Phoenix activity occurs where the business of a failed company is transferred to a second (typically newly incorporated) company and the second company's controllers are the same as the first company's controllers. Phoenix activity can be legal as well as illegal. The aim of this research report...

The fees charged by financial institutions are coming under increasing scrutiny. In this paper exit fees, or the fees charged by financial institutions for early termination of a variable rate mortgage, are analysed. The authors discuss why these fees are a concern, including the potential...

This paper presents the results of a study that measures the costs associated with litigation for plaintiff and defendant companies for a sample of companies listed on the Australian Securities Exchange. The study uses event study methodology to examine the effects of litigation initiation...

An important debate concerns the meaning of the duty imposed on company directors to act in the best interests of the company. Are shareholders' interests paramount when directors act in accordance with this duty? To what extent can the interests of stakeholders other than shareholders be...

Employee share ownership in Australia has, until recently, been largely unchartered, despite considerable public policy interest in the area. Although empirical research has recently been undertaken into the current incidence and forms of broad-based employee share ownership plans (ESOPs) in...

The Australian Securities and Investments Commission (ASIC) has several enforcement options available to it where a company breaches its continuous disclosure obligations by not promptly disclosing price sensitive information. The most recent enforcement option made available to ASIC is the use...

This research report is part of a project, funded by the Australian Research Council, which will contribute to a broader understanding of the role of financial literacy and consumer behaviour in Australia. The research report explores the causes of financial behaviour and considers whether...

Through employee share schemes, employees have the opportunity to take up equity in the company for which they work. There are two distinct types of employee share schemes: ‘broad-based' schemes that are open to the majority of employees within a company, and ‘narrow-based' schemes that are...

This research report presents findings from a survey of employee share ownership practice in Australian listed companies. The research focused on broad-based employee share ownership plans (ESOPs): that is, plans that are open to a majority of employees within the company. The purpose of this...

This research report contains the findings of 10 case studies of Australian companies undertaken as part of a project to better understand the relationships between corporate structure, corporate governance and labour relations. We first sought to assess each of our case study companies...