Accounting Finance - 2014 - Benson - Fifty Years of Finance Research in The Asia Pacific Basin

Accounting and Finance 54 (2014) 335–363
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 Asia
Pacific Basin. We do this by analysing the four leading regional finance journals
– Accounting and Finance, Australian Journal of Management, International
Review of Finance and the Pacific-Basin Finance Journal – along five dimensions.
The five dimensions are the most cited papers, noted authors, impact in terms of
practice, research areas and a breakdown in terms of the development of the
field according to Kuhnian concepts of normal science, anomalies and
extraordinary science. We show that the Asia Pacific journals make a crucial
contribution 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 of

any 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 finance
journals are unable to accommodate many high-quality papers that make
worthy 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 Asia
Pacific 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 these
journals. For example, a typically worded rejection letter for a Tier 1 finance journal will
often go something like ‘. . .Submissions to . . . have increased markedly in recent years,
requiring ever more difficult decisions. Space constraints make it necessary for us to be
highly selective in accepting new papers for publication. Many meritorious papers must
be rejected for one reason or another.. . .’
© 2014 AFAANZ
336 K. Benson et al./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 a
role 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 high
citations and documenting the noted authors (e.g. Nobel laureates) who have
contributed to the regional journals. We also adopt a Kuhnian framework to
show the development of finance research. Our review examines the full history
of 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, Australian
Journal of Management, International Review of Finance and the Pacific-Basin
Finance Journal – all of which are rated as ‘A’ level journals by the Australian
Business Deans Council.2
Accounting and Finance (AF) can trace its roots back to 1960 where it began
life as a news bulletin, morphing into an accounting education journal in 1973
and then becoming a full blown academic research journal with the publication
of its 19th volume in 1979 with Bob Officer as its Editor (at which time it
adopted its current journal title). Accounting and Finance has an impact factor
in 2013 of 0.875 and publishes:
. . . theoretical, empirical and experimental papers that significantly contribute to
the disciplines of accounting and finance. Using a wide range of research methods
including statistical analysis, analytical work, case studies, field research and
historical analysis, articles examine significant research questions from a broad
range of perspectives.3
Over fifty per cent of the articles in Accounting and Finance are in the finance
area (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 other
problem-focused paradigms.4
Although AJM is interdisciplinary, over 50 per cent of its publications are in
the finance area (Gallagher, 2006). Its current impact factor is 0.629.
2
The ABDC is a council representing Australian University business faculties. As
defined 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/
© 2014 AFAANZ
K. Benson et al./Accounting and Finance 54 (2014) 335–363 337
The Pacific-Basin Finance Journal (PBFJ) was created in 1993 with Ghon
Rhee as the founding Editor. The Journal aims at
. . . providing a specialized forum for the publication of academic research
on capital markets of the Asia Pacific countries. Primary emphasis will be placed
on the highest quality empirical and theoretical research.5
All of PBFJ’s published articles are in the finance area, and it has a current
impact 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 as
new areas such as markets and institutions of emerging market economies.6
International Review of Finance has recently become listed in the Social
Science Citation Index. Coverage will begin with the 2011 volume, and an
impact 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 this
regional capture nicely. Currently, the Pacific-Basin Finance Journal is edited
out of Hawaii, Accounting and Finance out of Auckland, New Zealand, the
Australian 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 and
practice. We document work from notable authors and conveniently classify
the subject matter allowing us to provide a framework for the research papers
consistent 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 the
impact of this research on practice in the field. In Section 4, we provide an
overview of the noted authors who have published in these journals. In Section
5, we break down the content of the journals by subject matter. In Section 6, we
analyse 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 journals
over 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
© 2014 AFAANZ
listed in the Social Science Citation Index and also because the coverage of all
journals by ISSCI and Scopus does not encompass their whole history, we use
Google Scholar cites as our metric. The section concludes with an analysis of
the 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 ten
papers for AJM, Panel C the top ten papers for IRF and Panel D the top ten
papers for PBFJ. Across all four journals, the article with the greatest rate of
citation is the AJM paper by Guay et al. (2011), with 60.7 cites per year (total
of 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 see
later 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 1042
citations. This paper also has shown an impressively persistent rate of cites at
around 45 per year over the two decades since its publication. In terms of total
cites, this is closely followed by Loughran et al.’s (1994) PBFJ paper which
provides international evidence on initial public offering underpricing. Both of
these 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 also
the AF paper logging the highest total cites with 233. The top-cited paper per
year in the Pacific-Basin Finance Journal is Loughran et al. (1994) with
approximately 50 cites pa. The top-cited IRF paper per year with 56 pa is
Kaplan and Minton (2012) on chief executive officer turnover. The paper with
the most cites in IRF is Claessens and Fan’s survey on corporate governance
in 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 current
performance of the journals matches historical performance. The top-cited
paper per year is once again Guay et al. (2011) in the AJM, and it also is the
article 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 61
total cites. Kaplan and Minton (2012) is once again the most cited paper per
year in the IRF and is also the most cited paper with 112 total cites. Wang and
Wang (2011) is both the most cited per year and the most cited paper in PBFJ
with 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 the
journal. This result is perhaps not surprising as the academic community
internationalises, although we need allow for the possibility that many papers
need a period of ‘exposure’ before their true citation merit is recognised.
Regarding these ‘top ten’ lists, IRF has the highest number of average citations
© 2014 AFAANZ
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 Finance

