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 Shirina Lin; 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

Ali, Searat, Iqbal, Jamshed, Malik, Ihtisham and Rahman, Dewan (2024). Does managerial pay disparity influence BHC default risk?. International Review of Economics & Finance, 92, 1250-1269. doi: 10.1016/j.iref.2024.02.032

Chang, Yuyuan, He, Wen and Mi, Lin (2024). Cross-border regulatory cooperation and cash holdings: evidence from US-listed foreign firms. The British Accounting Review, 56 (6, Part A) 101449, 101449. doi: 10.1016/j.bar.2024.101449

Chen, Guoli, Huang, Ronghong, Mei, Shunji, and Tan, Kelvin Jui Keng (2024). CEO Initial Contract Duration and Corporate Acquisitions. Organization Science 1-23. https://doi.org/10.1287/orsc.2022.16493

Chowdhury, Hasibul, Estreich, Timothy, Hossain, Ashrafee, and Zheng, Jiayi (2024). U.S. Political corruption and labor investment (in)efficiency. Global Finance Journal 60 100962 100962. https://doi.org/10.1016/j.gfj.2024.100962

Chowdhury, Hasibul, Hossain, Ashrafee, and Jha, Anand (2024). Acquisitions and social capital. Journal of Business Finance and Accounting 51 (9-10) 2490-2522. https://doi.org/10.1111/jbfa.12787

Chowdhury, Hasibul, Lin, Beiqi, Mei, Shunji, Tan, Kelvin Jui Keng, and Zhang, Lei (2024). Does exchange-traded fund ownership affect a firm’s expected crash risk?. European Accounting Review 1-33. https://doi.org/10.1080/09638180.2024.2368129

Chowdhury, Hasibul, Hasan, Mostafa Monzur, Luong, Hoang and Xu, Suichen (2024). Do CEOs' industry tournament incentives affect stock liquidity?. Corporate Governance: An International Review. doi: 10.1111/corg.12623

Eugster, Nicolas, Kowalewski, Oskar, and Spiewanowski, Piotr (2024). Internal governance mechanisms and corporate misconduct. International Review of Financial Analysis 92 103109 103109. https://doi.org/10.1016/j.irfa.2024.103109

Fang, Hongxing, Chen, Linghong, Xiong, Jiacai and Zhu, Yushu (2024). Social trust and entrepreneurship: insights from China's Social Credit System. Finance Research Letters, 62 105118, 1-10. doi: 10.1016/j.frl.2024.105118

Haq, Mamiza, Ongena, Steven, Pu, Juying and Tan, Eric K. M. (2024). Do banks engage in earnings management? The role of dividends and institutional factors. Journal of Banking and Finance, 168 107287, 107287. doi: 10.1016/j.jbankfin.2024.107287

Houqe, Muhammad Nurul, Michael, Michael, Ali, Muhammad Jahangir and Rahman, Dewan (2024). Company reputation and dividend payout. Meditari Accountancy Research, 32 (6), 2261-2297. doi: 10.1108/MEDAR-12-2023-2249

Im, Hyun Joong, Selvam, Srinivasan and Tan, Kelvin J.K. (2024). Effect of stock liquidity on the economic value of patents: Evidence from U.S. patent data. International Review of Financial Analysis, 94 103314, 103314. doi: 10.1016/j.irfa.2024.103314

Kabir, Muhammad, Rahman, Dewan and Jamil, Taher (2024). Torn between Two Debt Types? The Role of Managerial Ability in a Firm's Choice Between Bank Loans and Public Debt. Journal of Banking & Finance, 164 107205, 1-17. doi: 10.1016/j.jbankfin.2024.107205

Neupane, Biwesh, Thapa, Chandra, Marshall, Andrew, Neupane, Suman and Shrestha, Chaman (2024). Do foreign institutional investors improve board monitoring?. Journal of International Financial Markets, Institutions and Money, 91 101962, 101962. doi: 10.1016/j.intfin.2024.101962

Quan, Xiaofeng, Tan, Kelvin Jui Keng and Li, Donghui (2024). An introduction to frontier on corporate finance and capital market development in China. Pacific Basin Finance Journal, 87 102504, 102504. doi: 10.1016/j.pacfin.2024.102504

Rahman, Dewan, Haque, Anamul, Kabir, Muhammad and Bin Hasan, Shehub (2024). Firm-level political risk and equity issuance. Journal of International Financial Markets, Institutions & Money, 91 101944, 101944. doi: 10.1016/j.intfin.2024.101944

Wang, Yujie, Nadeem, Muhammad, Malik, Ihtisham and Xiong, Ling (2024). Board gender reforms and voluntary disclosure: international evidence from management earnings forecasts. Corporate Governance: An International Review, 32 (5), 890-914. doi: 10.1111/corg.12569

Xiong, Jiacai, Yang, Zelin and Zhu, Yushu (2024). Does Information Infrastructure Curb Corporate R&D Manipulation? Evidence from China. Economics Letters, 235 111562, 111562. doi: 10.1016/j.econlet.2024.111562

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.

Bond, Shaun, Pai, Yu-Jou, and Zheng, Suyan (2023). Homemade equity offerings via dividend reinvestment and stock purchase plans. Review of Financial Economics 41 (2) 197-216. https://doi.org/10.1002/rfe.1172

Bond, Shaun, Wu, Wentao and Zheng, Suyan (2023). Seasonal Patterns of Earnings Releases and Post-Earnings Announcement Drift. The Quarterly Review of Economics and Finance, 91, 15-24. doi: 10.1016/j.qref.2023.07.003

Chen, Yongming and Li, Hui (2023). The dual purpose of insider trading: Signaling quality and battling shorts. Finance Research Letters 55 104011 1-9. https://doi.org/10.1016/j.frl.2023.104011

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.

