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Curriculum Vitae for Jonathan A. Batten
Short Bio
Jonathan A. Batten is Professor of Finance in the Department of Banking and Finance at Monash
University, Australia. Prior to this position he worked as a Professor in Finance at the Hong Kong
University of Science & Technology and Seoul National University, Korea. He is the managing editor
of Elsevier’s Emerging Markets Review, Journal of International Financial Markets Institutions and
Money, co-editor of Finance Research Letters, and associate editor of the Journal of Banking &
Finance, Journal of the Asia Pacific Economy, Journal of Multinational Financial Management,
Research in International Business and Finance and International Review of Financial Analysis.
Jonathan’s research crosses a number of disciplines: in the business area he has published in a number
of journals used by the Financial Times for ranking business schools (e.g. Journal of Business Ethics,
Journal of Financial and Quantitative Analysis and the Journal of International Business Studies). In
addition he has also published work in applied mathematics (e.g. Chaos), in environmental studies
(Resources Policy), and importantly in economic policy (e.g. Applied Economics and the World Bank
Research Observer.
Apart from the journal publications mentioned above he has others, including publications in the
Australian Journal of Corporate Law, Economics Letters, International Review of Financial Analysis,
Journal of International Financial Markets Institutions and Money, Journal of Economic Surveys,
Journal of the Asia-Pacific Economy, Pacific Basin Finance Journal, Physica A, Small Business
Economics and others currently under review. In addition he has received a number of external research
grants from the Asian Development Bank, the World Bank, and most recently from the international
payments organisation SWIFT and the international regulator, the Bank for International Settlements.
He is the current President of the Eurasian Business and Economics Society (EBES) and has served
on a number of national external research committees in economics and finance (e.g. Canada, Czech
Republic, Hong Kong, Slovenia and Saudi Arabia).
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Curriculum Vitae for Jonathan A. Batten
Long Bio
Jonathan A. Batten is Professor of Finance at Monash University, Australia (from July 2013). Prior to
this position he worked at the Hong Kong University of Science & Technology (2006-2013) and Seoul
National University, Korea (2002-2005). While he is an Australian citizen he also has Hong Kong
permanent residency. He is the managing editor of Emerging Markets Review (from January 2007),
Journal of International Financial Markets Institutions and Money (from January 2015), co-editor of
Finance Research Letters (from January 2015) and an associate editor of the Journal of Banking &
Finance, Journal of the Asia Pacific Economy, Journal of Multinational Financial Management,
Research in International Business and Finance, and International Review of Financial Analysis.
Apart from these positions, Jonathan has extensive international teaching and research
experience: University of Western Sydney, Australia (1990-1998) as Senior Lecturer in international
finance and risk management; Indiana University, USA, where he was a visiting Research Fellow as
part of his PhD studies (1993); Nanyang Technological University in Singapore (1999) as visiting
Senior Research Fellow; Temple University Tokyo, Japan (2004-6) as Visiting Professor; and Aarhus
School of Business, Denmark as Visiting Professor of Finance (December 2005). From November
2002- 2006 he was also appointed an Honorary Professor of Arts, Deakin University Melbourne,
Australia and from July 2014 he was appointed President of the Eurasian Business and Economic
Association (EBES).
After completing a degree in data processing in 1981 Jonathan was first employed by the State
Bank of NSW, Australia as an Economic Research Assistant attached to the funds management area.
Later, he was involved in foreign exchange, interest rate trading and financial risk management
positions with the Australian Industry Development Corporation, Bank of Tokyo and Credit Lyonnais.
In recognition of Jonathan’s extensive industry experience, in 1997 he was appointed a Fellow of the
Australasian Institute of Banking and Finance. Jonathan has continued to consult on asset-liability and
credit risk management, and financial instrument pricing for IBM (1995-1996), Reuters Asia (1997-
2002) and American Express (1998). He has also received research grants (2000-2012) from the Asian
Development Bank and The World Bank (as part of their programmes for developing fixed income
markets in developing economies) and the Bank for International Settlements (2013).
Jonathan completed an MBA in international finance in 1986 at the New South Wales Institute
of Technology (now the University of Technology, Sydney) with a research report that focused on tax
arbitrage in Euro-markets. These themes were further developed when he completed his Doctor of
Philosophy at the University of Sydney in 1996 with a thesis that investigated cross-sectional variation
in the risk management practices of financial and non- financial firms. His current research interests
now include:
Financial market development
Financial risk management
Asset pricing: spread modelling and market integration
Financial statistics and engineering: the investigation of the non-linear dynamics of financial
prices.
A common theme through much of this later work concerns the investigation of non-linear dynamics
and the more general analysis of financial time series using technology that accommodates mean
non-stationarity and volatility clustering. More recently this work has been extended to an
investigation of arbitrageable equilibria (such as covered interest parity arbitrage in foreign exchange
markets). Expanding the investigation from single prices to more complex economic systems
remains the focus of future research work.
Research efforts are reflected in a large collection of works that have been published in
international journals as well as chapters in books, research monographs, published conference
proceedings and published working papers. His work on bond pricing and financial market
development has been published in the "Journal of Financial & Quantitative Analysis", "World Bank
Research Observer" and "Applied Economics" amongst others, whereas work in financial statistics
and risk management has been published in “Chaos”, "Chaos, Solitons & Fractals", the "Journal of
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International Business Studies" and "Physica A". His interest in stakeholder theory and ethical
applications in business is also evidenced by a number of publications in The Journal of Business
Ethics and the Journal of Corporate Citizenship.
Jonathan first published "International Finance in Australia: A Case Study Approach” with
Butterworths in 1993, then co-authored and edited with Thomas Fetherston, “Asia-Pacific Fixed
Income Markets: An Analysis of the Region's Money, Bond and Interest Derivatives Markets",
published by John Wiley & Sons in their Frontiers in Finance Series in 2002, and co-authored and
edited “European Fixed Income Markets: Money, Bond, and Interest Rate Derivatives” with Thomas
Fetherston and Peter Szilagyi. This volume was also published by John Wiley & Sons in the “Wiley
Finance Series” in 2004. The final volume in this series on bond market development, “Japanese
Fixed Income Markets: Money, Bond, and Interest Rate Derivatives” was coedited and co-authored
with Thomas Fetherston and Peter Szilagyi, and was published by Elsevier in October 2006. The
edited volume “Financial Risk and Financial Risk Management” was the Elsevier-North Holland
technical book of the month in November 2002.
Jonathan has also presented papers at a number of conferences of international standing
including those of the Academy of International Business, Decision Sciences Institute, European
Finance Association, European Financial Management Association, Econophysics Colloquium,
Financial Management Association (US, Europe and Asia-Pacific Meetings), INFINITI
International Finance, International Association for Statistical Computing, Mid-Western Finance
Association and the SigmaPhi Association. Recently he has been a keynote speaker at SIBOS 2013
(Dubai), 2014 Paris Financial Management Conference and EBES Barcelona (2014).
