fifty years of finance research in the asia pacific basin

Fifty years of finance research in the Asia Pacific Basin

Karen Benson, Robert Faff, Tom Smith

UQ Business School, The University of Queensland, St. Lucia, QLD, Australia

Abstract

In this paper, we review the history of scholarly finance research in the AsiaPacific Basin. We do this by analysing the four leading regional finance journals– Accounting and Finance, Australian Journal of Management, InternationalReview of Finance and the Pacific-Basin Finance Journal – along five dimensions.The five dimensions are the most cited papers, noted authors, impact in terms ofpractice, research areas and a breakdown in terms of the development of thefield according to Kuhnian concepts of normal science, anomalies andextraordinary science. We show that the Asia Pacific journals make a crucialcontribution to research and practice both in the region and internationally.

Key words: Finance; Research; Asia Pacific Basin

JEL classification: G10, G20, G30

doi: 10.1111/acfi.12081

1. Introduction

It is widely accepted in the academic community that the leading research ofany field will be published in the top international journals relevant to that field.The area of finance is no different. Sadly, it is well understood that Tier 1 financejournals are unable to accommodate many high-quality papers that makeworthy research contributions.1 As such, it is worth asking whether and to what

Editor’s note: A companion piece reviewing the scholarly accounting research in the AsiaPacific Basin will appear in the Australian Journal of Management.

Invited by Steven Cahan (Editor in Chief).

1 Indeed, this is common theme portrayed in rejection letters coming from thesejournals. For example, a typically worded rejection letter for a Tier 1 finance journal willoften go something like ‘. . .Submissions to . . . have increased markedly in recent years,requiring ever more difficult decisions. Space constraints make it necessary for us to behighly selective in accepting new papers for publication. Many meritorious papers mustbe rejected for one reason or another.. . .’

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Accounting and Finance 54 (2014) 335–363

extent regional journals provide an important outlet for high-quality research.Accordingly, we assess whether both domestic and international sources play arole and whether this research has a significant impact on practice.To this end, we document the impact of scholarly finance research, published

in the Asia Pacific Basin, on academe and practice, identifying papers with highcitations and documenting the noted authors (e.g. Nobel laureates) who havecontributed to the regional journals. We also adopt a Kuhnian framework toshow the development of finance research. Our review examines the full historyof the key journals in the region and how this led to their current state of play.We examine the top four finance journals – Accounting and Finance, AustralianJournal of Management, International Review of Finance and the Pacific-BasinFinance Journal – all of which are rated as ‘A’ level journals by the AustralianBusiness Deans Council.2

Accounting and Finance (AF) can trace its roots back to 1960 where it beganlife as a news bulletin, morphing into an accounting education journal in 1973and then becoming a full blown academic research journal with the publicationof its 19th volume in 1979 with Bob Officer as its Editor (at which time itadopted its current journal title). Accounting and Finance has an impact factorin 2013 of 0.875 and publishes:

. . . theoretical, empirical and experimental papers that significantly contribute tothe disciplines of accounting and finance. Using a wide range of research methodsincluding statistical analysis, analytical work, case studies, field research and

historical analysis, articles examine significant research questions from a broadrange of perspectives.3

Over fifty per cent of the articles in Accounting and Finance are in the financearea (Gaunt, 2014).The Australian Journal of Management (AJM) was launched in 1976 with

Ray Ball as the founding Editor. It publishes:

. . . accounting, applied economics, finance, industrial relations, political science,psychology, statistics, and other disciplines, provided the application is to

management, as well as research in areas such as marketing, corporate strategy,operations management, organisation development, decision analysis, and otherproblem-focused paradigms.4

Although AJM is interdisciplinary, over 50 per cent of its publications are inthe finance area (Gallagher, 2006). Its current impact factor is 0.629.

2 The ABDC is a council representing Australian University business faculties. Asdefined by the ABDC, ‘A’ journals are those given the second highest rating (below ‘A*’),in a four category rating system. More information can be found at http://www.abdc.edu.au/. The latest review of the ABDC list has just been completed in November 2013.

3 Accounting and Finance homepage http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-629X

4 Australian Journal of Management homepage http://aum.sagepub.com/

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336 K. Benson et al./Accounting and Finance 54 (2014) 335–363

The Pacific-Basin Finance Journal (PBFJ) was created in 1993 with GhonRhee as the founding Editor. The Journal aims at

. . . providing a specialized forum for the publication of academic researchon capital markets of the Asia Pacific countries. Primary emphasis will be placedon the highest quality empirical and theoretical research.5

All of PBFJ’s published articles are in the finance area, and it has a currentimpact factor of 0.571.The International Review of Finance (IRF) was created in 2000 with Sheridan

Titman as the founding Editor. It aims to publish

. . . high-quality research on all aspects of financial economics, including traditional

areas such as asset pricing, corporate finance and market microstructure, as well asnew areas such as markets and institutions of emerging market economies.6

International Review of Finance has recently become listed in the SocialScience Citation Index. Coverage will begin with the 2011 volume, and animpact factor will be available early 2014.These four journals neatly represent finance research activity in the Asia

