Finance

Corporate Finance and Corporate Governance

Corporate finance deals with the capital structure of firms, their sources of funding, the actions that managers take to increase the value of the firms, and the tools and analysis used to allocate financial resources. Corporate governance is the system of controls, regulations, and incentives designed to minimise agency costs between managers and investors and prevent corporate fraud. Research conducted by finance academics from the UQ Business School in this area includes executive compensation, ownership structure, corporate investment, capital structure, corporate innovation, institutional ownership, insider trading, IPOs, boards of directors, and entrepreneurial finance.

Experts

Dr Hasibul Chowdhury; Dr Nicolas Eugster; Prof Joseph Fan, Prof Robert Faff; Prof Stephen Gray; Prof Allan Hodgson; Dr Ronghong Huang; Dr Leo (Hoang) Luong; Dr Ihtisham Malik; Dr Lin Mi; Dr Suman Neupane-Joshi; Dr Lily (Huong) Nguyen; A/Prof Barry Oliver; Dr Vanitha Ragunathan; Dr Dewan Rahman; Dr Eric (Kian) Tan; Dr Kelvin (Jui) Tan; Dr Elizabeth (Yushu) Zhu.

Recent publications

Biswas, Pallab Kumar, Ranasinghe, Dinithi and Tan, Eric K. M. (2023). Impact of product market competition on real activity manipulation: moderating role of managerial ability. Accounting and Finance, 63 (1), 247-275.

Chowdhury, Hasibul and Rahman, Shofiqur (2023). Do tournament incentives affect corporate dividend policy?. Journal of Banking and Finance, 152 106877, 1-14.

Eugster, Nicolas and Wang, Qingxia (2023). Large blockholders and stock price crash risk: an international study. Global Finance Journal, 55 100799, 1-25.

Heeney, Luke, Yang, Shanelle, Chowdhury, Hasibul and Tan, Kelvin Jui Keng (2023). Corporate cash holdings through economic policy uncertainty: An Australian study. Pacific-Basin Finance Journal, 79 102008, 1-10.

Malik, Ihtisham, Chowdhury, Hasibul and Alam, Md Samsul (2023). Equity market response to natural disasters: Does firm's corporate social responsibility make difference?. Global Finance Journal, 55 100801.

Nguyen, Quan M. P., Do, Hung Xuan, Molchanov, Alexander, Nguyen, Lily and Nguyen, Nhut H. (2023). Asymmetric trading responses to credit rating announcements from issuer‐ versus investor‐paid rating agencies. Journal of Business Finance and Accounting.

Nguyen, Quan M.P., Do, Hung Xuan, Molchanov, Alexander, Nguyen, Lily and Nguyen, Nhut H. (2023). Political similarities in credit ratings. International Review of Financial Analysis, 86 102515, 1-12.

Quan, Xiaofeng, Xiang, Cheng, Li, Donghui and Tan, Kelvin Jui Keng (2023). To see is to believe: Corporate site visits and mutual fund herding. Financial Management.

Rahman, Dewan and Kabir, Muhammad (2023). Does board independence influence annual report readability?. European Accounting Review, 1-28.

Rahman, Dewan, Kabir, Muhammad, Ali, Muhammad Jahangir and Oliver, Barry (2023). Does product market competition influence annual report readability?. Accounting and Business Research, ahead-of-print (ahead-of-print), 1-32.
Rahman, Shofiqur and Chowdhury, Hasibul (2023). Tournament-based incentives and the lease-versus-buy decision. Journal of Banking and Finance, 148 106730.

Zaman, Rashid, Asiaei, Kaveh, Nadeem, Muhammad, Malik, Ihtisham and Arif, Muhammad (2023). Board demographic, structural diversity, and eco-innovation: International evidence. Corporate Governance: An International Review.
Zheng, Jiayi and Zhu, Yushu (2023). Algorithmic trading and block ownership initiation: an information perspective. The British Accounting Review, 55 (4), 101146.

