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1
Huntley, Rebecca. ""Sex on the Hustings" : labor and the construction of 'the woman voter' in two federal elections (1983, 1993)." Connect to full text, 2003. http://setis.library.usyd.edu.au/adt/public_html/adt-NU/public/adt-NU20040209.113517/index.html.
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Parkinson, Naomi Gabrielle. "Elections in the mid-nineteenth century British Empire." Thesis, University of Cambridge, 2018. https://www.repository.cam.ac.uk/handle/1810/277097.
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This thesis presents a comparative analysis of the operation and significance of elections in the British colonies of Jamaica, New South Wales and the Cape, from 1849-1860, with a particular focus on the creation and reconstruction of ideas of politically-entitled British subjecthood over this period. Beginning with the first elections under a system of representative government in New South Wales and the Cape, and the early elections of the post-emancipation period in Jamaica, it questions how residents within these sites engaged with elections via the cultures of the canvass, public meetings, open nominations and viva voce polling. Through this study, I show how mid-century elections became critical sites for the articulation of social tensions and long-standing rivalries between competing settler groups within each of these colonies. I argue that the franchise, although highly demonstrative of the Colonial Office and settlers’ attempts to reconcile the respective competing histories of and justifications for colonisation, was often frustrated in practice. Cultures of violence, the manipulation of land-values, double-voting and bribery provided avenues through which laws governing the right to vote were transcended during elections. Through this thesis, I show how both residents and officials used such mechanisms to reshape the function and meaning of the franchise. I also show the lasting implications of such changes, particularly for their impact on nascent attitudes to race. Via a close examination of case studies across the three sites, this history broadens understandings of the mid-century as a period in which locally-elected legislatures increasingly became the prerogative of white ‘settler’ colonies and political rights increasingly centred on an individual, defined by his race and gender, as well as his class. Although affirming the importance of the period, it shows the complexities and inconsistencies of attempts to define the boundaries of enfranchisement over this period, and the impact of struggles to achieve it via changes to electoral law and practice. The comparison between New South Wales, the Cape and Jamaica illuminates the manner through which global discourses of reform, including those relating to bribery, privacy and order, would come to be repurposed within each site. It also serves to reinforce the striking role that attitudes to race would come to play in the formation and regulation of electoral practice across the British Empire. In this manner, this thesis aims to advance imperial historiography by highlighting the role of electoral culture as a reflection of and instigating factor in wider reconceptions of political rights across the British colonial world.
3
Fischer, A. J. "How should I vote : a study of various aspects of voting systems used in parliamentary elections, particularly in Australia /." Title page, contents and Foreward only, 1994. http://web4.library.adelaide.edu.au/theses/09PH/09phf529.pdf.
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Keir, Warren Neill. "Voter behaviour and constitutional change in Australia since 1967." Thesis, Queensland University of Technology, 2009. https://eprints.qut.edu.au/31139/1/Warren_Keir_Thesis.pdf.
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Australian Constitutional referendums have been part of the Australian political system since federation. Up to the year 1999 (the time of the last referendum in Australia), constitutional change in Australia does not have a good history of acceptance. Since 1901, there have been 44 proposed constitutional changes with eight gaining the required acceptance according to section 128 of the Australian Constitution. In the modern era since 1967, there have been 20 proposals over seven referendum votes for a total of four changes. Over this same period, there have been 13 federal general elections which have realised change in government just five times. This research examines the electoral behaviour of Australian voters from 1967 to 1999 for each referendum. Party identification has long been a key indicator in general election voting. This research considers whether the dominant theory of voter behaviour in general elections (the Michigan Model) provides a plausible explanation for voting in Australian referendums. In order to explain electoral behaviour in each referendum, this research has utilised available data from the Australian Electoral Commission, the 1996 Australian Bureau of Statistics Census data, and the 1999 Australian Constitutional Referendum Study. This data has provided the necessary variables required to measure the impact of the Michigan Model of voter behaviour. Measurements have been conducted using bivariate and multivariate analyses. Each referendum provides an overview of the events at the time of the referendum as well as the =yes‘ and =no‘ cases at the time each referendum was initiated. Results from this research provide support for the Michigan Model of voter behaviour in Australian referendum voting. This research concludes that party identification, as a key variable of the Michigan Model, shows that voters continue to take their cues for voting from the political party they identify with in Australian referendums. However, the outcome of Australian referendums clearly shows that partisanship is only one of a number of contributory factors in constitutional referendums.
