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Articles 1 - 24 of 24
Full-Text Articles in Finance and Financial Management
Mysteries Solved And Unsolved In The Search For The Missing Cryptoqueen, Claudia Calhoun
Mysteries Solved And Unsolved In The Search For The Missing Cryptoqueen, Claudia Calhoun
RadioDoc Review
The Missing Cryptoqueen, produced for BBC Sounds by Jamie Bartlett and Georgia Catt, investigates the cryptocurrency scam fronted by Dr. Ruja Ignatova, self-described “cryptoqueen.” The series benefits from the engrossing complexity of a sprawling conspiracy: The podcasters travel across continents to find both the scammers and their victims, making important stops in the U.K., Germany, Bulgaria, the Netherlands, and Uganda. The series also benefits from its own breathless narration, which keeps listeners in the present-tense of the storytelling. This was an especially compelling series for the large audience who listened as the weekly episodes were released, as the series integrated …
Neoliberalism And The Global Financial Crisis, Sharon Beder
Neoliberalism And The Global Financial Crisis, Sharon Beder
Faculty of Arts - Papers (Archive)
The new right advocated policies that aided the accumulation of profits and wealth in fewer hands with the argument that it would promote investment, thereby creating more jobs and more prosperity for all. However financial markets provide opportunities for investment without creating jobs and, as the global financial crisis has revealed, speculative investment feeds an ephemeral prosperity that can be wiped out in a short time period. Inequities resulting from new right policies – including the deregulation of labour markets and the reduction of government spending – reduced consumer demand which had to be propped up with consumer credit and …
Mission Or Money? Competitive Challenges Facing Public Sector Nonprofit Organisations In An Institutionalised Environment., Sara Dolnicar, H. J. Irvine, K. Lazarevski
Mission Or Money? Competitive Challenges Facing Public Sector Nonprofit Organisations In An Institutionalised Environment., Sara Dolnicar, H. J. Irvine, K. Lazarevski
Faculty of Commerce - Papers (Archive)
This paper exposes the impact of competitive grant funding on public sector nonprofit volunteer organisations, using institutional theory to explain developments within this sector. A conceptual model is developed from which five propositions are derived. Bushcare units, in experiencing institutional pressures, respond in ways that affect their culture, structure and routines, resulting in the possibility that their mission will be compromised. In the process of targeting competitive grants, preparing grant applications, managing increased reporting requirements and recruiting volunteers, Bushcare units should apply a mission “filter” to ensure their mission is not compromised in the pursuit of money. Bushcare New South …
The Value Of Managerial Beliefs In Turbulent Environments: Managerial Orientation And E-Business Advantage, T. Coltman, T. M. Devinney, D. F. Midgley
The Value Of Managerial Beliefs In Turbulent Environments: Managerial Orientation And E-Business Advantage, T. Coltman, T. M. Devinney, D. F. Midgley
Faculty of Informatics - Papers (Archive)
There is a great divide between the degree to which academic research accounts for the role of managerial discretion in firm performance and the weight given by the popular press and financial community to the importance of the management of an organization. The purpose of this paper is to bridge this gap by quantifying the way managerial beliefs influence the quality of firm performance in a turbulent environment based on e-business.
