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Graham Partington

Graham Partington

BSc (Hons) Wales; MEc(Hons) Macq.
Associate Professor and Chair of Discipline

Room 404/405
H69 - Economics and Business Building
The University of Sydney
NSW 2006 Australia

Telephone +61 2 9036 9429
Fax +61 2 9351 6461
graham.partington@sydney.edu.au


Bio

Graham Partington joined the University of Sydney in 2002 and is currently head of the Finance Discipline. He is also a visiting senior research fellow at Bangor University. Over the years he has designed many degree programs in finance and accounting and has taught at universities in Australia, the UK, France, and Canada. He has also developed and run some of the world's largest PhD programs in Finance and Capital Markets. He is a co-author of four textbooks, has published over thirty research papers and has won four best paper prizes. Unusually, for a finance academic, he has included two poems in his finance publications. His main research, consulting and expert witness work is in corporate finance, particularly dividend policy, valuation, capital budgeting and the cost of capital. His other research interests include rights issues, takeovers, and the prediction of financial distress.

Publications

2014

4
Journal Article/s

Dang H and Partington G 2014 'Rating Migrations: The Effect of History and Time', Abacus, vol.50:2, pp. 174-202 Link

Kim M and Partington G 2014 Forthcoming 'The Dynamic Prediction of Financial Distress of Australian Firms', Australian Journal of Management

5
Conference Paper/s

Partington G and Kim M 2014 'The Dynamic Prediction of Company Failure: The Influence of Time Non-linearity and the Economy', 2014 China Meeting of the Econometric Society, Xiamen, China, 27th June 2014

Foley S, Partington G, Svec J and Pritcha N 2014 'The Effects of Underwriting Dividend Reinvestment Plans', CFA-JCF-Schulich Conference on Financial Market Misconduct, Toronto, Canada, 4th April 2014

6
Conference Proceeding/s

Lai E, Ainsworth A, McKenzie M and Partington G 2014 'The Value of Dividends: Evidence from Short-Sales', Proceedings of the European Financial Management Association 2014 Annual Meetings, Rome, Italy, 28th June 2014

2013

4
Journal Article/s

Yao J, Partington G and Stevenson M 2013 'Predicting the Directional Change in Consumer Sentiment', Australian Journal of Management, vol.38:1, pp. 67-80 Link

Partington G 2013 'Death Where is Thy Sting? A Response to Dempsey’s Despatching of the CAPM', Abacus, vol.49:S1, pp. 69-72 Link

Hodgkinson L and Partington G 2013 'Capital gains tax, managed funds and the value of dividends: The case of New Zealand', British Accounting Review, vol.45:4, pp. 271-83 Link

5
Conference Paper/s

Partington G 2013 'The transformation of returns to the time domain as doubling times', 6th Meeting on Methodological and Empirical Advances in Financial Analysis, University of Sydney, Australia, 1st February 2013

2012

5
Conference Paper/s

Kim M and Partington G 2012 'The Dynamic Prediction of Company Failure: The Influence of Time, the Economy and Non-Linearity', Financial Integrity Research Network FIRN 2012 Annual Conference - "The Art of Finance", Hobart, Australia, 11th November 2012

McKenzie M and Partington G 2012 'Selectivity and Sample Bias in Dividend Drop-Off Studies', 19th Annual Conference of the Multinational Finance Society, Krakow, Poland, 27th June 2012

Partington G and McKenzie M 2012 'Selectivity and Sample Bias in Dividend Drop-Off Studies', 10th INFINITI Conference on International Finance, Dublin, Ireland, 12th June 2012

2011

2
Book Section/s

Partington G 2011 'Valuation and Project Selection When the Market and Face Value of Dividends Differ' in Asset Management: Tools and Strategies, Bloomsbury Information Ltd, London, United Kingdom, pp. 127-32

4
Journal Article/s

Jun A, Gallagher D and Partington G 2011 'Institutional Dividend Clienteles Under an Imputation Tax System', Journal of Business Finance and Accounting, vol.38:1 & 2, pp. 198-224

5
Conference Paper/s

Hodgkinson L and Partington G 2011 'Capital Gains Tax Managed Funds and the Value of Dividends', Accounting and Finance Association of Australia and New Zealand AFAANZ Conference 2011, Darwin, Australia, 5th July 2011

McKenzie M and Partington G 2011 'Selectivity and Sample Bias in Dividend Drop-Off Studies', 18th Annual Conference of the Multinational Finance Society MFS 2011, Rome, Italy, 29th June 2011

