Finance staff

For a complete list of staff within the School of Economics and Finance refer to our staff list.

Prof Hamish Anderson staff profile picture

Contact details +6469517041

Prof Hamish Anderson MBS, PhD, FCA

Professor in Finance

School of Economics and Finance

Hamish is a chartered accountant with big four accounting firm work experience prior to joining Massey University. Hamish has taught on Massey's Executive MBA programme for over 25 years and is recognised for his contribution to teaching through receiving International, New Zealand and University excellence in teaching awards. He has published in internationally respected journals, including Journal of Corporate Finance, Journal of Banking & Finance, Emerging Markets Review, Pacific-Basin Finance Journal, and Journal of Business Finance and Accounting, as well as policy, law and practitioner journals.

Professional

Contact details

  • Location: BSW2.16, Business Studies West
    Campus: Turitea

Qualifications

  • Master of Business Studies (Distinction) - Massey University (1995)
  • Doctor of Philosophy - Massey University (2004)

Fellowships and Memberships

  • Member, Chartered Accountants Australia and New Zealand (Fellow) (1998)

Research Expertise

Research Interests

Corporate finance

Thematics

Design – for Commerce, Community and Culture

Area of Expertise

Field of research codes
Banking, Finance and Investment (150200): Commerce, Management, Tourism And Services (150000): Finance (150201)