An e-business research setting is used that is associated with a situation of environmental turbulence to allow for sufficient variance in managerial beliefs to measure their effect on firm …
Responsible Financing?: The Equator Principles And Bank Disclosures, J. Andrew
Responsible Financing?: The Equator Principles And Bank Disclosures, J. Andrew
Faculty of Business - Accounting & Finance Working Papers
The purpose of this paper is to consider the impact of the Equator Principles on banking disclosures. The research explores whether signatory banks are disclosing information related to their obligations under the Equator Principles and discusses the types of disclosures being made publicly available. The research illustrates that banks are disclosing very little information to help users assess the impact the Equator Principles have had on these banks practices. It is also suggested that banks are reframing their identity through these principles, but it is still difficult to assess whether this is also transforming practice. There is little academic research …
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 …
National Exuberance: A Note On The Melbourne Cup Effect In Australian Stock Returns, A. C. Worthington
National Exuberance: A Note On The Melbourne Cup Effect In Australian Stock Returns, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
This note examines the presence of a Melbourne Cup effect in Australian daily stock returns over the forty-five years from 3 January 1961 to 30 December 2005. First run in 1861, the Melbourne Cup is regarded as Australia’s premier horse race and one of the world’s leading handicaps. Parametric tests of differences in means and a regression-based approach are used to test for the effect alongside conventional day-of-the-week (Tuesday) and month-of-the year (November) effects. The results indicate that the mean Melbourne Cup Day return of 0.1916 is significantly higher than the mean return for other Tuesdays in November (-0.2345), Tuesdays …
Weak-Form Market Efficiency In Asian Emerging And Developed Equity Markets: Comparative Tests Of Random Walk Behaviour, A. C. Worthington, H. Higgs
Weak-Form Market Efficiency In Asian Emerging And Developed Equity Markets: Comparative Tests Of Random Walk Behaviour, A. C. Worthington, H. Higgs
Faculty of Business - Accounting & Finance Working Papers
This paper examines the weak-form market efficiency of Asian equity markets. Daily returns for ten emerging (China, India, Indonesia, Korea, Malaysia, Pakistan, the Philippines, Sri Lanka, Taiwan and Thailand) and five developed markets (Australia, Hong Kong, Japan, New Zealand and Singapore) 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 and runs tests conclude that all of the markets are weak-form inefficient. The unit root tests suggest weak-form efficiency in all markets, with the exception of Australia …
Australian Fine Art As An Alternative Investment, A. C. Worthington, H. Higgs
Australian Fine Art As An Alternative Investment, A. C. Worthington, H. Higgs
Faculty of Business - Accounting & Finance Working Papers
In this study, 35,805 paintings by forty-five leading Australian artists sold at auction over the period 1973-2003 are used to construct individual hedonic price indices. The attributes included in each artist’s hedonic regression model include the size and medium of the painting and the auction house and year in which the painting was sold. The indexes show that average annual returns across all artists range between four and fifteen percent and with a mean of eight percent, with the highest returns for works by Brett Whiteley, Jeffrey Smart, Cecil Brack and Margaret Olley. Risk-adjusted returns are generally lower, with reward-to-volatility …
Coverage, Knowledge And Perceptions Of Superannuation In Australia, A. C. Worthington
Coverage, Knowledge And Perceptions Of Superannuation In Australia, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
Binary logit models are used to predict coverage, knowledge and perceptions of superannuation on the basis of individual 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. Knowledge of superannuation is defined, amongst other things, in terms of understanding superannuation fees and charges and statements, recognising the voluntary and compulsory nature of additional employee and employer contributions and the recognising the lower taxation of superannuation compared to other investments. Factors examined include gender, age, ethnicity, occupation, educational level and family structure, along with household …
Market Risk In Demutualised Self-Listed Stock Exchanges: An International Analysis Of Selected Time-Varying Betas, A. C. Worthington, H. Higgs
Market Risk In Demutualised Self-Listed Stock Exchanges: An International Analysis Of Selected Time-Varying Betas, A. C. Worthington, H. Higgs
Faculty of Business - Accounting & Finance Working Papers
This paper examines market risk in four demutualised and self-listed stock exchanges: the Australian Stock Exchange, the Deutsche Börse, the London Stock Exchange and the Singapore Stock Exchange. Daily company and MSCI index returns provide the respective asset and market portfolio data. A bivariate MA-GARCH model is used to estimate time-varying betas for each exchange from listing until 7 June 2005. While the results indicate significant beta volatility, unit root tests show the betas to be mean-reverting. These findings are used to suggest that despite concerns that demutualised and self-listed exchanges entail new market risks that merit regulatory intervention, the …
Corporate Regulation In Australia: Fact Or Fiction, K. Cooper
Corporate Regulation In Australia: Fact Or Fiction, K. Cooper
Faculty of Business - Accounting & Finance Working Papers
This paper recognises and takes as given there is a recurring cycle of regulatory failure, regulatory reform. It also accepts the arguments of a small number of authors that there are flaws within the regulatory mechanism which contribute to the perpetuation of the regulatory failure, regulatory reform cycle. However, this paper argues that these flaws are but a symptom of more deeply seated problems. The regulatory framework is weak in very fundamental and strategic areas including the nature of legislation and accounting standards, enforcement and overall administration. The fact that these weaknesses are not adequately addressed or rectified suggests that …
Lessons From The Financial Theory Of Horse Racing, D. Edelman
Lessons From The Financial Theory Of Horse Racing, D. Edelman
Faculty of Business - Accounting & Finance Working Papers
Throughout history, man's understanding of Risk appears to have been led by those seeking to accumulate wealth through games of chance, and, much later, through investment. Generally, there was little development in the understanding of Risk or Chance until the 18th century, when mathematicians such as Bernoulli, Pascal, Laplace, and others began to investigate and characterise even the most elementary properties of coins and dice.
