Philip G. Brown

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We examine detailed daily Australian Stock Exchange share registry data for investors in IPO and index stocks between 1995 and 2000 and find that the " disposition effect " , investors' reluctance to crystallise losses and relative eagerness to realise gains, is pervasive across investor classes, however, traders instigating larger investments tend to be(More)
This paper presents international evidence on the use of financial derivatives for a sample of 7,292 non-financial firms from 48 countries including the United States. Across all countries, 59.8% of the firms use derivatives in general, while 43.6% use currency derivatives , 32.5% interest rate derivatives, and only 10.0% commodity price derivatives.(More)
Dividends have direct cash flow consequences for investors and are important for signalling reasons. Consequently, investors, analysts and managers typically forecast future dividends and report them in various ways. Yet the accuracy of dividend forecasts has been largely neglected in empirical finance. We examine the accuracy of managers' dividend(More)
Archive cartography and archaeologist's sketches are invaluable resources when analysing a historic town or city. A virtual reconstruction of a city provides the user with the ability to navigate and explore an environment which no longer exists to obtain better insight into its design and purpose. However, the process of reconstructing the city from maps(More)
This study investigates the extent of compliance with international accounting standards (IASs) by companies in the Gulf CoOperation Council (GCC) member states (Bahrain, Oman, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates). Based on a sample of 137 companies (436 company-years) we find that compliance increased over time, from 68% in 1996 to(More)
What, apart from taxation incentives and information arrival, explains inter-temporal change in market liquidity? We address this question from the perspective of prospect theory, which proposes that individuals are risk averse in the domain of gains and risk seeking in losses. We find that Australian investors prefer to realise gains earlier than losses(More)
The New York area is well-known to have some of the most congested airspace and airports in the U.S. National Airspace System (NAS). The challenge to air traffic management results from high demand, proximity of busy airports, and occasional disruptive weather events. A prototype capability called Integrated Departure Route Planning (IDRP) is being tested(More)
In June 2001 the Australian Companies and Securities Advisory Committee issued a Discussion Paper that questions the frequency of insider trading and the need for further regulation. In the spirit of recent capital markets-based research in accounting, we address two questions in this paper. The first is whether and if so how, stock market prices react to(More)
ACKNOWLEDGEMENTS We are indebted to David Scott for his assistance in accessing the SEDAR website. We thank The effects of corporate governance on information disclosure, timeliness and market participants' expectations. ABSTRACT We examine whether corporate governance has an influence on Canadian firms' disclosure practices, the timeliness of price(More)
This paper argues that the increasing international salience of homelessness can be partially explained by reference to the revanchist thesis (involving processes of coerced exclusion and abjection), but the situation on the ground is more complex. It reports on interviews with 18 representatives of 11 homelessness service providers in one city in England.(More)