5
Kramer, Gregory J. "The apathetic country: Are Australians interested in politics and does it matter?" Thesis, Queensland University of Technology, 2018. https://eprints.qut.edu.au/118186/2/Gregory%20Kramer%20Thesis.pdf.
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This thesis is focused on Australian citizens who are not interested in politics and finds that there are at least twenty percent of Australians who are politically uninterested. The major finding is that uninterested voters determined the outcome of the 1987, 1993 and 2010 elections in favour of Labor. They also decide around eight House of Representative seats at each election. We are all affected as major political parties focus on uninterested swinging voters in order to attract their attention resulting in fringe issues hijacking politics.
6
Miles, Richard. "South Australian state election 1993 : end of an era? /." Title page, contents and abstract only, 1994. http://web4.library.adelaide.edu.au/theses/09AR/09arm643.pdf.
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7
Ross, Frances Pamella. "The gift : a novel." Thesis, Queensland University of Technology, 2000.
Find full textAbstract:
The gift is a research-based novel set in Cambodia in 1993,
during the United Nations - sponsored elections. The central
character is a Brisbane woman who travels to Cambodia to
help run the elections.
8
Joyce, Marnie. "The structure of political judgement as a function of expertise : a multidimensional scaling analysis of the Australian 1996 Federal Election policy statements /." Title page, contents and abstract only, 1996. http://web4.library.adelaide.edu.au/theses/09SPS/09spsj89.pdf.
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9
Birkenfeld, Lena [Verfasser]. "A Comparative Analysis of German and Australian Climate Change Coverage in Quality Newspapers : Framing a political election and an environmental disaster ; Appendices / Lena Birkenfeld." Ilmenau : TU Ilmenau, 2020. http://d-nb.info/1213246237/34.
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Birkenfeld, Lena Verfasser], Jens [Akademischer Betreuer] [Wolling, Martin [Gutachter] Emmer, and Monika [Gutachter] Taddicken. "A Comparative Analysis of German and Australian Climate Change Coverage in Quality Newspapers : Framing a political election and an environmental disaster / Lena Birkenfeld ; Gutachter: Martin Emmer, Monika Taddicken ; Betreuer: Jens Wolling." Ilmenau : TU Ilmenau, 2020. http://d-nb.info/1213246261/34.
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11
Aditya, Riza. "Secure electronic voting with flexible ballot structure." Thesis, Queensland University of Technology, 2005. https://eprints.qut.edu.au/16156/1/Riza_Aditya_Thesis.pdf.
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Voting is a fundamental decision making instrument in any consensus-based society. It is employed in various applications from student body elections, reality television shows, shareholder meetings, to national elections. With the motivation of better eciency, scalability, speed, and lower cost, voting is currently shifting from paper-based to the use of electronic medium. This is while aiming to achieve better security, such that voting result reflects true opinions of the voters. Our research focuses on the study of cryptographic voting protocols accommodating a flexible ballot structure as a foundation for building a secure electronic voting system with acceptable voting results. In particular, we search for a solution suitable for the preferential voting system employed in the Australian Federal Election. The outcomes of the research include: improvements and applications of batch proof and verication theorems and techniques, a proposed alternative homomorphic encryption based voting scheme, a proposed Extended Binary Mixing Gate (EBMG) mix-network scheme, a new threshold randomisation technique to achieve receipt-freeness property in voting, and the application of cryptographic voting protocol for preferential voting. The threats and corresponding requirements for a secure secret-ballot voting scheme are rst discussed. There are significant security concerns about the conduct of electronic voting, and it is essential that the voting results re ect the true opinions of the voters - especially in political elections. We examine and extend batch processing proofs and verifications theorems and proposed applications of the theorems useful for voting. Many instances of similar operations can be processed in a single instance using a batch technique based on one of the batch theorems. As the proofs and verications provide formal assurances that the voting process is secure, batch processing offers great efficiency improvements while retaining the security required in a real-world implementation of the protocol. The two main approaches in cryptographic voting protocols, homomorphic encryption based voting and mix-network based voting, are both studied in this research. An alternative homomorphic voting scheme using multiplicative homomorphism property, and a number of novel mix-network schemes are proposed. It is shown that compared to the mix-network approach, homomorphic encryption schemes are not scalable for straight-forward adaptation of preferential systems. One important requirement of secret-ballot voting is receipt-freeness. A randomisation technique to achieve receipt-freeness in voting is examined and applied in an ecient and practical voting scheme employing an optimistic mix-network. A more general technique using threshold randomisation is also proposed. Combination of the primitives, both the homomorphic encryption and mixnetwork approach, yields a hybrid approach producing a secure and ecient secret-ballot voting scheme accommodating a exible ballot structure. The resulting solution oers a promising foundation for secure and practical secret-ballot electronic voting accommodating any type of counting system.
