Journal articles on the topic 'Stocks Prices Australia'
To see the other types of publications on this topic, follow the link: Stocks Prices Australia.
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 journal articles for your research on the topic 'Stocks Prices Australia.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse journal articles on a wide variety of disciplines and organise your bibliography correctly.
1
Lee, Ming-Te, Chyi Lin Lee, Ming-Long Lee, and Chien-Ya Liao. "Price linkages between Australian housing and stock markets." International Journal of Housing Markets and Analysis 10, no. 2 (April 3, 2017): 305–23. http://dx.doi.org/10.1108/ijhma-05-2016-0037.
Full textAbstract:
Purpose The purpose of this study is to examine the linkages between Australian house prices and stock prices under the Toda and Yamamoto test framework. Specifically, it investigated whether there is a capital switching effect between house prices and stock prices. Design/methodology/approach This study examined the linkages between house prices and stock prices under the Toda and Yamamoto test framework. To accommodate the impact of the global financial crisis (GFC), a sub-period analysis was undertaken. To assess the impact of investor structure, the tests were also performed for small cap stocks and large cap stocks individually. Findings The empirical results reveal a negative lead–lag relationship between house prices and stock prices in Australia, suggesting the existence of capital switching activities between housing and stocks. The impact of the GFC on the lead–lag relationship between house prices and stock prices is also documented. Before the crisis, a causality transmission was running from house prices to stock prices, whilst stock prices appeared to lead house prices after the crisis. The capital switching activities between housing and stocks are more evident for small cap stocks. Originality/value This study is the first to examine the linkages between house prices and stock prices under the Toda and Yamamoto test framework. This is the first study to explore the impacts of the GFC on the lead–lag relationship between the two asset prices under the capital switching framework. This study is also the first to provide empirical evidence regarding the existence of capital switching activities between housing and stocks. In addition, the impact of investor structure on the interrelationship between the two asset prices is examined for the first time under the capital switching framework.
2
Asem, Ebenezer, Jessica Chung, Xin Cui, and Gloria Y. Tian. "Liquidity, investor sentiment and price discount of SEOs in Australia." International Journal of Managerial Finance 12, no. 1 (February 1, 2016): 25–51. http://dx.doi.org/10.1108/ijmf-10-2013-0106.
Full textAbstract:
Purpose – The purpose of this paper is to empirically test whether stock liquidity and investor sentiment have interactive effects on seasoned equity offers (SEOs) price discounts in Australia. Design/methodology/approach – The authors focus on the implicit cost borne by firms when issuing seasoned equity capital. This cost is measured as the relative difference between the SEO offer price and the last close price prior to the announcement of the issue. The primary measure of investor sentiment is a composite index constructed similar to that in Baker and Wurgler (2007). Findings – The results show that, in periods of deteriorating investor sentiment, the increase in SEO price discounts for firms with illiquid stocks is larger than the corresponding increase for firms with liquid stocks. This suggests that, as sentiment wanes, investors become even more concerned about illiquidity, leading to even greater required compensation for holding illiquid assets. The authors find that information asymmetry is positively related to SEO price discounts but this relation is not affected by changing investor sentiment. Research limitations/implications – Collectively, the empirical results provide support for the argument that price discount of SEOs represents compensation to investors for bearing costs associated with illiquidity. The results also lend some support to the behavioural argument that pricing of equity offers is dependent upon investor sentiment, particularly for firms with illiquid stocks. Practical implications – The ability for firms to raise capital in a cost-effective manner is critical for firm growth and stability. Investors require compensation for bearing the costs of illiquidity of their investments in equity. Accordingly, firms need to be conscious of their stocks’ existing liquidity and its influence on the cost of raising additional capital which, in turn, affects their operational stability and investment opportunities. Social implications – Ultimately, the implications of this study will assist firms in capital-raising decisions, investors in making portfolio investment decisions, and investment banks in setting offer prices on equity issues. Originality/value – To the best of the authors’ knowledge, this is the first study to examine the interaction between investor sentiment and SEO price discounts in Australia.
3
Fisher, Lawrence, Daniel G. Weaver, and Gwendolyn Webb. "International Real Estate Review." International Real Estate Review 15, no. 1 (April 30, 2012): 43–71. http://dx.doi.org/10.53383/100148.
Full textAbstract:
In this paper, we apply the method for removing the upward bias in returns in equally-weighted return indexes developed by Fisher, Weaver, and Webb (2010) to real estate investment trust (REIT) stocks in the US. While we find significant bias in this index, two trends are evident: first, there is less overall bias than in non-REIT stocks, and second, the bias of REIT stocks has declined over time. These trends are consistent with growing listings of REIT stocks on the New York Stock Exchange (NYSE), as well as with increasingly higher stock prices. They also support the hypothesis that there have been significant improvements in the market micro-structure environment of REIT stocks since the early 1970s. We further apply our methodology to REIT stocks listed in the two countries with the largest number of REITs outside the US: Germany and Australia. The results support the hypothesized relationship between index bias and market micro-structure environment.
4
Duppati, Geeta, and Mengying Zhu. "Oil prices changes and volatility in sector stock returns: Evidence from Australia, New Zealand, China, Germany and Norway." Corporate Ownership and Control 13, no. 2 (2016): 351–70. http://dx.doi.org/10.22495/cocv13i2clp4.
Full textAbstract:
The paper examines the exposure of sectoral stock returns to oil price changes in Australia, China, Germany, New Zealand and Norway over the period 2000-2015 using weekly data drawn from DataStream. The issue of volatility has important implications for the theory of finance and as is well-known accurate volatility forecasts are important in a variety of settings including option and other derivatives pricing, portfolio and risk management (e.g. in the calculation of hedge ratios and Value-at-Risk measures), and trading strategies (David and Ruiz, 2009). This study adopts GARCH and EGARCH to understand the relationship between the returns and volatility. The findings using GARCH (EGARCH) models suggests that in the case of Germany eight (nine) out of ten sectors returns can be explained by the volatility of past oil price in Germany, while in the case of Australia, six (seven) out of ten sector returns are sensitive to the oil price changes with the exception of Industrials, Consumer Goods, Health care and Utilities. While in China and New Zealand five sectors are found sensitive to oil price changes and three sectors in Norway, namely Oil & Gas, Consumer Services and Financials. Secondly, this paper also investigated the exposure of the stock returns to oil price changes using market index data as a proxy using GARCH or EGARCH model. The results indicated that the stock returns are sensitive to the oil price changes and have leverage effects for all the five countries. Further, the findings also suggests that sector with more constituents is likely to have leverage effects and vice versa. The results have implications to market participants to make informed decisions about a better portfolio diversification for minimizing risk and adding value to the stocks.
5
Beukes, Anna. "Value Investing: International Comparison." International Business & Economics Research Journal (IBER) 10, no. 5 (May 13, 2011): 1. http://dx.doi.org/10.19030/iber.v10i5.4226.
Full textAbstract:
Based on accumulated empirical evidence, the academic community has generally come to agree that value investment strategies, on average, outperform growth investment strategies (Chan and Lakonishok, 2004:71). An influential article by Fama and French (1992) tested the notion that United States stock prices might be related to the ratio of a firms book value of common equity (BV) to its market value of common equity (MV). It found that companies with high book value relative to market value of equity (BV/MV) outperform the market. This finding led to extensive testing for the value premium in developed countries around the world. Fama and French (1998a) tested it with data from twelve major European countries, as well as from Australia and the Far East. They found that between 1975 and 1995 in almost every country, value stocks delivered a higher return than growth stocks. The value premium has not been tested with the same vigor in third world or developing countries, which raises the question whether the value premium is only a first world phenomena and, if not, how third world value premiums compare to those found in developed countries. This paper compares the size of the value premium in the USA, UK, and some continental European countries with South African data.
6
Keating, B. A., and P. S. Carberry. "Emerging opportunities and challenges for Australian broadacre agriculture." Crop and Pasture Science 61, no. 4 (2010): 269. http://dx.doi.org/10.1071/cp09282.
