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

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
Casual Academic 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 (2 outputs)

Year Citation Altmetrics Link
2015 Peirson G, Brown R, Easton S, Howard P, Pinder S, Business Finance, McGraw-Hill, Sydney, 747 (2015)
2012 Peirson G, Brown R, Easton S, Howard P, Pinder S, Business Finance, McGraw-Hill, Sydney, 879 (2012) [A4]

Journal article (64 outputs)

Year Citation Altmetrics Link
2017 Easton S, Pinder S, Stern S, 'Documenting the functional form of dynamic risk-taking behaviour in a real options context using sporting contests', Accounting and Finance, (2017)

© 2017 AFAANZ. Changes in risk-taking behaviour based on interim performance are examined in high-stakes competition. A real options framework is used to provide a richer charact... [more]

© 2017 AFAANZ. Changes in risk-taking behaviour based on interim performance are examined in high-stakes competition. A real options framework is used to provide a richer characterisation of risk-taking behaviour than examined in extant studies. This framework is applied to an examination of ball-by-ball data from 1207 cricket matches. Consistent with modelled expectations, risk taking is found to increase (decrease) at a decreasing rate following below par (above par) interim performance. This result is especially strong in situations where the resources remaining are low, a result predicted by the real options model.

DOI 10.1111/acfi.12298
2016 McCredie B, Docherty P, Easton S, Uylangco K, 'The channels of monetary policy triggered by central bank actions and statements in the Australian equity market', International Review of Financial Analysis, 46 46-61 (2016) [C1]

© 2016 Elsevier Inc. Owing to the discrete disclosure practices of the Reserve Bank of Australia, this paper provides new evidence on the channels of monetary policy triggered by... [more]

© 2016 Elsevier Inc. Owing to the discrete disclosure practices of the Reserve Bank of Australia, this paper provides new evidence on the channels of monetary policy triggered by central bank actions (monetary policy announcements) and statements (explanatory minutes releases), in the Australian equity market. Both monetary policy announcements and explanatory minutes releases are shown to have a significant and comparable impact on the returns and volatility of the Australian equity market. Further, distinct from US and European studies that find strong evidence of the interest rate, bank loan and balance sheet channels and no evidence of the exchange rate channel following central bank actions, this paper finds that monetary policy impacts the Australian equity market via the exchange rate, interest rate and bank loan channels of monetary policy, with only weak evidence of the balance sheet channel of monetary policy. These channels are found to be operating irrespective of the trigger (monetary policy announcements or explanatory minutes releases), though results are somewhat weaker when examining the explanatory minutes releases. These results have important implications for central bank officials and financial market participants alike: by confirming a comparable avenue to affect monetary policy; and providing an explication of its impact on the Australian equity market.

DOI 10.1016/j.irfa.2016.04.008
Citations Scopus - 1Web of Science - 1
Co-authors Paul Docherty
2016 Melia A, Docherty P, Easton S, 'Net share issues and the cross-section of equity returns under a dividend imputation tax system', Accounting & Finance, 56 1097-1117 (2016) [C1]
DOI 10.1111/acfi.12122
Citations Web of Science - 1
Co-authors Adrian Melia, Paul Docherty
2016 Docherty PA, Easton S, Elliot B, Lee D, 'Profitability and investment-based factor pricing models', Accounting and Finance, (2016)
DOI 10.1111/acfi.12217
Co-authors Paul Docherty, Doowon Lee
2016 Docherty PA, Easton S, 'State-varying illiquidity risk in sovereign bond spreads', Pacific-Basin Finance Journal, (2016)
DOI 10.1016/j.pacfin.2016.11.003
Co-authors Paul Docherty
2015 Docherty PA, Easton S, 'The long-run efficiency gains in public-to-private transfers: New evidence from earnings announcements', Journal of Banking and Finance Law and Practice, 26 227-239 (2015) [C1]
Co-authors Paul Docherty
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
Citations Scopus - 5Web of Science - 4
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
Citations Scopus - 4Web of Science - 3
Co-authors Abul Shamsuddin
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 - 2Web of Science - 2
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 - 3Web of Science - 3
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
Citations Scopus - 2Web of Science - 1
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 - 3Web of Science - 3
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 - 9Web of Science - 8
Co-authors Paul Docherty
2010 Easton SA, Kerin P, 'Market efficiency and the Global Financial Crisis', Australian Economic Review, 43 464-468 (2010) [C1]
DOI 10.1111/j.1467-8462.2010.00610.x
Citations Scopus - 2Web of Science - 3
2010 Docherty PA, Chan H, Easton SA, 'Tangibility and investment irreversibility in asset pricing', Accounting and Finance, 50 809-827 (2010) [C1]
DOI 10.1111/j.1467-629X.2010.00348.x
Citations Scopus - 7Web of Science - 7
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
Citations Scopus - 1Web of Science - 1
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
2005 Easton SA, Gerlach RH, 'Interest rates and the 2004 Australian election', Australian Journal of Political Science, 40 559-566 (2005) [C1]
DOI 10.1080/10361140500302423
Citations Scopus - 1Web of Science - 3
2005 Easton SA, Howard P, 'Agency Costs at Telstra: A Case Study', The Australian Economic Review, 38 229-232 (2005) [C1]
DOI 10.1111/j.1467-8462.2005.00370.x
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 - 7Web of Science - 6
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]
Citations Scopus - 1
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]
Citations Scopus - 10
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]
Citations Scopus - 1
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 - 2
1997 Easton SA, 'Put-call parity with futures-style margining', Journal of Futures Markets, 17 215-227 (1997)
DOI 10.1002/(SICI)1096-9934(199704)17:2<215::AID-FUT4>3.0.CO;2-M
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]
1996 Easton SA, 'A note on modified lattice approaches to option pricing', Journal of Futures Markets, 16 585-594 (1996)
Citations Scopus - 1
1996 Easton SA, 'Valuing bonds with embedded average price options', Australian Journal of Management, 21 29-40 (1996)

