A public private partnership (PPP) is a contractual arrangement between government and the private sector, usually for the delivery of a piece of social infrastructure or a social service. Over the past 10 years, PPP activity around the globe amounts to many billions of dollars. The key features...

A limitation of prior research on imputation credit value is researchers' selective interpretation of the regression coefficient used to estimate credit value. This ignores the in-sample evidence on the value of cash dividends and the value of a fully-franked dividend. This is a problem because...

Multiple regression analysis leads to coefficient estimates that need to be jointly interpreted. This holds even if correlation amongst independent variables is at a level that researchers typically consider to be tolerable. In estimating the value of imputation credits using multiple...

Since dividend imputation was introduced to Australia 32 years ago, researchers and corporate finance practitioners have debated the extent to which imputation credits are incorporated into share prices. One reason for divergence of opinions is the selective interpretation of coefficient...

Estimates of the equity risk premium implied by analyst forecasts — generally 2 to 4 percent — are often significantly below realized equity returns of 6 percent. Measurement error could result from conservative assumptions, reliance upon consensus rather than detailed forecasts, the use of...

Estimates of systematic risk or beta are an important determinant of the cost of capital. The standard technique used to compile beta estimates is an ordinary least squares regression of stock returns on market returns using 4 - 5 years of monthly data. This convention assumes that a longer time...

In this study, we employ a Monte Carlo simulation technique for estimating the probability of victory at any stage in the first or second innings of a one-day international (ODI) cricket match. This model is then used to test market efficiency in the Betfair ‘in-play' market for a large sample...

This paper uses a survey of Australian Corporate Treasurers to shed light on the gap between the theory and practice of corporate finance in Australia. Seven areas are examined: capital structure, payout policy, cash holdings, initial public offerings, seasoned equity offering, mergers and...

This article uses a survey of Australian corporate treasurers to shed light on the gap between the theory and practice of corporate finance in Australia. Seven areas are examined: capital structure, payout policy, cash holdings, initial public offerings, seasoned equity offering, mergers and...

This paper tests whether and to what extent the value premium is induced by financial inflexibility risk. In this context, financial flexibility refers to the ability of a firm to alter investment expenditure to mitigate exogenous shocks, so as to generate a smooth dividend stream. Consistent...