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Australian Journal of Management articles from June 2003
This journal covers business management in Australia.
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Australian Journal of Management archives from June 2003
Models rule. (Editorial).(Editorial)
June 1, 2003... As a simulator for fifteen years, I have tried in the past to anticipate criticisms of my chosen methodology, as well, of course, as marshalling the advantages of simulation. One of the most telling criticisms is that simulations can only...
An empirical test of the pricing of VPO contracts.
June 1, 2003... Abstract:
A variable purchase option (VPO) is a call option issued by a company on a stochastic rather than on a fixed number of its ordinary shares. This paper tests the arbitrage-free pricing model of Handley (2000) using a transactions...
A comparison of two widely applied models of shareholder returns in the context of takeover offer gains for Australian bidders.
June 1, 2003... Abstract:
The impact of different modelling and testing procedures is explored on inferences concerning expected acquisition benefits to bidding shareholders. Two widely accepted return models are examined and found to imply different...
The role of political costs in the deferred tax policy choice.
June 1, 2003... Abstract:
This paper demonstrates that (time- and context-specific) 'political costs' were instrumental in the entry of deferred tax accounting into Australian GAAP in the early 1970's--a period in which high profits and low corporate...
Geared equity investments: a case study of tax arbitrage down under.
June 1, 2003... Abstract:
Geared Equity Investment (GE1) contracts are an over-the-counter financial derivative product offered by Macquarie Bank, Ltd. to individual investors in Australia and New Zealand as a managed-risk investment in local shares...
Short-term autocorrelation in Australian equities.
June 1, 2003... Abstract:
This paper examines the statistical and economic significance of short-term autocorrelation in Australian equities. We document large negative first-order autocorrelation in individual stock returns. Preliminary results suggest...