Jerry Parwada

Professor of Finance and Director of Academic Strategy
Professor

Jerry Parwada is a Professor of Finance and Director of Academic Strategy at UNSW Business School, Sydney, Australia and a Visiting Scholar at the Stern School of Business, New York University. He served as Head of School - Banking and Finance at UNSW from 2011-2017. Jerry's research specializes in investment management and financial markets and is published in world leading journals in his discipline. He has experience in investment banking and consulting to industry on issues relating to funds management, security valuation and market quality. He has been instrumental in the launch of the Adviser Ratings Licensee Rating system and is the Chair of its Rating Committee. He is a member of the FINSIA Industry Council for Institutional Markets. Jerry has served on the Credit Suisse Endowment Advisory Council and the Management Committee of the Capital Markets Cooperative Research Centre (now Rozetta Institute). He is a regular speaker at local and international industry and academic forums, is a member of a central bank board, and runs a volunteer network of experts for the development of early career and aspiring financial economics researchers in African countries.

Journal articles
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Dai L; Parwada J; Winchester DW; Zhang B, 2021, 'The more we know, the less we agree: A test of the trading horizon heterogeneity theory', The Financial Review, http://dx.doi.org/10.1111/fire.12282
2021
Parwada J; Rui Y; Shen J, 2021, 'Financial Transaction Tax and Market Quality: Evidence from France', International Review of Finance, http://dx.doi.org/10.1111/irfi.12342
2021
Lacey D; Goode S; Pawada J; Gibson D, 2020, 'The application of scam compliance models to investment fraud offending', Journal of Criminological Research, Policy and Practice, vol. 6, pp. 65 - 81, http://dx.doi.org/10.1108/jcrpp-12-2019-0073
2020
Faleye O; Kung W; Parwada JT; Tian GY, 2020, 'Are entrepreneurs special? Evidence from board appointments', Journal of Business Venturing, vol. 35, pp. 106003 - 106003, http://dx.doi.org/10.1016/j.jbusvent.2020.106003
2020
Ding N; Parwada J; Shen J; Zhou S, 2020, 'When Does a Stock Boycott Work? Evidence from a Clinical Study of the Sudan Divestment Campaign', Journal of Business Ethics, vol. 163, pp. 507 - 527, http://dx.doi.org/10.1007/s10551-018-4021-0
2020
Faff RW; Parwada JT; Tan EKM, 2019, 'Did connected hedge funds benefit from bank bailouts during the financial crisis?', Journal of Banking and Finance, vol. 107, pp. 105605 - 105605, http://dx.doi.org/10.1016/j.jbankfin.2019.08.003
2019
Oh NY; Parwada JT; Tan EKM, 2017, 'Should Indirect Brokerage Fees Be Capped? Lessons from Mutual Fund Marketing and Distribution Expenses', Journal of Financial and Quantitative Analysis, vol. 52, pp. 781 - 809, http://dx.doi.org/10.1017/S0022109017000060
2017
Ning D; Parwada J; Shen J, 2017, 'Information sharing within the networks of delegated portfolio managers: Evidence from plan sponsors and their sub-advisors', Journal of Behavioral Finance, vol. 18, pp. 99 - 113, http://dx.doi.org/10.1080/15427560.2016.1238369
2017
Dai L; Parwada JT; Zhang B, 2015, 'The governance effect of the media's news dissemination role: Evidence from insider trading', Journal of Accounting Research, vol. 53, pp. 331 - 366, http://dx.doi.org/10.1111/1475-679X.12073
2015
Yang JW; Parwada JT, 2012, 'Predicting stock price movements: an ordered probit analysis on the Australian Securities Exchange', Quantitative Finance, vol. 12, pp. 791 - 804
2012
Narulita WA; Parwada JT, 2012, 'Evolution of a mutual fund market: Empirical analysis of simultaneous growth and decline by fund category in Indonesia', Journal of International Financial Markets Institutions and Money, vol. 22, pp. 1217 - 1236, http://dx.doi.org/10.1016/j.intfin.2012.05.012
2012
