This study examines the synergy and internalization hypotheses for international acquisitions using a sample of Australian companies with particular focus on the relationship between the synergistic gains and R&D capabilities of both the acquirer and target. We focus on three research questions:...

There is little empirical evidence of company tax driving firm value in the finance literature though a change to Australian dividend imputation tax law in 1997 suggests the existence of dividend taxation induced tax clienteles. Recent changes to the regulation of the Australian dividend...

Commodity markets are often assumed efficient yet commodities are not the same as shares and the structure of commodity markets can differ considerably from the structure of share markets. As a result we choose to explore the efficiency of the crude oil market using Wall Street Journal (WSJ)...

The valuation of crude oil and gas reserves is a critical step in pricing crude oil and gas producing firms. This is of interest both to academics and practitioners who are called upon to value these firms. It is also of interest to regulators, particularly in their oversight of mergers and...

This paper investigates whether co-skewness and co-kurtosis are priced in US stocks over the period from July 1963 to December 2010, using the Fama and Macbeth (1973) method. The results in this paper suggest that these moment based variables are subsumed by the Fama and French (1992, 1993)...

This paper provides an empirical study on the predictability of implied volatility using dataset collected from the London over-the-counter currency option market. The present work is motivated by the lack of empirical studies that address implied volatility characteristics across various...

We investigate bank capital, charter value, off-balance sheet activities, dividend payout ratio and size as determinants of bank equity risk (systematic risk, total risk, interest rate risk and idiosyncratic risk) and credit risk. Using information for 117 financial institutions across 15...

This paper draws on the top 100 firms in Australia, sampled every three years from 1990 through to 2008, to analyse the impact of busy directors on large Australian companies. Information on directors, CEO and Chairperson along with shareholder information is hand collected from the annual...

We analyse the investment performance of a large sample of individuals investing in discretionary retirement savings products offered by a large Australian financial institution. This is of interest from the perspective of market efficiency and the ability of individuals to over or under-perform...

This is study of the determinants of ULP and diesel price level and volatility in Western Australia. It draws on Western Australian FuelWatch fuel prices and Australian Tax Office post code level data over the period from 2002 to 2012. As might be expected, crude oil price and distance to the BP...