Professor Tony Naughton
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Position |
Head of School |
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School / |
Economics, Finance and Marketing |
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Contact Details |
+(61 3) 9925 5860 |
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Location |
Building: 80 |
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College/Portfolio |
Business |
Qualifications
- PhD in Finance, Department of Accounting & Finance, University of Birmingham, 1995.
- Master of Business Administration (MBA), Management Centre, University of Bradford, Major - Financial Management. 1980.
- Fellow of the Association of Chartered Certified Accountants.
Teaching
Investments, Corporate Finance, Corporate Governance, Capital Markets.
Research Interests
At the core of my research is the behaviour of security prices. In recent years I have extended this interest into corporate governance explanations of firm performance, the stock returns of IPOs and trading strategies. Much of the empirical work I do relates to the emerging markets of Asia, particularly China.
Publications - 1990 to 2013
Major Publications:
Hermalin B. E., L. Li and T. Naughton (2013), The Relational Underpinnings of Formal Contracting and the Welfare Consequences of Legal System Improvement, Economics Letters (forthcoming, available online 19 Feb 2013).
Mugwagwa T., V. Ramiah, T. Naughton and I. Moosa (2012), The Efficiency of the Buy-Write Strategy: Evidence from Australia, Journal of International Financial Markets, Institutions and Money, 22:2, 233-422.
Moosa I., L. Li and T. Naughton (2011), Robust and Fragile Firm-Specific Determinants of the Capital Structure of Chinese Firms, Applied Financial Economics, 21:18, 1331-1343.
Ramiah V., K. Y. Cheng, J. Orriols, T. Naughton and T. Hallahan (2011), Contrarian Investment Strategies Work Better for Dually-Traded Stocks: Hong Kong Evidence, Pacific-Basin Finance Journal, 19:1, 140-156.
Ramiah V., T. Mugwagwa, and T. Naughton (2011), Hot and Cold Strategies: Australian Evidence, Review of Pacific Basin Financial Markets and Policies, 14:2.
Ma S., T. Naughton and G. Tian (2010),Ownership and ownership concentration: which is important in determining the performance of China’s listed firms? Accounting and Finance, 50: 4, 871-897.
Li L., T. Naughton and M. Hovey (2009), A review of corporate governance in China, Chapter 17 in F. J. Lopez Iturriaga (Ed), Codes of Good Governance Around the World, Nova Science Publishers, New York. ISBN: 978-1-60741-141-3
Moosa I., T. Naughton and L. Li (2008), Exchange Rate Regime Verification: Has China Actually Moved from a Dollar Peg to a Basket Peg? Economia Internazionale, LXII: 1, 41-67
Naughton T., C. Truong, and M. Veeraraghavan (2008), Momentum Strategies and Stock Returns: Chinese Evidence, Pacific-Basin Finance Journal, 16: 4, 476-492.
Li L., J. Foster and T. Naughton (2008), Short Term Equity Returns of Chinese IPOs, 1999 to 2004: Excess Demand, Social Policy and Wealth Effects, Journal of Emerging Market Finance, 7: 2, 197-214.
Li L. and T. Naughton (2007), Going Public with Good Governance: Evidence from China, Corporate Governance: An International Review, 15: 6, 1190-1202.
Hovey M. and T. Naughton (2007), A Survey of Enterprise Reforms in China: The Way Forward, Economic Systems, 31: 2, 138-156.
Heaney R., T. Naughton , T. Truong, S. Davidson, T. Fry and M. McKenzie (2007), The Link Between Performance and Changes in the Size and Stability of a Firms Officers and Directors, Journal of Multinational Financial Management, 17, 16-29.
Drew M.E., M. Mallin, T. Naughton and M. Veerarghavan (2006), Idiosyncratic volatility and security returns: Evidence from Germany and United Kingdom, Studies in Economics and Finance, 23: 2, 80-93 (Highly Commended Award: Emerald Literati 2007).
