Intelligent finance : An introduction
- Authors: Pan, Heping , Sornette, Didier , Kortanek, Kenneth
- Date: 2005
- Type: Text , Journal article
- Relation: China Journal of Finance Vol. 3, no. 2 (2005), p. 182-203
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- Description: C1
- Description: 2003001441
Stock market, tax revenue and economic growth : A case-study of Malaysia
- Authors: Taha, Roshaiza , Colombage, Sisira , Maslyuk, Svetlana
- Date: 2010
- Type: Text , Conference proceedings
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- Description: This paper empirically tests Levine's [1] endogenous growth model, which suggests that stock market and tax policy jointly affect economic growth. Following Levine [1], tax or impeding financial market activities have the potential to lower per capita growth rate. Using monthly data from 1980 to 2008, the relationship between tax revenue, stock market as proxies by direct tax revenue and KLCI respectively and economic growth in Malaysia is modeled using the Granger causality and VECM framework. Results support Levine's theory and reveal that over the sample period both tax revenue and stock market affect pattern of economic growth in Malaysia. These findings indicate that strong growth can be achieved through booming of stock market activities and the high revenue collection. Fiscal policy authorities in Malaysia will find these results useful.
Financial hardship and financial literacy : A case study from the Gippsland region
- Authors: Tennant, Judith , Wright, Jill , Jackson, Dorothy
- Date: 2009
- Type: Text , Journal article
- Relation: JASSA Vol. 2009, no. 2 (2009), p. 10-15
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- Description: Our research indicates that while inadequate financial literacy is a contributing factor to financial hardship, other factors such as inadequate income are important. We find no significant relationship between 'sex' and 'financial literacy'. Our study also indicates that financial counsellors play an essential role in the provision of appropriately targeted financial advice and education.]
Asymmetry of information and the finance-growth nexus : Evidence from emerging markets
- Authors: Colombage, Sisira , Halabi, Abdel
- Date: 2008
- Type: Text , Conference paper
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Australian conference of economists at 40: The state it's in
- Authors: Millmow, Alex
- Date: 2011
- Type: Text , Journal article
- Relation: Agenda Vol. 18, no. 3 (2011), p. 87-110
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- Description: It was 1970. It was the Age of Aquarius. The Boeing 747 was introduced into intercontinental service. In Australia, the Federal Treasurer, Les Bury, began to notice that inflation and unemployment were rising simultaneously. And Australian students began studying economics using a localised adaptation of Samuelson's classic textbook.
- Description: 2003009008
Value relevance of accounting and other variables in the junior-mining sector
- Authors: Iddon, Casey , Hettihewa, Samanthala , Wright, Christopher
- Date: 2015
- Type: Text , Journal article
- Relation: Australasian Accounting, Business and Finance Journal Vol. 9, no. 1 (2015), p. 25-42
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- Description: Unique fundamentals and severe uncertainty in the junior-mining-sector (JMS) make valuing JMS ventures problematic. However, potentially enormous returns draw many investors into the JMS. While financial-instrument-pricing theory suggests that accounting values/ratios should have little influence on JMS-firm outcomes, this study's simple OLS and Panel-data findings show strong correlation between those variables and JMS-firm-share prices. After discounting market failure, it is conjectured that JMS nonfinancial factors, share prices and accounting values are co-determined in a simultaneous relationship that is obscurely linked to outcomes. The notions uncovered in this study should greatly interest academics and business sector participants. © 2015 Australasian Accounting Business and Finance Journal and Authors.
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
Governance and accountability in Australian charitable organisations: Perceptions from CFOs
- Authors: Dellaportas, Steven , Langton, Jonathan , West, Brian
- Date: 2012
- Type: Text , Journal article
- Relation: International Journal of Accounting and Information Management Vol. 20, no. 3 (2012), p. 238-254
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- Description: Purpose - The purpose of this paper is to explore the perceptions of senior accounting officers on governance, performance and accountability issues in the charity sector. Design/methodology/approach - The empirical data presented in this paper were collected via a mail-out survey to Chief Financial Officers (CFO) of large charity organisations in Australia. Findings - The executives surveyed agreed that the public is entitled to receive high quality financial disclosures from charities, favouring "programme accountability", "fiscal accountability" and "profit" as relevant performance indicators rather than cash surplus/deficit. The respondents also considered that charities warrant a dedicated accounting standard but were less enthusiastic about an independent regulator with stronger control functions. Research limitations/implications - The data in this study report the opinions of financial executives which may not represent the view of all managing executives. Originality/value - While governance in charities has been examined previously from an organisational or management perspective, this is one of the few papers that emphasises how members of the accounting profession view this important topic.
