Professor Stephen Gray
Professor

Stephen Gray

Email: 
Phone: 
+61 7 334 68032

Background

Stephen Gray is the Malcolm Broomhead Chair in Finance at UQ Business School.

He 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.

He 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 has been recognised by 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 is frequently engaged as an expert on financial, valuation, regulatory and competition matters in court proceedings.

Availability

Professor Stephen Gray is:
Available for supervision
Media expert

Fields of research

Accounting, auditing and accountability Banking, finance and investment

Qualifications

  • Bachelor (Honours) of Commerce, The University of Queensland
  • Bachelor (Honours) of Law, The University of Queensland
  • Doctor of Philosophy, Stanford University

Search Professor Stephen Gray’s works on UQ eSpace

69 works between 1986 and 2023
All (69) Journal Article (51) Book Chapter (3) Conference Publication (9) Other Outputs (6)

1 - 20 of 69 works

2023

Journal Article

Sampling error and the joint estimation of imputation credit value and cash dividend value

Cannavan, Damien, Gray, Stephen and Hall, Jason (2023). Sampling error and the joint estimation of imputation credit value and cash dividend value. Accounting and Finance, 63 (S1), 1029-1068. doi: 10.1111/acfi.12922

Sampling error and the joint estimation of imputation credit value and cash dividend value

2021

Journal Article

The public-private partnership valuation paradox

Gray, Stephen, Hall, Jason, Pollard, Grant and Cannavan, Damien (2021). The public-private partnership valuation paradox. Accounting Research Journal, 34 (6), 546-579. doi: 10.1108/arj-08-2020-0275

The public-private partnership valuation paradox

2020

Journal Article

Political uncertainty, market anomalies and presidential honeymoons

Chan, Kam Fong, Gray, Philip, Gray, Stephen and Zhong, Angel (2020). Political uncertainty, market anomalies and presidential honeymoons. Journal of Banking and Finance, 113 105749, 105749. doi: 10.1016/j.jbankfin.2020.105749

Political uncertainty, market anomalies and presidential honeymoons

2019

Journal Article

Analyst vs. model-based earnings forecasts: implied cost of capital applications

Alex, Paton, Damien, Cannavan, Stephen, Gray and Khoa, Hoang (2019). Analyst vs. model-based earnings forecasts: implied cost of capital applications. Accounting and Finance, 60 (4) 10.1111/acfi.12548, 4061-4092. doi: 10.1111/acfi.12548

Analyst vs. model-based earnings forecasts: implied cost of capital applications

2018

Journal Article

Market timing as an explanation for the short-lived premium on cross-listing

Clarkson, Peter M., Gray, Stephen F. and Ragunathan, Vanitha (2018). Market timing as an explanation for the short-lived premium on cross-listing. Accounting and Finance, 58 (S1), 131-157. doi: 10.1111/acfi.12310

Market timing as an explanation for the short-lived premium on cross-listing

2018

Journal Article

Director workloads, attendance and firm performance

Gray, Stephen and Nowland, John (2018). Director workloads, attendance and firm performance. Accounting Research Journal, 31 (2), 214-231. doi: 10.1108/ARJ-02-2016-0023

Director workloads, attendance and firm performance

2018

Journal Article

'Name and shame' - director attendance disclosure and practice

Chapple, Larelle (Ellie), Gray, Stephen, Nowland, John and Sadiq, Kerrie (2018). 'Name and shame' - director attendance disclosure and practice. Journal of Corporate Law Studies, 18 (2), 311-337. doi: 10.1080/14735970.2017.1412674

'Name and shame' - director attendance disclosure and practice

2017

Journal Article

Dividend drop-off estimates of the value of dividend imputation tax credits

Cannavan, Damien and Gray, Stephen (2017). Dividend drop-off estimates of the value of dividend imputation tax credits. Pacific-Basin Finance Journal, 46, 213-226. doi: 10.1016/j.pacfin.2017.08.006

Dividend drop-off estimates of the value of dividend imputation tax credits

2016

Journal Article

A contemporary view of corporate finance theory, empirical evidence and practice

Faff, Robert W., Gray, Stephen and Tan, Kelvin Jui Keng (2016). A contemporary view of corporate finance theory, empirical evidence and practice. Australian Journal of Management, 41 (4), 662-686. doi: 10.1177/0312896216632032

A contemporary view of corporate finance theory, empirical evidence and practice

2016

Journal Article

Dividend imputation and the corporate cost of capital

Gray, Stephen (2016). Dividend imputation and the corporate cost of capital. JASSA: The Finsia Journal of Applied Finance.

Dividend imputation and the corporate cost of capital

2016

Journal Article

Phoenixing at the fulcrum: less faff, faster forward formulation

Morrison, David and Gray, Stephen (2016). Phoenixing at the fulcrum: less faff, faster forward formulation. Insolvency Law Journal, 24 (4), 267-279.

