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Operating cash flows asymmetric timeliness in Australia

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thesis
posted on 28.03.2022, 15:21 by Yimeng Yu
This thesis is the first study in Australia that examines the presence and determinants of operating cash flows asymmetric timeliness. Several explanations for cash flows asymmetry documented in the US studies are tested, including product pricing, cost stickiness and firm's life cycle. Using firm’s stock return as the proxy for economic news and 23,203 firm-year observations within the period of 1992-2012, the empirical results indicate that product pricing and cost stickiness are valid explanations for operating cash flows asymmetric timeliness. However, although firm’s life cycle has been found to have a significant effect on operating cash flows asymmetry in US studies, it is insignificant in Australia. Compared to US firms, 40 per cent of Australian listed firms are mining and resource firms with low sales in their early stages of life. Accordingly, analytical comparisons between mining and non-mining firms are carried out in this thesis. Mining firms are found to exhibit less operating cash flows asymmetric timeliness than non-mining firms. Given the important role of operating cash flows as the key indicator of firm performance and valuation, this research provides investors with an in-depth understanding of operating cash flows asymmetric timeliness, and contributes to the improvement of their forecasts and predictions of operating cash flows.

History

Table of Contents

Chapter 1. Introduction -- Chapter 2. Literature review -- Chapter 3. Hypotheses development -- Chapter 4. Methodology and data collection -- Chapter 5. Results and robustness check -- Chapter 6. Conclusion.

Notes

Empirical thesis. Bibliography: pages 93-95

Awarding Institution

Macquarie University

Degree Type

Thesis MRes

Degree

MRes, Macquarie University, Faculty of Business and Economics, Department of Applied Finance and Actuarial Studies

Department, Centre or School

Department of Applied Finance and Actuarial Studies

Year of Award

2014

Principal Supervisor

Meiting Lu

Additional Supervisor 1

Sue Wright

Rights

Copyright Yimeng Yu 2014. Copyright disclaimer: http://mq.edu.au/library/copyright

Language

English

Jurisdiction

Australia

Extent

1 online resource (109 pages) tables

Former Identifiers

mq:53834 http://hdl.handle.net/1959.14/1137998