Are Mining-Exploration Stocks More Prone to Informed Trading Than Mining-Production Stocks?

Australian Journal of Management

Volumn 30, Issue 2, 2005, Pages 201-227

  Poskitt, Russell ^a  

^a UNIVERSITY OF AUCKLAND   (New Zealand)

Author keywords

INFORMED TRADING; MINING STOCKS

Indexed keywords

EID: 84992884607     PISSN: 03128962     EISSN: None     Source Type: Journal    
DOI: 10.1177/031289620503000202     Document Type: Article

References (25)

1. Aitken, M. & Frino, A. 1996, ‘The determinants of market bid ask spreads on the Australian stock exchange’, Accounting and Finance, vol. 36, no. 1, pp. 51–63.
2. Australian Securities and Investment Commission, 1997/98 to 2001/02, Annual Reports.
3. Australian Stock Exchange, 2002, ASX Listing Rules.
4. Blainey, G. 1969, The Rush That Never Ended, Melbourne University Press, Melbourne.
5. Blose, L. E. & Shieh, J. C. P. 1995, ‘The impact of gold price on the value of gold mining stock’, Review of Financial Economics, vol. 4, no. 2, pp. 125–39.
6. Brockman, P. & Chung, D. Y. 1999, ‘Bid-ask spread components in an order-driven environment’, Journal of Financial Research, vol. 22, no. 2, pp. 227–46.
7. Brockman, P. & Chung, D. Y. 2000, ‘Informed and uninformed trading in an electronic, order-driven environment’, Financial Review, vol. 35, no. 2, pp. 125–46.
8. Brown, W. O. Jr. & Burdekin, R. C. K. 2000, ‘Fraud and financial markets: The 1997 collapse of the junior mining stocks’, Journal of Economics and Business, vol. 52, no. 3, pp. 277–88.
9. Brown, P. & Foo, M. S. 1998, ‘Insider-trading in Australia: evidence from directors’ trades’, working paper, University of Western Australia.
10. Copeland, T. & Galai, D. 1983, ‘Information effects and bid-ask spreads’, Journal of Finance, vol. 38, no. 5, pp. 1457–69.
11. Easley, D., Hvidkjaer, S. & O'Hara, M. 2002, ‘Is information risk a determinant of asset returns’, Journal of Finance, vol. 57, no. 5, pp. 2185–221.
12. Easley, D., Kiefer, N. & O'Hara, M. 1996, ‘Cream-skimming or profit-sharing? The curious role of purchased order flow’, Journal of Finance, vol. 51, no. 3, pp. 811–33.
13. Easley, D., Kiefer, N., O'Hara, M. & Paperman, J. 1996, ‘Liquidity, information and infrequently traded stocks’, Journal of Finance, vol. 51, no. 4, pp. 1405–36.
14. Easley, D., O'Hara, M. & Paperman, J. 1998, ‘Financial analysts and information-based trade’, Journal of Financial Markets, vol. 1, no. 1, pp. 175–201.
15. Easley, D., O'Hara, M. & Saar, G. 2001, ‘How stock splits affect trading: A microstructure approach’, Journal of Financial and Quantitative Analysis, vol. 36, no. 1, pp. 25–51.
16. Easley, D., O'Hara, M. & Srinivas, P. S. 1998, ‘Option volume and stock prices: Evidence on where informed traders trade’, Journal of Finance, vol. 53, no. 2, pp. 431–66.
17. Heidle, H. G. & Huang, R. D. 2002, ‘Information-based trading in dealer and auction markets: An analysis of exchange listings’, Journal of Financial and Quantitative Analysis, vol. 37, no. 3, pp. 391–424.
18. Mackenzie, B. W. & Doggett, M. D. 1992, Economics of Mineral Exploration in Australia, Centre for Resource Studies (Queen's University, Kingston, Ontario) and Australian Mineral Foundation (Glenside, South Australia).
19. Neagle, A.-M. & Tyskin, N. 2001, ‘Please Explain’. ASX share price queries and the Australian continuous disclosure regime’, Research Report. Centre for Corporate Law and Securities Regulation, University of Melbourne.
20. Report of the Senate Select Committee on Securities and Exchange, 1974.
21. Stoll, H. 1978, ‘The pricing of dealer services: an empirical study of NASDAQ stocks’, Journal of Finance, vol. 33, no. 4, pp. 1153–72.
22. Stoll, H. 1989, ‘Inferring the components of the bid-ask spread: theory and empirical tests’, Journal of Finance, vol. 44, no. 1, pp. 115–34.
23. Tufano, P. 1998, ‘The determinants of stock price exposure: financial engineering and the gold mining industry’, Journal of Finance, vol. 53, no. 3, pp. 1015–52.
24. Tomasic, R. 1991, Casino Capitalism? Insider-trading in Australia, Australian Institute of Criminology, Canberra.
25. Twite, G. 2002, ‘Gold prices, exchange rates, gold stocks and the gold premium’, Australian Journal of Management, vol. 27, no. 2, pp. 123–40.