Curriculum Vitae
GARRY JAMES TWITE
Department of Finance
Faculty of Business and Economics,
University of Melbourne
Level 12, 198 Berkeley St,
Melbourne, VIC 3010, Australia
Phone: +61 3 83447786 Email: twiteg@unimelb.edu.au
ACADEMIC POSITIONS HELD
Department of Finance, University of Melbourne
Visiting Professor of Finance, Honorary Fellow 2014 to present
McCombs School of Business, The University of Texas at Austin
Visiting Professor of Finance 2012 to 2014
Visiting Associate Professor of Finance 2010
Visiting Assistant Professor of Finance 2006, 2004
School of Finance, Actuarial Studies and Applied Statistics, Australian National University
Professor of Finance 2010 to 2012
Associate Professor of Finance 2007 to 2010
Australian Graduate School of Management, University of New South Wales
Associate Professor of Finance 2003 to 2007
Senior Lecturer of Finance 1990 to 2003
Lecturer of Finance 1986 to 1990
School of Business and Management, Hong Kong University of Science and Technology
Visiting Assistant Professor of Finance 1994
Department of Financial and Quantitative Studies, Kuring-gai College of Advanced Education
Lecturer of Finance 1981 to 1986
EDUCATION
Ph.D in Finance, Australian Graduate School of Management, University of New South Wales, 1990.
Master of Commerce (Honours), University of New South Wales, 1980.
Graduate Diploma in Accounting, Canberra College of Advanced Education, 1975.
Bachelor of Arts in Accounting, Canberra College of Advanced Education, 1974.
PUBLICATIONS
Published Papers
J. Bialkowski, S. Titman and G. Twite, 2023, “The Determinants of Office Cap Rates: The International Evidence”. Real Estate Economics, 51, 539-572.
P. L. Nguyen, N. Galpin and G.Twite, 2021, New Active Blockholders and Adjustment of CEO relative incentive ratios, Journal of Corporate Finance, 72, 102127.
Xi He, M. Li, J. Shi and G. Twite, 2016, “Why pay a stock dividend: is it just a stock split?”, Australian Journal of Management, 41, 508-537.
Sun, L., Titman, S., and Twite, G., 2015, “REIT and Commercial Real Estate Returns: A Post Mortem of the Financial Crisis”, Real Estate Economics, 43, 8-36.
E. Schultz, G. Tian and G. Twite, 2013, “Corporate Governance and the Pay-Performance Link”, International Review of Finance, 13, 447-472.
S. Titman and G. Twite, 2013, “Urban Density, Law and the Duration of Real Estate Leases”, Journal of Urban Economics, 74, 99-112.
J. P.H. Fan, S. Titman and G.Twite, 2012, “An International Comparison of Capital Structure and Debt Maturity Choices”, Journal of Financial and Quantitative Analysis, 47, 23-56.
G. Tian and G. Twite, 2011, “Corporate Governance, External Market Discipline and Firm Productivity: The Australian Evidence”, Journal of Corporate Finance, 17, 403-417.
K. Pattenden and G. Twite, 2008, “Taxes and Dividend Policy Under Alternative Tax Regimes”, Journal of Corporate Finance, 14, 1-16. (Lead article).
C.F. Foley, J.C. Hartzell, S. Titman and G. Twite, 2007, “Why do Firms Hold so Much Cash? A Tax-based Explanation”, Journal of Financial Economics, 86, 579-607. (Lead article).
G. Twite, 2002, “Gold Prices, Exchange Rates, Gold Stocks and the Gold Premium”, Australian Journal of Management, 27, 123-140.
G. Twite, 2001, "Capital Structure Choices and Taxes: Evidence from the Australian Dividend Imputation Tax System", International Review of Finance, 2, 217-234.
R. Faff and G. Twite, 1999, “To b or Not to b – Can You Trust the CAPM”, JASSA, 3, 31-34.
G. Twite, 1998, “The Pricing of SPI Futures Contracts with Taxes and Transaction Costs,” Australian Journal of Management, 23, 57-81.
G. Twite, 1996, “The Pricing of SPI Futures Options with Daily Futures Style Margin Payments”, Australian Journal of Management, 21, 139-157.
G. Twite, 1993, " Effect of Stochastic Interest Rates on the Pricing of SPI Futures Contract", Australian Journal of Management, 17, 259-269.
