Publications

HUTCHESON, T 2001, 'TRADING IN FOREIGN EXCHANGE', Economic Papers: A journal of applied economics and policy, vol. 20, no. 2, pp. 13-25.
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Partington, G & Walker, S 2001, 'A note on transaction costs and the interpretation of dividend drop‐off ratios', Accounting & Finance, vol. 41, no. 3, pp. 229-242.
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In a recent edition of this Journal, Bartholdy and Brown (1999) presented an analysis of the ex‐dividend share price behaviour of shares listed on the New Zealand Stock Exchange. The authors conclude that their results are consistent with the tax clientele effect (driven by long‐term investors) and that there is little or no support for the short‐term trading hypothesis. Our purpose is to highlight the importance of transaction costs in analyses such as Bartholdy and Brown’s. We argue that their results have an alternative interpretation because their analysis excludes the impact of transaction costs. We extend their model to include transaction costs and show that their results are not necessarily inconsistent with the short‐term trading hypothesis. A critical point of our analysis is that, in the presence of transaction costs, the equilibrium drop‐off ratio for dividend strip traders will be less than one, and, in some cases, can be less than the equilibrium drop‐off ratio for long‐term investors.

Wang, J-X 2001, 'Quote Revision and Information Flow among Foreign Exchange Dealers', International Financial Markets, Institutions & Money, vol. 11, no. 2, pp. 115-136.

Geyser, JM, Van der Linde, JPM & Van de Venter, TW 1970, 'Hedging maize yield risk with weather derivatives', 10th Annual Conference of the Southern African Finance Association, University of Cape Town, South Africa.

Hutcheson, TJ 1970, 'The theory and practice of risk management', Currency Hedging in Turbulent Times Training Seminar, Sydney, Australia.

Van de Venter, TW 1970, 'A primer on sustainable growth rates', Conference of the South African Institute of Management Scientists, University of Stellenbosch, South Africa.

Hutcheson, TJ Australian Centre for Co-operative Research 2001, Financing co-operative housing, partnerships for sustainability in the NSW co-operative housing sector, Sydney, Australia.