B.Com (Qld), Ph.D (W. Aust)
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.
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
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
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
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
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
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
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
Australia's 'two strikes' rule empowers shareholders to vote on a board spill if the compensation report of a public company receives 25% or more dissenting votes for two consecutive years. ‘Say on pay’ legislation has been introduced in several countries but Australia’s version is unique in giving shareholders the right to spill the board whilst not requiring a binding vote on pay. This project aims to test the proposition that the ‘two strikes’ rule has increased directors’ accountability beyond executive pay because it has substantially lowered the cost to activists of organising sufficient votes to threaten directors with a board spill. This research will also: (a) Identify which firms are most likely to be affected by the two strikes rule, (b) Infer, by their trading behaviour, the importance that substantial shareholders place on pay and performance in firms subject to a strike, and (c) Assess the outcomes for companies, directors and shareholders of the implementation of the two strikes rule.
- 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