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Australian Market (australian + market)
Selected AbstractsStyle timing with the value spread in AustraliaACCOUNTING & FINANCE, Issue 4 2009Charles E. Hyde G11; G33 Abstract The value spread is shown to be positively related to the value premium in the Australian market. The relationship is especially strong for small cap portfolios and typically stronger when using the book-to-price ratio than other value metrics. In small cap portfolios, the positive value premium,spread relationship is primarily driven by the short side. Our results are consistent with previous findings in US and Asian markets. We also show that the small cap,large cap value spread differential is positively related to the corresponding value premium differential, suggesting the value spread can also be used for timing the large/small cap tilt. [source] Note on audit fee premiums to client size and industry specializationACCOUNTING & FINANCE, Issue 3 2007Elizabeth Carson M42 Abstract This research note examines the impact of client size on the estimation of audit fee premiums in the Australian market for audit services. Previous research suggests that higher audit fees are expected for both larger clients and for industry specialization. We find that in the Australian market for audit services, the fee premium attributed to industry specialist audit firms is concentrated in the audit fees paid by the largest clients in each industry. One reason for higher fees paid by larger clients is the demand for additional audit services. We find higher fees for companies cross-listed on US exchanges. We also find that fee premiums to auditors that are city-industry leaders are strongly related to client size. [source] The Value of Imputation Tax Credits on Australian Hybrid SecuritiesINTERNATIONAL REVIEW OF FINANCE, Issue 3 2010CLINTON FEUERHERDT ABSTRACT Hybrid securities are becoming an increasingly important component of the capital structure of Australian firms. While displaying characteristics of both debt and equity, one principal equity attribute of hybrids is their ability to pay franked dividends. This enables resident domestic investors to claim corporate tax payments as a credit against personal tax obligations under Australia's dividend imputation tax system. This paper estimates a value for the ,franking credits' that attach to hybrid securities by examining stock price changes around ex-dividend dates. We add to the literature that examines the ex-day price changes of ordinary shares (OS) in that the hybrid securities we examine have high dividend yields and are relatively insensitive to market movements. Therefore the signal-to-noise ratio is much higher than for OS. Our analysis reveals that cum-dividend day prices on hybrid securities do not include any value for franking credits. This result is consistent with the notion that the price-setting investor in the Australian market is a foreign investor who places no value on franking credits. [source] Price and Volume Behavior around the Ex-dividend Day: Evidence on the Value of Dividends from American Depositary Receipts and their Underlying Australian Stocks,INTERNATIONAL REVIEW OF FINANCE, Issue 1-2 2008AELEE JUN ABSTRACT Australian residents are tax-advantaged, relative to American investors, in their access to imputation tax credits on Australian stocks. This paper provides evidence consistent with a difference in dividend valuations between Australian stocks and their American Depositary Receipts (ADRs). The ex-dividend drop-off ratio is lower for ADRs relative to their underlying Australian stocks and this difference is most pronounced for stocks that have imputation tax credits and high dividend yields. Consistent with dividend capture trading in the Australian market, the difference in drop-off ratios is driven by both temporarily higher Australian cum-prices and temporarily lower Australian ex-prices. Abnormal trading volume about the ex-day is present in both markets and in the Australian market the abnormal volume is greater for dividends with imputation tax credits. Dividend-related trading leads to price differences across the markets on the ex-dividend day. Price differences are also observed when the stock and the ADR trade with different dividend entitlements due to different ex-dividend dates. [source] Do futures-based strategies enhance dynamic portfolio insurance?THE JOURNAL OF FUTURES MARKETS, Issue 6 2004Binh Huu Do In this paper we investigate the relative performance of two approaches to dynamic portfolio insurance: the synthetic put and the Constant Proportion Portfolio Insurance (CPPI). The investigation is conducted on the Australian market, over a sample period of 59 non-overlapping quarters from December 1987 to December 2002. Its main contribution is to provide a comprehensive assessment of the two approaches under different market conditions, and the testing of ex ante information as an input into the trading program. The major finding is that the futures-based implementation of both synthetic put and the CPPI approach is robust to both tranquil and turbulent market conditions in preserving the desired floor. The fact that this conclusion includes the case of employing implied volatility (obtained from the options market) is highly encouraging as it suggests high implementability of the strategy. Notably, the risk-return tradeoff shows that portfolio insurance using this volatility measure yields a return that is 64 basis points over the risk free investment. