Staff Profile

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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.

Qualifications

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

Research

Research keywords

  • Accounting
  • Auditing
  • Exchange markets
  • Finance
  • Investment

Research expertise

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

Fields of Research

CodeDescriptionPercentage
150200Banking, Finance And Investment100

Memberships

Body relevant to professional practice.

  • CPA Australia - Chair, Newcastle and Hunter Valley Branch
  • Fellow, CPA Australa
  • Fellow, Financial Services Institute of Australasia

Editorial Board.

  • Accounting Research Journal
  • Accounting and Finance
  • Australian Accounting Review

Awards

Recognition.

2007Publications in Journal of Banking and Finance & Journal of Futures Markets
Accounting and Finance Journals (Australia)
Six Publications in Tier 1 Journals as per the Bardsnet Ranking - publications achieved prior to an extended and dedicated period of senior University leadership including rebuilding the then Department of Accounting and Finance and serving for 3 years as Dean of the Faculty of Economics and Commerce at the University of Newcastle

Research Award.

1989Accounting and Finance Association of Australia and New Zealand Best Manuscript Award
Accounting and Finance Association of Australia and New Zealand (Australia)
Accounting and Finance Association of Australia and New Zealand Best Manuscript (Peter Brownell) Award for best paper in the leading Australian journal Accounting and Finance
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Highlighted Publications

For publications that are currently unpublished or in-press, details are shown in italics.

YearCitationAltmetricsLink
2004Easton 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]
2002Mitchell H, Brown R, Easton SA, 'Old volatility - ARCH effects in 19th century consol data', Journal of Applied Financial Economics, 12 301-307 (2002) [C1]
2002Duncan PJ, Easton SA, 'The pricing of High Yield Equity Notes', Accounting and Finance Journal, 42,3 239-249 (2002) [C1]
2005Easton SA, Howard P, 'Agency Costs at Telstra: A Case Study', The Australian Economic Review, 38 229-232 (2005) [C1]

Publications

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

Click on a category title below to expand the list of citations for that specific category.

Book (1 outputs)

YearCitationAltmetricsLink
2012Peirson G, Brown R, Easton S, Howard P, Pinder S, Business Finance, McGraw-Hill, Sydney, 879 (2012)

Journal article (49 outputs)

YearCitationAltmetricsLink
2014McCredie 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]
2014Akhtaruzzaman 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]
2014Docherty P, Easton S, ' A note on the pricing of Australian government asset sales', Australian Journal of Management, 39 415-423 (2014)
2013Docherty 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]
2013Easton 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]
2013Docherty P, Chan H, Easton S, 'Australian evidence on the implementation of the size and value premia', ACCOUNTING AND FINANCE, 53 367-391 (2013) [C1]
2012Docherty PA, Easton SA, 'Market efficiency and continuous information arrival: Evidence from prediction markets', Applied Economics, 44 2461-2471 (2012) [C1]

Co-authors: Paul Docherty

2011Docherty 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]
2010Docherty PA, Chan H, Easton SA, 'Tangibility and investment irreversibility in asset pricing', Accounting and Finance, 50 809-827 (2010) [C1]
2010Uylangco 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]
2010Easton SA, Uylangco KM, 'Forecasting outcomes in tennis matches using within-match betting markets', International Journal of Forecasting, 26 564-575 (2010) [C1]
2010Easton SA, Kerin P, 'Market efficiency and the Global Financial Crisis', Australian Economic Review, 43 464-468 (2010) [C1]
2007Easton 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]