Research Outputs

Journal

Wang, QS., Chen, L., Lai, S., & Anderson, HD. (2024). Judicial reform and corporate cash holdings: Evidence from the establishment of circuit courts in China. Journal of Behavioral and Experimental Finance. 43
[Journal article]Authored by: Anderson, H.
Lai, S., Chen, L., Wang, QS., & Anderson, HD. (2023). Bank competition and corporate employment: Evidence from the geographic distribution of bank branches in China. Journal of Banking and Finance. 154
[Journal article]Authored by: Anderson, H.
Lai, S., Yang, L., Wang, Q., & Anderson, HD. (2023). Judicial independence and corporate innovation: Evidence from the establishment of circuit courts. Journal of Corporate Finance. 80
[Journal article]Authored by: Anderson, H.
Sun, Z., Anderson, H., & Chi, J. (2023). Managerial foreign experience and corporate risk-taking: Evidence from China. International Review of Financial Analysis. 86
[Journal article]Authored by: Anderson, H., Chi, J.
Anderson, HD., Liao, J., Yang, J., & Young, M. (2023). Powerful political corporate appointments and firm bribery channels. International Journal of Managerial Finance. 19(3), 491-518
[Journal article]Authored by: Anderson, H., Liao, J., Young, M.
Lai, S., Chen, L., Wang, QS., & Anderson, H. (2022). Natural disasters, trade credit, and firm performance. Economic Modelling. 116
[Journal article]Authored by: Anderson, H.
Xie, F., Anderson, HD., Chi, J., & Liao, J. (2023). State control and stock price crash risk: new evidence of the conservatism of state-owned enterprises. International Journal of Managerial Finance. 19(4), 853-889
[Journal article]Authored by: Anderson, H., Chi, J., Liao, J.
Sophie Wang, Q., Lai, S., Pi, S., & Anderson, H. (2022). Does directors' and officers' liability insurance induce empire building? Evidence from corporate labor investment. Pacific Basin Finance Journal. 73
[Journal article]Authored by: Anderson, H.
Anderson, HD., Liao, J., & Yue, S. (2022). Financial expert CEOs, political intervention, and corporate investment decisions: evidence from the anti-corruption campaign. International Journal of Managerial Finance. 18(3), 562-593
[Journal article]Authored by: Anderson, H., Liao, J.
Chen, J., Chi, J., & Anderson, H. (2023). CEO happiness curve and firm innovation: evidence from China. Applied Economics Letters. 30(19), 2814-2818
[Journal article]Authored by: Anderson, H., Chi, J.
Wang, Q., Lai, S., & Anderson, HD. (2021). VC fund preferences and exits of individual investors. Pacific Basin Finance Journal. 67
[Journal article]Authored by: Anderson, H.
Ma, R., Anderson, HD., & Marshall, BR. (2019). Risk perceptions and international stock market liquidity. Journal of International Financial Markets, Institutions and Money. 62, 94-116 Retrieved from https://www.sciencedirect.com/science/article/pii/S1042443119300769
[Journal article]Authored by: Anderson, H., Marshall, B.
Anderson, H., Chi, J., & Liao, J. (2019). Foreign strategic ownership and minority shareholder protection. Emerging Markets Review. 39, 34-49
[Journal article]Authored by: Anderson, H., Chi, J., Liao, J.
Anderson, HD., & Chang, YY. (2019). Interdisciplinary finance. Managerial Finance. 45(1), 85-87
[Journal article]Authored by: Anderson, H., Chang, Y.Edited by: Anderson, H.
Xie, F., Anderson, HD., Chi, J., & Liao, J. (2019). Does residual state ownership increase stock return volatility? Evidence from china's secondary privatization. Journal of Banking and Finance. 100, 234-251
[Journal article]Authored by: Anderson, H., Chi, J., Liao, J.
Chang, YY., Anderson, H., & Shi, S. (2018). China and International Housing Price Growth. China Economic Review. 50, 294-312 Retrieved from https://www.sciencedirect.com/science/article/pii/S1043951X18300543
[Journal article]Authored by: Anderson, H., Chang, Y.
Ma, R., Anderson, HD., & Marshall, BR. (2018). Market volatility, liquidity shocks, and stock returns: Worldwide evidence. Pacific Basin Finance Journal. 49, 164-199
[Journal article]Authored by: Anderson, H., Marshall, B.
Wang, Q., Anderson, H., & Chi, J. (2018). VC political connections and IPO earnings management. Emerging Markets Review. 35, 148-163
[Journal article]Authored by: Anderson, H., Chi, J.
Ma, R., Anderson, HD., & Marshall, BR. (2018). Stock market liquidity and trading activity: Is China different?. International Review of Financial Analysis. 56, 32-51
[Journal article]Authored by: Anderson, H., Marshall, B.