The Stochastically Subordinated Log Normal Process Applied To Financial Time Series And Option Pricing, D. Edelman, T. Gillespie
The Stochastically Subordinated Log Normal Process Applied To Financial Time Series And Option Pricing, D. Edelman, T. Gillespie
Faculty of Business - Accounting & Finance Working Papers
The method of stochastic subordination, or random time indexing, has been recently applied to Wiener process price processes to model financial returns. Previous emphasis in stochastic subordination models has involved explicitly identifying the subordinating process with an observable quantity such as number of trades. In contrast, the approach taken here does not depend on the specific identification of the subordinated time variable, but rather assumes a class of time models and estimates parameters from data. In addition, a simple Markov process is proposed for the characteristic parameter of the subordinating distribution to explain the significant autocorrelation of the squared returns. …
The Effect Of Portfolio Asset Size On The Performance Of Australian Superannuation Fund Managers, M. Mccrae
The Effect Of Portfolio Asset Size On The Performance Of Australian Superannuation Fund Managers, M. Mccrae
Faculty of Business - Accounting & Finance Working Papers
Overseas studies suggest a correlation between the performance of mutual fund managers and the size of funds under control, with small funds outperforming large funds. This study extends the analysis to Australian superannuation fund managers where industry structure, purpose, asset base and investment strategies are considerably different. It investigates the potential effect of portfolio asset size on quarterly excess and risk adjusted returns and systematic risk profiles from 1977 to 1993. Although overall performance has weakly improved since the 1970's, the results contradict overseas evidence. After allowing for survivorship bias and extreme outliers, variations in asset size are not related …
An Analysis Of International Inter-Bank Settlement Problems And Responses, G. Hartono, G. Gniewosz
An Analysis Of International Inter-Bank Settlement Problems And Responses, G. Hartono, G. Gniewosz
Faculty of Business - Accounting & Finance Working Papers
Timely and adequate settlement of international inter-bank payments has always been a major concern for the banking industry. However the 1974 failure of Herstatt Bank, and the disruption which hit the financial markets, ushered in an era of heightened concern about the potential vulnerability of the international settlement systems. The purpose of this paper is to analyse the encountered settlement problems and attempted solutions. Nowhere are these efforts more apparent then in the European attempt to create a single financial market. One of the more interesting developments in this evolution towards regional and global payment markets has been the push …
Financial Management Reform In The Australian Public Sector: Marginalising Public Accountability And Welfare, M. Mccrae, M. Kaidonis
Financial Management Reform In The Australian Public Sector: Marginalising Public Accountability And Welfare, M. Mccrae, M. Kaidonis
Faculty of Business - Accounting & Finance Working Papers
The reform program revolutionising financial administration and management in the Australian public sector has brought substantial gains in the cost efficiency and effectiveness of operations of both Departmental and non-departmental organisational entities and programs. The instillation of a business or commercial ethos into public service organisations through the adoption of private sector financial management practices, objectives and accountabilities has wrought profound change to the way the public sector 'does business'. But there is strong evidence that the commercialisation of public sector financial administration has also 'commercialised' public sector accountability and attitudes towards public service and infrastructure provision. This article examines …
Farming Sector Finance In Australia, G. Gniewosz
Farming Sector Finance In Australia, G. Gniewosz
Faculty of Business - Accounting & Finance Working Papers
This paper develops a model from an ex-post borrowers perspective and then tests it for all main providers of Australian rural finance. The regression results reveal that the hypothesised five-variables model is generally valid for the banking sector. The models for Finance Companies and Other Government reduced to a two-variables model each, while Total Sources reduced to a three-variables model. The five-variables model was not confirmed for Insurance Companies and was not further analysed as this source has declined to an insignificant level. The results of all models indicate that, irrespective of the source of finance, the rural industry is …
Socially Responsible Accounting Reporting: Financial Aspects, A. Sadeghzadeh
Socially Responsible Accounting Reporting: Financial Aspects, A. Sadeghzadeh
Faculty of Business - Accounting & Finance Working Papers
The shortcomings of financial reports in some respects, have been criticised by many researchers and academicians. In this study some of the main shortcomings, associated with the acknowledged functions of financial reports, are pointed out and the necessity for regulating accounting reporting is justified. Based on the generally accepted concept of full disclosure, the role and responsibilities of financial reporting is highlighted and "socially responsible accounting reporting", in relation to the influence of culture on accounting, is defined.
