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1 – 10 of over 1000ROBERT BROOKS, ROBERT FAFF and TOM JOSEV
In this paper we empirically investigate the tendency for beta risk to mean‐revert across industries. Using a sample of Australian stocks over the ten‐year period 1989 to 1998…
Abstract
In this paper we empirically investigate the tendency for beta risk to mean‐revert across industries. Using a sample of Australian stocks over the ten‐year period 1989 to 1998, our key results are as follows. We generally observe evidence of a mean reversion tendency — in particular, this seems most appropriate for the Gold, Energy, Finance and Consumer industry groupings. Moreover, there is some evidence that the mean reversion of beta is different across industries. Furthermore, we see that the maximum mean reversion beta occurs for the Gold industry — a value of approximately 1.4 (1.6) for the OLS (Scholes‐Williams) beta analysis. On the other hand, the minimum mean reversion beta based on the ‘All Stocks’ OLS analysis occurs for Miscellaneous Industries with a value of 0.4, while a similar minimum mean reversion beta based on the Scholes‐Williams analysis occurs for the Consumer industry grouping.
Anna Stamatelatos and Robert Brooks
This study investigates simulated business learning and performance effectiveness during a simulation task. The learning and performance outcomes of two groups of postgraduate…
Abstract
Purpose
This study investigates simulated business learning and performance effectiveness during a simulation task. The learning and performance outcomes of two groups of postgraduate student participants are investigated namely: (a) participants who do not struggle with the task and (b) participants who do struggle with completing the task.
Design/methodology/approach
An experiment was conducted using a simulated business, which was manipulated into two initial commencement formats: positive initial format (PIF) and negative initial format (NIF). Individual performance on the task was measured via achievement of performance targets whilst individual learning was measured via causal cognitive maps.
Findings
Participants using PIF did not struggle with completing the task and achieved higher performance outcomes compared to participants using NIF, who struggled with completing the task. In addition, the positive association between learning and performance was significantly reduced for participants using NIF who struggled with completing the task
Research limitations/implications
This study’s findings are tentative as the sample size is small and several moderator/mediator variables, which may influence the findings (i.e. student learning style/instructor style/cognitive factors), are outside the scope of the study and thus not included.
Practical implications
Causal cognitive mapping results and students’ self-assessment of learning during simulated business debriefing, may further help instructors/students identify the differences in individual learning outcomes between those who have and have not struggled with increasing simulated business performance.
Originality/value
By using an experiment and causal cognitive mapping to measure individual learning, this study contributes further empirical evidence to the literature.
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Wei Chi, Robert Brooks, Emawtee Bissoondoyal-Bheenick and Xueli Tang
This paper aims to investigate Chinese bull and bear markets. The Chinese stock market has experienced a long period of bear cycle from early 2000 until 2006, and then it…
Abstract
Purpose
This paper aims to investigate Chinese bull and bear markets. The Chinese stock market has experienced a long period of bear cycle from early 2000 until 2006, and then it fluctuated greatly until 2010. However, the cyclical behaviour of stock markets during this period is less well established. This paper aims to answer the question why the Chinese stock market experienced a long duration of bear market and what factors would have impacted this cyclical behaviour.
Design/methodology/approach
By comparing the intervals of bull and bear markets between stocks and indices based on a Markov switching model, this paper examines whether different industries or A- and B-share markets could lead to different stock market cyclical behaviour and whether firm size can determine the relationship between the firm stock cycles on the market cycles.
Findings
This paper finds a high degree of overlapping of bear cycles between stocks and indices and a high level of overlapping between the bear market and a fraction of stock with increasing stock prices. This leads to the conclusion that the stock performance and trading behaviour are widely diversified. Furthermore, the paper finds that the same industry may have different overlapping intervals of bull or bear cycles in the Shanghai and Shenzhen stock markets. Firms with different sizes could have different overlapping intervals with bull or bear cycles.
Originality/value
This paper fills the literature gap by establishing the cyclical behaviour of stock markets.
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William Dimovski and Robert Brooks
While Luoma and Goodstein (1999) find increased stakeholder representation on the boards of American companies, Dimovski and Brooks (2004) provide evidence that the Australian…
Abstract
While Luoma and Goodstein (1999) find increased stakeholder representation on the boards of American companies, Dimovski and Brooks (2004) provide evidence that the Australian initial public offering (IPO) market does not require non equity stakeholder representation on their boards. This paper analyses the change in composition of the boards of large Australian companies post listing. We find a substantial increase in the number of directors holding equity capital in the firms in which they hold their directorships. We also find a decrease in the number of non equity stakeholder directors post listing. This suggests that directors putting their money into the firms in which they have a stewardship function is an important element in the Australian capital market.
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Steven A. Watson, Robert G. Brooks, Thomas Arnold, Kathy Mason and Cathy McEachron
This article explores the use of a quality management model by a public sector agency to implement a socially responsible purchasing initiative related to minority diversity of…
Abstract
This article explores the use of a quality management model by a public sector agency to implement a socially responsible purchasing initiative related to minority diversity of the vendor pool. There is a description and discussion of the use of a quality management model for planning and implementing the initiative with a focus on changing organizational culture and reinforcing organizational policy priorities. The initial success of the initiative in increasing total contracted dollars to minorities suggests that a quality management implementation model is a useful approach for initiating a socially responsible policy within an organization.
Robert D. Brooks, Amalia Di Iorio, Robert W. Faff, Tim Fry and Yovina Joymungul
The purpose of this paper is to provide some insights into the exchange rate exposure of Australian stock returns.