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.
The surge of impact borrowing : The magnitude and determinants of green bond supply and its heterogeneity across markets
- Authors: Chiesa, Micol , Barua, Suborna
- Date: 2019
- Type: Text , Journal article
- Relation: Journal of Sustainable Finance and Investment Vol. 9, no. 2 (2019), p. 138-161
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- Description: Green bonds could play a key role in financing the investment needed to achieve the global climate and energy objectives and the UN Sustainable Development Goals. Using Bloomberg data of corporate green bond issuance from 2010 to 2017, we explore the factors affecting the size of borrowing. By employing a set of tri-dimensional elements (security characteristics, issuer characteristics, and market characteristics), we investigate the consistency of the effects across emerging and non-emerging markets. Findings suggest that, in general, issue size is positively related coupon rate, credit rating, collateral availability, and issuer’s sector and financial health. Moreover, issuances in emerging markets with a more international orientation and denominated in EURO, have a higher size. Arguably, these features make bonds more reliable, secured, and return-generating for investors, which facilitates higher issue size through greater investor demand. The paper calls for policies and incentives to encourage impact borrowing through increased green bond supply.
Working capital management practices in India : Survey evidence
- Authors: Baker, Kent , Kumar, Satish , Colombage, Sisira , Singh, Harsh
- Date: 2017
- Type: Text , Journal article
- Relation: Managerial Finance Vol. 43, no. 3 (2017), p. 331-353
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- Description: Purpose: The purpose of this paper is to investigate the working capital management (WCM) practices adopted by Indian firms listed on the National Stock Exchange (NSE). Design/methodology/approach: Using a questionnaire, the authors gather data from 110 financial managers and use various statistical techniques to test for statistical significance. Findings: The evidence shows that the majority (54.5 percent) of sample firms follow a moderate approach in financing their activities, which involves a trade-off between liquidity and profitability. Respondents tend to use an informal approach for WCM and consider receivables management as the most important component of WCM. In terms of WCM monitoring and financial measures, respondents mainly consider the cash conversion cycle and net working capital. Indian firms tend to use centralized cash management and rely heavily on material requirement planning (MRP) and enterprise resource planning (ERP) for proper inventory management. Research limitations/implications: Tests involving firm size, foreign sales, and average age do not differ significantly between the NSE-listed firms and the sample firms. This evidence lessens concerns of non-response bias and the ability to generalize the findings to Indian firms. Originality/value: By updating and extending previous research on WCM, this study fills a gap in the literature by providing insights into practices adopted by Indian firms in managing WCM and its components. © 2017, © Emerald Publishing Limited.
Working capital management and firm profitability : a Meta-analysis
- Authors: Singh, Harsh , Kumar, Satish , Colombage, Sisira
- Date: 2017
- Type: Text , Journal article
- Relation: Qualitative Research in Financial Markets Vol. 9, no. 1 (2017), p. 34-47
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- Description: Purpose: The purpose of this study is to quantitatively aggregate the findings of prior literature on the effect of working capital management (WCM) on corporate profitability using the meta-analysis technique developed by Hunter et al. (1982). Design/methodology/approach: A set of 46 research articles that directly studied the relationship between WCM, and profitability was analyzed for the purpose. In addition to overall meta-analysis, a detailed subgroup study was also conducted to test whether the differences in results are due to moderating effects related to different profitability proxies, economic development of a specific country and size of the firms under study. Findings: The findings of this meta-analysis confirm that WCM is negatively associated with profitability, which means an aggressive WCM policy leads to higher profitability. Overall, and in all the subgroup studies, the cash conversion cycle was found to be negatively associated with profitability. Originality/value: Unlike narrative literature review papers, this meta-analysis provides quantitatively aggregate evidence on the relationship of WCM and firms’ profitability. To the best of authors’ knowledge, no previous meta-analysis paper is published on the topic. © 2017, © Emerald Publishing Limited.
