Burnout among university accounting educators in Australia and New Zealand: determinants and implications

Increased teaching workloads combined with pressures to publish in limited outlets has intensified the burnout potential among accounting educators in Australia and New Zealand. However, amongst the few studies on tertiary accounting education, the focus has so far been only on burnout arising from student contact intensity. We broaden this literature by examining how other worklife characteristics contribute to burnout. Based on 158 responses from Australian and New Zealand accounting academics, we find evidence for emotional exhaustion due to high workload. However, professional efficacy continues to remain high. Qualitative responses offer deeper insights on how various burnout factors are interrelated.     

The impact of H-share derivatives on the underlying equity market

We conjecture that an introduction of the Hong Kong Hang Seng Chinese Enterprise Stock Index (H-share Index) futures induces additional speculating activities in the underlying equities, leading to an increase in volatility and volume of the underlying stocks. Whereas, a subsequent introduction of H-share index options increases the level of informed trading and opens up opportunities for speculative and arbitrage activities using futures directly against options. These futures and options trading activities are much cheaper and more efficient than using the underlying stocks, leading to a significant decline in spot market volatility and volume. Our results are consistent with these arguments. We also find that derivative trading does not change the liquidity of H-share constituent stocks. Further tests based on the difference-in-difference approach confirm that the above findings are robust.

A Real Options Model of Real Estate Development with Entitlement Risk

Most development projects encounter a highly uncertain entitlement process that is largely uncontrollable by developers. In this study, entitlement is modeled as a separate stage within a compound real option, where developers begin with minimal control (maximum risk) and each successful stage increases control (decreases risk). We solve the model analytically, provide three‐dimensional numerical comparisons, and empirically test the model's predictions using hand collected rezoning petitions. Our main result refines the classic development option model: developers first invest early (secure entitlements) in order to obtain the option to subsequently delay investment (construct the optimal building at the optimal time).     

Revenue Sharing with Heterogeneous Investments in Sports Leagues: Share Media,Not Stadiums

This study examines revenue sharing in sports leagues where franchises engage in multiple types of investments. Previous literature typically treats revenues and investments as homogeneous, but we add to the literature by differentiating between investment types and revenue sources. This is important because investment in talent leads to winning, which is a zero-sum game for the league and therefore owners have an incentive to limit talent investment. However, other investments, such as stadiums, are not a zero-sum game, and therefore the implications of revenue sharing are different for the league. We provide sufficient conditions under which it is more efficient to share media revenue compared to stadium revenue. We conclude by providing applications of this model.