A compelling reason for engaging in on-market buy-backs is that it provides a signal about the undervaluation of the company. In this paper an alternative, accounting based, method of determining fundamental value and undervaluation is used, namely the Ohlson residual income valuation framework....

A compelling reason for engaging in on-market buy-backs is that it provides a signal about the undervaluation of the company. In this paper an alternative, accounting based, method of determining fundamental value and undervaluation is used, namely the Ohlson residual income valuation framework....

This paper investigates the extent to which Australian CEOs are compensated following the completion of mergers and acquisition (M&A) deals with reference to the incentive alignment and managerial power perspective. Findings reveal that CEOs of acquiring firms significantly receive higher...

Government agencies produce indexes that purport to measure international competitiveness. The most common version is the real effective exchange rate, which is some form of weighted average of the real exchange rates of the country's trading partners. Such indexes convey a false sense of...

The conference series is a joint venture between the Economic Research Centre at the University of Western Australia and the Centre for Economic Policy Research at the Australian National University. The 2003 Conference, the sixteenth in this series, was held at UWA in Perth from 5-7 November.

Price clustering is the tendency of prices to be observed more frequently at some numbers than others. It results from human bias and from haziness or imprecise beliefs about underlying value. To many Chinese, the number 8 is attractive because it is considered "lucky", while 4 is "unlucky" and...

Our paper investigates the compliance of Australian listed firms with the ASX disclosure rules for on‐market share buy‐backs. We find that firm compliance is reasonable for initial buy‐back announcements, but poor for final buy‐back notices. In the latter instance, the disclosure in the...

The contemporary press frequently makes mention of, and identifies significance with, specific numerical values in financial markets. This focus has been suggested to result in clustering. Furthermore, these symbolic numbers are often referred to as psychological barriers. These effects are...