Professor Jerry Parwada

Professor Jerry Parwada

Professor

PhD (Finance), MBA (Finance) -  Edith Cowan University

MPhil (Higher Education) - University of New South Wales

BCom (Finance Hons Cum Laude) - National University of Science and Technology, Zimbabwe

Leadership Course - The Wharton School

Graduate - Australian Institute of Company Directors

Business School
School of Banking and Finance

Dr Jerry Parwada is a Professor of Finance at UNSW Business School, Sydney, Australia. He served as Head of School - Banking and Finance at UNSW from 2011-2017 and as Director of Academic Strategy 2019-2022. His research specializes in investment management and financial markets. Among several governance roles, Jerry has been instrumental in the launch of the Adviser Ratings Licensee Rating system in Australia and is the Chair of its independent Ratings Committee. He is a member of the FINSIA Industry Council for Institutional Markets and serves as an independent non-executive director of a not-for-profit and a central bank.

Phone
+61 2 9385 7936
Location
UNSW Business School - Ref E12 Level 3, Office 317
  • Book Chapters | 2008
    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
  • Journal articles | 2024
    Gurira P; Parwada JT, 2024, 'Informal Foreign Currency Market Rate Coordination and Remittance Flows', Applied Economics, http://dx.doi.org/10.1080/00036846.2024.2403780
    Journal articles | 2022
    Dai L; Parwada J; Winchester DW; Zhang B, 2022, 'The more we know, the less we agree: A test of the trading horizon heterogeneity theory', The Financial Review, 57, pp. 45 - 67, http://dx.doi.org/10.1111/fire.12282
    Journal articles | 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
    Journal articles | 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, 163, pp. 507 - 527, http://dx.doi.org/10.1007/s10551-018-4021-0
    Journal articles | 2020
    Faleye O; Kung W; Parwada JT; Tian GY, 2020, 'Are entrepreneurs special? Evidence from board appointments', Journal of Business Venturing, 35, pp. 106003, http://dx.doi.org/10.1016/j.jbusvent.2020.106003
    Journal articles | 2020
    Lacey D; Goode S; Pawada J; Gibson D; Parwada J, 2020, 'The application of scam compliance models to investment fraud offending', Journal of Criminological Research, Policy and Practice, 6, pp. 65 - 81, http://dx.doi.org/10.1108/JCRPP-12-2019-0073
    Journal articles | 2019
    Faff RW; Parwada JT; Tan EKM, 2019, 'Did connected hedge funds benefit from bank bailouts during the financial crisis?', Journal of Banking and Finance, 107, pp. 105605, http://dx.doi.org/10.1016/j.jbankfin.2019.08.003
    Journal articles | 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, 18, pp. 99 - 113, http://dx.doi.org/10.1080/15427560.2016.1238369
    Journal articles | 2017
    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, 52, pp. 781 - 809, http://dx.doi.org/10.1017/S0022109017000060
    Journal articles | 2015
    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, 53, pp. 331 - 366, http://dx.doi.org/10.1111/1475-679X.12073
    Journal articles | 2012
    Faff R; Lodh T; Parwada JT, 2012, 'Location Decisions of Domestic and Foreign-Affiliated Financial Advisors: Australian Evidence', Journal of Financial Services Research, 42, pp. 207 - 228, http://dx.doi.org/10.1007/s10693-011-0123-x
    Journal articles | 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, 22, pp. 1217 - 1236, http://dx.doi.org/10.1016/j.intfin.2012.05.012
    Journal articles | 2012
    Yang JW; Parwada JT, 2012, 'Predicting stock price movements: an ordered probit analysis on the Australian Securities Exchange', Quantitative Finance, 12, pp. 791 - 804
    Journal articles | 2009
    Parwada JT; Yang JW, 2009, 'Information Diffusion among International Fund Managers: Multi-country Evidence', Financial Management, 38, pp. 817 - 835
    Journal articles | 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, 16, pp. 26 - 43
    Journal articles | 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, 43, pp. 245 - 266, http://dx.doi.org/10.1017/S0022109000002817
    Journal articles | 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, 43, pp. 245 - 266, http://dx.doi.org/10.1017/S0022109000002817
    Journal articles | 2007
    Faff R; Parwada JT; Poh H, 2007, 'The information content of Australian managed fund ratings', Journal of Business Finance and Accounting, 34, pp. 1528 - 1547, http://dx.doi.org/10.1111/j.1468-5957.2007.02053.x
    Journal articles | 2007
    Gallagher DR; Parwada JT; DISHI E, 2007, 'INSTITUTIONAL INVESTMENT FLOWS AND THE DETERMINANTS OF TOP FUND MANAGER TURNOVER', Accounting and Finance, 47, pp. 243 - 266, http://dx.doi.org/10.1111/j.1467-629X.2006.00204.x
    Journal articles | 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, 17, pp. 140 - 151
    Journal articles | 2006
    Allen D; Parwada JT, 2006, 'Investors` response to mutual fund company mergers', International Journal of Managerial Finance, 2, pp. 121 - 135, http://dx.doi.org/10.1108/17439130610657340
    Journal articles | 2006
    Parwada JT; Faff R, 2006, 'Fund flows, MERs and managed fund ratings: Australian Evidence', Journal of Investing, 15, pp. 69 - 78, http://dx.doi.org/10.3905/joi.2006.650146
    Journal articles | 2005
    Parwada JT; Faff R, 2005, 'Pension plan investment management mandates: An empirical analysis of manager selection', Journal of Financial Services Research, 27, pp. 77 - 98, http://dx.doi.org/10.1007/s10693-005-6413-4