Average price options are based on the average (either arithmetic or geometric) price of the underlying asset during an option's life. Recently, Australia's largest priv... [more]

Average price options are based on the average (either arithmetic or geometric) price of the underlying asset during an option's life. Recently, Australia's largest private bank, the National Australia Bank, and the regional Metway Bank, have issued bonds that contain embedded arithmetic average share index options. The purpose of this paper is to value these options using Monte Carlo simulation, and then to value the bonds themselves. Using a wide range of estimates of the parameters that determine the values of these bonds, it would appear that the fixed-term deposits offered by these same banks represent more profitable investments. © The University of New South Wales.

DOI 10.1177/031289629602100105
1996 Easton SA, Pinder SMP, 'Australian government sector initial public offerings', Applied Economics Letters, 3 603-605 (1996)

The paper examines the initial pricing of all Australian government sector initial public offerings (IPOs) that have been made over the last six years. A statistically significant... [more]

The paper examines the initial pricing of all Australian government sector initial public offerings (IPOs) that have been made over the last six years. A statistically significant first-day average abnormal return of approximately 8% is found. Contrary to overseas findings, there is no evidence that these government sector IPOs were more underpriced than Australian private sector IPOs.

Citations Scopus - 2
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]
Citations Scopus - 2
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]
Citations Scopus - 2
1995 Easton S, 'The Efficiency of Australian Football Betting Markets', Australian Journal of Management, 20 167-198 (1995) [C1]
Citations Scopus - 10
1994 Easton SA, 'Non-simultaneity and Apparent Option Mispricing in Tests of Put-Call Parity', Australian Journal of Management, 19 47-60 (1994)

Transaction costs have been offered as the most likely explanation for apparent mispricing found in recent studies of the Australian options market. This paper suggests that anoth... [more]

Transaction costs have been offered as the most likely explanation for apparent mispricing found in recent studies of the Australian options market. This paper suggests that another feature of the market, namely non-simultaneity between option prices and the price of the underlying share, offers a more powerful explanation. It is demonstrated that the types of violations of put-call parity that have been observed in Australia are the types of violations that are to be expected when non-simultaneity is present. It is shown that apparent mispricing in tests of put-call parity will, in the presence of non-simultaneity, be greater for short-term options. Conversely, mispricing will be less for options which are at-the-money, and when the risk-free rate of interest is high. Non-simultaneity is likely to result in put options appearing to be undervalued relative to call options and the underlying share. © 1994, SAGE Publications. All rights reserved.

DOI 10.1177/031289629401900103
Citations Scopus - 2
1994 Easton SA, Faff RW, 'An investigation of the robustness of the day-of-the-week effect in Australia', Applied Financial Economics, 4 99-110 (1994)

The present study analyses the robustness of the day-of-the-week effect in Australia. The results show that sample size can distort the interpretation of classical test statistics... [more]

The present study analyses the robustness of the day-of-the-week effect in Australia. The results show that sample size can distort the interpretation of classical test statistics unless the significance level is adjusted downward. After providing for sample size adjustment, the evidence of a day-of-the-week in Australia is considerably weakened. Further, error distribution specification tests also reveal widespread departures from ordinary least squares (OLS) assumptions. However, tests conducted using robust techniques that are insensitive to the failure of maintained assumptions provide evidence of a day-of-the-week effect which is very similar to the evidence from OLS regressions. This contrasts with Connolly (1989) who found that the evidence of the day-of-the-week effect in the US market was considerably diminished by the application of these techniques. Robust statistical techniques also show that the Australian day-of-the-week effect is independent of the US day-of-the-week effect. © 1994, Taylor & Francis Group, LLC. All rights reserved.