Drew M., T. Naughton and M. Veeraraghavan (2005), Pricing of Equities in China: Evidence from the Shanghai Stock Exchange, Managerial Finance, 31: 12.
Naughton T. and M. Veeraraghavan (2005), A multifactor model explanation of the cross-section of expected stock returns: evidence from Indonesia, Singapore and Taiwan, Finance India, XIX: 1, 135-157.
Drew M., T. Naughton and M. Veeraraghavan (2004), Is Idiosyncratic Volatility Priced? International Review of Financial Analysis, 13: 3, 349-366.
Naughton T. and M. Veeraraghavan (2004), Are Price Limits Priced? Evidence from Taiwan, Journal of Emerging Market Finance, 3: 3, 249-267.
Drew M., T. Naughton and M. Veeraraghavan (2003), Firm Size, Book-to-Market Equity and Security Returns: Evidence from the Shanghai Stock Exchange, Australian Journal of Management, 28: 2, 119-139.
Hovey M., Li. Li and T. Naughton (2003), The Relationship between Valuation and Ownership of Listed firms in China, Corporate Governance: An International Review, 11:2, 112-122.
Murgulov Z. and T. Naughton (2002), New Economy Initial Public Offerings in Australia, Accounting, Accountability & Performance, 8:1, 21-59.
Naughton T. (2002), Corporate Governance: An International Perspective, Professorial Lecture Series Monograph, Griffith University, Brisbane.
Naughton S. and T. Naughton (2000), Religion, Ethics and Stock Trading: the Case of an Islamic Equities Market, Journal of Business Ethics, 23: 2, 145-159.
Hovey M. and T. Naughton (2000), Financial Sector Reform in China. Chapter 5 in C. Harvie (Ed.), Contemporary Developments and Issues in China’s Economic Transition, Macmillan, London, 101-136
Harvie C. and T. Naughton (2000), Corporate governance and state owned enterprise reform, Chapter 3 in C. Harvie (ed), Contemporary Developments and Issues in China’s Economic Transition, Macmillan, London, 45-70.
Naughton T. (2000), Taiwan, an island state with economic insulation, Chapter 10 in Harvie C. and J. Tran Van Ho, Causes and Impact of the Asian financial crisis. St. Martin’s Press/Macmillan, London, 118-126.
Naughton T. (1999), The role of stock markets in the Asian Pacific region, Asian Pacific Economic Literature, 13:1, 22-35.
Naughton T. (1999), Taiwan. Chapter 10 in Asia’s Financial Markets: Capitalising on Reform, East Asia Analytical Unit, Department of Foreign Affairs, Canberra, 239-259.
Naughton T. and M. Hovey (1999), Non-Bank Financial Institutions. Chapter 6 Asia’s Financial Markets: Capitalising on Reform, East Asia Analytical Unit, Department of Foreign Affairs, Canberra, 139-158.
Naughton T. and S-L Chan (1998), Strategic Dimensions of Correspondent Banking, International Journal of Bank Marketing, 16: 4, 153-160.
Naughton T. (1998), Relationships in Equity Markets in the Asia-Pacific Region, Chapter 21 in A. Levy, Handbook on the Globalisation of the World Economy, Edward Elgar, London, 582-595.
Naughton T. (1996), A Factor Analysis of Equity Market Relationships in Asia. Applied Economics Letters, Vol. 3, No. 11, 725-728.
Naughton T. and C. Harvie (1996), The Performance of Foreign Banks in a Deregulated Environment: Evidence from Australia and Korea, Economic Papers, 15: 1, 57-75.
Naughton T. and Teoh Hai Yap (1995), Foreign Exchange Risk Strategies of Australian Firms, Advances in Pacific Basin Financial Markets, Vol. 1, 173-195.
Wu S., T. Naughton and H. Chung (1995), The Impact of Price Limit Changes on Market Volatility in Taiwan, Advances in Pacific Basin Financial Markets, Vol. 1, 157-166.