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Jonathan Andrew Batten
Detailed Curriculum Vitae
1. Personal Details
2. Academic and Professional Experience
3. Teaching
4. Research Publications
5. Current Working Papers and Work in Progress
6. Books and Edited Volumes
7. Contributions to Books and Research Monographs
8. Refereed Journal Articles
9. Practitioner Journals and Other Publications
10. Published Conference Proceedings and Permanent Working Papers
11. Non-Academic Publications
12. Seminars and Presentations (and other Conference Presentations)
13. Research Grants, Projects and Consultancies
A. Personal Details
Born: 25th April 1958, Australian Citizen
Children: 1 son (Cameron Ethan Batten), born November 4, 1998.
Marital Status: Divorced. My son Cameron lives with me.
Australian Citizen and Hong Kong Permanent Resident
A1. Present Position Distinguished Professor of Finance
Monash University, Caulfield Campus
Department of Banking and Finance
PO Box 197, Caulfield East, Victoria 3145, Australia
Tel: +61 3 99034557
Email: jonathan.batten@monash.edu
Websites
(a) Social Science Research Network:
http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=160949
(b) Links to Published and Working Papers:
http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=160949
http://authors.repec.org/pro/pba244/
http://ideas.repec.org/f/pba244.html
http://econpapers.repec.org/RAS/pba244.htm
A2. Qualifications and Professional Training
Bachelor of Business [Data Processing] NRCAE 1981
Master of Business Administration [International Business] NSWIT 1986
Doctor of Philosophy [Financial Economics] University of Sydney (1997)
Dissertation Topic: "Financial Risk Management in Australian Firms: Foreign
Exchange and Asset-Liability Management"
Fellow of the Australasian Institute of Banking and Finance [FAIBF] appointed 1997.
Citibank Bourse Course (Foreign Exchange Trading), Melbourne Australia 1984.
Consulting Engagement Workshop, IBM Advanced Business Institute, New York USA
1995.
Negotiation Skills, Conflict Management Inc, Harvard University, Boston USA 1995.
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A3. Prizes/Awards Australian Trade Commission Prize in International Business 1985.
A4. Biographical Listings "Who's Who in the World" Marquis, various editions from 1996+.
"Who's Who in Australasia and the Pacific Nations", various editions from 1996+.
"Who's Who in Asia and the Pacific Nations", International Biographical Centre, UK
various editions from 1996+.
A5. Professional Affiliations and Memberships National Member of the Australian Forex Association 1984-1990.
International Member of the Association Cambiste Internationale 1985-1990.
Member of the Academy of International Business, Asia Pacific Finance Association,
Financial Management Association, Western Finance Association, American Economic
Association, and the American Finance Association.
A6. External Associations and Editorial Committees
Current Editorial
Managing Editor of Emerging Markets Review (Elsevier) from January 2007 to January 2017.
Managing Editor of the Journal of International Financial Markets, Institutions and Money
(Elsevier) from January 2015 to January 2018.
Co-editor of Finance Research Letters (Elsevier) from January 2015 to January 2018.
Member of the editorial board of:
Journal of the Asia-Pacific Economy (Routledge)
Journal of Banking & Finance (Elsevier)
Journal of Multinational Financial Management (Elsevier)
Research in International Business and Finance (Elsevier)
International Review of Financial Analysis (Elsevier)
Borsa Istanbul Review (Elsevier)
Previous Editorial Duties:
Co-editor of International Review of Financial Analysis (Elsevier) from July 2007 to
December 2011).
Special Issue Editor for “Journal of the Asia Pacific Economy”, on Asia Pacific Financial
Markets (2011).
Co-editor/Editor of Research in International Business and Finance (Elsevier) from January
2004 to December 2006.
Special Issue Editor for "International Review of Financial Analysis" Volume 11 issues 2
and 3 on “Credit Derivatives” 2002.
Coeditor for the Elsevier-North Holland research volume 16, 2002. “Research in
International Business and Finance”, special issue on “Financial Risk Management”, with
Thomas Fetherston.
Coeditor for the Elsevier-North Holland volume 17, 2003 “Research in International
Business and Finance”, special issue on "Social Responsibility: Corporate Governance
Issues", with Thomas Fetherston.
Member of Scientific and Other Committees
Member of the Board of Directors of the Australian Centre for Financial Studies (from
September 2013)
Member of the Advisory Board of the Eurasia Business and Economics Society (from 2013)
President of the Eurasian Business and Economic Society (from July 2014)
http://www.ebesweb.org/Advisory-Board.aspx
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Member of the Scientific Committee of the 4th International Conference of the Financial
Engineering and Banking Society (FEBS) Conference, University of Surrey, Guildford,
U.K. June 21, 2014 – June 23, 2014
Ad Hoc Journal Reviewer:
Applied Economics
ASEAN Economic Bulletin
Asia Pacific Management Review
Australian Economic Papers
Chaos
Chaos, Solitons & Fractals
Economics Bulletin
Emerging Markets Finance and Trade
Energy Economics
European Journal of Finance
Global Business and Finance Review
Global Finance Journal
International Review of Financial Analysis
International Journal of Finance and Economics
Japan and the World Economy
Journal of Asian Economics
Journal of Banking & Finance
Journal of Business Ethics
Journal of Corporate Citizenship
Journal of Empirical Finance
Journal of International Business Studies
Journal of International Financial Markets, Institutions & Money
Journal of International Money and Finance
Journal of International Trade and Economic Development
Journal of the Asia Pacific Economy
Journal of Multinational Financial Management
Multinational Business Review
Pacific Basin Finance Journal
Physica A: Statistical Mechanics and its Applications
Quarterly Review of Economics and Finance
Resources Policy
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B. Academic and Professional Experience
Professional Experience:
1982 Economic Research Officer (country risk analyst) and Assistant Foreign Exchange
Dealer the State Bank of New South Wales, Sydney Australia.
1984 Senior Funds Management Executive, Australian Industry Development
Corporation Sydney Australia (managing interest rate risk through interest rate and
currency swaps, forwards and interest parity arbitrage).
1985 Senior Dealer Foreign Exchange, The Bank of Tokyo, Sydney and Frankfurt
(trading spot and forward US dollar / Japanese yen and US dollar/ Australian dollar).
1986-90 Senior Dealer/Manager Treasury, Credit Lyonnais, Paris, Brussels and Sydney.
(Forwards and interest rate trader, then manager of the Australian dollar interest rate
position for the bank through derivatives and cash-instruments. This position
involved managing a US$32 billion portfolio of cash and derivatives instruments).
1995-6 Senior Consultant Asia-Pacific Banking and Finance Group, IBM Consulting
Group (Singapore) in asset liability management. (This position involved consulting
on asset-liability risk management solutions for Asia-Pacific based financial
institutions, and integrating asset-liability software into firm-wide solutions for the
financial sector. Specific projects included working with the IBM-Bankers Trust
New York team on the LS2 credit risk management project).