Faff R; Lodh T; Parwada JT, 2012, 'Location Decisions of Domestic and Foreign-Affiliated Financial Advisors: Australian Evidence', Journal of Financial Services Research, vol. 42, pp. 207 - 228, http://dx.doi.org/10.1007/s10693-011-0123-x
2012
Parwada JT; Yang JW, 2009, 'Information Diffusion among International Fund Managers: Multi-country Evidence', Financial Management, vol. 38, pp. 817 - 835, http://dx.doi.org/10.1111/j.1755-053X.2009.01057.x
2009
Parwada JT, 2008, 'The genesis of home bias? The location and portfolio choices of investment company start-ups', Journal of Financial and Quantitative Analysis, vol. 43, pp. 245 - 266, http://dx.doi.org/10.1017/S0022109000002817
2008
Parwada JT, 2008, 'The genesis of home bias? The location and portfolio choices of investment company start-ups', JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, vol. 43, pp. 245 - 266, http://dx.doi.org/10.1017/S0022109000002817
2008
Oh NY; Parwada JT; Walter TS, 2008, 'Investors` trading behavior and performance: Online versus non-online equity trading in Korea', Pacific Basin Finance Journal, vol. 16, pp. 26 - 43, http://dx.doi.org/10.1016/j.pacfin.2007.04.009
2008
Faff R; Parwada JT; Poh H, 2007, 'The information content of Australian managed fund ratings', Journal of Business Finance and Accounting, vol. 34, pp. 1528 - 1547, http://dx.doi.org/10.1111/j.1468-5957.2007.02053.x
2007
Oh NY; Parwada JT, 2007, 'RELATIONS BETWEEN MUTUAL FUND FLOWS AND STOCK MARKET RETURNS IN KOREA', Journal of International Financial Markets Institutions and Money, vol. 17, pp. 140 - 151, http://dx.doi.org/10.1016/j.intfin.2005.10.001
2007
Gallagher DR; Parwada JT; DISHI E, 2007, 'INSTITUTIONAL INVESTMENT FLOWS AND THE DETERMINANTS OF TOP FUND MANAGER TURNOVER', Accounting and Finance, vol. 47, pp. 243 - 266, http://dx.doi.org/10.1111/j.1467-629X.2006.00204.x
2007
Allen D; Parwada JT, 2006, 'Investors` response to mutual fund company mergers', International Journal of Managerial Finance, vol. 2, pp. 121 - 135, http://dx.doi.org/10.1108/17439130610657340
2006
Parwada JT; Faff R, 2006, 'Fund flows, MERs and managed fund ratings: Australian Evidence', Journal of Investing, vol. 15, pp. 69 - 78, http://dx.doi.org/10.3905/joi.2006.650146
2006
Parwada JT; Faff R, 2005, 'Pension plan investment management mandates: An empirical analysis of manager selection', Journal of Financial Services Research, vol. 27, pp. 77 - 98, http://dx.doi.org/10.1007/s10693-005-6413-4
2005
Parwada JT; Allen D, 2004, 'Effects of Bank Funds Management Activities on the Disintermediation of Bank Deposits', Journal of Business Finance and Accounting, vol. 37, pp. 1151 - 1169, http://dx.doi.org/10.1111/j.0306-686X.2004.00570.x
2004
Parwada JT, 2003, 'Trends and determinants of Australian managed fund transaction costs', Accounting and Finance, vol. 43, pp. 345 - 363, http://dx.doi.org/10.1111/j.1467-629x.2003.00095.x
2003
Conference Presentations
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Parwada J; Shen J; Siaw K, 2016, 'The Value of institutional brokerage relationships: Evidence from the collapse of Lehman Brothers', presented at Financial Management Association annual meeting, Las Vegas, U.S., 19 October 2016 - 22 October 2016
2016
Parwada J; Shen J; Siaw K, 2016, 'The Value of institutional brokerage relationships: Evidence from the collapse of Lehman Brothers', presented at 2016 European Finance Association annual meeting, Oslo, Norway, 17 August 2016 - 20 August 2016
2016
Parwada J; Rui Y; Shen J, 2016, 'Are hedge funds more skilled than other institutional investors? Evidence from their use of insider trading information', presented at 2016 China International Conference in Finance, Xiamen, China, 07 July 2016 - 10 July 2016
2016
Working Papers
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Oh N; Parwada JT; Tan EKM, 2015, Should Indirect Brokerage Fees Be Capped? Lessons from Mutual Fund Marketing and Distribution Expenses, FIRN Research Paper No 2633816, http://dx.doi.org10.2139/ssrn.2633816, https://ssrn.com/abstract=2633816
