. Mcnair-Connolly, T. Watts, R. Vangermeersch
Faculty of Business - Accounting & Finance Working Papers
This paper explores the impact of societal trends on cost practices, and the management techniques used to support business structures, within the United States. Specifically, the influence of the National Industrial Recovery Act [NIRA] on the development of the costing and pricing policies is explored from the perspective of social rule system theory. The premise of the paper is that the NIRA, as enforced through the symbol of the "Blue Eagle" displaced the free market economy in the United States. This resulted in a pseudo-competitive market structure where full cost recovery and the earning of a fair and reasonable profit …
The Decline And Fall Of Seasonality In The Australian Stock Exchange, 1958-2005, A. C. Worthington
The Decline And Fall Of Seasonality In The Australian Stock Exchange, 1958-2005, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
This paper examines calendar effects in Australian daily stock returns over the forty-seven years from 6 January 1958 to 30 December 2005. Three principal calendar effects – day-of-the-week, day-of-the-month and month-of-the-year – are examined separately and jointly using parametric tests of differences in means and variances and a regression-based approach. The results indicate that the Australian market is characterised by seasonality of all three forms, with Tuesday, December and the second day of the month among the most significant. However, there is also evidence of structural change in these relationships, with indications that the market has become more efficient in …
Political Cycles In The Australian Stock Market Since Federation, A. C. Worthington
Political Cycles In The Australian Stock Market Since Federation, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
This paper examines the presence of a political cycle in Australian monthly stock returns from January 1901 to December 2005. The period selected includes fifty-nine Liberal-National (or their antecedents) and Labor ministries and forty-seven elections. The political cycle is defined in terms of the party or coalition in power, ministerial tenure and election information effects. The market variables are defined in terms of returns, excess returns over inflation and excess returns over interest rates. Descriptive analysis indicates that mean returns and excess returns over inflation are nearly 85 percent higher and excess returns over interest rates 193 percent higher under …
Macroeconomic Forces And Stock Prices: Some Empirical Evidence From An Emerging Stock Market, G. B. Wickremasinghe
Macroeconomic Forces And Stock Prices: Some Empirical Evidence From An Emerging Stock Market, G. B. Wickremasinghe
Faculty of Business - Accounting & Finance Working Papers
This paper examines the causal relationships among stock prices and macroeconomic variables in an emerging stock market, the Colombo Stock Exchange (CSE). We use data on six macroeconomic variables and All share Price Index (ASPI) of the CSE for the period January 1985 to December 2004. In the empirical analysis, we employed recently developed root tests that possess better power and size properties than widely-used Dickey-Fuller type unit root tests. Johansen's test, Error-correction models, variance decomposition and impulse response analyses indicate that there are both short and long-run causal relationships among stock prices and macroeconomic variables in Sri Lanka. These …
Dorothea Dix: A Social Researcher And Reformer, Ciorstan J. Smark
Dorothea Dix: A Social Researcher And Reformer, Ciorstan J. Smark
Faculty of Business - Accounting & Finance Working Papers
Dorothea Lynde Dix (1802 – 1887) was a passionate and pioneering nineteenth century mental health reformer. Bound by the conventions and proprieties of her time, she was nevertheless a ground breaking advocate of people with mental illness. Her methods of research, lobbying and advocacy were both innovative and effective. This paper traces Dorothea Lynde Dix’s researches in Massachusetts from 1841 until 1848. Her methods of research and lobbying are illustrated in the context of social and legal conventions that did not allow women to directly address the state legislatures of the time. The detractors of “Dragon Dix” are examined. Her …
Conceptualising The Praxis Of Benchmarking Through Institutional Theory, C J. Mcnair-Connolly, T. Watts
Conceptualising The Praxis Of Benchmarking Through Institutional Theory, C J. Mcnair-Connolly, T. Watts
Faculty of Business - Accounting & Finance Working Papers
The objective of this research is to develop a conceptual framework based on classical institutional theory to explain the key drivers or mechanisms behind the adoption and use of the business practice of benchmarking. The paper commences with the development of a conceptual view of benchmarking placing the four dimensions of benchmarking on a continuum from passive to active actions that improve performance. This is followed by the development of a construct for investigation using institutional theory through its major components, organisational isomorphism and organisational legitimacy and their drivers. Overlaying the conceptual view of benchmarking and the institutional theory construct …