    Journal articles | 2004
    Parwada JT; Allen D, 2004, 'Effects of Bank Funds Management Activities on the Disintermediation of Bank Deposits', Journal of Business Finance and Accounting, 37, pp. 1151 - 1169, http://dx.doi.org/10.1111/j.0306-686X.2004.00570.x
    Journal articles | 2003
    Parwada JT, 2003, 'Trends and determinants of Australian managed fund transaction costs', Accounting and Finance, 43, pp. 345 - 363, http://dx.doi.org/10.1111/j.1467-629x.2003.00095.x
  • Working Papers | 2015
    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
  • Conference Presentations | 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
    Conference Presentations | 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
    Conference Presentations | 2016
    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
    Conference Papers | 2007
    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
    Preprints |
    Allen DE; Parwada JT, Effects of Bank Funds Management Activities on the Disintermediation of Bank Deposits, , http://dx.doi.org/10.2139/ssrn.301026
    Preprints |
    Allen DE; Parwada JT, Investors' Response To Mutual Fund Company Mergers, , http://dx.doi.org/10.2139/ssrn.279348
    Preprints |
    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
    Preprints |
    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
    Preprints |
    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
    Preprints |
    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
    Preprints |
    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
    Preprints |
    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
    Preprints |
    Faff RW; Parwada JT; Poh H-L, The Information Content of Australian Managed Fund Ratings, , http://dx.doi.org/10.2139/ssrn.4366391
    Preprints |
    Faff RW; Parwada JT; Tan KM, Do Bank-Related Hedge Funds Benefit from Bailouts?, , http://dx.doi.org/10.2139/ssrn.1493004
    Preprints |
    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
    Preprints |
    Faleye O; Kung W; Parwada JT; Tian GY, Are Entrepreneurs Special? Evidence from Board Appointments, http://dx.doi.org/10.2139/ssrn.2428355
    Preprints |
    Fong KYL; Parwada JT; Yang JW, Algorithmic Trading and Mutual Fund Performance, http://dx.doi.org/10.2139/ssrn.3111598
    Preprints |
    Fong KYL; Yang JW, Algorithmic Trading and Mutual Fund Performance, , http://dx.doi.org/10.2139/ssrn.2980774
    Preprints |
    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
    Preprints |
    Golombik J; Kumar A; Parwada JT, Does Religion Affect Stock Markets and Institutional Investor Behavior?, http://dx.doi.org/10.2139/ssrn.1746564
    Preprints |
    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
    Preprints |
    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
    Preprints |
    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
    Preprints |
    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
    Preprints |
    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
    Preprints |
    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
    Preprints |
    Parwada JT; Faff RW, Pension Plan Investment Management Mandates: An Empirical Analysis of Manager Selection, , http://dx.doi.org/10.2139/ssrn.593226
    Preprints |
    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
    Preprints |
    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
    Preprints |
    Parwada JT; Ruenzi S; Sahgal S, Market Discipline and Basel Pillar 3 Reporting, http://dx.doi.org/10.2139/ssrn.2443189
    Preprints |
    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
    Preprints |
    Parwada JT; Siaw K, Empirical Test of the Liquidity-Based Theory of the Closed-End Funds, , http://dx.doi.org/10.2139/ssrn.2311070
    Preprints |
    Parwada JT; Siaw KK, Empirical Test of the Liquidity-Based Theory of Closed-End Funds, , http://dx.doi.org/10.2139/ssrn.2267599
    Preprints |
    Parwada JT; Tan EKM, Unwanted Attention? Negativity Bias in Mutual Fund Awards, , http://dx.doi.org/10.2139/ssrn.4353265
    Preprints |
    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
    Preprints |
    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
    Preprints |
    Parwada JT; Walter TS; Winchester DW, Foreign Investors' Trading Disadvantage in U.S. Stock Markets, http://dx.doi.org/10.2139/ssrn.1147966
    Preprints |
    Parwada JT; Wu E, Effect of Market Comovements on International Mutual Fund Managers' Portfolio Holdings, , http://dx.doi.org/10.2139/ssrn.926272
    Preprints |
    Parwada JT; Yang JW, Information Diffusion among International Fund Managers: Multi-Country Evidence, http://dx.doi.org/10.2139/ssrn.1115276
    Preprints |
    Parwada JT; Yang JW, Predicting Stock Price Movements: An Ordered Probit Analysis on the ASX, http://dx.doi.org/10.2139/ssrn.913605
    Preprints |
    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
    Preprints |
    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
    Preprints |
    Parwada JT, The Scientific Value of Finance After the Crisis, http://dx.doi.org/10.2139/ssrn.3561557
    Preprints |
    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
    Preprints |
    Tan KM, Managerial Replacements in Mutual Fund Families, , http://dx.doi.org/10.2139/ssrn.2304585

