Resource management decisions influence not only the output of the economy but also the distribution of utility between groups within the community. The theory of Cost Benefit Analysis provides a means of incorporating distributional changes into the decision making calculus through the...

In a principal-agent environment with moral hazard and symmetric information, having or acquiring a more informative technology lowers the cost to implement a given action. Contracting may occur after or before the principal learns her technology. We show that when the principal has or will...

Implementation of Integrated Catchment Management (ICM) is hampered by the lack of a conceptual framework for explaining how landowners select farming systems for their properties. Benefit-cost analysis (a procedure that estimates the costs and benefits of alternative actions or policies) has...

Meta-regression analysis (MRA) provides an empirical framework through which to integrate disparate economic research results, filter out likely publication bias, and explain their wide variation using socio-economic and econometric explanatory variables (Stanley and Jarrell, 1989, Stanley,...

In this paper, we provide a comprehensive investigation of 260 initial public offerings (IPOs) in the Australian resource sector for the 1994 – 2004 period. Consistent with the existing IPO literature, we document a 16.13% underpricing return by firms in the sample. Despite the contention that...

We examine the trading activities of directors in shares of their own companies on the Australian Stock Exchange during the July-December 2005 period. We find that directors of small companies in particular earn abnormal return after both their ‘Purchase’ and as well as their ‘Sale’...

In this study we examine both informed trading and contraire trading preceding takeover announcements on US target firms. Our findings suggest that both informed trading and contraire trading exists within the period preceding takeover announcements on both the stock and option markets as...

In this paper, we re-examine the evidence of long memory in the Australian stock market. Using the rescaled range analysis, we find evidence of long memory and non-periodic cycles in the All Ordinaries Index. The result suggests that long memory is present in the Australian stock market....

Previous research has shown that individuals do not respond to changes in their bargaining position to the extent predicted by standard bargaining theories. Most of these results come from experiments with bargaining power allocated exogenously, so that individuals may perceive it as having been...

In this paper, we test whether January and turn-of-the-month (TOM) affect firm returns and firm return volatility differently depending on their sector and size. We use time series data for 560 firms listed on the NYSE and find evidence of both January and TOM affecting returns and return...