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Financial contagion : An empirical investigation of the relationship between financial-stress indexes of Australia and the US

  • Authors: Mukulu, Sandra , Hettihewa, Samanthala , Wright, Christopher
  • Date: 2014
  • Type: Text , Journal article
  • Relation: Journal of Applied Business and Economics Vol. 16, no. 3 (2014), p. 11-34
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  • Description: A key departure in this study from many earlier studies is that, on the continuum of financial stress from nil to very high, both very high levels of stress and very low levels are seen as being harmful and potential harbinger of a financial-market crisis. Specifically, a surfeit of stress can act as a tipping point into crisis and a dearth of stress can encourage hubris and increase a nation’s susceptibility to financial contagion from another nation; even one that is far removed by geographic and/or economic distance. This paper focuses on developing financial stress indices for the US and Australia using composite market indices, trade weight indices and yields on securities with different maturity dates. Monthly data from January 1989 to December 2011 was sourced from the Australian Bureau of Statistics (ABS), the Reserve Bank of Australia (RBA), the Federal Reserve Bank (FRB), the Bureau of Economic Analysis (BEA), the Federal Reserve Bank of St Louis website, Bank of Canada, Reserve Bank of New Zealand and Yahoo finance website. For purposes of this study the aggregate measures of stress consists of inverted yield spreads, volatility measures for market indices, volatility measures of trade weighted indexes, risk spreads, credit risk spreads and a measures of risk in the equity market.

An inquiry into the relationship of wealth/income and demographics to HIV/AIDS: The case of Kenya

  • Authors: Hettihewa, Samanthala , Wright, Christopher , Mukulu, Sandra
  • Date: 2011
  • Type: Text , Conference paper
  • Relation: 15th International Business Research Conference Sydney 21st-23rd November, 2011 p. 1-19
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  • Description: This paper uses quantitative and qualitative analyses to study the influence of socio-economic factors on the HIV/AIDS epidemic with the intent of providing insight on policies to mitigate that epidemic. After a brief synopsis of poverty and AIDS in Africa, this paper outlines key research questions, and reviews their treatment in the literature. Using published data from 6,350 individuals (drawn from the Kenya Demographic Survey of 37,000), a number of behavioural choices are analysed. Income, wealth level, occupations and location are considered under other variables. While the analysis suggests that poverty does not predispose people to HIV/AIDS, it did strongly indicate that AIDS can precipitate poverty. These findings provide insight as to how the spread of AIDS can be mitigated in Kenya and Sub-Saharan Africa.
  • Description: 2003009452

A review of dominant and emerging issues in corporate earnings management

  • Authors: Hettihewa, Samanthala , Wright, Christopher
  • Date: 2010
  • Type: Text , Journal article
  • Relation: Southern Business Review Vol. 35, no. 1 (2010), p. 15-36
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  • Description: The form and means of corporate earnings management (CEM) have evolved and become ever more sophisticated; however, in substance, CEM remains the misinforming of the users of an organization's financial statements, via the strategic abuse of timing, reorganizing, reclassifying, and/ or omitting of material information. Thus, even though CEM rarely involves outright deception, it is a fundamental breach of trust. As such, CEM is immensely damaging to the primary role of financial statements (i.e., the creation and/ or maintenance of informed trust between organizations and their key stakeholders) .

Factors affecting student's perception of ethical and moral behaviour: An empirical investigation of business schools in the United States and Australia

