AUT - Alireza Tourani-Rad

Professor Alireza Tourani-Rad

Professor and Discipline Chair of Finance

Phone: :+64 9 921 9999 - ext: 5336

Email: tourani@aut.ac.nz

Qualifications:

Ph.D
Master of Business Administration
Bachelor of Science

Memberships and Affiliations:

Member of the Australian-New Zealand Shadow Financial Regulatory  Committee (ANZSFRC), 2006-present
Fellow of FINSIA (Financial Services Institute of Australasia)
Co-Regional Director, Global Association of Risk Professionals (GARP), New Zealand, 2004-present

Teaching Areas:

• Corporate Finance
• Investment and Portfolio
• International Finance
• Corporate Governance

Research areas:

• Corporate Finance and Governance
• Investments Analysis
• Fund Performance
• Financial Markets
• International Finance

Research Summary:

Professor Tourani-Rad  has published extensively, in excess of seventy  five refereed articles, covering financial markets, corporate finance and governance, investment analysis, and mutual fund performance. Professor Tourani-Rad was named one of the most prolific authors in finance, ranked among the top 2% worldwide ["Prolific Authors in the Finance Literature: A Half Century of Contributions", 2005, Journal of Finance Literature].

Current Research Projects:

• Culture and Acquisition
• Corporate Governance and Firm Valuation
• Integration of Financial Markets and Political Crisis
• Global Financial Crisis
• Insider Trading
• Cross Listings

Publications:

