Faculty publications

UNSW’s finance faculty is ranked 27th in the world in terms of research by ASU over the last 5 years.

Forthcoming and recent articles (since 2005) by School of Banking & Finance, UNSW Business School faculty members that appear in leading journals of finance and related fields follow:

Journal of Financial Economics
  • Adams, R., A. Akyol and P. Verwijmeren, 2017, Director Skill Sets, Journal of Financial Economics (forthcoming)
  • Halling, M., J. Yu and J. Zechner, 2016, Leverage Dynamics over the Business Cycle, Journal of Financial Economics 122(1), 21-41
  • Humphery-Jenner, M., L. Lisic, V. Nanda and S. Silveri, 2016, Executive overconfidence and compensation structure, Journal of Financial Economics, 119 (3), 533-558
  • Barroso, P. and P. Santa-Clara, 2015, Momentum Has its Moments, Journal of Financial Economics, 116 (1), 111-120
  • Dang, T L, F. Moshirian and B. Zhang, 2015, Commonality in News Around the World, Journal of Financial Economics, 116(1), 82-110
  • Kwan, A.,R. Masulis and T. McInish, 2015, Trading Rules, Competition for Order Flow and Market Fragmentation, Journal of Financial Economics, 115(2), 330-348
  • Sen, R. and R. Tumarkin, 2015, Stocking up: Executive optimism, option exercise, and share retention, Journal of Financial Economics, 118(2), 399-430
  • Johnson, T. and J. Lee, 2014,On the Systematic Volatility of Unpriced Earnings Shocks, Journal of Financial Economics, 114 (1), 84-104
  • Masulis, R. and S. Mobbs, 2014, Independent Director Incentives: Where Do Talented Directors Spend their Limited Time and Energy?, Journal of Financial Economics, 111(2), 406-429
  • Ng, L. and B. Zhang, 2014, Does PIN Affect Equity Prices Around the World, Journal of Financial Economics, 114 (1), 178-195
  • Green, C. and R. Jame, 2013, Company Name Fluency, Investor Recognition, and Firm Value, Journal of Financial Economics 109(3), 813-834
  • Karpoff, J., G. Lee and R. Masulis, 2013, Contracting under Asymmetric Information: Lockup Agreements in Seasoned Equity Offerings, Journal of Financial Economics, 110 (3), 607-626
  • Harford, J., M. Humphery-Jenner and R. Powell, 2012, The Sources of Value Destruction in Acquisitions by Entrenched Managers, Journal of Financial Economics, 106 (2), 247-261
  • Lau, S., L. Ng and B. Zhang, 2010, The World Price of Home Bias, Journal of Financial Economics, 97(2), 191-217; Lead Article
  • Adams, R. and D. Ferreira, 2009, Women in the Boardroom and their Impact on Governance and Performance, Journal of Financial Economics, 94(2), 291-309
  • Lee, G. and R. Masulis, 2009, Seasoned Equity Offerings: Quality of Accounting Information and Expected Flotation Costs, Journal of Financial Economics, 92(3), 443-469
  • Garvey, G., and T. Milbourn, 2006, Asymmetric Benchmarking in Compensation: Executives are Paid for Good Luck But Not Punished for Bad, Journal of Financial Economics, 82(1), 197-225
Review of Financial Studies
  • Foucault, T., R. Kozhan and W.W. Tham, 2017, Toxic Arbitrage, Review of Financial Studies (forthcoming)
  • Gao, P., C. Parsons and J. Shen, 2017, The Global Relation between Financial Distress and Equity Returns, Review of Financial Studies (forthcoming)
  • You, J., B. Zhang and L. Zhang, 2017, Who Captures the Power of the Pen?, Review of Financial Studies (forthcoming)
  • Banerjee S, M. Humphery-Jenner and V. Nanda, 2015, Restraining Overconfident CEOs through Improved Governance: Evidence from the Sarbanes-Oxley Act, Review of Financial Studies, 28(10), 2812-2858
  • Guo, L. and R. Masulis, 2015, Board Structure and Monitoring: New Evidence from CEO Turnovers, Review of Financial Studies, 28(10), 2770-2811
  • Hameed, A., R. Morck, J. Shen and B. Yeung, 2015, Information, Analysts, and Stock Return Comovement, Review of Financial Studies, 28 (11), 3153-3187