2015
Book Chapters
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Parwada JT, 2008, 'Introduction to Securities Markets', in Frino A; Segara R (ed.), An Introduction to Trade Execution, Arbitrage and Dealing in Australia, edn. Original, Pearson
2008
Conference Papers
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Parwada JT; Walter TS; Winchester DW, 2007, 'Foreign investors` trading disadvantage in US stock markets: An analysis by country of origin', in Financial Services Institute 2007 - Financial Services: Imports or Exports, Financial Services Institute 2007 - Financial Services: Imports or Exports, New York, presented at Financial Services Institute 2007 - Financial Services: Imports or Exports, New York, 14 September 2007
2007
Preprints
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Faleye O; Kung W; Parwada JT; Tian GY, Are Entrepreneurs Special? Evidence from Board Appointments, http://dx.doi.org/10.2139/ssrn.2428355
Dai L; Parwada JT; Zhang B, The Governance Role of the Media Through News Dissemination: Evidence from Insider Trading, http://dx.doi.org/10.2139/ssrn.2347896
Parwada JT; Siaw K, Empirical Test of the Liquidity-Based Theory of the Closed-End Funds, http://dx.doi.org/10.2139/ssrn.2311070
Tan KM, Managerial Replacements in Mutual Fund Families, http://dx.doi.org/10.2139/ssrn.2304585
Parwada JT; Siaw KK, Empirical Test of the Liquidity-Based Theory of Closed-End Funds, http://dx.doi.org/10.2139/ssrn.2267599
Oh N; Parwada JT; Tan KM, The Informational Advantage of Local Investors: Evidence from Fund Managers’ Trades Around Credit Events, http://dx.doi.org/10.2139/ssrn.2131956
Golombik J; Kumar A; Parwada JT, Does Religion Affect Stock Markets and Institutional Investor Behavior?, http://dx.doi.org/10.2139/ssrn.1746564
Narulita W; Parwada JT, Does Geography Matter? The Portability of Performance, Strategy and Money Flow Following Fund Manager Relocations, http://dx.doi.org/10.2139/ssrn.1742023
Narulita W; Parwada JT, Evolution of a Mutual Fund Market: Empirical Analysis of Simultaneous Growth and Decline by Fund Category in Indonesia, http://dx.doi.org/10.2139/ssrn.1619080
Faff RW; Parwada JT; Tan KM, Do Bank-Related Hedge Funds Benefit from Bailouts?, http://dx.doi.org/10.2139/ssrn.1493004
Chin AYM; Parwada JT, Red-Blooded Republican or True-Blue Democrat? The Influence of Political Preferences on Money Managers' Portfolio Decisions, http://dx.doi.org/10.2139/ssrn.1339725
Narulita W; Parwada JT, Evolution of Mutual Fund Market: Empirical Analysis of Simultaneous Growth and Decline by Fund Category in Indonesia, http://dx.doi.org/10.2139/ssrn.1302854
Parwada JT; Powell RG; Walter T; Whitehead M, To Complete or Not to Complete a Takeover Deal: Will Managers Swim Against the Current?, http://dx.doi.org/10.2139/ssrn.1261844
Parwada JT; Yang WJ, Stock Market Effects of Institutional Investment Flows: Evidence from Australian Pension Plan Mandate Changes, http://dx.doi.org/10.2139/ssrn.530462
Allen DE; Parwada JT, Effects of Bank Funds Management Activities on the Disintermediation of Bank Deposits, http://dx.doi.org/10.2139/ssrn.301026
Allen DE; Parwada JT, Investors' Response To Mutual Fund Company Mergers, http://dx.doi.org/10.2139/ssrn.279348
Parwada JT; Walter TS; Winchester DW, Foreign Investors' Trading Disadvantage in U.S. Stock Markets, http://dx.doi.org/10.2139/ssrn.1147966
Parwada JT; Yang JW, Information Diffusion among International Fund Managers: Multi-Country Evidence, http://dx.doi.org/10.2139/ssrn.1115276
Parwada JT; Walter TS; Winchester DW, Do Foreign Investors Pay More for Stocks in the United States? An Analysis By Country of Origin, http://dx.doi.org/10.2139/ssrn.960368
Niessen-Ruenzi A; Parwada JT; Ruenzi S; Tan EKM, Does Mandatory Risk Information Disclosure Affect Bank Debt Design? Cross-Country Evidence from Yankee Bond Covenants, http://dx.doi.org/10.2139/ssrn.2766726