Full textAbstract:
Agriculture globally and in Australia is at a critical juncture in its history with the current changes to input costs, commodity prices, consumption patterns and food stocks. Constraints are emerging in terms of land and water resources as well as imperatives to reduce greenhouse gas emissions. There is evidence that rates of increase in agricultural productivity are reducing, both in Australia and overseas. On top of all these drivers of change, agriculture is the sector probably most exposed to climate change, and Australian agriculture is as exposed as any in the world. Against this turbulent background, this paper explores some of the emerging opportunities and challenges in Australian agriculture. These include new products or services from agriculture such as biofuels, forest-based carbon storage in agricultural landscapes, bio-sequestration of carbon in agricultural soils, and environmental stewardship schemes that would reward farmers for nature conservation and related non-production services from farming land. Although there are situations where all these emerging opportunities may deliver benefits to both farmers and the wider community, an overall conclusion is that none of these, on their own, will transform the nature of Australian agriculture. Instead, the greatest emerging opportunity for Australian agriculture must be sought from productivity breakthroughs in the face of current and emerging constraints. This view is formed by looking through the lens of the global food production challenge which sees a demand for close to a doubling of food production by 2050 in the face of increasingly constrained land and water resources, soil degradation, increasing energy scarcity and limits on greenhouse gas release to the atmosphere. These same land, water, soil, energy and atmospheric constraints to agriculture apply in Australia and will shape both farming and the agricultural research agenda over coming decades. In the face of such national and global agronomic challenges, a significant threat looms with the skills challenge facing agricultural science in Australia. The demand for the integrative skills of agronomy appears strong but the sector has suffered from disinvestment in recent decades.
7
Manickavasagam, Jeevananthan, and Visalakshmi S. "An investigational analysis on forecasting intraday values." Benchmarking: An International Journal 27, no. 2 (October 4, 2019): 592–605. http://dx.doi.org/10.1108/bij-11-2018-0361.
Full textAbstract:
Purpose The algorithmic trading has advanced exponentially and necessitates the evaluation of intraday stock market forecasting on the grounds that any stock market series are foreseen to follow the random walk hypothesis. The purpose of this paper is to forecast the intraday values of stock indices using data mining techniques and compare the techniques’ performance in different markets to accomplish the best results. Design/methodology/approach This study investigates the intraday values (every 60th-minute closing value) of four different markets (namely, UK, Australia, India and China) spanning from April 1, 2017 to March 31, 2018. The forecasting performance of multivariate adaptive regression spline (MARSplines), support vector regression (SVR), backpropagation neural network (BPNN) and autoregression (1) are compared using statistical measures. Robustness evaluation is done to check the performance of the models on the relative ratios of the data. Findings MARSplines produces better results than the compared models in forecasting every 60th minute of selected stocks and stock indices. Next to MARSplines, SVR outperforms neural network and autoregression (1) models. The MARSplines proved to be more robust than the other models. Practical implications Forecasting provides a substantial benchmark for companies, which entails long-run operations. Significant profit can be earned by successfully predicting the stock’s future price. The traders have to outperform the market using techniques. Policy makers need to estimate the future prices/trends in the stock market to identify the link between the financial instruments and monetary policy which gives higher insights about the mechanism of existing policy and to know the role of financial assets in many channels. Thus, this study expects that the proposed model can create significant profits for traders by more precisely forecasting the stock market. Originality/value This study contributes to the high-frequency forecasting literature using MARSplines, SVR and BPNN. Finding the most effective way of forecasting the stock market is imperative for traders and portfolio managers for investment decisions. This study reveals the changing levels of trends in investing and expectation of significant gains in a short time through intraday trading.
8
Guesmi, Khaled, Frederic Teulon, and Amine Lahiani. "Australias Integration Into The ASEAN-5 Region." Journal of Applied Business Research (JABR) 29, no. 6 (October 29, 2013): 1607. http://dx.doi.org/10.19030/jabr.v29i6.8198.
Full textAbstract:
This paper attempts to evaluate the time-varying integration of Australian stock market in ASEAN-5 region (ASEAN + Australia, Korea, China, India and Japan) by using a conditional version of the international capital asset pricing model (ICAPM) allowing for dynamic changes in the degree of market integration, regional market risk price, currency risk price and domestic market risk price. Main findings are as follows: i) the prices of risk in Australia are extremely sensitive to major international economic and political events such as the different monetary and financial crises in international financial market; ii) the level of market openness and development of the stock market satisfactorily explain the time-varying degree of Australian stock integration.
9
Khabbach, Abdelmajid, Mohamed Libiad, Mohamed El Haissoufi, Soumaya Bourgou, Wided Megdiche-Ksouri, Fatima Lamchouri, Zeineb Ghrabi-Gammar, et al. "Electronic commerce of the endemic plants of northern Morocco (Mediterranean coast-Rif) and Tunisia over the internet." Botanical Sciences 100, no. 1 (October 5, 2021): 139–52. http://dx.doi.org/10.17129/botsci.2850.
Full textAbstract:
Background: Internet trade popularize the ornamental interest of plants but can also threaten species’ wild populations, if this activity is performed in uncontrolled and unauthorised ways.
Questions: What endemic plants of Morocco and Tunisia are traded over the Internet by whom and at what prices?
Studied species: 94 endemic plants of northern Morocco and 83 of Tunisia.
Study site and dates: Tunisia and northern Morocco (Mediterranean coast and Rif region); internet survey between September 2018 and December 2019.
Methods: To understand the extent of this new form of trade, We recorded the type of plant material sold over the Internet for the studied taxa, their prices and suppliers using online platforms.
Results: Four northern Moroccan taxa (4.25 % of the total local endemics) were found as marketed by 18 nurseries in Europe, North America, Australia and New Zealand, while no marketing activity was detected for Tunisian endemic plants. The nurseries involved offer for sale and distribution living individuals of Abies marocana at €12.00-259.50, Rhodanthemum hosmariense at €0.35-19.5, Salvia interrupta subsp. paui at €6.23-8.90, and bulbs of Acis tangitana at €1.05-3.95. Although these taxa are classified as endangered, they are traded worldwide without permit of the Moroccan authorities. The source and origin of the plant material are not clearly indicated, and only some nurseries report that their marketed material comes from own cultivated stocks.
Conclusions: The implementation of protection laws/regulations and the monitoring of nurseries’ websites are recommended to control the illegal trade of wild plant material.
10
Khabbach, Abdelmajid, Mohamed Libiad, Mohamed El Haissoufi, Soumaya Bourgou, Wided Megdiche-Ksouri, Fatima Lamchouri, Zeineb Ghrabi-Gammar, et al. "Electronic commerce of the endemic plants of northern Morocco (Mediterranean coast-Rif) and Tunisia over the internet." Botanical Sciences 100, no. 1 (October 5, 2021): 139–52. http://dx.doi.org/10.17129/botsci.2850.
Full textAbstract:
Background: Internet trade popularize the ornamental interest of plants but can also threaten species’ wild populations, if this activity is performed in uncontrolled and unauthorised ways.
Questions: What endemic plants of Morocco and Tunisia are traded over the Internet by whom and at what prices?
Studied species: 94 endemic plants of northern Morocco and 83 of Tunisia.
Study site and dates: Tunisia and northern Morocco (Mediterranean coast and Rif region); internet survey between September 2018 and December 2019.
Methods: To understand the extent of this new form of trade, We recorded the type of plant material sold over the Internet for the studied taxa, their prices and suppliers using online platforms.
Results: Four northern Moroccan taxa (4.25 % of the total local endemics) were found as marketed by 18 nurseries in Europe, North America, Australia and New Zealand, while no marketing activity was detected for Tunisian endemic plants. The nurseries involved offer for sale and distribution living individuals of Abies marocana at €12.00-259.50, Rhodanthemum hosmariense at €0.35-19.5, Salvia interrupta subsp. paui at €6.23-8.90, and bulbs of Acis tangitana at €1.05-3.95. Although these taxa are classified as endangered, they are traded worldwide without permit of the Moroccan authorities. The source and origin of the plant material are not clearly indicated, and only some nurseries report that their marketed material comes from own cultivated stocks.
