Browsing by Research Type "Conference or Workshop Item (Seminar, Speech or Other Presentation)"
Now showing items 1-20 of 52
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Agency Problems and Audit Fees: Further Tests of the Free Cash Flow Hypothesis
This study finds that the agency problems of companies with high free cash flow (FCF) and low growth opportunities induce auditors of companies in the United States to raise audit fees to compensate for the additional ... -
Agency Problems and Audit Fees: Further Tests of the Free Cash Flow Hypothesis
This study finds that the agency problems of companies with high free cash flow (FCF) and low growth opportunities induce auditors of companies in the United States to raise audit fees to compensate for the additional ... -
Analyst forecasts in New Zealand
This study explores analyst annual earnings forecasts in New Zealand. The results show that forecasts of New Zealand firms do not suffer from the pessimistic biases found in studies of forecasts for United States firms. ... -
The announcement impact of seasoned equity offerings on bondholder wealth
Previous studies document a negative and significant return to equity on the announcement of a seasoned equity offering. However, the effects of such an announcement on the firms other securities has received little ... -
Bang, beep, buzz, blip: Introducing Pure Data
Pure Data (Pd) is a graphical data-flow environment for multimedia, created by Miller Puckette of the Center for Research in Computing and the Arts at UCSD. It’s a fun, versatile and intuitive environment providing high-level ... -
Beyond the short run: The longer time scale volatility of investment value
Fund and other investments often exhibit longer run volatility associated with macroeconomic or other dynamics to an extent inconsistent with the efficient market accumulation model. Volatility and performance models or ... -
CEO power, executive compensation and firm performance, New Zealand, 1997-2002
I use new data made available by the 1993 Companies Act to examine trends in CEO and non-CEO executive employee (NCEE) pay and related governance issues. Following mandatory disclosure on 1 July 1997, real CEO and NCEE ... -
Complexity and the character of stock returns: Empirical evidence and a model of asset prices based upon complex investor learning
Empirical evidence on the distributional characteristics of common stock returns indicates: 1) A power-law with exponent > 2 describes the positive tail behavior of the survivor function of returns ( pr(r > x ) – x-u ) ... -
The corporate cost of capital and financial investment in New Zealand
We have estimated the cost of capital for the New Zealand listed non-finance corporate sector by the corporate internal rate of return method adopted by Fama and French (1999). The real IRR on value is 1.87% and IRR on ... -
The cost of funds and bank efficiency through time
A super-efficiency model within Data Envelopment Analysis (DEA) was used to study the relative efficiency of New Zealand banks for the period 1996 to 2003. Evidence was found for improvement in efficiency, although it was ... -
Do the trades and stockholdings of fund managers reveal private information?
This paper examines the performance of the stock holdings and trades of a sample of Australian fund managers over the period from 1990 to 1997. When stockholdings are observable, performance measures can be constructed ... -
Dr. StrangeBook or How I learned to stop worrying and love XML
About two years ago the database papers in the Information Science Department started to migrate towards an XML based document creation infrastructure (from a mixture of PowerPoint and LaTeX). We are now at the stage where ... -
Estimation and inference in ARCH models in the presence of outliers
In this paper we show the effects that outliers have on estimation and inference for ARCH models. We propose an empirically tractable solution to this problem by replacing outliers with their conditional expectations ... -
Explaining corporate governance: Boards, bylaws, and charter provisions
We provide arguments and present evidence that corporate governance structures are endogenous responses to the costs and benefits firms face when they choose the mechanisms that comprise those structures. In particular, ... -
An explanation of unbiased expectations and efficient market hypothesis using Markov switching framework
This paper uses Indian stock futures data to explore unbiased expectations and efficient market hypothesis. Having experienced voluminous transactions within a short time span after its establishment, the Indian stock ... -
Explicit vs. implicit contracts: Evidence from CEO employment agreements
We report evidence on the choice between explicit (written) and implicit contracting for a sample of agreements between CEOs and their firms. Fewer than half of S&P 500 CEOs have explicit contracts. Evidence on the ... -
FDIC losses in bank failures: Has FDICIA made a difference?
Banks are generally failed and placed in receivership when the value of their assets declines below the value of their deposits and other debt, so that the value of their capital (net worth) becomes negative. As a result, ... -
Financial conditions indexes
This paper provides an exposition of the nature, means of estimation and uses of Financial Conditions Indexes (FCIs) and their relationship to the more common Monetary Conditions Indexes (MCIs) that are used by market ... -
Foreign currency crisis and semi-strong efficiency of the Korean stock market
This paper investigated the efficiency of the Korean capital market with respect to fiscal and monetary policies. For this purpose, the paper applied FIML technique to a set of monthly data over the period 1982.01 to ... -
House prices and bubbles in New Zealand
Much of bubble literature centred on financial markets. Dominant theory – if prices deviate from fundamental value for some time then a bubble is said to exist. Bubbles usually characterised in three main ways: ● momentum: ...