Parwada JT; Wu E, Effect of Market Comovements on International Mutual Fund Managers' Portfolio Holdings, http://dx.doi.org/10.2139/ssrn.926272
Parwada JT; Yang JW, Predicting Stock Price Movements: An Ordered Probit Analysis on the ASX, http://dx.doi.org/10.2139/ssrn.913605
Faff RW; Parwada JT; Yang JW, Fund Managers' Institutional Background and the Birth of Investment Management Companies, http://dx.doi.org/10.2139/ssrn.893481
Dishi E; Gallagher DR; Parwada JT, Institutional Investment Flows and the Determinants of Top Fund Manager Turnover, http://dx.doi.org/10.2139/ssrn.696362
Parwada JT, The Genesis of Home Bias? The Location and Portfolio Choices of Investment Company Start-Ups, http://dx.doi.org/10.2139/ssrn.676803
Parwada JT; Faff RW, Pension Plan Investment Management Mandates: An Empirical Analysis of Manager Selection, http://dx.doi.org/10.2139/ssrn.593226
Fong KYL; Parwada JT; Yang JW, Algorithmic Trading and Mutual Fund Performance, http://dx.doi.org/10.2139/ssrn.3111598
Parwada JTM; Shen JM; Siaw KM; Tan EKMM, The Value of Institutional Brokerage Relationships: Evidence from the Collapse of Lehman Brothers, http://dx.doi.org/10.2139/ssrn.3101959
Parwada JT; Rui Y; Shen J, Hedge Fund Ownership, Funding Liquidity Constraints and Excess Return Co-Movement, http://dx.doi.org/10.2139/ssrn.2835273
Chapman-Davies A; Parwada JT; Tan KM, The Impact of Scandals on Mutual Fund Performance, Money Flows and Fees, http://dx.doi.org/10.2139/ssrn.2468938
Fong KYL; Yang JW, Algorithmic Trading and Mutual Fund Performance, http://dx.doi.org/10.2139/ssrn.2980774
Dai L; Parwada JT; Winchester DW; Zhang B, The More We Know, the Less We Agree: A Test of the Trading Horizon Heterogeneity Theory, http://dx.doi.org/10.2139/ssrn.3735619
Parwada JT, The Scientific Value of Finance After the Crisis, http://dx.doi.org/10.2139/ssrn.3561557
Foroughi P; Rui Y; Parwada JT; Shen J, Are Hedge Funds More Skilled than Other Institutional Investors? Evidence from Their Use of Insider Trading Information, http://dx.doi.org/10.2139/ssrn.3488875
Parwada JT; Tan KME, The Effect of Fund Managerss Status on Money Flows, Performance, and Risk-Taking Behaviors, http://dx.doi.org/10.2139/ssrn.2732363
Parwada JT; Lau K; Ruenzi S, The Impact of Pillar 3 Disclosures on Asymmetric Information and Liquidity in Bank Stocks: Multi-Country Evidence, http://dx.doi.org/10.2139/ssrn.2670403
Niessen-Ruenzi A; Parwada JT; Ruenzi S, Information Effects of the Basel Bank Capital and Risk Pillar 3 Disclosures on Equity Analyst Research An Exploratory Examination, http://dx.doi.org/10.2139/ssrn.2670418
Parwada JT; Ruenzi S; Sahgal S, Market Discipline and Basel Pillar 3 Reporting, http://dx.doi.org/10.2139/ssrn.2443189
Ding N; Parwada JT; Shen J, When Does a Stock Boycott Work? Evidence from a Clinical Study of the Sudan Divestment Campaign, http://dx.doi.org/10.2139/ssrn.2469575
  • 2007 Best Discussant Award, Financial Services Institute
  • 2007 – Financial Services: Imports or Exports, New York
  • 2007 UNSW Australian School of Business Non-Professorial Research Achievement Award
     
  • 2016-2020 Australian Research Council Linkage Grant ($169,000)
  • 2015-2017 Global Risk Institute in Financial Services (GRI) (CAD$352,000)
  • 2013-2015 Centre for International Financial Regulation ($160,000)
  • 2010- Australian Stock Exchange - Capital Markets Cooperative Research Centre Corporate
  • Governance Research Centre ($1,000,000)
  • 2010-2011 Go8 Germany Joint Research Co-operation Scheme ($40,000)
  • 2007 UNSW John Yu Fellowship to Europe ($6,000)
  • 2007 UNSW, Early Career Research Grant ($10,000)
  • 2006 Melbourne Centre for Financial Studies, Research Grant ($18,000)

Funds Management, Financial Markets and Institutions, Wealth Management, and Investor Behavior.

  • FINS2643 Wealth Management
  • FINS3630 Bank Financial Management
  • FINS5512 Financial Markets and Institutions
  • MFIN6205 Financial Risk Management for Financial Institutions