University of Illinois Urbana-Champaign

The Impact of Rediscount, Official Cash Rate Target and Prime Rate Changes on Selected Treasury, Equity and Futures Securities in Australia for the Period 1986 to 1995

Gasbarro, Domenico

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Description

Title
The Impact of Rediscount, Official Cash Rate Target and Prime Rate Changes on Selected Treasury, Equity and Futures Securities in Australia for the Period 1986 to 1995
Author(s)
Gasbarro, Domenico
Issue Date
1997
Doctoral Committee Chair(s)
Pennacchi, George G.
Department of Study
Finance
Discipline
Finance
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Economics, Finance
Language
eng
Abstract
Prime rate increases generated a negative equity reaction for national operating banks but a positive impact for regional banks. This was consistent with the Stackelberg model developed in the study. Further, it was found that Australia and New Zealand Banking Corporation (ANZ) initiated decreases and Westpac Banking Corporation (WBC) initiated increases generated a positive share reaction for their stock. In contrast, National Australia Bank (NAB) shares elicited an insignificant reaction for their prime rate initiation increases and decreases. Selected profitability, efficiency and credit quality ratios for the respective banks were examined to explain the observed equity response.
Graduation Semester
1997
Type of Resource
text
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http://hdl.handle.net/2142/87443

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