Zheng, Jiayi, Chowdhury, Hasibul, Hossain, Md Safayat and Gupta, Kartick (2023). Tournament-based incentives and media sentiment. Journal of Contemporary Accounting and Economics, 19 (2) 100353, 100353.

Chowdhury, Hasibul, Hossain, Ashrafee, Masum, Abdullah-Al and Zheng, Jiayi (2022). Does corporate sexual orientation equality affect labor investment efficiency?. Global Finance Journal, 55 100747, 100747.

Fan, Joseph P. H., Gu, Qiankun and Yu, Xin (2022). Collectivist Cultures and the Emergence of Family Firms. Journal of Law and Economics, 65 (S1), S293-S325.

Fan, Joseph P.H. and Yu, Xin (2022). Do founding families downgrade corporate governance? The roles of intra-family enforcement. Journal of Corporate Finance, 73 102190, 1-16.

He, Wen and Mi, Lin (2022). Institutional investors’ horizon and equity-financed payouts. Journal of Banking and Finance, 134 106324, 106324.

He, ZhengAi and Tan, Eric K. M. (2022). Shared experience in top management team and mutual fund performance. The Journal of Portfolio Management, 48 (7), jpm.2022.1.360-58.

Le, Trinh Hue, Oliver, Barry and Tan, Kelvin Jui Keng (2022). Nowhere to hide: response of corporate restructuring activities to mandatory segment disclosure. Journal of Corporate Finance, 76 102251, 1-22.

McCarten, Matthew, Diaz‐Rainey, Ivan, Roberts, Helen and Tan, Eric K. M. (2022). Political connections, tacit power and corporate misconduct. Journal of Business Finance and Accounting, 49 (9-10), 1530-1552.

Asset Pricing and Financial Markets

Asset pricing studies how financial assets (e.g., shares, bonds, derivatives, etc.) are priced and encompasses the body of knowledge used to support the decision-making process of choosing investments. Research conducted by finance academics from the UQ Business School in this area includes firm valuation, cost of capital, financial modelling, financial risk management, market anomalies, and funds and assets management.

Experts

Prof Emanuele Bajo; Prof Shaun Bond; Prof Robert Faff; Prof Stephen Gray; Dr Khoa Hoang; Dr Ronghong Huang; A/Prof Jacquelyn Humphrey; Dr Ihtisham Malik; Prof Rumi Masih; Dr Suman Neupane-Joshi; Dr Vanitha Ragunathan; Dr Dewan Rahman; Dr Eric (Kian) Tan; Mark Tanner; A/Prof Min Zhu.

Recent publications

Albert J. Menkveld, Anna Dreber, Felix Holzmeister, Juergen Huber, Magnus Johannesson, Michael Kirchler, Michael Razen, Utz Weitzel, … Nicolas Eugster … Zhen-Xing Wu (2023). Non-standard errors. The Journal of Finance (forthcoming).

Cannavan, Damien, Gray, Stephen and Hall, Jason (2023). Sampling error and the joint estimation of imputation credit value and cash dividend value. Accounting and Finance, 63 (S1), 1029-1068.

Neupane, Suman, Thapa, Chandra and Vithanage, Kulunu (2023). Context-Specific Experience and Institutional Investors’ Performance. Journal of Banking & Finance, 149 106786, 106786.

Ye, Qiaozhi, Huang, Ronghong and Tan, Kelvin Jui Keng (2023). Missing the boat: regulatory approval delay and investment project outcomes. The British Accounting Review 101186, 1-27.

Liu, Lewis, Neupane, Suman and Zhang, Lei (2022). Firm location effect on underwriting, subscription, and underpricing: evidence from IPOs in China. Economic Modelling, 108 105778, 1-17.

Malik, Ihtisham A. and Faff, Robert (2022). Industry market reaction to natural disasters: do firm characteristics and disaster magnitude matter?. Natural Hazards.