Lowe J., T. Naughton and P. Taylor (1995), The Impact of Corporate Strategy on the Capital Structure of Australian Companies, Managerial & Decision Economics, Vol. 15, 245-257.
Naughton T. and M. Theobald (1993), Pricing Securities with Embedded Options in the Context of Price Limits: A Study of Taiwan, Research in International Business & Finance, Vol. X, 277-292.
Naughton T. and A. Tahir (1993), Islamic Banking, Chapter in M. Zaman (Ed.), Banking and Finance: Islamic Concept, International Association of Islamic Banks, London.
Lowe J. and T. Naughton (1993), Understanding the Australian Management Buyout Market, Economic Papers, Vol. 12 , No. 2, 97-108.
Naughton T. and B. Shanmugam (1990), Interest-Free Banking: A Case Study of Malaysia, National Westminster Bank Quarterly Review, February, 16-32.
(Above article reprinted in, Journal of Islamic Banking & Finance (1990), 7:3).
Other Professional Publications - 1990 to 2005:
Weston R. and T. Naughton (2005), Reputation in Financial Services, (Editorial) Journal of Financial Services Marketing, 9:3, 202-203.
Naughton T. (2002), The Winner is…. Behavioural Finance?, (Editorial) Journal of Financial Services Marketing, 7:2, 110-111.
Naughton T. (1997), Is an Islamic Stock Market Viable?, New Horizon, 61, 2-4.
Naughton T., J. Lowe and A. B. Sim (1991), Understanding the Capital Structure Puzzle: A New Approach Using Corporate Strategy, The Australian Banker, April, 105:2, 96-98.
Conferences Papers/Publications – 1990 to 2010:
Ma S., T. Naughton and G. Tian (2010), Ownership and ownership concentration: which is important in determining the performance of China’s listed firms? Multinational Finance Society Conference, Barcelona, 28-30 June,.
An Y. H. and T. Naughton (2009), The impact of family ownership on firm value and earnings quality: Evidence from Korea, European Financial Management Association Conference, Milan, 24-27 June.
L. Liu and T. Naughton (2009), Corss-Listing, Corporate Governance and Firm Performance: An Empirical Study on the Bonding Hypothesis, Journal of Corporate Finance Special Conference on Emerging Markets, Beijing, 23-25 August.
Ramiah V., K. Y. Cheng, J. Orriols, T. Naughton and T. Hallahan (2008), Contrarian Investment Strategies Work Better for Dually-Traded Stocks: Hong Kong Evidence. International Conference on Corporate Governance and Financial Integration Taipei, 16 May. Moosa I., T. Naughton and L. Li (2008), Exchange Rate Regime Verification: Has China Actually Moved from a Dollar Peg t o a Basket Peg? 15th Global Finance Conference, Hangzhou, 18-20 May. (voted one of the “Top Ten” papers of the conference). (An earlier version of the paper was presented at the 12th FINSIA/MCFS Banking & Finance Conference, Melbourne, 24 - 25 September 2007).
Marsden A., T. Naughton , M. Veeraraghavan and Z. Zhu (2007), The Relationship between Debt and Nontradable Shares in China,. Eurpoean Financial Management Association Conference, Vienna, 27-30 June.
Cole R., C. Corrado, L. Li, T. Naughton and M. Veeraraghavan (2006), The End of Non-Tradable Shares in China, 11th Banking & Finance Conference, Melbourne, 25-26 September.
Ramiah V., T. Naughton and M. Veeraraghavan (2006), First and Second Board Momentum Strategies in Singapore, 13th Global Finance Conference, Rio de Janeiro, 26-28 April.
Li L. and T. Naughton (2006), Corporate Governance and the Aftermarket of IPOs in China, 13th Global Finance Conference, Rio de Janeiro, 26-28 April.