Pacific region. The geographical headquarters of the journals characterise thisregional capture nicely. Currently, the Pacific-Basin Finance Journal is editedout of Hawaii, Accounting and Finance out of Auckland, New Zealand, theAustralian Journal of Management out of Sydney, Australia, and the Interna-tional Review of Finance out of Hong Kong, China.The core aim of our paper is to investigate and showcase the contribution of

finance research, published in the Asia Pacific region, to finance academe andpractice. We document work from notable authors and conveniently classifythe subject matter allowing us to provide a framework for the research papersconsistent with Kuhn’s view of the development of science (Kuhn, 1970).The remainder of our paper is structured as follows. In Section 2, we review

the top-cited papers across each of the journals. In Section 3, we review theimpact of this research on practice in the field. In Section 4, we provide anoverview of the noted authors who have published in these journals. In Section5, we break down the content of the journals by subject matter. In Section 6, weanalyse the research in these journals along Kuhnian lines. Section 7 concludes.

2. Top-cited articles in Asia Pacific Basin journals

In this section, we examine the top-cited articles across each of the journalsover their entire history. As the International Review of Finance is only recently

5 Pacific-Basin Finance Journal homepage http://www.journals.elsevier.com/pacific-basin-finance-journal/

6 International Review of Finance homepage http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1468-2443

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K. Benson et al./Accounting and Finance 54 (2014) 335–363 337

listed in the Social Science Citation Index and also because the coverage of alljournals by ISSCI and Scopus does not encompass their whole history, we useGoogle Scholar cites as our metric. The section concludes with an analysis ofthe top-cited articles over the last 3 years.Table 1 shows the top-cited articles for each of the Asia Pacific Basin

journals. Panel A shows the top ten papers published in AF, Panel B the top tenpapers for AJM, Panel C the top ten papers for IRF and Panel D the top tenpapers for PBFJ. Across all four journals, the article with the greatest rate ofcitation is the AJM paper by Guay et al. (2011), with 60.7 cites per year (totalof 182), on the estimation of implied cost of capital using analysts’ forecasts.Notably, this paper falls within the corporate finance area and as we will seelater so do the majority of the papers published in the journals.The article with the greatest number of total cites is the AJM paper

Donaldson and Davis (1991) on governance and shareholder returns with 1042citations. This paper also has shown an impressively persistent rate of cites ataround 45 per year over the two decades since its publication. In terms of totalcites, this is closely followed by Loughran et al.’s (1994) PBFJ paper whichprovides international evidence on initial public offering underpricing. Both ofthese articles also fall within the corporate finance category.The top-cited paper per year at 21.2 in AF is Cassar and Holmes (2003)

which looks at the financing of small to medium size enterprises. This is alsothe AF paper logging the highest total cites with 233. The top-cited paper peryear in the Pacific-Basin Finance Journal is Loughran et al. (1994) withapproximately 50 cites pa. The top-cited IRF paper per year with 56 pa isKaplan and Minton (2012) on chief executive officer turnover. The paper withthe most cites in IRF is Claessens and Fan’s survey on corporate governancein Asia with 405.Table 2 presents the top-cited papers that have been published in each of the

journals over the last 3 years (2011–13). The aim here is to see whether currentperformance of the journals matches historical performance. The top-citedpaper per year is once again Guay et al. (2011) in the AJM, and it also is thearticle with the highest number of total cites with 182.The paper with the greatest citation rate per year in AF is Brown et al. (2011)

with 20.3 pa. This paper is also the most cited over the 3-year window with 61total cites. Kaplan and Minton (2012) is once again the most cited paper peryear in the IRF and is also the most cited paper with 112 total cites. Wang andWang (2011) is both the most cited per year and the most cited paper in PBFJwith 4.3 and 13 cites, respectively.By referring to the average number of citations per year, we can see that the

citation rate appears to have fallen in the last 3 years compared to the life of thejournal. This result is perhaps not surprising as the academic communityinternationalises, although we need allow for the possibility that many papersneed a period of ‘exposure’ before their true citation merit is recognised.Regarding these ‘top ten’ lists, IRF has the highest number of average citations

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Table 1

Top ten cited finance articles published over the full history in each of the four leading Asia Pacific

Basin journals

Authors (Year) Title Cites pa Total cites

Panel A: Accounting and FinanceCassar andHolmes (2003)

Capital structure and financing of SMEs: Australianevidence

21.2 233

Brown et al.(2011)

Corporate governance, accounting and finance: Areview

20.3 61

Corrado (2011) Event studies: A methodology review 18.0 54Artiach et al.(2010)

The determinants of corporate sustainabilityperformance

12.8 51

Brailsford et al.(2002)

On the relation between ownership structure andcapital structure

11.3 136

Gaunt (2004) Size and book to market effects and the FamaFrench three factor asset pricing model: Evidencefrom the Australian stockmarket

11.0 110

Lee et al. (2010) Socially responsible investment fund performance:The impact of screening intensity

7.5 30

Brailsford et al.(2008)

Re-examination of the historical equity risk premiumin Australia

6.7 40

Gallagher andLooi (2006)

Trading behaviour and the performance of dailyinstitutional trades

6.6 53

Durack et al.(2004)

