Publications

Maree, T, Odendaal, JA & Van de Venter, TW 1999, 'Hedging currency risk in emerging markets', Accounting and Finance Update, vol. 4, no. 6, pp. 19-20.

Oost, EJ & Van de Venter, TW 1999, 'Bond market risk (Part 1): The traditional measurement approaches', Accounting and Finance Update, vol. 4, no. 1, pp. 10-12.

Oost, EJ & Van de Venter, TW 1999, 'Bond market risk (Part 2): Value-at-Risk', Accounting and Finance Update, vol. 4, no. 3, pp. 21-24.

Walker, S & Partington, G 1999, 'The value of dividends: Evidence from cum‐dividend trading in the ex‐dividend period', Accounting & Finance, vol. 39, no. 3, pp. 275-296.
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What is the market value of a dollar of fully franked dividends? We address this question by exploiting a new phenomenon in the Australian capital market—the trading of shares cum‐dividend during the ex‐dividend period. This allows a relatively clean measurement of the combined value of dividends and the associated tax effects net of transactions costs. Consistent with the theoretical model that we develop, the evidence from this sample is that one dollar of fully franked dividends, after tax effects and transaction costs, is worth significantly more than one dollar. We also show that, in contrast to our measure, the traditional measure of the ex‐dividend price drop‐off, based on close to close prices, has a lower average value and exhibits substantially more cross sectional variation.

Wang, J 1999, 'Asymmetric information and the bid-ask spread: an empirical comparison between automated order execution and open outcry auction', Journal of International Financial Markets, Institutions and Money, vol. 9, no. 2, pp. 115-128.
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Partington, G & Walker, S 1970, 'Optus: A market valuation pre-listing', Accounting Association of Australia and New Zealand Conference, Cairns, Queensland, Australia.

Partington, G & Walker, S 1970, 'The 45-day rule: The pricing of dividends and the crackdown on trading in imputation credits', Accounting Association of Australia and New Zealand Conference, Cairns, Queensland, Australia.