Financial reporting quality, family ownership, and investment efficiency : An empirical investigation
- Authors: Shahzad, Faisal , Rehman, Ijaz , Colombage, Sisira , Nawaz, Faisal
- Date: 2019
- Type: Text , Journal article
- Relation: Managerial Finance Vol. 45, no. 4 (2019), p. 513-535
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- Description: Purpose: The purpose of this paper is to empirically investigate the impact of two monitoring mechanisms: family ownership (FO) and financial reporting quality (FRQ) on investment efficiency (IE) over the period of 2007–2014 for listed firms on the Pakistan Stock Exchange. Design/methodology/approach: The authors employ two-dimensional pooled OLS cluster at the firm and year level, two-stage least square regression and feasible generalized lease square regression regression methods. Findings: The findings suggest that higher FRQ and FO are associated with higher IE. Further, the authors report that higher FRQ and FO mitigate over- and under-investment. The impact of FRQ on IE is stronger (weaker) for family-controlled businesses. The results for these particular estimates are robust for alternative estimation techniques and measures of FRQ and FO. Originality/value: The study draws on both agency and behavioral agency theories and therefore contributes to the literature in the following ways. First, the authors examine a relationship between FRQ and IE. Second, the authors test the impact of FO on IE. Third, the authors test the moderating impact of FO on the relationship between FRQ and the IE of family and non-family firms in relatively less regulated emerging market.
Corporate social disclosures in the knowledge-based sector in an emerging economy
- Authors: Joshi, Mahesh , Sidhu, Jasvinder , Kansal, Monika
- Date: 2013
- Type: Text , Journal article
- Relation: Corporate Ownership and Control Vol. 10, no. 3 CONT2 (2013), p. 237-249
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- Description: The purpose of this paper is to examine corporate social responsibility (CSR) reporting by the BSE TECk Sector in the developing economy of India. Using content analysis, this study analyses the disclosures of corporate social responsibility elements by the BSE TECk Sector in the annual reports. CSR disclosures are analysed in context of sources, nature and the item of information.The findings of the study advice that all the companies in the BSE TECk index disclose social issues in their annual reports. Human resources related issues have found greater attention in annual report of the sample companies and less attention has been provided to ethical issues. The study highlights that it is important for the corporate sector to disclose CSR related matters as part of their overall corporate and business performance reporting model. The paper also provides some practical implications about reporting of socially responsible activities for knowledge based companies.
Exploring predictors of job satisfaction in call centres - The case of Australia
- Authors: Annakis, John , Lobo, Antonio , Pillay, Soma
- Date: 2011
- Type: Text , Journal article
- Relation: Corporate Ownership and Control Vol. 8, no. 3 D (2011), p. 376-395
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- Description: In this paper we examine predictors of job satisfaction within the call centre industry. Using a qualitative methodology, we investigate the nature and extent of job satisfaction of customer service representatives in two large Australian call centres. The findings from the study confirm that monitoring, personal privacy and flexibility correlate to workers' wellbeing and job satisfaction.
On SPD method for solving canonical dual problem in post buckling of large deformed elastic beam
- Authors: Ali, Elaf , Gao, David
- Date: 2018
- Type: Text , Journal article
- Relation: Communications in Mathematical Sciences Vol. 16, no. 5 (2018), p. 1225-1240
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- Description: This paper presents a new methodology and algorithm for solving post buckling problems of a large deformed elastic beam. The total potential energy of this beam is a nonconvex functional, which can be used to model both pre- and post-buckling phenomena. By using a canonical dual finite element method, a new primal-dual semi-definite programming (PD-SDP) algorithm is presented, which can be used to obtain all possible post-buckled solutions. Applications are illustrated by several numerical examples with different boundary conditions. We find that the global minimum solution of the nonconvex potential leads to a stable configuration of the buckled beam, the local maximum solution leads to the unbuckled state, and both of these two solutions are numerically stable. However, the local minimum solution leads to an unstable buckled state, which is very sensitive to axial compressive forces, thickness of beam, numerical precision, and the size of finite elements. The method and algorithm proposed in this paper can be used for solving general nonconvex variational problems in engineering and sciences.