Naughton T. (2005), Keynote Address, Corporate Governance in China, Financial Market Reform and Risk Prevention 2005 International Symposium, Shanghai, 26-27 November.
Hovey M. and T. Naughton (2005) Enterprise Reforms in China: The Way Forward, FIRN Symposium, Corporate Governance: Practice, Theory and Empirical Issues, Melbourne 21 November.
Li L. and T. Naughton (2005), Going Public with Good Governance: Evidence from China, FIRN Symposium, Corporate Governance: Practice, Theory and Empirical Issues, Melbourne 21 November.
Marsden A., T. Naughton , M. Veeraraghavan and Z. Zhu (2005), Ownership Structure and Capital Structure: Evidence from China, FIRN Symposium, Corporate Governance: Practice, Theory and Empirical Issues, Melbourne 21 November.
Heaney R., T. Naughton , S. Davidson, T. Fry and M. McKenzie (2005), The relationship between the size and stability of the firm’s officers and directors and its performance. Evidence for China, UK and the USA, 3rd International Conference on Corporate Governance, Birmingham, 4 July.
Heaney R., T. Naughton , T. Truong, S. Davidson, T. Fry and M. McKenzie (2005), The Link Between Performance Size and Changes in the Size and Stability of a Firm’s Officers and Directors. 12th Global Finance Conference, Dublin, 27-29 June.
Li L., J. Foster and T. Naughton (2005), Short Term Equity Returns of Chinese IPOs, 1998 to 2001: Excess Demand, Social Policy and Wealth Effects. 12th Global Finance Conference, Dublin, 27-29 June.
Davidson S., R. Heaney, T. Fry, T. Naughton , M. McKenzie and T. Truong (2004), The Link Between Performance and Changes in the Number of Directors and Officers in the Firm: An International Comparison of Corporate Governance Outcomes, Proceedings CD AIBF Conference, Melbourne 30 September-1 October.
TruongC., M. Veeraraghavanand T. Naughton (2004), Yes, Momentum Strategies Work!, Proceedings CD Emerging Financial Markets and Services Conference, Sydney 28-29 May.
Drew, Michael E., Tony Naughton , and Madhu Veeraraghavan (2003), Firm Size, Book-to-Market Equity and Security Returns: Evidence from the Shanghai Stock Exchange, 2003 Financial Management Association European Meeting, Dublin, 5-6 June.
An earlier version of the above paper also presented at the Symposium on Stock Markets, Risk, Return and Pricing, Queensland University of Technology/Economics Society of Australia, Brisbane 16 December, 2002 and the 15th Australasian Finance and Banking Conference, Sydney 16-18 December 2002.
Naughton T. (2002), Keynote Address, Corporate Governance: An International Perspective, International Conference on Corporate Governance, Kuala Lumpur, 29-30 October.
Naughton T. and M. Hovey (2002), What Part do Securities’ Markets Play in Advancing Corporate Governance in Asia?, Proceedings CD of the Econometric Society Australasian Meeting, Brisbane, 7-10 July.
Hovey M., L. Li and Naughton T. (2000), Corporate Governance Issues: A Case Study of China, Proceedings of the 2000 Finance Educators Conference, Melbourne, 30 November, 106-121 .
Naughton T., M. Veeraraghavan and L. Thalib (2000), Explaining Anomalies in the Cross-Section of Expected Stock Returns: Evidence from Indonesia, Singapore and Taiwan, Proceedings of the 2000 Finance Educators Conference, Melbourne, 30 November, 202-240.
Li L., Hovey M. and Naughton T. (2000), Firm Valuation and Corporate Governance in China, 7th Asia Pacific Finance Association Conference Book of Abstracts, Shanghai, 24-26 July, p105.
Naughton T. (1999), Corporate Governance and Enterprise Reform in China, Proceedings of the British Academy of Management 1999 Conference, Manchester, 1-3 September, 1382.