Conclusions: The implementation of protection laws/regulations and the monitoring of nurseries’ websites are recommended to control the illegal trade of wild plant material.
11
Amilon, Henrik. "GARCH estimation and discrete stock prices: an application to low-priced Australian stocks." Economics Letters 81, no. 2 (November 2003): 215–22. http://dx.doi.org/10.1016/s0165-1765(03)00172-1.
Full text
12
Oliver, Barry, Blanca Pérez-Gladish, and Paz Méndez-Rodríguez. "Corporate social responsibility, stock salience, and the asymmetric market impact of consumer sentiment news on Spanish firms." Review of Behavioral Finance 7, no. 2 (November 9, 2015): 98–115. http://dx.doi.org/10.1108/rbf-05-2014-0030.
Full textAbstract:
Purpose – The purpose of this paper is to identify whether the Spanish stock market experiences a negativity effect on the announcement of Spanish consumer sentiment information and if firms that are signatory to the UN Global Compact on corporate social responsibility are relatively more salient in the minds of investors. Design/methodology/approach – The authors use consumer sentiment announcements to show how the negativity effects on the Spanish stock market are significantly influenced by how salient the stock is in the minds of investors. If a firm’s stock exhibits negativity effects on the release of consumer sentiment information then this stock is salient to investors. If firms who are signatory to the UN Global Compact exhibit significant negativity effects, it could be concluded that these stocks are salient, particularly if firms that are not signatory to the Global Compact do not exhibit a similar negativity effect. Findings – The IBEX35 index experiences significant negativity effects upon the release of Spanish consumer sentiment announcements. This is similar to that reported in other countries, notably Australia and the USA. Using the constituent firms in the IBEX35 index, the authors find that those firms that are signatory to the UN Global Compact are significantly more likely to experience negativity effects upon the release of Spanish consumer sentiment information than if they are not signatory to the Global Compact. This indicates that firms that are part of the UN Global Compact are more salient to investors. Research limitations/implications – Available published Spanish data on consumer sentiment. Practical implications – Little is understood of the impact that consumer sentiment announcements have on stock prices. Studies in USA and Australia have identified significant negativity effects in stock markets when consumer sentiment information is released. This research has found that a psychological negativity bias occurs in firms that are salient to investors. Salience has been found to be important in asset pricing. Originality/value – This paper tries to find out which companies are more likely to sign the UN Global Compact. These companies are more sensitive to consumer sentiment, because they depend on the everyday decisions of the consumers. The more the companies depend on consumers, the more they care about them. And, when the consumer sentiment goes down, they are more affected by this sentiment. These firms are also more worried about the long term. They are not only thinking about the profits in the short term but also about maintaining the generation of profits in the long term.
13
Nguyen, Pascal, Younes Ben Zaied, and Thu Phuong Pham. "Does idiosyncratic risk matter? Evidence from mergers and acquisitions." Journal of Risk Finance 20, no. 4 (August 19, 2019): 313–29. http://dx.doi.org/10.1108/jrf-03-2018-0040.
Full textAbstract:
Purpose This paper aims to investigate whether idiosyncratic volatility is a priced risk factor in the Australian stock market. Design/methodology/approach The authors use the change in idiosyncratic volatility around acquisition announcements and the related stock price revaluation to test whether the idiosyncratic risk is priced. If the idiosyncratic risk is priced, increases (decreases) in idiosyncratic volatility should be associated with decreases (increases) in the acquirer’s stock price, as the latter’s future cash flows are discounted at a higher (lower) rate. The sample consists of 2,656 completed acquisitions by Australian listed firms over the period January 1990 to October 2014 for which deal value represents more than 5 per cent of the acquirer’s market value. Findings Increases (decreases) in idiosyncratic risk are associated with significant decreases (increases) in firm value. This negative relationship is robust to the presence of outliers; is unaffected by the incidence of the 2007-2008 financial crisis; holds using alternative measures of idiosyncratic risk; and is more significant after excluding the resources sector. Firms with a higher idiosyncratic risk prior to the acquisition, and firms avoiding stock to pay for the acquisition, experience a more significant stock price increase in relation to a decrease in idiosyncratic risk. Research limitations/implications Considering the small size of the Australian economy, investors may have less scope to mitigate idiosyncratic risk. As a consequence, idiosyncratic risk is associated with the positive excess return, contrary to what standard asset pricing theory assumes. The results support Merton’s (1987) hypothesis that investors are exposed to idiosyncratic risk due to imperfect portfolio diversification and receive compensation for bearing that risk. Practical implications The pricing of idiosyncratic risk may also explain why the Australian stock market has historically offered a high equity risk premium. A practical implication would be for international investors to take advantage of the diversification constraints of local investors to capture higher risk premiums and achieve superior returns. Originality/value While prior studies demonstrate that stocks with higher idiosyncratic risk are associated with higher subsequent returns, the authors show that an increase in idiosyncratic risk is associated with a decrease in stock prices using acquisition announcements as shocks to a firm’s idiosyncratic risk. In other words, the results arise from within-firm variations rather than from cross-sectional differences in stock returns.
14
Lalwani, Vaibhav, and Madhumita Chakraborty. "Multi-factor asset pricing models in emerging and developed markets." Managerial Finance 46, no. 3 (December 2, 2019): 360–80. http://dx.doi.org/10.1108/mf-12-2018-0607.
Full textAbstract:
Purpose The purpose of this paper is to compare the performance of various multifactor asset pricing models across ten emerging and developed markets. Design/methodology/approach The general methodology to test asset pricing models involves regressing test asset returns (left-hand side assets) on pricing factors (right-hand side assets). Then the performance of different models is evaluated based on how well they price multiple test assets together. The parameters used to compare relative performance of different models are their pricing errors (GRS statistic and average absolute intercepts) and explained variation (average adjusted R2). Findings The Fama-French five-factor model improves the pricing performance for stocks in Australia, Canada, China and the USA. The pricing in these countries appears to be more integrated. However, the superior performance in these four countries is not consistent across a variety of test assets and the magnitude of reduction in pricing errors vis-à-vis three- or four-factor models is often economically insignificant. For other markets, the parsimonious three-factor model or its four-factor variants appear to be more suitable. Originality/value Unlike most asset pricing studies that use test assets based on variables that are already used to construct RHS factors, this study uses test assets that are generally different from RHS sorts. This makes the tests more robust and less biased to be in favour of any multifactor model. Also, most international studies of asset pricing tests use data for different markets and combine them into regions. This study provides the evidence from ten countries separately because prior research has shown that locally constructed factors are more suitable to explain asset prices. Further, this study also tests for the usefulness of adding a quality factor in the existing asset pricing models.
15
Ejaz, Abdullah, and Petr Polak. "Australian Stock Exchange and sub-variants of price momentum strategies." Investment Management and Financial Innovations 15, no. 1 (March 6, 2018): 224–35. http://dx.doi.org/10.21511/imfi.15(1).2018.19.
Full textAbstract:
The aim of this study is to examine the sub-variants of price momentum strategies. The paper recommends which sub-variants post above average returns for Australian Stock Exchange. It also analyzes the return behavior of short-term momentum effect among sub-variants of price momentum strategies. It has been found that monthly price momentum strategies result in above average abnormal returns, whereas weekly price momentum strategies should be used in combination with monthly price momentum strategies. Trading volume-based momentum investment strategies should not be used at all.
16
Novalanty Ohara Daulay, Dini, and Jafron Wasiq Hidayat. "Carbon Value Analysis of Batang Gadis National Park, Mandailing Natal Regency, North Sumatera Province, Indonesia." E3S Web of Conferences 31 (2018): 08010. http://dx.doi.org/10.1051/e3sconf/20183108010.