  • Authors: Ashe, Carolyn , Hettihewa, Samanthala
  • Date: 2011
  • Type: Text , Journal article
  • Relation: National Social Science Journal Vol. 36, no. 1 (2011), p. 8-27
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  • Description: It is imperative that business students are prepared to join the world‘s highly dynamic, technologically advanced 21st Century global workplace. Technological innovations have provided an effective transition into the new millennium, while rapid globalization has opened unprecedented risks and opportunities for the business sector. While transition is a major concern for most businesses as it relates to management, the global transformation has revealed that questionable business standards still exist. Scandals over the past decade include but are not limited to the following: Wall Street ethics (insider trading, leveraged buyouts); environmental issues (Con Edison); personal business ethics revealing theft at the highest levels of management (Madoff Investment, Allen Stanford, Lehman Brothers, Bank of Credit and Commerce International (BCCI), Adelphia Communications, AIG, Health South; kickbacks (Tyco); racial discrimination (Denny‘s and Texaco); sexual harassment (Mitsubishi); and general dishonesty (BP,Enron, WorldCom, Waste Management) have proven financially disastrous due to unethical behavior (Business Week, 2002; Wall Street Journal, 2003; Scharff, 2005; Cagle & Baucus, 2006; Grant & Visconti, 2006; Kaplan & Kiron, 2007; Heminway, J., 2007; Eccles,Newquist & Schatz, 2007; Aguilera,Vadera, 2008; Association of Certified Fraud Examiners, 2008; Bartkus & Glassman, 2008; Ernst & Young, 2008; Palmer, 2008; Business Roundtable: Institute for Corporate Ethics, 2009; Ethics Resource Center, 2009; Rahman, Burckel & Mustafa, 2009; Putnam & Nicotera, 2010). Unexpected to the public,the epoch and consequences of these activities have been exposed. Corporate earnings management is one of the most repeatedly examined issues in the business arena (Healy & Wahlen, 1999). Corporate social responsibility (CSR) has been a ―hot topic in the business world
  • Description: 2003008942

Regional Australian small businesses: An empirical analysis of firm-specific, management specific and perceived-risk attributes

Tracking macroeconomic responses to accumulated alpha and changing currency dominance

  • Authors: Wright, Christopher , Hettihewa, Samanthala
  • Date: 2009
  • Type: Text , Journal article
  • Relation: Journal of Applied Business and Economics Vol. 9, no. 1 (2009), p. 81-94
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  • Description: This paper examines the empirical outcomes of the policies of nine monetary authorities (eight OECD nations and the Euro zone) so as to infer the strength and stability of the economic relationships behind those policies. Governments, responding to earlier rampant inflation, have in recent decades avowed to pursue monetary policies to maintain inflation at a low stable rate. In recent decades, the relationship between inflation and money supply, that is postulated in the received wisdom and confirmed by decades of observation, appears to be breaking down. In examining possible causes of this instability, this paper sees on-going changes in the velocity-of-money to be less plausible than shifting dominance in world currencies or the creative destruction of technological progress. This paper suggests the relative monetary stability of recent decades may be less achievable in the future.
  • Description: 2003007347

Modelling a bi-directional wealth vs. HIV/AIDS relationship in Kenya : An empirical analysis with policy implications

The impact of macroeconomic variable and demographic structure on share prices - The case of New Zealand

  • Authors: Harrison, Robin , Hettihewa, Samanthala
  • Date: 2008
  • Type: Text , Conference paper
  • Relation: Paper presented at 37th Annual Conference of Economists, Gold Coast, Queensland : 30th September - 4th October 2008
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  • Description: This paper uses quarterly time series data to investigate the impact on New Zealand share prices (from 1990 to 2006) of macroeconomic variables and demography. Following from Poterba (2001), real GDP, interest rates, inflation and the housing price are used in the model. Co-integration and Error-Correction mechanisms show the specified models to be robust, the variables under study are co-integrated and long-run relationships are defined between variables. During the 16 year review period, NZ share prices were significantly affected by demography – in particular, numbers in the 45-65 age category. The findings of this study are significant and important – this is the first attempt to quantify the impact of demographic changes (e.g. baby boomers) on share prices in New Zealand. High growth in the NZ share market, its growing integration with the global economy make it an important part of the rapidly growing Asia-Pacific region and increase the importance of this study in providing essential information for policy makers, global investors and financial institutions.