Naughton T. and M. Hovey (1999), Recent Developments in Non-Bank Financial Institutions in Asia, 6th Asia Pacific Finance Association Conference, Melbourne, 12-14 July.
Harvie C. and T. Naughton (1998), Corporate Governance, Ownership Change and the Performance of China’s State Owned Enterprises. Annual Conference of the Academy of International Business Southeast Asia Region (AIBSEAR), on "Succeeding in the Emerging Asia: Economic, Managerial and Business Perspectives from Insiders and Outsiders”, Nanning, China, October, 345-366
Naughton S. and T. Naughton (1998), Speculation in Stock and Derivative Markets, Book of Abstracts at the 10th Pacific Basin Finance Conference, Kuala Lumpur, 26-28 October, 12.
Naughton T. (1997), The Speed of Adjustment of Stock Prices in Taiwan, Proceedings of the 4th Japanese Association of Financial Econometrics and Engineering International Conference, Tokyo, July, 561-573.
Naughton T.(1996), A Study of Price Adjustment Coefficients in a Market with Price Limits, Book of Abstracts 1996 APFA/8th Pacific Basin Finance Conference, Taipei, July, 124.
Chan S-L and T. Naughton (1996), The Strategic Use of International Correspondent Banking in Major Australian Banks. Proceedings of the 3rd International Conference on Economics in Business and Government, Brisbane, July, 640-649.
Chan S-L and T. Naughton (1995), Correspondent Banking: the Quiet Resurgence. Proceedings of the Australian Institute of Bankers Conference, Melbourne, July, 287-307.
Wu S., T. Naughton and H. Chung (1995) , Market, Size Effect, Price Limit and Stock Excess Return in Taiwan, Book of Abstracts 7th Pacific Basin Finance Conference, Manila, July., p82.
Naughton T. and C. Harvie (1994), The Performance of Foreign Banks in Australia and Korea., Book of Abstracts 6th Pacific Basin Finance Conference, Jakarta, July. p55.
Naughton T. and N. A. Yakob (1993), Listing an Islamic Bank on the Stock Market: A Case Study of Bank Islam Malaysia Berhad. Inaugural International Islamic Banking Conference, Sydney, 9-10 November. Proceedings 181-198.
Naughton T. and Teoh Hai Yap(1993), Foreign Exchange Risk Management in Multinational Firms. Proceedings of the 8th North American Economics and Finance International Congress, Jamaica, West Indies, 6-8 August, 231-239.
Naughton T. and Teoh Hai Yap (1993), Foreign Exchange Risk Strategies in Australia. Book of Abstracts 5th Pacific-Basin Finance Conference, Kuala Lumpur, July, p75.
T. Naughton, C. Harvie and W. D. Lee (1993), Foreign Banks in a Deregulated Environment: Evidence from Australia and Korea. Proceedings of the Australian Institute of Bankers Conference, Melbourne, 5-6 July, 630-654.
Wu S., T. Naughton and H. Chung (1992), Price Limits and Market Volatility in Taiwan: Evidence from an ARCH Model. 4th Pacific-Basin Finance Conference, Hong Kong, 5-8 July.
Naughton T. and Teoh Hai Yap (1991), Foreign Exchange Risk Strategies of Australian Firms. 4th Australasian Finance & Banking Conference, Sydney, 28-29 November.
T. Naughton and J. Lowe (1991), Understanding the Australian Management Buyout Market. Proceedings of the Australian Institute of Bankers Finance & Banking Conference, Melbourne, 1-2 July, 222-239.
Theobald M. and T. Naughton (1991), Pricing Securities with Embedded Options in the Context of Price Limits: A Study of Taiwan. 3rd Pacific-Basin Finance Conference, Seoul, Korea, 3-5 June.
Naughton T., J. Lowe and A. B. Sim (1990), The Impact of Corporate Strategy on the Capital Structure of Australian Companies. 2nd Pacific-Basin Finance Conference, Bangkok, Thailand, 4-6 June.