12
Aditya, Riza. "Secure Electronic Voting with Flexible Ballot Structure." Queensland University of Technology, 2005. http://eprints.qut.edu.au/16156/.
Full textAbstract:
Voting is a fundamental decision making instrument in any consensus-based society. It is employed in various applications from student body elections, reality television shows, shareholder meetings, to national elections. With the motivation of better eciency, scalability, speed, and lower cost, voting is currently shifting from paper-based to the use of electronic medium. This is while aiming to achieve better security, such that voting result reflects true opinions of the voters. Our research focuses on the study of cryptographic voting protocols accommodating a flexible ballot structure as a foundation for building a secure electronic voting system with acceptable voting results. In particular, we search for a solution suitable for the preferential voting system employed in the Australian Federal Election. The outcomes of the research include: improvements and applications of batch proof and verication theorems and techniques, a proposed alternative homomorphic encryption based voting scheme, a proposed Extended Binary Mixing Gate (EBMG) mix-network scheme, a new threshold randomisation technique to achieve receipt-freeness property in voting, and the application of cryptographic voting protocol for preferential voting. The threats and corresponding requirements for a secure secret-ballot voting scheme are rst discussed. There are significant security concerns about the conduct of electronic voting, and it is essential that the voting results re ect the true opinions of the voters - especially in political elections. We examine and extend batch processing proofs and verifications theorems and proposed applications of the theorems useful for voting. Many instances of similar operations can be processed in a single instance using a batch technique based on one of the batch theorems. As the proofs and verications provide formal assurances that the voting process is secure, batch processing offers great efficiency improvements while retaining the security required in a real-world implementation of the protocol. The two main approaches in cryptographic voting protocols, homomorphic encryption based voting and mix-network based voting, are both studied in this research. An alternative homomorphic voting scheme using multiplicative homomorphism property, and a number of novel mix-network schemes are proposed. It is shown that compared to the mix-network approach, homomorphic encryption schemes are not scalable for straight-forward adaptation of preferential systems. One important requirement of secret-ballot voting is receipt-freeness. A randomisation technique to achieve receipt-freeness in voting is examined and applied in an ecient and practical voting scheme employing an optimistic mix-network. A more general technique using threshold randomisation is also proposed. Combination of the primitives, both the homomorphic encryption and mixnetwork approach, yields a hybrid approach producing a secure and ecient secret-ballot voting scheme accommodating a exible ballot structure. The resulting solution oers a promising foundation for secure and practical secret-ballot electronic voting accommodating any type of counting system.
13
Fischer, A. J. (Alastair James). "How should I vote : a study of various aspects of voting systems used in parliamentary elections, particularly in Australia / A.J. Fischer." 1994. http://hdl.handle.net/2440/18599.
Full textAbstract:
Includes bibliographical references.vi, 291 leaves : ill. ; 30 cm.
Title page, contents and abstract only. The complete thesis in print form is available from the University Library.