• "Political Crises and the Stock Market Integration of Emerging Markets" Journal of Banking and Finance, 2011, accepted and forthcoming (with B. Frijns and I. Mulyadi)
• "Asymmetric information and price competition in small business lending", Journal of Banking and Finance, 2011, accepted and forthcoming (with D. Margaritis and M. Liu).
• “Price Discovery, Cross-listings and Exchange Rates: Evidence from Australia and New Zealand”, Journal of Banking and Finance, 2010, Vol. 34, (with B. Frijns, and A. Gilbert)
• “Is there an Asymmetry in the Response of Diesel and Petrol Prices to Crude Oil Price Changes? Evidence from New Zealand" Energy Economics, 2010, Vol. 32,  (with D. Margaritis and M. Liu)
• “The Information Content of Implied Volatility: Evidence from Australia” Journal of Futures Markets, 2010, Vol. 30 (with B. Frijns and C. Tallau)
• “Monetary Policy and Interest Rate Rigidity in China” Applied Financial Economics, 2009, Vol. 19, 2009, (with M.H. Liu and D. Margaritis)
• “The Impact of Regulations on the Informational Basis of Insider Trading” Australian Journal of Management, 2008, Vol. 33, No 2 (with A. Gilbert)
• “Mean Reversion of Profitability: Evidence from the European Listed Firms” Managerial Finance, 2008, Vol. 34, No. 11 pp.799-815(with Y. Altunbaş, A. Karagiannis and M. Liu)
• “The Impact of Corporate Governance on Corporate Performance: Evidence from Japan", Pacific Basin Finance Journal, Volume 16, Issue 3, June 2008, Pages 236-251  (with B. Frijns, R. Bauer and R. Otten)
• “The New Zealand Implied Volatility Index”, New Zealand Economic Paper (2008), Vol. 42, 103-126. (with Frijns, B. and Y. Zhang)
• “Insider Trading, Regulation and the Components of the Bid-Ask Spread, (2008),  Journal of Financial Research, 2008, Vol 31, No. 3 (with B. Frijns, and A. Gilbert)
• “Monetary Policy Transparency and Pass-through of Interest Rates”, Journal of Banking and Finance, 2008, Vol. 32  501-511 (with D. Margaritis and M.H. Liu)
• “Earnings management and the market performance of stock dividend issuing firms: NZ evidence”,  Accounting Research Journal, 2008, Vol 21 (1). (with H. Koerniadi)
• Accrual or Cash Flow Anomaly? Evidence from the New Zealand Stock Market", Accounting Research Journal, 2007 Vol 20 (1), 21-36 (with H. Koerniadi)
• “Stock Index in New Zealand -What went wrong?“, INFINZ Journal, October 2007(with J. Bialkowski) 
• “Difficulties in Value Creation: Telecom New Zealand’s Acquisition of AAPT Ltd” International Finance Review,  Volume 7, 2007 (with Z. Toh)
• “Stock Repurchase in New Zealand” forthcoming in Advances in Financial Economics, Vol. 12, 2007 (with H. Koerniadi and M. Liu)
• “Insiders and the Law: The Impact of Regulatory Change on Insider Trading”  International Management Review, Vol. 47, No. 5, 2007 (with Aaron Gilbert and Tomasz Wisniweski)
• “New Zealand Equity Fund Performance Appraisal: A Non-Parametric Approach” in Greg N. Gregoriou (ed) Performance of Mutual Funds: An International Perspective, Palgarve- MacMillan, US, 2006 (with Dimitri Margaritis and Roger Otten)
• “New Zealand Mutual Fund Performance and Persistence” Accounting and Finance, Vol. 46, No.3, 2006 (with Rob Bauer and Roger Otten)
• “Do insiders crowd out analysis?”  Finance Research Letters, Volume 3, No. 1, 2006 (with Aaron Gilbert and Tomasz Wisniweski)
• “The Relationship between Insider Trading and Volume-Induced Return Autocorrelation”, Finance Letters, Volume 3, Issue 4, 2005 (with Aaron Gilbert and Tomasz Wisniweski)
• “Ethical Investing in Australia and New Zealand; is there a Financial Penalty?”, Pacific Basin Finance Journal, Volume, 14, No. 1, 2006 (with R. Bauer and R. Otten)
• “A Time-Varying Beta Approach to Measuring New Zealand’s Country Risk”, Managerial Finance,  Vol. 32, No. 3, 2006 (with D. Choi and B. Wilson)
• “Stock Price Performance of Seasoned Equity Offerings: Completed versus Withdrawn”, Managerial Finance,  Vol. 32, No. 3, 2006 (with B. Frijns, F. Navissi, and L. Tsai)
• “The Impact of Regulatory Change on Insider Trading Profitability: Some Early Evidence from New Zealand” Advances in Financial Economics, Vol. 11, 2005  (with Aaron Gilbert and Tomasz Wisniweski)
• “An Investigation of Investors’ Overconfidence, Familiarity and Socialization”,  Accounting and Finance, Vol. 45, No. 2, 2005 (with S. Kirkby)
• “Disclosure Regulations and its Impact on Insider Profitability: Evidence from New Zealand” Vol.12, No 5, 2004, Pacific Basin Finance Journal (with A, Etebari, and A Gilbert)
• “Some Lessons from Price Bubbles and Market Crashes in Southeast Asia”, Managerial Finance, Vol. 30, No. 7, 2004  (with J. Ang and  J.Yu)
• “A Tale of Three Stock Markets: Timing between Hong Kong, Shanghai and Shenzhen”,  Managerial Finance, Vol. 30, No. 7, 2004 (with Ye Yi)
• “Characteristics of Venture Capital Firms and Investment Appraisals: Australian Evidence”,  Journal of  Entrepreneurial Finance and Business Venture. Vol. 8, No. 2, 2003 (with B. England). This paper was presented at the 2003 Academy of Entrepreneurial Finance Conference in Chicago, April 2003 and was chosen as one of  the best papers presented at the Conference to be included, after going through refereeing process, in the above journal.
• “Profitability of Insider Trading: New Zealand Evidence”, Auckland Business Review, Vol. 5, No 2, 2003 (with A. Etebari and A. Gilbert)
• “Depository Receipts from the East Asian Region”, Managerial Finance, Vol. 28, No. 2, 2002 (with A. Samant and C. Wang)
• “The Long Run Performance of Malaysian Initial Public Offerings: Value and Growth Effects”, Managerial Finance, Vol. 28, No. 2, 2002 (with A. Corhay and S. Teo)
• “International Acquisitions and Shareholder Wealth: Evidence from the Netherlands”, International Review of Financial Analysis, Vol. 9, No. 2, 2000 (with A. Corhay)
• “Convergence of Corporate Governance Systems”, Managerial Finance, Vol. 26, No. 10,  2000 (with G. Carati)