Cassar and Capital structure and financing of SMEs: Australian 21.2 233
Holmes (2003) evidence
Brown et al. Corporate governance, accounting and finance: A 20.3 61
(2011) review
Corrado (2011) Event studies: A methodology review 18.0 54
Artiach et al. The determinants of corporate sustainability 12.8 51
(2010) performance
Brailsford et al. On the relation between ownership structure and 11.3 136
(2002) capital structure
Gaunt (2004) Size and book to market effects and the Fama 11.0 110
French three factor asset pricing model: Evidence
from the Australian stockmarket
Lee et al. (2010) Socially responsible investment fund performance: 7.5 30
The impact of screening intensity
Brailsford et al. Re-examination of the historical equity risk premium 6.7 40
(2008) in Australia
Gallagher and Trading behaviour and the performance of daily 6.6 53
Looi (2006) institutional trades
Durack et al. A best choice among asset pricing models? The 5.6 56
(2004) Conditional Capital Asset Pricing Model in
Australia
Average number 12.1
of citations
Panel B: Australian Journal of Management
Guay et al. Properties of implied cost of capital using analysts’ 60.7 182
(2011) forecasts
Donaldson and Stewardship theory or agency theory: CEO 45.3 1042
Davis (1991) governance and shareholder returns
Truong et al. Cost-of-capital estimation and capital-budgeting 10.2 61
(2008) practice in Australia
Smith and Watts Incentive and tax effects of executive compensation 8.7 278
(1982) plans
Brooks et al. Time-varying beta risk of Australian industry 8.3 133
(1998) portfolios: A comparison of modelling techniques
Choi et al. (2010) Corporate social responsibility and corporate 8.3 33
financial performance: Evidence from Korea
Lee et al. (2009) Revisiting the vexing question: Does superior 7.8 39
corporate social performance lead to improved
financial performance?
Chan et al. Fund size, transaction costs and performance: Size 7.8 39
(2009) matters!
Gray and Reset put options: Valuation, risk characteristics, 5.3 80
Whaley (1999) and an application
Abrahams and The role of R&D capitalisations in firm valuation 5.3 85
Sidhu (1998) and performance measurement
Average number 16.77
of citations
© 2014 AFAANZ
Table 1 (continued)
Panel C: International Review of Finance

