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Article
Publication date: 21 June 2019

Terry Marsh and Rand Low

824

Abstract

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Studies in Economics and Finance, vol. 36 no. 1
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 1 June 2023

Terry Marsh and Kylie Jennifer Gilbey

Australian Securities Exchange (ASX) initial public offerings (IPOs) are an important source of early-stage capital and have also driven a substantial increase in main-board…

204

Abstract

Purpose

Australian Securities Exchange (ASX) initial public offerings (IPOs) are an important source of early-stage capital and have also driven a substantial increase in main-board listed companies post-millennium. By contrast, Australian venture capital (VC) funding has remained largely dormant. The opposite has occurred in the US: IPOs have fallen by half, and VC funding has surged. The authors examine the reason for this divergence between ASX IPO and US VC systems that, with their supporting ecosystems, have many features in common and function similarly. The authors explore the potential factors that could explain the US VC surge vis-à-vis Australia's VC stagnation.

Design/methodology/approach

The authors’ analysis is predominantly qualitative. The authors describe the Australian listing process and its similar features and functions as for the prototypical VC. The authors also describe the developments in US VC driving its recent exceptional surge and highlight that such developments have not yet materialised on the Australian scene, where early-stage IPOs have served as a substitute.

Findings

The ASX's structure and ecosystem have been critical to its success in fostering early-stage main-board listings. While the US has succeeded in alternatively growing VC, there is an increasing concern that the latter has occurred partially because valuations are stretched, tax concessions for carried-interest capital gains are too high and corporate control benefits are becoming increasingly diluted. These developments could have important implications for Australia, where VC structures are currently being reviewed.

Originality/value

To the best of the authors’ knowledge, no prior study has attempted to bridge the broad differences in IPO and VC funding trends for early-stage companies in Australia and the USA.

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Journal of Accounting Literature, vol. 46 no. 1
Type: Research Article
ISSN: 0737-4607

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Article
Publication date: 1 November 2003

Richard Heaney

Are share markets too volatile? While it is difficult to ignore share market volatility it is important to determine whether volatility is excessive. This paper replicates the…

836

Abstract

Are share markets too volatile? While it is difficult to ignore share market volatility it is important to determine whether volatility is excessive. This paper replicates the Shiller (1981) test as well as applying standard time series analysis to annual Australian stock market data for the period 1883 to 1999. While Shiller’s test suggests the possibility of excess volatility, time series analysis identifies a long‐run relationship between share market value and dividends, consistent with the share market reverting to its fundamental discounted cash flow value over time.

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Managerial Finance, vol. 29 no. 10
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 April 2003

SERGIO M. FOCARDI and FRANK J. FABOZZI

Fat‐tailed distributions have been found in many financial and economic variables ranging from forecasting returns on financial assets to modeling recovery distributions in…

285

Abstract

Fat‐tailed distributions have been found in many financial and economic variables ranging from forecasting returns on financial assets to modeling recovery distributions in bankruptcies. They have also been found in numerous insurance applications such as catastrophic insurance claims and in value‐at‐risk measures employed by risk managers. Financial applications include:

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The Journal of Risk Finance, vol. 5 no. 1
Type: Research Article
ISSN: 1526-5943

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Article
Publication date: 1 July 1995

Steven J. Cochran and Robert H. DeFina

Several recent studies have indicated the existence of a predictable component in stock prices. This study examines the sources of this serial correlation using error‐correction…

120

Abstract

Several recent studies have indicated the existence of a predictable component in stock prices. This study examines the sources of this serial correlation using error‐correction models. The results show that autocorrelated economic variables can generate serial correlation in stock returns. After these effects are accounted for, however, significant serial correlation in stock prices remains. The activities of noise traders and inefficiencies in the pricing of securities, within the context of limitations to the arbitrage process, are suggested as additional sources of serial correlation in stock prices.

