Centre for Finance

Working Paper Series in Finance

Selected publications

2010

Al-Abduljader, S. A and Moosa, I.A., 2010, Test of the News Model of Stock Price Determination in an Emerging Market: The Case of Kuwait, Applied Financial Economics, 20, 397-405.

G Cobblah, G., M. N., Graham, M. A. , and Yawson, A., 2010, Due diligence on strategic fit and integration issues: A focal point of M&A success, in R. Gleich, G. Kierans and T. Hasselbach (eds.), Value in Due Diligence: Contemporary Strategies for Merger and Acquisition Success. Gower Publishing Ltd, (Ashgate Publishing Group), UK, pp. 3-15.

Abor, J., Graham, M., and Yawson, A. (forthcoming). Corporate Governance and Restructuring Activities following Completed Bids, Corporate Governance: An International Review.

Bhatti, R.H., and Moosa, I.A., The Theory and Empirics of Exchange Rates, Hackensack (New Jersey): World Scientific.

Heaney, R. A., Li, Larry and Valencia, V., accepted 7/6/2010, due for publication 2011, Sovereign Wealth Fund Investment Decisions: Temasek Holdings, Australian Journal of Management.

Heaney, R. A., Tawani, V. and Goodwin, G., 2010, “Australian CEO Remuneration”, Economic Papers, 29, 2, 109-127.

Heaney, R. A., Foster, F. D., Gregor, S., O’Neill, T. and Wood, R. E., 2010, “Are Two Heads Better Than One? An Experiment in Share Trading by Naïve Traders”, Australian Journal of Management, 35, 2, 119-143.

Li, L., and Moosa, I.A., (forthcoming), Technical and Fundamental Trading in the Chinese Stock Market: Evidence Based on Time Series and Panel Data, Emerging Markets Finance and Trade

Ma S. T. Naughton and G. Tian (2010), The Impact of Ownership and Ownership Concentration on the Performance of Chinese Listed Firms, Accounting & Finance (forthcoming).

Mitchell, H., Joseph, S., 2010, Changes in Malaysia: Capital controls, prime ministers and political connections, Pacific-basin Finance Journal, 18, 460-476.

Moosa, I.A., International Finance: An Analytical Approach, Sydney: McGraw Hill (third edition and Chinese edition).

Moosa, I.A., The Myth of Too Big to Fail, London, Palgrave.

Moosa, I.A., 2010, Stock Market Contagion in the Early Stages of the Global Financial Crisis: The Experience of the GCC Countries, International Journal of Banking and Finance, 7, 21-37.

Moosa, I.A., 2010, Basel II as a Casualty of the Global Financial Crisis, Journal of Banking Regulation, 11, 95-114.

Moosa, I.A., 2010, Some Pedagogical Pitfalls in the Definitions of Arbitrage, Hedging and Speculation, Banking and Finance Review, Vol 2

Moosa, I.A., 2010, Does Climatic Seasonality Produce Seasonality in Stock Returns? Evidence from an Emerging Stock Market, Journal of Applied Business and Economics, 11, 120-128.

Moosa, I.A., 2010, The Myth of Too Big to Fail, Journal of Banking Regulation, 11, 319-333.

Moosa, I.A., (forthcoming), The Profitability of Interest Arbitrage when the Base Currency is Pegged to a Basket, Review of Quantitative Finance and Accounting

Moosa, I.A., (forthcoming), The Profitability of Carry Trade, Economia Internazionale

Moosa, I.A. and Silvapulle, P., (forthcoming), An Empirical Analysis of the Operational Losses of Australian Banks, Accounting and Finance

Moosa, I.A., (forthcoming), Risk Transfer Arrangements as an Alternative to the Financial Hedging of Transaction Exposure to Foreign Exchange Risk, Review of Middle East Economics and Finance

Ramiah, V., and Davidson, S., 2010, Inefficiency of the Australian Stock market, A chapter in The Behavioral Finance Handbook, UK publisher, Edward Elgar. Publication in November

Ramiah, V., Cheng, K. Y., Orriols, J., Naughton, T., and Hallahan, T., (forthcoming)., Contrarian Investment Strategies Work Better for Dually-Traded Stocks: Hong Kong Evidence, Pacific-Basin Finance Journal.

2009

Deng, H., 2009. Developments in Fuzzy Multicriteria Analysis. Fuzzy Information and Engineering 1, 109-115.

Molla, A., and Deng, H., 2009. Business Participation in Third Party Controlled E-Marketplace: An Exploratory Model. International Journal of e-Business Management 3, 20-34.

Thomas, S., Ramiah, V., Mitchell, H. and Heaney, R., 2009, Seasonal Factors and Outlier Effects in Rate of Return on Electricity Spot Prices in Australia’s National Electricity Market, Applied Economics, 1466-4283, First published on 12 March 2009 (iFirst).

