The influence of global market factors on Australian equity returns

Nowland, John (1999). The influence of global market factors on Australian equity returns Honours Thesis, , The University of Queensland.

       
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Author Nowland, John
Thesis Title The influence of global market factors on Australian equity returns
Institution The University of Queensland
Publication date 1999
Thesis type Honours Thesis
Total pages 73
Language eng
Subjects 14 Economics
Formatted abstract In a globally integrated world, the influence of international factors would dominate those of domestic factors. The world has still not reached such a position, however the influence of international factors is an important point to be considered for all Australian companies. This research improves on previous efforts by relating the influence of foreign and regional factors to the firm's level of revenue from those specific regions. The influence of the New Zealand, Asia-Pacific, North American and European markets on Australian firms are related to the firm's level of revenue exposure from these regions. The results indicate that the geographic derivation of a firm's revenue is important in describing the variation in company returns. Firms with a significant presence in regional markets are more significantly affected by the relevant regional market conditions than other firms. In addition, a positive relationship exists between the level of regional exposure and the significance of regional factors. The results indicate that the World index is not very representative of the global factors affecting Australian firms. However, regional market factors are not found to be significantly superior to the aggregated World factor in explaining returns. Currency returns are also found to add significant explanatory power.

 
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