Kaplan and How has CEO turnover changed? 56 112
Minton (2012)
Starks and Wei Cross-border mergers and differences in corporate 53 53
(2013) governance
Adams (2012) Governance and the financial crisis 48.5 97
Claessens and Corporate governance in Asia: A survey 33.8 405
Han (2002)
Levine (2012) The governance of financial regulation: Reform 25.0 50
lessons from the recent crisis
Yeh et al. (2001) Family control and corporate governance: Evidence 22.3 290
from Taiwan
Allen and An overview of the crisis: Causes, consequences, and 16.5 66
Carletti (2010) solutions
Grinblatt (2001) An analytic solution for interest rate swap spreads 14.1 183
Sarkar and Large shareholder activism in corporate governance 12.4 174
Sarkar (2000) in developing countries: Evidence from India
Welch (2011) Two common problems in capital structure research: 11.3 34
The financial-debt-to-asset ratio and issuing activity
versus leverage changes
of citations
Panel D: Pacific-Basin Finance Journal
Loughran et al. Initial public offerings: International insights 49.8 996
(1994)
Mak and Size really matters: Further evidence on the negative 21.4 193
Kusnadi (2005) relationship between board size and firm value
Chong and Liu Islamic banking: Interest-free or interest-based? 20.6 103
(2009)
Mok and Hui Underpricing and aftermarket performance of IPOs 20.2 323
(1998) in Shanghai, China
Qi et al. (2000) Shareholding structure and corporate performance 18.5 259
of partially privatized firms: Evidence from listed
Chinese companies
Masih and Masih Are Asian stock market fluctuations due mainly to 17.4 261
(1999) intra-regional contagion effects? Evidence based on
Asian emerging stock markets
Ritter (2003) Behavioral finance 15.7 173
Su and Fleisher An empirical investigation of underpricing in 15.5 233
(1999) Chinese IPOs
Kang et al. Contrarian and momentum strategies in the China 14.0 168
(2002) stock market: 1993–2000
Bailey (1994) Risk and return on China’s new stock markets: Some 12.5 249
preliminary evidence
of citations
© 2014 AFAANZ
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: 20.3 61
A review
Corrado (2011) Event studies: a methodology review 18.0 54
Brown (2011) The efficient markets hypothesis: The demise of 5.0 15
the demon of chance?
Matolcsy and CEO compensation structure and firm 5.0 15
Wright (2011) performance
Cowan and Deegan Corporate disclosure reactions to Australia’s first 4.7 14
(2011) national emission reporting scheme
Brailsford et al. The historical equity risk premium in Australia: 3.5 7
(2012) post-GFC and 128 years of data
Kestens et al. (2012) Trade credit and company performance during 3.0 6
the 2008 financial crisis
Lee, Powell (2011) Excess cash holdings and shareholder value 3.0 9
Cummings and Index arbitrage and the pricing relationship 3.0 9
Frino (2011) between Australian stock index futures and their
underlying shares
Bliss (2011) Does CEO duality constrain board 2.7 8
independence? Some evidence from audit pricing
Average number of 6.82
citations
Panel B: Australian Journal of Management

Guay et al. (2011) Properties of implied cost of capital using 60.7 182
analysts’ forecasts
Pham et al. (2011) Corporate governance and alternative 5.3 16
performance measures: Evidence from Australian
firms
Allen and Powell The fluctuating default risk of Australian banks 3.0 6
(2012)
Docherty et al. Asset tangibility, industry representation and the 1.7 5
(2011) cross section of equity returns
Chan et al. (2011a) Is default risk priced in Australian equity? 1.7 5
Exploring the role of the business cycle
Bugeja (2011) Foreign takeovers of Australian listed entities 1.7 5
Perez-Gladish et al. Profiling socially responsible investors: 1.5 3
(2012) Australian evidence
Chai et al. (2013) Liquidity in asset pricing: New Australian 1.0 1
evidence using low-frequency data
Gippel (2013) A revolution in finance? 1.0 1
Brown et al. (2014) Market reactions to the reports of a star resource 1.0 1
analyst*
citations
© 2014 AFAANZ
Table 2 (continued)
Panel C: International Review of Finance

