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Terry Walter

B.Com (Qld), Ph.D (W. Aust)
Honorary Professor

The University of Sydney
NSW 2006 Australia


Terry Walter is an Honorary Professor.  His first academic appointment was in 1973, subsequently he has had longstanding appointments at the University of Western Australia, UNSW, UTS and the University of Sydney. He was first appointed as a Professor at the University of Sydney in February 1988, and has since then held several senior administrative appointments including Director of Program, Head of School, Head of Division and Dean. He has had several successes with ARC research funding (seven discovery grants, one infrastructure grant, two collaborative grants and one cooperative research centre). Terry has a substantial publication record (including papers published in some of the top finance and accounting journals; Journal of Financial Economics, Journal of Banking and Finance, Journal Financial and Quantitative Analysis, Abacus, Journal of Accounting and Public Policy, Review of Accounting Studies) and has supervised more than 20 Phd students to completion.

In 2015, Terry was appointed as a member of the ERA panel in Economics and Commerce.



Journal Article/s

Shan Y and Walter T 2016 'Towards a Set of Design Principles for Executive Compensation Contracts', Abacus, vol.52:4, pp. 619-84 Link


Journal Article/s

Bugeja M, Patel V and Walter T 2015 'The microstructure of Australian takeover announcements', Australian Journal of Management, vol.40:1, pp. 161-88 Link


Journal Article/s

Shan Y, Taylor S and Walter T 2014 'The role of “other information” in analysts’ forecasts in understanding stock return volatility', Review of Accounting Studies, vol.19:4, pp. 1346-92 Link

Gallagher D, Gardner P, Schmidt C and Walter T 2014 'Quality investing in an Australian context', Australian Journal of Management, vol.39:4, pp. 615-43 Link

Dou PY, Gallagher DR, Schneider D and Walter T 2014 'Cross-Region and Cross-Sector Asset Allocation with Regimes', Accounting & Finance, vol.54:3, pp. 809-46 Link

Gallagher DR, Gardner PA, Schmidt CH and Walter T 2014 'Portfolio Quality and Mutual Fund Performance', International Review of Finance, vol.14:4, pp. 485-521

Chan PT and Walter T 2014 'Investment performance of "environmentally-friendly" firms and their initial public offers and seasoned equity offers', Journal of Banking and Finance, vol.44, pp. 177-88 Link


Journal Article/s

Al-Yahyaee KH, Pham TM and Walter T 2013 'The Form of Debt and Stock Returns: Empirical Evidence from Oman', International Journal of Economics and Finance, vol.5:7, pp. 9-25 Link

Brown P and Walter T 2013 'The CAPM: Theoretical validity, empirical intractability and practical applications', Abacus, vol.49:S1, pp. 44-50 Link

Al-Yahyaee K, Pham T and Walter T 2013 'Capital structure and stock returns: evidence from an emerging market with unique financing arrangements', Applied Financial Economics, vol.23:14, pp. 1197-1203 Link

Shan Y, Taylor S and Walter T 2013 'Fundamentals or managerial discretion? The relationship between accrual variability and future stock return volatility', Abacus, vol.49:4, pp. 441-475 Link


Journal Article/s

Walter T and Corones Z 2012 'Open And Closed Analyst Briefings: An Intraday Perspective', Jassa-the Finsia Journal Of Applied Finance, vol.2:2, pp. 26-34 Link

Dou Y, Gallagher D, Schneider D and Walter T 2012 'Out-of-sample stock return predictability in Australia', Australian Journal of Management, vol.37:3, pp. 461-479 Link


Journal Article/s

Comerton-Forde C, Gallagher D, Lai J and Walter T 2011 'Broker recommendations and Australian small-cap equity fund management', Accounting & Finance, vol.51:4, pp. 893-922 Link

Al-Yahyaee K, Pham T and Walter T 2011 'Dividend smoothing when firms distribute most of their earnings as dividends', Applied Financial Economics, vol.21:16, pp. 1175-1183 Link

Al-Yahyaee K, Pham T and Walter T 2011 'The information content of cash dividend announcements in a unique environment', Journal of Banking and Finance, vol.35:3, pp. 606-612 Link


Journal Article/s

Al-Yahyaee K, Pham T and Walter T 2010 'Dividend stability in a unique environment', Managerial Finance, vol.36:10, pp. 903-916 Link

Chen C, Comerton-Forde C, Gallagher D and Walter T 2010 'Investment manager skill in small-cap equities', Australian journal of management, vol.35:1, pp. 23-49 Link