1996-2002 Ad hoc consultant to American Express Bank (financial risk management), IBM
Consulting Group, and Reuters Asia in financial instrument pricing and risk
management.
2000-2010 External consultant to the Asian Development Bank on (a) bond market development
in Asia-Pacific region; (b) Money market and information technology needed in
Vietnam; and (c) country studies of foreign bond market development.
2011-present External consultant to The World Bank on financial market development in India.
2013-May, November
Visiting Research Fellow at the Bank for International Settlements, Basel,
Switzerland.
Academic Experience:
1987-90 Part-Time Lecturer in International Finance, University of Technology Sydney.
1989 Fractional Appointment in International Finance, Macarthur Institute, Sydney,
Australia
1990-5 Senior Lecturer in Finance, University of Western Sydney, Macarthur, Australia
Teaching duties included international finance and honours finance.
1992-3 Acting-Head Department of Economics and Finance.
Elected to the University Promotions Committee
1993-5 Project Director, Diploma of Banking and Finance by Distance Learning.
1993 Visiting Professor Department of Finance, Indiana University, USA (4-
months)
1997- 1998 Senior Lecturer in Finance, University of Western Sydney, Macarthur, Australia
1999 Senior Research Fellow, Nanyang Technological University, Singapore
2000 Professor of Finance, Deakin University, Melbourne Australia
Appointed to the Deakin University Joint Committee on Research
Appointed to the Deakin University, Research Grants Committee
Appointed to the Faculty of Business and Law Research and Graduate Studies
Committee
Appointed to the Faculty of Business and Law Promotions Committee
Appointed to the Faculty of Business and Law Ethics Committee
Appointed to the School of Accounting and Finance Committee.
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Member of the Financial Services Research Centre, Supported by the
Committee for Melbourne and the Government of Victoria.
Convenor of the 2000 Finance Educators Conference, Deakin University
Burwood.
2001 Convenor of the 2001 Governance and Corporate Social Responsibility Conference
November, Deakin University Melbourne, Australia.
Appointed Chairman (for course development) of “Advanced Finance” in the
Master of Applied Finance and Investments program, Securities Institute of
Australia.
2002 Visiting Professor of Finance, Seoul National University, Korea 1 October 2002 to
August 2005.
2002 Appointed Honorary Professor Faculty of Arts, Deakin University Australia (1
November 2002 to 2006)
2003 Chairman, External Advisory Committee for the Master of Applied Finance,
University of Western Sydney (Review undertaken April 2003). Chairman, External
Advisory Committee for the Bachelor of Economics (Financial Management)
University of Western Sydney (Review undertaken May 2003).
2004 Visiting Professor Temple University, Tokyo (March-April, November- December)
2004 Appointed Professor of Management (Finance), MGSM, Sydney (August 2004 to
August 2009)
2005 Visiting Professor Aarhus Business School, Aarhus University Denmark
(September to December 2005).
2006 Visiting Professor, Institute for International Integration Studies Trinity College
Dublin (March to September 2006); External Advisory Committee Member for the
Master of Applied Finance, Bachelor of Business Degrees, University of Western
Sydney (2006); Visiting Professor Temple University, Tokyo (November-
December 2006)
2007 Adjunct Professor Hong Kong University of Science & Technology (August 2006-
2013).
2008 Visiting Professor of Management, Macquarie University, Sydney Australia
(August 2009-August 2011).
2013 Awarded a Research Fellowship with the Bank for International Settlements, Basel
Switzerland.
2013 July Appointed a Distinguished Professor of Finance, Monash University, Caulfield,
Australia and Monash University representative on the Australian Centre for
Financial Studies.
2014 Member of the External Review Panel for the College of Business, Massey
University, New Zealand.
Post-Graduate Student Supervision and Examination
Current Supervision
Peter Vuong, PhD, Monash University from 2014: An Investigation of Social Responsible
Investments.
PhD Committee and External Examiner
Meixia Hu, PhD, Massey University New Zealand 2012: An Examination of Stock Split and
Special Dividend Announcements in Relation to Market-Timing Opportunities, Business
Cycles, and Monthly Patterns
Sohel Azad, PhD, Monash University Melbourne 2011: Pricing Risk in Swap Markets.
Eugene Lai, PhD, Massey University New Zealand 2009: An Investigation of Optimal Stock
Option Allocation
Ben Marshall, PhD, Massey University New Zealand 2005: Candlestick technical trading
strategies: Can they create value for investors.
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Rubi Ahmad, PhD Monash University, Australia 2004: Bank Capital, Risk Performance:
Malaysian Evidence
Than Asvananda, PhD University of Western Sydney, Australia 2004: Financial Reform in
Thailand
Wilson Huynh, Honours University of Western Sydney, Australia 2004: Population Age
Structure and Stock Price Movements in Australia
Yen Jenn Yaw, Master of Business by Research, Nanyang Technological University,
Singapore 2003: Growth investment strategies applied to firms in Singapore.
Ben Marshall, Master of Business Studies, Massey University New Zealand 2000:
“Liquidity and Stock Returns in Order Driven Markets”
The following is a list of students who have successfully completed their research programmes
where I was the principal, associate or external supervisor
Completed: Monash University, Australia
Lidya Andreani Liu, The Risk Shifting Behaviour of Socially Responsible Investment
(Honours H1, First Class)
Completed: Massey University, New Zealand
• Karren Khaw, An investigation into the pricing of convertible bonds. PhD (2013)
Completed: Macquarie University, Australia
Max Neukirchen, Macroeconomic Risk Management and Practice. PhD (2006)
Alan Cheung DBA (May 2008). Dynamics of Interest Rate Swap Spreads.
Completed: Seoul National University, College of Business Administration, Korea
Ma Sai The Underpricing of IPOs in China: The Effect of the Listing System (MSc, 2005)
Alexander Dyo Intra-industry momentum and overconfidence: The case of the Korean
food industry (MSc, 2005)
Completed: Deakin University, Melbourne Australia
Kannan THURAISAMY (PhD, External Supervisor 2010) Financial Deregulation and the
Development of Fixed Income Markets in South America.
Chee Jin YAP The Decomposition and Pricing of Emerging Market Bonds (PhD, External
supervisor 2006)
Jagjit Kaur Underpricing of IPOs in Australia. (PhD, 2003)
Brock Johnson Credit Spread Options on Yen Eurobonds (Honours First Class 2003)
1. Vanessa Secconino “Do Sovereign Ratings Matter” (Honours First Class 2002).
2. Ooi Guan Chye How Firms manipulate Earnings: The Case of Enron Corporation
(Honours Second Class 2002).
3. Cameron Makepeace The Post Issue Operating Performance of US IPO’s. (Honours
Second Class 2002).
