4 results for Anderson, W.W.

  • Are Profit Warnings and Suspension Notices Adequate Disclosures of distress

    Anderson, W.W.; Chang, A. (2011)

    Journal Articles
    University of Canterbury Library

    Accepted for publication June 2011, published in September 

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  • The Role of mid-year Dividends as predictors of yearly earnings

    Anderson, W.W. (2011)

    Conference Contributions - Published
    University of Canterbury Library

    New Zealand joint dividend and earnings announcement data is used to corroborate an aspect of dividend signalling espoused by Miller and Rock (1985). This is, that dividends announced within the course of a company’s financial year may be interpreted by investors as a signal about the quality of its annual earnings, even when interim earnings figures are published. This is because interim earnings figures may thought to be less trustworthy than annual ones. Given that firms listed on the New Zealand stock Exchange are required to furnish half‐yearly financial reports, and that these reports disclose both EPS and dividend information, the simultaneity and semi‐annual frequency of New Zealand company EPS and DPS information provide a natural test of differences between investor reactions to within‐year and end‐of‐year announcement data with respect to Miller and Rock’s contention.

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  • A Revised Trade-to-Trade Model for All Levels of Trading Thinness in Event Studies

    Anderson, W.W. (2010)

    Conference Contributions - Published
    University of Canterbury Library

    This paper offers an improvement to the trade-to-trade model for event studies. While the trade-to- trade model of Maynes and Rumsey (1993) addresses the problem of thin trading by eliminating periods in which no trading is recorded, the proposed improvement addresses the influence of zero-value returns resulting from liquidity trading. This entails segmentation by the sign of company returns (positive, negative, zero). The approach allows for all levels of thinness in security trading. It is evaluated against the trade-to-trade methodology developed by Maynes and Rumsey (1993) and the Market Model using Monte Carlo simulations developed from the method of Brown and Warner (1980 and 1985). The improved trade-to-trade model is better at picking up the presence of very small levels of abnormal performance.

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  • The Impact of Framing Effects on the Risks Taxpayers take when Filing Income Tax Returns: A New Zealand Replication of a Prospect Theory-based Laboratory Experiment: A Report prepared for the Inland Revenue Department.

    Anderson, W.W.; Sawyer, Adrian John (1998)

    Reports
    University of Canterbury Library

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