Full textAbstract:
Global warming is an important issue in the world which it gives a negative effect on human life. One indicator of global warming is increasing greenhouse gas i.e. carbondioxide from human activities. Deforestation and forest degradation are the second largest contributor of carbon into the atmosphere, after the use of fossil fuels by industry and transportation. As lungs of the world, forest is enable to produce renewable energy sources i.e. biomass. Forest carbon stock in above ground biomass (AGB) is the greatest effect source on deforestation and forest degradation. Therefore, it is necessary to perform a study the potential of carbon in forest. The purpose of this research is to determine carbon stock value in Batang Gadis National Park, Mandailing Natal Regency, North Sumatera Province, Indonesia. The carbon potential stored in this forest vegetation is calculated using AGB allometric equation by using data in diameter at breast height (dbh = 1.3 m), height, and density of the wood for trees. Data obtained from secondary data is Asset Assessment Report which State Controlled Forest Natural Resources Batang Gadis National Park, 2016. Study locations were Pagar Gunung and Sopo Tinjak Villages. Carbon stock values were calculated and analyzed with assumption that a half of biomass part is carbon stock which using Australian carbon price about AUD $ 11.82 Australia (Australian dollars) and EU € 5 (US $ 6). The results showed that the total biomass in Pagar Gunung and Sopo Tinjak Villages amounted to 259.83 tonnes and 160.89 tonnes. From the results of the total biomass, the total carbon stocks (C) and CO2 stocks in both villages are 210.36 tonnes (129.92 tonnes in Pagar Gunung Village and 80.45 tonnes in Sopo Tinjak Village) and 772.03 tonnes (476.79 tonnes in Pagar Gunung Village and 295.24 tonnes in Sopo Tinjak Village). By using the carbon price prevailing in the market place Australia Emission Trading System (ETS) and the EU ETS (AUD $ 11.82/t CO2e and € 5 (US $ 6)/t CO2e), the value of carbon stock that can be produced from Batang Gadis National Park (Pagar Gunung and Sopo Tinjak Villages) is about Rp. 92,499,921.72 (in AUD $) or Rp. 61,654,433.67 (in US $).
17
Wang, Justine, Alla Koblyakova, Piyush Tiwari, and John S. Croucher. "Is the Australian housing market in a bubble?" International Journal of Housing Markets and Analysis 13, no. 1 (April 12, 2018): 77–95. http://dx.doi.org/10.1108/ijhma-03-2017-0026.
Full textAbstract:
Purpose This paper aims to explore principal drivers affecting prices in the Australian housing market, aiming to detect the presence of housing bubbles within it. The data set analyzed covers the past two decades, thereby including the period of the most recent housing boom between 2012 and 2015. Design/methodology/approach The paper describes the application of combined enhanced rigorous econometric frameworks, such as ordinary least square (OLS), Granger causality and the Vector Error Correction Model (VECM) framework, to provide an in-depth understanding of house price dynamics and bubbles in Australia. Findings The empirical results presented reveal that Australian house prices are driven primarily by four key factors: mortgage interest rates, consumer sentiment, the Australian S&P/ASX 200 stock market index and unemployment rates. It finds that these four key drivers have long-term equilibrium in relation to house prices, and any short-term disequilibrium always self-corrects over the long term because of economic forces. The existence of long-term equilibrium in the housing market suggests it is unlikely to be in a bubble (Diba and Grossman, 1988; Flood and Hodrick, 1986). Originality/value The foremost contribution of this paper is that it is the first rigorous study of housing bubbles in Australia at the national level. Additionally, the data set renders the study of particular interest because it incorporates an analysis of the most recent housing boom (2012-2015). The policy implications from the study arise from the discussion of how best to balance monetary policy, fiscal policy and macroeconomic policy to optimize the steady and stable growth of the Australian housing market, and from its reconsideration of affordability schemes and related policies designed to incentivize construction and the involvement of complementary industries associated with property.
18
Chong, Fennee. "Housing Price and Interest Rate Hike: A Tale of Five Cities in Australia." Journal of Risk and Financial Management 16, no. 2 (January 18, 2023): 61. http://dx.doi.org/10.3390/jrfm16020061.
Full textAbstract:
Australian housing prices are reported to be overvalued and unaffordable for the past two decades. Many researchers and practitioners have attributed the persistent growth in housing prices to the prolonged period of low borrowing costs. However, due to inflationary pressure, the Central Bank has raised its cash rate consecutively in recent months. This paper aims to examine whether interest rate rises affect housing price in different parts of Australia. Evidence generated from the analysis reported bipolar results between the large and smaller cities, whereby housing prices in Sydney and Melbourne show a significant negative relationship with interest rate changes while Brisbane and the Gold Coast and Perth and Adelaide, respectively, are showing negative but insignificant results during the study period. Short-run trend projections on housing prices indicate that Sydney, Melbourne, Brisbane and the Gold Coast are on a downward trend while Adelaide and Perth will maintain its current momentum before plateauing out later next year. Likewise, control variables, such as oil prices, inflation rate and stock market performance, are found to be related to housing prices in larger cities only. These findings have implications on housing policy, house purchase decisions and investment portfolio management strategy.
19
Madaleno, Mara, and Carlos Pinho. "Evidence of Macroeconomic Policy Effects over Company-Sector Stock Returns." Revista de Estudos Sociais 16, no. 31 (November 11, 2014): 3. http://dx.doi.org/10.19093/res.v16i31.1977.
Full textAbstract:
Given that stock markets may act as an economy mirror, it is explored the sensitivity of company-sector-specific stock returns to macroeconomic news reflecting different economic environments for the UK, US, Germany, Japan and Australian markets between March 1993 and February 2013 using monthly data. Results seem to indicate that portfolio investors need to be aware that movements in the market index is the best predictor to forecast stock returns of individual companies and sectors in developed economies. Sentiment influences individual company’s returns of the utilities sector, even if these are considered of limited growth and stable earnings, for UK, USA and Australia, turning investor confidence a relevant variable to be included. Information increases about industrial production have no influence on company and sector stocks, thus not affecting investor’s decision in developed countries. As for Japan, results seem to indicate that the higher the need of oil imports of a country, the higher will be the positive impact of oil price changes over company returns. Finally, the riskless interest rate has no effect on sector stock returns independently of the country under analysis. For developed economies, we confirm the finding that stocks cannot be used as a hedge against inflation.
20
Oh, Kok-Boon, and Sardar M N Islam. "A financial econometric analysis of E-Commerce stock price predictability." Social and Management Research Journal 9, no. 2 (December 3, 2012): 59. http://dx.doi.org/10.24191/smrj.v9i2.5217.
Full textAbstract:
The predictability of stock price changes has been a contentious issue in finance for a long period of time. Using the Australian e-commerce financial data for determining the equity value of e-commerce firms, this paper provides an empirical analysis of the issue of predictability of stock prices. The factors contributing to the predictability of equity prices in the e-commerce markets are identified, analyzed and the issues and implications are discussed and explained. This paper presents new approaches to econometric specification, estimation and testing in relation to e-commerce stock predictability including stationarity tests, co-integration modeling and analyses. The policy implications of the empirical findings are stated. The empirical findings of the Australian study are extrapolated and inferences are made for other countries.
21
Doucouliagos, Chris. "Price exhaustion and number preference: time and price confluence in Australian stock prices." European Journal of Finance 11, no. 3 (June 2005): 207–21. http://dx.doi.org/10.1080/1351847042000254194.
Full text
22
Hua, Jie, Maolin Huang, and Chengshun Huang. "Centrality Metrics’ Performance Comparisons on Stock Market Datasets." Symmetry 11, no. 7 (July 15, 2019): 916. http://dx.doi.org/10.3390/sym11070916.
