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Resource Allocation And Efficiency In Public Sector Audits, Kar M. Chong
Resource Allocation And Efficiency In Public Sector Audits, Kar M. Chong
Theses: Doctorates and Masters
In recent years, the push for reform in the Australian public sector audit has placed the Office of the Auditor-General (hereafter OAG) in a more contestable or market- like environment, where the OAG is accountable for an efficient and effective provision of public sector audit. The purpose of this study is to compare the cost efficiency of in-house and contract-out arrangements to deliver financial audits in the public sector. It empirically tests whether there are audit cost and audit fee differences between in-house providers (i.e., the OAG) and contractors (i.e., public accounting firms). The secondary aims of this study are …
M-Garch Hedge Ratios And Hedging Effectiveness In Australian Futures Markets, Wenling Yang
M-Garch Hedge Ratios And Hedging Effectiveness In Australian Futures Markets, Wenling Yang
Theses: Doctorates and Masters
This study deals with the estimation of the optimal hedge ratios using various econometric models. Most of the recent papers have demonstrated that the conventional ordinary least squares (OLS) method of estimating constant hedge ratios is inappropriate, other more complicated models however seem to produce no more efficient hedge ratios. Using daily AOIs and SPI futures on the Australian market, optimal hedge ratios are calculated from four different models: the OLS regression model, the bivariate vector autoaggressive model (BVAR), the error-correction model (ECM) and the multivariate diagonal Vcc GARCH Model. The performance of each hedge ratio is then compared. The …