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; Dr Chris Bell; Prof Shaun Bond; Prof Robert Faff; Prof Stephen Gray; Dr Khoa Hoang; Dr Weiting Hu; 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, David Abad, Menachem (Meni) Abudy, Tobias Adrian, Yacine Ait-Sahalia, Olivier Akmansoy, Jamie Alcock, Vitali Alexeev, Arash Aloosh, Livia Amato, Diego Amaya, James Angel, Amadeus Bach, Edwin Baidoo, Gaetan Bakalli, Andrea Barbon, Oksana Bashchenko, Parampreet Christopher Bindra, Geir Hoidal Bjonnes, Jeff Black, Bernard S. Black, Santiago Bohorquez, ... Zhen-Xing Wu (2024). Nonstandard errors. The Journal of Finance 79 (3) 2339-2390. https://doi.org/10.1111/jofi.13337

Dang, Tung Lam, Luong, Hoang, Nguyen, Lily and Nguyen, My (2024). Political uncertainty and commonality in liquidity. Pacific-Basin Finance Journal, 83 102249. doi: 10.1016/j.pacfin.2023.102249

Hoang, Lai T., Tan, Eric K.M. and Yang, Joey W. (2024). The investment behavior of China-connected mutual funds in the pandemic: Information advantage through operational link. International Review of Financial Analysis, 95 103309, 103309. doi: 10.1016/j.irfa.2024.103309

Huang, Jiexiang, Roberts, Helen and Tan, Eric K.M. (2024). Media uncertainty and risk-taking. International Review of Financial Analysis, 91 102930, 1-21. doi: 10.1016/j.irfa.2023.102930

Neupane, Suman, Fan, Zhebin, Yanes Sanchez, Daniel and Neupane, Biwesh (2024). Diverse investor reactions to the COVID-19 Pandemic: Insights from an emerging market. Journal of International Financial Markets, Institutions and Money, 93 102000, 102000. doi: 10.1016/j.intfin.2024.102000

O’Neill, Michael, Sun, Jie (Felix), Warren, Geoffrey and Zhu, Min (2024). Scale diseconomies and capacity in fund management: variation across equity markets. Journal of Accounting Literature, ahead-of-print (ahead-of-print). doi: 10.1108/JAL-05-2024-0094

Tang, Lu, Tan, Eric K.M. and Low, Rand (2024). Complements or substitutes? The effect of ETFs on other managed funds. International Review of Financial Analysis, 95 103414, 103414. doi: 10.1016/j.irfa.2024.103414

Wei, Wang Chun, Koutmos, Dimitrios and Zhu, Min (2024). Are Bitcoin option traders speculative or informed?. Finance Research Letters, 67 105739, 105739. doi: 10.1016/j.frl.2024.105739

Zhang, Zikai and Neupane, Suman (2024). Global IPO underpricing during the Covid-19 pandemic: The impact of firm fundamentals, financial intermediaries, and global factors. International Review of Financial Analysis, 91 102954, 1-16. doi: 10.1016/j.irfa.2023.102954

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.

Hoang, Khoa, Huang, Ronghong, and Truong, Helen (2023). Resurrecting the market factor: a case of data mining across international markets. Pacific-Basin Finance Journal 82 102183 1-27. https://doi.org/10.1016/j.pacfin.2023.102183

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.

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; Dr Nicolas Eugster; 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

Borsuk, Marcin, Eugster, Nicolas, Klein, Paul-Olivier, and Kowalewski, Oskar (2024). Family firms and carbon emissions. Journal of Corporate Finance 89 102672 102672. https://doi.org/10.1016/j.jcorpfin.2024.102672

Botrel, Clara Almeida, Rekker, Saphira, Wade, Belinda and Wilson, Syvannah (2024). Understanding the lobbying actions taken by the Australian renewable energy industry. Journal of Cleaner Production, 434 139674, 1-13. doi: 10.1016/j.jclepro.2023.139674

Chang, Yuyuan, He, Wen and Mi, Lin (2024). Climate risk and payout flexibility around the world. Journal of Banking and Finance, 166 107233, 107233. doi: 10.1016/j.jbankfin.2024.107233

Humphrey, Jacquelyn, Rekker, Saphira, Gilbert, Aaron, Henry, Ella, and Scott, Ayesha (2024). Sustainable Finance. Brisbane, Australia: The University of Queensland.https://doi.org/10.14264/b2ba0a3

Pearson, Samuel, Hornsey, Matthew J., Rekker, Saphira, Wade, Belinda and Greig, Chris (2024). Publicly expressed climate scepticism is greatest in regions with high CO2 emissions. Climatic Change, 177 (5) 79. doi: 10.1007/s10584-024-03740-3

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.

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 Weiting Hu; Dr Ronghong Huang; Dr Shirina Lin; Dr Leo (Hoang) Luong; Dr Suman Neupane-Joshi; A/Prof Kelvin Tan; A/Prof Min Zhu.

Recent publications

Fan, Zhebin and Neupane, Suman (2024). Investor horizon, experience, and the disposition effect. Journal of Behavioral and Experimental Finance, 44 101003, 101003. doi: 10.1016/j.jbef.2024.101003

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.

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.