Full textAbstract:
The stock market is an essential sub-sector in the financial area. Both understanding and evaluating the mountains of collected stock data has become a challenge in relevant fields. Data visualisation techniques can offer a practical and engaging method to show the processed data in a meaningful way, with centrality measurements representing the significant variables in a network, through exploring the aspects of the exact definition of the metric. Here, in this study, we conducted an approach that combines data processing, graph visualisation and social network analysis methods, to develop deeper insights of complex stock data, with the ultimate aim of drawing the correct conclusions with the finalised graph models. We addressed the performance of centrality metrics methods such as betweenness, closeness, eigenvector, PageRank and weighted degree measurements, drawing comparisons between the experiments’ results and the actual top 300 shares in the Australian Stock Market. The outcomes showed consistent results. Although, in our experiments, the results of the top 300 stocks from those five centrality measurements’ rankings did not match the top 300 shares given by the ASX (Australian Securities Exchange) entirely, in which the weighted degree and PageRank metrics performed better than other three measurements such as betweenness, closeness and eigenvector. Potential reasons may include that we did not take into account the factor of stock’s market capitalisation in the methodology. This study only considers the stock price’s changing rates among every two shares and provides a relevant static pattern at this stage. Further research will include looking at cycles and symmetry in the stock market over chosen trading days, and these may assist stakeholder in grasping deep insights of those stocks.
23
Cass, Philip. "Dilemma for Fiji media and the constitution." Pacific Journalism Review : Te Koakoa 2, no. 1 (November 1, 1995): 69–72. http://dx.doi.org/10.24135/pjr.v2i1.540.
Full textAbstract:
Fiji prides itself on being at the crossroads of the Pacific and yet the rest of the great ocean remains almost invisible to the Fijian press, to whom the world consists of floods in India, stock prices in Australia and OJ in the US.
24
Liu, Bin, Monica Tan, and Marie-Anne Cam. "Reinvestigate the Bid–Ask Bounce Effect and Pricing of Idiosyncratic Volatility: The Case of the Australian Market." Review of Pacific Basin Financial Markets and Policies 22, no. 01 (March 2019): 1950004. http://dx.doi.org/10.1142/s0219091519500048.
Full textAbstract:
We investigate the bid–ask bounce effect on estimation of idiosyncratic volatility (IVOL) from asset pricing perspective using a comprehensive country-specific sample. We find that the idiosyncratic volatility–return relationship remains significant while controlling for stock size. However, the explanatory power of IVOL disappears completely when stock liquidity is controlled for. These findings support our argument that the bid–ask bounce effect on pricing of IVOL is strongly influenced by stock liquidity. Our results indicate that mid-price is the “true” price to measure IVOL of the least liquid stocks in the Australian stock market.
25
Yuwono, Jessie D., and Yanthi Hutagaol Martowidjojo. "Stock Price Synchronicity, Earnings Quality, Foreign Ownership: Evidence of ASX200 Firms." 13th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES 13, no. 1 (June 16, 2022): 1. http://dx.doi.org/10.35609/gcbssproceeding.2022.1(80).
Full textAbstract:
The issue of stock price synchronicity has been a debate for more than a decade. The question is central to what information that is more reflected in market stock price. One stream suggests that firm-specific information is, relatively, more reflected in its stock price, while the other streams argues that market (industry)-specific information is more relevant in stock price formation (Zhou, 2007). Studies about stock price synchronicity have been ubiquitous in emerging markets (e.g. Gul et al., 2010; Li et al., 2020; Vo & Chu, 2019; Farooq & Aktaruzzaman, 2016; Lyimo, 2014). Price synchronicity studies are also found in mature markets but majorly in US (e.g. Zhou, 2007; Gul et al., 2011; Kan & Gong, 2018). To the author knowledge, the only study of stock price synchronicity in Australia is by Bissessur & Hodgson (2012) that investigate the impact of IFRS adoption. Generally, prior studies found that IFRS implementation increases financial reporting quality. Specifically, this study focuses on the relationship between earnings quality and price synchronicity, since earnings is the mostly accounting information used by investors to price the stocks in the market. Keywords: ASX200,Conservatism, Foreign ownership, Stock price synchronicity, Timeliness, Value relevance
26
Masih, Abul M. M., and Rumi Masih. "Dynamic Modeling of Stock Market Interdependencies: An Empirical Investigation of Australia and the Asian NICs." Review of Pacific Basin Financial Markets and Policies 04, no. 02 (June 2001): 235–64. http://dx.doi.org/10.1142/s0219091501000401.
Full textAbstract:
This article examines the patterns of dynamic linkages among national stock prices of Australia and four Asian NIC stock markets namely, Taiwan, South Korea, Singapore and Hong Kong. By employing recently developed time-series techniques results seem to consistently suggest the relatively leading role of the Hong Kong market in driving fluctuations in the Australian and other NIC stock markets. In other words, given the generality of the techniques employed, Hong Kong showed up consistently as the initial receptor of exogenous shocks to the (long-term) equilibrium relationship whereas the Australian and the other NIC markets, particularly the Singaporean and Taiwanese markets had to bear most of the brunt of the burden of short-run adjustment to re-establish the long term equilibrium. Furthermore, given the dominance of the Hong Kong market in the region, the study also brings to light the substantial contribution of the Australian market in explaining the fluctuations to the other three markets, particularly Singapore and Taiwan. Finally, in comparison to all other NIC markets, Taiwan and Singapore appear as the most endogenous, with the former providing significant evidence of its short-term vulnerability to shocks from the more established market such as Australia.
27
Charters, John G., and Mark S. Epper. "THE MAIN CHANCES FOR NEW EQUITY." APPEA Journal 34, no. 1 (1994): 835. http://dx.doi.org/10.1071/aj93063.
Full textAbstract:
The main chance for new equity to be raised by Australian petroleum explorers is to:recognise that the unfavourable oil price environment of 1993 will change;in the meantime, understand the manner in which capital markets operate; andbe patient and ready for when it happens.In Australia we can obviously do little about global economic and market conditions, particularly the market for petroleum commodities. This paper is intended to ensure that petroleum explorers continuously consider their position from the perspective of shareholders, potential investors and other market participants so that they are well placed to benefit when capital markets turn in their direction.This paper:Provides an Overview of Australian capital markets;Deals with the Performance of the oil and gas sector within that market;Considers The Three Dimensions of investment decision-making; and, with those foundations,Outlines The Way Forward for this sector, in these difficult times.Equity markets have experienced a period of particularly strong support for equity raisings and there is a real prospect that the Australian stock market will exceed the previous all-time record high.During 1993 many listed oil and gas companies reported improved earnings performance and enjoyed increased share prices, although a flattening of exploration and development activity seems to have followed the lack of significant exploration success in recent years. With the odd exception oil prices have been generally stable in recent years. However, toward the end of 1993, a sharp deterioration in oil prices followed expectations of increased OPEC supply; not withstanding generally widespread faith in medium-to long-term escalation of all commodity prices, and oil prices in particular, investor appetites appear all too easily diverted to other market opportunities.Participants in this industry probably do more searching than finding when it comes to oil and gas reserves. The same is true for raising new capital. We will outline what companies must do to be ready to benefit from the right environment to raise new equity.
28
Fang, Hao, Yen-Hsien Lee, Jen-Sin Lee, and Wei-Jui Chen. "The adjustment speeds of short-run real estate investment trust (REIT) and corresponding stock returns in the USA and Australia." Investment Management and Financial Innovations 14, no. 3 (October 30, 2017): 173–88. http://dx.doi.org/10.21511/imfi.14(3-1).2017.02.
Full textAbstract:
This study first uses the non-linear co-integration with structural breaks by Gregory and Hansen (1996) to examine whether non-linear co-integration exists between real estate investment trusts (REITs) and corresponding stock markets in the United States and Australia. Second, we employ the smooth transition vector-error correction model (STVECM) including the generalized autoregressive conditional heteroskedasticity (GARCH) model to separately explore the adjustment efficiencies of non-linear short-run REIT and corresponding stock return dynamics, as well as respective REIT return dynamics when the long-run disequilibrium occurs. The results show that a structural break co-integration exists between the equity and mortgage REITs and stock markets in the US, between the REITs and stock markets in the Australia and between the REIT markets in both the US and Australia. When there are large positive and negative deviations of STVECM, the adjustment speed of reverting to equilibrium of the S&P 500 index is greater than that of the Mortgage REIT index. However, when there are large positive (negative) deviations of STVECM, the adjustment speed of reverting to equilibrium of the Australian REIT (stock) index is greater, and that of the Australian REIT (US REIT) index is greater. In addition, by using a non-linear Granger causality test by Hiemstra and Jones (1994), we find that credit price effects exist between the US for each type of REIT and stock markets regardless of large positive or negative deviations (or returns) in STVECM (or STVAR). However, there is a feedback effect exists between the REITs and the stock markets in Australia.
