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Andrew Grant

Andrew Grant

B MathFin (Hons) W'gong ; PhD Sydney
Senior Lecturer

Rm 507
H69 - Codrington Building
The University of Sydney
NSW 2006 Australia

Telephone +61 2 9036 6238
Fax +61 2 9351 6461
andrew.grant@sydney.edu.au

Bio

Andrew is a senior lecturer in the Discipline of Finance. His main areas of expertise are behavioural finance, individual investor decision making, and betting markets, focusing on preference and belief-based asset allocation and asset pricing decisions, including developing models of asset allocation and optimal investor behaviour in betting markets. Other broad dimensions of his research explore the interaction of individual investors with financial institutions, and how their behaviour may be predicted based on numerical scores or past performance, and what anchors drive individual investors to the marketplace. He has also been engaged with industry, with studies of alternative finance and marketplace lending in the Asia-Pacific.

Andrew is also an elected member of the Business School’s alumni executive committee, helping to organise events and engage with local and international alumni, connecting current students with former students. He has supervised a number of research students and received multiple awards for teaching. He has appeared as a guest commentator in print, radio, and on television, discussing issues such as gambling market and banking regulation, personal savings and asset allocation model evaluation.

Research Interests

Andrew’s research covers a wide range of topics, mainly based around individual behaviour in financial and betting markets. In financial markets, he has analysed the behaviour of financial analysts in generating trading volume for their firm using optimistic forecasts or recommendations. He has also explored the impact of divorce on portfolio choice and trading behaviour by individuals and studied the role of anchors and nudges as behavioural finance drivers of individual investor decision making, such as whether individual investors respond to reminders to pay off credit card bills or are more likely to sell stocks based on salient prices (such as the 52-week high). He has also explored what drives individual investors to be successful in personal loan applications, beyond the information contained in their credit score.

In betting markets, he has developed a portfolio approach to fixed-odds betting on simultaneous events (using exotic wagers and the Kelly Criterion) and provided a thorough analysis of the different types of bookmakers operating in the marketplace. His diverse range of interests stem from a background in decision analysis techniques, including expert forecast combination and forecast evaluation using probabilistic and economic scoring rules. Other approaches to preference-based decision making in markets arise from the use of expected utility and non-expected utility, including prospect theory and multivariate utility functions, which allow for more descriptive but realistic understanding of the underpinnings of financial behaviour.

2018

4
Journal Article/s

Grant A, Oikonomidis A, Bruce AC and Johnson JEV 2018 Forthcoming 'New entry, strategic diversity and efficiency in soccer betting markets: the creation and suppression of arbitrage opportunities', European Journal of Finance [Link]

2017

4
Journal Article/s

Reza Bradrania M, Grant A, Westerholm J and Wu W 2017 'Fool’s mate: What does CHESS tell us about individual investor trading performance?', Accounting and Finance, vol.57:4, pp. 981–1017 [Link]

2016

4
Journal Article/s

Grant A and Satchell S 2016 'Theoretical Decomposition of the Cross-Sectional Dispersion of Stock Returns', Quantitative Finance, vol.16:2, pp. 169-80 [Link]

10
Report/s

Zhang B, Deer L, Wardrop R, Grant A, Garvey K, Thorp S, Ziegler T, Ying K, Xinwei Z, Huang E, Burton J, Chen H, Lui A, Gray Y, Akhtar S and Anthonisz S 2016 'Harnessing Potential: The Asia-Pacific Alternative Finance Benchmarking Report (March 2016)', KPMG [Link]

2015

4
Journal Article/s

Grant A, Jarnecic E and Su M 2015 'Asymmetric effects of sell-side analyst optimism and broker market share by clientele', Journal of Financial Markets, vol.24, pp. 49-65 [Link]

5
Conference Paper/s

Grant A, Johnson J and Oikonomidis T 2015 'Arb-mirage: Exploring the Extent to Which Apparent Inefficiency in Betting Markets is an Illusion', 22nd Annual Conference of the Multinational Finance Society, Halkidiki, Greece, 1st July 2015

2013

2
Book Section/s

Grant A 2013 'Betting on Simultaneous Events and Accumulator Gambles' in The Oxford Handbook of the Economics of Gambling, ed. L Vaughan Williams and D S Siegel, Oxford University Press, New York, United States, pp. 341-369 [Link]