Anderson, HD., Balli, F., & Godber, C. (2018). The effect of macroeconomic announcements at a sectoral level in the US and European Union. Research in International Business and Finance. 44, 256-272
[Journal article]Authored by: Anderson, H., Balli, F.
Wang, Q., Anderson, HD., & Chi, J. (2017). The impact of VC backing on the corporate governance of Chinese IPOs. Pacific Accounting Review. 29(3), 330-355
[Journal article]Authored by: Anderson, H., Chi, J.
Anderson, HD., Chi, J., & Wang, Q. (2017). Political ties and VC exits: Evidence from China. China Economic Review. 44, 48-66
[Journal article]Authored by: Anderson, H., Chi, J.
Ma, R., Anderson, HD., & Marshall, BR. (2016). International stock market liquidity: a review. Managerial Finance. 42(2), 118-135
[Journal article]Authored by: Anderson, H., Marshall, B.
Anderson, H., Dunstan, A., & Marshall, BR. (2015). Cultural Stock Price Clustering in the Chinese Equity Market. Chinese Economy. 48(6), 449-467
[Journal article]Authored by: Anderson, H., Marshall, B.
Anderson, H., Chi, J., & Wang, QS. (2015). IPO Performance on Chinas Newest Stock Market (ChiNext). Chinese Economy. 48(2), 87-113
[Journal article]Authored by: Anderson, H., Chi, J.
Anderson, H., Marshall, B., & Wang, X. (2015). Cross-sectional return patterns in New Zealand’s registered and OTC stock markets. Pacific Accounting Review. 27(1), 51-68
[Journal article]Authored by: Anderson, H., Marshall, B.
Smith, DJ., Chen, J., & Anderson, HD. (2015). The influence of firm financial position and industry characteristics on capital structure adjustment. Accounting and Finance. 55(4), 1135-1169
[Journal article]Authored by: Anderson, H., Chen, J., Smith, D.
Anderson, HD., & Peng, Y. (2014). From cents to half-cents and its liquidity impact. Pacific Accounting Review. 26(3), 160-176
[Journal article]Authored by: Anderson, H.
Anderson, H., Marshall, B., & Miao, J. (2014). The Permanent Portfolio. Applied Financial Economics. 24(16), 1083-1089
[Journal article]Authored by: Anderson, H., Marshall, B.
Sharif, S., Anderson, HD., & Marshall, BR. (2014). Against the tide: The commencement of short selling and margin trading in mainland China. Accounting and Finance. 54(4), 1319-1355
[Journal article]Authored by: Anderson, H., Marshall, B.
Sharif, S., Anderson, HD., & Marshall, BR. (2014). The announcement and implementation reaction to China's margin trading and short selling pilot programme. International Journal of Managerial Finance. 10(3), 368-384
[Journal article]Authored by: Anderson, H., Marshall, B.
Anderson, HD. (2013). NZX joins the race to minimise tick size. Applied Finance Letters. 2(2), 6-13 Retrieved from https://ojs.aut.ac.nz/applied-finance-letters/article/view/13
[Journal article]Authored by: Anderson, H.
Sharif, S., Anderson, HD., & Marshall, BR. (2013). Against the tide: The commencement of short selling and margin trading in mainland China. Accounting and Finance.
[Journal article]Authored by: Anderson, H., Marshall, B.
Anderson, HD., Malone, CB., & Marshall, BR. (2012). Time Diversification in Developed and Emerging Markets. Journal of Emerging Market Finance. 11(2), 115-144
[Journal article]Authored by: Anderson, H., Marshall, B.
Smith, DJ., Chen, J., & Anderson, HD. (2012). The relationship between capital structure and product markets: Evidence from New Zealand. Review of Quantitative Finance and Accounting. 38(1), 1-24
[Journal article]Authored by: Anderson, H., Chen, J., Smith, D.
Anderson, HD., Chi, J., Ing-Aram, C., & Liang, L. (2011). Stock dividend puzzles in China. Journal of the Asia Pacific Economy. 16(3), 422-447
[Journal article]Authored by: Anderson, H., Chi, J.
Anderson, H. (2009). Formative assessment: Evaluating the effectiveness of online quizzes in a core business finance course. Journal of Open, Flexible and Distance Learning. 13(1), 26-40 Retrieved from http://journals.akoaotearoa.ac.nz/index.php/JOFDL/article/view/36
[Journal article]Authored by: Anderson, H.
Anderson, HD., Marshall, BR., & Wales, R. (2009). What is the relationship between investor protection legislation and target takeover returns? Evidence from Europe. Journal of Multinational Financial Management. 19(4), 291-305
[Journal article]Authored by: Anderson, H., Marshall, B.
Marshall, BR., & Anderson, HD. (2009). Regulation and target takeover returns: Is there a link?. Pacific Basin Finance Journal. 17(4), 395-412