Modelling Residential Water Demand In Queensland, Australia: A Comparative Analysis Of Pricing Structures And Estimation Techniques, A. C. Worthington, H. Higgs, M. Hoffmann
Modelling Residential Water Demand In Queensland, Australia: A Comparative Analysis Of Pricing Structures And Estimation Techniques, A. C. Worthington, H. Higgs, M. Hoffmann
Faculty of Business - Accounting & Finance Working Papers
This paper uses monthly data from eleven local governments to model residential water demand in Queensland, Australia from 1994 to 2004. In the sample, residential consumption is charged using a variety of structures including fixed charges without allowance, fixed charges with allowance and excess rates, two-part tariffs comprising an access charge and a flat consumption rate and multi-part tariffs with an access charge and two or more limits with increasing consumption rates. Water demand is specified as average monthly household water consumption and the demand characteristics include the marginal and average price of water and daily average maximum temperatures and …
Political Cycles And Risk And Return In The Australian Stock Market, Menzies To Howard, A. C. Worthington
Political Cycles And Risk And Return In The Australian Stock Market, Menzies To Howard, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
This paper examines the presence of a political cycle in Australian daily stock returns over the forty-seven years from 6 January 1958 to 30 December 2005. The period selected includes nineteen federal elections, twenty-five ministries and five terms of Liberal-National or Labor government. The political cycle is defined in terms of the party in power, the time since the last election and election information effects. The market variables are defined in terms of nominal and real returns and nominal and real return volatility. The results indicate returns are highest during the ministries of Holt-McEwen and Hawke and lowest during Whitlam …
Personal Bank Account Access And Awareness: An Analysis Of The Technological And Informational Constraints Of Australian Consumers, A. C. Worthington
Personal Bank Account Access And Awareness: An Analysis Of The Technological And Informational Constraints Of Australian Consumers, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
Logit models are used to predict access and awareness of personal bank accounts. Access is defined as the ability and willingness to use ATM, EFTPOS, telephone and internet banking. Awareness relates to the nderstanding of bank statements, fee and charges, account shopping around and internet calculators. Newer ways of accessing bank accounts are confined to young, urban, well-educated, white-collar occupations. Awareness is lower for respondents with less education, non-workers, farm workers, unskilled and renting households, and higher for white-collar occupations, couples and those with higher incomes and savings.
Breaking The Paradox Of Innovation: Lessons From History, The Story Of A Small Manufacturing Company, V. Baard, T. Watts
Breaking The Paradox Of Innovation: Lessons From History, The Story Of A Small Manufacturing Company, V. Baard, T. Watts
Faculty of Business - Accounting & Finance Working Papers
In 2005 Deloitte Research released a paper examining the phenomenon they refer to as the ‘Innovation Paradox’, the inability or reluctance of manufacturing firms to pursue the strategies that build the operational capabilities necessary for innovation that will provide both profitability and growth. The report claims that this is due to the rapidly increasing complexity of global markets and the lack of synchronising innovation efforts across their value chain, thus positing the problem as a 21st century issue. While the research did not target the small and medium enterprises specifically, the implications for the business sector are apparent given their …
Improving Specific Educational Outcomes Of Accounting Students By Influencing Student Satisfaction, T. Watts, C J. Mcnair-Connolly
Improving Specific Educational Outcomes Of Accounting Students By Influencing Student Satisfaction, T. Watts, C J. Mcnair-Connolly
Faculty of Business - Accounting & Finance Working Papers
In 2001 the School of Business and Informatics at a small Australian university established a working party to implement particular intervention strategies designed to improve specific educational outcomes in its accounting degree program. These outcomes were the three core areas of the Graduate Careers Council of Australia’s Course Experience Questionnaire, (1) good teaching, (2) overall satisfaction, and (3) generic skills. Five areas were identified as areas for intervention, (1) the effective allocation of full-time staff, (2) the effective use of sessional staff, (3) greater commitment by sessional staff, (4) the introduction of common subject outlines, and (5) the proactive response …
Gold Investment As An Inflationary Hedge: Cointegration Evidence With Allowance For Endogenous Structural Breaks, A. C. Worthington, M. Pahlavani