J. Bowers and G. Twite, 1985, "Arbitrage Opportunities in the Australian Share Price Index Futures Contracts", Australian Journal of Management, 10, 1-29. (Lead article).
Conference Proceedings
G. Twite and J. Wood, “The Pricing of Australian Imputation Tax Credits: Evidence from Individual Share Futures Contracts”, Proceedings of the 8th Annual Asia-Pacific Futures Research Symposium, Chicago Board of Trade, 1997.
Books
S. Bishop, R. Faff, B. Oliver and G. Twite, Corporate Finance, Fifth edition, Pearson Education, Sydney, 2003.
G. Twite and M. O’Keeffe (ed), New Directions in Corporate Strategy, Allen & Unwin, Sydney, 2000.
Book Chapters
J. Corbett and G. Twite, “Corporate Savings, Investment and Financial Structure in East Asia: Micro-evidence”, J. Corbett and Y. Xu (eds), Achieving Sustainable Growth in East Asia, Economic Research Institute for ASEAN and East Asia, 2011.
J. Corbett and G. Twite, “Capital Structure of Firms and Real-Financial Linkages in East Asia”, S. Thangavelu and A. Chongvilaivan (eds), Real and Financial Integration in Asia, Routledge-EIRA Studies in Development Economics, Routledge, London, 2012.
T. Smith and G. Twite, “Valuation and Financial Strategies”, in G. Twite and M. O’Keeffe (ed), New Directions in Corporate Strategy, Allen & Unwin, Sydney, 2000.
Other Published Material
J. P.H. Fan, S. Titman and G.Twite, “Capital Structure and Debt Maturity Choices”, NBER Digest OnLine, 2011.
J. P.H. Fan, S. Titman and G.Twite, “Capital Structure and Debt Maturity Choices”, R.C. Small (ed), The Harvard Law School Forum on Corporate Governance and Financial Regulation, 2010.
WORKING PAPERS AND WORK IN PROGRESS
J. Bialkowski, S. Titman and G. Twite, “Agglomeration and the Determinants of Office Rents”. Status: revising working paper.
J. Cohn, S. Titman and G. Twite, “Capital Structure, Corporate Investment, andInvestor-Level Taxes: Evidence from a Natural Experiment in Europe”. Status: revising working paper for submission to Management Science.
P. Kelly, J. Lv and G.Twite, “Early Release from Lockup: Insider Sales During the Post IPO Lockup Period ”. Status: revising working paper following conference presentation.
P. L. Nguyen, N. Galpin, H. Jung and G.Twite, “Disclosures of CEO inside debt and the timing of new bond issuance”.
SEMINARS AND CONFERENCE PRESENTATIONS
Early Release from Lockup: Insider Sales During the Post IPO Lockup Period
2022: FMA European Conference
Capital Structure, Corporate Investment, and Investor-Level Taxes: Evidence from a Natural Experiment in Europe
2010: Corporate Finance Virtual Seminar
2019: FIRN Corporate Finance Meeting
2018: Western Finance Association annual meeting
2018: Latrobe University
2015: Deakin University
2014, 2016: University of Texas at Austin
2014: University of Melbourne
2013: University of Adelaide
The Determinants of Office Rents and Yields: The International Evidence
2018: AREUEA International Conference
2018: University of Melbourne
REIT and Commercial Real Estate Returns: A Post Mortem of the Financial Crisis
2013: AREUEA/NAREIT Research Conference
Urban Density, Law and the Duration of Real Estate Leases
2012: University of Adelaide
Ownership Structure and the Public / Private Equity Choice
2011: University of Texas at Austin
Why pay a stock dividend: is it just a stock split?
2011: Asia Finance Association Conference, University of Adelaide
2009: Journal of Corporate Finance Conference and Special Issue on Corporate Finance and Governance in Emerging Markets, University of Melbourne
Corporate Governance and Firm Productivity: The Australian Evidence
2010: Asia Finance Association Conference
Are PIPEs a Bet on Growth Options?