Political competition and debt : Evidence from New Zealand local governments
- Authors: Chatterjee, Bikram , Bhattacharya, Sukanto , Taylor, Grantley , West, Brian
- Date: 2019
- Type: Text , Journal article
- Relation: Accounting Research Journal Vol. 32, no. 3 (2019), p. 344-361
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- Description: Purpose This paper aims to investigate whether the amount of local governments' debt can be predicted by the level of political competition. Design/methodology/approach The study uses the artificial neural network (ANN) to test whether ANN can "learn" from the observed data and make reliable out-of-sample predictions of the target variable value (i.e. a local government's debt level) for given values of the predictor variables. An ANN is a non-parametric prediction tool, that is, not susceptible to the common limitations of regression-based parametric forecasting models, e.g. multi-collinearity and latent non-linear relations. Findings The study finds that "political competition" is a useful predictor of a local government's debt level. Moreover, a positive relationship between political competition and debt level is indicated, i.e. increases in political competition typically leads to increases in a local government's level of debt. Originality/value The study contributes to public sector reporting literature by investigating whether public debt levels can be predicted on the basis of political competition while discounting factors such as "political ideology" and "fragmentation". The findings of the study are consistent with the expectations posited by public choice theory and have implications for public sector auditing, policy and reporting standards, particularly in terms of minimising potential political opportunism.
Institutionalising a value enacted dominant organisational culture : An impetus for whistleblowing
- Authors: Dorasamy, Nirmala , Pillay, Soma
- Date: 2011
- Type: Text , Journal article
- Relation: Corporate Ownership and Control Vol. 8, no. 3 C (2011), p. 297-304
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- Description: Whistle blowing on organisational wrongdoing is becoming increasingly prevalent. However, a renewal of existing literature reveals that every potential whistle blower is not always inclined to blow the whistle, despite protection being accorded to whistleblowers through legislation. The cost of blowing the whistle can be a deterrent to potential whistle blowers. It is quite plausible that an organisational culture which institutionalizes a dominant value based system can decrease whistle blowers expectations of retaliation. The purpose of this article is to provide a conceptual framework for a dominant value enacted organisational culture which can serve as an impetus for whistle blowing in the public sector. It is important that organisations make their value systems "lived" practices to motivate potential whistleblowers to report on wrongdoing. It can be argued that the institutionalisation of enacted values can lead to low perceptions of retaliation, which is often a deterrent in blowing the whistle.
A tale of two Australian economics journals
- Authors: Millmow, Alex , Tuck, Jacqueline
- Date: 2014
- Type: Text , Journal article
- Relation: Economic Papers: A journal of applied economics and policy Vol. 33, no. 2 (2014), p. 186-201
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- Description: Adelaide has made a significant contribution to Australian economics. Since 1966, the University of Adelaide and Flinders University have been the partners behind the journal Australian Economic Papers (AEP). It has been an adventurous undertaking sometimes disconcerted by financial vulnerability, which at times, threatened its very existence. After outlining the journal's history, this paper undertakes a forensic examination of the AEP, and provides a comparison with its most obvious competitor, The Economic Record (ER). Despite its bold ambitions, we find that the AEP is now Australia's second‐ranking generalist economics journal and suffering the fate of being of that genre.
Measuring intellectual capital performance of Indian banks : A public and private sector comparison
- Authors: Singh, Sukhdev , Sidhu, Jasvinder , Joshi, Mahesh , Kansal, Monika
- Date: 2016
- Type: Text , Journal article
- Relation: Managerial Finance Vol. 42, no. 7 (2016), p. 635-655
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- Description: Purpose: The purpose of this paper is to measure the intellectual capital performance of Indian banks and established a relationship between intellectual capital and return on assets (ROA). The paper also compared the intellectual capital performance of public sector and private sector banks. Design/methodology/approach: This study is based on secondary data from the top 20 Indian banks. Ten banks were selected from each of the public and private sectors on the basis of paid-up equity capital. The analysis was made using the value added intellectual coefficient, the coefficient of variation, exponential growth rates, trend analysis, Yule's coefficient, the coefficient of correlation, the F-test and the t-test. Findings: The study revealed that private sectors have performed relatively better regarding the creation of total information coefficient (IC). However, the ROA was still below the international benchmark of > 1 percent. The major cause of the lower IC and the reduced ROA is disproportionate to the increase in capital employed and escalating non-performing assets in the Indian banking sector. Practical implications: The study focussed on managers and identified the causes of lower performance. It proposed numerous strategies to improve the aggregate score of IC, which is closely related to bank profitability. Originality/value: This is the first study to make a comparative analysis of intellectual capital performance in public and private sector banks in India and in addition to the traditional style of measuring sectoral performance. Further, the study employed new statistical tools, such as Yule?s coefficient of association, to establish the association between performance variables.