Gold Investment As An Inflationary Hedge: Cointegration Evidence With Allowance For Endogenous Structural Breaks, A. C. Worthington, M. Pahlavani
Faculty of Business - Accounting & Finance Working Papers
This note tests for the presence of a stable long-run relationship between the monthly price of gold and inflation in the United States from 1945 to 2006 and from 1973 to 2006. Since both the price of gold and the consumer price index have been subject to structural change over time, a novel unit root testing procedure is employed which allows for the timing of significant breaks to be estimated, rather than assumed exogenous. After taking these endogenously determined structural breaks into account, a modified cointegration approach provides strong evidence of a cointegrating relationship between gold and inflation in both …
Profiling The Risk Attitudes Of Clients By Financial Advisors: The Effects Of Framing On Response Validity, M. Mccrae
Faculty of Business - Accounting & Finance Working Papers
The Australian Financial Services Reform Act (2001) now requires all registered financial planners to assess a client’s attitude towards investment risk as an integral part of establishing a ‘reasonable’ basis for investment advice to a client. However, the Act is silent on required procedures or acceptable minimum standards of risk assessment. Unfortunately, current methods for assessing a client’s attitudes towards investment risk are mostly informal, untested and ignore such behavioral biases as framing and other response anomalies. Unless controlled for, these anomalies can invert risk attitude responses and invalidate portfolio choices recommended to the client on the basis of this …
A Model Of Trust Between Branch Managers And Loan Officers Of Indian Banks, S. Bhati
A Model Of Trust Between Branch Managers And Loan Officers Of Indian Banks, S. Bhati
Faculty of Business - Accounting & Finance Working Papers
The lending climate for banks in India is very different from those in western countries. Banks in India undertake many additional risks when they lend to customers . Also, there are a number of impediments for banks in India for recovering their loans. Some of these impediments have been put in place due to the government policies. Others have been created due to lack of proper legal protection to banks. The instrument based quantitative methods have limitations in evaluating the lending risk for banks in India because instrument based methods use variables which cannot be accurately described and measured by …
Regulation: Standardising Accounting Practice, M. Gaffikin
Regulation: Standardising Accounting Practice, M. Gaffikin
Faculty of Business - Accounting & Finance Working Papers
This is the practical extension of a previous paper (Gaffikin, 2005) in which the actual attempts to regulate accounting are described and discussed. A most important element of this is the attempts to establish a conceptual framework by the professional bodies. In Australia much of the thrust for regulation has been captured by the law – CLERP. To date there has been an attempt to integrate professional and legal regulation of the discipline with considerable cooperation between those involved.
A Social Account Of Accounting Student Experience And Its Implications For Social Justice, K. Rudkin, A. De Zoysa
A Social Account Of Accounting Student Experience And Its Implications For Social Justice, K. Rudkin, A. De Zoysa
Faculty of Business - Accounting & Finance Working Papers
This paper responds to concern over the financial circumstances of tertiary students in Australia. A pilot study is undertaken of second year accounting students at an Australian regional university. Survey data and reflexive written comments combine to give a social report of student circumstances, contributing to the sparse accounting literature of social reports. It is concluded that many students are exploited in their employment, being paid below minimum wage rates, while many work two or more jobs to support their studies. The paper calls for a rethink on the societal view of education as a private good, and argues that …
Implications For Accounting Educators Of Student Socio-Economic Circumstances, A. De Zoysa, K. Rudkin
Implications For Accounting Educators Of Student Socio-Economic Circumstances, A. De Zoysa, K. Rudkin
Faculty of Business - Accounting & Finance Working Papers
This study investigates the relationship between students’ socio-economic circumstances and students’ academic performance in an undergraduate accounting degree at a regional Australian university. The employment patterns and course participation preferences of accounting students are documented to understand actions needed to better attract future quality accounting students. The pilot study encompassed a survey of one hundred third year accounting students. It found no direct significant relationship between students’ paid work and their academic performance. Significantly the study revealed a positive relationship between student shift work and academic performance. Other findings were that students displayed a preference for online materials as opposed …