  • Massa, M. , B. Zhang and H. Zhang, 2015, The Invisible Hand of Short Selling: Does Short Selling Discipline Earnings Management?, Review of Financial Studies, 28 (6), 1701-1736
  • Masulis, R. and S. Reza, 2015, Agency Problems of Corporate Philanthropy, Review of Financial Studies 28(2), 592-636
  • Payzan-LeNestour, E. and P. Bossaerts, 2015, Learning About Unstable, Publicly Unobservable Payoffs, Review of Financial Studies, 28 (7), 1874-1913
  • Babenko, I. and R. Sen, 2014, Money Left on the Table: An Analysis of Participation in Employee Stock Purchase Plans, Review of Financial Studies 27, 3658–3698
  • Knyazeva, A., D. Knyazeva and R. Masulis, 2013, The Supply of Corporate Directors and Board Independence, Review of Financial Studies, 26(6),1561-1605
  • Masulis, R., P. Pham and J. Zein, 2011, Family Business Groups around the World: Costs and Benefits of Pyramids, Review of Financial Studies, 24(11), 3556-3600
  • Adams, R., H. Almeida and D. Ferreira, 2005, Powerful CEOs and their Impact on Corporate Performance, Review of Financial Studies, 18(4), 1403-1432
Journal of Finance
  • Chuprinin O., M. Massa and D. Schumacher 2015, Outsourcing in The International Mutual Fund Industry: An Equilibrium View, Journal of Finance, 70(5), 2275-2308
  • Masulis, R. and S. Mobbs, 2011, Are All Inside Directors the Same?, Journal of Finance, 66(3), 823-872
  • Stoughton, N. and with Y Wu and J. Zechner, 2011, Intermediated Investment Management, Journal of Finance, 66 (3), 947-980
  • Masulis, R., C. Wang and F. Xie, 2009, Agency Costs at Dual-Class Companies, Journal of Finance, 64(4), 1697-1727
  • Adams, R. and D. Ferreira, 2007, A Theory of Friendly Boards, Journal of Finance, 62(1), 217-250
  • Masulis, R., C. Wang and F. Xie, 2007, Corporate Governance and Acquirer Returns, Journal of Finance, 62(4), 1851-1889
  • Li, D., F. Moshirian, P. Pham and J. Zein, 2006, When Financial Institutions are Large Shareholders: The Role of Macro Corporate Governance Environment', Journal of Finance, 61(6), 2975-3007
  • Faccio, M., R. Masulis and J. McConnell, 2006, Government Bailouts and Political Connections, Journal of Finance, 61(6), 2597-2635
  • Faccio, M., and R. Masulis, 2005, The Choice of Financing Methods in European Mergers & Acquisitions, Journal of Finance, 60(3), 1345-1388
Journal of Financial and Quantitative Analysis
  • Banerjee. S., M. Humphery-Jenner, V. Nanda and M. Tham, 2017, Executive Overconfidence and Securities Class Actions, Journal of Financial and Quantitative Analysis (forthcoming)
  • Beschwitz, B., O. Chuprinin and M. Massa, 2017, Why Do Short Sellers Like Qualitative News? Journal of Financial and Quantitative Analysis (forthcoming)
  • Grinblatt, M. and K. Saxena, 2017, When Factors Don’t Span Their Basis Portfolios, Journal of Financial and Quantitative Analysis (forthcoming)
  • Lee, J., 2017, Risk Premium Information from Treasury Bill Yields, Journal of Financial and Quantitative Analysis (forthcoming)
  • Masulis, R., and S. Simsir, 2017, Deal Initiation in Mergers and Acquisitions, Journal of Financial and Quantitative Analysis (forthcoming)
  • Luong, L.H., F. Moshirian, L.H.G. Nguyen, X. Tian and B. Zhang, 2017, How Do Foreign Institutional Investors Enhance Firm Innovation? Journal of Financial and Quantitative Analysis (forthcoming)
  • Oh, N., J. Parwada and K. Tan, 2017, Should Indirect Brokerage Fees Be Capped? Lessons from Mutual Fund Marketing and Distribution Expenses, Journal of Financial and Quantitative Analysis (forthcoming)
  • Sojli, E., W.W. Tham, and J. Skjeltorp, 2016. Flashes of trading intent at the NASDAQ. Journal of Financial and Quantitative Analysis, 51 (1), 165-196