Co-authors: Katherine Uylangco

2007Easton SA, 'Valuing coins as the sum of the underlying asset and a perpetual American put option', Global Finance Journal, 17 397-402 (2007) [C1]
2007Easton 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]
2007Easton 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]
2007Easton SA, Pinder SM, 'A Refutation of the Existence of the Other January Effect', International Review of Finance, 7 89-104 (2007) [C1]
2007Easton SA, Gerlach R, 'Modelling exchange-traded barrier options traded in the Australian options market', Accounting and Finance, 47 109-122 (2007) [C1]
2006Easton SA, 'Sons of Gwalia: Errors in speculation and hedging', Australian Economic Review, 39 453-456 (2006) [C1]
2005Easton SA, Gerlach RH, 'Interest rates and the 2004 Australian election', Australian Journal of Political Science, 40 559-566 (2005) [C1]
2005Easton SA, Howard P, 'Agency Costs at Telstra: A Case Study', The Australian Economic Review, 38 229-232 (2005) [C1]
2004Easton 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]
2003Easton SA, Ivanovic I, 'Insider Training and Options: A Case Study', Accounting Research Journal, 16 169-173 (2003) [C1]
2002Duncan PJ, Easton SA, 'The pricing of High Yield Equity Notes', Accounting and Finance Journal, 42,3 239-249 (2002) [C1]
2002Duncan PJ, Easton SA, 'Direct Evidence of an Implicit Put Option Provided by Underwriters', Accounting Research Journal, 15,2 200-206 (2002) [C1]
2002Mitchell H, Brown R, Easton SA, 'Old volatility - ARCH effects in 19th century consol data', Journal of Applied Financial Economics, 12 301-307 (2002) [C1]
2001Easton SA, 'Learning from the Olympics: A Case Study in Option Strategies', Accounting Research Journal, 14 200-203 (2001) [C1]
2000Easton 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]
1998Pinder SM, Easton SA, 'The Pricing of Low Exercise Price Options', Australian Journal of Management, 23,2 203-212 (1998) [C1]
1998Easton SA, Pinder SM, 'Understanding and Valuing Asian Options', Accounting Research Journal, 11,2 412-415 (1998) [C1]
1996Easton S, 'The Pricing of Australian Government Sector Initial Public Offerings', Applied Economics Letters, 0 603-605 (1996) [C1]
1996Easton S, 'A Note on Modified Lattice Approaches to Option Pricing', Journal of Futures Markets, 16 63-75 (1996) [C1]
1995Easton S, 'The Efficiency of Australian Football Betting Markets', Australian Journal of Management, 20 167-198 (1995) [C1]
1995Easton 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]
1995Easton 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]
1994Easton S, 'Takeover Activity and Share Returns in Australia: A Note', Applied Economics Letters, 1 66-68 (1994) [C1]
1994Easton S, 'Non-Simultaneity and Apparent Option Mispricing in Tests of Put-Call Parity', Australian Journal of Management, 19 11-24 (1994) [C1]
1994Easton S, 'An Investigation of the Robustness of the Day-of-the-Week Effect', Applied Financial Economics, 4 99-110 (1994) [C1]
1993Easton S, 'New Evidence on the Impact of Tax-Loss Selling on the Turn-of-the-Year Effect 0-0 (1993) [C1]
1993Easton S, 'Seasonal Empirical Regularities in Daily Indices: 1889-1985', Accounting Research Journal, 6 4-14 (1993) [C1]
1992Easton S, 'Empirical Evidence of Put-Call Parity in Australia: A Reconciliation and Further Evidence', Australian Journal of Management, 17 11-19 (1992) [C1]
1991Easton S, 'Seasonality in Australian Share Price Indices Between 1936 to 1957', Accounting and Finance, 31 69-85 (1991) [C1]
1991Easton S, 'Earnings and Dividends: Is there an Interaction Effect? 0-0 (1991) [C1]
1991Easton S, 'The Impact of Administrative Changes on the Distribution of the Minimum Rate', Australian Economic Papers, 30 348-354 (1991) [C1]
1990Easton S, 'Returns to Equity Before and After Holidays: Australian Evidence and Tests of Plausible Hypotheses', Australian Journal of Management, 15 281-296 (1990) [C1]
1990Easton S, 'The Impact of the Disclosure of Extraordinary Accounting Items on Returns to Equity', Accounting and Finance, 30 1-14 (1990) [C1]
1989Easton S, 'The Impact of Unexpected Earnings and Dividends on Abnormal Returns to Equity', Accounting and Finance, 29 1-21 (1989) [C1]
1989Easton 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]
1988Easton S, 'Scale Economies in the Administration of Local Government 0-0 (1988) [C1]
Show 46 more

Conference (3 outputs)

YearCitationAltmetricsLink
2010Docherty 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]

Co-authors: Paul Docherty

2009Docherty 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

2009Uylangco 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]
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Grants and Funding

Summary

Number of grants9
Total funding$128,264

- Indicates that the researcher may be seeking students for this project.

