Sep 27, 2017 term paper 2

FINANCIAL MANAGEMENT ASSIGNMENT

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Anomalies and stock returns: Australian evidence Philip Gharghori, Ronald Lee, Madhu Veeraraghavan Department of Accounting and Finance, Monash University, Clayton, 3800, Australia Abstract Prior research has identified the existence of several cross-sectional patterns in equity returns, commonly referred to as effects. This paper tests for the existence of a number of well-known effects using data from the Australian equities market. Specifically, we investigate the size effect, book-to-market effect, earningsto-price effect, cashflow-to-price effect, leverage effect and the liquidity effect. An additional aim of this paper is to investigate the capability of the Fama–French model in explaining any observed effects. We document a size, book-to-market, earnings-to-price and cashflow-to-price effect but fail to find evidence of a leverage or liquidity effect. Although our findings indicate that the Fama–French model can partially explain some of the observed effects, we conclude that its performance is less than satisfactory in Australia. Key words: Anomalies; Fama–French model; Size effect; Book-to-market effect JEL classification: G12, G14 doi: 10.1111/j.1467-629X.2009.00298.x 1. Introduction Over the past 30 years, researchers have identified a number of cross-sectional patterns in equity returns, which are commonly referred to as effects. Illustrative examples are the size effect, the book-to-market (B/M) effect, the earnings-toprice (E/P) effect, the cashflow-to-price (C/P) effect, the leverage effect and the We thank two anonymous referees and the editor (Robert Faff) for helpful comments. The financial assistance provided by a grant (1 779 393) from the Accounting and Finance Association of Australia and New Zealand is gratefully acknowledged. Veeraraghavan is a Centre Associate of the Melbourne Centre of Financial Studies. Received 21 July 2007; accepted 8 January 2009 by Robert Faff (Editor). The Authors Journal compilation 2009 AFAANZ Accounting and Finance…



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