  • Barroso, P. and P. Santa-Clara, 2015, Beyond the Carry Trade: Optimal Currency Portfolios, Journal of Financial and Quantitative Analysis, 50(5), 1037-1056
  • Blaylock, B., A. Edwards and J. Stanfield, 2015, The Role of Government in the Labor-Creditor Relationship: Evidence from the Chrysler Bankruptcy, Journal of Financial and Quantitative Analysis, 50(3), 325-348
  • Deng, H., F. Moshirian, P. Pham and J. Zein, 2014, Creating Value by Changing the Old Guard: The Impact of Controlling Shareholder Heterogeneity on Firm Performance and Corporate Policies, Journal of Financial and Quantitative Analysis, 48(6), 1781-1811
  • Fong, K., Gallagher, D., Lee, A., 2014, Individual Investors and Broker Types, Journal of Financial and Quantitative Analysis, 49 (2), 431-451
  • He, W. and M. Hu, 2014, Aggregate Earnings and Market Returns: International Evidence, Journal of Financial and Quantitative Analysis, 49(4), 879-901
  • Gallagher, D., P. Gardner and P. Swan, 2013, Governance through Trading: Institutional Swing Trades and Subsequence Performance, Journal of Financial and Quantitative Analysis, 48(2), 427–458
  • Humphery-Jenner, M., 2013, Diversification in Private Equity Funds: On Knowledge-Sharing, Risk-Aversion and Limited-Attention, Journal of Financial and Quantitative Analysis, 48 (5), 1545-1572
  • Li, D., Q. Nguyen, P. Pham, and S. Wei, 2011, Large Foreign Ownership and Firm-Level Stock Return Volatility in Emerging Markets, Journal of Financial and Quantitative Analysis, 46(4), 1127 - 1155
  • Krishnan, C.N.V., V. Ivanov, R. Masulis and A. Singh, 2011, Venture Capital Reputation, Post-IPO Performance and Corporate Governance, Journal of Financial and Quantitative Analysis, 46(5), 1295 - 1333
  • Masulis, R. and R. Nahata, 2011, Venture Capital Conflicts of Interest: Evidence from Acquisitions of Venture Backed Firms, Journal of Financial and Quantitative Analysis, 46(2), 395 - 430
  • Asem, E. and Y. Tian, 2011, Market Dynamics and Momentum Profits, Journal of Financial and Quantitative Analysis, 45(6), 1549 -1562
  • Parwada, J., 2008, The Genesis of Home Bias? The Location and Portfolio Choices of Investment Company Start-Ups, Journal of Financial and Quantitative Analysis, 43, 245 - 266
Review of Finance
  • Fong, K. Y., C. Holden and C. Trzcinka, 2017, What Are the Best Liquidity Proxies for Global Research?, Review of Finance, (forthcoming)
  • De Roon, F. and P. Karehnke, 2017, A Simple Skewed Distribution with Asset Pricing Applications, Review of Finance, (forthcoming)
  • Schraeder, S. 2016, Information Processing and Non-Bayesian Learning in Financial Markets, Review of Finance, 20(2), 823-853
  • Ng, L., F. Wu, J. Yu and B. Zhang, 2016, Foreign Investor Heterogeneity and Stock Liquidity Around the World, Review of Finance 20(5), 1867-1910
  • Lan, C., 2015, An Out-of-Sample Evaluation of Dynamic Portfolio Strategies, Review of Finance, 19(6), 2359-2399
  • Humphery-Jenner, M., 2012, Private Equity Fund Size, Investment Size, and Value Creation, Review of Finance, 16, 799-835
  • Adams, R. and D. Ferreira 2008, One-share, One-vote: The Empirical Evidence, Review of Finance, 12(1), 51 - 91
Management Science
  • Chuprinin, O., S. Gaspar and M. Massa, 2017, Adjusting to The Information Environment: News Tangibility and Mutual Fund Performance, Management Science (forthcoming)
  • Skjeltorp, J., E. Sojli, and W.W. Tham, 2017, Identifying Cross-Sided Liquidity Externalities. Management Science (forthcoming)
  • Babenko, I. and R. Sen, 2016, Do Non-executive Employees Have Valuable Information? Evidence from Employee Stock Purchase Plans, Management Science 62(7), 1878–1898
  • Cen, L., S. Dasgupta and R. Sen, 2016, Discipline or Disruption? Stakeholder Relationships and the Effect of Takeover Threat, Management Science 62(10), 2820–2841.