Partington G and Jun A 2011 'Taxes International Clienteles and the Value of ADR Dividends', 9th INFINITI Conference on International Finance 2011 - "Institutions, Actors and International Finance", Dublin, Ireland, 14th June 2011

2010

4
Journal Article/s

Dempsey MJ, McKenzie M and Partington G 2010 'The Problem of Pre-Tax Valuations: A Note', Journal of Applied Research in Accounting and Finance, vol.5:2, pp. 10-13

5
Conference Paper/s

Dang H and Partington G 2010 'The Dynamic Estimation of Rating Migration Hazard' (Awarded the GARP prize in Quantitative finance/Risk Management/Derivatives)', Finance and Corporate Governance Conference 2010, Melbourne, Australia, 1st January 2010-31st December 2010

Ainsworth A, Fong K, Gallagher DR and Partington G 2010 'Taxes, Price Pressure and Order Imbalance around the Ex-Dividend Day', Financial Management Association FMA Asian Conference 2010, Singapore, 16th July 2010

Partington G and Xu Y 2010 'Rights issue announcements motives and price response', 8th INFINITI Conference on International Finance - "International Credit and Financial Market Integration: After the Storm?", Dublin, Ireland, 15th June 2010

2009

2
Book Section/s

Partington G 2009 'Valuation and Project Selection when the Market and Face Value of Dividends Differ' in Qfinance the Ultimate Resource, Bloomsbury Press, London, United Kingdom

4
Journal Article/s

Partington G 2009 'Discussion of An International Analysis of Dividend Payment Behavior', Journal of Business Finance & Accounting, vol.36:3 & 4, pp. 523-9

5
Conference Paper/s

Ainsworth A, Fong K, Gallagher DR and Partington G 2009 'Institutional Trading Around the Ex-Dividend Day - Winner of the Chartered Financial Analysts best paper prize (Asian Investments)', Asian Finance Association Conference 2009, Brisbane, Australia, 3rd July 2009

Ainsworth A, Fong K, Gallagher DR and Partington G 2009 'Institutional Trading Around the Ex-Dividend Day', Financial Management Association European Conference 2009, Turin, Italy, 5th June 2009

Partington G and Dang H 2009 'Rating Migration: The Effect of Rating History and Time', 2009 Financial Management Association (FMA) European Conference, Turin, Italy, 5th June 2009

2008

4
Journal Article/s

Truong G and Partington G 2008 'Relation between franking credits and the market risk premium: a comment', Accounting and Finance, vol.48:1, pp. 153-8

Dempsey M and Partington G 2008 'Cost of capital equations under the Australian imputation tax system', Accounting and Finance, vol.48:3, pp. 439-60

Chu H and Partington G 2008 'The Market Valuation of Cash Dividends: The Case of the CRA Bonus Issue', International Review of Finance, vol.8:1-2, pp. 1-20

Jun A, Alaganar VT, Partington G and Stevenson M 2008 'Price and Volume Behaviour around the Ex-dividend Day: Evidence on the Value of Dividends from American Depositary Receipts and their Underlying Australian Stocks', International Review of Finance, vol.8:1-2, pp. 21-55

Hodgkinson L and Partington G 2008 'The Motivation for Takeovers in the UK', Journal of Business Finance and Accounting, vol.35:1-2, pp. 102-26

Truong G, Partington G and Peat M 2008 'Cost-of-Capital Estimation and Capital-Budgeting Practice in Australia', Australian Journal of Management, vol.33:1, pp. 95-121

5
Conference Paper/s

Ainsworth A, Fong K, Gallagher DR and Partington G 2008 'Institutional Trading Around the Ex-Dividend Day', 21st Australasian Finance and Banking Conference, Sydney , Australia, 18th December 2008

Ainsworth AB, Fong K, Gallagher DR and Partington G 2008 'Institutional Trading Around the Ex-Dividend Day', 21st Australasian Finance and Banking Conference, Sydney, Australia, 18th December 2008

Kim M and Partington G 2008 'The Dynamic Prediction of Corporate Failure', 21st Australasian Finance and Banking Conference, Sydney, Australia, 18th December 2008

Ainsworth A, Fong K, Gallagher DR and Partington G 2008 'Institutional Trading Around the Ex-Dividend Day', 2008 PhD Conference in Economics and Business, Australian National University, Canberra, Australia, 21st November 2008

Ainsworth A, Fong K, Gallagher DR and Partington G 2008 'Institutional Trading Around the Ex-Dividend Day', 13th FINSIA – Melbourne Centre for Financial Studies Banking and Finance Conference, Melbourne, Australia, 29th September 2008