Abstract
Purpose
The purpose of this paper is to provide some insights into the exchange rate exposure of Australian stock returns.
Design/methodology/approach
Using a dynamic econometric approach that allows for both asymmetry and time‐varying risk exposures in both the exchange rate variable and the market variable, a large sample of Australian firms were tested over the period of January 2001 and December 2005. The data were analysed using three different classification methods, forming portfolios according to industry sector, size deciles, and censoring deciles.
Findings
Although the evidence of exchange rate exposure is limited across the sample of industries, the following were found: a time‐varying asymmetric effect primarily in the utilities sector, time‐varying exposure in the materials and energy sectors, and an asymmetric effect in the technology sector. Further, some time‐varying asymmetric exchange rate exposure was found across most size and censoring deciles and also substantial evidence of a positive asymmetric effect in the market beta across all three classification methods.
Originality/value
This approach varies from previous studies in this area that only allow for asymmetry and time variation in exchange rate exposures. The paper also examines the Australian stock market, a market which has not been extensively tested in this area of empirical research.
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The purpose of this paper is to present a case study about how academic librarians can contribute to the interdisciplinary research endeavors of professors and students…
Abstract
Purpose
The purpose of this paper is to present a case study about how academic librarians can contribute to the interdisciplinary research endeavors of professors and students, especially doctoral candidates, through an intellectualized approach to collection development.
Design/methodology/approach
In the wake of protest movements such as the Tea Party and Occupy Wall Street, colleges and universities have begun to develop courses about these events, and it is anticipated that there will be much research conducted about their respective histories. Academic librarians can participate in those research efforts by developing interdisciplinary collections about protest movements and by referring researchers to those collections.
Findings
Through a case‐study approach, this paper provides a narrative bibliography about Southern Agrarianism that can help professors and students interested in the Tea Party or Occupy Wall Street movements to see their research endeavors from a new interdisciplinary perspective.
Originality/value
The value of this paper lies in presenting a concrete example of the way in which academic librarians can become active research partners through the work of building collections and recommending sources in areas that professors and students may not have previously considered.
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Daniel Mulino, Richard Scheelings, Robert Brooks and Robert Faff
An aspect of prospect theory posits that decision‐makers, when making decisions in the face of risk, make their decisions with respect to a pre‐existing reference point or ‘frame’…
Abstract
An aspect of prospect theory posits that decision‐makers, when making decisions in the face of risk, make their decisions with respect to a pre‐existing reference point or ‘frame’ (the statusquo bias). We utilize data from the Australian version of the TV game show, Deal or No Deal, to explore whether risk aversion varies with a change in reference point in a context where stakes are real and high.We achieve this by exploiting a special and unique Australian feature of the Deal or No Deal lottery‐choice setting, namely, the existence of the Chance or the SuperCase rounds (supplementary rounds). These rounds reverse the decision‐frame that was obtained in earlier (normal) rounds. We fit and estimate a complete dynamic decision‐making model to our dataset and find that the risk aversion estimate of contestants who participated in both the normal and the supplementary rounds indeed differs depending on the nature of the round, a result consistent with the operation of the existence of a framing effect.
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Douglas J. Ayers, Nir Menachemi, Zo Ramamonjiarivelo, Michael Matthews and Robert G. Brooks
This paper aims to examine the role of network effects (defined as increased utility for users of a technology that occurs when adoption increases among other users) in the…
Abstract
Purpose
This paper aims to examine the role of network effects (defined as increased utility for users of a technology that occurs when adoption increases among other users) in the adoption of electronic medical records (EMR) systems. EMR systems, which have experienced slow adoption rates, promise to improve the efficiency of the healthcare system by facilitating information exchange among physicians caring for the same patients.
Design/methodology/approach
Survey responses from physicians are used to test several hypotheses. The authors are interested in how market level EMR adoption was related to physician adoption intentions. The authors also test the “strong ties” notion of network effects by examining whether EMR adoption among generalists, and specialist physicians, had differing influences on adoption intentions in a given market.
Findings
Support for network effects is found; each one unit increase in market‐level EMR adoption is associated with a significant increase in overall physician adoption intention in that market. Secondary analyses suggest adoption of EMRs by specialists is significantly predictive of generalists' adoption intentions in a given market. However, as predicted, EMR among generalists does not influence other generalists' intentions; nor does EMR adoption by a specialists influence other specialists' intentions.
Research implications
Network effects play a role in the EMR adoption among physicians. Decision‐makers wanting to influence adoption should target defined market segments in an effort to build a critical mass of adoption then move to adjacent segments once network effects take hold.
Originality/value
This paper applies network effects theory to help explain the suboptimal adoption rates of an important healthcare technology.
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William Dimovski and Robert Brooks
The purpose of this paper is to empirically analyse the change in the gender composition of the boards of large Australian companies, after listing.
Abstract
Purpose
The purpose of this paper is to empirically analyse the change in the gender composition of the boards of large Australian companies, after listing.
Design/methodology/approach
This study investigates the gender composition of the boards of large Australian companies at the time of the initial public offering (IPO) and subsequently as these companies mature into established public companies. It also investigates industry influences and organizational size influences on the board composition at the time of the IPO and subsequently.
Findings
No significant change is found in the proportion of male and female directors holding directorships at the time of the IPO and some five to eight years later when the company is recorded as a top 500 company (by market capitalization) on the Australian lists. This implies that the capital market is generally satisfied by the gender composition of boards from the time of the IPO.
Originality/value
This paper follows extends on previous work which provides evidence of a relatively low proportion of female directors on the boards of Australian initial public offerings.
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