Now showing 1 - 7 of 7
  • Publication
    Our iron takeover law
    (Financial Services Institute of Australasia (Finsia), 2000)
  • Publication
    Hedge funds : the case for disclosure regulation
    (Irish Bankers' Federation, 2003) ;
    Unlike mutual and pension funds, which are heavily regulated in most juristrictions, hedge funds are largely unregulated. Because they are not required to report to regulators and to the public, data on hedge fund performance are highly biased, overestimating returns and underestimating risk. Recent debate regarding regulation has centred on market integrity and systematic risk issues. This articles presents the case for a change in focus towards consumer protection as the most important regulatory issue and recommends that performance reporting should be made mandatory.
  • Publication
    Competitiveness implications for Ireland of EU enlargement
    (Statistical and Social Inquiry Society of Ireland, 2003) ; ; ;
    Subject to ratification, a further ten states, primarily from Central and Eastern Europe will accede to the EU in May 2004. Another two, and possibly three, CEE states are likely to join in 2007. The present paper assesses the competitiveness implications of this phase of EU expansion for Ireland. Four specific topics are considered: the opportunities for trade and investment expansion, the implications for Ireland's ability to attract FDI, the likely levels and consequences of immigration from Central and Eastern Europe, and the budgetary implications for the Irish Exchequer.
  • Publication
    Australia's takeover rules : how good are they?
    (Financial Services Institute of Australasia (Finsia), 2002)
  • Publication
    Funds of hedge funds : not the poor cousins of the hedge fund industry
    (Financial Services Institute of Australasia (Finsia), 2006)
  • Publication
    Regulation of corporate control in Australia : a historical perspective
    (University of Canterbury School of Law, 1998)
    As the process of financial and economic reform gains pace throughout the Asia-Pacific region, one important aspect that deserves the attention of business and legal analysts is the regulation of corporate control. The purpose of this paper is to describe and assess the evolution of corporate control regulation in Australia. With some important changes to takeover law about to be passed by parliament, it is appropriate and timely to reflect on the process of regulatory change that has given us our current system, so that lawmakers may avoid the errors and pitfalls of the past. This assessment of the process of regulatory change in Australia may also provide lessons for regulators in the Asia-Pacific region.[extract]
  • Publication
    Media-expressed negative tone and firm-level stock returns
    We build a corpus of over 5½ million news articles on 20 large US firms over the 10-year period from January 2001 to December 2010, and use it to study the time-varying nature of the relation between media-expressed firm-specific tone and firm-level returns. By estimating a series of separate rolling window vector autoregressive (VAR) models for each firm, we show how media-expressed negative tone impacts firm-level returns episodically in ways that vary across firms and over time. We find that firms experience prolonged periods during which media-expressed tone has no effect on returns, and occasional episodes when it has a significant impact. During the significant episodes, its impacts are sometimes quickly reversed and at other times they endure — implying that media comment and analysis can sometimes be sentiment (or noise), but it can also contain value-relevant information or news. Our findings are in general consistent with efficiently functioning markets in which the media assists with the processing of complex information.
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