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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 …
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 …
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.
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 …
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 …