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:591,608, 2004 [source] COINTEGRATION OF STOCK MARKETS BETWEEN NEW ZEALAND, AUSTRALIA AND THE G7 ECONOMIES: SEARCHING FOR CO-MOVEMENT UNDER STRUCTURAL CHANGEAUSTRALIAN ECONOMIC PAPERS, Issue 3 2005PARESH KUMAR NARAYAN This paper examines whether the New Zealand equity market is integrated with the equity markets of Australia and the G7 economies by applying both the Johansen (1988) and Gregory and Hansen (1996) approaches to cointegration. The Johansen (1988) test suggests that there is no long-run relationship between the New Zealand stock market and any of the other stock markets considered in the study. The Gregory and Hansen (1996) test finds that the New Zealand and United States stock market is cointegrated, but the New Zealand stock market is not cointegrated with the other stock markets in the study. This suggests that in order to avoid some of the risk through international portfolio diversification there is potential for investors to purchase shares in the New Zealand market and either the Australian market or most of the world's leading equity markets. [source] Station level gasoline demand in an Australian market with regular price cycles,AUSTRALIAN JOURNAL OF AGRICULTURAL & RESOURCE ECONOMICS, Issue 4 2009Zhongmin Wang Regular and frequent gasoline price cycles are being observed in many Australian and Canadian markets. What is driving these price cycles has been the subject of academic studies and government investigations. The existing explanations for these price cycles all rely on the presumption that drivers are intensively sensitive to gasoline price differentials at the station level. However, no empirical evidence exists in the literature to support this presumption. This paper provides the first piece of empirical evidence. This paper uses a unique price and quantity data set and novel instruments to estimate the station level gasoline demand in the cycling market of Perth, Australia. The elasticity estimates confirm that drivers in the Perth area are indeed very sensitive to gasoline price differentials. [source] Reduced risk of acute poisoning in Australian cattle from used motor oils after introduction of lead-free petrolAUSTRALIAN VETERINARY JOURNAL, Issue 6 2010BG Burren Lead (Pb) poisoning of cattle has been relatively common in Australia and sump oil has been identified as an important cause of Pb toxicity for cattle because they seem to have a tendency to drink it. Lead-free petrol has been available in Australia since 1975, so the aim of this study was to assess the current risk to cattle from drinking used automotive oils. Sump or gear box oil was collected from 56 vehicles being serviced. The low levels of Pb found suggest that the removal of leaded petrol from the Australian market as a public health measure has benefited cattle by eliminating the risk of acute poisoning from used engine oil. [source] Effects of Added Shelter and Stocking Density on Growth of Sleepy Cod Oxyeleotris lineolatus in PondsJOURNAL OF THE WORLD AQUACULTURE SOCIETY, Issue 4 2003Brett W. Herbert Sleepy cod Oxyeleotris lineolatus is a species of freshwater goby in demand in Australian markets by consumers of Asian origin. It is related to marble goby Oxyeleotris marmoratus, the most expensive freshwater food fish in Asia, which is cultured throughout southeast Asia in ponds and cages. The performance of sleepy cod in culture conditions was investigated to assess the viability of farming them in northern Australia. Sleepy cod fingerlings (62.8 ± 0.8 mm total length and 2.56 ± 0.095 g) were stocked into experimental ponds at 32,857 fish/ha, and grown out for 8 mo. Shelter was provided in each of three replicate ponds and was absent in three control ponds. The provision of shelter in juvenile growout was found to be of no benefit, although fish in ponds provided with shelter weighed slightly more per unit length than fish in ponds without shelter. Cannibalism was not a problem in growout, and survival was close to 100%. After the shelter trial was completed, fish were graded into large and small classes (three replicates of each), and grown out without shelter at the same density for 158 d. Following that, fish were again graded, and the largest 30% retained from growout at a density of 8,857 fish/ha (large, 198 ± 6.44 g) or 10,000 fish/ha (small, 48.9 ± 1.27 g). These were grown out for 188 d. Growth of selected stock at low densities was slower than earlier growth rates, although smaller fish gained weight more rapidly than larger fish. Growth rates were better than the only published data for marble goby. Further investigation into high density culture and different genotypes of sleepy cod needs to be undertaken to determine the viability of pond culture. [source] The temporal influence of a heroin shortage on pregnant drug users and their newborn infants in Sydney, AustraliaAUSTRALIAN AND NEW ZEALAND JOURNAL OF OBSTETRICS AND GYNAECOLOGY, Issue 3 2010Kwai Meng PONG Background:, Heroin availability and purity decreased precipitously in Australian markets between 2000 and 2001. This led to increased use of non-opiate drugs in the general community but whether pregnant drug users and their newborn infants were affected remains unknown. Aim:, To determine if perinatal drug exposure and outcomes are affected by changes in street drug availability. Methods:, Retrospective review was carried out of known drug-exposed mothers delivering live-born infants at the Royal Hospital for Women, Randwick, Australia (n = 316). Study periods were divided into preshortage (A = 1998,2000, n = 79), shortage (B = 2001,2002, n = 92) and post-shortage (C = 2003,2006, n = 122) periods. Cannabis-only users were excluded (n = 23). Results:, The percentage of confined women who admitted to using heroin decreased significantly (65%(A) vs 34%(B), P < 0.01) as did women on methadone programmes (90%(A), 80%(B), 75%(C), P = 0.024). The use of cocaine (7% (A) vs 33% (B), P = 0.031) and amphetamines (4% (A) vs 22% (C), P = 0.01), tripled. Most infants were born full-term and healthy but the duration of infant hospitalisation increased significantly from (median [interquartile range]) 8 [10, 38](A) to 13 [7, 23](C) days (P < 0.01). Approximately 50% of infants required withdrawal treatment but more needed phenobarbitone as an adjunct to morphine during the shortage (4/80 (0.5%) vs 15/93 (16%), P = 0.026), probably because of increased exposure to non-opiate drugs. Conclusions:, The types of drugs used by pregnant drug users follow street trends and may affect infant hospitalisation and withdrawal treatment. Of concern is the rise in amphetamine-use and there needs to be increased vigilance for similar trends, especially in previously unidentified drug users. [source] | |||||||||||||