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This paper tests the ex ante efficiency of Australian benchmark portfolios over the period 1980–1996. Indices commonly used as performance evaluation benchmarks were found to be ex ante inefficient when unrestricted short selling was allowed. However, when short selling was restricted, the ex...
Better new product performance is important for the survival of the firm. Based on a three-dimensional performance space, 110 new products launched from 55 Australian firms are grouped into five performance clusters. Performance groups from ‘Stars’—the winning group to—‘Dogs’—the worst...
This study investigates the influence of past performance on investors' choice of professionally managed investment fund and provides evidence of a link between recent performance and the movement of assets-under-management. The sensitivity of funds flow to recent performance is estimated using...
We research and document that the abnormal returns earned by Australian bidders and targets over the bid announcement period are not significantly associated with the proposed medium of exchange, i.e. cash or shares. However, over the long-term post-bid period, bidders who offer shares...
This paper examines the initial and long-run performance of 130 Australian mining IPOs issued from 1979 to 1990. The results show an average underpricing of 107.18%, significantly higher than that previously documented for industrial firms. The time lapse between prospectus registration and...
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