• “Risk Adjusted Performance Measurement and Capital allocation for Trading Desks within  Banks” Managerial Finance, Vol. 26, No. 3, 2000 (with H. Ploegmakers and M. Schweitzer)
• “Impact of Introducing Options on the Brussels Stock Exchange”, Cahiers Economiques de Bruxelles, (Economic Journal of Brussels) No. 166-2, 2000 (with A. Corahy)
• “A Stakeholder Perspective of Capital Structure: Evidence from the Dutch Market”,  Research in International Business and Finance, Vol. 15, 2000, (with P. Van Stekelenborg)
• “Dividend Reinvestment Plans”, Bdreijsfkunde, (Dutch Journal Of Management) Vol.71, No. 4, 1999 (with A. Herst and B. Oude Elberink)
• “Market Valuation of European Bank Mergers”, European Management Journal, Vol. 17, No. 5, 1999 (with L. Van Beek)
• "A Test of the Diversification Benefits of Multinational Companies in a New Zealand Based Portfolios", Advances in the Pacific Basin Financial Markets, Volume 5, 1999 (with E. Vos and P. Webber).
• "Seasoned Equity Offering in Nederland" (in Dutch), Corporate Finance, Vol. 3, Winter 1998 (with I. de Wit)
• "Marketing Strategy and Market Value: An Event Study Analysis", European Management Journal, Vol. 16, No. 3, 1998 (with C. Pahud)
• "Corporate Control and Governance Systems", Strategic Issues at the Dawn of a New Millennium, Lansa Publishing, The Netherlands, 1998 (with G. Carati).
• "Capital Structure and Dividend Policies of Indonesian Firms", Pacific Basin Finance Journal, Vol. 5, No.1, 1997 (with J. Ang and A. Fatemi)
• "Heteroskedasticity Adjusted Market Model and an Event Study", Quarterly Review of Economics and Finance, Vol. 36, No. 4, 1996 (with A. Corhay)
• "Return Interval and Variability in Risk Measurement", Belgian Journal of Operation Research, Vol. 36, No.1, 1996 (with A. Corhay)
• "The Impact of International Takeovers on Share Prices of Dutch Companies" (in Dutch), Maandblad voor Accountancy en Bedrijfseconomie, (Dutch Journal of Accounting and Business Economics) Vol. 70, No. 3, 1996 (with A. Corhay and F. Adriaanse)
• "Public Listing in the Netherlands: Initial Return and Long Term Performance" (inDutch), Tijdschrift voor Economie en Management, (Belgian Journal of Economics and Management)  Vol. 41, No. 1, 1996 (with J.    Munsters)
• "Determinants of Cross Border Listings: The Dutch Evidence", in M. Levis (ed.), Empirical Issues in Raising Equity Capital, North Holland, Amsterdam, 1996 (with A. Fatemi).
• "Market Valuation of Corporate Restructuring in the Netherlands", Economic and Corporate Restructuring, Lansa Publishing, The Netherlands, 1996 (with A. Corhay).
• "On the Presence of Day of the Week Effect in the Foreign Exchange Markets", Managerial Finance, Vol. 21, No. 8, 1995 (with A. Corhay and A. Fatemi)
• "Long Run Behaviour of Pacific Basin Stock Prices", Applied Financial Economics, Vol. 5, No.1, 1995 (with A. Corhay and J.P. Urbain)
• "A Note on Risk Reduction under Markowitz's Portfolio Theory", in H. Lang and J. Doukas (eds.), Research in International Business and Finance, Volume 12, 1995 (with A. Etebari).
• “Expected Returns and Volatility in European Stock Markets", International Review of Economics and Finance, Vol. 3, No.1, 1994 (with A. Corhay)
• "Management Buy Out and Shareholders' Wealth" (in Dutch), Bedrijfskunde, (Dutch Journal Of Management) Vol. 66,No. 4, 1994 (with A. Corhay and A. Herst)
• "Initial Public Offerings and the Role of Venture Capitalists in the Netherlands", Journal of International Financial Markets, Institutions & Money, Vol. 4, Nos. 3/4, 1994 (with J. Munsters)
• "Statistical Properties of Daily Returns: Evidence from European Stock Markets", Journal of Business Finance and Accounting, Vol. 21, No: 2, 1994 (with A. Corhay)
• Co Movement and Dynamic Interrelationships in Pacific Basin Stock Markets", Research in International Business and Finance, Volume 11 , 1994 (with A. Corhay and J.P. Urbain).
• "Stock Return Variation and Expected Dividends: The Far Eastern Evidence", studies in the Financial Markets of the Pacific Basin, Volume II, JAI Press, Connecticut, 1994 (with A. Fatemi)
• "Long term Performance of Venture Capitalist Backed IPOs on the Amsterdam StockExchange" (in Dutch), Financiering en Belegging Stand van Zakenanno (Finance and Investments, State of the Art) 1994, Erasmus University Rotterdam, 1994 (with J. Munsters).
• "Risk Measurement and Size Effect on the Dutch Stock Market", in L. Peccati and M.Viren (eds.), Financial Modelling: Recent Research, Springer Verlag, 1994 (with A. Corhay).
• "Initial Public Offerings on the Amsterdam Stock Exchange" (in Dutch), Economische Statistische Berichten, (Economics and Statistical Reports) Vol. 78, No. 3910, 1993 (with T. Huygen)
• "Return Interval, Firm Size and Systematic Risk on the Dutch Stock Market", Review of Financial Economics, Vol. 2, No. 2, 1993 (with A. Corhay)
• "The Impact of Voluntary Sell Offs on Share Prices of Dutch Listed Companies" (inDutch), Maandblad voor Accountancy en Bedrijfseconomie, (Dutch Journal of Accounting and Business Economics)  Vol. 67, No. 10, 1993 (with A. Corhay)
• "Stock Return Variation and Expected Dividends: Evidence from the European Markets", Journal of Multinational Financial Management, Vol. 3, Nos. 3/4, 1993(with A. Fatemi)
• "Common Stochastic Trends in European Stock Markets", Economics Letters, Vol. 42, 1993 (with A. Corhay and J.P. Urbain)
• "Conditional Heteroskedasticity in Pacific Basin Stock Market Returns", Research in International Business and Finance, Volume 10, 1993 (with A. Corhay).
• "The Parallel Market Functions Efficiently" (in Dutch), Economisch Statistische Berichten, (Economics and Statistical Reports) Vol. 77, No. 3866, 1992 (with A. Corhay)
• "The Merger Between NMB Postbank Group and the Nationale Nederlanden: An Empirical Study of Shareholders' Wealth" (in Dutch), Maandblad voor Accountancy en Bedrijfseconomie, (Dutch Journal of Accounting and Business Economics) Vol. 66, 1992 (with R. Cremers)
• "Beta Estimates of Dutch Firms: Alternative Methods", Het VBA Journal (Dutch Investment Analysts Journal, Vol. 8, No. 4, 1992 (with A. Corhay).