Kaplan and Minton How has CEO turnover changed? 56 112
(2012)
Starks and Wei Cross-border mergers and differences in 53 53
(2013) corporate governance
Adams (2012) Governance and the financial crisis 48.5 97
Levine (2012) The governance of financial regulation: reform 25.0 50
lessons from the recent crisis
Welch (2011) Two common problems in capital structure 11.3 34
research: The financial-debt-to-asset Ratio and
issuing activity versus leverage changes
Adams and Ferreira Regulatory pressure and bank directors’ 9.0 18
(2012) incentives to attend board meetings
Sapienza and A trust crisis 8.0 16
Zingales (2012)
Elsas and Florysiak Heterogeneity in the speed of adjustment toward 6.0 18
(2011) target leverage
Bessler et al. (2011) Information asymmetry and financing decisions 5.7 17
Ongena and Bank loan announcements and borrower stock 5.0 5
Roscovan (2013) returns: Does bank origin matter?
citations
Panel D: Pacific-Basin Finance Journal

Wang and Wang Cross-border venture capital performance: 4.3 13
(2011) Evidence from China
Nguyen (2011) Corporate governance and risk-taking: Evidence 3.7 11
from Japanese firms
Xu and Chen (2012) The effect of monetary policy on real estate price 3.5 7
growth in China
Yao et al. (2011) Asset growth and stock returns: Evidence from 3.0 9
Asian financial markets
Kusnadi (2011) Do corporate governance mechanisms matter for 3.0 9
cash holdings and firm value?
Lee (2012) Bank-based and market-based financial systems: 2.0 4
Time-series evidence
Liao et al. (2012) Does the location of stock exchange matter? A 2.0 4
within-country analysis
Burdekin and Siklos Enter the dragon: Interactions between Chinese, 2.0 4
(2012) US and Asia-Pacific equity markets, 1995–2010
Ang (2012) Predicting dividends in log-linear present value 2.0 4
models
Ascioglu et al. Stealth trading: the case of the Tokyo stock 2.0 6
(2011) exchange
citations
*This paper was published online 1 February 2013. It does not appear in print until February
2014.
© 2014 AFAANZ
per year with 29 across the life of the journal and 23 in the last 3 years. It is
noteworthy that for IRF five of its 10 top papers are published in the last
3 years compared to two of 10 for AF, one of 10 for AJM and zero of 10 for
PBFJ. However, these figures must be viewed in the context of the age of the
journal. IRF is only 14 years old compared to 34 years for AF, 37 years for
AJM and 21 years for PBFJ. Additionally, while IRF and PBFJ exclusively
publish finance papers, AF publishes accounting and finance and AJM is
multidisciplinary. As such, comparisons across the four journals are to be
exercised with care.
3. Relevance to practice
As an applied field, it is not surprising that many of the topics studied in

