EVA is a performance measure that is being used by an increasing number of companies, but academic research on EVA is limited. In addition, all prior empirical academic studies on EVA have used the firm as the unit of analysis. In this study, we examine the effect of EVA on the performance of...

The New Zealand market allows us to explore the effect of a less restrictive private placement regulatory environment compared to the US and other countries where private placements have already been examined. Examples include no resale restrictions on shares purchased through private placements...

This study examines whether the composition of boards of directors differs between high and low growth firms. Based on prior research, we hypothesise that firms with greater investment opportunities require more monitoring because managers in these firms have more discretion both in selecting...

This study provides some market based evidence on the usefulness of comprehensive income disclosures in a Statement of Changes in Equity (SCE). In particular, we focus on two 'dirty surplus' items - fixed asset revaluations and foreign currency translation adjustments - that are excluded from...

We examine whether New Zealand firms changed the composition of their boards of directors due to the 1994 enactment of the new Companies Act. We explore two possible effects. First, outside directors may have been more attractive, and firms may have used more outside directors after the new...

This paper examines the earnings management of chemical firms at the end of 1979 when Congress was considering legislation leading to the Comprehensive Environmental Response, Compensation, and Recovery Act of 1980. This legislation gave the U.S. government the authority to remediate hazardous...

A report issued by the U.S. General Accounting Office (GAO) in 2003 identified auditors' industry expertise as a critical factor for firms choosing an auditor, and highlighted the rather extreme levels of auditor concentration in some industries. We posit that the investment opportunity set...

Past research has revealed significant abnormal ex-date returns for stock dividends even though the ex-date is known in advance and the distribution contains no new information. Various researchers have suggested that odd-lot transaction costs faced by certain investors are the key driver in the...

This study examines how dividend imputation affects the incentive of New Zealand firms to minimise tax. By effectively eliminating double taxation on company income, imputation reduces firms' incentives to engage in costly tax minimisation strategies. Before September 1993, resident and...