29
Frijns, Bart, Aaron Gilbert, and Alireza Tourani-Rad. "Crossing the Tasman." Pacific Accounting Review 26, no. 3 (November 10, 2014): 177–95. http://dx.doi.org/10.1108/par-06-2013-0053.
Full textAbstract:
Purpose – The purpose of this paper is to investigate price discovery for cross-listed stocks on the New Zealand Exchange (NZX) and the Australian Stock Exchange (ASX) and find out the determinants of price discovery between the two markets. Design/methodology/approach – Gonzalo Granger Component Shares and Hasbrouck Information Shares were estimated annually for a sample of 19 cross-listed stocks between 1998 and 2012. Then dynamic panel regressions were used to investigate the driving factors behind price discovery between the NZX and ASX. Findings – Strong downward trends were observed in the contribution to price discovery of the NZX, both for New Zealand firms cross-listing on the ASX and Australian firms cross-listing on the NZX. While in the early years in our sample period, price discovery is dominated by the home market, by 2012, 50 per cent of price discovery for New Zealand firms takes place on the ASX, and the NZX acts as a satellite market for Australian firms. It was also observed that the NZX share of trading activity has a strong positive effect on the NZX level of price discovery, while there is a negative relationship with relative bid–ask spreads. Practical implications – Results suggest that the importance of the NZX relative to the ASX with regards to price discovery is decreasing over time. Given the importance of price discovery for exchanges, such a finding is concerning for the NZX. The determinants of price discovery found in the paper, such as relative volume and spreads, do, however, offer some guidance on how the NZX could regain price discovery. Originality/value – This paper offers a longer and broader analysis of price discovery between the NZX and ASX, two highly integrated markets, and extends previous work by exploring the drivers of price discovery in a panel setting.
30
Vu, Ha, and Sean Turnell. "Seasonality in the Australian Stock Market." Applied Economics and Finance 6, no. 5 (August 13, 2019): 158. http://dx.doi.org/10.11114/aef.v6i5.4445.
Full textAbstract:
This paper examines the presence of day-of-the-week and month-of-the-year effects in the Australian stock market over the past several decades, and investigates whether long-standing anomalies persist following the 1987 stock market crash, and the 2008 global financial crisis. We find that before the 1987 crash the Australian stock market recorded lowest returns on Tuesday and highest returns on Thursdays. However, these daily phenomena seemed to vanish in the decades since, suggesting that Australian daily share prices are more likely to move randomly. In contrast, monthly seasonality is still in place with negative returns recorded in May and June, and high returns in July, December, and April. Seasonality and predictability in Australian equity prices, though reduced, are thus seemingly not dead just yet.
31
Lisa Kustina, Samsul Anwar, and Imas Mawar. "PENGARUH BURSA SAHAM GLOBAL TERHADAP INDEKS HARGA SAHAM GABUNGAN DI BURSA EFEK INDONESIA." Jurnal Investasi 4, no. 1 (April 9, 2018): 1–10. http://dx.doi.org/10.31943/investasi.v4i1.32.
Full textAbstract:
Tujuan Penelitian ini adalah untuk mengetahui pengaruh bursa saham global terhadap indeks harga saham gabungan di Bursa Efek Indonesia. Bursa saham global yang digunakan dalam penelitian ini adalah Dow Jones Index (DJI), Korea Stock Price Composite Index (KOSPI), Tokyo Stock Exchange (Nikkei heikin kabuki / Nikkei 225), dan Australian Securities Exchange (ASX). Sampel yang diteliti dalam penelitian ini adalah periode 2015 hingga 2017. Penelitian ini menggunakan regresi linear berganda untuk mengolah data penelitian. Hasil Penelitian ini menunjukkan bahwa Dow Jones Index (DJI), Korea Stock Price Composite Index (KOSPI), Tokyo Stock Exchange (Nikkei heikin kabuki / Nikkei 225), dan Australian Securities Exchange (ASX) secara parsial berpengaruh terhadap Indek Harga Saham Gabungan diIndonesia. Dow Jones Index (DJI), Korea Stock Price Composite Index (KOSPI), dan Australian Securities Exchange (ASX) berpengaruh signifikan pada tingkat signifikansi 0.000 sedangkan Tokyo Stock Exchange (Nikkei 225) pada tingkat signifikansi 0.001.
The purpose of this study was to determine the effect of global stock exchanges on the composite stock price index on the Indonesia Stock Exchange. The global stock exchanges used in this study are the Dow Jones Index (DJI), the Korea Stock Price Composite Index (KOSPI), the Tokyo Stock Exchange (Nikkei Heikin Kabuki / Nikkei 225), and the Australian Securities Exchange (ASX). The sample examined in this study is the period 2015 to 2017. This study uses multiple linear regression to process research data. The results of this study indicate that the Dow Jones Index (DJI), the Korea Stock Price Composite Index (KOSPI), the Tokyo Stock Exchange (Nikkei Heikin Kabuki / Nikkei 225), and the Australian Securities Exchange (ASX) partially affect the Composite Stock Price Index in Indonesia. The Dow Jones Index (DJI), the Korea Stock Price Composite Index (KOSPI), and the Australian Securities Exchange (ASX) have a significant effect on the significance level of 0,000 while the Tokyo Stock Exchange (Nikkei 225) is at a significance level of 0.001.
32
Madyan, Muhammad, Haka Adila, and Novian Abdi Firdausi. "Keterkaitan Antar Bursa Efek Dunia (Studi Kasus pada Bursa Efek Negara Maju dan Negara Berkembang)." Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management 12, no. 1 (August 8, 2019): 85. http://dx.doi.org/10.20473/jmtt.v12i1.14115.
Full textAbstract:
This research analyzes the correlation between stock markets worldwide. Developing countries stock exchanges are represented by China and Indonesia, whereas developed countries stock exchanges are represented by Germany, Japan, Australia, Singapore, and the United States. Using stock’s daily close prices as data, then assessed with Vector Error Correction Model and Granger Causality. Analyzed indexes are Shanghai Stock Exchange Composite (SHCOMP), Indeks Harga Saham Gabungan (IHSG), Dow Jones Industrial Average (DJIA), Nikkei225 (NKY), Deutscher Aktien Index (DAX), All Ordinaries Index (AOI), and Strait Times Index (STI). Stock data grouped into two periods, the first period is the Asian Financial Crisis in 1 January 1998-31 December 2003, while second period is the Subprime Mortgage crisis in 1 January 2008-31 December 2013. Research results show correlations between analyzed stock indexes in both long run and short run relationship in the firstperiod as well asthe second period, however the correlation between Singapore’s and Indonesia’s stock exchange in second period is unproven.
33
ISMAIL, MOHD TAHIR, and ZAIDI BIN ISA. "MODELING THE INTERACTIONS OF STOCK PRICE AND EXCHANGE RATE IN MALAYSIA." Singapore Economic Review 54, no. 04 (December 2009): 605–19. http://dx.doi.org/10.1142/s0217590809003471.
Full textAbstract:
After the East Asian crisis in 1997, the issue of whether stock prices and exchange rates are related or not have received much attention. This is due to realization that during the crisis the countries affected saw turmoil in both their currencies and stock markets. This paper studies the non-linear interactions between stock price and exchange rate in Malaysia using a two regimes multivariate Markov switching vector autoregression (MS-VAR) model with regime shifts in both the mean and the variance. In the study, the Kuala Lumpur Composite Index (KLCI) and the exchange rates of Malaysia ringgit against four other countries namely the Singapore dollar, the Japanese yen, the British pound sterling and the Australian dollar between 1990 and 2005 are used. The empirical results show that all the series are not cointegrated but the MS-VAR model with two regimes manage to detect common regime shifts behavior in all the series. The estimated MS-VAR model reveals that as the stock price index falls the exchange rates depreciate and when the stock price index gains the exchange rates appreciate. In addition, the MS-VAR model fitted the data better than the linear vector autoregressive model (VAR).