  • 2016-2022 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)

  • 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
     

Building on his core research area of investments and financial markets, Jerry conducts both academic- and industry-oriented research. His research has attracted more than $1.5 million in funding from major grant making bodies such as the Australian Research Council as well as private entities like the Australian Securities Exchange and the Global Risk Institute in Financial Services (Canada). In the area of policy-making, Jerry has contributed to major commissions of inquiry, including the Commonwealth of Australia, Interim Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry; the Commonwealth of Australia, Financial System Inquiry; and the Federal Treasury,  Future of Financial Advice (FOFA) legislation.

In his contributions to academia, Jerry is a member of the editorial boards of the following journals: Journal of Financial Stability (Elsevier); Investment Analysts Journal (Taylor & Francis) and Review of Business (St Johns University, New York). He is a regular member of leading international conference committees, including the European Finance Association and Society of Financial Studies.

CONTRIBUTIONS TO COMMISSIONS/INQUIRIES

  • Commonwealth of Australia, Interim Report of the Royal Commission into Misconduct in the Banking,
  • Superannuation and Financial Services Industry, Written Submission, October 2018.
  • Commonwealth of Australia, Financial System Inquiry, Written Submission, August 2014.
  • Federal Treasury, Draft legislation, draft regulations and explanatory material pertaining to amendments to
  • the Future of Financial Advice (FOFA) legislation, Written Submission, February 2014.

INDUSTRY ENGAGEMENT

  • 2019- Chair, External and Internal Ratings Committees, Adviser Ratings
  • 2014- Finsia – Institutional Markets Industry Council
  • 2012- Credit Suisse Endowment Advisory Council

SELECTED MEDIA COVERAGE

 

My Research Supervision

Raphael Jonghyeon Park (UNSW Business School)

Martin Bakundana (Rozetta Institute)

Qobolwakhe Dube (Rozetta Institute)

Primrose Gurira (Midlands State University)

 

My Teaching

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