Mukund Narayanamurti Developing Financial Market Architecture in Emerging Nations:
The Asian Experience (Honours, First Class 2002)
Sascha Pausewang Do Stock-Brokers Recommendations Influence Share Price: The
Australian Evidence (Honours, First Class 2001)
Le Teeng Chua What Makes a Financial Centre: The Singapore Experience (Honours, First
Class 2001)
Thi Hong Lien Dong Asset Liability Management in Australian Banks (Honours, First Class
2001)
Quang Ngoc Nguyen Explaining returns in the US High-Technology Sector (Honours, First
Class 2001)
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Justin Iu Corporate Governance Convergence: The Implementation of Global Corporate
Governance Principles (Honours, second class, grade 1, 2000)
Scott Kingston On the Determinates of Corporate Hedging (Honours second class grade 1,
2000)
Melissa Papazzo Determinates of Corporate Dividend Policy: An Australian Perspective
(Honours first class 2000).
Lee Min Tjong The Effect of Announcements of International Investments on Shareholder
Wealth (Honours second class grade 1, 2000)
Elizabeth Wong The Ability of Regulatory Capital Models to Meet Prudential Objectives
(Honours second class grade 1, 2000)
Completed: Nanyang Technological University, Singapore
• Adrian Soh, Lydia Wee, and Tracy Yap Mean Non-Stationarity and a CUSUM Technical
Trading Strategy Final Year Project (Honours Equivalent: High Distinction)
Completed: University of Western Sydney, Sydney Australia
Martin Hollander Volatility in futures markets (M.Com. first class 1998)
Jason Vella Technical trading techniques (Honours, second class grade 1, 1998)
Mario Bardella The Market for Interest Rate Contingent Claims: An Empirical Investigation
of US$ Callable Bonds (Honours, first Class, 1998)
Craig Ellis An Investigation of Long-term Dependence in Time-Series Data (PhD, 1998)
Glen Blackley: The Australian interest rate swap market (Honours, first class, 1997)
Subhashni Singh: Price volume relationships in futures markets (Honours, first class, 1997)
Andrew Livermore: Corporate foreign exchange hedging (Honours, second class, grade 1,
1994).
Craig Ellis: Trading System Performance and the Weak-Form Efficiency of the Australian
Share Marke (Honours, first class, 1992)
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C. Teaching
Recent Teaching Awards:
HKUST: Letters of Recognition from the Dean of Business and Management, in Recognition of
Excellent Teaching Performance (scores above 85 points for quality of instructor)
FINA 331 Management of Financial Institutions 2010/2011
FINA 361 Fixed Income Securities 2008/2009
FINA 544 and FINA 5540 Risk Management for Financial Institutions 2010/2011,
2011/2012
Monash: Letter of Recognition for Outstanding Teaching in BFF 5300 Case Studies in Finance
2014
Subjects Taught at Undergraduate and Post Graduate Level 1990-2009 Year Subjects Taught Number of
Students
Coordination Level
UWS 1990-1995 International Finance 30-60 MBA
80-130 UGr
Yes MBA and BBus
Finance Theory
(=Finance Issues)
80-130 Yes 3rd Year
Advanced Finance I and II 2-6 Yes Honours
Commercial Banking and Lending
Practice (CBL)
40--80 Yes 3rd Year
UWS 1996-1999 International Finance MBA 35-50 Yes MBA
Financial Institutions and Risk
Management (=CBL)
50-70 No 3rd Year
International Finance
(Undergrad)
80-120 Yes 1996-7 3rd Year
Advanced Finance 1 and 11 4-7 Yes 1996-7 Honours
Options Futures and Derivative Products Yes for 1998 3rd Year
NTU 1999-2000 Commercial Bank Management 250 yes 3rd year
Treasury and Risk Management 30 Yes MBA, MFE
Deakin 2000-02 Treasury Management 140 No 3rd year
Debt and Contractual Securities
Equities and Portfolio Management
140
150
Yes
Yes
2 and 3rd year
3rd year
Advanced Finance 10 yes Honours
Research Methods 10 yes Honours
Financial Intermediation 10 yes Honours
SGSM 2002 International Finance 29 yes EMBA
SNU
2002-2005
Risk Management
Derivative Securities
Financial Engineering
Advanced Derivatives
42
35
25
25
Yes
Yes
Yes
Yes
MSc, PhD
3rd year
MSc, PhD
MSc, PhD
Temple University
Japan 2004, 2005
Financial Markets and the Firm
Enterprise Financial Management
25
Yes
EMBA
Aarhus Business
School 2005
Risk Management 35 Yes MSc, MBA
MGSM HK and
Sydney 2004-2006
International Financial Management
Advanced Corporate Finance
Financial Management
54
35
35-40
Yes
Yes
Yes
EMBA
EMBA
EMBA
HKUST 2006-8 Equity Investment Management
Fixed Income Securities
90
90
Yes
Yes
MSc/MBA
BSc
HKUST 2008+ Derivatives
Risk Management for Financial
Institutions
Management of Financial Institutions
50/110
100
100
Yes
Yes
Yes
MBA,
MBA/MSc
BSc
Monash 2013+ Issues in Financial Institutions
Case Studies in Finance
Research Methods
Options, Futures and Derivatives
6
200
25
200
Yes
No
No
No
PhD
MSc, MBA
Honours
BCom
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D. Research Publications
Published Papers and Books
D1. Books and Edited Volumes
(i) Jonathan Batten (1993) Editor, "International Finance in Australia: a Case Study
Approach", Butterworths, Australia. Pages 468.
(ii) Jonathan Batten and Thomas Fetherston (2002) Editors, “Financial Risk and Financial Risk
Management”. Research in International Business and Finance, Volume 16: Elsevier
Science JAI, Amsterdam; London and New York. ISBN: 0-7623-858-3. Pages x-554.
(iii) Jonathan Batten and Thomas Fetherston (2002) Editors, "Asia-Pacific Fixed Income
Markets: An Analysis of the Region’s Money, Bond and Interest Derivatives Markets” John
Wiley & Sons (Asia) Pte Ltd, Singapore (part of the Wiley Finance Series), ISBN: 0-471-
84577-9. Pages viii-394.
(iv) Jonathan Batten and Thomas Fetherston (2003) Editors, Special issue on “Social
Responsibility: Corporate Governance Issues”. Research in International Business and
Finance, Volume. 17. Elsevier Science JAI, Amsterdam; London and New York. ISBN: 0-
7623-1025-1. Pages xi-462.
(v) Jonathan Batten, Thomas Fetherston and Peter Szilagyi (2004), Editors “European Fixed
Income Markets: Money, Bond and Interest Rate Derivatives”, John Wiley & Sons Ltd,
England (part of the Wiley Finance Series). ISBN 0-470-85053-1. Pages xx-484.
(vi) Jonathan Batten and Thomas Fetherston (2005), Editors, “Asian Pacific Financial Markets
in Comparative Perspective”, Contemporary Studies in Economics and Financial Analysis,
Volume 87, Elsevier Science, Amsterdam Netherlands. ISBN 0-7623-1258-0. Pages vii-
514.
