VOLUNTARY DISCLOSURE OF SEGMENT INFORMATION: FURTHER AUSTRALIAN EVIDENCE

This study provides further empirical evidence on incentives for Australian firms to voluntarily report segment information. Various economic reasons why firms may elect to present segment information have been hypothesised in previous research. Bradbury [1992] and McKinnon and Dalimunthe [1993] found firm size, minority interest and industry membership as significant identifiable characteristics motivating voluntary segmental disclosure. Variables found to be insignificant in Bradbury [1992] which were not examined by McKinnon and Dalimunthe [1993] are tested in this paper. Hypotheses relating to size, financial leverage, assets-in-place, earnings volatility, ownership diffusion, outside equity (minority) interest, overseas association as well as diverse and mining and oil classification hypotheses are empirically examined. Univariate tests and multivariate logit analysis suggest that for a extensive sample of diversified firms, voluntary segment disclosure is significantly related to size, leverage and involvement in mining or oil activities.     

AN EMPIRICAL INVESTIGATION OF STOCK DIVIDENDS-IN-KIND

We investigate share price reactions to announcements of dividends payable in the common stock of corporations different from the issuing firm. We find that firms that declare these dividends (typically investment companies) experience positive abnormal returns upon announcement. We also find that such dividends are more likely to be declared when the shares to be distributed have peaked in value. Consistent with this finding, we document negative announcement-period abnormal returns for firms having their shares distributed. Additional tests reveal that prices respond more negatively when the information signal is strongest, when outside ownership is more dispersed, and when management is more entrenched.     

State lotteries and externalities to their participants

The degree of participation in state lotteries can either increase or decrease expected returns. It is theoretically possible for unfair bets to become more than fair as participation in lotteries changes. In addition, the purchase of every combination of numbers can be more than a fair bet and such a purchase may increase the expected return to other lottery players.     

ON-FARM FACTORS INFLUENCING INVESTMENT IN CROP SOWING MACHINERY*

Farmers in grain industries make important decisions about investment in crop sowing machinery. This paper shows how some on-farm factors affect profit-maximising levels of investment in crop sowing machinery. The paper examines the effect on optimal investment of discontinuities in sowing opportunities, varietal portfolios and soil portfolios.     

Methodological considerations in the use of electroencephalographic techniques in advertising research

This paper focuses on methodological concerns of interest to advertising researchers who seek to employ electroencephalographic (EEG) methods for assessing the impact of advertising stimuli. It is suggested that the validity of EEG applications in advertising research needs to be demonstrated on the basis of examining relationships between EEG measures and more traditional measures of evaluating advertising effectiveness. More attention needs to be focused on determining the content-specific cues that engage the viewer's attentional processes. Further research is necessary to determine hemispheric differences in processing emotional cues in advertising stimuli and relationships between subjective reactions to advertising stimuli and lateralized differences in activation patterns. It is suggested that individual differences in hemispheric preferences may be related to response to advertising stimuli and that computersimulated brain topographical techniques may by useful in revealing shifts in region-specific activation patterns during exposure to advertising stimuli such as television commercials.