  • Wang, Y., C. Wu and L. Yang, 2015, Hedging with Futures: Does Anything Beat the Naïve Hedging Strategy? Management Science, 61(12), 2870 - 2889
  • Joini, E., P. Karehnke and C. Napp, 2014, On Portfolio Choice with Savoring and Disappointment, Management Science, 60(3), 796-804
  • Adams, R. and P. Funk, 2012, Beyond the Glass Ceiling: Does Gender Matter?, Management Science, 58(2), 219-235
  • Kozhan, R. and Tham, W.W. (2012). Execution Risk High-frequency Arbitrage. Management Science, 58 (11), 2131-2149
  • Zhang, B., S. Ting Lau and L. Ng, 2012, Information Environment and Equity Risk Premium Volatility around the World, Management Science, 58 (7), 1322-1340
Journal of Financial Intermediation
  • Kang, J., W. Liu, S. Yi and L. Zhang, 2015, Monitoring Role of Customer Firms in Suppliers and Its Effect on Supplier Value: Evidence from Block Acquisitions of Suppliers by Customer Firms, Journal of Financial Intermediation, 24(4), 537-563
  • Adams, R. and H. Mehran, 2012, Bank Board Structure and Performance: Evidence for Large Bank Holding Companies, Journal of Financial Intermediation, 21(2), 243-267
  • Humphery-Jenner, M., 2009, Internal and External Discipline Following Securities Class Actions, Journal of Financial Intermediation, 21(1), 157-179
  • Masulis, R. and R. Nahata, 2009, Strategic Investing: Evidence from Corporate Venture Capital, Journal of Financial Intermediation, 18(4), 599 - 631
Journal of Corporate Finance
  • He, W., L. Ng, N. Zaiats and B. Zhang, 2017, Dividend Policy and Earnings Management Across Countries, Journal of Corporate Finance, 42, 267-286
  • An, Z., D. Li and J. Yu, 2014, Firm Crash Risk, Information Environments, and Speed of Leverage Adjustment, Journal of Corporate Finance, 31(1), 132-151
  • Chen, Z., Z. An, D. Li and M. Murong, 2017, Do financial analysts play a role in shaping the rival response of target firms? International evidence, Journal of Corporate Finance, 45, 841-860
  • Humphery-Jenner, M. and R. Powell, 2014. Firm Size, Sovereign Governance, and Value Creation: Evidence from the Acquirer Size Effect, Journal of Corporate Finance, 26 (1), 57-77
  • Humphery-Jenner, M. and J.-A Suchard, 2013. Foreign VCs and Venture Success: Evidence from China, Journal of Corporate Finance, 21, 16-35
  • Humphery-Jenner, M., 2012, The Impact of the EU Takeover Directive on Takeover Performance and Asset Growth, Journal of Corporate Finance, 18, 254-272
  • Krishnan, CVN, R. Masulis, R. Thomas, and R. Thompson, 2012, Litigation in Mergers and Acquisitions, Journal of Corporate Finance, 18, 1248-1268
  • Humphery-Jenner, M. and R. Powell, 2011, Firm Size, Takeover Profitability, and the Effectiveness of the Market for Corporate Control: Does the Absence of Anti-takeover Provisions Make a Difference? Journal of Corporate Finance, 17(3), 418 - 437
  • Lee, G. and R. Masulis, 2011, Do Underwriters or Venture Capitalists Restrain Earnings Management by IPO Issuers?, Journal of Corporate Finance, 17(4), 982 - 1000
  • Tian, G. Y. and G. Twite, 2011, Corporate Governance, External Market Discipline and Firm Productivity, Journal of Corporate Finance, 17(3), 403 - 417.