2010: University of Texas at Austin
2009: Asia Finance Association Conference
2008: University of Queensland
Diversification, Stapled Securities and the Performance of Real Estate Investment Trusts
2009: American Real Estate and Urban Economics Association Conference
2008: Australasian Banking and Finance Conference
Corporate governance and the pay-performance link: Some Australian evidence
2007: China International Finance Conference, Asia Finance Association Conference
Why do Firms Hold so Much Cash? A Tax-based Explanation
2006: American Finance Association Meeting
2004: Chinese University Hong Kong, Australian Graduate School of Management
An International Comparison of Capital Structure and Debt Maturity Choices
2005: American Finance Association Meeting
2004: Asia Finance Association Conference
2003: European Finance Association Conference, Hong Kong University of Science and Technology, Australian National University
2002: University of Melbourne, University of Texas at Austin, Queensland University, Australian Graduate School of Management
Taxes and Dividend Policy Under Alternative Tax Regimes
2005: University of Melbourne
2004: AFAANZ Conference
2000: Asia Pacific Finance Association Conference
1999: European Financial Management Association Conference
Gold Prices, Exchange Rates, Gold Stocks and the Gold Premium
2000: RMIT
1999: University of Melbourne
1998: University of Adelaide, Australian Graduate School of Management
Capital Structure Choices and Taxes: Evidence from the Australian Dividend Imputation Tax System
1999: European Financial Management Association Conference
1998: Asia Pacific Finance Association Conference
1997: University of Adelaide
1994: Hong Kong University of Science and Technology
1992: UCLA Capital Structure Conference
The Pricing of Australian Imputation Tax Credits: Evidence from Individual Share Futures Contracts
1997: Asia Pacific Finance Association Conference
1996: University of Adelaide, Australian Graduate School of Management, RMIT
The Value of Voting Rights: Evidence from Takeovers and Option Prices
2004: University of Texas at Austin
1995: Asia Pacific Finance Association Conference
1993: Australian Graduate School of Management
1992: University of NSW
The Pricing of SPI Futures Options with Daily Futures Style Margin Payments
1994: Australasian Banking and Finance Conference
1993: University of Adelaide, University of Melbourne, Macquarie University
1991: UTS Conference on Derivative Securities, Monash University
The Pricing of SPI Futures Contracts with Taxes and Transaction Costs
1990: University of Queensland, Monash University, Australian Graduate School of Management
1989: Australasian Banking and Finance Conference, Macquarie University
Effect of Stochastic Interest Rates on the Pricing of SPI Futures Contract
1988: Monash University, Australian Graduate School of Management
Arbitrage Opportunities in the Australian Share Price Index Futures Contracts
1985: Macquarie University
PROFESSIONAL AND ACADEMIC ACTIVITIES AND SERVICES
Associate Editor, International Review of Finance, 2008 to present
Finance Area Editor, Australian Journal of Management, 2002 to 2012
Deputy General Editor, Australian Journal of Management, 1997 to 2007
Asian Finance Association. Session chair, Discussant, Program Committee, annual meeting 2004 to present. Member, 1995 – present.
China International Finance Conference: Discussant, Program Committee, 2013.
FMA Asia. Discussant, Program Committee, annual meeting 2009 to present.
Finance Down Under Conference. Discussant, Program Committee, annual meeting 2011 to present.
FIRN. Program Committee, annual meeting 2011 to present.
Western Finance Association. Member, 2001 to present.
American Finance Association. Member, 1994 to present.
Ad Hoc Referee for the following journals:
Accounting and Finance, Australian Journal of Management, Economic Record, European Financial Management, Financial Management, Financial Review, International Review of Finance, Journal of Banking and Finance, Journal of Corporate Finance, Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Economics, Pacific Basin Journal of Finance, Review of Finance.
OZ Reader, ARC
Examiner, PhD Theses
Service for University of Melbourne
Director Finance PhD, 2016 to present
Service for Australian National University
Finance PhD Co-ordinator, 2007 to 2011.
School representative CBE Education Committee, 2007 to 2010.
Organizer, ANU Summer Finance Camp, 2007 to 2011.
Member, Organizing Committee, CBE PhD Camp, 2009 to 2011.
Member, Organizing Committee, CBE Honours Colloqium, 2009 to 2011.
Service for University of New South Wales
Director, Centre for Real Estate Research at the Australian Graduate School of Management, 2004 to 2007.
AGSM presiding member, 2004
Co-ordinator of the Finance and Accounting Workshops, Australian Graduate School of Management, 1995 to 2007.