Thesis (Ph.D.)--University of Adelaide, Dept. of Economics, 1994
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Fischer, Alastair James. "How should I vote : a study of various aspects of voting systems used in parliamentary elections, particularly in Australia / A.J. Fischer." Thesis, 1994. http://hdl.handle.net/2440/18599.
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Compston, Hugh. "The electoral impact of tax : a comparative study of Sweden and Australia." Phd thesis, 1990. http://hdl.handle.net/1885/125186.
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The purpose of this thesis is to test a number of hypotheses concerning the
electoral impact of tax by undertaking a historical and statistical analysis of the
relevant evidence in Sweden, a high tax country, and Australia, a low tax country, over
the period 1958 to 1988. My results give some support to all the major hypotheses
tested: Sweden's higher tax levels were associated with higher tax aversion than in
Australia; the largest tax rises were associated with incumbent governments losing
votes at the next election; and the introduction of major new taxes was also associated
with incumbent governments losing votes at the next election. Furthermore, national
differences seemed to be important in that tax rises overall were associated with vote
gains by the Left in Sweden but the Right in Australia. In addition, when the Right
outbid the Left on promising to cut tax, the Left tended to gain in Sweden but the Right
gained in Australia. In conjunction with the statistical finding that expenditure rises
appeared to benefit the Left in Sweden but the Right in Australia, and that Swedes are
more supportive of progressivity and income equalization than Australians, this
implies that voters in Sweden were more inclined than Australian voters to focus on the
benefits of increased taxation, namely expenditure and income equalization, and that in
electoral terms this tended to offset the generally greater tax aversion in the Swedish
electorate. One reason for this difference between the two countries is that the Left-
Right party distinction on tax is much sharper in Sweden than in Australia both in
reality and in the minds of the electorate. This is possibly linked to conservative
control of the media in Australia, which inhibits the general dissemination of pro-tax
arguments and forces Labor to compete more vigorously on tax cuts than is necessary
for the Social Democrats in Sweden, where social democratic ideas do find expression in
the media. The Australian media may also have contributed to the rise in tax aversion
over time in Australia. My general conclusion is that although actual tax changes did
help to explain election results, these effects were strongly conditioned by essentially
political factors, in particular differences between the two countries concerning the
nature of party competition on tax and the partisan complexion of the media.
16
Kelly, Norm. "Evaluating Australian electoral reforms : 1983-2007." Phd thesis, 2008. http://hdl.handle.net/1885/151447.
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17
Ker, Walsh Jean. "Do you hear what I hear? Reception in Australian political discourse and effects on engagement with democracy." Thesis, 2016. https://vuir.vu.edu.au/31035/.
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This thesis in political communication details a qualitative investigation into how citizens receive and make sense of political discourse in a twenty-first century democracy. Recognising criticism of the national discourse as ‘dumbed down’, it explores with a cohort of Australian citizens what meaning they receive from contemporary discourse and how it affects their engagement with democracy. The project employs an innovative method of recruiting participants at a polling booth in Australia’s most typical suburb, followed a month later by same day data collection from three wide-scope groups in facilitated discussion. Analysis of the data finds citizens diagnose the discourse as negative and of poor quality, for which they first blame the media. There is an expressed fear that the shallowness of discourse is dumbing them down. In contradiction to their expectations of democratic citizenship, they are powerless to make themselves heard within a discourse which neither recognises nor respects them. They find the discourse alienating, although overwhelming support for compulsory voting militates against democratic dis-engagement. Digital age communications are used to support unstructured democratic engagement and circumvent the banality of local political discourse.
18
Rayner, Jennifer Ruth. "Beyond winning : party goals and campaign strategy in Australian elections." Phd thesis, 2015. http://hdl.handle.net/1885/129745.