Awards:

• Best Paper Award, “Insiders and the Law: The Impact of Regulatory Change on Insider Trading”, Annual Meeting NZ Finance Colloquium, 2005, Wellington, the winner of the NZ Institute for the Study of Competition and Regulation. (Co-authors A. Gilbert and Tomasz Wisniewski)
• Best Ph.D/DBA Paper, “Do Insiders Crowd Out Analysts” Financial  Management Association Europe, 2005, Sienna, Italy, (Co-authors A. Gilbert and Tomasz Wisniewski)
• Best Paper Award, “Elements of Effective Insider Trading Laws: A Comparative Analysis”, Annual Meeting of NZ Finance Colloquium, 2007, Auckland, the winner of the New Zealand Institute for the Study of Competition and Regulation  (Co-authors B. Frijns and A. Gilbert)
• SIRCA Research Excellence Award for the paper presented at New Zealand Finance Colloquium: "Disclosure regulation, information risk and market spreads", 2008 Palmerstone North (Co-authors B. Frijns and A. Gilbert)
• Emerald Publishing Corporation Highly Commended award for paper published in the Accounting Research Journal 2008 "Earnings management and the market performance of dividend issuing firms: NZ evidence" (Co-author H. Koerdiani)
• Best Paper Award for the paper “Asymmetric Information and Price Competition in Small Business Lending”, New Zealand  Finance Colloquium, 2010, the winner of MED/RBNZ/Treasury (Co-authors M. Liu and D. Margaritis)
• Second Best Prize for the paper "Corporate Governance and Cost of Equity: Do Financial Development and Legal Origin Matter” at the IIM-International Finance conference, 2010, Calcutta, India (Co-authors P. Gupta and C. Krishnamurti)
• JASSA Merit Award for the paper “Australian Implied Volatility Index” given by the editorial board of the Journal, 2011 (C0-authors B. Frijns and C. Tallau)
• CFA Institute Second Best Prize for the paper “Financial Development - Corporate Governance and Cost of Equity  Capital “, 2011 (Co-authors P. Gupta and C. Krishnamurti)