finance have had a large impact on practice in the field. Accordingly, in this
section, we review the major topics that and authors who have had an impact in
the field over the history of the Asia Pacific journals. We also include a
discussion 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, he
outlined the importance of the cost of capital to, for example, the regulatory
activities of government and semi-government bodies including price regula-
tion, profit regulation, antitrust and takeover regulation. This line of research
proceeded with Officer (1985) and, much more recently, Lally (2006) who
considers the New Zealand market and various alternative models of cost of
capital.
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 and
Partington (2008), Lally (2008), Gray and Hall (2008) and Chu and Partington
(2008). The primary issue here is the value of dividend imputation tax credits
and its relevance to cost of capital computation. The issue largely turns on how
equities are priced – if they are priced in an international market and the
marginal investor is a foreign investor who does not have access to franking
credits, then the value of the tax credit is zero. If not, then the value of the
credit 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 judicial
proceedings and rate of return restrictions for regulated industries and also for
valuation purposes in general, with a particular application in corporate
takeovers. This topic is still of current interest to researchers as is evident by the
paper by Feuerherdtf et al. (2010) discussing the value of imputation tax credits
for 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
© 2014 AFAANZ
issue of Accounting and Finance (Smith and Mason, 1979) and has proceeded to
be of interest right across the region with studies by Etebari et al. (2004) and
Gilbert and Tourani-Rad (2008) looking at the effect of disclosure regulations
on insider trading in New Zealand and studies by Cheuk et al. (2006) and
Durnev and Nain (2007) examining insider trading in Hong Kong and
internationally.
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 research
is still evolving today with papers by Budsaratragoon et al. (2012) examining
insider trading regulation in emerging markets, Frino et al. (2013) attempting
to quantify the extent of illegal insider trading that takes place, Tirapat and
Visaltanachoti (2013) examining opportunistic insider trading in Thailand and
Goncharov et al. (2013) providing some comparative international evidence on
insider 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 Anisman
Review of 1986, the Griffith’s report of 1990 and the Corporations and Markets
Advisory Committee (CAMAC) insider trading report of 2003 which has in
turn led to changes in the law.7
A third major finance topic shown to have great relevance to practice is
market architecture/market microstructure research. Some of the earliest
papers involve issues around brokers including Aitken (1991) who looks at the
issue of brokerage fees and Aitken and Swan (1993) who tackle the issue of
dual trading whereby brokers can trade both for themselves and for their
clients. Also, around this time, there was work on margins and volatility by Lee
and Yoo (1993) and the effects of a stock transaction tax on noise trading and
volatility by Hu (1998). Early work also exists on futures market regulation in
Bacha and Vila (1994) who examine volatility in futures markets, Bollen and
Whaley (1999) who look at expiration effects and Brown (2001) who examines
contract redenomination.
Stock market opening and closing procedures are examined by Comerton-
Forde (1999), Aitken et al. (2005), Comerton-Forde and Rydge (2006) and
Comerton-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 of
seeing if prices clustered on the number ‘8’ (which are considered lucky in Asian
culture) and prices avoiding the number ‘4’ (which is considered very unlucky
in Asian culture). The effect of tick size is examined in Aitken and Comerton-
Forde (2005), Ke et al. (2004) and Alampieski and Lepone (2009). Trading
halts 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, see
Overland (2011).
© 2014 AFAANZ
Berkman and Lee (2002), Chen et al. (2005), Levy and Yagil (2006), Kim and
Yang (2008) and Yan Du et al. (2009) with one of the main issues here being an
acceleration in trading activity and a ‘magnet’ effect as prices approach the
price 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 of
the main vehicles through which this cooperation is executed. Many changes in
market microstructure have occurred in recent years, and this is especially
evident in published papers over the last 3 years. Berkman and Comerton-
Forde (2011) provide a review of these changes, especially around the
automation of security trading. The issue of call markets and continuous
markets are examined in Kuo and Li (2011), order handling rules in Rhee and
Tang (2013), price limits in Lin and Chou (2011) and Chou et al. (2013) and
trading halts in Frino et al. (2011). Finally, Do et al. (2012) discuss the effect of
short selling bans, and Sharif et al. (forthcoming) study the introduction of
short 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-favoured
investments, 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 was
equivalent to a call option on individual resources projects and that such taxes
could distort investment behaviour. Covick and Davis (1990) consider an
interesting accounting anomaly whereby the accounting procedures for
seigniorage mean that the substitution of coins for notes would result in a
reduction in the budget deficit.
Monetary policy is considered by Sharpe and Volker (1979) who examine the
association between monetary policy and interest rate variability. Carmichael
and Harper (1995) consider the effect of monetary policy in a deregulated
market. Fiscal and monetary policy continues to be researched and is still
having an impact in recent years: Clements and Si (2011) provides an analysis
of the pipeline in natural resource projects; Smales (2012) examines the
communication of monetary policy by the Reserve Bank and interest rate
changes; and Gu and McNelis (2013) examine Yen/US Dollar volatility and the
possibility 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 with
Gregory (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 a
special issue on the budget.
© 2014 AFAANZ
manufacturing industry and continuing on to Conybeare (1978) who examines