(vii) Jonathan Batten and Colm Kearney (2006), Editors, “Emerging European Financial
Markets: Independence and Integration Post-Enlargement”, International Finance Review
special issue Volume 5, Elsevier Science, Amsterdam Netherlands. ISBN: 0-7623-1264-5.
Pages vii-515.
(viii) Jonathan Batten, Thomas Fetherston and Peter Szilagyi (2006), Editors “Japanese Fixed
Income Markets: Money, Bond and Interest Rate Derivatives”. Elsevier Science,
Amsterdam Netherlands. ISBN: 0-444-52020-1. Pages iv-458.
(ix) Jonathan Batten and Peter Szilagyi (2011), Editors “The Impact of the Global Financial
Crisis on Emerging Markets”. Contemporary Studies in Economic and Financial Analysis,
Volume 93 Emerald Publishing Group Ltd, London, UK. ISBN: 978-0-85724-753-7. Pages
vii- 732.
(x) Jonathan Batten and Niklas Wagner (2012), Editors "Derivatives Securities Pricing and
Modelling". Contemporary Studies in Economic and Financial Analysis, Volume 94
Emerald Publishing Group Ltd, Bingley, UK. ISBN: 978-1-78052-616-4. Pages xi -433.
(xi) Jonathan Batten, Peter Mackay and Niklas Wagner (2013) Editors, “Advances in Risk
Management: Corporates, Intermediaries and Portfolios”, Palgrave Macmillan. Published
November 2013. ISBN: 978–1–137–02508–1. DOI: 10.1057/9781137025098 xix-440.
13
(xii) Jonathan A. Batten and Niklas F. Wagner (2014), Editors “Risk Management Post Financial
Crisis: A Period of Monetary Easing” Contemporary Studies in Economic and Financial
Analysis, Volume 96, Emerald Group Publishing Limited. ISBN: 978-1-78441-027-8.
D2. Contributions to Books and Research Monographs
(1) Jonathan Batten and Ram Bhar (1995), "Price Volume Relationships in Three Yen Futures
Markets", Advances in Pacific-Basin Financial Markets, Editors Ted Bos and Thomas
Fetherston, Volume 1: 21-36. This paper was also presented at the 1993 Meetings of the
PACAP Finance Conference and the Asia-Pacific Finance Association.
(2) Jonathan Batten, Robert Mellor and Victor Wan (1995) "Interest Rate Risk Management
Practices and Products used by Australian Firms", “Studies in the Financial Markets of the
Pacific Basin”, Research in International Business and Finance, Editors Ted Bos and
Thomas Fetherston, Volume 11(B): 183-199, ISBN: 1-55938-860-9.; Greenwich, Conn. and
London; JAI Press.
(3) Jonathan Batten and Andrew Livermore (1995) "Australian Firms' Foreign Exchange Risk
Management Practices: A Case Study Approach" with A. Livermore, Research in
International Business and Finance, Editors John Doukas and Larry Lang, Volume 12: 133-
149. ISBN: 1-55938-919-2.; Greenwich, Conn. and London; JAI Press. This paper was
presented at the 1993 Australasian Banking and Finance Conference, the University of New
South Wales, Sydney Australia.
(4) Jonathan Batten and Craig Ellis (1996) "Fractal Structures in Currency Markets: Spot
Australian/U.S. Dollar Evidence", Advances in Pacific-Basin Financial Markets, Editors
Ted Bos and Thomas Fetherston, Volume 2: 173-181, 1996. This paper was presented at the
Asia-Pacific Finance Association 1st Annual Conference, Sydney September 28-30, 1994,
and the 1994 Meeting of the Financial Management Association, New Orleans.
(5) Jonathan Batten and Colm Kearney (1998) "A Brave new World? - Financial Deregulation
in Australia", in M. Carmen and I. Rogers (eds),"Out of the Rut: Making Labor a Genuine
Alternative", Allen and Unwin, Sydney, pages 209-236.
(6) Jonathan Batten (1998) "The Asset-Liability Structure of Australian Banks: Firm-Specific
Factors", Advances in Pacific Basin Business, Economics and Finance, Editor C. F. Lee,
Volume 3: 175-205. This paper was also presented at the 1997 Pacific Basin Business,
Economics and Finance Conference, July Singapore.
(7) Jonathan Batten and Craig Ellis (1998) "Statistical Long Term Dependence in Currency
Futures Markets", Advances in Pacific-Basin Financial Markets, Editors Ted Bos and
Thomas Fetherston, Volume 4: 159-170. This paper was presented at the 1997 Meeting of
the Multinational Finance Association, Thessaloniki, Greece.
(8) Jonathan Batten and Warren Hogan (1999) "Credit Derivatives: Issues for Law and
Economics”, in W. Weerasooria, "Perspectives on Banking, Finance and Credit Law",
edited by Wickrema Weerasooria, Prospect Australia 1999.
(9) Jonathan Batten, Craig Ellis and Warren Hogan (2000) "The Time Series Properties of
Credit Spreads: Evidence from Australian Dollar Eurobonds", Advances in Pacific-Basin
Financial Markets, Editor Thomas Fetherston, Volume 6: 261-293. ISBN: 0-7623-0642-4.;
Stamford, Conn.; JAI Press.
14
(10) Warren Hogan and Jonathan Batten (2001) “Corporate Governance Issues in Barings’
Failure”, Research in International Business and Finance, Editor Lance Nail. Special issue
on “Issues in International Corporate Control and Governance” Volume 15: 331-351.
ISBN: 0-7623-0700-5.; Amsterdam; New York and Tokyo; Elsevier Science, JAI.
(11) Jonathan Batten, Thomas Fetherston, Samanthala Hettihewa and Robert Mellor (2001)
“Management Attitudes to Corporate Governance Issues: Evidence from Sri Lanka”,
Research in International Business and Finance. Editor Lance Nail. Special issue on “Issues
in International Corporate Control and Governance” Volume 15: 273-295. ISBN: 0-7623-
0700-5.; Amsterdam; New York and Tokyo; Elsevier Science, JAI.
(12) Jonathan Batten and Yun-Hwan Kim (2001) “Expanding Long-Term Financing through
Bond Market Development: A Post Crisis Policy Task”. In “Government Bond Markets in
Asia”, Editor Yun-Hwan Kim, Asian Development Bank Manila. This paper was presented
at the Asian Development Bank Conference on Government Bond Markets and Financial
Sector Development in Developing Asian Economies, Manila March 2000
(http://www.adb.org/Documents/Conference/Govt_Bond_Market/default.asp) and at
seminars at the University of Western Sydney, Nepean (23 June 2000) and the Australian
National University Canberra (27 June 2000).
