http://hdl.handle.net/10453/265 Mon, 20 May 2013 09:14:24 GMT 2013-05-20T09:14:24Z http://hdl.handle.net/10453/12899 Market returns to acquirers of substantial assets Da Silva Rosa Raymond; Nguyen Thuy; Walter Terry Does poor post-acquisition performance characterise firms that make non-M&A acquisitions? We investigate the wealth effects of substantial asset acquisitions (i.e. acquisitions that cost over $10 million) on acquiring firms' shareholders. We find significant abnormal positive market reaction to asset acquisition announcements and, contrary to findings for firms undertaking M&As, the acquiring firms perform exceptionally well post-acquisition. Our findings are robust to the research method weaknesses common to many studies of long-term performance and we control for free-cash-flow as well. Our results contradict the hubris hypothesis of acquisitions and lend weight to the argument that the auction-style process that characterizes corporate takeover bids contributes to overpayment. Thu, 01 Jan 2004 00:00:00 GMT http://hdl.handle.net/10453/12899 2004-01-01T00:00:00Z http://hdl.handle.net/10453/12897 Information transfer and press coverage: The case of the Gawler Craton gold boom Ferguson Andrew; Crockett Adrian This study examines intra-industry information transfer after Helix Resources announced a successful drill result in the Gawler Craton region of South Australia that sparked significant investor interest in mining companies with tenement holdings in the area. This study shows that the price response of competing explorers was determined by press coverage immediately following the discovery of gold, but stocks that received the most press attention in the immediate post-announcement period suffered the greatest long-term underperformance. The research is the first in capital market literature to make use of geographical information systems software technology. Wed, 01 Jan 2003 00:00:00 GMT http://hdl.handle.net/10453/12897 2003-01-01T00:00:00Z http://hdl.handle.net/10453/12895 Competition in the market for takeover advisers Da Silva Rosa Raymond; Lee Phillip; Skott Michael; Walter Terry We investigate factors that motivate bidders to engage advisers, we model adviser selection and we test whether value-adding advisers gain market share. Our sample includes 801 attempted takeovers over 1989-1998 in Australia. Our results indicate advisers are likely to be engaged if the takeover deal is large, hostile, and includes non-cash compensation. We find deal completion is not as closely correlated with adviser rankings as does Rau (2000) but we confirm his finding that adviser ranked high on market value of deals advised do not have a comparative advantage in adding value to firms. However, we document some (limited) evidence that value- adding advisers achieve an increase in subsequent deal flow. Our results are consistent with specialization among takeover advisers. Thu, 01 Jan 2004 00:00:00 GMT http://hdl.handle.net/10453/12895 2004-01-01T00:00:00Z http://hdl.handle.net/10453/12890 Disability citizenship: an Australian human rights analysis of the cultural industries Darcy, Simon; Taylor, Tracy Research on disability and cultural life (the arts, leisure, recreation, sport and tourism) in the Australian context has largely been captured by medical approaches to disability. In contrast, this paper takes direction from social approaches to disability that place the experience of people with disabilities (PwD) at the centre of the research paradigm by examining this population's human rights' experiences. The paper is framed by reviewing the United Nations' disability initiatives including the Convention on the Rights of People with Disabilities. The research then analyses the implementation and operation of Australia's Disability Discrimination Act, 1992 in respect to the cultural life of PwD. The research design uses a mixed method interpretive approach drawing on the management information systems of the Human Rights and Equal Opportunity Commission and the Federal Court. The analysis of 420 complaint cases and 80 Federal court actions show a relationship between the types of discrimination experienced in cultural life and gender, disability type and industry sector. The recurring themes of discrimination demonstrate an ongoing struggle by PwD to assert their rights of citizenship. Thu, 01 Jan 2009 00:00:00 GMT http://hdl.handle.net/10453/12890 2009-01-01T00:00:00Z