Dang H and Partington G 2008 'Rating Migrations: The Effects of Rating History and Time', The 2nd European Risk Management Conference - (Doctoral Workshop), Milan, Italy, 12th September 2008

Dang H and Partington G 2008 'Rating History and The Rating Dynamics of Fallen Angels, Rising Stars, and Rating Jumpers', The 2nd European Risk Management Conference, Milan, Italy, 12th September 2008

Dang H and Partington G 2008 'Rating History and The Rating Dynamics of Fallen Angels, Rising Stars, and Big Rating Jumpers', "MERTON H. MILLER" European Financial Management Doctoral Seminar, Athens, Greece, 28th June 2008

Yao J, Partington G and Stevenson M 2008 'Predicting the Directional Change in Consumer Sentiment', 28th International Symposium on Forecasting, Nice, France, 25th June 2008

6
Conference Proceeding/s

Dang H and Partington G 2008 'Rating Migrations: The Effects of Rating History and Time', The 6th Paris Finance International Meeting, Paris, France, 19th December 2008

Dang H and Partington G 2008 'Rating Migrations: The Effect of History and Time', 17th Annual Meeting-European Financial Management Association EFMA 2008, Athens, Greece, 28th June 2008

Dang H and Partington G 2008 'Rating History and The Rating Dynamics of Fallen Angels, Rising Stars, and Big Rating Jumpers', Risk Management Conference 2008, Florence, Italy, 14th June 2008 Link

2007

2
Book Section/s

Partington G 2007 'Dividend Imputation Credits and Valuation' in Business Tax Reform, Australian Tax Research Foundation

4
Journal Article/s

Wong B, Partington G, Stevenson M and Torbey V 2007 'Surviving Chapter 11 Bankruptcies: Duration and Payoff?', Abacus, vol.43:3, pp. 363-387

5
Conference Paper/s

Dempsey M and Partington G 2007 'Cost of Capital and Valuation Equations that Work for Any Tax System: Their Application under the Australian Imputation Tax System', Multinational Finance Association Conference, Thessalonica, Greece, 1st January 2007-31st December 2007

Dang H and Partington G 2007 'Modeling Rating Migrations', 20th Australasian Finance and Banking Conference, Sydney, Australia, 14th December 2007

Dang H and Partington G 2007 'Modeling Rating Migrations', International C.R.E.D.I.T Conference on Credit Rating, Venice, Italy, 28th September 2007

2006

4
Journal Article/s

Armitage S, Hodgkinson L and Partington G 2006 'The market value of UK dividends from shares with differing entitlements', Journal of Business Finance and Accounting, vol.33:1 & 2, pp. 150-174

Partington G 2006 'Discussion of Dargenidou, McLeay and Raonic', Abacus, vol.42:3 & 4, pp. 415-425

6
Conference Proceeding/s

Partington G 2006 'Dividend Imputation Credits and Valuation, Business Tax Reform Meet the Critics', Australian Tax Research Foundation Conference, Sydney, Australia, 20th October 2006

Jun AL, Gallagher DR and Partington G 2006 'An examination of institutional dividend clienteles: Evidence from Australian institutional portfolio holdings', Accounting and Finance Association of Australia and New Zealand (AFAANZ) Conference, Wellington, New Zealand, 4th July 2006

2005

4
Journal Article/s

Yao J, Partington G and Stevenson M 2005 'Run length and the predictability of stock price reversals', Accounting and Finance, vol.45:4, pp. 653-671

5
Conference Paper/s

Gallagher D, Jun AL and Partington G 2005 'An examination of institutional dividend clienteles: Evidence from Australian institutional portfolio holdings', 18th Australasian Finance and Banking Conference, Sydney, Australia, 16th December 2005

Chu H and Partington G 2005 'The market valuation of cash dividends: The case of the CRA bonus issue', European Financial Management Association (EFMA) Annual Meeting, Milan, Italy, 2nd July 2005

6
Conference Proceeding/s

McAdam AC and Partington G 2005 'Does the choice of share price matter when examining company takeovers', Accounting and Finance Association of Australia and New Zealand (AFAANZ) Annual Conference, Melbourne, Australia, 5th July 2005

2004

5
Conference Paper/s

Jun A, Alaganar V, Partington G and Stevenson M 2004 'Price and volume behaviour around the ex-dividend day: Evidence on the value of dividends from ADRs and their underlying Australian stocks', Accounting and Finance Association of Australia and New Zealand (AFAANZ) Annual Conference, Alice Springs, NT, Australia, 6th July 2004

Dempsey M and Partington G 2004 'The cost of capital equations under the Australian imputation tax system', Accounting and Finance Association of Australia and New Zealand (AFAANZ) Annual Conference, Alice Springs, NT, Australia, 6th July 2004

