Prior to the 2007–2009 financial crisis, international banks had an average share of around 65% of the syndicated loan market in Australia. When the crisis hit, the resulting liquidity shock resulted in globally active international banks exiting the Australian market. With limited global...

The sub-prime crisis which emanated from the USA in 2007 has had profound effects around the world and is providing new insights into financial interlinkages and risk management issues. This paper examines the effects of the sub-prime crisis on the Australian financial sector with three...

Off-market share buybacks in Australia are often structured with the buyback price comprising a large dividend component (which may carry imputation tax credits) and a small capital component. This unique structure has the consequence that institutions on low tax rates stand to benefit most from...

This research studies the implications of short term debt for firm investment decisions on a sample of U.S. non-financial firms from 1985-2011. We argue that short term debt does not always help to reduce the overhang cost of leverage as is the case in Myers (1977) model. Our empirical results...

This paper explore whether there are competitive advantage of Australian domestic banks relative to international banks in absorbing liquidity risk originated from loan contract. We focus on the Australian syndicated loan market and the two types of syndicated loans: term loans and revolving...

Contracts for Difference (CFDs) represent a significant financial innovation in the design of futures contract. Their use in over-the-counter markets has grown significantly and has created controversy in the UK, but to date there have been no published academic studies examining CFD markets. In...