Steve Gray
Professor Steve Gray
Professor in Finance
  • BCom (Hons) (The University of Queensland)
  • LLB (Hons) (The University of Queensland)
  • PhD, Dissertation Title: Essays in empirical finance (Stanford University)


+61 7 3346 8032


+61 7 3346 8166
Room 319, Colin Clark Building, St. Lucia Campus

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.

Research interests

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.


View full publications list


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

Major research grants

Title Agency Year Amount
'Capital management in a stochastic earnings framework', (with P.K. Gray and J.T. Alcock). ARC Discovery Project 2006-2008 $270,000
'Australian costs of equity', (with M. Zhong). ARC Discovery Grant 2005-2007 $195,000
'Quantification issues in Corporate valuation, the cost of capital, and optimal capital structure', (with V. Ragunathan and J.L. Hall). ARC Discovery Grant 2002-2004 $126,000
Australian Awards for University Teaching (AAUT) Higher Education Innovation Program (HEIP) Grant 2002 Undisclosed
'Electricity contracts and securities in a deregulated market: Valuation and risk management for market participants ARC Strategic Partnership Grant 1997-2000 $233,150