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Discussions of election campaigning and strategy often focus on winning. Researchers and practitioners alike aim to tease out the campaign tools and methods that help parties pull in votes, while positing a desire to win as the rationale behind almost every campaign decision. But is winning the only goal that parties hold when embarking on an election campaign? Drawing on qualitative interviews with more than 50 representatives from 13 Australian parties, this research finds that parties actually articulate a broader range of goals, including taking (or retaining) majority government, preserving a viable parliamentary presence, maximising their influence over the political process and advocating for specific policy issues. These objectives are discussed in the context of existing research on party goals, as we seek to incorporate the voices and views of real campaign practitioners into an academic space where they have often been more noticeable by their absence. Building from the understanding that parties hold different goals, this research then explores the relationship between these goals and the strategies adopted by the parties contesting five case study state elections between 2010 and 2013. Informed by content analysis of campaign materials and observation of party activities, we find that parties with different goals make different strategic choices in a range of key areas, including their choice of target audiences, their selection of key messages and themes, and their preferredcommunication tools and channels. Importantly however, we find that a party's goals are not the only factor driving decisions about campaign strategies, withinstitutional, organisational and environmental features also playing an influential role. In exploring the interaction between party goals and campaign strategies in Australian elections, this research contributes a different perspective on party behaviour to the international discussion about electioneering. It also helps to broaden our understanding of the Australian political landscape both by analysing the campaigns of major and minor parties from across the political spectrum, and by including the direct perspectives of local campaigners. As someone who has been fortunate enough to work in and around politics for several years, it was surprising to discover that the voices of those who practice this on a daily basis have not often been included in academic studies. This project therefore represents an attempt to bring those voices into the conversation, while also demonstrating to other researchers that there is value and benefit in doing so.
19
Briggs, Casey. "Using Aggregated Demographic Data To Inform Electoral Boundary Redistributions: 2010 South Australian Election." Thesis, 2015. http://hdl.handle.net/2440/94479.
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Electoral boundaries in South Australia are currently a contentious issue in politics, with allegations that the current boundaries are unfair. South Australia has fairness provisions that are unique in Australia governing the boundaries of electoral districts. However, in three of the last six state elections, the objective of fairness as characterised by these provisions has not been met.
Boundaries are drawn by the independent Electoral Districts Boundaries Commission, and are revised after every general election in South Australia. The Commission's method uses estimates for the voting behaviours in small areas to inform the decisions about boundary changes.
The objective of this thesis is to develop an alternative method for calculating these estimates, and test the credibility of the resultant estimates from our new method.
We develop a series of gradually refined regression models that use demographic data in South Australia to predict voting behaviour. The demographic data is sourced from the periodical Census of Population and Housing. In this research we also test the proposition that income, education level, and the language people speak at home are significant factors in their voting behaviour, at an aggregated group level.
We contend that the predictions calculated under the preferred model in this thesis are credible, and that the techniques used warrant further exploration.Thesis(M.Phil)-- University of Adelaide, School of Mathematical Sciences, 2015
20
Tu, Le Tam. "Australian News Narrative on Unauthorised Boat Arrivals During Federal Election Campaigns in 1977, 2001 and 2013." Thesis, 2019. http://hdl.handle.net/10453/140476.
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University of Technology Sydney. Faculty of Arts and Social Sciences.In recent years an extensive body of media research has accumulated on the representation of immigrant, refugee and asylum seeker (IRAS) debates in western liberal democracies. This research touches on the work of two structuralists, Propp and Levi-Strauss, to suggest that a grand narrative became instrumental in Australian press coverage of IRAS boat arrivals during the federal election campaigns of 1977, 2001 and 2013. It argues that the news narrative of the ‘boat’ is fundamentally a sequence of cycles between binary elements recurring over time. This thesis examines 𝘛𝘩𝘦 𝘚𝘺𝘥𝘯𝘦𝘺 𝘔𝘰𝘳𝘯𝘪𝘯𝘨 𝘏𝘦𝘳𝘢𝘭𝘥, 𝘛𝘩𝘦 𝘈𝘶𝘴𝘵𝘳𝘢𝘭𝘪𝘢𝘯 𝘢𝘯𝘥 𝘛𝘩𝘦 𝘋𝘢𝘪𝘭𝘺 𝘛𝘦𝘭𝘦𝘨𝘳𝘢𝘱𝘩 to describe the identical functions of the main characters in the ‘boat’ news narratives. Such narratives define politicians as the main actors and reproduce their voices as they talk about turning back the boats to reduce problems at sea, the country’s right to choose, the vulnerability of an open nation, and concerns that criminals and non-genuine refugees are getting on the boats. In a thematic analysis, ‘Foreign Relations Threats’ recurred as the top core theme. This reflects how the Australian Governments at the time of the three elections considered the ‘boat’ issue an international and regional problem that relied on offshore solutions.