2002

5
Conference Paper/s

Chu H and Partington G 2002 'The market valuation of cash dividends: The case of the CRA bonus issue', Asia Pacific Finance Association Conference, Tokyo, Japan, 17th July 2002

Chu H and Partington G 2002 'The values of dividends implicit in rights prices', Asia Pacific Finance Association Conference, Tokyo, Japan, 17th July 2002

Armitage S, Hodgkinson A and Partington G 2002 'The value of dividends to a marginal investor, evidence using contemporaneous trading data', British Accounting Association Conference, Jersey, Channel Islands, United Kingdom, 5th April 2002

2001

4
Journal Article/s

Partington G, Russell P, Stevenson M and Torbey V 2001 'Predicting return outcomes for the shareholders of companies entering chapter 11 bankruptcy', Managerial Finance, vol.27:5

Chu H and Partington G 2001 'Dangers in data adjustment: The case of rights issues and returns', Accounting and Finance, vol.41:2, pp. 143-168

Partington G and Walker S 2001 'A note on transactions costs and the interpretation of dividend drop-off ratios', Accounting and Finance, vol.41:2, pp. 229-241

Partington G and Stevenson M 2001 'The probability and timing of price reversals in the property market', Managerial and Decision Economics, vol.22, pp. 389-398

5
Conference Paper/s

Chu H and Partington G 2001 'The value of dividends: Evidence from a new method', Accounting Association of Australia and New Zealand Conference, Auckland, New Zealand, 1st January 2001-31st December 2001

Partington G, Russell P, Stevenson M and Torbey V 2001 'Predicting return outcomes for the shareholders of companies entering chapter 11 bankruptcy', Accounting Association of Australia and New Zealand Conference, Auckland, New Zealand, 1st January 2001-31st December 2001

Chu H, Hodgkinson L and Partington G 2001 'Right's trade adjustments: Evidence from the UK', British Accounting Association Conference, Nottingham, United Kingdom, 1st January 2001-31st December 2001

Partington G and Chu H 2001 'The value of dividends implicit in rights prices', Australasian Finance and Banking Conference, Sydney, NSW, Australia, 1st January 2001-31st December 2001

2000

1
Book/s

Brealey R, Myers S, Partington G and Robinson D 2000 'Principles of Corporate Finance', McGraw Hill, Australia

4
Journal Article/s

Walker R and Partington G 2000 'A market valuation for Optus pre-listing: A case note', Accounting Research Journal, vol.13:2, pp. 90-94

5
Conference Paper/s

Hodgkinson L and Partington G 2000 'The motivation for takeovers in the UK', British Accounting Association Conference, Exeter, United Kingdom, 1st January 2000-31st December 2000

Alaganar V, Partington G and Stevenson M 2000 'Do ex-dividend drop-offs differ across markets? Evidence from internationally traded (ADR) stocks', Accounting Association of Australia and New Zealand Conference, Hamilton Island, QLD, Australia, 1st January 2000-31st December 2000

Partington G and Walker S 2000 'A theory of ex-dividend equilibrium under imputation and some empirical results', Accounting Association of Australia and New Zealand Conference, Hamilton Island, QLD, Australia, 1st January 2000-31st December 2000

1999

4
Journal Article/s

Walker S and Partington G 1999 'The value of dividends: Evidence from cum-dividend trading in the ex-dividend period', Accounting and Finance, vol.39:3, pp. 275-296

5
Conference Paper/s

Partington G and Walker S 1999 'The 45-day rule: The pricing of dividends and the crackdown on trading in imputation credits', Accounting Association of Australia and New Zealand Conference, Carins, QLD, Australia, 1st January 1999-31st December 1999

Partington G and Walker S 1999 'Optus: A market valuation pre-listing', Accounting Association of Australia and New Zealand Conference, Cairns, QLD, Australia, 1st January 1999-31st December 1999

Chu H and Partington G 1999 'Dangers in data adjustment: The case of rights issues', Australasian Finance and Banking Conference, Sydney, NSW, Australia, 1st January 1999-31st December 1999

1997

5
Conference Paper/s

Partington G and Walker S 1997 'The ex-dividend drop-off: Evidence from cum-dividend trading in the ex-dividend period', Accounting Association of Australia and New Zealand Conference, Hobart, TAS, Australia, 1st January 1997-31st December 1997

Hobbes G, Partington G and Stevenson M 1997 'A general model of earnings dividends and returns', Australasian Finance and Banking Conference, Sydney, NSW, Australia, 1st January 1997-31st December 1997