  • Powell, R. and A. Stark, 2005, Do Takeovers Create Real Gains? Some UK Evidence, Journal of Corporate Finance, 11, 293 - 317
Journal of Financial Markets
  • Moshirian, F., X. Qian, C. Wee and B. Zhang, 2017, The Determinants and Pricing of Liquidity Commonality Around the World, Journal of Financial Markets (forthcoming)
  • Dang, T L, F. Moshirian, C. Wee, B. Zhang, 2015, Cross-listings and Liquidity Commonality Around the World, Journal of Financial Markets 22, 1-26
  • Clifton-Green, T. and R. Jame, 2011, Strategic Trading by Index Funds and Liquidity Provision Around S&P 500 Index Additions, Journal of Financial Markets, 14: 605-624
Financial Management
  • Dou, Y., S. Sahgal and E. Zhang, 2015, Should Independent Directors Have Term Limits? The Role of Experience in Corporate Governance, Financial Management, 44(3), 583-621
  • Guo, L., P. Lach and S. Mobbs, 2015, Tradeoffs Between Internal and External Governance: Evidence From Exogenous Regulatory Shocks, Financial Management, 44(1), 81-114
  • Parwada, J. and Y.W. Yang, 2010, Information Diffusion among International Fund Managers: Multi-country Evidence, Financial Management, 38, 817 - 835
Critical Finance Review
  • Smith, G. and P. Swan, 2014. Do Concentrated Institutional Investors Really Reduce Executive Compensation whilst Raising Incentives? Critical Finance Review, 3, 49-83
Journal of Accounting and Economics
  • Dou, Y., 2017, Leaving Before Bad Times: Does the Labor Market Penalize Pre-emptive Director Resignations?, Journal of Accounting and Economics, (forthcoming)
  • Masulis, R., C. Wang and F. Xie, 2012, Globalizing the Boardroom - The Effects of Foreign Directors on Corporate Governance and Firm Performance, Journal of Accounting and Economics, 53(3), 527-554
  • Adams, R. and D. Ferreira, 2008, Do Directors Perform for Pay?, Journal of Accounting and Economics, 46(1), 154 - 171
  • Adams, R. and J. Santos, 2006, Identifying the Effect of Managerial Control on Firm Performance, Journal of Accounting and Economics, 41(1), 55-85
Journal of Accounting Research
  • Dai, L., J. Parwada and B. Zhang, 2015, The Governance Effect of the Media's News Dissemination Role: Evidence from Insider Trading, Journal of Accounting Research, 53(2), 331-366
  • Fang, V., M. Maffett and B. Zhang, 2015, Foreign Institutional Ownership and the Global Convergence of Financial Reporting Practices, Journal of Accounting Research, 53(3), 593-631
Other Highly Ranked Journal Publications
  • Adams, R., B. Hermalin and M. Weisbach, 2010, The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey, Journal of Economic Literature, 48(1), 58-107
  • Adams, R., A. Licht and L. Sagiv , 2011, Shareholders and Stakeholders: How Do Directors Decide?, Strategic Management Journal, 32, 1331-1355
  • Adams, R. and D. Ferreira, 2009, Moderation in Groups: Evidence from Betting on Ice Break-ups in Alaska, Review of Economic Studies, 77(3), 882-913
  • Bhamra, H., K. H. Shim, 2017, Stochastic Idiosyncratic Cash Flow Risk and Real Options: Implications for Stock Returns, Journal of Economic Theory, 168, 400-431
  • Bhar, R., D. Colwell and C. Shao, 2015, A Multi-factor Model with Time-varying and Seasonal Risk Premiums for the Natural Gas Market, Energy Economics, 50, 207-214