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

2012 (1 grants)

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

Project Team
Doctor Paul Docherty, Professor Stephen Easton, Professor Jim Psaros, Dr Howard Chan, Professor Philip Gray
SchemeRole
Research GrantInvestigator
Total AmountFunding StartFunding Finish
$99,00020122014
GNo:G1100869

2008 (1 grants)

57th Midwest Finance Association Conference, San Antonio Texas USA, 27/2/2008 - 1/3/2008$1,700
Funding Body: University of Newcastle

Project Team
Professor Stephen Easton
SchemeRole
Travel GrantChief Investigator
Total AmountFunding StartFunding Finish
$1,70020082008
GNo:G0188497

2007 (1 grants)

20th Australasian Finance and Banking Conference, Sydney, 12/12/2007 - 14/12/2007$600
Funding Body: University of Newcastle

Project Team
Professor Stephen Easton
SchemeRole
Travel GrantChief Investigator
Total AmountFunding StartFunding Finish
$60020072007
GNo:G0188455

2006 (1 grants)

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

Project Team
Professor Stephen Easton
SchemeRole
Travel GrantChief Investigator
Total AmountFunding StartFunding Finish
$1,57020062006
GNo:G0186538

2005 (1 grants)

18th Annual Australasian Finance and Banking Conference, 14-16 December 2005$540
Funding Body: University of Newcastle

Project Team
Professor Stephen Easton
SchemeRole
Travel GrantChief Investigator
Total AmountFunding StartFunding Finish
$54020052005
GNo:G0185976

2002 (1 grants)

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

Project Team
Doctor Richard Gerlach, Professor Stephen Easton
SchemeRole
Project GrantInvestigator
Total AmountFunding StartFunding Finish
$10,00020022002
GNo:G0181405

1998 (2 grants)

The Pricing of Low Exercise Price Options$7,000
Funding Body: University of Newcastle

Project Team
Professor Stephen Easton
SchemeRole
New Staff GrantChief Investigator
Total AmountFunding StartFunding Finish
$7,00019981998
GNo:G0177687

The Impact on Futures Prices of Market Trading Procedures and the Volume of Trading$6,800
Funding Body: University of Newcastle

Project Team
Ms Sonia Shimeld, Professor Stephen Easton
SchemeRole
Project GrantInvestigator
Total AmountFunding StartFunding Finish
$6,80019981998
GNo:G0177269

1997 (1 grants)

Fourth Annual Asia Pacific Finance Association Conference, Kuala Lumpur, 14-16 July 1997$1,054
Funding Body: University of Newcastle

Project Team
Professor Stephen Easton
SchemeRole
Travel GrantChief Investigator
Total AmountFunding StartFunding Finish
$1,05419971997
GNo:G0179456
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Research Supervision

Number of current supervisions8
Total current UoN PhD EFTSL3.2

For supervisions undertaken at an institution other that the University of Newcastle, the institution name is listed below the program name.

Current Supervision

CommencedProposed
Completion
ProgramSupervisor TypeResearch Title
20132017PhD (Accounting & Finance)Principal SupervisorReturn Dispersion and Asset Pricing
20132018PhD (Accounting & Finance)Principal SupervisorNon-normal Asset Pricing: Evidence of Skewness in Australia
20132021PhD (Accounting & Finance)Principal SupervisorNet Share Issuance and Asset Pricing: An Australian Study
20132017PhD (Accounting & Finance)Principal SupervisorThe Q-Factor Model of Asset Pricing - Australian Evidence
20122016PhD (Accounting & Finance)Co-SupervisorEssays on Equity Market Efficiency in Malaysia
20122016PhD (Accounting & Finance)Co-SupervisorAsset Pricing Factors in Malaysian Equity Returns
20112015PhD (Accounting & Finance)Principal SupervisorDeterminants of Dividend Policy: International Evidence Over 1990-2010
20112015PhD (Accounting & Finance)Principal SupervisorThe Channels of Monetary Policy on Australian Financial Markets

Past Supervision

YearProgramSupervisor TypeResearch Title
2013PhD (Accounting & Finance)Co-SupervisorInterest Rate Risk of Australian Financial Firms
2012M Philosophy (Accnt & Finance)Co-SupervisorRisk Exposure of Islamic Financial Institutions: Evidence of Gulf Co-operation Council Countries
2011PhD (Accounting & Finance)Principal SupervisorAsset Pricing in Australia
2010PhD (Accounting & Finance)Sole SupervisorCase Studies in Financial and Prediction Markets
2003PHD Banking and Finance
University of Newcastle
Co-SupervisorStudies in Option Pricing
2002Masters Banking and Finance
University of Newcastle
Co-SupervisorPricing of Australian Options on Futures
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Professor Stephen Easton

Work Phone15040
Fax17160
Email
PositionProfessor
Newcastle Business School
Faculty of Business and Law
The University of Newcastle, Australia
Focus AreaAccounting and Finance
Office
SRS217,
Social Sciences,
Callaghan
University Drive
Callaghan NSW 2308
Australia
URL:www.newcastle.edu.au/profile/steve-easton