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

CodeDescriptionPercentage
150299Banking, Finance and Investment not elsewhere classified100

Professional Experience

UON Appointment

DatesTitleOrganisation / Department
1/01/2014 - ProfessorUniversity of Newcastle
Newcastle Business School
Australia

Academic appointment

DatesTitleOrganisation / Department
Editorial Board - Accounting Research JournalAccounting Research Journal
Australia
Editorial Board - Accounting and FinanceAccounting and Finance
Australia
Editorial Board - Australian Accounting ReviewAustralian Accounting Review
Australia
Fellow - CPA AustraliaCPA Australia
Fellow - Financial Services Institute of AustralasiaFinancial Services Institute of Australasia
Australia

Membership

DatesTitleOrganisation / Department
Chair - Newcastle and Hunter Valley BranchCPA Australia

Awards

Research Award

YearAward
1989Accounting 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)

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

Journal article (45 outputs)

YearCitationAltmetricsLink
2014Docherty 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 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.

DOI10.1177/0312896213503839
Co-authorsPaul Docherty
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]

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.

DOI10.1016/j.pacfin.2014.05.001
Co-authorsKatherine Uylangco, Paul Docherty
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]
DOI10.1016/j.intfin.2014.04.006
Co-authorsAbul Shamsuddin, Md Akhtaruzzaman
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]
DOI10.1016/j.jbankfin.2013.07.012Author URL
CitationsScopus - 1Web of Science - 1
Co-authorsKatherine Uylangco
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]
DOI10.1111/j.1467-629X.2011.00464.xAuthor URL
CitationsScopus - 1Web of Science - 1
Co-authorsPaul Docherty
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]
DOI10.1016/j.pacfin.2012.10.004Author URL
Co-authorsPaul Docherty
2012Docherty PA, Easton SA, 'Market efficiency and continuous information arrival: Evidence from prediction markets', Applied Economics, 44 2461-2471 (2012) [C1]
CitationsScopus - 1Web of Science - 1
Co-authorsPaul 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]
DOI10.1177/0312896211399200
CitationsScopus - 6Web of Science - 6
Co-authorsPaul Docherty
2010Easton SA, Uylangco KM, 'Forecasting outcomes in tennis matches using within-match betting markets', International Journal of Forecasting, 26 564-575 (2010) [C1]
DOI10.1016/j.ijforecast.2009.10.004
Co-authorsKatherine Uylangco
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]
DOI10.1108/10309611011060506
Co-authorsKatherine Uylangco
2007Easton SA, Gerlach R, 'Modelling exchange-traded barrier options traded in the Australian options market', Accounting and Finance, 47 109-122 (2007) [C1]
DOI10.1111/j.1467-629x.2006.00198.x
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-authorsKatherine 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]
DOI10.1016/j.gfj.2006.08.001
2007Easton SA, Pinder SM, 'A Refutation of the Existence of the Other January Effect', International Review of Finance, 7 89-104 (2007) [C1]
DOI10.1111/j.1468-2443.2007.00069.x
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]
DOI10.1111/j.1467-8462.2007.00448.x
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]
DOI10.1108/17439130710756934
2006Easton SA, 'Sons of Gwalia: Errors in speculation and hedging', Australian Economic Review, 39 453-456 (2006) [C1]
DOI10.1111/j.1467-8462.2006.00435.x
CitationsScopus - 1
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]
DOI10.1002/fut.20117
CitationsScopus - 6Web of Science - 5
Co-authorsFrank Tuyl
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]
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, 'Direct Evidence of an Implicit Put Option Provided by Underwriters', Accounting Research Journal, 15,2 200-206 (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]
1998Easton SA, Pinder SM, 'Understanding and Valuing Asian Options', Accounting Research Journal, 11,2 412-415 (1998) [C1]
1998Pinder SM, Easton SA, 'The Pricing of Low Exercise Price Options', Australian Journal of Management, 23,2 203-212 (1998) [C1]
CitationsScopus - 1
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, '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]
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, 'The Efficiency of Australian Football Betting Markets', Australian Journal of Management, 20 167-198 (1995) [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, 'Takeover Activity and Share Returns in Australia: A Note', Applied Economics Letters, 1 66-68 (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, 'Seasonal Empirical Regularities in Daily Indices: 1889-1985', Accounting Research Journal, 6 4-14 (1993) [C1]
1993Easton S, 'New Evidence on the Impact of Tax-Loss Selling on the Turn-of-the-Year Effect 0-0 (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, 'The Impact of Administrative Changes on the Distribution of the Minimum Rate', Australian Economic Papers, 30 348-354 (1991) [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]
1990Easton S, 'The Impact of the Disclosure of Extraordinary Accounting Items on Returns to Equity', Accounting and Finance, 30 1-14 (1990) [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]
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]
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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]
DOI10.2139/ssrn.1658230
Co-authorsPaul 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-authorsPaul 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]
DOI10.1108/10309611011060506
CitationsScopus - 2
Co-authorsKatherine Uylangco
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Grants and Funding