tariffs, Findlay (1978, 1981) who examine international civil aviation policy and
Kirby (1979) who provides an economic assessment of Australia’s two airline
policy.
Midgley and Roberts (1984) provide an assessment of Australia’s national
technology strategy. Fisher (1988) makes a case for less regulated labour
markets. Albon (1989) assesses the impact of timed local calls, while Swan and
Zeitsch (1992) look at the association between the removal of tariff protections
and growth in manufacturing exports. Gans et al. (1998) examine contract
design and electricity pool pricing. Recent research in this broad area by
Brewer (2009) and Harcourt (2009) provides an assessment of export
promotion 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 have
resulted. Bishop and Dodd (1987) examine whether partial takeovers are
coercive. 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 Economic
Reform Program Act (CLERP), while Chapple et al. (2007) examine termina-
tion fees in takeovers under the takeover act. Continuous disclosure rules are
examined 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 systems
on firm performance. Chang et al. (2012) examine economic distortions to the
Korean IPO market caused by regulations designed to ensure fairness. Beltratti
et al. (2012) examine the stock market reaction to the Chinese split share
reform. Kouwenberg and Phunnarungsi (2013) provide an analysis of market
reaction to corporate governance violations. Brown and Davis (2012) discuss
the optimal design of off-market share repurchases, while Akyol et al. (2012)
assess market reaction to new proxy access rules facilitating the nomination of
directors 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 financial
systems. Duan and Yu (1994) examine the cost of Taiwan’s deposit insurance
scheme, while Chong et al. (1996) discuss the effect of Japan’s Financial System
Reform 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
© 2014 AFAANZ
management. Allen and Faff (2012) and Stevenson (2012) discuss optimal
responses to the global financial crisis.
4. Noted finance authors in Asia Pacific Basin journals
The Asia Pacific journals have attracted the top researchers worldwide
including Nobel laureates Merton Miller and Franco Modigliani. Most
notably, Merton Miller has seven articles starting with Miller (1993) dealing
with the economics and politics of index arbitrage in both the United States
and Japan and ending with Miller (2000) outlining exchange rate policy options
for the region. Modigliani (1993) deals with long-term financing in an
inflationary environment, while Modigliani and Perotti (2000) examine investor
protection and legal enforcement when firms use bank finance versus security
market 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 of
Australian stocks, while Brown and da Silva Rosa (1988) examine the long-run
performance of acquiring firms. A good example of the research papers in the
1990s is Aitken et al. (1996) examining the issue of price clustering following
the scandal over quotes of odd eighths on the NASDAQ exchange. In the
2000s, Brown et al. (2008) examine the accuracy of analyst dividend forecasts
in an international context. Brown et al. (2011) provide a review of corporate
governance 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 rationing
and the cost of capital, while his most recent is Alcock et al. (2012) dealing with
the 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 Japanese
and foreign money management and Bollen and Whaley (1999) examining
expiration 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 at
volatility in the Korean and Taiwan markets, Singleton (2000) who studies
yield curve risk in Japanese markets and Allen (2001) and Allen and Carletti
(2010) who provide papers on financial crises both before and after the
global 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 and
its 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 equity
offerings and Chen (2009) who examines banking reforms in the twenty-first
century.
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 of
capital estimates from analyst forecasts, already mentioned earlier as a top-
cited paper. Armstrong et al. (2011) study market to revenue multipliers in
private and public companies. Foster et al. (2012) examine international equity
valuation 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 as
competing sources of information. Alcock et al. (2012) examine the determi-
