Dr Clive GAUNT
Contact
Positions Held
Senior Lecturer in Finance
Academic Qualifications
| Degree |
Institution |
Field |
Year |
| PhD |
Queensland University of Technology |
A finance analysis of taxicab industry regulation |
1999 |
| MFM |
The University of Queensland |
|
1989 |
| BBus |
Brisbane College of Advanced Education |
|
1985 |
Memberships
- 1990-2000 Member Australian Computer Society (MACS)
Major Research Grants
| Year |
Title of Grant |
Granting Agency |
Amount |
| 2001-2002 |
Towards a deeper understanding of market efficiency: evidence from directors trads, large single day share price movements and managed fund performance persistence. |
UQ New Staff Research Grant |
10,000 |
Field of Current Research
| Title of Research Area |
Brief Description |
| Are financial markets efficient? |
That is, do they quickly and accurately impound all available information? Early (1970s - early 1980s) empirical research found in favour of market efficiency. However, starting in the mid 1980s empirical research began appearing in quality journals presenting evidence to the contrary. In a seminal article, DeBondt and Thaler (1985) suggested that investors are prone to systematically over-reacting to both good and bad news. They supported their thesis with empirical evidence that stocks that performed the best over a given three year period performed poorly over a subsequent three year period, and vice versa. Their research re-ignited the market efficiency debate that continues to this day and forms the basis of my current research program. |
|
While the DeBondt and Thaler work has spawned a great deal of new research over the last decade, this research has not produced a consensus amongst scholars (and practitioners). Consequently, there are still significant opportunities to contribute to the debate. Foremost amongst them is the documentation of alleged market anomalies amongst non U.S. data sources. My research involves exploiting relatively untouched Australian equity data to provide support or otherwise to U.S. based research. In addition, there are unique characteristics of the Australian corporate environment (financial reporting, continuous disclosure, market microstructure) which suggest that important insights may be available using Australian data, which may not be available from other sources. |
Distinctions
- 2001 AAANZ Peter Brownell Manuscript Award
- (Coveted award for best published paper in 'Accounting and Finance' Journal for year 2000)
- Paper titled: 'The impact of share price on seasonality and size anomalies in the Australian equity market'
- 2000 Winner of a best paper award for 'The Incremental Association of Disclosed Cash Flows with Stock Returns: Australian Evidence', presented at the 11th International Conference of Accounting Academics, Hong Kong, June 2000.
- 1999 Winner of a best paper award (and PACAP research fellow) for 'Overreaction in the Australian Equity Market: 1974-1997', presented at the PACAP Conference, Singapore, July 1999.
Research Interests
- Corporate and Investment Valuation
- Investments and Funds Management
Academic Cluster
Finance
