Business Commons^™

Paper Dragon Thieves, J.S. Nelson

J.S. Nelson

Australian Stock Indexes And The Four-Factor Model, Bruce A. Costa, Keith Jakob, Scott J. Niblock, Elisabeth Sinnewe

Dr Scott J Niblock

Stock indexes are passive ‘value-weighted’ portfolios and should not have alphas which are significantly different from zero. If an index produces an insignificant alpha, then significant alphas for equity funds using this index can be attributed solely to manager performance. However, recent literature suggests that US stock indexes can demonstrate significant alphas, which ultimately raise questions regarding equity fund manager performance in both the US and abroad. In this paper, we employ the Carhart four-factor model and newly available Asian-Pacific risk factors to generate alphas and risk factor loadings for eight Australian stock indexes from January 2004 to December 2012. …

The State Of The State (Sos) Conference 2016.Pdf

Lisa Dubose

The Corporate Shell Game, J.S. Nelson

J.S. Nelson

Market Efficiency And The Returns To Simple Technical Trading Rules: New Evidence From U.S. Equity Market And Chinese Equity Markets, Gary Gang Tian, Guang Hua Wan, Mingyuan Guo

Gary Tian

Numerous studies in the finance literature have investigated technical analysis to determine its validity as an investment tool. This study is an attempt to explore whether some forms of technical analysis can predict stock price movement and make excess profits based on certain trading rules in markets with different efficiency level. To avoid using arbitrarily selected 26 trading rules as did by Brock, Lakonishok and LeBaron (1992) and later by Bessembinder and Chan (1998), this paper examines predictive power and profitability of simple trading rules by expanding their universe of 26 rules to 412 rules. In order to find out …

Valuation Of Equity And Investment Decisions, Shyam Sunder

Shyam Sunder

No abstract provided.

Australian Stock Indexes And The Four-Factor Model, Bruce A. Costa, Keith Jakob, Scott J. Niblock, Elisabeth Sinnewe

Dr Elisabeth Sinnewe

Stock indexes are passive ‘value-weighted’ portfolios and should not have alphas which are significantly different from zero. If an index produces an insignificant alpha, then significant alphas for equity funds using this index can be attributed solely to manager performance. However, recent literature suggests that US stock indexes can demonstrate significant alphas, which ultimately raise questions regarding equity fund manager performance in both the US and abroad. In this paper, we employ the Carhart four-factor model and newly available Asian-Pacific risk factors to generate alphas and risk factor loadings for eight Australian stock indexes from January 2004 to December 2012. …

Do Private Equity Investors Conspire With Ultimate Owners In The Ipo Process?, Qigui Liu, Vincent Tang, Gary Tian

Qigui Liu

This paper examines the interactive effect of private equity (PE) and ultimate owners on the process of firms' going public. We find that firms with high excess control rights have more earnings management before IPO, and they are more likely to seek PE investors especially when the earnings management are high. We further show that the involvement of PE investors increases the probability of the firms' IPO application being approved by the regulators in firms with high excess control rights. However, the PE-backed firms with high excess control rights are found to have higher IPO fee, lower initial returns and …

Do Private Equity Investors Conspire With Ultimate Owners In The Ipo Process?, Qigui Liu, Vincent Tang, Gary Tian

Qigui Liu

This paper examines the interactive effect of private equity (PE) and ultimate owners on the process of firms' going public. We find that firms with high excess control rights have more earnings management before IPO, and they are more likely to seek PE investors especially when the earnings management are high. We further show that the involvement of PE investors increases the probability of the firms' IPO application being approved by the regulators in firms with high excess control rights. However, the PE-backed firms with high excess control rights are found to have higher IPO fee, lower initial returns and …

The Chilean Pension System At 25 Years: The Evolution Of A Revolution, Gregory J. Buchholz, Alberto Coustasse, Patricio Silva, Peter Hilsenrath

Alberto Coustasse, DrPH, MD, MBA, MPH

The 1981 reform of the Chilean pension system was revolutionary at its time. It was the first instance of a mature public Pay-As-You-Go social security system being converted into a mandatory defined contribution system managed by the private sector. This paper contends that a unique confluence of events were responsible for this change. The rise of a dictatorship in Chile, a struggling public retirement system, and a cadre of Chicago oriented economists determined to make Chile a model free market neoliberal economy. This was later followed by the Washington Consensus and the promotion of Chilean reform by the World Bank. …

Equity Issuance Trends In Australia's Listed Investment Fund Markets, Martin Gold

Martin L Gold

No abstract provided.

Neoliberalism And The Global Financial Crisis, Sharon Beder

Sharon Beder

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 …

Trust And Investments Across Cultures, Thomas D. Berry, Omur Suer

Thomas D Berry

A Taxonomy Of Finance Theories, Grace S. Thomson

Dr. Grace S. Thomson

Finance Theories Taxonomy This document presents a taxonomy of selected finance theories developed in past 5 decades by academics, practitioners and scholars in the United States, Europe, Asia and Latin America. A total of 14 theories and models are synthesized in this work, organized in five tables with the same structure: Theories of capital structure; capital budgeting and cost of equity; asset valuation, financial behavior and international finances. Each table contains theories organized alphabetically with an indication of its germinal or current character. The description of the theory is accompanied by current examples of empirical research that updates or contradicts …