In 'The Cost of Capital, Corporation Finance, and the Theory of Investment' (American Economic Review, June 1958, 48(3), pp. 261–97) and 'Corporate Income Taxes and the Cost of Capital: A Correction' (American Economic Review, June 1963, 58(3), pp. 433–43), Modigliani and Miller (M&M 1958,...

The study investigates the impacts of four agency costs on the dividend policy of firms listed on the Stock Exchange of Mauritius Ltd. (SEM). It uses least squares regression to test and examine the impact of four Agency Cost Variables (ACVs), namely ownership dispersion, insider ownership, Free...

In the present paper we examine the setting of offer prices for Australian industrial initial public offers (IPOs) by fixed price offers. Our investigation focuses on the associations between offer prices and both market prices and accounting based measures of intrinsic value. Fixed-price offers...

Financial planning advice is becoming increasingly relevant to the economic objectives of Australians. However, the evidence suggests there are numerous ethical risks related to the provision of that advice and other factors that may be influencing the ethical decision making of financial...

In recent years, a narrative has emerged in the Australian popular media about the box office "unpopularity" of Australian feature films and the "failure" of the domestic screen industry. This article explores the recent history of Australian screen policy with particular reference to: 1) the...

One of the fundamental considerations for exporters in international trade transactions is the aspect of payment. In the context of financial risk management, Letters of Credit enable the exporter to substitute the credit risk of the buyer with that of his bank. The Letter of Credit is a...

The last two decades have been a critical period for Thailand's development. From the mid 1980s to the beginning of the 1990s, the Thai economy performed remarkably well and was a showcase for the world economy. Having achieved a double-digit growth rate for a brief period, Thailand in the late...

This paper argues the recent proposals expressed by the Australian Accounting Standard Board in Exposure Draft 151 contradicts the historical trend of standard setters attempting to achieve the objective of financial reporting, that is, the provision of decision-useful information for users of...

The reform of the public sector has been a continuing challenge for many governments around the world. In recent years, this reform has become dominated by such terms as ?new public management?, ?managerialism?, ?marketisation?, ?privatisation? and ?commercialisation?. These terms reflect a...

In general, a financial centre can be defined as ?a place in which there is a high concentration of managed financial institutions and financial markets performing activities which are internationally recognised for their management efficacy, efficiency, and legal standing. Australia?s financial...