Discovery Early Career Researcher Award - Grant ID: DE140100253
Funder
Australian Research Council
Funding Amount
$373,700.00
Summary
Bank governance and financial crisis: implications for bank risk-taking, earnings management, and information efficiency. The global financial crisis signified that the connections between the governance of banks, their performance, and the long-term stability of the financial system are not well understood. This project investigates how executives' compensation, audit efforts and ownership structure in banks impact their risk-taking, accounting choices and information flows in a global setting ....Bank governance and financial crisis: implications for bank risk-taking, earnings management, and information efficiency. The global financial crisis signified that the connections between the governance of banks, their performance, and the long-term stability of the financial system are not well understood. This project investigates how executives' compensation, audit efforts and ownership structure in banks impact their risk-taking, accounting choices and information flows in a global setting for the periods before and around the crisis. The project findings will advance our knowledge of how to improve the existing monitoring systems of banks to safeguard the economy and to provide a more transparent bank system. The project will also facilitate an evaluation of the effectiveness of various reforms that were initiated following the crisis.Read moreRead less
The impact of payout policy changes on firm value and short selling activities across different taxation regimes. Brealey et al (2011) assert that we don't know enough yet about how payout policy varies across firms. This project examines the information content of dividend changes and repurchase programs and the long-term market impact of these announcements, controlling for the substitution effect of repurchases/dividends in different institutional/tax regimes. This project also examines wheth ....The impact of payout policy changes on firm value and short selling activities across different taxation regimes. Brealey et al (2011) assert that we don't know enough yet about how payout policy varies across firms. This project examines the information content of dividend changes and repurchase programs and the long-term market impact of these announcements, controlling for the substitution effect of repurchases/dividends in different institutional/tax regimes. This project also examines whether short sellers manifest abnormal behaviour around the announcement of dividend changes and repurchase programs, and whether earnings are manipulated upwards to maintain the dividend or downwards prior to the announcement of repurchase programs. The findings will be of major interest to academics, managers, investors and regulators.Read moreRead less
Price Discovery in Equity and Volatility Futures for Trading and Hedging. This project aims to develop a multivariate asynchronous technique to analyse the price discovery of movements in equity stock indices, volatility index futures and exchange traded products. This project expects to generate new knowledge in the area of financial econometrics using an innovative mixed frequency sampling approach to establish robust causal inferences. Expected outcomes of the project include enhanced econome ....Price Discovery in Equity and Volatility Futures for Trading and Hedging. This project aims to develop a multivariate asynchronous technique to analyse the price discovery of movements in equity stock indices, volatility index futures and exchange traded products. This project expects to generate new knowledge in the area of financial econometrics using an innovative mixed frequency sampling approach to establish robust causal inferences. Expected outcomes of the project include enhanced econometric theory and its implementation in applied finance. This should provide significant benefits in the price discovery of the equity index in Australia, including insights that will help Australian funds in hedging and trading volatility.Read moreRead less
The Importance of Being Politically Connected. The literature on the importance of political connections to firms and their value implications is scant. This project aims to develop a framework that depicts the interplay of political connections, institutional factors, corporate governance, media coverage and firm value. In particular, it investigates how political connections enhance the value of firms in China and how this changes as the market transitions.
The economic cost of insider trading - culture, legislation, governance, gender and crisis impacts: comparative evidence from around the globe. Does a country's culture and firm governance affect returns to insiders and/or general trading costs? Do uninformed insiders benefit at the expense of outsiders? By extending research internationally on these important equity issues, feedback is provided on best practice to increase information availability and reduce unscrupulous gains to insiders.
Australia’s Climate Strategy and Positioning for the Clean Tech Revolution. The aims of this project are to analyse and benchmark Australia’s climate change strategy and positioning in terms of its readiness to take advantage of a clean technology revolution, and to analyse what the revolution might look like and how it will evolve. Scientific evidence points to the increasingly urgent need for action on climate change and investment in cleaner technologies on a large scale. This need for action ....Australia’s Climate Strategy and Positioning for the Clean Tech Revolution. The aims of this project are to analyse and benchmark Australia’s climate change strategy and positioning in terms of its readiness to take advantage of a clean technology revolution, and to analyse what the revolution might look like and how it will evolve. Scientific evidence points to the increasingly urgent need for action on climate change and investment in cleaner technologies on a large scale. This need for action coincides with emerging policy and technological developments that are already taking place. The project aims to provide new decision-making frameworks for the timing and extent of investments in new technologies. Analysing Australia's positioning and the coming clean technology revolution would benefit policy-makers, corporations and investors.Read moreRead less
Surviving financial crises: a study of the Australian Government securities market. This project assesses the capacity of the Australian Government securities market to meet investor demand in times of financial crises. The outcomes will provide governments in Australia and other countries with the necessary tools to enhance the efficiency of securities markets and to flag liquidity problems in a timely manner.