Academic Advisor, MBA Programs, Australian Graduate School of Management, 1998 to 2001.
Faculty representative, Australian Graduate School of Management Alumni Committee, 1998 to 2001.
Exchange Student Selection Committee, Australian Graduate School of Management, 1998 to 2000.
Admissions Sub-committee of the Higher Degree Committee, Australian Graduate School of Management, 1995 to 2000.
PhD Dissertation Committees
Jin Roc Lv, Kerry Pattenden, Geoffery Warren, Elizabeth Zhou.
TEACHING
University of Melbourne
Current Case Studies in Finance: Core MFin course. Mergers and Value Enhancing Strategies: Core MFin course. Fundamentals of Finance: MMgt Elective.
University of Texas at Austin
Taught MBA courses: Advanced Corporate Finance. Core MBA course. Financial Strategies. Elective. Valuation. Core MBA course. BBA courses: Business Finance. Core BBA course. Business Finance Honors. Core BBA Honors course.
Australian National University
Taught Advanced Corporate Finance (Core Honours and PhD course in research methodology and topics), Financial Management (Core Masters course), Corporate Valuation (Undergraduate elective).
Australian Graduate School of Management
Taught Corporate Finance (Core course in both Fulltime MBA and Executive MBA), Advanced Corporate Finance (Core course Hong Kong MBA), Investment Evaluation (Executive Programs)
HONOURS AND AWARDS
ARC Discovery Grant, $310,000, for project titled, “The Aging Population, Superannuation and Corporate Dividend Policy“, (with Emma Schultz and Joseph Fan), 2016 to 2018.
Best paper award AREUEA/NAREIT Research Conference 2013 for “REIT and Commercial Real Estate Returns: A Post Mortem of the Financial Crisis”.
2011 ANU College of Business and Economics, College Internal Grant Scheme, “Non-Renounceable Rights Issues and Private Placements: Monitoring or Entrenchment Mechanisms?”
2010 ANU College of Business and Economics, College Internal Grant Scheme, “An International Comparison of Firm Capital Structure Dynamics”
2009 ANU College of Business and Economics, College Internal Grant Scheme, “Are PIPEs a Bet on Growth Options?”
2009 ANU College of Business and Economics, College Internal Grant Scheme, “Institutional Structures as Determinants of Dividend Policy: An International Study”, (with E. Schultz)
2008 ANU College of Business and Economics, College Internal Grant Scheme, “The Value Attached to Voting Rights: Evidence from Takeover Bids and Derivative Trading”.
2008 ANU College of Business and Economics, College Internal Grant Scheme, “The Importance of Financing Constraints, Investment Opportunities and Information Asymmetries in Explaining the Timing of Firms' Capital Raising Exercises: A Cross-Country Comparison”, (with E. Schultz)
2007 ARC Linkage Grant, $134,000, for project titled “Valuation, Investment Timing and Equity Financing of Commercial Real Estate in the Australian Market”, (with Jinu Kim and Tom Smith).
2006 ARC Discovery Grant, $150,000, for project titled, “An International Comparison of Corporate Financial Policy“, (with Joseph Fan and Sheridan Titman).
2005 UNSW Goldstar Research Grant, $30,000, for project titled, “An International Comparison of Corporate Financial Policy“, (with Joseph Fan and Sheridan Titman)
2005 Faculty Research Grant, $15,000, for project titled, “Why do Firms Hold so Much Cash? A Tax-based Explanation “, (with Jay Hartzell and Sheridan Titman).
2004 Faculty Research Grant, $16,000, for project titled, “An International Comparison of Corporate Financial Policy“, (with Joseph Fan and Sheridan Titman).
2003 Faculty Research Grant, $17,000, for project titled, “An International Comparison of Capital Structure and Debt Maturity “, (with Joseph Fan and Sheridan Titman).
1994 ARC Small Grants, $14,029, for project titled, “Anticipated Share Price Reaction to Earnings Announcements Implicit in Option Prices“, (with Greg Clinch).
1993 Australian Tax Office Compliance Research Grants, $12,000, to extend the ARC funded project titled, “ Full Dividend Imputation Taxes and Corporate Finance”, (with Justin Wood).
1993 ARC Small Grants, $9,745, for project titled, “Full Dividend Imputation Taxes and Corporate Finance” (with Justin Wood).