CIFR Seminar - Blockchains and the Future of Finance

Professor Yermack said that the Australian Securities Exchange (ASX) is presently studying whether to convert the exchange to blockchain technology. The aim is to reach a decision in 2017, with the hope of implementation by 2018. If the ASX adopts a blockchain mechanism for the...
Working paper

Asset price bubbles in the Australian market

A study of market bubbles is generally considered a test of market eciency (or ineciency) since bubbles are concerned with rising prices that are detached from their fundamental values. Verifying the existence of such an ineciency requires us to be able to appropriately formulate fundamental...
Working paper

Success and failure in stock exchange consolidations: implications for markets and their regulation

The catalyst for the preparation of this working paper was the epochal merger in 2007 of the New York Stock Exchange with Paris-based Euronext, itself a consolidation of several European exchanges. Exchange mergers were not a new phenomenon; domestic and regional exchanges had been consolidating...
Working paper

Placements and small cap firms - an analysis of changes to ASX Listing Rules

The ASX recently amended its listing rules to allow small-cap companies to issue up to 25% of their share capital at a discount of up to 25%- Rule 7.1A (up from a 15% issue at a 15% discount). The changes have the potential to distort...