21
Gizzi-Stewart, Brooke. "The language of strategy: a study in Australian prime ministerial rhetoric and campaign speechmaking, 1983-2013." Thesis, 2019. http://hdl.handle.net/1959.13/1397120.
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Research Doctorate - Doctor of Philosophy (PhD)What makes a political speech persuasive? Which approaches can be used to understand the mechanisms of strategic language in political speechmaking, and determine their influence? Political actors in all political systems from despots to democrats use political rhetoric in many aspects of their role. These rhetorical activities are so central to the way we understand politics that they have become an integral part of the way we are governed. Since politics involves the contest of ideas, beliefs and meanings, analysis should focus on argumentation—the original site of rhetorical theory and practice. Drawing on the classical rhetorical tradition and contemporary rhetorical theory, this thesis examines a little studied area of the Australian political process: political speechmaking. The purpose is to explore the function of rhetoric in contemporary Australian political speechmaking by analysing the full transcripts of 16 Australian federal election campaign speeches across a thirty year period: 1983-2013. The thesis develops an original methodological approach to analyse these speeches. It combines a modified version of Alan Finlayson’s rhetorical political analysis with the use of text analysis software Leximancer. Using this method to analyse the campaign launch speeches by the prime minister and, during shifts of incumbency, those of the opposition leader, the thesis identifies the strategic use of rhetorical techniques by examining rhetorical appeals, argumentation structure and narratives. These techniques point to a ‘language of strategy’ unique to each study period. The term ‘language of strategy’ captures the sustained and longitudinal use of a rhetorical method and style, in particular the overarching tone and form of the rhetorical arguments and language expressed across the set piece speeches in the study periods. The language of strategy confirms patterns of persuasive language relating to prime ministers and electoral success, demonstrating a link between arguments that appeal to three core persuasive narratives and successful bids for national leadership: the nation-building argument, articulating a vision, and building ethos through values. Similarly, the thesis findings indicate persuasive language trends associated with changes of incumbency, particularly in how successful opposition leaders harness the rhetoric of opportunism to frame change in positive terms. The analysis of the language of strategy presented in this thesis also reveals broader cultural, historical and behavioural aspects specific to the study periods, political environment and political leadership and is a formative line of enquiry for other scholars of rhetorical political speech analysis. By undertaking a textual analysis of rhetorical speech during these fundamental moments of democracy, the thesis demonstrates how the words of political leaders are fashioned into electoral weapons to affect political outcomes, and in particular how this language of strategy frames a rhetorical path to electoral legitimacy.
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Stewart, Leicha. "Television news discourse: a multimodal critical discourse analysis of how coverage of the 2013 Australian Federal Election shaped narratives about asylum seekers." Thesis, 2018. http://hdl.handle.net/1959.13/1355282.
