Publications

Hutcheson, T & Sharpe, IG 1998, 'Ownership Structure and Building Society Efficiency', Australian Journal of Management, vol. 23, no. 2, pp. 151-168.
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This paper investigates the effect of ownership structure on the cost efficiency of Australian building societies using the stochastic econometric frontier approach. Contrary to the expense preference hypothesis, mutually‐owned societies were found to be, on average, more cost efficient than those under stock ownership. Moreover, mutual and share‐owned societies have significantly different cost functions or production technologies. The results are consistent with the US results of Mester (1993).

Hutcheson, TJ 1998, 'Is Speculative Activity in Asia Pacific Markets Anything New?', Working Paper Series.
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This paper evaluates the role of speculative behaviour in the floating of several Asian currencies in 1977. The incentive for speculators to adopt trading strategies forcing a country to float their currency is taken into account after assessing the exchange rate regimes, currency movements and economic fundamentals for countries in the Asia Pacific. The globalisation of capital markets and use of short-term borrowing by the Asian countries affected by speculative pressures is also taken into consideration.

Wilson, PJ, Okunev, J & Hutcheson, TJ 1998, 'Regime Switches in Property Market Risk Premiums: Some International Comparisons', Working Paper Series.