Professor Stephen Easton

Professor

Newcastle Business School (Accounting and Finance)

Career Summary

Biography

Steve Easton is Foundation Professor of Finance, and Assistant Dean (Academic) of the Faculty of Business and Law at the University of Newcastle, where he has previously served as Head of the Department of Accounting and Finance and Dean of the Faculty of Economics and Commerce. He received his Master of Economics and PhD from Monash University.

He is a Fellow of both CPA Australia and the Financial Services Institute of Australasia. His research work has been accepted for publication in a wide range of journals including the Journal of Futures Markets, Economica, and the Journal of Banking and Finance. He currently serves on the editorial boards of Accounting and Finance, the Accounting Research Journal, and the Australian Accounting Review. His current research interests are in derivative securities and corporate governance.

He is also co-author of Business Finance (9th Edition). He has taught at the University of Adelaide, Lancaster University and Monash University, and has taught all major topics in finance as well as across some areas of financial accounting. He has also undertaken consulting work for a range of private and public sector organisations, including the Australian Competition and Consumer Commission, Australia Post, CPA Australia, Coles Myer Ltd., Deloitte Ross Tohmatsu, Macquarie Generation, State Forests of New South Wales and the Tasmanian Chamber of Commerce and Industry.

Research Expertise
Finance and financial markets, International finance and foreign exchange markets & also Funds management, investments, valuations, foreign exchange markets and financial planning.

Qualifications

  • PhD, Monash University
  • Bachelor of Economics (Honours), University of Adelaide
  • Master of Economics, Monash University

Keywords

  • Accounting
  • Auditing
  • Exchange markets
  • Finance
  • Investment

Fields of Research

Code Description Percentage
150299 Banking, Finance and Investment not elsewhere classified 100

Professional Experience

UON Appointment

Title Organisation / Department
Professor University of Newcastle
Newcastle Business School
Australia

Academic appointment

Dates Title Organisation / Department
Editorial Board - Accounting Research Journal Accounting Research Journal
Australia
Editorial Board - Accounting and Finance Accounting and Finance
Australia
Editorial Board - Australian Accounting Review Australian Accounting Review
Australia
Fellow - CPA Australia CPA Australia
Fellow - Financial Services Institute of Australasia Financial Services Institute of Australasia
Australia

Membership

Dates Title Organisation / Department
Chair - Newcastle and Hunter Valley Branch CPA Australia

Awards

Research Award

Year Award
1989 Accounting and Finance Association of Australia and New Zealand Best Manuscript Award
Accounting and Finance Association of Australia and New Zealand
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Publications

For publications that are currently unpublished or in-press, details are shown in italics.


Book (1 outputs)

Year Citation Altmetrics Link
2012 Peirson G, Brown R, Easton S, Howard P, Pinder S, Business Finance, McGraw-Hill, Sydney, 879 (2012) [A4]

Journal article (45 outputs)

Year Citation Altmetrics Link
2014 Docherty P, Easton S, 'A note on the pricing of Australian government asset sales', Australian Journal of Management, 39 415-423 (2014) [C1]

Unlike acquiring company shareholders in Australian takeovers, but like shareholders in government initial public offerings, shareholders of companies purchasing Australian govern... [more]

Unlike acquiring company shareholders in Australian takeovers, but like shareholders in government initial public offerings, shareholders of companies purchasing Australian government assets earn economically and statistically significant positive abnormal returns. However, unlike privatisations via initial public offerings where all citizens are entitled to subscribe for shares, in privatisations via asset sales only acquiring company shareholders benefit from any under-pricing. This suggests the need for greater scrutiny to ensure fair pricing in privatisation via asset sales. © The Author(s) 2013.

