Like the model adopted by many Asian countries, the Colombian approach to private participation in infrastructure aims to attract project financing for new facilities, leaving most existing assets in state hands. While the approach has been successful on attracting substantial private capital to...

If privatizing network industries is to bring lasting public benefits, governments should also attempt to introduce competition. The scope for such competition is growing with increasing deregulation and technological innovation. As technology continues to improve, the use of "smart...

Recent theoretical work argues that information risk is a non-diversifiable risk factor that is priced in the capital market. Using accruals quality to proxy for information risk, <link rid="b15">Francis et al. (2005)</link> provide empirical support for this argument using a sample of US firms. This paper re-examines...

Prior studies of the Australian Rugby League betting market report a degree of predictability well in excess of that attributable to chance. However, two important recent changes in the structure of the market facilitate an unambiguous assessment of the statistical significance of predictability...

This paper examines the measurement of long-horizon abnormal performance when stock selection is conditional on an extended period of past survival. Filtering on survival results in a sample driven towards more-established, frequently traded stocks and this has implications for the choice of...

This paper examines evidence of predictability in Australian equities using both statistical and economic metrics of significance. A probit-based predictive model is used to forecast the probability that the 1 month ahead excess market return will be positive. Funds under management are then...