Goodwin, J., Ahmed, K. and R.A. Heaney, 2009, Reporting The Impact Of The Adoption Of International Financial Reporting Standards In Australia: Does Corporate Governance Help Us To Understand Reporting Behaviour? ABACUS, 45, 124-145.

Graham, M, and P. Bhattachary, 2009, On Institutional Investors and Firm Performance: A Disaggregated View, Journal of Multinational Financial Management, 19, 370-394.

Hallahan T.A., Faff, R.W. and M. McKenzie, 2009, Non-linear Linkages between Financial Risk Tolerance and Demographic Characteristics. Applied Economic Letters, 16, 1329-1332.

Hallahan, T.A. and R.W. Faff, 2009, Tournament Behavior in Australian Superannuation Funds: A Non-Parametric Analysis. Global Finance Journal, 19, 307-322.

Haq, M. and Heaney, R.A., 2009, European Bank Equity Risk January 1995-April 2006, Journal of International Financial Markets, Institutions and Money, 19, 274-288.

Richard A. Heaney, 2009, “The Size and Composition of Corporate Boards in Hong Kong, Malaysia and Singapore” Applied Financial Economics, 19, 1029-1041.

Li L., Naughton, T., and Hovey, M., 2009, A review of corporate governance in China, Chapter 17 in F. J. Lopez Iturriaga (Ed), Codes of Good Governance Around the World, Nova Science Publishers, New York. ISBN: 978-1-60741-141-3

Moosa I., Naughton, T., and Li, L., 2009, Exchange Rate Regime Verification: Has China Actually Moved from a Dollar Peg to a Basket Peg? Economia Internazionale, LXII: 1, 41-67.

Ramiah, V., Cam, M.-A., Calabro, M., Maher, D. and Ghafouri, S., 2009, Changes in equity returns and volatility across different Australian industries following the recent terrorist attacks, Pacific-Basin Finance Journal, 18, 64-76.

Grants awarded by the Melbourne Centre for Financial Studies (2010 for 2011)

Grant #1, 2010 Superannuation Fund Management, Governance and Performance in Australian Industry Marie-Anne Cam and Monica Tan, $14,000.

Grant #20, 2010 Creation of a digital Database of Australian Equities, 1948 to 1965, Fowler and Heaney, $85,500.

Grants awarded by the Melbourne Centre for Financial Studies (2009 for 2010)

Grant #12, Investment in real estate, Heaney, Di Iorio and Higgins, $3,000

Grant #13, Predicting bank financial distress, Sy, Heaney, Naughton, Hollaender, $15,000

Grant #14, CEO Compensation and Corporate Governance: Empirical Evidence from Australia, Heaney, Li and Valencia, $15,000

Grants awarded by RMIT School of Economics Finance and Marketing (2010)

Superannuation Fund Management, Marie-Anne Cam and Monica Tan, $5,000.

Events for 2010

1. Presentation by Plilomena Holman and Simon Henkinson entitled "The Supervisory relationship: Academic partnership, or minefield?". This was held in room 108.12.84 from 10.00 am to 12.30 pm on the 7 June 2010. This event proved to be useful for a range of staff.

2. Presentation by Craig Thorburn entitled "Insurance regulatory and supervisory developments - the international perspective" from 5.30 to 7.00 on the 7 June 2010. - An excellent time was had by all who attended. Craig provided a very timely update on the changes in insurance regulation and supervision within an international setting.

3. Higher degree research student presentations to be held on the 8 June from 12.00 am to 6.00 pm with lunch, afternoon tea and an evening snack provided. Most students found the presentations quite useful as it tended to bring the PhD cohort working in the area of finance together. The PhD students who attended were often surprised at the breadth of research undertaken in the college at the PhD level in the area of finance.

4. Higher degree research student meeting to discuss research progress to be held on Monday, 18 October 2010. Further details available on request. This will be open to students throughout the college and need not be finance related.

5. FIRN research day was held on the 29 September 2010 and the FIRN PhD Doctoral Tutorial on the 30 September 2010 at the Stamford hotel. There was a wide range of presentations at both the research day and the Doctoral Tutorial with topics ranging from the effect on share prices of pollution through to forecasting asset return correlations. This event provided the centre with its first “external” exposure and the feedback from the event was positive. It is expected that the centre will be able to bring similar finance related events to Melbourne in the future.

6. Research students in the School of Economics, Finance and Marketing were brought together at the morning coffee and tea session on the 18 October 2010. This session is designed to build closer links between the research students themselves as well as further developing links between the research students and the supervisors cohort that exists within the school.