DOI 10.1177/0312896213503839
Co-authors Paul Docherty
2014 McCredie B, Docherty P, Easton S, Uylangco K, 'The differential impact of monetary policy announcements and explanatory minutes releases on the Australian interest rate futures market', Pacific Basin Finance Journal, 29 261-271 (2014) [C1]

Unlike US and Continental European jurisdictions, Australian monetary policy announcements are not followed promptly by projections materials or comprehensive summaries that expla... [more]

Unlike US and Continental European jurisdictions, Australian monetary policy announcements are not followed promptly by projections materials or comprehensive summaries that explain the decision process. This information is disclosed 2. weeks later when the explanatory minutes of the Reserve Bank board meeting are released. This paper is the first study to exploit the features of the Australian monetary policy environment in order to examine the differential impact of monetary policy announcements and explanatory statements on the Australian interest rate futures market.We find that both monetary policy announcements and explanatory minutes releases have a significant impact on the implied yield and volatility of Australian interest rate futures contracts. When the differential impact of these announcements is examined using the full sample, no statistically significant difference is found. However, when the sample is partitioned based on stable periods and the Global Financial Crisis, a differential impact is evident. Further, contrary to the findings of Kim and Nguyen (2008), Lu et al. (2009), and Smales (2012a), the response along the yield curve, is found to be indifferent between the short and medium terms. © 2014 Elsevier B.V.

