2024 |
Antonini M, Fouda A, Hinwood M, Melia A, Paolucci F, 'The interplay between global health policy and vaccination strategies in the shift towards COVID-19 endemicity', Health Policy and Technology, 13 (2024)
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2024 |
Melia A, Song X, Tippett M, van der Burg J, 'Hedging quantitative easing', European Journal of Finance, 30 323-338 (2024) [C1]
Arguably the greatest concern surrounding quantitative easing is its potential for expanding the money supply at a rate which outstrips the rate of growth in national output. This... [more]
Arguably the greatest concern surrounding quantitative easing is its potential for expanding the money supply at a rate which outstrips the rate of growth in national output. This will almost surely lead to greater uncertainty in inflationary expectations and this, in turn, can have adverse consequences for stock prices. Our analysis employs the hedging procedures which underscore the Fundamental Theorem of Asset Pricing in conjunction with stochastic processes for stock prices and the money supply to design hedging strategies against potential downside movements in stock prices caused by the uncertainty in inflationary expectations associated with rapid monetary growth.
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2023 |
Ma D, Melia A, Song X, Tippett M, van der Burg J, 'Distributional properties of the book to market ratio and their implications for empirical analysis', European Journal of Finance, 29 1330-1353 (2023) [C1]
Financial accounting standards, government regulatory requirements and the capital market assumptions on which received asset pricing theory is based are used to develop a linear-... [more]
Financial accounting standards, government regulatory requirements and the capital market assumptions on which received asset pricing theory is based are used to develop a linear-quadratic diffusion process under which the unconditional probability density of the book to market ratio of equity will be either Gaussian (that is, normal) or the Pearson Type IV. Empirical analysis based on book to market ratios drawn from the Compustat North America Standard & Poor¿s Fundamentals Quarterly Database shows the Pearson Type IV probability density provides a superior fit to firm book to market ratio sample distributions when compared to the Gaussian density with around two-thirds of firm sample book to market ratio distributions failing standard Gaussian goodness of fit tests. Moreover, around one in eight of the firm book to market ratio sample distributions return parameter estimates for the Pearson Type IV which are compatible with a non-convergent (that is, undefined) variance and higher moments. It is also shown how the inverse hyperbolic sine transformation can be used to mitigate the adverse consequences of heteroscedasticity and non-convergent moments in empirical work involving the book to market ratio.
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2022 |
Smits M, Henriquez J, Melia A, Paolucci F, 'Stability of Private Health Insurance in Australia: Analysis and Proposal of a Legislative Framework to Boost Participation', Australian Business Law Review, 50 291-300 (2022) [C1]
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2022 |
Mahmoudi N, Docherty P, Melia A, 'Firm-level investor sentiment and corporate announcement returns', Journal of Banking & Finance, 144 106586-106586 (2022) [C1]
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2022 |
Fouda A, Melia A, Tritter J, Paolucci F, 'Special Issue: The COVID-19 pandemic: Vaccination strategies and global health policies', HEALTH POLICY AND TECHNOLOGY, 11 (2022)
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2021 |
Berardi C, Hinwood M, Smith A, Melia A, Paolucci F, 'Barriers and facilitators to the integration of digital technologies in mental health systems: A protocol for a qualitative systematic review', PLOS ONE, 16 (2021)
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2021 |
Melia A, Lee D, Mahmoudi N, Li Y, Paolucci F, 'Cost-Effectiveness Analysis of COVID-19 Case Quarantine Strategies in Two Australian States: New South Wales and Western Australia', Journal of Risk and Financial Management, 14 305-305 (2021) [C1]
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2020 |
Liu S, Melia A, Song X, Tippett M, 'Singular diffusions, constant elasticity of variance processes and logarithmic rates of return', The European Journal of Finance, 26 837-853 (2020) [C1]
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2020 |
Melia A, Docherty P, Easton S, 'The impact of regulation on the seasoned equity offering decision', Australian Journal of Management, 45 94-113 (2020) [C1]
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2020 |
Higginson S, Milovanovic K, Gillespie J, Matthews A, Williams C, Wall L, et al., 'COVID-19: The need for an Australian economic pandemic response plan', Health Policy and Technology, 9 488-502 (2020) [C1]
Objectives: Pandemics pressure national governments to respond swiftly. Mitigation efforts created an imbalance between population health, capacity of the healthcare system and ec... [more]
Objectives: Pandemics pressure national governments to respond swiftly. Mitigation efforts created an imbalance between population health, capacity of the healthcare system and economic prosperity. Each pandemic arising from a new virus is unknown territory for policy makers, and there is considerable uncertainty of the appropriateness of responses and outcomes. Methods: A qualitative approach was used to review mixed sources of data including Australian reports, official government publications, and COVID-19 data to discern robust future responses. Publicly available epidemiological and economic data were utilised to provide insight into the impact of the pandemic on Australia's healthcare system and economy. Results: Policies implemented by the Australian Government to mitigate the spread of COVID-19 impacted the healthcare sector and economy. This paper incorporates lessons learned to inform optimal economic preparedness. The rationale for an economic response plan concomitant with the health pandemic plan is explored to guide Australian Government policy makers in ensuring holistic and robust solutions for future pandemics. Conclusions: In future, an Australian Economic Pandemic Response Plan will aid in health and economic system preparedness, whilst a strong Australian economy and strategic planning will ensure resilience to future pandemics.