Marshall, Andrew, Farag, Hisham, Neupane, Biwesh, Neupane, Suman and Thapa, Chandra (2022). Tax threat and the disruptive market power of foreign portfolio investors. British Journal of Management, 33 (3), 1468-1498.

Pastor, Lubos, Stambaugh,  Robert F.,  Taylor,  Luke,  and Zhu, M. (2022). Diseconomies of Scale in Active Management: Robust Evidence.  Critical Finance Review (Forthcoming).     

Simkus, Matthew, Truong, Helen, Hoang, Khoa and Huang, Ronghong (2022). Economic uncertainty and cross section of stock returns: Australian evidence. Pacific Basin Finance Journal, 74 101808, 101808.

Wang, Qingxia, Faff, Robert and Zhu, Min (2022). Realized moments and the cross-sectional stock returns around earnings announcements. International Review of Economics and Finance.  Forthcoming. 

Sustainable Finance

Sustainable finance or green finance is the set of financial regulations, standards, norms, and investment decisions that pursue environmental, social, and governance (ESG) objectives. Research conducted by finance academics from the UQ Business School in this area includes corporate social responsibility and ESG, responsible finance, impact investing, and climate finance.

Experts

Dr Hasibul Chowdhury; A/Prof Jacquelyn Humphrey; Dr Leo (Hoang) Luong; Dr Ihtisham Malik; Dr Suman Neupane-Joshi; Dr Lily (Huong) Nguyen; Dr Dewan Rahman; Dr Saphira Rekker; Dr Kelvin (Jui) Tan.

Recent publications

Emodi, Nnaemeka Vincent, Rekker, Saphira, Greig, Chris, Wade, Belinda, Inekwe, John Nkwoma and Zakari, Abdulrasheed (2023). The contribution of cross-border capital flow towards decarbonisation. Journal of Cleaner Production, 405 137040, 137040.

Nguyen, Quyen, Diaz-Rainey, Ivan, Kuruppuarachchi, Duminda, McCarten, Matthew and Tan, Eric K.M. (2023). Climate transition risk in U.S. loan portfolios: are all banks the same?. International Review of Financial Analysis, 85 102401, 1-39.

Rekker, Saphira, Chen, Guangwu, Heede, Richard, Ives, Matthew C., Wade, Belinda and Greig, Chris (2023). Evaluating fossil fuel companies’ alignment with 1.5 °C climate pathways. Nature Climate Change, 1-8.

Treepongkaruna, Sirimon, Chan, Kam Fong and Malik, Ihtisham (2023). Climate policy uncertainty and the cross-section of stock returns. Finance Research Letters, 55 (Part A) 103837, 1-8.

Chowdhury, Hasibul, Hodgson, Allan and Hasan, Mostafa Monzur (2022). Does a competitive external labour market affect corporate social responsibility? Evidence from industry tournament incentives. Journal of Behavioral and Experimental Finance, 33 100617, 1-21.

Emodi, Nnaemeka Vincent, Wade, Belinda, Rekker, Saphira and Greig, Chris (2022). A systematic review of barriers to greenfield investment in decarbonisation solutions. Renewable & Sustainable Energy Reviews, 165 112586, 112586.

Hornsey, Matthew J., Chapman, Cassandra M. and Humphrey, Jacquelyn E. (2022). Climate skepticism decreases when the planet gets hotter and conservative support wanes. Global Environmental Change, 74 102492, 102492.

Phelan, Anna (Anya), Meissner, Katie, Humphrey, Jacquelyn and Ross, Helen (2022). Plastic pollution and packaging: corporate commitments and actions from the food and beverage sector. Journal of Cleaner Production, 331 129827, 1-19.

Rekker, S., Ives, M. C., Wade, B., Webb, L. and Greig, C. (2022). Measuring corporate Paris Compliance using a strict science-based approach. Nature Communications, 13 (1) 4441, 1-11.

