We examine how firm characteristics, particularly the degree of firm complexity and the firm's need for specialty knowledge, affect the relationship between corporate governance and the risk of bankruptcy. We find that having larger boards reduces the risk of bankruptcy only for complex firms....

While prior studies document the benefits of political connections in emerging markets, their value in developed markets is less certain. In this study, we examine the types of firms that have directors with political and government connections on their boards and the value of these connections...

When the stock market has experienced a long period of rising prices, many investors begin to worry that it is about to fall. They may buy put options, only to kick themselves as a further advance in prices takes their protective puts far out of the money. One solution is a bear market warrant...

We find that a composite implied cost of capital (ICC) estimate - based on the earnings forecasts generated by cross-sectional models is highly correlated with future realised returns in both portfolio- and regression-based tests. By contrast, we find very little evidence for an association with...

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 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...

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 attempts to uncover the determinants of the dealer bid-ask spread in the foreign exchange market. Prior research has examined the Huang-Masulis model wherein the spread is modelled as a function of dealer competition and volatility. We first extend this model to a much larger set of...

Boards of directors have received limited guidance about the types and diversity of professional expertise expected on corporate boards. This is because little is actually known about the expertise that exists on corporate boards. In this study, we categorize directors by 11 types of...

All directors, not only those with multiple directorships, are potentially too busy to fulfill their directorial duties. Thus, as a general test of director busyness, we examine how changes in workloads (board and committee meeting frequency) affect the attendance practices of CEOs and...