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)

21 - 40 of 69 works

2013

Other Outputs

Market risk premium

Gray, Stephen (2013). Market risk premium. Sydney, NSW, Australia: Independent Pricing and Regulatory Tribunal of New South Wales.

Market risk premium

2013

Journal Article

Family representatives in family firms

Chen, En-Te, Gray, Stephen and Nowland, John (2013). Family representatives in family firms. Corporate Governance, 21 (3), 242-263. doi: 10.1111/corg.12009

Family representatives in family firms

2013

Journal Article

Financial inflexibility and the value peremium

Poulsen, Michael, Faff, Robert and Gray, Stephen (2013). Financial inflexibility and the value peremium. International Review of Finance, 13 (3), 327-344. doi: 10.1111/irfi.12010

Financial inflexibility and the value peremium

2012

Other Outputs

Response to submissions on rule change proposals: report for the AEMC

Gray, Stephen (2012). Response to submissions on rule change proposals: report for the AEMC. South Bank, QLD, Australia: SFG Consulting.

Response to submissions on rule change proposals: report for the AEMC

2012

Other Outputs

Rule change proposals relating to the debt component of the regulated rate of return: report for AEMC

SFG Consulting and Gray, Stephen (2012). Rule change proposals relating to the debt component of the regulated rate of return: report for AEMC. South Bank, QLD, Australia: SFG Consulting.

Rule change proposals relating to the debt component of the regulated rate of return: report for AEMC

2012

Journal Article

Multiple founders and firm value

Chen, En-Te, Gray, Stephen and Nowland, John (2012). Multiple founders and firm value. Pacific-Basin Finance Journal, 20 (3), 398-415. doi: 10.1016/j.pacfin.2011.12.001

Multiple founders and firm value

2012

Journal Article

Do trading hours affect volatility links in the foreign exchange market?

Treepongkaruna, Sirimon, Brooks, Robert and Gray, Stephen (2012). Do trading hours affect volatility links in the foreign exchange market?. Australian Journal of Management, 37 (1), 7-27. doi: 10.1177/0312896211411934

Do trading hours affect volatility links in the foreign exchange market?

2012

Other Outputs

Preliminary analysis of rule change proposals: report for AEMC

SFG Consulting and Gray, Stephen (2012). Preliminary analysis of rule change proposals: report for AEMC. South Bank, QLD, Australia: SFG Consulting.

Preliminary analysis of rule change proposals: report for AEMC

2011

Journal Article

Asset market linkages: Evidence from financial, commodity and real estate assets

Chan, Kam Fong, Treepongkaruna, Sirimon, Brooks, Robert and Gray, Stephen (2011). Asset market linkages: Evidence from financial, commodity and real estate assets. Journal of Banking and Finance, 35 (6), 1415-1426. doi: 10.1016/j.jbankfin.2010.10.022

Asset market linkages: Evidence from financial, commodity and real estate assets

2010

Journal Article

The value of imputation tax credits on Australian hybrid securities

Feuerherdt, Clinton, Gray, Stephen and Hall, Jason (2010). The value of imputation tax credits on Australian hybrid securities. International Review of Finance, 10 (3), 365-401. doi: 10.1111/j.1468-2443.2010.01117.x

The value of imputation tax credits on Australian hybrid securities

2010

Journal Article

Economic analysis of the government's recent mining tax proposals

Parmenter, Brian, Breckenridge, Amar and Gray, Stephen (2010). Economic analysis of the government's recent mining tax proposals. Economic Papers, 29 (3), 279-291. doi: 10.1111/j.1759-3441.2010.00080.x

Economic analysis of the government's recent mining tax proposals

2010

Journal Article

A comparison of alternative bankruptcy prediction models

Wu, Y., Gaunt, C. and Gray, S. (2010). A comparison of alternative bankruptcy prediction models. Journal of Contemporary Accounting & Economics, 6 (1), 34-45. doi: 10.1016/j.jcae.2010.04.002

A comparison of alternative bankruptcy prediction models

2009

Journal Article

Information and volatility links in the foreign exchange market

Treepongkaruna, S. and Gray, S. (2009). Information and volatility links in the foreign exchange market. Accounting and Finance, 49 (2), 385-405. doi: 10.1111/j.1467-629X.2008.00287.x

Information and volatility links in the foreign exchange market

2009

Journal Article

Bias, stability, and predictive ability in the measurement of systematic risk

Gray, Stephen, Hall, Jason, Klease, Drew and McCrystal, Alan (2009). Bias, stability, and predictive ability in the measurement of systematic risk. Accounting Research Journal, 22 (3), 220-236. doi: 10.1108/10309610911005563

Bias, stability, and predictive ability in the measurement of systematic risk

2008

Journal Article

The diversification benefits of Australian equities to international investors

Costello, D., Gray, S. and McCrystal, A. (2008). The diversification benefits of Australian equities to international investors. JASSA, 2008 (4), 31-35.

The diversification benefits of Australian equities to international investors

2008

Journal Article

Relationship between franking credits and the market risk premium: A reply

Gray, Stephen and Hall, Jason (2008). Relationship between franking credits and the market risk premium: A reply. Accounting and Finance, 48 (1), 133-142. doi: 10.1111/j.1467-629x.2007.00243.x

Relationship between franking credits and the market risk premium: A reply

2006

Journal Article

Effect of credit rating changes on Australian stock returns

Choy, Elisa Y. W., Gray, Stephen F. and Ragunathan, Vanitha (2006). Effect of credit rating changes on Australian stock returns. Accounting and Finance, 46 (5), 755-769. doi: 10.1111/j.1467-629X.2006.00192.x

Effect of credit rating changes on Australian stock returns

2006

Journal Article

Are there non-linearities in short-term interest rates?

Treepongkaruna, S. and Gray, S. F. (2006). Are there non-linearities in short-term interest rates?. Accounting and Finance, 46 (1), 149-167. doi: 10.1111/j.1467-629X.2006.00151.x

Are there non-linearities in short-term interest rates?

2006

Journal Article

Relationship between franking credits and the market risk premium

Gray, Stephen and Hall, Jason (2006). Relationship between franking credits and the market risk premium. Accounting and Finance, 46 (3), 405-428. doi: 10.1111/j.1467-629X.2006.00175.x

Relationship between franking credits and the market risk premium

2006

Journal Article

The Determinants of Credit Ratings: Australian Evidence

Gray, Stephen, Mirkovic, Alexsander and Ragunathan, Vanitha (2006). The Determinants of Credit Ratings: Australian Evidence. Australian Journal of Management, 31 (2), 333-354. doi: 10.1177/031289620603100208

The Determinants of Credit Ratings: Australian Evidence

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

Need help?

For help with finding experts, story ideas and media enquiries, contact our Media team:

communications@uq.edu.au