Summary

Number of grants9
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 bodyPlatypus Asset Management
Project TeamDoctor Paul Docherty, Professor Stephen Easton, Professor Jim Psaros, Dr Howard Chan, Professor Philip Gray
SchemeResearch Grant
RoleInvestigator
Funding Start2012
Funding Finish2012
GNoG1100869
Type Of FundingGrant - Aust Non Government
Category3AFG
UONY

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 bodyUniversity of Newcastle
Project TeamProfessor Stephen Easton
SchemeTravel Grant
RoleLead
Funding Start2008
Funding Finish2008
GNoG0188497
Type Of FundingInternal
CategoryINTE
UONY

20071 grants / $600

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

Funding body: University of Newcastle

Funding bodyUniversity of Newcastle
Project TeamProfessor Stephen Easton
SchemeTravel Grant
RoleLead
Funding Start2007
Funding Finish2007
GNoG0188455
Type Of FundingInternal
CategoryINTE
UONY

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 bodyUniversity of Newcastle
Project TeamProfessor Stephen Easton
SchemeTravel Grant
RoleLead
Funding Start2006
Funding Finish2006
GNoG0186538
Type Of FundingInternal
CategoryINTE
UONY

20051 grants / $540

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

Funding body: University of Newcastle

Funding bodyUniversity of Newcastle
Project TeamProfessor Stephen Easton
SchemeTravel Grant
RoleLead
Funding Start2005
Funding Finish2005
GNoG0185976
Type Of FundingInternal
CategoryINTE
UONY

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 bodyUniversity of Newcastle
Project TeamDoctor Richard Gerlach, Professor Stephen Easton
SchemeProject Grant
RoleInvestigator
Funding Start2002
Funding Finish2002
GNoG0181405
Type Of FundingInternal
CategoryINTE
UONY

19982 grants / $13,800

The Pricing of Low Exercise Price Options$7,000

Funding body: University of Newcastle

Funding bodyUniversity of Newcastle
Project TeamProfessor Stephen Easton
SchemeNew Staff Grant
RoleLead
Funding Start1998
Funding Finish1998
GNoG0177687
Type Of FundingInternal
CategoryINTE
UONY

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

Funding body: University of Newcastle

Funding bodyUniversity of Newcastle
Project TeamMs Sonia Shimeld, Professor Stephen Easton
SchemeProject Grant
RoleInvestigator
Funding Start1998
Funding Finish1998
GNoG0177269
Type Of FundingInternal
CategoryINTE
UONY

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 bodyUniversity of Newcastle
Project TeamProfessor Stephen Easton
SchemeTravel Grant
RoleLead
Funding Start1997
Funding Finish1997
GNoG0179456
Type Of FundingInternal
CategoryINTE
UONY
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Research Supervision

Current Supervision

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

Past Supervision

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

Position

Professor
Newcastle Business School
Faculty of Business and Law

Focus area

Accounting and Finance

Contact Details

Emailsteve.easton@newcastle.edu.au
Phone15040
Fax17160

Office

RoomSRS217
BuildingSocial Sciences
LocationCallaghan
University Drive
Callaghan, NSW 2308
Australia
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