DOI 10.1016/j.pacfin.2014.05.001
Co-authors Paul Docherty
2014 Akhtaruzzaman MD, Shamsuddin AFM, Easton S, 'Dynamic correlation analysis of spill-over effects of interest rate risk and return on Australian and US financial firms', Journal of International Financial Markets, Institutions and Money, 31 378-396 (2014) [C1]
DOI 10.1016/j.intfin.2014.04.006
Co-authors Abul Shamsuddin, Md Akhtaruzzaman
2013 Easton S, Pinder S, Uylangco K, 'A case study of short-sale constraints and limits to arbitrage', Journal of Banking & Finance, 37 3924-3929 (2013) [C1]
DOI 10.1016/j.jbankfin.2013.07.012
Citations Scopus - 1Web of Science - 1
2013 Docherty P, Chan H, Easton S, 'Australian evidence on the implementation of the size and value premia', ACCOUNTING AND FINANCE, 53 367-391 (2013) [C1]
DOI 10.1111/j.1467-629X.2011.00464.x
Citations Scopus - 1Web of Science - 1
Co-authors Paul Docherty
2013 Docherty P, Chan H, Easton S, 'Can we treat empirical regularities as state variables in the ICAPM? Evidence from Australia', PACIFIC-BASIN FINANCE JOURNAL, 22 107-124 (2013) [C1]
DOI 10.1016/j.pacfin.2012.10.004
Co-authors Paul Docherty
2012 Docherty PA, Easton SA, 'Market efficiency and continuous information arrival: Evidence from prediction markets', Applied Economics, 44 2461-2471 (2012) [C1]
Citations Scopus - 1Web of Science - 1
Co-authors Paul Docherty
2011 Docherty PA, Chan H, Easton SA, 'Asset tangibility, industry representation and the cross section of equity returns', Australian Journal of Management, 36 75-87 (2011) [C1]
DOI 10.1177/0312896211399200
Citations Scopus - 6Web of Science - 6
Co-authors Paul Docherty
2010 Easton SA, Uylangco KM, 'Forecasting outcomes in tennis matches using within-match betting markets', International Journal of Forecasting, 26 564-575 (2010) [C1]
DOI 10.1016/j.ijforecast.2009.10.004
2010 Uylangco KM, Easton SA, Faff R, 'The equity and efficiency of the Australian share market with respect to director trading', Accounting Research Journal, 23 5-19 (2010) [C1]
DOI 10.1108/10309611011060506
2007 Easton SA, Gerlach R, 'Modelling exchange-traded barrier options traded in the Australian options market', Accounting and Finance, 47 109-122 (2007) [C1]
DOI 10.1111/j.1467-629x.2006.00198.x
2007 Easton SA, Uylangco KM, 'An Examination of In-Play Sports Betting Markets Using One-Day Cricket Matches', Journal of Prediction Markets, 1 93-109 (2007) [C1]
2007 Easton SA, 'Valuing coins as the sum of the underlying asset and a perpetual American put option', Global Finance Journal, 17 397-402 (2007) [C1]
DOI 10.1016/j.gfj.2006.08.001
2007 Easton SA, Pinder SM, 'A Refutation of the Existence of the Other January Effect', International Review of Finance, 7 89-104 (2007) [C1]
DOI 10.1111/j.1468-2443.2007.00069.x
2007 Easton SA, Pinder S, 'Predicting Reserve Bank of Australia interest rate announcements: Beware of the target rate tracker', Australian Economic Review, 40 119-122 (2007) [C1]
DOI 10.1111/j.1467-8462.2007.00448.x
2007 Easton SA, Ivanovic I, 'An examination of the Australian Stock Exchange and Australian Financial Review's fair values', International Journal of Managerial Finance, 3 306-312 (2007) [C1]
DOI 10.1108/17439130710756934
2006 Easton SA, 'Sons of Gwalia: Errors in speculation and hedging', Australian Economic Review, 39 453-456 (2006) [C1]
DOI 10.1111/j.1467-8462.2006.00435.x
Citations Scopus - 1
2004 Easton SA, Gerlach RH, Graham M, Tuyl FA, 'An empirical examination of the pricing of exchange-traded barrier options', The Journal of Futures Market, 24 1049-1064 (2004) [C1]
DOI 10.1002/fut.20117
Citations Scopus - 6Web of Science - 5
Co-authors Frank Tuyl
2003 Easton SA, Ivanovic I, 'Insider Training and Options: A Case Study', Accounting Research Journal, 16 169-173 (2003) [C1]
2002 Duncan PJ, Easton SA, 'The pricing of High Yield Equity Notes', Accounting and Finance Journal, 42,3 239-249 (2002) [C1]
2002 Mitchell H, Brown R, Easton SA, 'Old volatility - ARCH effects in 19th century consol data', Journal of Applied Financial Economics, 12 301-307 (2002) [C1]
2002 Duncan PJ, Easton SA, 'Direct Evidence of an Implicit Put Option Provided by Underwriters', Accounting Research Journal, 15,2 200-206 (2002) [C1]
2001 Easton SA, 'Learning from the Olympics: A Case Study in Option Strategies', Accounting Research Journal, 14 200-203 (2001) [C1]
2000 Easton SA, Pinder SM, 'The Demutualisation of AMP Society: An Example of the Valuation of Collars Comprising Asian Options', Australian Journal of Management, 25,3 283-297 (2000) [C1]
1998 Easton SA, Pinder SM, 'Understanding and Valuing Asian Options', Accounting Research Journal, 11,2 412-415 (1998) [C1]
1998 Pinder SM, Easton SA, 'The Pricing of Low Exercise Price Options', Australian Journal of Management, 23,2 203-212 (1998) [C1]
Citations Scopus - 1
1996 Easton S, 'The Pricing of Australian Government Sector Initial Public Offerings', Applied Economics Letters, 0 603-605 (1996) [C1]
1996 Easton S, 'A Note on Modified Lattice Approaches to Option Pricing', Journal of Futures Markets, 16 63-75 (1996) [C1]
1995 Easton S, 'A Note on the Effects of Contract Adjustments on the Prices of Put and Call Options', Journal of Banking And Finance, 19 937-948 (1995) [C1]
1995 Easton S, 'The Accuracy and Timeliness of Survey Forecasts of Six-Month and Twelve-Month Ahead Exchange Rates', Applied Financial Economics, 5 367-372 (1995) [C1]
1995 Easton S, 'The Efficiency of Australian Football Betting Markets', Australian Journal of Management, 20 167-198 (1995) [C1]
1994 Easton S, 'Non-Simultaneity and Apparent Option Mispricing in Tests of Put-Call Parity', Australian Journal of Management, 19 11-24 (1994) [C1]
1994 Easton S, 'Takeover Activity and Share Returns in Australia: A Note', Applied Economics Letters, 1 66-68 (1994) [C1]
1994 Easton S, 'An Investigation of the Robustness of the Day-of-the-Week Effect', Applied Financial Economics, 4 99-110 (1994) [C1]
1993 Easton S, 'Seasonal Empirical Regularities in Daily Indices: 1889-1985', Accounting Research Journal, 6 4-14 (1993) [C1]
1993 Easton S, 'New Evidence on the Impact of Tax-Loss Selling on the Turn-of-the-Year Effect 0-0 (1993) [C1]
1992 Easton S, 'Empirical Evidence of Put-Call Parity in Australia: A Reconciliation and Further Evidence', Australian Journal of Management, 17 11-19 (1992) [C1]
1991 Easton S, 'The Impact of Administrative Changes on the Distribution of the Minimum Rate', Australian Economic Papers, 30 348-354 (1991) [C1]
1991 Easton S, 'Seasonality in Australian Share Price Indices Between 1936 to 1957', Accounting and Finance, 31 69-85 (1991) [C1]
1991 Easton S, 'Earnings and Dividends: Is there an Interaction Effect? 0-0 (1991) [C1]
1990 Easton S, 'The Impact of the Disclosure of Extraordinary Accounting Items on Returns to Equity', Accounting and Finance, 30 1-14 (1990) [C1]
1990 Easton S, 'Returns to Equity Before and After Holidays: Australian Evidence and Tests of Plausible Hypotheses', Australian Journal of Management, 15 281-296 (1990) [C1]
1989 Easton S, 'The Impact of Unexpected Earnings and Dividends on Abnormal Returns to Equity', Accounting and Finance, 29 1-21 (1989) [C1]
1989 Easton S, 'Weak-Form Efficiency in the Nineteenth Century: A Study of Daily Prices in the London Market for Three Percent Consols 1821-1860', Economica, 56 61-70 (1989) [C1]
1988 Easton S, 'Scale Economies in the Administration of Local Government 0-0 (1988) [C1]
Show 42 more journal articles