4
Journal Article/s

He PW, Grant A and Fabre J 2013 'Economic value of analyst recommendations in Australia: An application of the Black-Litterman asset allocation model', Accounting and Finance, vol.53:2, pp. 441-70 [Link]

5
Conference Paper/s

Grant A and Westerholm J 2013 'Reference Price Formation for Packaged Transactions: What Disposition Effect?', 17th Annual European Conference of the Financial Management Association International FMA 2013, Luxembourg, 14th June 2013

2012

4
Journal Article/s

Buchen P and Grant A 2012 'A Comparison of Simultaneous Kelly Betting Strategies', Journal of Gambling Business and Economics, vol.6:2, pp. 1-28 [Link]

2011

5
Conference Paper/s

Grant A, Jarnecic E and Su M 2011 'Asymmetric Effects of Sell-Side Analyst Optimism and Broker Market Share by Clientele', European Finance Association Meeting 2011, Stockholm, Sweden, 20th October 2011

Grant A, Jarnecic E and Su M 2011 'Asymmetric Effects of Sell-Side Analyst Optimism and Broker Market Share by Clientele', 18th Annual Conference of the Multinational Finance Society MFS 2011, Rome, Italy, 29th June 2011

2010

4
Journal Article/s

Grant A and Johnstone D 2010 'Finding Profitable Forecast Combinations Using Probability Scoring Rules', International Journal of Forecasting, vol.26:3, pp. 498-510

5
Conference Paper/s

Grant A and Phung J 2010 'Idiosyncratic Volatility, Return Reversals and Momentum: Australian Evidence', 23rd Australasian Finance and Banking Conference 2010, Sydney, Australia, 17th December 2010

2008

4
Journal Article/s

Johnstone D, Grant A and Kwon O 2008 'Optimal Betting Strategies for Simultaneous Games', Decision Analysis, vol.5:1, pp. 10-18

Recent Units Taught

  • FINC3023 Behavioural Finance

    2018: S1,

  • FINC5001 Capital Markets and Corporate Finance

    2018: Int Jan,
    2016: S2,

  • FINC6013 International Business Finance

    2016: S1,

  • FINC6016 Financial Instruments and Markets

    2016: S2,

  • FINC6022 Behavioural Finance

    2018: S1,
    2017: S1,
    2016: S1,

Newsroom articles

  • Bank cartel charges 'a test case': expert 06 Jun 2018

    SBS

    SBS quoted Dr Andrew Grant on alleged criminal cartel conduct relating to investment banks.

  • Banks set for institution change amid unprecedented scrutiny 06 Jun 2018

    ABC (Radio National, NewsRadio, Online), 2SM Sydney and triple j interviewed Dr Andrew Grant on the ACCC charging ANZ, Citigroup and Deutsche bank with criminal cartel offences.

  • Bank cartel charges 'a test case': expert 06 Jun 2018

    Nine Finance, The Australian, West Australian and Morningstar

    Nine Finance, The Australian, West Australian and Morningstar (US) also quoted Dr Grant, about the ACCC charging ANZ, Citigroup and Deutsche bank with criminal cartel offences.

  • Australia charges investment banks with alleged cartel activity 05 Jun 2018

    Reuters, AAP, Marketwatch, The Irish Times

    Marketwatch (US), The Irish Times, an AAP article syndicated across News Corp Australia and a Reuters article syndicated across Daily Mail Australia and ATT (US) quoted Dr Andrew Grant on alleged criminal cartel conduct relating to investment banks.

  • Andrew Grant on Ten, Seven and Sky News 05 Jun 2018

    Ten (Sydney, Brisbane, Melbourne, Perth, Adelaide), Seven (Sydney, Brisbane, Perth), Sky News, Prime7 Wagga Wagga, Southern Cross Tasmania interviewed Dr Andrew Grant on alleged criminal cartel conduct relating to investment banks.

See all Newsroom items for Andrew Grant

Videos

Will online alternative financing replace the banks? Dr Andrew Grant discusses the first comprehensive study of the sector in the Asia-Pacific region. Part 1 of 2.

1:44 mins Play video   Watch on YouTube


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