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This paper conducts several tests of association between accounting information and the systematic risks of firm's equities. It also evaluates several models of the prediction of systematic risk from past rate-of-return information.
In the past, revenue from government owned mineral rights have been collected through a combination of lease auctions, ad valorem or per unit royalties, overcharges for state services, price controls and export levies. The resource rents tax (RRT) is a recently proposed royalty which purportedly...
A unique travel innovation provided the opportunity to study the decision processes of innovators by means of self-administered questionnaires. The major findings were that a variety of models were necessary to describe these decision processes, and that the majority of respondents did not...
This paper estimates the welfare cost of the Australian government regulations on international air travel. It is argued that prices are higher than they would be in the absence of the regulations and that most of the resulting loss of consumer surplus is dissipated in inefficient airline...
In spite of the proliferation of alternative API metrics, little interpretation and comparison of them has been conducted. Their relationship with the capital asset pricing model has remained obscure. This paper attempts to clarify these and other issues. The major conclusion is that API (or...
Existing evidence indicates that the time-series behaviour of corporate annual earnings is well approximated by a random-walk, or some similar process. There is, however, little Australian evidence on this issue.This note presents the results of an investigation into the time-series behaviour of...
Costs of liquidity may be incurred by a firm through its inability to synchronize its cash receipts and payments. Liquidity costs include the opportunity cost of holding funds in the form of non-earning or low-yielding assets, some bank charges, and related transaction costs. Two models for...
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