nants of debt maturity. Chan et al. (2012) examine research productivity in
Australia and New Zealand. Chan et al. (2011b) examine research productivity
across the Asia Pacific. Darwin et al. (2012) uncover the determinants of bond
spreads using information from derivatives contracts. Ang (2012) looks at the
issue of predicting dividends. Welch (2011) points out problems which could
cause spurious relations in capital structure research. Gao et al. (2012) study
corporate philanthropy. Kaplan and Minton (2012) answer the question of
how chief executive officers have changed. Faff and Treepongkaruna (2013)
look at the performance of term structure models. Ng et al. (2013) examine the
short- and long-run performance of cross-listed securities. Finally, Levine
(2012) examines the governance of financial regulation using lessons learnt
from 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 last
3 years (2011–13). Papers were classified using the EFM classifications.9
Corporate finance dominates the journals overall, particularly in the IRF
where 51 per cent of the papers are so classified, with a mean across all four
journals of 37 per cent. Twenty-seven per cent of papers are in the investment
field. Over this recent window, PBFJ publishes more options papers than do its
counterparts with 15 per cent in this field compared to the average of 9 per
cent. Also, PBFJ and IRF publish more in the area of financial institutions
with 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 the
banking industry in the broader Asian region compared to Australia and New
Zealand.
9
Refer to http://www.efmaefm.org/0EFMJOURNAL/efm%20classification%20code.
shtml
© 2014 AFAANZ
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.
In Table 4, we present the cross-citations within the last 3 years for each of
the four journals sourced from Scopus. Also presented is the total number of
references to allow a relative comparison. The final column of the table shows
the 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-citation
within the regional journals. IRF is the least cited, reflecting the relative
immaturity of this journal and the fact that it has only very recently gained
entry into SSCI. Interestingly, the highest rate of cross-citation is by papers
published in AJM citing AF publications.
6. Science of finance
In this section, we classify the published research in the key Asia Pacific
journals 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 and
1980s; and (v) ‘extraordinary science’: 1990s and 2000s. Given that the Asia
Pacific journals start in the 1970s, we mostly expect to find the periods of
normal 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 consistent
with the Black Scholes model; Emanuel (1979) examines security prices in New
Zealand and finds evidence consistent with market efficiency; Chiat and Finn
(1983) examine security prices in Singapore and find evidence consistent with
weak form market efficiency; Walter (1984) examines Australian takeovers and
finds evidence consistent with semi strong market efficiency; and Gray (1989)
10
See Kuhn (1970).
© 2014 AFAANZ
350
Table 4
Cross-citations of finance articles published in 2011–13 in each of the four leading Asia Pacific Basin journals
© 2014 AFAANZ
(f) Total number (g) Total (i) Journal of
of articles number (h) Ratio Finance
(a) AJM (b) AF (c) PBFJ (d) IRF (e) published of references (g)/(f) citations
AJM 57 (2.1%) 60 (2.2%) 22 (0.8%) 3 (0.1%) 142 (5.2%) 68 2720 40.0 227 (8.3%)
articles
cited in ...
AF 48 (0.9%) 159 (2.8%) 38 (0.7%) 8 (0.1%) 253 (4.5%) 152 5637 37.1 401 (14.7%)
articles
cited in ...
PBFJ 19 (0.4%) 20 (0.5%) 157 (3.7%) 10 (0.2%) 206 (4.9%) 142 4233 29.8 507 (18.06%)
articles
cited in ...
IRF 8 (0.4%) 10 (0.5%) 7 (0.4%) 16 (0.8%) 41 (2.1%) 59 1946 33.0 256 (9.4%)
articles
cited in ...
K. Benson et al./Accounting and Finance 54 (2014) 335–363
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 the
zero beta CAPM. Rayhorn et al. (2007) find evidence consistent with market
efficiency particularly in the 1990s and beyond. Finally, Brown (2011) argues
that the efficient market hypothesis is still a useful benchmark and that failure
to believe in its essential truth was a leading factor responsible for the global
financial crisis.
With regard to the anomalies classification, notable examples include the
following: Dyer and Keating (1977) who report anomalies in the form of
seasonalities 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 Layton
