Australian Journal of Management articles from December 1998

Australian Journal of Management archives from December 1998

Testing the Multivariate Normality of Australian Stock Returns.
December 1, 1998... Abstract: The multivariate normality of stock returns is a crucial assumption in many tests of assets pricing models. While past Australian research has examined the univariate normality of returns, univariate test statistics are...

Ownership Structure and Building Society Efficiency.
December 1, 1998... Abstract: This paper investigates the effect of ownership structure on the cost efficiency of Australian building societies using the stochastic econometric frontier approach. Contrary to the expense preference hypothesis, mutually-owned...

The Role of R&D Capitalisations in Firm Valuation and Performance Measurement.
December 1, 1998... Abstract: We investigate the value-relevance of capitalised R&D on the balance sheet, and the extent to which R&D accruals improve the association between accounting-based measures of firm performance and capital market returns for...

An Analysis of Intraday Quoted Bid-Ask Spreads in Futures Markets: Evidence from the Sydney Futures Exchange.
December 1, 1998... Abstract: Prior research documents an elevation in bid-ask spreads at the open and close of trading in futures markets. These findings directly contradict prior literature examining option and equities markets organised as competitive...

The Pricing of Low Exercise Price Options.
December 1, 1998... Abstract: This paper examines the pricing of Low Exercise Price Options (LEPOs) listed on the Australian Stock Exchange. The cost of carrying model is used to calculate theoretical prices which are then compared to the price at which...

The Dynamics of the Australian Short-Term Interest Rate.
December 1, 1998... Abstract: This paper examines various models of the short-term interest rate in Australia. The analysis centres on three classes of models. First, the generalised diffusion model of Chan et al. (1992) is examined which allows the variance...

The Essence of Corporate Strategy.(Review)
December 1, 1998... The Essence of Corporate Strategy by Jeremy Davis and Timothy Devinney, 1997 (Allen & Unwin, Sydney) A$45.00, pp. viii + 364. `All management theories become conspiracies against good management and serve mainly to cover the manager's ass...