A best choice among asset pricing models? TheConditional Capital Asset Pricing Model inAustralia

5.6 56

Average numberof citations

12.1

Panel B: Australian Journal of ManagementGuay et al.(2011)

Properties of implied cost of capital using analysts’forecasts

60.7 182

Donaldson andDavis (1991)

Stewardship theory or agency theory: CEOgovernance and shareholder returns

45.3 1042

Truong et al.(2008)

Cost-of-capital estimation and capital-budgetingpractice in Australia

10.2 61

Smith and Watts(1982)

Incentive and tax effects of executive compensationplans

8.7 278

Brooks et al.(1998)

Time-varying beta risk of Australian industryportfolios: A comparison of modelling techniques

8.3 133

Choi et al. (2010) Corporate social responsibility and corporatefinancial performance: Evidence from Korea

8.3 33

Lee et al. (2009) Revisiting the vexing question: Does superiorcorporate social performance lead to improvedfinancial performance?

7.8 39

Chan et al.(2009)

Fund size, transaction costs and performance: Sizematters!

7.8 39

Gray andWhaley (1999)

Reset put options: Valuation, risk characteristics,and an application

5.3 80

Abrahams andSidhu (1998)

The role of R&D capitalisations in firm valuationand performance measurement

5.3 85


16.77

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Table 1 (continued)


Panel C: International Review of FinanceKaplan andMinton (2012)

How has CEO turnover changed? 56 112

Starks and Wei(2013)

Cross-border mergers and differences in corporategovernance

53 53

Adams (2012) Governance and the financial crisis 48.5 97Claessens andHan (2002)

Corporate governance in Asia: A survey 33.8 405

Levine (2012) The governance of financial regulation: Reformlessons from the recent crisis

25.0 50

Yeh et al. (2001) Family control and corporate governance: Evidencefrom Taiwan

22.3 290

Allen andCarletti (2010)

An overview of the crisis: Causes, consequences, andsolutions

16.5 66

Grinblatt (2001) An analytic solution for interest rate swap spreads 14.1 183Sarkar andSarkar (2000)

Large shareholder activism in corporate governancein developing countries: Evidence from India

12.4 174

Welch (2011) Two common problems in capital structure research:The financial-debt-to-asset ratio and issuing activityversus leverage changes

11.3 34


29.29

Panel D: Pacific-Basin Finance JournalLoughran et al.(1994)

Initial public offerings: International insights 49.8 996

Mak andKusnadi (2005)

Size really matters: Further evidence on the negativerelationship between board size and firm value

21.4 193

Chong and Liu(2009)

Islamic banking: Interest-free or interest-based? 20.6 103

Mok and Hui(1998)

Underpricing and aftermarket performance of IPOsin Shanghai, China

20.2 323

Qi et al. (2000) Shareholding structure and corporate performanceof partially privatized firms: Evidence from listedChinese companies

18.5 259

Masih and Masih(1999)

Are Asian stock market fluctuations due mainly tointra-regional contagion effects? Evidence based onAsian emerging stock markets

17.4 261

Ritter (2003) Behavioral finance 15.7 173Su and Fleisher(1999)

An empirical investigation of underpricing inChinese IPOs

15.5 233

Kang et al.(2002)

Contrarian and momentum strategies in the Chinastock market: 1993–2000

14.0 168

Bailey (1994) Risk and return on China’s new stock markets: Somepreliminary evidence

12.5 249


20.56

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Table 2

Top ten cited finance articles published in 2011–13 in each of the four leading Asia Pacific Basin

journals


Panel A: Accounting and Finance

Brown et al. (2011) Corporate governance, accounting and finance:

A review

20.3 61

Corrado (2011) Event studies: a methodology review 18.0 54

Brown (2011) The efficient markets hypothesis: The demise of

the demon of chance?

5.0 15

Matolcsy and

Wright (2011)

CEO compensation structure and firm

performance

5.0 15

Cowan and Deegan

(2011)

Corporate disclosure reactions to Australia’s first

national emission reporting scheme

4.7 14

Brailsford et al.

(2012)

The historical equity risk premium in Australia:

post-GFC and 128 years of data

3.5 7

Kestens et al. (2012) Trade credit and company performance during

the 2008 financial crisis

3.0 6

Lee, Powell (2011) Excess cash holdings and shareholder value 3.0 9

Cummings and

Frino (2011)

Index arbitrage and the pricing relationship

between Australian stock index futures and their

underlying shares

3.0 9

Bliss (2011) Does CEO duality constrain board

independence? Some evidence from audit pricing

2.7 8

Average number of

citations

6.82

Panel B: Australian Journal of Management

Guay et al. (2011) Properties of implied cost of capital using

analysts’ forecasts

60.7 182

Pham et al. (2011) Corporate governance and alternative

performance measures: Evidence from Australian

firms

5.3 16

Allen and Powell

(2012)

The fluctuating default risk of Australian banks 3.0 6

Docherty et al.

(2011)

Asset tangibility, industry representation and the

cross section of equity returns

1.7 5

Chan et al. (2011a) Is default risk priced in Australian equity?

Exploring the role of the business cycle

1.7 5

Bugeja (2011) Foreign takeovers of Australian listed entities 1.7 5

Perez-Gladish et al.