(13) Jonathan Batten and Thomas Fetherston (2002) “The Current Financial Risk Scene” in
Research in International Business and Finance, Editors Jonathan Batten and Thomas
Fetherston. Special issue on “Financial Risk and Financial Risk Management” Volume 16:
3-21. ISBN: 0-7623-0858-3.; Amsterdam; London and New York; Elsevier Science, JAI.
(14) Elizabeth Wong, Thomas A. Fetherston and Jonathan A. Batten (2002) “The Ability of
Regulatory Capital Models to Meet Prudential Objectives: A Credit Derivative Perspective”,
in Research in International Business and Finance, Editors Jonathan Batten and Thomas
Fetherston. Special issue on “Financial Risk and Financial Risk Management” Volume 16:
33-61. ISBN: 0-7623-0858-3.; Amsterdam; London and New York; Elsevier Science, JAI.
(15) Kym Brown, Jonathan Batten and Thomas Fetherston (2002) “International Bank Lending
and the Asian Crisis” in “The International Review of Comparative Public Policy”, Series
Editors: N. Mercuro and P.R. Smith, special issue on “International Financial Systems and
Stock Volatility: Issues and Remedies”, Editor Nidal Rashid Sabri. Volume 13: 45-62.
(16) Jonathan Batten, Warren Hogan and Seppo Pynnönen (2003) “The Time Varying Behaviour
of Credit Spreads on Yen Eurobonds" in International Finance Review, special issue on
Japanese Finance: Corporate Finance and Capital Markets in Changing Japan, Editors J.
J. Choi and Takato Hiraki. Elsevier Science, Volume 4: 383-408.
(17) Peter Szilagyi and Jonathan Batten (2003), “Disintermediation and Bond Market
Development in Japan”, in "International Finance Review, special issue on Japanese
Finance: Corporate Finance and Capital Markets in Changing Japan, Editors J. J. Choi and
Takato Hiraki. Elsevier Science, Volume 4: 255-281. An earlier version of this paper is also
available on the Social Science Research Network.
(18) Jonathan Batten and Thomas Fetherston (2003), “Why Governance and Social
Responsibility Matters”, in Research in International Business and Finance, Editors
Jonathan Batten and Thomas Fetherston. Special issue on “Social Responsibility: Corporate
Governance Issues” Volume 17: 3-19.
(19) Jonathan Batten and Warren Hogan (2003), “Banking and Social Responsibility”, in
Research in International Business and Finance, Editors Jonathan Batten and Thomas
15
Fetherston. Special issue on “Social Responsibility: Corporate Governance Issues” Volume
17: 443-457.
(20) Seppo Pynnönen, Warren Hogan and Jonathan Batten (2004), “Dynamic Equilibrium
Correction Modelling of Credit Spreads: The Case of Yen Eurobonds”, in “Contributions to
Management Science, Mathematics and Modelling: Essays in Honour of Professor Ilkka
Virtanen” Matti Laaksonen and Seppo Pynnönen (editors) in “Acta Wasaensia, No. 122
Mathematics 9. University of Vasa (Universitas Wasaensis), Finland ISBN 952-476-033-9.
(21) Jonathan Batten and Samanthala Hettihewa (2005) “Characteristics of Small Firm
Managers: Evidence from Sri Lanka” in “Economic Globalization in Asia”, Editors Manas
Chatterji and Partha Gangopadhyay, Ashgate Publishing Ltd. Aldershot, U.K. and
Burlington, Vt, USA. ISBN: 0754641147: Pages 248-260. This paper was previously
presented and included in the Proceedings of the “International Entrepreneurship 9th ENDEC
World Conference 16-18 August 1999 Singapore.
(22) Jonathan A. Batten and Thomas A. Fetherston (2005), “Asia Pacific Financial Markets in
Comparative Perspective: Issues and Implications for the 21st Century, in Jonathan A.
Batten and Thomas A. Fetherston, Editors, Asia Pacific Financial Markets in Comparative
Perspective: Issues and Implications for the 21st Century, Contemporary Studies in
Economics and Financial Analysis, Volume 87: 1-25, Elsevier Science, Amsterdam
Netherlands.
(23) Mukund Narayanamurti and Jonathan A. Batten (2005), “Encouraging Growth in Asia with
Multi-Pillar Financial Systems”, in Jonathan A. Batten and Thomas A. Fetherston, Editors,
Asia Pacific Financial Markets in Comparative Perspective: Issues and Implications for the
21st Century, Contemporary Studies in Economics and Financial Analysis, Volume 87: 361-
415, Elsevier Science, Amsterdam Netherlands.
(24) Jonathan A. Batten, Thomas Fetherston and Pongsak Hoontrakul, (2005), “A Note on the
Equilibrium Relationships between Issuers in the Asia Pacific Region”, in Jonathan A.
Batten and Thomas A. Fetherston, Editors, Asia Pacific Financial Markets in Comparative
Perspective: Issues and Implications for the 21st Century, Contemporary Studies in
Economics and Financial Analysis, Volume 87: 167-176, Elsevier Science, Amsterdam
Netherlands.
(25) Jonathan A. Batten and Colm Kearney (2006), “Interdependence and Integration in
Emerging European Financial Markets”, in Jonathan A. Batten and Colm Kearney, Editors,
“Emerging European Financial Markets: Independence and Integration Post-
Enlargement”, International Finance Review Volume 6: 1-14, Elsevier Science, Amsterdam
Netherlands.
(26) Jonathan A. Batten and Pongsak Hoontrakul (2007), “What are the Next Steps for Bond
Market Development in Thailand?” in Suk-Joong Kim and Michael McKenzie, Editors,
“Asia Pacific Financial Markets: Integration, Innovation and Challenges”, International
Finance Review, Volume 8: 497-519, Elsevier Science, Amsterdam Netherlands.
(27) Kannan Thuraisamy, Gerry Gannon and Jonathan A. Batten (2008), Chapter 7, "Credit
Spread Dynamics: Evidence from Latin America", pages 97-114- in Wagner N. (ed.): Credit
Risk – Models, Derivatives and Management, Financial Mathematics Series Vol. 6,
Chapman & Hall / CRC, Boca Raton, London, New York xxi—599.
(28) Warren P. Hogan and Jonathan A. Batten, (2009) “Markets, Disturbances and Responses”,
Chapter 3 (pages 37-46) in K. Puttaswamaiah (ed.) in “Milton Friedman: Nobel Monetary
16
Economist- A Review of his Theories and Policies,” British Channel Islands: Edenbridge,
Isle; distributed by Enfield Distribution, Enfield, N.H. AN: 1084677. ISBN 978-0-9823895-
0-8.
(29) Alham Yusuf and Jonathan A. Batten (2009) "Currency Swaps and Australian Debt
Management Practice" in Jay Choi and Michael Papaioannou (editors) "International
Finance Review" special issue, "Credit, Currency or Derivatives: Instruments of Global
Financial Stability or Crisis". Volume 10: 293-327. The Emerald Group Publishing, U.K.
