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Journal of Law and Financial Management

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Carlin, Tyrone M; Ford, Guy --- "Editorial" [2005] JlLawFinMgmt 5; (2005) 4(2) Journal of Law and Financial Management 7

Editorial

This edition of the Journal contains three papers. The first of these deals with the resurgence in the use of hybrid financial instruments by Australian listed corporations, and the impact that this phenomenon has had on the quality and transparency of financial reports produced by organisations which have issued such securities. Drawing upon data gathered from a significant sample of Australian listed corporations, Nigel Finch demonstrates how the issuance of hybrid securities can result in material distortions to key data reported in audited financial statements and argues that hybrids are in consequence to be seen more as a tool for regulatory arbitrage than for cost effective capital management.

In this edition of the journal, the debate relating to the applicability of the emergent good faith contractual performance doctrine is continued, in the form of an empirical paper by Tyrone M Carlin reviewing the origins of the doctrine, the meanings ascribed to the notion of good faith and the degree of support evident in courts of a variety of Australian jurisdictions. Carlin concludes that support is far more fragmented than proponents of the doctrine would appear to suggest in their expositions on the subject, and that as yet it is not correct to assert that a good faith performance doctrine has taken root in Australian law.

The final paper in this edition of the journal is authored by Guy Ford and Richard Petty. This provides some up to date insights into the cost and nature of executive options schemes in use by Australian listed corporations – a highly topical theme given current debates about the cost and impact of these devices as tools for managing incentives and performance.


Tyrone M Carlin & Guy Ford

Sydney, November 2005


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