Browsing Closed by Author "Gallagher, David"

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Browsing Closed by Author "Gallagher, David"

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  • Brands, Simone; Gallagher, David; Looi, Adrian (Blackwell Publishing, 2006)
    The present study investigates the stock characteristic preferences of institutional Australian equity managers. In aggregate we find that active managers exhibit preferences for stocks exhibiting high-price variance, large ...
  • Gallagher, David; Looi, Adrian; Pinnuck, Matt (Blackwell Publishing, 2010)
    Recent studies of fund manager performance find evidence of outperformance. However limited research exists as to whether such outperformance is because of privately collected information, or merely expedient interpretation ...
  • Comerton-Forde, Carole; Gallagher, David; Lai, J; Walter, Terry (Blackwell Publishing, 2011)
    This study examines whether the abnormal performance of active Australian small-cap equity fund managers is associated with broker recommendations. Our evidence supports the investment value of broker recommendations, ...
  • Fong, Kingsley; Gallagher, David; Lau, Sarah; Swan, Peter (Elsevier, 2009)
    This study investigates the tax efficiency of actively managed equity funds by conducting a previously unaddressed natural experiment. Specifically, we examine whether asset sales were timed to take advantage of the ...
  • Chen, Z; Gallagher, David; Lee, Adrian; Foster, Doug (Australian Graduate School of Management, 2013)
    An emulation fund is designed to reduce trading activity, thereby lowering costs, for a multi-manager fund. It does this by delaying, and potentially combining, trading decisions from each employed fund manager to eliminate ...
  • Bird, Ronald; Gallagher, David (Henry Stewart Publications, 2002)
  • Fong, Kingsley; Gallagher, David; Gardner, Peter; Swan, Peter (Blackwell Publishing, 2011)
    When fund managers trade sequentially in the same direction, the information confirmation hypothesis predicts the long-term profitability of the leader trade to be increasing in the number of subsequent trades. The information ...
  • Chan, Howard; Faff, Robert; Gallagher, David; Looi, Adrian (Australian Graduate School of Management, 2009)
    Recent studies find evidence that small funds outperform large funds. This fund size effect is commonly hypothesized to be caused by transaction costs. Due to the lack of transactions data, prior studies have investigated ...
  • Frino, Alex; Gallagher, David; Oetomo, Teddy (Elsevier, 2006)
    Previous research examining the price impact of institutional trading concludes that index funds incur higher liquidity costs due to the higher demand for trading immediacy. However, this conclusion has only been inferred ...
  • Gallagher, David; Gardner, Peter (Palgrave MacMillan, 2006)
    Employing a database of equity portfolio holdings for active US equity fund managers, this research provides a simulation analysis of the various portfolio blends as additional active equity funds are added to a single ...
  • Frino, Alex; Gallagher, David; Oetomo, Teddy (Australian Graduate School of Management, 2005)
    This study represents the first empirical examination of the daily trading and portfolio configuration strategies of index and enhanced index equity funds. We document that passive funds benefit from employing less rigid ...
  • Jun, A; Gallagher, David; Partington, Graham (Wiley-Blackwell Publishing Ltd., 2011)
    Shareholdings for a sample of institutional equity funds, operating under the Australian imputation tax system, show that dividend policy and fund holdings are related. Relative to market benchmarks and ownership levels ...
  • Dishi, Elor; Gallagher, David; Parwada, Jerry (Blackwell Publishing, 2007)
    This study examines how the termination of superannuation investment mandates contributes to the departure of top fund managers in companies delegated the portfolio management role. Terminations of superannuation plan ...
  • Gallagher, David (Blackwell Publishing, 2003)
    The present study examines the performance of Australian investment management organisations with direct reference to their specific characteristics and strategies employed. Using a unique information source, performance ...
  • Chen, Cong; Comerton-Forde, Carole; Gallagher, David; Walter, Terry (Australian Graduate School of Management, 2010)
    Using a representative sample of monthly portfolio holdings and daily trades, this study presents unique evidence of significant stock selection skill amongst institutional small-cap equity managers on a risk-adjusted ...
  • Benson, Karen; Gallagher, David; Teodorowski, Patrick (Blackwell Publishing, 2007)
    This study examines the active asset allocation decisions of Australian multisector fund managers to determine whether active fund managers engage in momentum strategies. We find evidence supporting the existence of momentum ...
  • Dou, Yiwen; Gallagher, David; Schneider, David; Walter, Terry (Australian Graduate School of Management, 2012)
    We provide one of the first comprehensive studies on out-of-sample stock returns predictability in Australia. While most of the empirically well-known predictive variables fail to generate out-of-sample predictability, we ...
  • Brands, Simone; Brown, Stephen; Gallagher, David (Blackwell, 2006)
    This study examines the relationship between investment performance and concentration in active equity portfolios. Active management is dependent on the success of two important components in the investment process ? stock ...
  • Brands, Simone; Gallagher, David (Blackwell Publishing, 2005)
    The present paper examines the performance and diversification properties of active Australian equity fund-of-funds (FoF). Simulation analysis is employed to examine portfolio performance as a function of the number of ...
  • Gallagher, David; Pinnuck, Matt (Wiley-Blackwell Publishing Ltd., 2006)
    This study examines the extent to which seasonal variation arises across calendar months in the performance of active Australian equity managers. While it is well documented that there is seasonality in equity market ...