34
Nguyen, Huan Huu, Truc Thi Nha Phan, and Vu Minh Ngo. "The Impact of the COVID-19 Pandemic on the Performance and Risk Profile of Airline Stocks." Contemporary Economics 16, no. 3 (September 6, 2022): 257–75. http://dx.doi.org/10.5709/ce.1897-9254.481.
Full textAbstract:
The COVID-19 outbreak dealt a severe blow to the global economy, especially to the airline industry, due to worldwide lockdown measures implemented by the authorities. This paper aims to investigate the impact of the COVID-19 pandemic on the airline stock performance of seven markets in Asia and three other markets in Australia, Germany and the United States. The data is collected from 42 airline firms from 2019 to 2020. The research outcomes indicate that: (a) COVID-19 only temporarily impacts stock returns; (b) Market values plunge immediately after the first confirmed case, and it still shows no evidence of returning to the price levels before the outbreak; (c) COVID-19 has a significant impact on stock volatility; (d) Most stocks do not illustrate any higher exposure to systematic risks.
35
Saputro, Nugroho. "The Effect of Indonesian Government’s Debt to the US and Greece on Composite Stock Price Index in ASEAN-5 and Australia." Sebelas Maret Business Review 4, no. 1 (November 27, 2019): 1. http://dx.doi.org/10.20961/smbr.v4i1.36062.
Full textAbstract:
<p>The global economic crisis has become a nightmare for other countries when the crisis is originated from a multipower country. A financial crisis that hit European countries (Greece) in 2010 and the United States (US) in 2011 can be categorized as a financial crisis caused by a high state’s debt that leads to default. The response to the financial crisis is reflected in capital market players’ reactions, where other countries will respond to a particular endemic financial crisis. The objectives of this research are (1). Analyze the Impulse Response Function (IRF) of the Composite Stock Price Index of the US on Composite Stock Price Index in Indonesia, Malaysia, Singapore, Vietnam, Thailand, and Australia. (2). Analyze the Impulse Response Function (IRF) of the Composite Stock Price Index of Greece on the Composite Stock Price Index in Indonesia, Malaysia, Singapore, Vietnam, Thailand, and Australia. (3). Analyze the Forecasting Error Variance Decomposition (FEVD) of the Composite Stock Price Index of Indonesia on the Composite Stock Price Index of Malaysia, Singapore, Vietnam, Thailand, and Australia. The analysis will be conducted using VAR (Vector Autoregression). The result shows that all variables are responded to the financial crisis that happened in Greece and the US. This is reflected by the shocks created by the financial crisis in ASEAN-5 countries and Australia. On the other hand, the Composite Stock Price Index of Indonesia is also affected by Malaysia and Singapore.</p>
36
Siddique, K. H. M., and J. Sykes. "Pulse production in Australia past, present and future." Australian Journal of Experimental Agriculture 37, no. 1 (1997): 103. http://dx.doi.org/10.1071/ea96068.
Full textAbstract:
Summary. Several cool- and warm-season pulse crops (grain legumes) are grown in rotation with cereals and pasture forming sustainable farming systems in Australia. Australian pulse production has increased rapidly over the past 25 years to about 2 x 106 t/year, mainly because of the increase in the area and yield of lupin production for stockfeed purposes. Pulses currently comprise only 10% of the cropping areas of Australia and this could be expanded to 16% as there are large areas of soil types suitable for a range of pulse crops and new better-adapted pulse varieties are becoming available. Cool-season pulses will continue to dominate pulse production in Australia and the majority of the expansion will probably come from chickpea and faba bean industries. There appears to be no major constraint to pulse production in Australia that cannot be addressed by breeders, agronomists and farmers. Of the current major pulse crops, field pea faces the most number of difficulties, in particular the lack of disease management options. A recent strategic plan of the Australian pulse industry predicts the production of 4 x 106 t/year by 2005 but this will largely depend upon export demand and pulse prices. It is predicted that the growth in pulse production will come from increased productivity in the existing areas, from 1.0 to 1.4 t/ha, through improvements in crop management and the development of superior varieties. The area of pulse production will also expand by an additional 1.2 x 106 ha probably yielding 1.0 t/ha. If trends in grazing stock prices continue, the increased area under pulse production will mostly come at the expense of those areas under unimproved pasture and continuous cereal cropping.
37
Cottle, D., R. Eckard, S. Bray, and M. Sullivan. "An evaluation of carbon offset supplementation options for beef production systems on coastal speargrass in central Queensland, Australia." Animal Production Science 56, no. 3 (2016): 385. http://dx.doi.org/10.1071/an15446.
Full textAbstract:
In 2014, the Australian Government implemented the Emissions Reduction Fund to offer incentives for businesses to reduce greenhouse gas (GHG) emissions by following approved methods. Beef cattle businesses in northern Australia can participate by applying the ‘reducing GHG emissions by feeding nitrates to beef cattle’ methodology and the ‘beef cattle herd management’ methods. The nitrate (NO3) method requires that each baseline area must demonstrate a history of urea use. Projects earn Australian carbon credit units (ACCU) for reducing enteric methane emissions by substituting NO3 for urea at the same amount of fed nitrogen. NO3 must be fed in the form of a lick block because most operations do not have labour or equipment to manage daily supplementation. NO3 concentrations, after a 2-week adaptation period, must not exceed 50 g NO3/adult animal equivalent per day or 7 g NO3/kg dry matter intake per day to reduce the risk of NO3 toxicity. There is also a ‘beef cattle herd management’ method, approved in 2015, that covers activities that improve the herd emission intensity (emissions per unit of product sold) through change in the diet or management. The present study was conducted to compare the required ACCU or supplement prices for a 2% return on capital when feeding a low or high supplement concentration to breeding stock of either (1) urea, (2) three different forms of NO3 or (3) cottonseed meal (CSM), at N concentrations equivalent to 25 or 50 g urea/animal equivalent, to fasten steer entry to a feedlot (backgrounding), in a typical breeder herd on the coastal speargrass land types in central Queensland. Monte Carlo simulations were run using the software @risk, with probability functions used for (1) urea, NO3 and CSM prices, (2) GHG mitigation, (3) livestock prices and (4) carbon price. Increasing the weight of steers at a set turnoff month by feeding CSM was found to be the most cost-effective option, with or without including the offset income. The required ACCU prices for a 2% return on capital were an order of magnitude higher than were indicative carbon prices in 2015 for the three forms of NO3. The likely costs of participating in ERF projects would reduce the return on capital for all mitigation options.
38
THAMPAPILLAI, DODO J. "THE SCARCITY OF ENVIRONMENTAL CAPITAL AND ECONOMIC GROWTH: A COMPARATIVE STUDY OF AUSTRALIA AND THE UNITED STATES." Singapore Economic Review 52, no. 02 (August 2007): 251–63. http://dx.doi.org/10.1142/s0217590807002683.
Full textAbstract:
The paper employs a methodology that enables the elicitation of the price and quantity of environmental capital (KN) at an aggregate macroeconomic level. The stock of KN considered here is confined to the air-shed of an economy that gets utilized in the process of economic growth. A time series study of the prices and quantities of KN enables an appreciation of the changing value of nature in economic growth. Despite improvements in the rate of utilization of KN, there is insufficient evidence of decreasing scarcity of KN in the case of both Australia and the United States.
39
HEATON, CHRIS, GEORGE MILUNOVICH, and ANTHONY PASSÉ-DE SILVA. "International Commodity Prices and the Australian Stock Market*." Economic Record 87, no. 276 (January 12, 2011): 37–44. http://dx.doi.org/10.1111/j.1475-4932.2010.00686.x.