Research Projects and Funding - 1990 to 2010
2010/2011 $85,000. Australian Centre for Financial Studies grant. Compilation of ASX Historical Database. (with Professor Richard Heaney)
2010 $15,000. Australian Centre for Financial Studies grant. Predicting Bank Failure (with Professors Malick Sy and Richard Heaney and Associate Professor Terry Hallahan.
2007 $75,000. Melbourne Centre for Financial Studies Research Grant. Discovering style consistency and drift in Australian Equity Funds (with Professors Robert Faff and Francis In, Assoc. Professor Madhu Veeraraghavan and Dr. Paul Lajbcygier).
2007 $20,000. Melbourne Centre for Financial Studies Research Grant. An Exploratory Study in the Pricing of Credit Default Swaps (with Drs Vikash Ramiah and George Tawadros).
2006 $15,000. Melbourne Centre for Financial Studies Research Grant. The End of Non-Tradable Shares in China (with Professor Charles Corrado, Dr Larry Li and Assoc. Prof. Madhu Veeraraghavan).
2006 $3,500. La Trobe University Faculty of Law and Management Research Grant. "Wanted: Beta Dead or Alive in Chinese Markets" (with Dr Larry Li and Associate Professor Mike Dempsey).
2005-7 $1,900,000 Melbourne Centre for Financial Studies funded by the State Government of Victoria, Monash University, the University of Melbourne and RMIT (with lead researchers Professor Rob Brown, Melbourne and Professor Jayne Godfrey, Monash).
2005 $5,000 AFAANZ Research Fund Grant. Ownership Structure, Capital Structure and Firm Performance in China (with Associate Professors Alastair Marsden and Madhu Veeraraghavan).
2004-5 $114,000 ($57,000 in each year) Virtual Research Innovation Institute Grant, RMIT. Corporate Governance and the Impact of Globalisation. (with Professors Richard Heaney and Tim Fry and Associate Professors Michael McKenzie and Sinclair Davidson).
2003-4 NZ$30,000 ANZ Bank/ING New Zealand Grant, A$7,133 Griffith University Research Grant, and NZ$9,000 University of Auckland Research Grant. How Do Australian and New Zealand Investors Make Decisions? (with Professor Muller, Hagoromo University (Japan), Associate Professor Glendon, Griffith University, Dr Drew, Queensland University of Technology and Dr Veeraraghavan, University of Auckland.
2001 $50,000 Griffith University seed funding for the establishment of the Research Centre for Financial Risk Management and Valuation (with Professors Allan Hodgson and Tom Nguyen - Griffith University).
2000 $14,500 National Competitive Research Grant Support Scheme. To support research on ARC China project.
1999 $8,700. Australian Research Council (ARC). Corporate governance and financial sector reform in China.
1999 $40,000 Infrastructure Grant for research database facilities (with Professors Errol Iselin and Allan Hodgson – Griffith University).
1999 $7,700. Griffith University Research Grant (GURG). Study of investment behaviour of fund managers (with M. Dempsey and S. Naughton )
1998 $2,000. School Research Grant, Griffith University. Empirical study of multifactor asset pricing models.
1997 Japanese Association of Financial Econometrics and Engineering. Conference travel grant to present invited paper at the Financial Econometrics and Engineering International Conference.
1993-5 $180,000: $90,000 (personal grant) and 1995-97 $90,000 (with Dr M. Musiela - UNSW) received from the Dept. of Employment, Education & Training, Targeted Institutional Links (TIL) Program. To develop academic links between Australia and Asian countries and to establish research links with banks and financial institutions.
1991-4 Chicago Board of Trade. Travel grant to attend the Futures Research Symposium held in Singapore (1991), Hong Kong (1992 and 1993) and Taipei (1994).
1991 Yung Shin Securities, Taiwan. Travel grant to conduct research in Taiwan.