This paper investigates the relation between CEO narcissism and a firm's propensity to adopt earnings manipulation. There is growing evidence that narcissistic leaders over-identify themselves with the organizations they lead and expend considerable resources to achieve their goals, including...

State-owned enterprises (SOEs) are legally private entities used in many jurisdictions to satisfy public needs, mostly through extensive consumption of public funds. While the nature of purposes pursued and of resources employed affects their accountability in a public sense, their financial...

This paper examines the dynamics of quoted bid-ask spreads, price volatility and percentage trading volume for the most liquid interest rate futures trading on the Sydney Futures Exchange. Using data for both the overnight and intraday markets of the Sydney Futures Exchange, patterns contrast...

This paper aims to analyze the dynamics of information asymmetry in market microstructure through the Easley et al. (2002)'s PIN framework in two segments. Firstly, we test to see if factors such as size, value and illiquidity can be used to explain PIN. Secondly, we extend beyond the...

This paper examines the impact of reporting delays in off-market trades on informed tradingand information efficiency. We examine this issue using a natural experiment in FTSE futurescontracts provided by the ICE Exchange which eliminated the ability of market participants torequest a reporting...

This study re-examines the variation in selling prices between the auction and private treaty method of sales. Using sales data from five major Australian capital cities over a four year period, we estimate a hedonic pricing model. Results indicate that for house sales, auctions lead to greater...

This paper extends previous research which has examined the market impact of large transactions in bull and bear markets by examining the information eff ects of trades. Previous research has demonstrated that the information effects of buy trades are greater than the information eff ects of...