(2012)

Profiling socially responsible investors:

Australian evidence

1.5 3

Chai et al. (2013) Liquidity in asset pricing: New Australian

evidence using low-frequency data

1.0 1

Gippel (2013) A revolution in finance? 1.0 1

Brown et al. (2014) Market reactions to the reports of a star resource

analyst*

1.0 1

Average number of

citations

7.86

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Table 2 (continued)


Panel C: International Review of Finance

Kaplan and Minton

(2012)

How has CEO turnover changed? 56 112

Starks and Wei

(2013)

Cross-border mergers and differences in

corporate governance

53 53

Adams (2012) Governance and the financial crisis 48.5 97

Levine (2012) The governance of financial regulation: reform

lessons from the recent crisis

25.0 50

Welch (2011) Two common problems in capital structure

research: The financial-debt-to-asset Ratio and

issuing activity versus leverage changes

11.3 34

Adams and Ferreira

(2012)

Regulatory pressure and bank directors’

incentives to attend board meetings

9.0 18

Sapienza and

Zingales (2012)

A trust crisis 8.0 16

Elsas and Florysiak

(2011)

Heterogeneity in the speed of adjustment toward

target leverage

6.0 18

Bessler et al. (2011) Information asymmetry and financing decisions 5.7 17

Ongena and

Roscovan (2013)

Bank loan announcements and borrower stock

returns: Does bank origin matter?

5.0 5

Average number of

citations

22.75

Panel D: Pacific-Basin Finance Journal

Wang and Wang

(2011)

Cross-border venture capital performance:

Evidence from China

4.3 13

Nguyen (2011) Corporate governance and risk-taking: Evidence

from Japanese firms

3.7 11

Xu and Chen (2012) The effect of monetary policy on real estate price

growth in China

3.5 7

Yao et al. (2011) Asset growth and stock returns: Evidence from

Asian financial markets

3.0 9

Kusnadi (2011) Do corporate governance mechanisms matter for

cash holdings and firm value?

3.0 9

Lee (2012) Bank-based and market-based financial systems:

Time-series evidence

2.0 4

Liao et al. (2012) Does the location of stock exchange matter? A

within-country analysis

2.0 4

Burdekin and Siklos

(2012)

Enter the dragon: Interactions between Chinese,

US and Asia-Pacific equity markets, 1995–20102.0 4

Ang (2012) Predicting dividends in log-linear present value

models

2.0 4

Ascioglu et al.

(2011)

Stealth trading: the case of the Tokyo stock

exchange

2.0 6

Average number of

citations

2.75

*This paper was published online 1 February 2013. It does not appear in print until February

2014.

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per year with 29 across the life of the journal and 23 in the last 3 years. It isnoteworthy that for IRF five of its 10 top papers are published in the last3 years compared to two of 10 for AF, one of 10 for AJM and zero of 10 forPBFJ. However, these figures must be viewed in the context of the age of thejournal. IRF is only 14 years old compared to 34 years for AF, 37 years forAJM and 21 years for PBFJ. Additionally, while IRF and PBFJ exclusivelypublish finance papers, AF publishes accounting and finance and AJM ismultidisciplinary. As such, comparisons across the four journals are to beexercised with care.

3. Relevance to practice

As an applied field, it is not surprising that many of the topics studied infinance have had a large impact on practice in the field. Accordingly, in thissection, we review the major topics that and authors who have had an impact inthe field over the history of the Asia Pacific journals. We also include adiscussion of the impact on practice over the most recent 3 years (2011–13).Arguably, one of the most prominent such topics is the cost of capital and

interest in this dates back over thirty years to Officer (1981). In his paper, heoutlined the importance of the cost of capital to, for example, the regulatoryactivities of government and semi-government bodies including price regula-tion, profit regulation, antitrust and takeover regulation. This line of researchproceeded with Officer (1985) and, much more recently, Lally (2006) whoconsiders the New Zealand market and various alternative models of cost ofcapital.The issue of dividend imputation and its relevance to cost of capital

computations is raised by Officer (1988, 1994), Wood (1997), Truong et al.(2008), Gray and Hall (2006), Dempsey and Partington (2008), Truong andPartington (2008), Lally (2008), Gray and Hall (2008) and Chu and Partington(2008). The primary issue here is the value of dividend imputation tax creditsand its relevance to cost of capital computation. The issue largely turns on howequities are priced – if they are priced in an international market and themarginal investor is a foreign investor who does not have access to frankingcredits, then the value of the tax credit is zero. If not, then the value of thecredit has to be calculated and incorporated into the cost of capital calculation.The issue of cost of capital is of direct relevance to practice, and the concepts

discussed in the papers above have found their way into many judicialproceedings and rate of return restrictions for regulated industries and also forvaluation purposes in general, with a particular application in corporatetakeovers. This topic is still of current interest to researchers as is evident by thepaper by Feuerherdtf et al. (2010) discussing the value of imputation tax creditsfor hybrid securities.A second major finance topic of relevance to practice is that of insider