1996

4
Journal Article/s

Hobbes G, Partington G and Stevenson M 1996 'Earnings dividends and returns: A theoretical model', Research in Finance, vol.Summer, pp. 221-244

1995

5
Conference Paper/s

Hobbes G, Partington G and Stevenson M 1995 'Earnings dividends and returns: A theoretical model, (version 4)', Asia-Pacific Finance Association Conference, Hong Kong, Hong Kong, (China), 1st January 1995-31st December 1995

1994

5
Conference Paper/s

Partington G and Hutson E 1994 'Share prices, takeover outcomes, and the expected value hypothesis', University of Wales Accounting Colloquium, Gegynog, United Kingdom, 1st January 1994-31st December 1994

Partington G and Hutson E 1994 'Share prices, takeover outcomes, and the expected value hypothesis', Accounting Association of Australia and New Zealand Conference, 1st January 1994-31st December 1994

1993

5
Conference Paper/s

Hobbes G, Partington G and Stevenson M 1993 'The relation between earnings dividends and returns: A theoretical model', Accounting Association of Australia and New Zealand Conference, Darwin, NT, Australia, 1st January 1993-31st December 1993

1992

5
Conference Paper/s

Partington G, Peat M and Stevenson M 1992 'The probability and timing of corporate financial distress: Preliminary results for Australia', Australasian Finance and Banking Conference, Sydney, NSW, Australia, 1st January 1992-31st December 1992

1991

5
Conference Paper/s

Partington G, Peat M and Stevenson M 1991 'Estimating the probability and timing of financial distress', Australian Institute of Bankers Conference, Melbourne, VIC, Australia, 1st January 1991-31st December 1991

1990

1
Book/s

Martin C, McKinnon J, Hines R, Harrison G and Partington G 1990 'An Introduction to Accounting', McGraw Hill

1989

4
Journal Article/s

Partington G 1989 'Variables influencing dividend policy in Australia: Survey results', Journal of Business Finance and Accounting, vol.16:2, pp. 165-182

5
Conference Paper/s

Eddey P, Partington G and Stevenson M 1989 'Predicting the probability and timing of takeover success', Australasian Finance and Banking Conference, Sydney, NSW, Australia, 1st January 1989-31st December 1989

1986

4
Journal Article/s

Martin C, McKinnon J and Partington G 1986 'Funds statements and the two entity test: A response', Abacus, vol.22:1, pp. 39-44

1985

4
Journal Article/s

Partington G 1985 'Dividend policy and its relationship to investment and financing policies: Empirical evidence', Journal of Business Finance and Accounting, vol.12:4, pp. 531-542

1984

4
Journal Article/s

Partington G 1984 'Teaching process costing', Issues in Accounting Education, vol.2, pp. 75-90

Partington G 1984 'Dividend policy and target payout ratios', Accounting and Finance, vol.24:2, pp. 63-74

5
Conference Paper/s

Partington G and Valentine T 1984 'Finance for Australian industry', Metal Trades Industry Conference, Sydney, NSW, Australia, 1st January 1984-31st December 1984

1983

4
Journal Article/s

Chenhall R and Partington G 1983 'Dividends, distortion and double taxation', Abacus

Martin C, McKinnon J and Partington G 1983 'Clarifying funds statements: The two entity test', Accounting and Finance, vol.23:1, pp. 79-87

5
Conference Paper/s

Partington G 1983 'Why firms use payout targets: A comparative study of dividend policy', Accounting Association of Australia and New Zealand Conference, Brisbane, QLD, Australia, 1st January 1983-31st December 1983

1981

4
Journal Article/s

Partington G 1981 'Financial decisions, the cost(s) of capital and the capital asset pricing model', Journal of Business Finance and Accounting, vol.8:1, pp. 97-112

1979

4
Journal Article/s

Partington G 1979 'The tax deductibility of interest payments and the weighted average cost of capital: A comment', Journal of Business Finance and Accounting, vol.6:1, pp. 95-100

Partington G 1979 'Process costing: A comment', Abacus, vol.15:1, pp. 60-66

Research Expertise

  • Corporate finance, particularly dividend policy
  • Dividends and imputation tax
  • Cost of capital,
  • Capital budgeting
  • Valuation
  • Rights issues
  • Financial distress

Recent Units Taught

  • FINC6001 Intermediate Corporate Finance

    2014: Semester 1, 2013: Semester 1, Semester 2, 2012: Semester 1,

  • FINC6001 Intermediate Corporate Finance

    2014: Semester 1, 2013: Semester 1, Semester 2, 2012: Semester 1,