Professor Alireza Tourani-Rad

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Deputy Dean and Associate Dean International

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:

  • Fellow of FINSIA (Financial Services Institute of Australasia) 2005- present
  • Member of ANZSFRC (Australian-New Zealand Shadow Financial Regulatory Committee) 2006-present
  • Fellow of CPA (Charted Public Accountants, Australia) 2011-present
  • Research Affiliate of ECCE (European Centre for Corporate Engagement) 2011-present
  • Certified Finance and Investment Professional (CFIP) awarded by the Institute of Finance Professionals New Zealand, 2013-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 130 publications, 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:

(2018) Market Quality around Macroeconomic News Announcements: Evidence from the US and Canadian Markets, International Review of Finance, forthcoming (with B. Fijns, I. Indriawan and Y. Tse).

(2018) Determinants of Intraday Price Discovery in VIX Exchange Traded Notes, Journal of Futures Markets, forthcoming (with B. Frijns, A. Fernandez-Perez and I. Gafiatullina).

(2018) Institutional Trading and Asset Pricing, Journal of Banking and Finance, Vol 89 (with T. Huynh, B. Frijns, and J. Westerholm).

(2018) The Interactions between Price Discovery, Liquidity and Algorithmic Trading for US-Canadian Cross-Listed Shares, International Review of Financial Analysis, Vol 56 (with B. Frijns and I. Indriawan).

(2017) Precious Metals, Oil and the Exchange Rate: Contemporaneous Spillovers, Applied Economics, Vol 49 (with B. Frijns and A. Fernandez-Perez).

(2017) When no News is Good News – The Decrease in Investor Fear after the FOMC Announcement, Journal of Empirical Finance, Vol 41 (with B. Frijns and A. Fernandez-Perez).

(2017) Contemporaneous Spillover Effects between the US and the UK Equity Markets, Financial Review, Vol 52 (with M. Finta and B. Frijns).

(2017) When no News is Good News – The Decrease in Investor Fear after the FOMC Announcement, Journal of Empirical Finance, Vol 41 (with B. Frijns and A. Fernandez-Perez).

(2016) Asymmetries of the Intraday Return-Volatility Relation, International Review of Financial Analysis, Vol 48 (with I. Badshah, B. Frijns and J. Knif).

(2016) Contemporaneous Interactions among Fuel, Biofuel and Agricultural CommoditiesEnergy Economics, Vol 58 (with A. Fernandez-Perez and B. Frijns)

(2016) On the Intraday Relation between the VIX and its Futures, Journal of Futures Market, Vol 36 (with B. Frijns and B. Webb).

(2016) Are foreign IPOs really foreign? Price efficiency and information asymmetry of Chinese foreign IPOs, Journal of Banking and Finance, Vol 63 (with A. Gilbert and J. Chen).

(2015) The determinants of price discovery: Evidence from US-Canadian cross-listed shares, Journal of Banking and Finance, Vol 59 (with B. Frijns and A. Gilbert).

(2015) Macroeconomic News Announcements and Price Discovery: Evidence from Canadian-US cross-listed firms, Journal of Empirical Finance, Vol 32 (with B. Frijns and I. Indriawan).

(2014) Learning by Doing: The Role of Financial Experience in Financial Literacy, Journal of Public Policy, Vol 34 (with B. Frijns and A. Gilbert).

(2013) Is Corporate Governance Relevant During the Financial Crisis?, Journal of International Financial Markets, Institutions & Money, Vol 23 (with K. Gupta and C.  Krishnamurti). Abstracted in CFA Digest, August 2013, Vol 43, No. 3

(2013) Uncertainty avoidance, risk tolerance and corporate takeover decisions, Journal of Banking and Finance, Vol. 37 (with B. Frijns, A. Gilbert and T. Lehnert).

(2013) Contemporaneous spill-over among equity, gold, and exchange rate volatility indices, Journal of Futures Markets, Vol 33 (with I. Badshah and B. Frijns).