trading. This topic has been the subject of research right from the very first

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issue of Accounting and Finance (Smith and Mason, 1979) and has proceeded tobe of interest right across the region with studies by Etebari et al. (2004) andGilbert and Tourani-Rad (2008) looking at the effect of disclosure regulationson insider trading in New Zealand and studies by Cheuk et al. (2006) andDurnev and Nain (2007) examining insider trading in Hong Kong andinternationally.Insider trading research, as we have seen, has a deep vein in the literature

going back to the first issue of Accounting and Finance in 1979, and the researchis still evolving today with papers by Budsaratragoon et al. (2012) examininginsider trading regulation in emerging markets, Frino et al. (2013) attemptingto quantify the extent of illegal insider trading that takes place, Tirapat andVisaltanachoti (2013) examining opportunistic insider trading in Thailand andGoncharov et al. (2013) providing some comparative international evidence oninsider trading.Insider trading research has had a large impact on share market activity and

has led to many reviews of insider trading regulations including the AnismanReview of 1986, the Griffith’s report of 1990 and the Corporations and MarketsAdvisory Committee (CAMAC) insider trading report of 2003 which has inturn led to changes in the law.7

A third major finance topic shown to have great relevance to practice ismarket architecture/market microstructure research. Some of the earliestpapers involve issues around brokers including Aitken (1991) who looks at theissue of brokerage fees and Aitken and Swan (1993) who tackle the issue ofdual trading whereby brokers can trade both for themselves and for theirclients. Also, around this time, there was work on margins and volatility by Leeand Yoo (1993) and the effects of a stock transaction tax on noise trading andvolatility by Hu (1998). Early work also exists on futures market regulation inBacha and Vila (1994) who examine volatility in futures markets, Bollen andWhaley (1999) who look at expiration effects and Brown (2001) who examinescontract redenomination.Stock market opening and closing procedures are examined by Comerton-

Forde (1999), Aitken et al. (2005), Comerton-Forde and Rydge (2006) andComerton-Forde et al. (2007). Price clustering is examined by Aitken et al.(1996), and price clustering and culture are examined by Brown et al. (2002),Cai et al. (2007) and Brown and Mitchell (2008) with the main idea here ofseeing if prices clustered on the number ‘8’ (which are considered lucky in Asianculture) and prices avoiding the number ‘4’ (which is considered very unluckyin Asian culture). The effect of tick size is examined in Aitken and Comerton-Forde (2005), Ke et al. (2004) and Alampieski and Lepone (2009). Tradinghalts and their effect on price discovery are discussed in Martens and Steenbeek(2001) and Kim and Yang (2009). Price limits are considered in Chen (1993),

7 For an excellent review of changes to insider trading laws and regulations, seeOverland (2011).

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Berkman and Lee (2002), Chen et al. (2005), Levy and Yagil (2006), Kim andYang (2008) and Yan Du et al. (2009) with one of the main issues here being anacceleration in trading activity and a ‘magnet’ effect as prices approach theprice limit, giving rise to adverse effects of the regulation.In the area of market architecture/market microstructure research, there is a

unique partnership between exchanges, government and the research commu-nity. The Securities Industry Research Centre of Asia-Pacific (SIRCA) is one ofthe main vehicles through which this cooperation is executed. Many changes inmarket microstructure have occurred in recent years, and this is especiallyevident in published papers over the last 3 years. Berkman and Comerton-Forde (2011) provide a review of these changes, especially around theautomation of security trading. The issue of call markets and continuousmarkets are examined in Kuo and Li (2011), order handling rules in Rhee andTang (2013), price limits in Lin and Chou (2011) and Chou et al. (2013) andtrading halts in Frino et al. (2011). Finally, Do et al. (2012) discuss the effect ofshort selling bans, and Sharif et al. (forthcoming) study the introduction ofshort selling in China.A fourth major area of impact in practice relates to fiscal and monetary

policy.8 Chisholm (1976) examines progressive income tax and tax-favouredinvestments, and Pope (1993) compliance costs of taxation. Standish (1984)studies tax incentives for hi-tech industries, while Hanlon and Pinder (2007)examine the effect of capital gains taxation on investor behaviour.Natural resource taxes were considered by Dowell (1978) and also by Ball

and Bowers (1983) who pointed out that the natural resource tax wasequivalent to a call option on individual resources projects and that such taxescould distort investment behaviour. Covick and Davis (1990) consider aninteresting accounting anomaly whereby the accounting procedures forseigniorage mean that the substitution of coins for notes would result in areduction in the budget deficit.Monetary policy is considered by Sharpe and Volker (1979) who examine the

association between monetary policy and interest rate variability. Carmichaeland Harper (1995) consider the effect of monetary policy in a deregulatedmarket. Fiscal and monetary policy continues to be researched and is stillhaving an impact in recent years: Clements and Si (2011) provides an analysisof the pipeline in natural resource projects; Smales (2012) examines thecommunication of monetary policy by the Reserve Bank and interest ratechanges; and Gu and McNelis (2013) examine Yen/US Dollar volatility and thepossibility of floating the Yen.A fifth area of finance research impact in practice is industry policy. Industry

policy research has a long history in the Asia Pacific journals starting withGregory (1976) who provides a review of the Green paper on policies for the