and Tan (1992) find inefficiencies in foreign exchange markets. Kuwahara and
Marsh (2000) find evidence inconsistent with the Black Scholes models in the
Japanese 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, while
Casado et al. (2013) find anomalous evidence relating to the effect of US
holidays on European returns, Pavlov and Hurn (2012) find anomalous
evidence 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 significantly
positive for months during the first half of the calendar year and significantly
negative 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 the
qualitative research studies of Allen (1991), Kaczynski et al. (2014) and Chazi
et al. (2011) who propose the use of interviews represent a significant departure
from the highly quantitative paradigm of normal science in finance. Bowman
and Buchanan (1995) examine behavioural reasons for inefficiencies; Chang
et al. (2008) and Heaney et al. (2010) conduct experimental studies which are
quite a departure from the normal data intensive practices in the paradigm of
normal science in finance.
Cheng and Mahama (2011) examine biases in investment evaluation review,
while Lin and Chou (2011) consider prospect theory and the effectiveness of
price limits. Huang et al. (2011) examine top executive overconfidence. Akhtar
et al. (2011) consider the effect of consumer sentiment on foreign exchange
rates, while Blasco et al. (2012) examine the effect of sentiment on herding.
Finally, Lam et al. (2013) provide a link between national culture and capital
structure, and Shu et al. (2013) provide evidence on the relation between
managerial overconfidence and share repurchases.
© 2014 AFAANZ
7. Conclusions
In this paper, we review four leading Asia Pacific Basin journals – journals
that are the major players in the publication of scholarly finance research:
Accounting and Finance, Australian Journal of Management, International
Review of Finance and the Pacific-Basin Finance Journal. We identify key
finance research trends within the region and evaluate the impact of these
journals – to consider their importance to finance research and practice. The
Asia Pacific journals have been supported by notable authors including
Stephen Brown, Philip Brown, Merton Miller, Franco Modigliani, Richard
Roll, Sheridan Titman and Robert Whaley. Citations show that leading
international 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. The
research papers published in 1970s to 1990s are, in general, consistent with the
market efficiency paradigm. However, this period and subsequent papers
analyse market anomalies. More recently, we see a tentative reception to some
qualitative research and a willingness to entertain behavioural explanations for
market 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 and
dividend imputation, insider trading, superannuation and banking, fiscal and
monetary policy and regulatory policies. We conclude that the Asia Pacific
Basin journals make a crucial contribution to research and practice both in the
region and internationally.
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Accounting Finance - 2014 - Benson - Fifty Years of Finance Research in The Asia Pacific Basin

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Accounting and Finance 54 (2014) 335–363

Fifty years of ﬁnance research in the Asia Paciﬁc Basin

Karen Benson, Robert Faﬀ, Tom Smith

Key words: Finance; Research; Asia Paciﬁc Basin

JEL classification: G10, G20, G30

It is widely accepted in the academic community that the leading research of

extent regional journals provide an important outlet for high-quality research.

2. Top-cited articles in Asia Pacific Basin journals

Authors (Year) Title Cites pa Total cites

Panel A: Accounting and Finance

Authors (Year) Title Cites pa Total cites

Panel C: International Review of Finance

Authors (Year) Title Cites pa Total cites

Panel A: Accounting and Finance

Panel B: Australian Journal of Management

Authors (Year) Title Cites pa Total cites

Panel C: International Review of Finance

Panel D: Pacific-Basin Finance Journal

As an applied ﬁeld, it is not surprising that many of the topics studied in

manufacturing industry and continuing on to Conybeare (1978) who examines

4. Noted finance authors in Asia Pacific Basin journals

5. Major research areas covered by Asia Pacific Basin journals

AJM % AF % PBFJ % IRF % Mean, %

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