News story 28th Jul 2015

Continued AFAANZ success for Accounting and Banking and Finance Academics

The quality of research undertaken by academics from Monash Business School has again been recognised at the annual Accounting and Finance Association of Australia and New Zealand (AFAANZ) Awards.

Professor Philip Gray from the Department of Banking and Finance has been awarded the 2014 Peter Brownell Manuscript Award for his paper on stock weighting and non-trading bias in estimated portfolio returns.

The prestigious award is given to the best paper in the journal Accounting and Finance and is determined by the editorial team. It was presented at the AFAANZ's annual conference held in Hobart earlier this month.

Robyn Moroney receives AFAANZ Award

Professor Robyn Moroney receives her award.

Previous success at the awards includes former staff member Professor Donald Stokes who was runner up in 2014 and Professor Christine Brown, Head of the Department of Banking and Finance, who won the Award in 2012.

Honoured by recognition

Professor Gray said it was an honour to be recognised by one of the most prestigious journals in the Australasia region.

"Given the quality of academics publishing in the journal it means that it is always a highly-competitive award, hence it is a great honour to receive the Peter Brownell Award," Professor Gray said.

Professor Gray's paper looks at the ways that researchers in finance, accounting and capital markets often sort stocks into portfolios in order to test theories and conduct empirical analysis.

"There are different ways one can go about forming these portfolios and estimating the all-important portfolio returns. My paper demonstrates that the findings and conclusions of empirical research can be dramatically affected by the methodological choices made by the researcher. As such, the paper serves as a warning and provides guidance for future researchers in this area."

Given the quality of academics publishing in the journal it means that it is always a highly-competitive award, hence it is a great honour to receive the Peter Brownell Award.

Professor Philip Gray

Department of Banking and Finance

Future research direction

Professor Gray is currently working on a number of papers that study the risk-return relationship in Australian equity markets.

"My aim is to better understand why some stocks earn high returns and others earn low returns," he said.

"There are obvious implications for investors and the funds management industry if we can learn more about these risk-return trade-offs."

AFAANZ is the premier body representing the interests of accounting and finance academics and other persons interested in accounting and finance education and research in Australia and New Zealand.

AFAANZ paper award success

Professor Gray was not the only successful academic at the AFAANZ conference.

Professor Robyn Moroney from the Department of Accounting won two awards. Together with her PhD student, Christine Contessotto, she received the Peter Brownell runner up manuscript award for their paper on the association between audit committee effectiveness and audit risk. Professor Moroney also received the best paper award in the Auditing stream, together with Associate Professor Carlin Dowling and Professor Robert Knechel.

Co-authors Professor David Smith and Susan O'Leary (Department of Accounting) won the best paper in the Management Accounting Stream for their paper entitled "The role of heteroglossic dialogue in performance evaluation: A case study of a non-government organization".

AFAANZ grant success

Dr Hannah Nguyen received an AFAANZ grant for her project "A state preference approach in predicting downside jumps from earnings announcements". Dr Nguyen was mentored by Associate Professor Cameron Truong in the 'developing researcher' category.

Dr Jean-Pierre Fenech received a grant for his project "The effectiveness of governance mechanisms in sporting clubs: perceptions of the stakeholders".

Dr Dean Hanlon received an AFAANZ grant for his project "The impact of ownership structure on the substitutability of dividends and on-market share repurchases".

Dr Kristian Rotaru's project "The relationship between executive functioning and risky decision-making under time pressure: an experimental study" also received an AFAANZ grant.

Student success

In addition to the excellent achievements by academic staff across both departments, PhD students James Sewell and Dhayani Kirubaharan represented the Department of Accounting at the Doctoral Symposium. James was also selected to give a speech on behalf of all students at the Symposium dinner.

AFAANZ is the premier body representing the interests of accounting and finance academics and other persons interested in accounting and finance education and research in Australia and New Zealand.