Risk management and derivatives use in Australian Firms

  • Authors: Batten, Jonathan A. , Hettihewa, Samanthala
  • Date: 2007
  • Type: Text , Journal article
  • Relation: Journal of Asia Business Studies Vol. 1, no. 2 (2007), p. 37-44
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  • Description: Country-specific information on risk management is increasingly important, not only for investors and decision makers in international markets but also, for those in national and regional markets. This study reports the results of a cross-sectional survey of risk management practice and derivatives use by a sample of Australian firms. Overall, the results suggest that firm-specific factors appear to have some influence on risk management practice with the industry of the respondent being the most important, while the degree of international exposure has the least. Larger and more internationally exposed firms are likely to have more frequent reporting of derivatives use, and are more likely to use swaps and options to manage risks than other types of firms. Issues and implications for international firms are discussed
  • Description: C1
  • Description: 2003007177

Junior Mining Sector capital-raisings: The effects of information asymmetry and uncertainity issues

  • Authors: Iddon, Casey , Hettihewa, Samanthala , Wright, Christopher
  • Date: 2013
  • Type: Text , Journal article
  • Relation: Journal of Applied Business and Economics Vol. 15, no. 3 (2013), p. 56-67
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  • Description: While prospecting by junior mining companies (JMCs) is a vital contributor to modern wealth creation, attributes of the junior mining sector (JMS) limit JMC-fund raisings to external equity (shares). In considering responses by JMC principals to deep discounting and other JMC-investor strategies, potential responses were found to: increase returns to principals, increase JMS moral-hazard issues, and further deepen price discounts on JMC share offerings, especially IPOs. It is suggested that the attractiveness and moral-hazard consequences of these potential responses can be greatly diminished if mining-tenement fees are raised and JMC prospecting costs are allowed as an offset against those fees

Globlization, demography, history and the Australian investor

  • Authors: Hettihewa, Samanthala , Wright, Christopher
  • Date: 2008
  • Type: Text , Conference paper
  • Relation: Paper presented at 37th Annual Conference of Economists, Gold Coast, Queensland : 30th September - 4th October 2008
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  • Description: Ever seeking to increase returns at a given or lower risk levels , investors are finding that globalization and market integration are making it more difficult to achieve their targets by diversifying their portfolios across nations. Australia moved from being a poor investment prospect in the last third of the 20th Century to becoming fourth in world competitiveness. In contrast, the New Zealand economy has become ever more dependent on volatile agricultural commodities and faces serious infrastructure issues that may hinder its efforts to enhance or even retain its competitiveness. This paper projects from the recent history of the Australian and New Zealand economies to consider how they are likely to fare in resolving the early 21st Century challenges of globalization and demography and asks if Australian investors should consider investing closer to home.
  • Description: 2003006644

Identification and analysis of a tertiary-education expectations gap in developed countries

  • Authors: Wright, Christopher , Hettihewa, Samanthala
  • Date: 2012
  • Type: Text , Journal article
  • Relation: Journal of Higher Education Theory and Practice Vol. 12, no. 2 (May 2012 2012), p. 51-72
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  • Description: Participation in tertiary education in developed countries has dramatically expanded over the past few decades. The perceptions of academic researchers, policy makers, employers and the general public have contributed to expectations of significant socio-economic and political gains from that expansion. This study, using a descriptive analysis and looking at the trends in historical perspective, found significant indications of a rising gap between the expectations and the perceived performance of higher education in developed countries. It is suggested that the recent expansion in tertiary-education may need refocusing to avoid growing gap between expectations and perceived-performance in tertiary education.
  • Description: C1

Does an aging population influence stock markets? Evidence from New Zealand

  • Authors: Hettihewa, Samanthala , Saha, Shrabani , Zhang, Hanxiong
  • Date: 2018
  • Type: Text , Journal article
  • Relation: Economic Modelling Vol. 75, no. (2018), p. 142-158
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  • Description: The effect of the aging baby-boom-cohort on asset values is extensively studied. While that effect varies by country, there are likely to be commonalities. Thus, research on a relatively small advanced open economy like New Zealand can provide insight into the general effect. In this study monthly data from 1991 to 2017 is used to examine how aging population in New Zealand affects its stock market considering key demographic and non-demographic macroeconomic variables and a new focus on fast-and-slow-moving institutional change. The results suggest that the net effect of an aging population on stock markets is insignificant. However, real GDP and foreign portfolio investment (FPI) show a positive relationship with the stock market. The findings reveal that FPI can mitigate possible negative effects from aging in an open economy. Moreover, the policy implications of the study suggest that international-factor mobility, skilled-migration policies, and technology-based productivity growth can boost stock markets.