An Empirical Study Of The Effect Of Short Selling On The Bid Ask Spread, A. Frino
An Empirical Study Of The Effect Of Short Selling On The Bid Ask Spread, A. Frino
Faculty of Business - Accounting & Finance Working Papers
Soon selling was legally and uniformly reintroduced in Australia in 1986. This presented the opportunity to study the effects of permitting soon selling on stock market trading. The following study aims to determine the impact of short selling on the bid ask spread and thus transaction costs. The evidence presented in this paper supports the notion that soon selling acts to reduce the size of the bid ask spread. The public policy implication is that soon selling is desirable as it acts to reduce the size of transactions costs on the stock exchange.
Earnings As An Explanatory Variable For Returns: A Note, A. Frino, G. Tibbits
Earnings As An Explanatory Variable For Returns: A Note, A. Frino, G. Tibbits
Faculty of Business - Accounting & Finance Working Papers
Easton and Harris (1991) [herein EH], in a recent article, "investigate whether the level of earnings divided by price at the beginning of the stock return period is relevant for evaluating earnings/returns associations" [p 19]. As stated by EH, the contribution of their study stems from their variable of interest, which is not the earnings-to-price ratio based on contemporaneous (past) earnings and contemporaneous (past) price which has dominated earlier studies. Despite their excellent empirical work, unfortunately, their theorising is somewhat ad hoc and they admit that for certain aspects of their theorising "we provide a more heuristic analysis" [footnote, p. …
Financing Pattern Of Multinational Enterprises In A Developing Country - The Sri Lankan Experience, H. Wijewardena
Financing Pattern Of Multinational Enterprises In A Developing Country - The Sri Lankan Experience, H. Wijewardena
Faculty of Business - Accounting & Finance Working Papers
Multinational enterprises (MNEs) have played a vital role in the economies of developing countries. However, empirical studies on some crucial aspects of MNE involvement in these economies appear to be inadequate. One such aspect is their financing pattern. This paper attempts to shed some light on this aspect through an analysis of balance sheet data of a sample of MNE affiliates operating in the manufacturing sector of Sri Lanka. The findings do not support the generally held view that MNEs gear themselves more highly than local firms and that they make use of a greater degree of domestic commercial bank …
Impact Of Floating Exchange Rates On Company Risk Management Practices: The Australian Experience, H. Y. Teoh, M. Er
Impact Of Floating Exchange Rates On Company Risk Management Practices: The Australian Experience, H. Y. Teoh, M. Er
Faculty of Business - Accounting & Finance Working Papers
This study addressed two research questions: first, the effect of floating the Australian dollar on individual company's exchange risk exposure and, secondly, the extent of company response in managing foreign exchange risk. The findings indicated that floating of the dollar resulted in increased risk exposures though the impacts were not uniform across all companies. Likewise, the impact on foreign exchange risk management practices was not necessarily to the same extent for all companies. Overall, there is evidence that since floating the dollar an increasing number of companies is giving more serious attention to the exchange risk management function.