(2013) Do criminal sanctions deter insider trading?, Financial Review, Vol 48 (with B. Frijns, and A. Gilbert).

(2012) Political Crises and the Stock Market Integration of Emerging Markets, Journal of Banking and Finance, Vol 36 (with B. Frijns and I. Mulyadi).

(2011) Asymmetric information and price competition in small business lending, Journal of Banking and Finance, Vol 35 (with M. Liu and D. Margaritis).

(2010) The dynamic of price discovery for cross-listed shares: Evidence from Australia and New Zealand, Journal of Banking and Finance, Vol. 34, (with B. Frijns and A. Gilbert).

(2010) Is there an asymmetry in the response of diesel and petrol prices to crude oil price changes? Evidence from New Zealand, Energy Economics, Vol. 32 (with M. Liu and D. Margaritis).

(2010) The information content of implied volatility: Evidence from Australia, Journal of Futures Markets, Vol. 30 (with B. Frijns and C. Tallau).

Awards:

  • 2018 – Best paper “Properties and Predictive power of Implied Volatility in the NZ Dairy Market", New Zealand Finance Colloquium, awarded by the New Zealand Stock Exchange award.
  • 2018 – Best paper “Cultural diversity and capital structures of Multinational Firms”, New Zealand Finance Colloquium, awarded by the CFA-ARX.
  • 2016 – Best Paper, “Time varying price discovery in VIX Exchange Traded Notes: A tale of retail vs. institutional trades”, Inaugural Alternative Investments Conference, awarded by the Griffith University, Gold Coast, Australia.
  • 2015 and 2011 – Research Excellence, Faculty of Business and Law, Auckland University of Technology.
  • 2014 – Best paper “The Long-Run Performance of the New Zealand Stock Markets: 1899-2012”, New Zealand Finance Colloquium, awarded by the Ministry of Business Innovation and Employment (MBIE).
  • 2012 – Best paper, “The Role of Financial Experience in Creating Financial Knowledge", New Zealand Finance Colloquium, awarded by New Zealand Centre for Personal Financial Education.
  • 2011 – Best paper, “Is Corporate Governance Relevant During the Financial Crisis?”, 9th International Corporate Conference on Corporate Governance, Birmingham, awarded by the Centre for Corporate Governance Research, University of Birmingham.
  • 2011 – Second best paper, “Financial Development - Corporate Governance and Cost of Equity Capital “, Financial Management Association Asia, Queenstown, awarded by the CFA Institute.
  • 2011 – Merit Award, “Australian Implied Volatility Index”, JASSA editorial board.
  • 2010 – Runner-up best paper "Corporate Governance and Cost of Equity: Do Financial Development and Legal Origin Matter”, IIM-International Finance conference, Calcutta, India.
  • 2010 – Best paper, “Asymmetric Information and Price Competition in Small Business Lending”, New Zealand Finance Colloquium, awarded by MED/RBNZ/Treasury.
  • 2010 – Academic Leadership, 2000-2010, Faculty of Business and Law, Auckland University of Technology.
  • 2008 – Highly commended paper, "Earnings management and the market performance of dividend issuing firms: NZ evidence", awarded by the Emerald Publishing Corporation.
  • 2008 – Best paper, "Disclosure regulation, information risk and market spreads" New Zealand Finance Colloquium, awarded by the SIRCA.
  • 2007 – Best paper, “Elements of Effective Insider Trading Laws: A Comparative Analysis”, New Zealand Finance Colloquium, awarded by the New Zealand Institute for the Study of Competition and Regulation.
  • 2005 – Best paper, “Insiders and the Law: The Impact of Regulatory Change on Insider Trading”, New Zealand Finance Colloquium, awarded by the New Zealand Institute for the Study of Competition and Regulation.
  • 2005 – Best Ph.D/DBA paper “Do Insiders Crowd Out Analysts”, Sienna, Italy, awarded by Financial Management Association.