Relationship between firm management and the ethical practice

  • Authors: Hettihewa, Samanthala , Batten, Jonathan A.
  • Date: 2006
  • Type: Text , Journal article
  • Relation: Journal of Corporate Citizenship Vol. 22, no. Summer (2006), p. 27-37
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  • Description: This paper analyses the results of a survey of large Australian firms to determine (a) the scale and scope of ethical practices in the firm; and (b) the relationship between the different types of firm manager and the firm's ethical practices. The results suggest that whether or not a firm follows a written code of ethics appears to be strongly related to the age category of the senior manager. The level of education and the employment background of the senior manager do not seem to be related to whether the firm has a written code or not. [ABSTRACT FROM AUTHOR]
  • Description: C1
  • Description: 2003007180

Microfinance from LDCs to DCs: Are socio-economic differences important?

  • Authors: Hettihewa, Samanthala , Wright, Christopher
  • Date: 2011
  • Type: Text , Book chapter
  • Relation: Advanced technologies for microfinance p. 283-301
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  • Description: Microfinance (MF) has demonstrated great success in poverty-relief in less-developed countries (LDCs) and is experiencing rapid growth and interest in developed countries (DCs). However, the current literature on DC MF leaves a general impression that DC MF is failing and its original core intent of poverty relief is being diluted by survival concerns. Descriptive analysis is used in this chapter to infer that DC MF must be redesigned to meet DC socio-economic conditions, if it is to avoid a reputation of being too poorly focused, ineffective, and inefficient for use in DCs. After demonstrating that poverty in LDCs is harsher than in DCs, this chapter reviews current-performance concerns of DC MF, discusses how it can still effectively relieve poverty in DCs, examines how regulatory and other socio-economic factors affect micro-enterprise, and concludes that MF should be refocused before DCs commit to further developing/adapting MF infrastructure
  • Description: 2003008943

The social performance, consequences and costs of microfinance: A macro perspective

Financial stress and contagion: Developing a viable financial stress index for Australia

Firm valuation in Australia's junior mining sector: Issues and fundamentals in a descriptive analysis

Ethical management practice in Australia

  • Authors: Batten, Jonathan A. , Hettihewa, Samanthala , Mellor, Robert
  • Date: 2008
  • Type: Text , Journal article
  • Relation: Global Business Review Vol. 9, no. 1 (2008), p. 1-18
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  • Description: This article replicates an earlier study on Australian ethical management practice by Batten et al. (1997) using an identical set of variables and methodology. While differences in the samples of the two studies limit the generalizability of the new findings this study confirms the presence of significant cross-sectional variation in ethical management practice. Overall, much still needs to be done in order for firms to comply with recent industry best practice recommendations.
  • Description: C1
  • Description: 2003006155

Microfinance programs in developed countries: An appraisal of the Australian, Canadian and US experience

  • Authors: Hettihewa, Samanthala , Wright, Christopher
  • Date: 2011
  • Type: Text , Conference paper
  • Relation: Oman 2011 international business conference
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  • Description: Micro-Finance (MF) is popular as a cost-effective means to reduce poverty by enhancing the access to financial services of fmancially-disadvantaged individuals and families. While its roots extend back to (at least) 136ICE, MF's common popularity occurred after the Grameen Bank introduced programs to Bangladesh, in the mid-1970s. The popularity and much-acclaimed successes of MF in less developed countries (LDCs) encouraged the implementation of MF programs in developed countries (DCs). However, after some initial success, DC MF programs tend to founder in a morass of financial and operating issues that centre on those programs having to provide much larger loans and far more entrepreneurial support than what is normally required in LDCs. An exploratory descriptive-analysis methodology is used in this study to review and assess the history and dynamics of MF programs in DCs with the intent of identifying patterns and trends in those programs. It appears that in responding to sustainability (a widely identified key issue), many DC MF institutions are shifting from the MF core ideal (of assisting society's most financial vulnerable) and are refocusing on facilitating the entrepreneurial aspirations of the working poor. The study suggests that this refocus may achieve sustainability, but at the cost of further disadvantaging the original intended-DC-MF beneficiaries. Recommendations in this study include: the use of macro-economic axioms to study MF programs and their constituent communities and that (to ensure that their programs add value) MF programs should measure their outcomes and impacts in terms of communities, rather than by individuals.
  • Description: E1