Phoenixing at the fulcrum: less faff, faster forward formulation

2016

Journal Article

Corporate governance and bankruptcy risk

Darrat, Ali F., Gray, Stephen, Park, Jung Chul and Wu, Yanhui (2016). Corporate governance and bankruptcy risk. Journal of Accounting, Auditing and Finance, 31 (2), 163-202. doi: 10.1177/0148558X14560898

Corporate governance and bankruptcy risk

2015

Journal Article

The diversity of expertise on corporate boards in Australia

Gray, Stephen and Nowland, John (2015). The diversity of expertise on corporate boards in Australia. Accounting and Finance, 57 (2), 1-35. doi: 10.1111/acfi.12146

The diversity of expertise on corporate boards in Australia

2015

Journal Article

Yes, one-day international cricket 'in-play' trading strategies can be profitable!

Norton, Hugh, Gray, Steve and Faff, Robert (2015). Yes, one-day international cricket 'in-play' trading strategies can be profitable!. Journal of Banking and Finance, 61, S164-S176. doi: 10.1016/j.jbankfin.2015.08.031

Yes, one-day international cricket 'in-play' trading strategies can be profitable!

2014

Journal Article

Political and government connections on corporate boards in Australia: good for business?

Gray, Stephen, Harymawan, Iman and Nowland, John (2014). Political and government connections on corporate boards in Australia: good for business?. Australian Journal of Management, 41 (1), 3-26. doi: 10.1177/0312896214535788

Political and government connections on corporate boards in Australia: good for business?

2014

Book Chapter

Convergence in the ownership and governance of east Asian firms

Chen, En-Te, Gray, Stephen and Nowland, John (2014). Convergence in the ownership and governance of east Asian firms. Issues in governance, growth and globalization in Asia. (pp. 15-30) edited by Tony Cavoli, Siona Listokin and Ramkishen S Rajan. Singapore, Singapore: World Scientific Publishing. doi: 10.1142/9789814504959_0002

Convergence in the ownership and governance of east Asian firms

2013

Journal Article

Explaining the bid-ask spread in the foreign exchange market: a test of alternate models

Treepongkaruna, Sirimon, Brailsford, Tim and Gray, Stephen (2013). Explaining the bid-ask spread in the foreign exchange market: a test of alternate models. Australian Journal of Management, OnlineFirst (4), 1-20. doi: 10.1177/0312896213499028

Explaining the bid-ask spread in the foreign exchange market: a test of alternate models

2013

Journal Article

Is prior director experience valuable?

Gray, Stephen and Nowland, John (2013). Is prior director experience valuable?. Accounting and Finance, 53 (3), 643-666. doi: 10.1111/j.1467-629X.2012.00481.x

Is prior director experience valuable?

2013

Other Outputs

Consultant report - SFG Consulting - Estimation of the regulated profit margin for electricity retailers in NSW - June 2013

Gray, Stephen (2013). Consultant report - SFG Consulting - Estimation of the regulated profit margin for electricity retailers in NSW - June 2013. South Bank, QLD, Australia: SFG Consulting.

Consultant report - SFG Consulting - Estimation of the regulated profit margin for electricity retailers in NSW - June 2013

2013

Journal Article

Unconstrained estimates of the equity risk premium

Fitzgerald, Tristan, Gray, Stephen, Hall, Jason and Jeyaraj, Ravi (2013). Unconstrained estimates of the equity risk premium. Review of Accounting Studies, 18 (2), 560-639. doi: 10.1007/s11142-013-9225-z

Unconstrained estimates of the equity risk premium

Current funding

  • 2021 - 2025
    Macoun Research Scholar Program
    Macoun Charitable Foundation
    Open grant

Past funding

  • 2021 - 2022
    QIC Investment Management Research Proposal
    QIC Limited
    Open grant
  • 2014 - 2015
    Quantifying medical research outcomes
    Merchant Charitable Foundation
    Open grant
  • 2008 - 2010
    The Management of Asymmetric Risk in a Modern Investment Portfolio
    ARC Linkage Projects
    Open grant
  • 2006 - 2008
    Capital Management in a Stochastic Earnings Framework
    ARC Discovery Projects
    Open grant
  • 2005 - 2007
    Australian Costs of Equity
    ARC Discovery Projects
    Open grant
  • 2003 - 2005
    Quantification issues in corporate valuation, the cost of capital, and optimal capital structure.
    ARC Discovery Projects
    Open grant
  • 1998 - 2000
    Electricity Contracts and Securities in a Deregulated Market: Valuation and Risk Management for Market Participants
    ARC Collaborative Grant (SPIRT)
    Open grant
  • 1998
    Electricity contracts and securities in a deregulated market: valuation and risk management for market participants
    Queensland Electricity Reform Unit
    Open grant
  • 1998
    Stock Splits and Bonus Issues Declared by Australian Companies: Effects on Trading Costs and Market Quality
    University of Queensland New Staff Research Grant
    Open grant

Availability

Professor Stephen Gray is:
Available for supervision

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Supervision history

Current supervision

  • Doctor Philosophy

    Three Essays in Real Estate Asset Pricing

    Associate Advisor

    Other advisors: Professor Shaun Bond

Completed supervision

Enquiries

Contact Professor Stephen Gray directly for media enquiries about:

  • Corporate finance
  • Finance
  • Finance - corporate
  • Financial markets
  • Financial modelling
  • Investments
  • Markets - fiancial
  • Modelling - financial
  • Shares
  • Stock market
  • Stock market - futures
  • Stock market - options

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