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Full-Text Articles in Business
Effective Corporate Monitoring: Independence, Motivation And Means, Lyndal Drennan, Simone Kelly, Ray Mcnamara, Michelle Martin
Effective Corporate Monitoring: Independence, Motivation And Means, Lyndal Drennan, Simone Kelly, Ray Mcnamara, Michelle Martin
Simone Kelly
A feature of the literature on the role of Boards of Directors is the mixed and contradictory findings. This research used continuous listing compliance as a measure of Board performance. A matched pairs design was employed, using governance data on 30 board attributes for firms listed on the Australian Stock Exchange from 1992 to 2000. Factor analysis was used to identify constructs associated with Board composition and firm performance. Discriminant analysis confirmed that the resultant model of performance was a significant predictor of firms’ ability to maintain continuous listing compliance. Neither the independence nor assembled knowledge variables were separately significant. …
The Market Premium For The Option To Close: Evidence From Australian Gold Mining Firms, Simone Kelly
The Market Premium For The Option To Close: Evidence From Australian Gold Mining Firms, Simone Kelly
Simone Kelly
This paper assesses whether the market valuation of gold mining firms contain a premium for the option to close. Tests of whether observed market values incorporate operating flexibility is central to our understanding of the processes that drive market values and has implications for the relevance and suitability of known theoretical pricing frameworks. This paper assesses the relevancy of the option to close for mining firm valuation. This is achieved by examining 41 Australian gold mining firms listed on the Australian Stock Exchange from 1987 to 1994 that are actively engaged in gold mining extraction and production. A pooled cross-sectional …