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Stephen Gray
Colin Clark
St. Lucia
Tel: +61 7 3346 8032
Fax: +61 7 3346 8166

UQ Business School

Stephen Gray

Professor in Finance
BCom (Hons), LLB (Hons) (The University of Queensland)
PhD (Stanford University)


Stephen Gray is an active consultant and researcher in the areas of valuation, cost of capital, corporate financial strategy, financial modeling, financial risk management, and the creation of shareholder value.

Professor Stephen Gray is well known for his work on empirical finance, asset-pricing and corporate finance which has been published in leading academic and practitioner journals. Stephen teaches a range of award and executive education courses in financial management, asset valuation, and corporate finance at UQ Business School, and was recently awarded the Prime Minister's Award for University Teacher of the Year in the Economics, Business and Related Studies field. He has Honours degrees in Commerce and Law from the University of Queensland and a PhD in financial economics from the Graduate School of Business at Stanford University. He is an active consultant to industry on issues relating to valuation, cost of capital, corporate financial strategy, financial modeling, financial risk management and the creation of shareholder value. He has also appeared as an expert in several court proceedings. As Director of the UQ Business School Corporate Valuation Centre, he leads a number of projects that are designed to turn the practical application of the latest academic research in to a source of competitive advantage for corporate managers.

Steve is a member of the Investment And Portfolio Analysis, Corporate Valuation, Financial Institutions, Managerial Incentives And Corporate Governance research groups and Finance teaching group.


  • Accounting and Finance Association of Australia and New Zealand (AFAANZ)
  • Asia-Pacific Finance Association (AFA)

Research Interests

  • Finance
    Benchmark returns and the cost of capital. Corporate Finance. Capital structure. Real and strategic options and corporate valuation. Empirical finance and asset pricing. Modeling interest rates and pricing interest rate derivative securities. Modeling energy prices and pricing energy derivative securities (especially electricity derivatives). Valuation of exotic derivatives.

Major Research Grants

Year Title of Grant Granting Agency
2006-2008'Capital management in a stochastic earnings framework', (with P.K. Gray and J.T. Alcock).ARC Discovery Project
2005-2007'Australian costs of equity', (with M. Zhong).ARC Discovery Grant
2002-2004'Quantification issues in Corporate valuation, the cost of capital, and optimal capital structure', (with V. Ragunathan and J.L. Hall).ARC Discovery Grant
2002Australian Awards for University Teaching (AAUT)Higher Education Innovation Program (HEIP) Grant
1997-2000'Electricity contracts and securities in a deregulated market: Valuation and risk management for market participantsARC Strategic Partnership Grant

Recent Publications

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Challenging The Future