Comerton-Forde C, Gallagher D, Nahhas J and Walter T 2010 'Transaction costs and institutional trading in small-cap equity funds', Australian Journal of Management, vol.35:3, pp. 313-327 Link


Journal Article/s

Walter T 2009 'The information content of Australian credit ratings: A comparison between subscription and non-subscription credit rating agencies', Economic Systems, vol.33:1, pp. 22-44 Link


Journal Article/s

Calwell D, Henker J and Walter T 2008 'Effect of Investor Category Trading Imbalances on Stock Returns', International Review of Finance, vol.8:3-4, pp. 179-206 Link

Al-Yahyee, K K, Pham T and Walter T 2008 'Ex-Dividend Day Behaviour in the Absence of Taxes and Price Discreteness', International Review of Finance, vol.8:3-4, pp. 103-123 Link

Oh N, Parwada J and Walter T 2008 'Investors' trading behavior and performance: Online versus non-online equity trading in Korea', Pacific-Basin Finance Journal, vol.16:1-2, pp. 26–43 Link

Walter T, Yawson A and Yeung C 2008 'The role of investment banks in M&A transactions: Fees and services', Pacific-Basin Finance Journal, vol.16:4, pp. 341–369 Link


Journal Article/s

Bayley L, Lee P and Walter T 2006 'IPO flipping in Australia: Cross-sectional explanations', Pacific-Basin Finance Journal, vol.14:4, pp. 327-348 Link

Brown P, Chappel N, Da Silva Rosa R and Walter T 2006 'The Reach of the Disposition Effect: Large Sample Evidence Across Investor Classes', International Review of Finance, vol.6:1-2, pp. 43–78 Link


Journal Article/s

Da Silva Rosa R, Saverimuttu N and Walter T 2005 'Do Informed Traders Win? An Analysis of Changes in Corporate Ownership around Substantial Shareholder Notices', International Review of Finance, vol.5:3-4, pp. 113–147 Link

Bugeja M, Da Silva Rosa R and Walter T 2005 'Expert reports in Australian takeovers: Fees and quality', Abacus, vol.41:3, pp. 307–322 Link


Journal Article/s

Da Silva Rosa R, Lee P, Skott M and Walter T 2004 'Competition in the Market for Takeover Advisers', Australian journal of management, vol.29:1 suppl, pp. 61-92 Link

Balatbat M, Taylor S and Walter T 2004 'Corporate governance, insider ownership and operating performance of Australian initial public offerings', Accounting & Finance, vol.44:3, pp. 299–328 Link

Da Silva Rosa R, Nguyen T and Walter T 2004 'Market returns to acquirers of substantial assets', Australian journal of management, vol.29:1 suppl, pp. 111-133 Link

Demir I, Muthuswamy J and Walter T 2004 'Momentum returns in Australian equities: The influences of size, risk, liquidity and return computation', Pacific-Basin Finance Journal, vol.12:2, pp. 143–158 Link


Journal Article/s

Lee P, Stokes D, Taylor S and Walter T 2003 'The association between audit quality, accounting disclosures and firm-specific risk: evidence from initial public offerings', Journal of Accounting and Public Policy, vol.22:5, pp. 377-400 Link

Da Silva Rosa R, Velayuthen G and Walter T 2003 'The sharemarket performance of Australian venture capital-backed and non-venture capital-backed IPOs', Pacific-Basin Finance Journal, vol.11:2, pp. 197–218 Link


Journal Article/s

Frino A, McCorry M and Walter T 2002 'An analysis of intraday patterns in effective bid-ask spreads for NYSE-listed stocks', International Quarterly Journal of Finance, vol.2:1-4, pp. 85-94


Journal Article/s

Frino A, Walter T and West A 2000 'The lead–lag relationship between equities and stock index futures markets around information releases', Journal of Futures Markets, vol.20:5, pp. 467-487 Link

Da Silva Rosa R, Izan H, Steinbeck A and Walter T 2000 'The Method of Payment Decision in Australian Takeovers: An Investigation of Causes and Effects', Australian journal of management, vol.25:1, pp. 67-94 Link

Research Expertise

  • Competition and Market Analysis
  • Economic, mathematical, financial and econometric modeling
  • Financial and insurance services including asset and insurance premium valuations
  • Financial and economic advice regarding rate of return on capital
  • Corporate finance (WACC)
  • Financial statement analysis
  • Capital market theory (CAPM) and the efficient markets hypothesis
  • Empirical research using market efficiency theory
  • Market microstructure
  • Venture capital
  • Private equity

Recent Units Taught

  • BUSS4403 Finance Honours B

    2015: S1,

  • FINC5001 Capital Markets and Corporate Finance

    2015: S1, S2,