  • Colwell, D., D. Feldman and W.Hu, 2015, Non-Transferable Non-Hedgeable Executive Stock Option Pricing, Journal of Economic Dynamics and Control, 53, 161-191
  • Colwell, D., El-Hassan, N. and O. Kwon, 2007, Hedging Diffusion Processes by Local Risk Minimization with Applications to Index Tracking, Journal of Economic Dynamics and Control, 31(7), 2135-2151
  • Feldman, D. and S. Gross, 2005, Mortgage Default: Classification Trees Analysis, Journal of Real Estate Finance and Economics, 30, 369-396
  • Humphery-Jenner, M., Z. Sautner and J. A. Suchard, 2016, Cross-Border Mergers and Acquisitions: The Role of Private Equity Firms, Strategic Management Journal (forthcoming)
  • Humphery-Jenner, M., 2014, Takeover Defences as Drivers of Innovation and Value-Creation, Strategic Management Journal, 35 (5), 668-690
  • Humphery-Jenner, M., 2013, Strong Financial Laws Without Strong Enforcement: Is Good Law Always Better than No Law?, Journal of Empirical Legal Studies, 10 (2), 288-324
  • Humphery-Jenner, M. and J. A. Suchard, 2013, Foreign VCs and the Internationalization of Entrepreneurial Companies: Evidence from China, Journal of International Business Studies, 44 (6), 607-621
  • Li, D., F. Moshirian, P. Nguyen, and T. Wee, 2008, Demand for Life Insurance in the OECD Countries, Journal of Risk and Insurance, 74 (3), 637 - 652
  • Massari, F., 2013 Comment on If You're so Smart, Why Aren't You Rich? Belief Selection in Complete and Incomplete Markets, Econometrica, 81 (2), 849-851
  • Krishnan, CNV., and R. Masulis, 2013, Law Firm Expertise and Mergers and Acquisitions, Journal of Law and Economics, 56: (1), 189-226
  • Krishnan, CNV., R. Masulis, R. Thomas and R. Thompson, 2014, Jurisdictional Effects in M&A Litigation, Journal of Empirical Legal Studies, 11(1), 132-158
  • Masulis, R. and R. Thomas, 2009, Does Private Equity Create Wealth? The Effects of Private Equity and Derivatives on Corporate Governance, University of Chicago Law Review, 76, 219-260
  • Payzan-Le Nestour, E., 2013, The Neural Representation of Unexpected Uncertainty During Value-Based Decision Making, Neuron, 79 (1), 191-201
  • Payzan-Le Nestour, E. and P. Bossaerts, 2011, Risk, Unexpected Uncertainty, and Estimation Uncertainty: Bayesian Learning in Unstable Settings, PLoS Computational Biology, 79 (1), 194-201
  • Sojli, E. and W.W. Tham, 2015. Divided Governments and Futures Prices. Journal of Econometrics, 187 (2), 622-633
  • Chiarella, C., B. Kang, C. Nikitopoulos Sklibosios and T-D. To. 2013, Humps in the volatility structure of crude oil futures markets: new evidence”, Energy Economics, 40, 989-1000
  • Ghandar, A., Z. Michalewicz, M. Schmidt, T-D. To and R. Zurbruegg, 2009, Computational Intelligence for Evolving Trading Rules, IEEE Transactions on Evolutionary Computation, 13(1), 71-86
  • Pan, Z., Y. Wang and L. Yang, 2015, Hedging Crude Oil Using Refined Product: A Regime Switching Asymmetric DCC Approach, Energy Economics, 46, 472-484
  • Yang, L., Y. Wang and C. Wu, 2015, Oil price shocks and agricultural commodity prices, Energy Economics, 44, 22-35
  • Huang, T., F. Wu, J. Yu and B. Zhang, 2015, Political risk and dividend policy: Evidence from international political crises, Journal of International Business Studies, 46, 574-595