A key question in asset pricing is the extent to which tax effects are passed through market prices or are capitalised in them. New Zealand stock dividends provide a useful window into this debate because of (1) the existence of both taxable and non-taxable stock dividends, and (2) the...

We investigate the performance of the 'Permanent Portfolio' in the United States and international markets. This simple approach to asset allocation involves investors splitting their portfolio equally between stocks, bonds, gold and cash. The Permanent Portfolio does not consistently generate...

Purpose – The purpose of this paper is to investigate the risk factors for A‐shares listed on both Shenzhen and Shanghai Stock Exchange in China using variables from Akgun and Gibson. Design/methodology/approach – The paper applies cross‐sectional regression on the orthogonal components...

Purpose – The purpose of this paper is to use firm-level data to examine whether the political cycle differentially relates to small vs large firms in New Zealand; a country that operates a unicameral political system has a short three-year political term and a right-of-centre stock market...

Purpose – This paper aims to examine whether the cross-sectional return patterns in New Zealand’s main stock market (NZSX) are also present in the alternative (NZAX) and over-the-counter (Unlisted) markets. Design/methodology/approach – Cross-sectional regressions of monthly stock returns...

Purpose: Employing the anti-corruption campaign as an exogenous political shock, this paper examines how political intervention shapes the impact of financial expert CEOs on firm investment decisions. Design/methodology/approach: This paper uses a sample of 2,808 Chinese firms listed in the...

This paper examines the financing choices made by New Zealand firms and the factors that influence those choices over the period 1984 to 2009. New Zealand firms are faced with relatively thin capital markets that lack scale and participation. The paper therefore provides an alternative...

We study the IPO underpricing and long-run performance of ChiNext, a newly-established growth enterprise board in China. Using a sample of 281 ChiNext IPOs between October 2009 and December 2011, the initial average market adjusted abnormal return (MAAR) is 33.5% and the average 12-month...