Behavioural Finance

Behavioural finance is the study of the influence of psychology on the behaviour of financial players (e.g., investors, analysts, etc.) and its subsequent effects on the markets. Research conducted by finance academics from the UQ Business School in this area includes investor behaviour, market sentiment, and managerial overconfidence.

Experts

Dr Ronghong Huang; Dr Suman Neupane-Joshi; A/Prof Min Zhu.

Recent publications

Chang, Dianna, Chang, Xin, He, Yu and Tan, Kelvin Jui Keng (2022). The determinants of COVID-19 morbidity and mortality across countries. Scientific Reports, 12 (1), 5888.

Chowdhury, Hasibul, Hossain, Ashrafee, Tan, Kelvin and Zheng, Jiayi (2022). Do external labor market incentives improve labor investment efficiency?. Journal of Behavioral and Experimental Finance, 34 100648, 100648.

Krishnamurti, Chandrasekhar, Chowdhury, Hasibul and Han, Hien Duc (2021). CEO centrality and stock price crash risk. Journal of Behavioral and Experimental Finance, 31 100551.

Zhu, Min, Wu, Jinran and Wang, You-Gan (2020). Multi-horizon accommodation demand forecasting: a New Zealand case study. International Journal of Tourism Research, 23 (3), 442-453.

Real Estate Finance

Real estate finance is the academic study of the financing and investment decisions made by corporations and individuals with regard to commercial and residential properties. It is an interdisciplinary field of study with close connections to finance theory, economics, law, and urban studies. Research conducted by finance academics from the UQ Business School in this area includes the risk and return characteristics of real estate investment trusts (REITs) and private and commercial real estate markets, along with the performance of fund managers, and the development of quantitative models of real estate volatility.

Experts

Prof Shaun Bond; Mr Alex Cameron; Dr Lin Mi

Recent publications

Bond, Shaun, Guo, Hui and Yang, Changyu (2022). Systematic Mispricing: Evidence from Real Estate Markets. The Journal of Real Estate Finance and Economics.

Bond, Shaun A. and Eriksen, Michael D. (2020). The role of parents on the home ownership experience of their children: evidence from the health and retirement study. Real Estate Economics, 49 (2) 1540-6229.12332, 433-458.

Academic Researchers 

A/Prof Jacquelyn Humphrey, Discipline Convenor – Sustainable/responsible finance, ESG, funds management

Prof Shaun Bond, Deputy Head of School – Real estate finance and financial economics

Mr Alex Cameron – Real estate finance

Dr Hasibul Chowdhury – Corporate finance, executive compensation, corporate social responsibility

Dr Nicolas Eugster – Corporate finance, ownership structure, family firms, dividends

Prof Joseph Fan – Corporate governance, family firm governance, corporate finance

Prof Stephen Gray – Valuation, cost of capital, corporate financial strategy, financial modelling, financial risk management, creation of shareholder value

Dr Khoa Hoang – Earnings and returns predictability, market anomalies, cost of capital estimation and corporate valuation, real effects of stock markets on corporate decisions

Dr Ronghong Huang – Behavioural corporate finance, corporate investment, capital structure, cost of capital

Dr Leo (Hoang) Luong – Empirical corporate finance, financial markets, innovation, institutional investors, sustainable finance

Dr Ihtisham Malik – Climate finance, asset pricing, insider trading, financial markets

Prof Rumi Masih – Empirical finance, financial econometrics, investment management, portfolio management, investment banking

Dr Lin Mi – Corporate finance, real estate finance

Dr Suman Neupane-Joshi – Investor behaviour, climate finance, IPOs, emerging markets

Dr Lily (Huong) Nguyen – Corporate finance, corporate governance, institutional investors, corporate innovation, climate finance

Dr Vanitha Ragunathan – Corporate governance, empirical asset pricing, financial markets

Dr Dewan Rahman – Corporate finance, insider trading, boards

Dr Saphira Rekker – Science-based climate change, climate finance

Dr Eric (Kian) Tan – Funds management, investments, empirical corporate finance

Dr Kelvin (Jui) Tan – Corporate finance, capital structure, debt financing, climate finance, labour economics