8 Notably, each of the early years of the Australian Journal of Management featured aspecial issue on the budget.

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manufacturing industry and continuing on to Conybeare (1978) who examinestariffs, Findlay (1978, 1981) who examine international civil aviation policy andKirby (1979) who provides an economic assessment of Australia’s two airlinepolicy.Midgley and Roberts (1984) provide an assessment of Australia’s national

technology strategy. Fisher (1988) makes a case for less regulated labourmarkets. Albon (1989) assesses the impact of timed local calls, while Swan andZeitsch (1992) look at the association between the removal of tariff protectionsand growth in manufacturing exports. Gans et al. (1998) examine contractdesign and electricity pool pricing. Recent research in this broad area byBrewer (2009) and Harcourt (2009) provides an assessment of exportpromotion programmes by government.A sixth area of research impact is regulatory policy. Casey and Eddey (1986)

examine the takeover code and the type of takeover defences from which haveresulted. Bishop and Dodd (1987) examine whether partial takeovers arecoercive. Marks (1991) examines the economic costs of drug policies. Zhang(2002) considers the effects of share repurchase law in Japan. Chapple et al.(2005) examine the economic consequences of the Corporate Law EconomicReform Program Act (CLERP), while Chapple et al. (2007) examine termina-tion fees in takeovers under the takeover act. Continuous disclosure rules areexamined in Hsu (2009).In research during the last 3 years, Hsu et al. (2012) examine economic

consequences of the continuous disclosure rules, while Griffin et al. (2011)consider violation of Regulation Fair Disclosure. Gutierrez et al. (2012)provide an international study of the effect of alternative bankruptcy systemson firm performance. Chang et al. (2012) examine economic distortions to theKorean IPO market caused by regulations designed to ensure fairness. Beltrattiet al. (2012) examine the stock market reaction to the Chinese split sharereform. Kouwenberg and Phunnarungsi (2013) provide an analysis of marketreaction to corporate governance violations. Brown and Davis (2012) discussthe optimal design of off-market share repurchases, while Akyol et al. (2012)assess market reaction to new proxy access rules facilitating the nomination ofdirectors by shareholders.A seventh area of impact is superannuation and banking. Ang et al. (1999)

provide an assessment of defined benefit disclosure and firm valuation. Nayar(1993) and Lin (1994) discuss the Malaysian rating agency and financialsystems. Duan and Yu (1994) examine the cost of Taiwan’s deposit insurancescheme, while Chong et al. (1996) discuss the effect of Japan’s Financial SystemReform Act on risk and return of financial institutions. Dennis and Sim (1996)provide an assessment of Australia’s implicit deposit insurance scheme. Kane(2001) considers the effect of ‘too big to fail’ policymaking.In finance research published during the last 3 years, Brown (2012) discusses

operation risk under the Basel Accord and funds management. Da Veiga et al.(2012) discuss Basel Accord violation penalties and its effect on risk

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management. Allen and Faff (2012) and Stevenson (2012) discuss optimalresponses to the global financial crisis.

4. Noted finance authors in Asia Pacific Basin journals

The Asia Pacific journals have attracted the top researchers worldwideincluding Nobel laureates Merton Miller and Franco Modigliani. Mostnotably, Merton Miller has seven articles starting with Miller (1993) dealingwith the economics and politics of index arbitrage in both the United Statesand Japan and ending with Miller (2000) outlining exchange rate policy optionsfor the region. Modigliani (1993) deals with long-term financing in aninflationary environment, while Modigliani and Perotti (2000) examine investorprotection and legal enforcement when firms use bank finance versus securitymarket financing.Philip Brown has over 20 papers covering all five decades from the 1970s to

the current decade. One of the most famous of the 1970s papers is Ball et al.(1979) which examines dividends versus capital gains and the value of the firm.In the 1980s, Brown and Walter (1986) deals with the ex-dividend behaviour ofAustralian stocks, while Brown and da Silva Rosa (1988) examine the long-runperformance of acquiring firms. A good example of the research papers in the1990s is Aitken et al. (1996) examining the issue of price clustering followingthe scandal over quotes of odd eighths on the NASDAQ exchange. In the2000s, Brown et al. (2008) examine the accuracy of analyst dividend forecastsin an international context. Brown et al. (2011) provide a review of corporategovernance research.Frank Finn’s papers also cover all five decades from the 1970s to the current

decade. Finn’s earliest publication is Finn (1976) dealing with capital rationingand the cost of capital, while his most recent is Alcock et al. (2012) dealing withthe determinants of debt maturity in listed companies.Stephen Brown and Robert E. Whaley each have five papers in the Asia

Pacific journals with Brown et al. (2003) studying the performance of Japaneseand foreign money management and Bollen and Whaley (1999) examiningexpiration effects of derivative contracts in the Hong Kong market.There are many other notable authors including Roll (1995) who examines

the returns of Indonesian securities, Titman and Wei (1999) who look atvolatility in the Korean and Taiwan markets, Singleton (2000) who studiesyield curve risk in Japanese markets and Allen (2001) and Allen and Carletti(2010) who provide papers on financial crises both before and after theglobal financial crisis. Other notable authors include Kho and Stulz (2000)who discuss banks, the international monetary fund and the Asian crisis,O’Hara (2001) examining market design for developing countries, Lucas(2001) who examines the investment of public pensions in stock markets andits effect on risk sharing, capital formation and public policy, Ritter (2003)who provides a review of behavioural finance, Titman et al. (2009) who