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2020 |
Berardi C, Antonini M, Genie MG, Cotugno G, Lanteri A, Melia A, Paolucci F, 'The COVID-19 pandemic in Italy: Policy and technology impact on health and non-health outcomes', Health Policy and Technology, 9 454-487 (2020) [C1]
Background: Italy was the first Western country to experience a major coronavirus outbreak and consequently faced large-scale health and socio-economic challenges. The Italian gov... [more]
Background: Italy was the first Western country to experience a major coronavirus outbreak and consequently faced large-scale health and socio-economic challenges. The Italian government enforced a wide set of homogeneous interventions nationally, despite the differing incidences of the virus throughout the country. Objective: The paper aims to analyse the policies implemented by the government and their impact on health and non-health outcomes considering both scaling-up and scaling-down interventions. Methods: To categorise the policy interventions, we rely on the comparative and conceptual framework developed by Moy et al. (2020). We investigate the impact of policies on the daily reported number of deaths, case fatality rate, confirmation rate, intensive care unit saturation, and financial and job market indicators across the three major geographical areas of Italy (North, Centre, and South). Qualitative and quantitative data are gathered from mixed sources: Italian national and regional institutions, National Health Research and international organisations. Our analysis contributes to the literature on the COVID-19 pandemic by comparing policy interventions and their outcomes. Results: Our findings suggest that the strictness and timing of containment and prevention measures played a prominent role in tackling the pandemic, both from a health and economic perspective. Technological interventions played a marginal role due to the inadequacy of protocols and the delay of their implementation. Conclusions: Future government interventions should be informed by evidence-based decision making to balance, the benefits arising from the timing and stringency of the interventions against the adverse social and economic cost, both in the short and long term.
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2019 |
Melia A, Song X, Tippett M, 'Subtle is the Lord, but malicious He is not: the calculation of abnormal stock returns in applied research', The European Journal of Finance, 25 835-855 (2019) [C1]
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2018 |
Melia A, Chan H, Docherty P, Easton S, 'Explanations of cycles in seasoned equity offerings: An examination of the choice between rights issues and private placements', Pacific Basin Finance Journal, 50 16-25 (2018) [C1]
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2016 |
Melia A, Docherty P, Easton S, 'Net share issues and the cross-section of equity returns under a dividend imputation tax system', Accounting & Finance, 56 1097-1117 (2016) [C1]
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2015 |
Hartnett N, Melia AV, 'Financial Planning and Modelling an Individual's Attitude to Financial Risk: Is everybody on the same page?', JASSA, 2015 19-25 (2015) [C1] |
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2015 |
Seamer M, Melia A, 'Remunerating non-executive directors with stock options: who is ignoring the regulator?', Accounting Research Journal, 28 251-267 (2015) [C1]
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2015 |
Docherty P, Melia A, 'The race that stops the equity market', Applied Economics Letters, 22 1179-1183 (2015) [C1]
The Melbourne Cup is a major horse racing event that is colloquially known as the ¿race that stops the nation¿ in Australia. We use constituent stock intraday volume data on the A... [more]
The Melbourne Cup is a major horse racing event that is colloquially known as the ¿race that stops the nation¿ in Australia. We use constituent stock intraday volume data on the Australian Securities Exchange S&P/ASX 200 equity index from 2003 to 2013 within a regression framework to examine whether this major horse race reduces investor attention. Results show that trading volume on the Australian equity market is significantly reduced during and immediately surrounding the running of the Melbourne Cup, supporting the claim that this is the ¿race that stops the equity market¿.
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2015 |
Melia A, Stocken D, 'Evidence of the banks' role in filling gaps in the exchange-traded derivatives market', JASSA, 2015 20-23 (2015) [C1] |
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