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Managerial Finance, vol. 21 no. 7
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 March 1997

Dana L. Platt and Mark J. McKeefry

The United States Securities and Exchange Commission adopted Regulation S in 1990 to clarify that offshore offers and sales of securities need not comply with the onerous…

49

Abstract

The United States Securities and Exchange Commission adopted Regulation S in 1990 to clarify that offshore offers and sales of securities need not comply with the onerous registration requirements of US securities laws. In the short time since Regulation S was adopted, a number of issuers have abused the regulation. Amendments designed to curb these abuses have been recently proposed. This paper addresses the impact of the amendments and identifies significant issues to consider when undertaking a Regulation S transaction.

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Journal of Financial Regulation and Compliance, vol. 5 no. 3
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 1 November 2003

Jeffrey Gropp

Evidence of mean reversion in U.S. stock prices during the post‐World War II era is mixed. I find that using the standard portfolio formation method to construct size‐sorted…

343

Abstract

Evidence of mean reversion in U.S. stock prices during the post‐World War II era is mixed. I find that using the standard portfolio formation method to construct size‐sorted portfolios is inadequate for detecting mean reversion. Using alternative portfolio formation methods and additional cross‐sectional power gained from size‐sorted portfolios during the period 1963 to 1998, I find strong evidence of mean reversion in portfolio prices. My findings imply a significantly positive speed of reversion with a half‐life of approximately three and a half years. Parametric contrarian investment strategies that exploit mean reversion outperform buy‐and‐hold and standard contrarian strategies.

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Managerial Finance, vol. 29 no. 10
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 March 2000

JEFFREY R. BOHN

In this second installment, the author addresses some of the problems associated with empirically validating contingent‐claim models for valuing risky debt. The article uses a…

264

Abstract

In this second installment, the author addresses some of the problems associated with empirically validating contingent‐claim models for valuing risky debt. The article uses a simple contingent claims risky debt valuation model to fit term structures of credit spreads derived from data for U.S. corporate bonds. An essential component to fitting this model is the use of expected default frequency; the estimate of the firms' expected default probability over a specific time horizon. The author discusses the statistical and econometric procedures used in fitting the term structure of credit spreads and estimating model parameters. These include iteratively reweighted non‐linear least squares are used to dampen the impact of outliers and ensure convergence in each cross‐sectional estimation from 1992 to 1999.

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The Journal of Risk Finance, vol. 1 no. 4
Type: Research Article
ISSN: 1526-5943

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Article
Publication date: 1 April 1999

Terry Savage

121

Abstract

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Aircraft Engineering and Aerospace Technology, vol. 71 no. 2
Type: Research Article
ISSN: 0002-2667

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Book part
Publication date: 30 May 2022

Jagriti Upadhyaya

The chapter tries to understand how nuclear tests and the radiation fallouts in their aftermath can lead to cancer. It seeks to explore how our diseased ecological systems have…

Abstract

Purpose of the Research Paper

The chapter tries to understand how nuclear tests and the radiation fallouts in their aftermath can lead to cancer. It seeks to explore how our diseased ecological systems have resulted in silencing the birdsong and the spreading of cancer in the Anthropocene with reference to Terry Tempest Williams' (An environmentalist and Utah naturalist) two memoirs – “‘Refuge: An Unnatural History of Family and Place” and “When Women Were Birds: Fifty-Four Variations on Voice.” It would also try to factor in connections between climate change, pandemics like the COVID-19, and the onslaught of other terminal illnesses like cancer, all a result of mankind's anthropocentric hubris and domination of nature.

Methodology/Approach

Mine would be a qualitative approach wherein I will refer to the original two texts mentioned for primary material and other sources for secondary references and analyze them from an ecofeminist perspective.

Findings and Conclusion

We need to establish the health of the Environment through reduced usage of nuclear weapons and by developing a language and an environmental praxis that doesn't separate the subject and the object and only then we can usher in biological egalitarianism, and restore the song of the whistling thrush again. We also need to revere our Mother Earth and see to it that she maintains her ecological balance through homeostasis.

Details

Systemic Inequality, Sustainability and COVID-19
Type: Book
ISBN: 978-1-80117-733-7

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