© 2014 AFAANZ


examine capital investments and stock returns in Japan, Huh and Subrah-manyam (2005) who examine order flow patterns around seasoned equityofferings and Chen (2009) who examines banking reforms in the twenty-firstcentury.Over the past 3 years, publications by notable authors continue in the

premier Asia Pacific journals. The paper by Guay et al. (2011) on cost ofcapital estimates from analyst forecasts, already mentioned earlier as a top-cited paper. Armstrong et al. (2011) study market to revenue multipliers inprivate and public companies. Foster et al. (2012) examine international equityvaluation and in particular country and industry factors versus company-specific information. Brown (2011) revisits the efficient market hypothesis.Anderson et al. (2012) consider reported earnings and analyst forecasts ascompeting sources of information. Alcock et al. (2012) examine the determi-nants of debt maturity. Chan et al. (2012) examine research productivity inAustralia and New Zealand. Chan et al. (2011b) examine research productivityacross the Asia Pacific. Darwin et al. (2012) uncover the determinants of bondspreads using information from derivatives contracts. Ang (2012) looks at theissue of predicting dividends. Welch (2011) points out problems which couldcause spurious relations in capital structure research. Gao et al. (2012) studycorporate philanthropy. Kaplan and Minton (2012) answer the question ofhow chief executive officers have changed. Faff and Treepongkaruna (2013)look at the performance of term structure models. Ng et al. (2013) examine theshort- and long-run performance of cross-listed securities. Finally, Levine(2012) examines the governance of financial regulation using lessons learntfrom the recent financial crisis.

5. Major research areas covered by Asia Pacific Basin journals

Table 3 gives a breakdown by subject area of papers published over the last3 years (2011–13). Papers were classified using the EFM classifications.9

Corporate finance dominates the journals overall, particularly in the IRFwhere 51 per cent of the papers are so classified, with a mean across all fourjournals of 37 per cent. Twenty-seven per cent of papers are in the investmentfield. Over this recent window, PBFJ publishes more options papers than do itscounterparts with 15 per cent in this field compared to the average of 9 percent. Also, PBFJ and IRF publish more in the area of financial institutionswith 12 per cent each compared to 7 and 5 per cent in AJM and AF,respectively. These percentages perhaps reflect the more dynamic nature of thebanking industry in the broader Asian region compared to Australia and NewZealand.

9 Refer to http://www.efmaefm.org/0EFMJOURNAL/efm%20classification%20code.shtml

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In Table 4, we present the cross-citations within the last 3 years for each ofthe four journals sourced from Scopus. Also presented is the total number ofreferences to allow a relative comparison. The final column of the table showsthe number of cites to the Journal of Finance (as the top-cited finance journal)across each of the Asian Pacific Basin journals. There is very little cross-citationwithin the regional journals. IRF is the least cited, reflecting the relativeimmaturity of this journal and the fact that it has only very recently gainedentry into SSCI. Interestingly, the highest rate of cross-citation is by paperspublished in AJM citing AF publications.

6. Science of finance

In this section, we classify the published research in the key Asia Pacificjournals in terms of the Kuhnian concepts of ‘normal science’, ‘anomalies’ and‘extraordinary science’.10 Gippel (2013) characterises finance research into (i)‘pre science’: prior to 1960s; (ii) ‘transition to science’: 1960s and 1970s; (iii)‘normal science’: 1970s, 1980s and 1990s; (iv) ‘anomalies’ in the 1970s and1980s; and (v) ‘extraordinary science’: 1990s and 2000s. Given that the AsiaPacific journals start in the 1970s, we mostly expect to find the periods ofnormal science, anomalies and extraordinary science in the articles examined.Notable examples of normal science include the following: Chiarella and

Hughes (1978) examine option prices in Australia and find evidence consistentwith the Black Scholes model; Emanuel (1979) examines security prices in NewZealand and finds evidence consistent with market efficiency; Chiat and Finn(1983) examine security prices in Singapore and find evidence consistent withweak form market efficiency; Walter (1984) examines Australian takeovers andfinds evidence consistent with semi strong market efficiency; and Gray (1989)

Table 3

Number and percentage of finance articles published in 2011–13 in each of the four leading Asia

Pacific Basin journals classified by key topic area

AJM % AF % PBFJ % IRF % Mean, %

Corporate 18 33 33 38 47 33 30 51 37

Investments 17 31 26 30 37 26 13 22 27

Options, futures and other derivatives 2 4 6 7 22 15 1 2 9

Financial institutions and markets 4 7 4 5 17 12 7 12 9

International finance 5 9 5 6 12 8 5 8 8

Special topics 8 15 13 15 7 5 3 5 9

Total 54 87 142 59

Note that these figures represent papers that are classified as finance. AJM and AF had 15

and 65 papers, respectively, published in other disciplines within the last 3 years.