DOI 10.1080/758523954
Citations Scopus - 22
1994 Easton SA, 'Takeover activity and share returns in Australia: A note', Applied Economics Letters, 1 66-68 (1994)
DOI 10.1080/135048594358249
Citations Scopus - 2
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 Brailsford TJ, Easton SA, 'New evidence on the impact of tax-loss selling on the turn of the year effect', Journal of Banking and Finance, 17 131-144 (1993)

The turn of the year effect is an empirical regularity which refers to the observation that equity returns on days around the turn of the calendar year are significantly high. A c... [more]

The turn of the year effect is an empirical regularity which refers to the observation that equity returns on days around the turn of the calendar year are significantly high. A common explanation for the effect is the tax-loss selling hypothesis. Three studies have tested this hypothesis by examining equity returns before and after the introduction of the War Revenue Act of 1917. However, these studies have reached inconsistent conclusions. Following these inconsistent findings, this paper examines whether the previous findings are robust to the extension of the pre-tax period, or whether the previous findings are robust to the use of daily data. In contrast to the evidence from existing research which has used daily data, a significant turn of the year effect is found prior to 1917. Furthermore, this effect is shown to be independent of other empirical regularities such as the turn of the month effect and the holiday effect, and seasonality in dividend payments cannot explain the finding. Thus, we conclude that the tax-loss selling hypothesis cannot offer a complete explanation of the turn of the year effect. © 1993.

DOI 10.1016/0378-4266(93)90084-Q
Citations Scopus - 3
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]
Citations Scopus - 4
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]
Citations Scopus - 9
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]
Citations Scopus - 3
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]
Citations Scopus - 2
1989 Easton S, 'The Impact of Unexpected Earnings and Dividends on Abnormal Returns to Equity', Accounting and Finance, 29 1-21 (1989) [C1]
Citations Scopus - 11
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]
1987 Easton SA, Thomson NJ, 'SCALE ECONOMIES IN THE ADMINISTRATION OF LOCAL GOVERNMENT', Australian Journal of Public Administration, 46 293-300 (1987)

Abstract: Part of the argument put forward in support of amalgamating local government authorities is that large councils have advantages of economies of scale. This article quan... [more]

Abstract: Part of the argument put forward in support of amalgamating local government authorities is that large councils have advantages of economies of scale. This article quantifies scale economies by a range of expenditure functions. It shows that amalgamation benefits may be as readily achieved through combining functions as in changing geographic boundaries. Furthermore, the study provides clear evidence that larger councils not only offer more services to ratepayers than smaller councils, but receive less support per capita than small councils from state and commonwealth government sources. This latter conclusion has important implications for those charged with the task of administering the scarce funds available through intergovernment financial arrangements. Copyright © 1987, Wiley Blackwell. All rights reserved

DOI 10.1111/j.1467-8500.1987.tb01442.x
Citations Scopus - 3
Show 61 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 - 7Web of Science - 5
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Grants and Funding

Summary

Number of grants 15
Total funding $337,366

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


20171 grants / $10,000

The Valuation of Speculative Position-Taking and Imputation Tax Credits within the BHP Billiton Group Dual-Listed Structure$10,000

The Valuation of Speculative Position-Taking and Imputation Tax Credits within the BHP Billiton Group Dual-Listed Structure

Funding body: Australian Centre for Financial Studies

Funding body Australian Centre for Financial Studies
Project Team

Sean Pinder (University of Melbourne) and Steve Easton

Scheme External Grant
Role Investigator
Funding Start 2017
Funding Finish 2019
GNo
Type Of Funding Aust Competitive - Non Commonwealth
Category 1NS
UON N

20161 grants / $20,000

Market Efficiency and Corporate Governance Studies$20,000

Market Efficiency and Corporate Governance Priority Research Initiative

Funding body: Faculty of Business and Law, University of Newcastle

Funding body Faculty of Business and Law, University of Newcastle
Project Team

Stephen Easton and Abul Shamsuddin

Scheme Priority Research Initiative
Role Lead
Funding Start 2016
Funding Finish 2016
GNo
Type Of Funding Internal
Category INTE
UON N

20151 grants / $8,102

The development and implementation of an early warning system for corporate governance$8,102

Funding body: University of Newcastle

Funding body University of Newcastle
Project Team Professor Stephen Easton, Doctor Paul Docherty
Scheme Linkage Pilot Research Grant
Role Lead
Funding Start 2015
Funding Finish 2015
GNo G1501203
Type Of Funding Internal
Category INTE
UON Y

20131 grants / $150,000

Market Efficiency and Corporate Governance Studies$150,000

Market Efficiency and Corporate Governance Priority Research Initiative

Funding body: Faculty of Business and Law, The University of Newcastle

Funding body Faculty of Business and Law, The University of Newcastle
Project Team