Conference (3 outputs)

Year Citation Altmetrics Link
2010 Docherty PA, Chan H, Easton SA, 'Asset tangibility, industry representation and the cross section of equity returns', 23rd Australasian Finance and Banking Conference 2010, Sydney, NSW (2010) [E1]
DOI 10.2139/ssrn.1658230
Co-authors Paul Docherty
2009 Docherty PA, Chan H, Easton SA, 'Tangibility, investment irreversibility and asset pricing', 22nd Australasian Finance and Banking Conference 2009, Sydney, NSW (2009) [E1]
Co-authors Paul Docherty
2009 Uylangco KM, Easton SA, Faff R, 'The equity and efficiency of the Australian Share Market with respect to Director Trading', Symposium on the Multiple Facets of Governance. Symposium Program, Newcastle, NSW (2009) [E2]
DOI 10.1108/10309611011060506
Citations Scopus - 2
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Grants and Funding

Summary

Number of grants 9
Total funding $128,264

Click on a grant title below to expand the full details for that specific grant.


20121 grants / $99,000

Practical implementation of anomaly-based investment strategies and the investigation of new anomalies in the Australian stock market$99,000

Funding body: Platypus Asset Management

Funding body Platypus Asset Management
Project Team Doctor Paul Docherty, Professor Stephen Easton, Professor Jim Psaros, Dr Howard Chan, Professor Philip Gray
Scheme Research Grant
Role Investigator
Funding Start 2012
Funding Finish 2012
GNo G1100869
Type Of Funding Grant - Aust Non Government
Category 3AFG
UON Y

20081 grants / $1,700

57th Midwest Finance Association Conference, San Antonio Texas USA, 27/2/2008 - 1/3/2008$1,700

Funding body: University of Newcastle

Funding body University of Newcastle
Project Team Professor Stephen Easton
Scheme Travel Grant
Role Lead
Funding Start 2008
Funding Finish 2008
GNo G0188497
Type Of Funding Internal
Category INTE
UON Y

20071 grants / $600

20th Australasian Finance and Banking Conference, Sydney, 12/12/2007 - 14/12/2007$600

Funding body: University of Newcastle

Funding body University of Newcastle
Project Team Professor Stephen Easton
Scheme Travel Grant
Role Lead
Funding Start 2007
Funding Finish 2007
GNo G0188455
Type Of Funding Internal
Category INTE
UON Y

20061 grants / $1,570

Conference 1: Accountion and Finance Association of Australia and New Zealand Annual Conference 2-4 July Conference 2: 17th Asian Finance Association / Financial Management Association Conf.10-12 July$1,570

Funding body: University of Newcastle

Funding body University of Newcastle
Project Team Professor Stephen Easton
Scheme Travel Grant
Role Lead
Funding Start 2006
Funding Finish 2006
GNo G0186538
Type Of Funding Internal
Category INTE
UON Y

20051 grants / $540

18th Annual Australasian Finance and Banking Conference, 14-16 December 2005$540

Funding body: University of Newcastle

Funding body University of Newcastle
Project Team Professor Stephen Easton
Scheme Travel Grant
Role Lead
Funding Start 2005
Funding Finish 2005
GNo G0185976
Type Of Funding Internal
Category INTE
UON Y