10 See Kuhn (1970).

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Table

4

Cross-citationsoffinance

articlespublished

in2011–13in

each

ofthefourleadingAsiaPacificBasinjournals

(a)AJM

(b)AF

(c)PBFJ

(d)IR

F(e)

(f)Totalnumber

ofarticles

published

(g)Total

number

ofreferences

(h)Ratio

(g)/(f)

(i)Journalof

Finance

citations

AJM

articles

citedin

...

57(2.1%)

60(2.2%)

22(0.8%

)3(0.1%)

142(5.2%)

68

2720

40.0

227(8.3%)

AF

articles

citedin

...

48(0.9%)

159(2.8%)

38(0.7%

)8(0.1%)

253(4.5%)

152

5637

37.1

401(14.7%)

PBFJ

articles

citedin

...

19(0.4%)

20(0.5%)

157(3.7%

)10(0.2%)

206(4.9%)

142

4233

29.8

507(18.06%

)

IRF

articles

citedin

...

8(0.4%)

10(0.5%)

7(0.4%

)16(0.8%)

41(2.1%)

59

1946

33.0

256(9.4%)

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examines option prices and finds evidence consistent with put call parity. Wood(1991) finds evidence consistent with the capital asset pricing model (CAPM)for Australian industries, while Faff (1991) finds evidence consistent with thezero beta CAPM. Rayhorn et al. (2007) find evidence consistent with marketefficiency particularly in the 1990s and beyond. Finally, Brown (2011) arguesthat the efficient market hypothesis is still a useful benchmark and that failureto believe in its essential truth was a leading factor responsible for the globalfinancial crisis.With regard to the anomalies classification, notable examples include the

following: Dyer and Keating (1977) who report anomalies in the form ofseasonalities in Australian equity returns, while Bowers and Twite (1985)identify arbitrage opportunities in Australian share price futures contracts.Finn et al. (1991) report seasonalities in both equity and bond returns. Stokie(1982) finds evidence against the CAPM in Australian markets, while Laytonand Tan (1992) find inefficiencies in foreign exchange markets. Kuwahara andMarsh (2000) find evidence inconsistent with the Black Scholes models in theJapanese warrant and convertible bond market.In studies published in the last 3 years, Taylor and Wong (2012) provide a

cautionary note regarding research design in investigating anomalies, whileCasado et al. (2013) find anomalous evidence relating to the effect of USholidays on European returns, Pavlov and Hurn (2012) find anomalousevidence concerning the returns from moving average rules and Chae and Yang(2013) find that commonalities in investor behaviour help to predict returns.Finally, Sakakibara et al. (2013) find evidence consistent with the ‘Dekansho-bushi’ effect in the Japanese stock market whereby returns are significantlypositive for months during the first half of the calendar year and significantlynegative for months during the second half.Gippel (2013) argues that the field of finance is now entering a period of

extraordinary science and this is also argued in O’Brien (2012). Already thequalitative research studies of Allen (1991), Kaczynski et al. (2014) and Chaziet al. (2011) who propose the use of interviews represent a significant departurefrom the highly quantitative paradigm of normal science in finance. Bowmanand Buchanan (1995) examine behavioural reasons for inefficiencies; Changet al. (2008) and Heaney et al. (2010) conduct experimental studies which arequite a departure from the normal data intensive practices in the paradigm ofnormal science in finance.Cheng and Mahama (2011) examine biases in investment evaluation review,

while Lin and Chou (2011) consider prospect theory and the effectiveness ofprice limits. Huang et al. (2011) examine top executive overconfidence. Akhtaret al. (2011) consider the effect of consumer sentiment on foreign exchangerates, while Blasco et al. (2012) examine the effect of sentiment on herding.Finally, Lam et al. (2013) provide a link between national culture and capitalstructure, and Shu et al. (2013) provide evidence on the relation betweenmanagerial overconfidence and share repurchases.

© 2014 AFAANZ


7. Conclusions

In this paper, we review four leading Asia Pacific Basin journals – journalsthat are the major players in the publication of scholarly finance research:Accounting and Finance, Australian Journal of Management, InternationalReview of Finance and the Pacific-Basin Finance Journal. We identify keyfinance research trends within the region and evaluate the impact of thesejournals – to consider their importance to finance research and practice. TheAsia Pacific journals have been supported by notable authors includingStephen Brown, Philip Brown, Merton Miller, Franco Modigliani, RichardRoll, Sheridan Titman and Robert Whaley. Citations show that leadinginternational papers have featured in these journals.In terms of topic area, corporate finance papers dominate the four journals,

over recent years and, in particular, in the International Review of Finance. Theresearch papers published in 1970s to 1990s are, in general, consistent with themarket efficiency paradigm. However, this period and subsequent papersanalyse market anomalies. More recently, we see a tentative reception to somequalitative research and a willingness to entertain behavioural explanations formarket activities.The journals have published numerous articles that have impact for finance

practice. Of note for the region are the conversations on cost of capital anddividend imputation, insider trading, superannuation and banking, fiscal andmonetary policy and regulatory policies. We conclude that the Asia PacificBasin journals make a crucial contribution to research and practice both in theregion and internationally.

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fifty years of finance research in the asia pacific basin

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