Mr Mark Tanner  – Financial markets, investments, risk management

Dr Elizabeth (Yushu) Zhu – Corporate finance, corporate governance, entrepreneurial finance

A/Prof Min Zhu – Asset management, empirical methods, fintech, retail investor behaviour, asset bubbles and market sentiment

Other Academics

Prof Emanuele Bajo (Honorary Prof)

Emeritus Prof Robert Faff (Emeritus Prof)

Emeritus Prof Allan Hodgson (Emeritus Prof)

Dr Rand Low (Honorary Senior Fellow)

Ms Pei-Jia Lum (Tutorial Fellow)

A/Prof Barry Oliver (Honorary A/Prof)

Mr Ling Xiong (Casual Academic)

Finance Discipline academics

PhD Students

• Aaron Klok (supervised by Prof Shaun Bond and A/Prof Min Zhu)
• Abdullah Qari (supervised by A/Prof Min Zhu and Dr Eric Tan)
• Alexander Cameron (supervised by Prof Shaun Bond and Prof Stephen Gray)
• Ann Le (supervised by Dr Lily Nguyen and Dr Hoang Luong)
• Daniel Byers (supervised by Dr Ken Tann, Prof Peter Clarkson and Prof Stephen Gray)
• Domenic McEwan (supervised by EmPr Allan Hodgson and Dr Hasibul Chowdhury)
• Hsin-En Lin (supervised by A/Prof Barry Oliver, A/Prof Charlotta Siren and Dr Dewan Rahman)
• Jonathan Hearn (supervised by Dr Khoa Hoang and Dr Ronghong Huang)
• Lachlan Michalski (supervised by Prof Robert Faff and Dr Kwong Low)
• Manchanahalli Rao (supervised by Dr Saphira Rekker, A/Prof Jacquelyn Humphrey and Prof Christopher Greig)
• Mark Tanner (supervised by A/Prof Barry Oliver and Prof William von Hippel)
• Martin Groen (supervised by EmPr Thomas Smith and A/Prof Martina Linnenluecke)
• Md Imran Hossain (supervised by Dr Dewan Rahman and Dr Suman Neupane-Joshi)
• Md Shahiduzzaman (supervised by A/Prof Jacquelyn Humphrey and A/Prof Kelvin Tan)
• Mohak Raitani (supervised by A/Prof Jacquelyn Humphrey, A/Prof Smita Kashiramka and Dr Suman Neupane-Joshi)
• Muhammad Asger (supervised by Dr Dewan Rahman, A/Prof Barry Oliver and Dr Muhammad Kabir)
• Runxi Liu (supervised by Dr Khoa Hoang and Dr Ronghong Huang)
• Russell Newsham (supervised by Dr Saphira Rekker, Dr Cle-Anne Gabriel, Dr Phillip Crothers and Heidi Hauf)
• Shanelle Yang (supervised by Dr Hasibul Chowdhury and A/Prof Kelvin Tan)
• Timothy Estreich (supervised by Dr Hasibul Chowdhury and Dr Nicolas Eugster)
• Trevor Maher (supervised by Prof Robert Faff and Prof Philip Neck)
• Wenbin Hu (supervised by Dr Hasibul Chowdhury and A/Prof Kelvin Tan)
• Wenquan Li (supervised by Dr Suman Neupane-Joshi and A/Prof Kelvin Tan)
• Xuan Mi (supervised by A/Prof Kelvin Tan and Dr Ronghong Huang)
• You Zhang (supervised by Dr Elizabeth Zhu and Dr Grace Hsu)
• Yu Zhao (supervised by Dr Ronghong Huang, A/Prof Kelvin Tan and Dr Khoa Hoang)
• Zan Ye (supervised by Prof Robert Faff and Dr Khoa Hoang)
• Zhengai He (supervised by Dr Eric Tan and A/Prof Min Zhu)