This paper was Presented at the 2006 INFINITI Conference, June 12-13th, Trinity College
Dublin.
(30) Jonathan A. Batten, Warren P. Hogan, Peter G. Szilagyi (2010), “Asia-Pacific perspectives
on the global financial crisis 2007–2009”, in Suk-Joong Kim, Michael D. McKenzie (ed.)
International Banking in the New Era: Post-Crisis Challenges and Opportunities
(International Finance Review, Volume 11), Emerald Group Publishing Limited, pp.87-117.
(31) Jonathan A. Batten, Peter G. Szilagyi (2011), “The Impact of the Global Financial Crisis on
Emerging Financial Markets”, in Jonathan A. Batten, Peter G. Szilagyi (ed.) The Impact of
the Global Financial Crisis on Emerging Financial Markets (Contemporary Studies in
Economic and Financial Analysis, Emerald Group Publishing Limited, Volume 93: 3-16.
(32) Jonathan A. Batten, Warren P. Hogan and Peter G. Szilagyi (2012), “Foreign Bond Markets
and Financial Market Development: International Perspectives”, in Masahiro Kawai, David
G. Mayes and Peter Morgan (ed.), Implications Of The Global Financial Crisis For
Financial Reform And Regulation In Asia, Edward Elgar Publishers, Cheltenham, U.K. pp.
248-271.
(33) Jonathan A. Batten and Niklas Wagner, (2012) “Derivatives Securities Pricing and
Modelling: An Introduction”, in Jonathan A. Batten and Niklas Wagner (ed.) Derivative
Securities Pricing and Modelling, Contemporary Studies in Economic and Financial
Analysis, Emerald Group Publishing Limited, Volume 94: 3–14.
(34) Victor Fang, A.S.M. Sohel Azad, Jonathan A. Batten, Chien-Ting Lin, (2012),"Business
Cycles and the Impact of Macroeconomic Surprises on Interest Rate Swap Spreads:
Australian Evidence", in Jonathan A. Batten and Niklas Wagner, (ed.) Derivative Securities
Pricing and Modelling, Contemporary Studies in Economic and Financial Analysis, Emerald
Group Publishing Limited, Volume 94: 379 – 398.
(35) Jonathan A. Batten and Peter G. Szilagyi (2012), “Comments on Qianying Chen, Andrew
Filardo, Dong He and Feng Zhu’s paper “The impact of central bank balance sheet policies
on the emerging economies” in “Are Central Bank Balance Sheets in Asia too Large:
Proceedings from the Bank of Thailand-BIS research Conference on “Central Bank Balance
Sheets in Asia and the Pacific: The Policy Challenges Ahead”, Monetary and Economic
Department, BIS Papers No 66, pp. 265-284.
(36) Jonathan A. Batten, Igor Loncarski, Peter G. Szilagyi (2013), “Recent cross-border banking
within Europe: International balance sheet perspectives”, in Bang Nam Jeon, María Pía
Olivero (ed.) Global Banking, Financial Markets and Crises (International Finance Review,
Volume 14), Emerald Group Publishing Limited, pp.15-30.
(37) Kym Brown, Jonathan A. Batten, Michael T. Skully and Yen N. Nguyen, (2014)
"Comparative Financial Development in Asia-Pacific since the Asia Crisis" in David Lee
17
and Greg Gregoriou, "Handbook of Asian Finance" Volume 1 and Volume 2. Academic
Press, 2014, pp. 237-250, ISBN. 9780128009826.
(38) Jonathan A. Batten and Niklas F. Wagner (2014), “Introduction to Risk Management Post
Financial Crisis: A Period of Monetary Easing”, in Jonathan A. Batten, Niklas F. Wagner
(ed.) Risk Management Post Financial Crisis: A Period of Monetary Easing (Contemporary
Studies in Economic and Financial Analysis, Volume 96) Emerald Group Publishing
Limited, pp. 3 – 13.
D3. Refereed Journal Articles (1) Jonathan Batten, Robert Mellor and Victor Wan (1993), "Foreign Exchange Risk
Management Practices and Products Used by Australian Firms", Journal of International
Business Studies, 24 (3): 557-575. This paper was presented at the 1991 Meetings of the
Australian and New Zealand Academy of Management, and the 1991 Conference of
Economists.
(2) Jonathan Batten (1995) "Foreign Banks and the Australian Financial System A Decade After
Deregulation", Journal of Global Business, 6(10): 19-33. This paper was also presented at
the 1994 Meeting of the Association for Global Business, Las Vegas.
(3) Jonathan Batten and Craig Ellis (1996) "Technical Trading System Performance in the
Australian Share Market: Some Empirical Evidence", Asia Pacific Journal of Management,
13(1): 1-13, 1996.
(4) Jonathan Batten and Craig Ellis (1996) "Fractal Structures and Naive Trading Systems:
Evidence from the Spot US Dollar/ Japanese Yen", Japan and the World Economy, 8(4):
411-421, 1996. This paper was presented at the Asia Pacific Finance Association/PACAP
Finance Conference, Taipei, July 8-10, 1996.
(5) Jonathan Batten (1997) "Trends in the Asset-Liability Structure of Australian Banks",
Journal of the Asia-Pacific Economy, 2(1): 28-57. This paper was presented at the 1995
Meeting of the Financial Management Association, Honolulu, Hawaii.
(6) Jonathan Batten, Robert Mellor and Samanthala Hettihewa (1997), "The Ethical
Management Practices of Australian Firms", Journal of Business Ethics, 16: 1261-1271.
(7) Jonathan Batten and Colm Kearney (1998) “Legislating Financial Reform: The Australian
Experience”, Australian Journal of Corporate Law, 8: 300-320, 1998. This paper was also
presented at the 1997 Asia-Pacific Economic Law Forum, Wellington New Zealand.
(8) Jonathan Batten, Robert Mellor and Sean Toohey (1998) "Active Foreign Exchange Risk
Management in Australian Non-Financial Firms", Asia Pacific Journal of Finance, 1: 209-
234.
(9) Jonathan Batten, Robert Mellor and Samanthala Hettihewa (1999) "Factors Affecting
Ethical Management: Comparing a Developed and a Developing Economy", Journal of
Business Ethics, 19: 51-59.
(10) Jonathan Batten and Warren Hogan (1999) "Credit Derivatives: An Appraisal for Australian
Financial Institutions", Economic Papers 18(2): 19-42. This paper was presented at seminars
at the University of Melbourne (October 1998) and at the University of Western Sydney,
Nepean (November 1998).
18
(13) Jonathan Batten, Craig Ellis and Robert Mellor (1999) "Scaling Laws in Variance as a
Measure of Long-Term Dependence", International Review of Financial Analysis, 8(2):
123-138. This paper was presented at the European Financial Management Association
Conference, Barcelona June 3-4, 1999.
