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Abstract:
Firms have embraced electronic commerce as a means of doing business, either because they see it as a way to improve efficiency, grow market share, expand into new markets, or because they view it as essential for survival. Recent research in the United States provides some evidence that the market does value investments in electronic commerce. Following research that suggests that, in certain circumstances, the market values noninnovative investments as well as innovative investments in new products, we partition electronic commerce investment project announcements into innovative and noninnovative to determine whether there are excess returns associated with these types of announcements. Apart from our overall results being consistent with the United States findings that the market values investments in electronic commerce projects, we also find that noninnovative investments are perceived as more valuable to the firm than innovative investments. On average, the market expects innovative investments to earn a return commensurate with their risk. We conclude that innovative electronic commerce projects are most likely seen by the capital market as easily replicable, and consequently have little, if any, competitive advantage period. On the other hand, we conclude from the noninnovative investment results that these types of investments are seen as being compatible with a firm's assets-in-place, in particular, its information technology capabilities, a view consistent with the resource-based view of the firm.

Electronic commerce, Resource-based theory, Replicability, Competitive advantage period, Innovative investments, Noninnovative investments, Firm market value, Event study

Abstract:
We examine the role that secondary mathematics plays in the performance of students in introductory business courses. Students who pass more advanced secondary mathematics subjects perform significantly better in introductory business courses. This mathematics effect is significantly stronger than the effect of other business-related secondary subjects, such as economics or accounting. Our findings also confirm previous studies showing that secondary accounting is beneficial for studying first-year tertiary accounting. Interestingly though, we find that studying secondary economics can detract from a student's introductory tertiary results in some courses. Our findings have implications for educators and administrators as well as current secondary students.

Abstract:
We examine the role that secondary Mathematics plays in the performance of students in introductory Business courses. Students who pass more advanced secondary Mathematics subjects perform significantly better in introductory Business courses. This 'Mathematics effect' is significantly stronger than the effect of other business related secondary subjects, such as Economics or Accounting. Our findings also confirm previous studies showing that secondary Accounting is beneficial for studying first year tertiary Accounting. Interestingly though, we find that studying secondary Economics can detract from a student's introductory tertiary results in some courses. Our findings have implications for educators and administrators as well as current secondary students.

Education, Finance, Accounting, Mathematics

Abstract:
We examine the determinants of debt maturity in the Australian capital market. The validity of traditional maturity theories is empirically examined using the Top 400 firms listed on the Australian Stock Exchange for the period 1996-2005. We find that Australian firms consider transaction costs and the effect of information asymmetries when determining debt maturity. Interestingly we find little support for the asset-matching principle, which is often cited as the most common determinant of maturity policy. We also find that firms consider the correlation between earnings and interest rates when determining maturity, although it is likely that the emergence of interest rate derivatives has reversed the role played by this correlation. Finally we examine the changes in maturity factors over a recent period of significant personal and corporate taxation changes (2000-2001). After the period of taxation changes, the role played by agency costs and asset maturity appear to increase in importance.

Debt Maturity, Capital Structure, Imperfect Markets

Abstract:
The present paper analyses the population of takeover bids for listed Australian companies using quarterly data over a 25-year period to re-examine the predictability of takeover activity and to determine if there is a flow on impact on macroeconomic variables. We examine whether takeover activity: (i) is endogenous; that is, determined by own activity; (ii) is jointly determined by macroeconomic and capital market variables; and (iii) has an exogenous spillover impact across the economy. We find that stock prices and takeover activity share a long-term common trend, the relative success of takeover bids is independent of sharemarket activity, and conclude that aggregate takeover activity is driven by fundamental economic factors rather than by speculative activity.