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Research Doctorate - Doctor of Philosophy (PhD)Policy regarding people arriving by boat in order to seek asylum, was a key focus of political discourse during the 2013 Australian Federal Election campaign. Evening television news reports on the unfolding election revealed a bipartisan push for increasingly punitive approaches to the treatment of people seeking asylum. Distinctive rhetorical techniques drawing on several problematising narratives aligned with asylum seeker discourses were central to exclusionary arguments made by Australian Labor Party and Liberal-National Coalition politicians. These language strategies, coupled with tightly controlled and repetitive imagery, were communicated through mainstream television news broadcasts. Despite the five Australian free-to-air networks, Australian Broadcasting Company (ABC), Special Broadcasting Service (SBS), Network Ten, Seven and Nine having some variations in substance and style, their capacities to convey ideological and thematic coherence was sustained. This research contributes to the field of Multimodal Discourse enquiry (Bowcher & Royce 2013, Jewitt, Bezemer & O’Halloran 2016), addressing the current dearth of studies which critically analyse both visual and verbal television news data. While close linguistic examinations of asylum seeker discourse within print media are abundant, research which examines the content and conventions of rhetorical and visual languages used in television news especially, and their roles in shaping socio-political discourses, is lacking (Bednarek and Caple 2012). As such, this research applies Piazza and Haarman’s Pragmatic Cognitive Model for interpretation (2016) and adopts a Critical Discourse Analytic (CDA) (Fairclough 2013, Machin & Mayr 2012, van Dijk 2011) framework to analyse television news reports about asylum seekers to answer the research question: How did television news coverage of the 2013 Australian Federal Election shape narratives about asylum seekers? This project’s findings identify a broadly uniform and dominant discourse of asylum seekers that is underpinned by themes of deviance, illegality and Otherness (Hoenig 2012, Lianos 2013) and the presupposition that people coming to Australia by boat to seek asylum are a problem requiring a military solution. Visual and verbal combinations and constructions used in television news discourses of the 2013 Australian Federal Election contribute to these findings.
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Borromeo, John. "Stock Market Anomalies for Companies Listed on the National Stock Exchange of Australia." Thesis, 2018. https://vuir.vu.edu.au/38627/.
Full textAbstract:
Purpose – Many theoretical financial theories attempt to explain the behaviour of stocks
and the structure of their returns, namely the Portfolio Theory, the Capital Asset Pricing
Model (CAPM), the Efficient Market Hypothesis (EMH), and Behavioural Finance.
These theories, however, have provided incomplete and contradictory explanations
regarding stock market anomalies. The aim of this research is to analyse the theory of
anomalies and develop a comprehensive theoretical model based on the extant financial
theories to develop an improved explanation about stock market anomalies.
The principal aim of the current research is to examine the presence of several
anomalies, covering macroeconomic, calendar and event variables, in a secondary stock
market within Australia, namely the National Stock Exchange of Australia (NSXA),
and a number of the sub-indices contained within this stock market.
Design/methodology/approach – This research empirically tests the efficiency of the
NSXA. The role played by each of the following independent variables is examined by
applying specific statistical techniques: long and short-term interest rates; exchange
rates; day of the week; weekends; months of the year; turn of the calendar year, January,
turns of the month; Australian end of financial year; Australian federal election, US
presidential election and sporting events
Findings – The results are interesting and contradict with the existing research. Though
the empirical analyse yields statistically significant results for some hypothesis and not
for others, the research finds that: a clear interest rate effect for both short and longterm
interest rates; an observable and strong monthly effect and suggestive relationship
between the NSX Resources sub-indices and Australian federal elections.
Research limitations/implications – the main limitations of the research related to: 1)
the particularity of investors in the NSXA falls out of the scope of this study, they may
provide further insight as to why the anomalous behaviour was observed; 2) difficulty
quantifying the physical location of the companies listed on the exchange as knowledge
of this may have been supportive in explaining trading patterns and anomalous
behaviour and 3) the impact of market capitalization and firm size was not considered due to a lack of available data. Future research may want to incorporate firm size when
undertaking analysis to determine if a relationship exists between company size and
anomalies.
The main implication of the research is that there is only partial confirmation for the
validity of the EMH. While the EMH is not rejected in each of the tests undertaken,
the fact that some anomalies are observed implies that the EMH cannot be seen as an
all-encompassing theory of how stock markets operate or behave. The current research
raises the concept of segmented market efficiency.
Practical implications – This research indicates that the NSXA does exhibit several
specific anomalies. The presence of such anomalies provides investors with greater
knowledge which can be used to maximise financial returns, in both the medium and
long term, by improving decisions relating to the timing of stock investment.
Originality/value – To the researcher’s best knowledge the focus of stock market
anomalies in an Australian context has been exclusively to examine the Australian
Stock Exchange (ASX). This is the first study to focus on a "secondary" smaller, less
well recognised stock market, the NSXA. Additionally, this is the first study to consider
economic, calendar and event variables in an integrated model to provide an improved
explanation of stock anomalies.