[Journal article]Authored by: Anderson, H., Marshall, B.
Malone, CB., Marshall, BR., & Anderson, HD. (2009). Doing the hokey-tokey in asset markets. Competition and Regulation Times. (28), 6-7 Retrieved from http://www.iscr.org.nz/n502.html#cs-1477
[Journal article]Authored by: Anderson, H., Marshall, B.
Marshall, BR., & Anderson, H. (2008). Yes! regulation does affect a takeover target's returns. Competition and Regulation Times. (27), 12-12 Retrieved from http://www.iscr.org.nz/f482,13978/November_2008_Final.pdf
[Journal article]Authored by: Anderson, H., Marshall, B.
Anderson, HD. (2008). Private equity: self-regulation. New Zealand Law Journal. , 366-368
[Journal article]Authored by: Anderson, H.
Anderson, H. (2008). Private affairs. Competition and Regulation Times. (26), 6-7 Retrieved from http://www.iscr.org.nz/f444,13011/ISCR_June_2008.pdf
[Journal article]Authored by: Anderson, H.
Anderson, HD., Malone, CB., & Marshall, BR. (2008). Investment returns under right- and left-wing governments in Australasia. Pacific Basin Finance Journal. 16(3), 252-267
[Journal article]Authored by: Anderson, H., Marshall, B.
Anderson, HD., & Marshall, BR. (2007). Takeover motives in a weak regulatory environment surrounding a market shock: A case study of New Zealand with a comparison of Gondhalekar and Bhagwat's (2003) US findings. Review of Quantitative Finance and Accounting. 29(1), 53-67
[Journal article]Authored by: Anderson, H., Marshall, B.
Chen, J., Leong Kan, K., & Anderson, H. (2007). Size, book/market ratio and risk factor returns: evidence from China A-share market. Managerial Finance. 33(8), 574-594
[Journal article]Authored by: Anderson, H., Chen, J.
Anderson, HD., & Rose, LC. (2007). Firm quality and the placement price of private equity. FSR Forum. 9(2), 7-12
[Journal article]Authored by: Anderson, H.
Anderson, HD. (2006). Discounted private placements in New Zealand: Exploitation or fair compensation?. Review of Pacific Basin Financial Markets and Policies. 9(4), 533-548
[Journal article]Authored by: Anderson, H.
Anderson, HD., & Rose, LC. (2006). Pricing effects of private seasoned equity issues in New Zealand's laissez-faire regulatory environment. Journal of Financial Transformation. 18, 71-78 Retrieved from http://www.jdb.uzh.ch/26252/
[Journal article]Authored by: Anderson, H.
Anderson, HD. (2006). Venture capital and private equity funding. Chartered Accountants Journal of New Zealand. 85(10), 62-63
[Journal article]Authored by: Anderson, H.
Anderson, HD., Rose, LC., & Cahan, SF. (2006). Differential shareholder wealth and volume effects surrounding private equity placements in New Zealand. Pacific Basin Finance Journal. 14(4), 367-394
[Journal article]Authored by: Anderson, H.
Anderson, HD., Cooper, S., & Prevost, AK. (2006). Block trade price asymmetry and changes in depth: Evidence from the australian stock exchange. Financial Review. 41(2), 247-271
[Journal article]Authored by: Anderson, H.
Anderson, HD., Rose, LC., & Cahan, SF. (2004). Odd-lot costs and taxation influences on stock dividend ex-dates. Journal of Business Finance and Accounting. 31(9-10), 1419-1448
[Journal article]Authored by: Anderson, H.
Black, C., Parry, J., Anderson, HD., & Bennett, AA. (2002). Are New Zealand chief financial officers the "country cousins" of their American counterparts?. University of Auckland Business Review. 4(1), 1-10 Retrieved from http://www.uabr.auckland.ac.nz/files/articles/Volume4/v4i1-cousins.pdf
[Journal article]Authored by: Anderson, H.
Anderson, HD., Cahan, SF., & Rose, LC. (2001). Taxable bonus issues: A good way to distribute accumulated imputation credits?. University of Auckland Business Review. 3(1), 49-54 Retrieved from http://www.uabr.auckland.ac.nz/files/articles/Volume3/v3i1-taxable.pdf
[Journal article]Authored by: Anderson, H.
Anderson, H., Cahan, S., & Rose, LC. (2001). Stock dividend announcement effects in an imputation tax environment. Journal of Business Finance and Accounting. 28(5-6), 653-669
[Journal article]Authored by: Anderson, H.
Anderson, H., & Marshall, B. (2011). Editorial: Financial regulation: Market and valuation impacts. Pacific Accounting Review. 23(3: Special Issue: Performance measurement and management) Retrieved from http://www.emeraldinsight.com/journals.htm?issn=0114-0582&volume=23&issue=3&articleid=17004037&show=html
[Journal article]Authored by: Anderson, H., Marshall, B.Edited by: Marshall, B.

