Publications

Whittred, G, Zimmer, I & Taylor, SL 1996, Financial accounting: incentive effects and economic consequences, 4, Harcourt Brace, Sydney.

Wieder, B 1996, 'Selektive Absatzpolitik auf der Basis von Kosten- und Erlösinformationen' in SEICHT Gerhard (ed), Jahrbuch für Controlling und Rechnungswensen '96, Orac, Vienna, Austria, pp. 227-278.
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Selective Selling/Marketing based on Cost and Revenue Accounting Information

Eddey, PH, Lee, KW & Taylor, SL 1996, 'WHAT MOTIVATES GOING PRIVATE?: AN ANALYSIS OF AUSTRALIAN FIRMS', Accounting & Finance, vol. 36, no. 1, pp. 31-50.
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AbstractWe investigate going private transactions in Australia between 1988 and 1991. Approximately ten percent of all takeovers during this period are instances of going private. In contrast to studies of similar transactions in the United States, we find no direct evidence to support a free cash flow explanation for going private, although going private is frequently preceded by the threat of a takeover offer. However, the free cash flow explanation for going private may not be applicable in Pacific Basin countries where exchange‐traded investment activity is in relatively high growth sectors and foreign ownership accounts for a large part of those investment sectors where managerial abuse of free cash flow has been alleged.

Lee, PJ, Taylor, SL & Walter, TS 1996, 'Australian IPO pricing in the short and long run', JOURNAL OF BANKING & FINANCE, vol. 20, no. 7, pp. 1189-1210.
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We analyse both initial underpricing and post-listing returns for Australian IPOs. Our results are consistent with the view that unique institutional characteristics may have overwhelmed previous Australian tests of equilibrium models of IPO underpricing. The results also show that Australian IPOs significantly underperform market movements in the three-year period subsequent to listing. Further investigation of these anomalous post-listing returns lead us to reject various `speculative bubble explanations. Rather, the evidence suggests a curvilinear relationship between initial and subsequent returns, although the economic significance of the relationship is low.

Lee, PJ, Taylor, SL & Walter, TS 1996, 'Expected and realised returns for Singaporean IPOs: Initial and long-run analysis', Pacific-Basin Finance Journal, vol. 4, no. 2-3, pp. 153-180.
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Richardson, G & Lanis, R 1996, 'Harmonizing taxation law within APEC: A fiscal and cultural analysis', Bulletin for International Fiscal Documentation, vol. October, pp. 430-439.
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Over the past few years, there has been a pronounced acceleration in the trend towards economic integration in different regions of the world. The completion of the single European Market, the introduction of the United States-Canada Free Trade Agreement and its subsequent expansion into the North American Free Trade Agreement (NAFTA), the projected completion of fhe Association of South East Asian Nations (ASEAN) free trade region (AFTA) by the year 2003, and the declaration of the objective by the Asia-Pacific Economic Cooperation (APEC) to accomplish free trade and investment in the Asia and Pacific region by the year 2020 provide recent examples of this trend.