Browsing Open Research by Author "Tourani-Rad, A"
Now showing items 1-11 of 11
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Accruals and Cash Flows Anomalies: evidence from the New Zealand Stock Market
Koerniadi, H; Tourani-Rad, A (AUT Faculty of Business, 2005)This paper investigates the presence of accruals and cash flows anomalies in the New Zealand stock market for the period of 1987 to 2003. There is insignificant evidence of accruals anomaly. We find, however, that the poor ... -
Cross-border mergers and acquisitions and default risk
Koerniadi, H; Krishnamurti, C; Tourani-Rad, A (Elsevier, 2015)We examine the impact of cross-border mergers on acquirers' post-merger default risk using a sample of 375 US acquiring firms from 1997 to 2011. After controlling for cultural, institutional, geographic and managerial ... -
Do insiders crowd out analysts?
Gilbert, A; Tourani-Rad, A; Wisniewski, T (AUT Faculty of Business, 2004)Both insiders and analysts are involved in the collection and dissemination of information to the market, roles which impact heavily on price efficiency and resource allocation. The differences between the two groups, ... -
Insider trading, regulation and the components of the Bid-Ask Spread
Frijns, B; Gilbert, A; Tourani-Rad, A (AUT Faculty of Business, 2005)Insiders pose a risk to providers of liquidity, who require compensation for this and consequentially widen spreads. In this paper we investigate the relationship between insider trading regulation and the cost of trading ... -
Insiders and the law: the impact of Regulatory Change on Insider Trading
Gilbert, A; Tourani-Rad, A; Wisniewski, T (AUT Faculty of Business, 2004)The impact of regulations in minimizing the detrimental effects of insider trading is unsettled. In this paper, we investigate the impact of the introduction of the Securities Market Amendment Act 2002 in New Zealand on ... -
Macroeconomic news announcements and price discovery: evidence from Canadian-U.S. cross-listed firms
Frijns, BPM; Indriawan, I; Tourani-Rad, A (Elsevier, 2014)This study employs macroeconomic news announcements as a proxy for new information arrivals and examines their impact on price discovery. We compare the price discovery of 38 Canadian companies listed on the Toronto Stock ... -
Monetary Policy Transparency and Pass-Through of retail interest rates
Liu, MH; Margaritis, D; Tourani-Rad, A (AUT Faculty of Business, 2005)This paper examines the degree of pass-through and adjustment speed of retail interest rates in response to changes in benchmark wholesale rates in New Zealand during the period 1994 to 2004. We consider the effect of ... -
Regulation and market efficiency: the impact of criminal sanctions for insider trading on transaction costs
Gilbert, A; Frijns, B; Tourani-Rad, A (Bruce McKay on behalf of the Institute of Finance Professionals NZ, ©2004-Auckland, N.Z., 2011) -
The impact of regulations on the informational basis of insider trading
Gilbert, A; Tourani-Rad, A (AUT Faculty of Business, 2006)While insider trading has been regulated in the vast majority of countries with financial markets, the efficacy of these regulations has only been sparsely examined. In this paper we examine the impact of major regulatory ... -
The impact of Regulatory Change on Insider Trading Profitability: some early evidence from New Zealand
Gilbert, A; Tourani-Rad, A; Wisniewski, T (AUT Faculty of Business, 2004)This paper adds to the scant literature on the tightening of regulations and its impact on the profitability of insider trades by examining the effects of the recent enactment of the Securities Market Amendment Act 2002 ... -
Why do financial literacy programmes fail?
Frijns, BPM; Gilbert, A; Tourani-Rad, A (Auckland Centre for Financial Research, Auckland University of Technology, 2013)Numerous studies have found a positive relationship between financial literacy and financial experience. Typically, this relationship is interpreted as being a causal relationship, i.e. an increase in financial literacy ...