Conference

Liao, J., Yue, S., & Anderson, H. (2019). Financial Expert CEOs, State Control and Corporate Investment Decisions: New Evidence From China. http://asianfa2019.ueh.edu.vn/submission/modules/request.php?module=oc_program&action=view.php&id=47&type=1&a=&keycode=ueh_asianfa2019. : The 31st Asian Finance Association Annual Meeting
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Liao, J.
Ma, R., Anderson, HD., & Marshall, BR.(2019). Risk perceptions and international stock market liquidity. Paper presented at the meeting of Journal of International Financial Markets, Institutions and Money
[Conference Paper]Authored by: Anderson, H., Marshall, B.
Chang, Y-Y., Anderson, H., & Song, S.China and International Housing Price Growth. . Hong Kong
[Conference Paper]Authored by: Anderson, H., Chang, Y.
Marshall, B., Anderson, H., & ma, R. (2018). Market Volatility, Liquidity Shocks, and Stock Returns: Worldwide Evidence. https://acfr.aut.ac.nz/conferences-and-events/past-conferences-and-events/auckland-finance-meeting2/2018-nz-finance-meeting/academic-programme. : New Zealand Finance Meeting
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Marshall, B.
Marshall, B., Anderson, H., & Ma, R.Risk Perceptions and International Stock Market Liquidity. . Queenstown, NZ
[Conference Paper]Authored by: Anderson, H., Marshall, B.
Marshall, B., Anderson, H., & Ma, R. (2018). Market Volatility, Liquidity Shocks, and Stock Returns: Worldwide Evidence. https://www.openconf.org/AFAANZ2018/modules/request.php?module=oc_program&action=summary.php&id=52.
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Marshall, B.
Marshall, B., Anderson, H., & Ma, R.Market Volatility, Liquidity Shocks, and Stock Returns: Worldwide Evidence. . Melbourne, Australia
[Conference Paper]Authored by: Anderson, H., Marshall, B.
Anderson, H., Liao, J., Yang, JJ., & Young, MR.Party Committee Secretary serving on corporate boards and firm bribery. http://www.fmaconferences.org/HongKong/Papers/bribery_paper,_full_paper.pdf. : 2018 Asia/Pacific Conference
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Liao, J., Young, M.
Chang, Y., Anderson, H., & Shi, S.(2018). China and International Housing Price Growth. . Palmerston North, New Zealand
[Conference Paper]Authored by: Anderson, H., Chang, Y.
Chang, Y., Anderson, H., & Shi, S.China and international housing price growth. . Amsterdam, the Netherlands
[Conference Paper]Authored by: Anderson, H., Chang, Y.
Anderson, H., Chi, J., & Liao, J.Foreign strategic ownership and minority shareholder protection: Evidence from China. Paper presented at the meeting of http://www.victoria.ac.nz/sacl/financial-markets-and-corporate-governance-conference-2017/keynote-speakers-and-programme/fmcg-outline-programme.pdf. Wellington, New Zealand
[Conference Paper]Authored by: Anderson, H., Chi, J., Liao, J.
Chang, YY., Anderson, H., & Shi, S. (2018). China and international housing price growth. China Economic Review. Vol. 50 (pp. 294 - 312).
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Chang, Y.
Smith, D., Chen, J., & Anderson, HD. (2012). Firm financing choices in a thin, capital constrained market. The 25th AFBC Proceedings. Australia: 25th Australasian Finance and Banking Conference
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Chen, J., Smith, D.
Anderson, H., Chi, J., Ing aram, C., & Liang, L. (2011). Stock dividend puzzles in China. In NZF. Colloquium (Ed.) 15th New Zealand Finance Colloquium. (pp. 1 - 49). : 15th New Zealand Finance Colloquium
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Chi, J.
Smith, D., Chen, J., & Anderson, H. (2011). Partial adjustment towards target capital structure: Evidence from New Zealand. Financial Management Association Asian Conference. (pp. 1 - 44).
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Chen, J., Smith, D.
Marshall, BR., & Anderson, HD. (2008). How does regulation affect takeover returns?. Proceedings of the 12th New Zealand Finance Colloquium.
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Marshall, B.
Smith, DJ., Chen, J., & Anderson, HD. (2008). The relationship between capital structure and product markets: Evidence from New Zealand. Proceedings of the 12th New Zealand Finance Colloquium.
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Chen, J., Smith, D.
Anderson, HD., Malone, CB., & Marshall, BR. (2007). Investment returns under right and left wing governments in Australasia. In M-H. Liu, & A. Tourani Rad (Eds.) Proceedings of the 11th New Zealand Finance Colloquium. (pp. 1 - 28). : 11th New Zealand Finance Colloquium
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Marshall, B.
Anderson, HD. (2006). Discounted private placements in New Zealand: Exploitation or fair compensation?. Asian Finance Association/FMA 2006 Meeting: Bridging Finance Theory and Practice: Proceedings. : FMA 2006 Meeting: Bridging Finance Theory and Practice
[Conference Paper in Published Proceedings]Authored by: Anderson, H.
Anderson, HD., & Marshall, BR. (2006). Takeover motives in a weak regulatory environment surrounding a market shock. Accounting and Finance Association of Australia and New Zealand Conference.
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Marshall, B.
Anderson, HD., Rose, LC., & Cahan, SF. (2004). Differential shareholder wealth effects of private equity placements in New Zealand. Financial Management Association European Conference. (pp. unpaged). Norfolk, VA
[Conference Paper in Published Proceedings]Authored by: Anderson, H.
Chen, J., Anderson, HD., & Kang, KL.(2004). Size, book/market ratio and risk factor returns: Evidence from China A-share market.
[Conference Paper]Authored by: Anderson, H., Chen, J.
Anderson, HD., Cahan, SF., & Rose, LC. (2003). Odd-lot costs and taxation arguments for the ex-date price effects of stock dividends. In F. Bradley, & JS. Eds (Eds.) 2003 FMA European Conference. (pp. 1 - 42).
[Conference Paper in Published Proceedings]Authored by: Anderson, H.
Anderson, HD., Cooper, S., & Prevost, A. (2002). Does depth help explain the asymmetric price response puzzle? Evidence from the Australian Stock Exchange. FMA Annual Meeting. (pp. 1 - 51).
[Conference Paper in Published Proceedings]Authored by: Anderson, H.
Smee, AK., & Anderson, HD. (2002). A change in practice: Implementing on-line mastery quizzes for assessment purposes. DEANZ 2002 Conference: evolving e-learning. (pp. 178 - 183).
[Conference Paper in Published Proceedings]Authored by: Anderson, H.

Other

Malone, CB., Anderson, H., & Cheng, P.Firm size and the political cycle premium.
[Oral Presentation]Authored by: Anderson, H.

Media and Links

Media

  • 21 May 2014 - Newspaper, Radio, Online
    Media Commentary
    Media Commentary "Labour governments 'bad for small business’” Joint work with Chris Malone interviewed by John Anthony, Fairfax Media, May 26, 2014. Story run in Dominion Post, Manawatu Standard, Stu

Other Links