Stephen Easton and Abul Shamsuddin

Scheme Priority Initiative Research Funding
Role Lead
Funding Start 2013
Funding Finish 2015
GNo
Type Of Funding Internal
Category INTE
UON N

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, Emeritus Professor Jim Psaros, Dr Howard Chan, Professor Philip Gray
Scheme Research Grant
Role Investigator
Funding Start 2012
Funding Finish 2014
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

20072 grants / $7,600

International Evidence on the Other January Effect $7,000

International Evidence on the Other January Effect

Funding body: Australian Centre for Financial Studies

Funding body Australian Centre for Financial Studies
Project Team

Sean Pinder (University of Melbourne) and Steve Easton

Scheme External Grant
Role Investigator
Funding Start 2007
Funding Finish 2007
GNo
Type Of Funding Aust Competitive - Non Commonwealth
Category 1NS
UON N

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

20052 grants / $14,540

Director Share Trading: Disclosure and Market Integrity$14,000

Director Share Trading: Disclosure and Market Integrity

Funding body: Australian Centre for Financial Studies

Funding body Australian Centre for Financial Studies
Project Team

Robert Faff (Monash University) and Steve Easton

Scheme External Grant
Role Investigator
Funding Start 2005
Funding Finish 2005
GNo
Type Of Funding Aust Competitive - Non Commonwealth
Category 1NS
UON N

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

Number of supervisions

Completed12
Current6

Total current UON EFTSL

PhD2.58

Current Supervision

Commenced Level of Study Research Title Program Supervisor Type
2016 PhD Board gender diversity and financial frauds of corporations: Evidence from USA PhD (Accounting & Finance), Faculty of Business and Law, The University of Newcastle Principal Supervisor
2016 PhD The impact of continuous arrival of investor sentiment measures on equity and option prices PhD (Accounting & Finance), Faculty of Business and Law, The University of Newcastle Co-Supervisor
2016 PhD Explaining the idiosyncratic volatility puzzle in international markets PhD (Accounting & Finance), Faculty of Business and Law, The University of Newcastle Co-Supervisor
2015 PhD Political connections, business group affiliation, family ownership, and firm performance in India PhD (Accounting & Finance), Faculty of Business and Law, The University of Newcastle Principal Supervisor
2015 PhD Risk and Efficiency of Islamic and Conventional Banks PhD (Accounting & Finance), Faculty of Business and Law, The University of Newcastle Co-Supervisor
2013 PhD Net Share Issuance and Asset Pricing: An Australian Study PhD (Accounting & Finance), Faculty of Business and Law, The University of Newcastle Co-Supervisor

Past Supervision

Year Level of Study Research Title Program Supervisor Type
2017 PhD An Empirical Analysis of the Investment and Profitability Effects PhD (Accounting & Finance), Faculty of Business and Law, The University of Newcastle Principal Supervisor
2016 PhD The Momentum Premium: An Economic and Behavioural Examination PhD (Accounting & Finance), Faculty of Business and Law, The University of Newcastle Co-Supervisor
2016 PhD Asset Pricing Factors in Malaysian Equity Returns PhD (Accounting & Finance), Faculty of Business and Law, The University of Newcastle Co-Supervisor
2015 PhD Determinants of Dividend Policy - International Evidence: 1990 to 2010 PhD (Accounting & Finance), Faculty of Business and Law, The University of Newcastle Principal Supervisor
2015 PhD Studies on Return Predictability in the Malaysian Stock Market PhD (Accounting & Finance), Faculty of Business and Law, The University of Newcastle Co-Supervisor
2015 PhD The Channels of Monetary Policy on Australian Financial Markets PhD (Accounting & Finance), Faculty of Business and Law, The University of Newcastle Principal Supervisor
2013 PhD Interest Rate Risk of Australian Financial Firms PhD (Accounting & Finance), Faculty of Business and Law, The University of Newcastle Co-Supervisor
2012 Masters Risk Exposure of Islamic Financial Institutions: Evidence of Gulf Co-operation Council Countries M Philosophy (Accnt & Finance), Faculty of Business and Law, The University of Newcastle Co-Supervisor
2011 PhD Asset Pricing in Australia PhD (Accounting & Finance), Faculty of Business and Law, The University of Newcastle Principal Supervisor
2010 PhD Case Studies in Financial and Prediction Markets PhD (Accounting & Finance), Faculty of Business and Law, The University of Newcastle Sole Supervisor
2002 PhD Studies in Option Pricing Banking and Finance, University of Newcastle Co-Supervisor
2001 Masters 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

Positions

Professor
Newcastle Business School
Faculty of Business and Law

Casual Academic
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 X-645
Building NeW Space
Location City Campus

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