Associate Professor Aaron Gilbert

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Associate Professor, Head of Department - Finance

Phone: +64 9 921 9999

Email: agilbert@aut.ac.nz

Qualifications:

  • Doctor of Philosophy (Ph.D.) in Finance
  • Masters of Management Studies majoring in Finance (First Class Honours) 
  • Conjoint Bachelor of Management Studies and Bachelor of Law (First Class Honours) majoring in Economics and Finance

Biography:

Aaron joined the Finance Department at AUT in August 2006 after completing his thesis. He previously graduated from the University of Waikato with a Conjoint BMS/LLB and an MMS majoring in Finance. The combination of degrees in both finance and law resulted in his thesis where he examined the role of insider trading laws on the stock market. 

Research Areas:

  • The Role of Regulation on Financial Markets, with particular emphasis on:
    • Insider Trading
    • Financial Disclosure
  • Market Microstructure
  • Financial Literacy
  • Readability of Financial Documents

Current Research Projects:

  • Readability of Financial Disclosures
  • Changes in Financial Sanctions
  • Various issues relating to KiwiSaver

Publications:

  1. Chen, J., Gilbert, A., & Tourani-Rad, A. (2016). Are Foreign IPOs really Foreign? Price Efficiency and Information Asymmetry of Chinese Foreign IPOs. Journal of Banking and Finance 63, 95-106.
  2. Frijns, B., Gilbert, A., & Tourani-Rad, A. (2015). The Determinants of Price Discovery: Evidence from US-Canadian Cross-listed Shares. Journal of Banking and Finance 59, 457-468
  3. Frijns, B., Gilbert, A., & Zwinkels, R. (2015). On the Style-based Feedback Trading of Mutual Fund Managers, Journal of Financial and Quantitative Analysis, FORTHCOMING.
  4. Dye, J., Gilbert, A., and Pacheco, G., (2015). Does integration lead to lower costs of equity? Australian Journal of Management, FORTHCOMING.
  5. Frijns, B., Gilbert, A., & Tourani-Rad, A. (2014). Crossing the Tasman: Determinants of price discovery for Australia-New Zealand cross-listed shares, Pacific Accounting Review 26, 177-195.
  6. Frijns, B., Gilbert, A., & Tourani-Rad, A. (2014). New Zealand Capital Markets, Pacific Accounting Review 26.
  7. Dodd, O., Frijns, B., & Gilbert, A. (2013). On the Role of Cultural Distance in the Decision to Cross-list. European Financial Management, 21, 706-741
  8. Frijns, B., Gilbert, A., & Tourani-Rad, A. (2013). Learning By Doing: The Role of Financial Experience in Financial Literacy. Journal of Public Policy, 34, 123-154.
  9. Frijns, B., Gilbert, A., & Zwinkels, R. (2013). Market Timing Ability and Mutual Funds: A Heterogeneous Agent Approach. Quantitative Finance, 13, 1613-1620.
  10. Frijns, B., Gilbert, A., Lehnert, T., & Tourani-Rad, A. (2013). Uncertainty Avoidance, Risk Tolerance and Corporate Takeover Decisions, Journal of Banking and Finance, 37, 2457-2471.
  11. Frijns, B., Gilbert, A., & Tourani-Rad, A. (2013). Do Criminal Sanctions Deter Insider Trading. The Financial Review, 48, 205-232.
  12. Andersen, A., Gilbert, A., & Tourani-Rad, A. (2013). Breach of Continuous Disclosure in Australia. JASSA, the Applied Journal of the Securities Industry of Australia, 4, 21. 
  13. Frijns, B., Gilbert, A., & Tourani-Rad, A. (2012). New Zealand Insider Trading Regulations: A Market Evaluation. JASSA, the Applied Journal of the Securities Industry of Australia, 4, 47-50.
  14. Frijns, B., Gilbert, A., & Tourani-Rad, A. (2011). Heterogeneity and Sentiment in the Stock Market. International Journal of Behavioural Accounting and Finance, 2, 140-151.
  15. Frijns, B., Gilbert, A., & Tourani-Rad, A. (2010). The Dynamics of Price Discovery for Cross-Listed Shares: Evidence from Australia and New Zealand. Journal of Banking and Finance, 34, 498-508.
  16. Frijns, B., Gilbert, A., & Tourani-Rad, A. (2008). Insider Trading, Regulation and the Components of the Bid-Ask Spread. Journal of Financial Research, 31, 225-246.
  17. Gilbert, A., & Tourani-Rad, A. (2008). The Impact of Regulations on the Informational Basis of Insider Trading. Australian Journal of Management, 33, 407-436.
  18. Frijns, B., Gilbert, A., & Reumers, P. (2008). Corporate Ownership and Firm Performance: Evidence from the Netherlands, Journal of Corporate Ownership and Control 5, 382-392.
  19. Gilbert, A., & Tourani-Rad, A. (2007). Insiders and the Law: The Impact of Regulatory Change on Insiders Trading. Management International Review, 47, 745-765.
  20. Gilbert, A., Tourani-Rad, A., & Wisniewski, T. (2006). Do Insiders Crowd Out Analysts? Finance Research Letters, 3, 40-48.
  21. Etebari, A., Tourani-Rad, A., & Gilbert, A. (2004). Disclosure Regulation and the Profitability of Insider Trading: Evidence from New Zealand. Pacific-Basin Finance Journal, 12, 479-502.
  22. Gilbert, A., Tourani-Rad, A. & Wisniewski, T. (2004). The Relationship between Insider Trading and Volume-Induced Return Autocorrelation. Finance Letters, 3.
  23. Tourani-Rad, A., Etebari, A., & Gilbert, A. (2003). The Profitability of Insider Trading: New Zealand Evidence. University of Auckland Business Review, 5, 1-14. 

Awards:

  • Best Paper on Capital Markets at the New Zealand Finance Colloquium 2018, Palmerston North, New Zealand by Ministry of Business, Innovation and Employment.
  • Best Paper in Corporate Governance awarded at the Accounting and Finance Association of Australia and New Zealand Conference 2015, Hobart, Australia for “Help or Hinderance? Board Connectivity and Firm Performance.”
  • Best Paper on Personal Financial Education awarded at the New Zealand Finance Colloquium, Albany, New Zealand by New Zealand Centre for Personal Financial Education, 2012
  • Best Paper on Investments awarded at the New Zealand Finance Colloquium, Christchurch, New Zealand by Institute of Finance Professionals New Zealand (INFINZ), 2011
  • Best Paper using SIRCA Data at the New Zealand Finance Colloquium, 2008
  • Best Paper in the field of Corporate Finance and/or Financial Market Regulation at the New Zealand Finance Colloquium, 2007
  • Best PhD Paper at the Financial Management Association European Meeting, Siena, Italy, 2005
  • Best Paper in the field of Corporate Finance and/or Financial Market Regulation at the New Zealand Finance Colloquium, 2005
  • Awarded the FRST Top Achievers Doctoral Scholarship in 2003