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Featured researches published by Simone Kelly.


Accounting and Finance | 2012

Audit Committee Characteristics and Firm Performance During the Global Financial Crisis

Husam Aldamen; Keith Duncan; Simone Kelly; Stephan Nagel

We address the question ‘do governance enhancing audit committee (AC) characteristics mitigate the firm performance impact of significant‐adverse‐economic events such as the Global Financial Crisis (GFC)?’ Our analysis reveals that smaller audit committees with more experience and financial expertise are more likely to be associated with positive firm performance in the market. We also find that longer serving chairs of audit committees negatively impacts accounting performance. However, accounting performance is positively impacted where ACs include blockholder representation, the chair of the board, whose members have more external directorships and whose chair has more years of managerial experience. We contribute to the growing body of research on the impact of audit committee governance attributes on performance during times of financial distress.


FBA Family Business Research & Education Symposium | 2011

Performance of Family Firms During the Global Financial Crisis: Does Governance Matter?

Husam Aldamen; Keith Duncan; Simone Kelly

We investigate whether better corporate governance impacts the performance of family versus non-family firms during the Global Financial Crisis (GFC). If good governance matters then its impact should be amplified during times of exogenous financial shocks. Furthermore the impact of governance will be more pronounced for family firms as family firms are more resilient, have greater access to survival capital and have a longer term decision making focus. We find that the value of family firms is more sensitive to book value than earnings changes whereas better governance results in a higher earnings relationship with value during the GFC. We also find better governance, irrespective of whether the firm is family or non-family, is associated with better accounting and market performance during the GFC.


Accounting and Finance | 2017

The Market Premium for the Option to Close: Evidence from Australian Gold Mining Firms

Simone Kelly

This paper assesses whether the market valuation of gold mining firms contain a premium for the option to close. Tests of whether observed market values incorporate operating flexibility is central to our understanding of the processes that drive market values and has implications for the relevance and suitability of known theoretical pricing frameworks. This paper assesses the relevancy of the option to close for mining firm valuation. This is achieved by examining 41 Australian gold mining firms listed on the Australian Stock Exchange from 1987 to 1994 that are actively engaged in gold mining extraction and production. A pooled cross-sectional regression analysis analyses 234 firm-year observations to identify the degree of association between the actual (market determined) and theoretical option premiums on the basis of the overall sample. Further robustness checks are then undertaken for sub-sample quartiles ranked on a specific firm characteristic, moneyness. This results show that market prices incorporate a premium that reflects the option to temporarily close operations. A significant portion (73.8%) of the market-assessed value of mining operations is captured by the Hotelling Valuation Principle. The difference between the present value of expected future cash flows and the market value of mining operations is accounted for by the options to close (R2 = 62.7%). Further, the existence and magnitude of the option premium to close is dependent on other observable attributes of the mining firm, specifically the degree of moneyness of the firms operations.


Archive | 2013

Governance and Culture: 'A Class' and 'B Class' Shares in the People's Republic of China

Simone Kelly; Kevin Jih

With the Chinese economy expected to replace the USA as the world’s largest economy by 2050, the drivers of corporate governance in that economy need examination and understanding. This paper examines the interaction between corporate governance and earnings as they affect market performance. The research focuses on Chinese capital markets because of their unique characteristics with respect to elements of corporate governance. Specifically, Chinese companies may issue A-shares to Chinese citizens or B-shares to foreign investors or Chinese citizens with foreign currency. Companies with B-shares produce reports based on International Accounting Standards, have an independent board structure, and use international recognized auditors. Companies with A-shares only use Chinese Accounting Standards, do not have independent boards of directors and use Chinese auditors operating under Chinese audit standards.The differences in governances characteristic between A-share companies and companies with AB-shares provides a useful site to test the relevance of international governance standards in a re-emerging market. Specifically, a matched pair design using Event Study Methodology provides a comparison between the market responses to an earnings announcement where differences in governance practices exist.The results indicate that the Chinese stock markets were segmented before the relaxation of restrictions on purchase of B-shares by domestic investors in 2001 and they remained segmented after the regulation change in 2001. Accordingly, the analysis of governance impacts was assessed in these two segments. The results suggest that corporate governance does not affect market’s reactions to earnings. Investors do not react differently to earnings announcements due to different accounting standards, board structure and audit quality. Contrary to expectation, the earnings response of AB-shares’ is not significantly different from that of A-shares’ earnings response. These findings imply that Chinese listed companies based on Western governance perform no better than Chinese listed companies based on Chinese governance, in terms of the market’s reactions to earnings announcement.


Minerals | 2014

Strategizing carbon-neutral mines: A case for pilot projects

Ian M. Power; Jenine McCutcheon; Anna L. Harrison; Siobhan A. Wilson; Gregory M. Dipple; Simone Kelly; Colette Southam; Gordon Southam


Archive | 2008

The Low P/E Effect and Abnormal Returns for Australian Industrial Firms

Simone Kelly; Jenna McClean


International Review of Business Research Papers (Online) | 2012

Effective corporate monitoring: Independence, motivation and means

Lyndal Drennan; Simone Kelly; Michelle Martin


World journal of social sciences | 2011

Empires of the Mind: Cross Cultural Cooperative Business Education

Keith Duncan; Simone Kelly


International Business Research Conference | 2011

Micro and macro determinants of financial distress

Keith Duncan; Simone Kelly


QUT Business School; School of Economics & Finance | 2018

A hybrid information approach to predicting corporate credit risk

Di Bu; Simone Kelly; Yin Liao; Qing Zhou

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Di Bu

Macquarie University

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Yin Liao

Queensland University of Technology

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Gordon Southam

University of Queensland

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