20021 grants / $10,000

A Bayesian approach to using information in fundamental accounting variables to enhance portfolio investment, incorporating cyclical information in volatility$10,000

Funding body: University of Newcastle

Funding body University of Newcastle
Project Team Doctor Richard Gerlach, Professor Stephen Easton
Scheme Project Grant
Role Investigator
Funding Start 2002
Funding Finish 2002
GNo G0181405
Type Of Funding Internal
Category INTE
UON Y

19982 grants / $13,800

The Pricing of Low Exercise Price Options$7,000

Funding body: University of Newcastle

Funding body University of Newcastle
Project Team Professor Stephen Easton
Scheme New Staff Grant
Role Lead
Funding Start 1998
Funding Finish 1998
GNo G0177687
Type Of Funding Internal
Category INTE
UON Y

The Impact on Futures Prices of Market Trading Procedures and the Volume of Trading$6,800

Funding body: University of Newcastle

Funding body University of Newcastle
Project Team Ms Sonia Shimeld, Professor Stephen Easton
Scheme Project Grant
Role Investigator
Funding Start 1998
Funding Finish 1998
GNo G0177269
Type Of Funding Internal
Category INTE
UON Y

19971 grants / $1,054

Fourth Annual Asia Pacific Finance Association Conference, Kuala Lumpur, 14-16 July 1997$1,054

Funding body: University of Newcastle

Funding body University of Newcastle
Project Team Professor Stephen Easton
Scheme Travel Grant
Role Lead
Funding Start 1997
Funding Finish 1997
GNo G0179456
Type Of Funding Internal
Category INTE
UON Y
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Research Supervision

Current Supervision

Commenced Research Title / Program / Supervisor Type
2015 A Comparative Study of Islamic and Conventional Financial Institutions
Accounting, Faculty of Business and Law
Co-Supervisor
2013 The Q-Factor Model of Asset Pricing - Australian Evidence
Accounting, Faculty of Business and Law
Principal Supervisor
2013 Return Dispersion and Asset Pricing
Accounting, Faculty of Business and Law
Principal Supervisor
2013 Net Share Issuance and Asset Pricing: An Australian Study
Accounting, Faculty of Business and Law
Co-Supervisor
2013 Net Share Issuance and Asset Pricing: An Australian Study
Accounting, Faculty of Business and Law
Principal Supervisor
2012 Asset Pricing Factors in Malaysian Equity Returns
Accounting, Faculty of Business and Law
Co-Supervisor
2012 Essays on Equity Market Efficiency in Malaysia
Accounting, Faculty of Business and Law
Co-Supervisor

Past Supervision

Year Research Title / Program / Supervisor Type
2015 Determinants of Dividend Policy - International Evidence: 1990 to 2010
Accounting, Faculty of Business and Law
Principal Supervisor
2015 The Channels of Monetary Policy on Australian Financial Markets
Accounting, Faculty of Business and Law
Principal Supervisor
2013 Interest Rate Risk of Australian Financial Firms
Accounting, Faculty of Business and Law
Co-Supervisor
2012 Risk Exposure of Islamic Financial Institutions: Evidence of Gulf Co-operation Council Countries
Accounting, Faculty of Business and Law
Co-Supervisor
2011 Asset Pricing in Australia
Accounting, Faculty of Business and Law
Principal Supervisor
2010 Case Studies in Financial and Prediction Markets
Accounting, Faculty of Business and Law
Sole Supervisor
2002 Studies in Option Pricing
Banking and Finance, University of Newcastle
Co-Supervisor
2001 Pricing of Australian Options on Futures
Banking and Finance, University of Newcastle
Co-Supervisor
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News

Medibank Private float offers retail investors an early Christmas gift

November 20, 2014

Paul Docherty and Steve Easton discuss the Medibank Private float

For this year’s Melbourne Cup, consider a charity rather than taking on Tom Waterhouse

October 29, 2014

Newcastle Business School academics crunch the numbers on the Melbourne Cup

Professor Stephen Easton

Position

Professor
Newcastle Business School
Faculty of Business and Law

Focus area

Accounting and Finance

Contact Details

Email steve.easton@newcastle.edu.au
Phone 15040
Fax 17160

Office

Room SRS217
Building Social Sciences
Location Callaghan
University Drive
Callaghan, NSW 2308
Australia
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