Impact of the Corporate Law Economic Reform Program Act 1999 on initial public offering prospectus earnings forecasts

Commencing 13 March 2000, the Corporate Law Economic Reform Program Act 1999 (Cth) introduced changes to the regulation of corporate fundraising in Australia. In particular, it effected a reduction in the litigation risk associated with initial public offering prospectus disclosure. We find that the change is associated with a reduction in forecast frequency and an increase in forecast value relevance, but not with forecast error or bias. These results confirm previous findings that changes in litigation risk affect the level but not the quality of disclosure. They also suggest that the reforms' objectives of reducing fundraising costs while improving investor protection, have been achieved.

Economic Liberalisation and Environmental Concerns: A South Asian Perspective

This Article does not have an abstract.

Cultures within culture: Unity and diversity of two generations of employees in state-owned enterprises

This study adopts integration and differentiation perspectives to examine why unity and diversity of organizational cultures emerged as a function of economic reform, and how subcultural differences were reflected in employees' perceptions of cultural practices. Data were gathered from in-depth interviews and a large-scale survey in two large, state-owned enterprises in north-east China. Results indicated that, although all employees were oriented towards a common set of cultural themes, the two generations of employees did not exemplify the themes in the same way. Specifically, unity was illustrated by employees' desire to maintain Harmony and to reduce Inequality. Diversity was revealed by first-generation employees' higher ratings on Loyalty, Security and even Bureaucracy. The findings are discussed in the light of traditional Chinese cultural values, political ideology and the social context. Implications are drawn for organizational cultural theory and research.

A legitimate paradox: Neo-liberal reform and the return of the state in Korea

This article examines the neo-liberal reforms that the Kim government implemented in post-crisis Korea. It argues that by embracing the reforms, the state, paradoxicaliy, re-legitimised itself in the national political economy. The process of enacting the reforms completed the power shift from a collusive state-chaebol alliance towards a new alliance based on a more populist social contract - but one that nonetheless generally conformed to the tenets of neo-liberalism. Kim and his closest associates identified the malpractices of the chaebols as the main cause of the crisis, so reforming the chaebols would be the key to economic recovery. Combining populism and neo-liberalism, they drew on support from both domestic and international sources to rein in, rather than nurture, the chaebols.

No more free beer tomorrow? Economic policy and outcomes in Australia and New Zealand since 1984

There are no controlled experiments in macroeconomic policy, nor in systematic programs of microeconomic reform, but a comparison between New Zealand and Australia over the period since 1984 provides as close an approach to such an experiment as is ever likely to be possible. From quite similar starting points the two countries pursued liberal reform programs that differed sharply, mainly as a result of exogenous differences in constitutional structures and the personal styles of the central actors. Australia followed a more cautious, piecemeal, consensus-based approach, whereas New Zealand, in contrast, adopted a radical, rapid, 'purist' platform. The NZ reform package was generally seen by contemporary commentators as representing a 'textbook' model for best practice reform. However, Australia since 1984 has performed much better than New Zealand, whose per capita GDP growth indeed ranked at or near the bottom of the OECD. In this paper, we assess a variety of explanations for the divergences in policies and outcomes.