... These changes were made in recognition that a small amount of inflation is not harmful, and a... more ... These changes were made in recognition that a small amount of inflation is not harmful, and at times may be beneficial, as long as inflation is not ... Section 2 discusses the Chinese monetary system and reviews previous research conducted upon the demand for money in China. ...
... Hadrian G. Djajadikerta, Edith Cowan University, Perth, Australia. ... and Thaler, 1987; Lako... more ... Hadrian G. Djajadikerta, Edith Cowan University, Perth, Australia. ... and Thaler, 1987; Lakonishok et al., 1994; Haugen, 1995) or investors having a preference for certain firm characteristics such as a preference for growth stocks and a dislike for value stocks (Daniel and Titman ...
We examine the role of idiosyncratic risk in five ASEAN markets of Malaysia, Singapore, Thailand,... more We examine the role of idiosyncratic risk in five ASEAN markets of Malaysia, Singapore, Thailand, Indonesia, and the Philippines. Our research was motivated by the findings of Ang et al. (2006, 2009) of a ‘puzzling’ negative relation between idiosyncratic volatility and 1-month ahead stock returns in developed markets and the suggestion of the ubiquity of these results in other markets. In contrast, we find no evidence of an idiosyncratic volatility puzzle in these Asian stock markets; instead, we document a positive relationship between idiosyncratic volatility and returns in Malaysia, Singapore, Thailand, and Indonesia and no relationship in the Philippines. The idiosyncratic volatility trading strategy could result in significant trading profits in Malaysia, Singapore, Thailand, and to some extent in Indonesia. Our study underscores the fact that generalizing empirical results obtained in developed stock markets to new and emerging markets could potentially be misleading.
During the 2003 Annual meeting of Pacific Forum leaders from the 16 member states (14 Pacific Isl... more During the 2003 Annual meeting of Pacific Forum leaders from the 16 member states (14 Pacific Islands and two advanced countries in the region, namely Australia and New Zealand) held in Auckland, an idea of a single currency for the region was mooted. The single currency was indicated to be the Australia dollar. The success of any efforts for achieving such a form of integration depends on the degree of economic convergence of national economies. There are two aspects of convergence: nominal and real. They cover exchange rates, growth rates and inflation rates. Unless there is a high degree of convergence in these spheres, the costs of any premature integration could be disastrous. The objective of this paper is to investigate whether there exists any case at present for a currency union. The paper undertakes an empirical investigation, reports the results and presents some conclusions.
... These changes were made in recognition that a small amount of inflation is not harmful, and a... more ... These changes were made in recognition that a small amount of inflation is not harmful, and at times may be beneficial, as long as inflation is not ... Section 2 discusses the Chinese monetary system and reviews previous research conducted upon the demand for money in China. ...
... Hadrian G. Djajadikerta, Edith Cowan University, Perth, Australia. ... and Thaler, 1987; Lako... more ... Hadrian G. Djajadikerta, Edith Cowan University, Perth, Australia. ... and Thaler, 1987; Lakonishok et al., 1994; Haugen, 1995) or investors having a preference for certain firm characteristics such as a preference for growth stocks and a dislike for value stocks (Daniel and Titman ...
We examine the role of idiosyncratic risk in five ASEAN markets of Malaysia, Singapore, Thailand,... more We examine the role of idiosyncratic risk in five ASEAN markets of Malaysia, Singapore, Thailand, Indonesia, and the Philippines. Our research was motivated by the findings of Ang et al. (2006, 2009) of a ‘puzzling’ negative relation between idiosyncratic volatility and 1-month ahead stock returns in developed markets and the suggestion of the ubiquity of these results in other markets. In contrast, we find no evidence of an idiosyncratic volatility puzzle in these Asian stock markets; instead, we document a positive relationship between idiosyncratic volatility and returns in Malaysia, Singapore, Thailand, and Indonesia and no relationship in the Philippines. The idiosyncratic volatility trading strategy could result in significant trading profits in Malaysia, Singapore, Thailand, and to some extent in Indonesia. Our study underscores the fact that generalizing empirical results obtained in developed stock markets to new and emerging markets could potentially be misleading.
During the 2003 Annual meeting of Pacific Forum leaders from the 16 member states (14 Pacific Isl... more During the 2003 Annual meeting of Pacific Forum leaders from the 16 member states (14 Pacific Islands and two advanced countries in the region, namely Australia and New Zealand) held in Auckland, an idea of a single currency for the region was mooted. The single currency was indicated to be the Australia dollar. The success of any efforts for achieving such a form of integration depends on the degree of economic convergence of national economies. There are two aspects of convergence: nominal and real. They cover exchange rates, growth rates and inflation rates. Unless there is a high degree of convergence in these spheres, the costs of any premature integration could be disastrous. The objective of this paper is to investigate whether there exists any case at present for a currency union. The paper undertakes an empirical investigation, reports the results and presents some conclusions.
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Papers by Bert Ward