Full text
40
Boisen, Mikael, Robert B. Durand, and John Gould. "From anticipation to anxiety in a market for lottery-like stocks." Review of Behavioral Finance 7, no. 1 (June 8, 2015): 42–59. http://dx.doi.org/10.1108/rbf-09-2013-0029.
Full textAbstract:
Purpose – The purpose of this paper is to investigate a unique sample of lottery-like stocks and contextualize their short-run price behavior with respect to behavioral principles. Design/methodology/approach – The authors conduct a short-run event-study of the abnormal returns for stock market investments in Australian small-cap oil and gas (O & G) explorers centered on the drilling commencement (spudding) of 157 wildcat oil or gas wells drilled between January 2000 and June 2010. Findings – Small-cap stock market investments associated with newly spudded wildcat O & G wells are negative NPV gambles rather than fair (zero NPV) investments. Once a wildcat well is spudded, the 30-day expected abnormal return is 6-8 percent: wealth-maximizing stockholders are advised to sell upon news of spudding, but gamblers may wish to hold on for the chance of a 10.6 percent 30-day average abnormal return (if the well is not plugged and abandoned). In the lead-up to each gamble the authors observe a significant pre-spudding stock price run-up on average, perhaps indicative of positively affected investors aroused by an easily imagined successful wildcat gusher as per evidence on the influence of image and affect on investors’ decisions (MacGregor et al., 2000; Loewenstein et al., 2001; Rottenstreich and Hsee, 2001; Peterson, 2002). Originality/value – The wildcat drilling events considered in this paper are lottery-like by nature, and spudding represents the distinct moment when the gamble is unambiguously on, following shortly on from which investors either strike it lucky or strike out. The specifically small-cap wildcatters are typically heavily vested in one well at a time, therefore the sample stocks are uniquely lottery like. This differs from other studies which infer the lottery-like nature of their sample stocks from characteristics such as price and idiosyncratic volatility.
41
Shafiullah, Muhammad, Luke Emeka Okafor, and Usman Khalid. "Determinants of international tourism demand: Evidence from Australian states and territories." Tourism Economics 25, no. 2 (September 20, 2018): 274–96. http://dx.doi.org/10.1177/1354816618800642.
Full textAbstract:
This article explores whether the determinants of international tourism demand differ by states and territories in Australia. This is the first attempt at econometric modelling of international tourism demand in the states and territories of Australia. A demand model is specified where international visits to states and territories is a function of world income, state-level transportation costs, stock of foreign-born residents, the Australian real exchange rate and the price levels of international and domestic substitutes. Panel and time series econometric techniques are employed to test the model variables for stationarity, cointegration and direction of causality. Panel and time series cointegration tests show that the model is cointegrated. The causality analysis indicates that all explanatory variables Granger cause international visits to the Australian states and territories. Further, we show that the impacts of the determinants of international tourism vary by states and territories. The results underscore the importance of targeted policymaking that takes into account the economic and social structure of each state and territory instead of designing tourism policies on the basis of one-size-fits-all approach.
42
Groenewold, Nicolaas, and James E. H. Paterson. "Stock Prices and Exchange Rates in Australia: Are Commodity Prices the Missing Link?" Australian Economic Papers 52, no. 3-4 (December 2013): 159–70. http://dx.doi.org/10.1111/1467-8454.12014.
Full text
43
Aitken, Michael, Philip Brown, Christine Buckland, H. Y. Izan, and Terry Walter. "Price clustering on the Australian Stock Exchange." Pacific-Basin Finance Journal 4, no. 2-3 (July 1996): 297–314. http://dx.doi.org/10.1016/0927-538x(96)00016-9.
Full text
44
Shin, Ki-Hong, Gyuchang Lim, and Seungsik Min. "Dynamics of the Global Stock Market Networks Generated by DCCA Methodology." Applied Sciences 10, no. 6 (March 23, 2020): 2171. http://dx.doi.org/10.3390/app10062171.
Full textAbstract:
A group of stock markets can be treated as a complex system. We tried to find the financial market crisis by constructing a global 24 stock market network while using detrended cross-correlation analysis. The community structures by the Girvan-Newman method are observed and other network properties, such as the average degree, clustering coefficient, efficiency, and modularity, are quantified. The criterion of correlation between any two markets on the detrended cross-correlation analysis was considered to be 0.7. We used the return (rt) and volatility (|rt|) time series for the periods of 1, 4, 10, and 20-year of composite stock price indices during 1997–2016. Europe (France, Germany, Netherland, UK), USA (USA1, USA2, USA3, USA4) and Oceania (Australia1, Australia2) have been confirmed to make a solid community. This approach also detected the signal of financial crisis, such as Asian liquidity crisis in 1997, world-wide dot-com bubble collapse in 2001, the global financial crisis triggered by the USA in 2008, European sovereign debt crisis in 2010, and the Chinese stock price plunge in 2015 by capturing the local maxima of average degree and efficiency.
45
Huynh, Nhan, Dat Nguyen, and Anh Dao. "Sectoral Performance and the Government Interventions during COVID-19 Pandemic: Australian Evidence." Journal of Risk and Financial Management 14, no. 4 (April 12, 2021): 178. http://dx.doi.org/10.3390/jrfm14040178.
Full textAbstract:
This study explores the contrasting impacts of the COVID-19 pandemic on various industries in Australia. Considering all daily announced information, we analyzed the diverse impacts of COVID-19 on the sectoral stock returns from 26 January to 20 July 2020. Sixteen out of twenty examined stock indices negatively react to the daily rise in COVID-19 confirmed cases. Several actions from the Australian government to control the pandemic are relatively ineffective in boosting the overall financial market; however, some positive interactions are captured in five sectors of industrials, health care, metals and mining, materials, and resources. The result shows that all industries that benefited from government financial assistance are either shielded or less severely affected by the pandemic. While sectors that did not directly receive financial remedies relatively showed no enhancement in their overall performance. Having achieved short-term success in helping the economy, the government recorded an all-time high deficit since 2004 that might eventually lead to adverse effects on the overall economy. The Australian equity market is found to be rationally distinct to the crude oil price risk, while positive correlations between AUD/USD rate and real estate-related sectors are reported.
46
Asaturov, Konstantin. "Portfolio Optimization with Risk Decomposition." Moscow University Economics Bulletin 2017, no. 5 (October 30, 2017): 61–85. http://dx.doi.org/10.38050/01300105201754.
Full textAbstract:
The paper offers the modification of traditional portfolio optimization approach to construct the portfolio with possibility to control both systematic and specific risk (portfolio with risk decomposition). Built on modern econometric tools, the author estimates and forecasts the dynamics of alphas and betas of stocks in the frame of CAPM model, which are further applied for portfolio optimization. The closing weekly prices of 10 Australian stocks and ASX Index as the market index during the period from July 2000 to July 2016 were used. Within the sample there is no evidence of arbitrage on the Australian equity market employing neutral beta portfolio. The study confirms that portfolios with risk decomposition outperform Markowitz’s one according to various performance indicators.
47
Schneider, Paul, and Clive Gaunt. "Price and earnings momentum in Australian stock returns." Accounting & Finance 52, no. 2 (January 10, 2011): 495–517. http://dx.doi.org/10.1111/j.1467-629x.2010.00395.x.
Full text
48
Allen, Dave E., and Veronica S. Rachim. "Dividend policy and stock price volatility: Australian evidence." Applied Financial Economics 6, no. 2 (April 1996): 175–88. http://dx.doi.org/10.1080/096031096334402.
Full text
49
Faff, Robert W., and Timothy J. Brailsford. "Oil price risk and the Australian stock market." Journal of Energy Finance & Development 4, no. 1 (June 1999): 69–87. http://dx.doi.org/10.1016/s1085-7443(99)00005-8.
Full text
50
Singh, Ranjit Ajit. "RESPONSE OF STOCK PRICES TO MONEY SUPPLY ANNOUNCEMENTS: AUSTRALIAN EVIDENCE." Accounting & Finance 33, no. 2 (February 25, 2009): 43–59. http://dx.doi.org/10.1111/j.1467-629x.1993.tb00198.x.
Full text