(14) Jonathan Batten and Samanthala Hettihewa (1999), “The Small Business Sector in Sri
Lanka", Small Business Economics, 13 (3): 201-217.
(15) Jonathan Batten, Warren Hogan and Seppo Pynnönen (2000) “The dynamics of Australian
dollar bonds with different credit qualities”, International Review of Financial Analysis 9
(4): 389-404.
(16) Jonathan Batten, Craig Ellis and Thomas Fetherston (2000) “Are Long-Term Anomalies
Illusions: Evidence from the Spot Yen”, Japan and the World Economy. 9(4): 389-404.This
paper was presented at the 2000 Financial Management Association Annual Meeting Seattle
and the 2000 Europe –FMA, Edinburgh.
(17) Jonathan Batten and Warren Hogan (2001) “Price Discovery in the Australian dollar foreign
exchange market”, Economic Papers. Special Edition: 64-75. This paper was presented at
the Tenth Money and Finance Conference, 8-9th December 2000, Melbourne Australia.
(18) Jonathan Batten and Craig Ellis (2001), “Scaling Gaussian Processes”, Economics Letters.
72(3), September: 291-296. This paper was presented at the Annual Research Conference
in Financial Risk, 12-14 July 2001 Budapest, Hungary.
(19) Justin Iu and Jonathan Batten (2001) “The Implementation of OECD Corporate Governance
Principles in Post Crisis Asia”, The Journal of Corporate Citizenship 4 (Winter): 47-62.
(20) Jonathan Batten, Craig Ellis and Warren Hogan (2002) "Scaling the Volatility of Credit
Spreads: Evidence from Australian Dollar Eurobonds”, International Review of Financial
Analysis, 11(3): 331-344. This paper was presented at seminars at NTU and NUS, Singapore
in March 1999 and at the 9th PACAP-FMA Singapore Conference in July 1999. Currently
abstracted on SSRN (Social Science Research Network).
See http://papers.ssrn.com/paper.taf?abstract_id=159648.
(21) Jonathan Batten, Warren Hogan and Francis In (2002) “Valuing Credit Spreads on Quality
Australian Dollar Eurobonds in a Multivariate EGARCH Framework”, Australian
Economic Papers. 41(1) March 115-128.
(22) Seppo Pynnönen, Warren Hogan and Jonathan Batten (2002) "Expectations and Liquidity
in High Grade Yen Bond Markets", Journal of the Asia-Pacific Economy. 7(3): 335-354.
(23) Jonathan Batten and Warren Hogan (2002) “A Perspective on Credit Derivatives”,
International Review of Financial Analysis (Special Issue on Credit Derivatives) 11(3): 251-
278. This article is also summarised by Brian Maris and abstracted as part of the “CFA
Digest” Volume 33 August (3), 2003.
(24) Jonathan Batten, Thomas Fetherston and Pongsak Hoontrakul (2002) “Modelling the Credit
Spreads and Long-Term Relationships of Thai Yankee Bond Issues”, Asian Economic
Journal, 16(4): 379-397. This paper was presented at the Asia Pacific Finance Association
(APFA) meeting in Bangkok, Thailand 22-25th July 2001.
(25) Jonathan Batten and Warren Hogan (2003) “Time-variation in the credit spreads on
Australian Eurobonds”, Pacific-Basin Finance Journal. 11(1): 81-99. This paper was
19
presented at the 2000 Financial Management Association (FMA) Annual Meeting Seattle,
and at the 2000 FMA-PACAP meeting, Melbourne.
(26) Francis In, Jonathan Batten and Sangbae Kim (2003) “What Drives the Japanese Yen
Eurobond Term Structure”, Quarterly Review of Economics and Finance. 43(3): 518-541.
(27) Jonathan Batten and Peter Szilagyi, (2003) “Why Japan needs to develop its Corporate Bond
Market”, International Journal of the Economics of Business. 11(1): 85- 110.This paper was
presented at the 2002 FMA-PACAP meeting Tokyo and the 10th Annual Conference on
Pacific Basin Finance, Economics and Accounting, 7 - 8 August 2002, Singapore.
(28) Peter Szilagyi, Jonathan Batten and Thomas Fetherston (2003) "Disintermediation and the
Development of Bond Markets in Emerging Europe", International Journal of the
Economics of Business. 10(1): 69-84.
(29) Jonathan Batten, Craig Ellis, C. and Warren Hogan, (2003) “The Behaviour of Credit
Spreads on Yen Denominated Eurobonds”. International Journal of Applied Economics and
Econometrics. 11 (3). 335-357.
(30) Brock Johnson and Jonathan Batten (2003) “Forecasting Credit Spread Volatility: Evidence
from the Japanese Eurobond Market”. Asia Pacific Financial Markets. 10: 335–357.
(31) Bruno Gerard, Kessara Thanyalakpark and Jonathan Batten (2003) “Are the East Asian
Markets Integrated: Evidence from the ICAPM", Journal of Economics and Business. 55:
585–607.This paper was presented at the 2002 FMA-PACAP meeting Tokyo, the Global
Finance Conference in Beijing May 27-29, 2002, and the 2002 FMA US Meeting San
Antonio, Texas. See: http://finance.bi.no/~bruno/YuiIntegrationV4b.pdf
(32) Peter Szilagyi and Jonathan Batten, (2004) “Corporate Governance and Financial System
Development: Asia–Pacific in Comparative Perspective”, Journal of Corporate Citizenship,
11(Spring): 49-64.
(33) Martin Young, Warren Hogan and Jonathan Batten (2004) “The Effectiveness of Interest
Rate Futures Contracts for Hedging Japanese Bonds of Different Credit Quality and
Duration”, International Review of Financial Analysis 13: 13-25. This paper was presented
at the 11th Annual PACAP-FMA Conference, Seoul July 2001 and presented at the 2002
FMA-Europe Conference, June 6 to June 8 Copenhagen Denmark.
(34) Jonathan Batten and Vincentiu Covrig (2004) “The Japan Premium and the Floating- Rate
Yen Euromarket”, Journal of the Asia-Pacific Economy, 9(3): 288-300. This paper was
presented at the 10th Annual PACAP-FMA, Melbourne July 2000, 7th Asia Pacific Finance
Association Shanghai July 2000, and the Academy of International Business Conference,
November Sydney 2001. Working paper at Nanyang Technological University, Singapore
website: http://www.ntu.edu.sg/nbs/crefs/working_papers/wp2000-09.pdf.
(35) Quang-Ngoc Nguyen, Jonathan A. Batten, Thomas A. Fetherston, (2004) “Size and Book-
to-Market Effects in the Returns on US Information Technology Stocks”, Research in
Finance, 21: 45-91. This paper was presented at the 2002 FMA-Europe Conference June 6
to June 8, 2002 Copenhagen, Denmark.
(36) Jonathan Batten, Craig Ellis and Thomas Fetherston (2005) “Statistical Illusions and Long-
Term Return Anomalies on the Nikkei”. Chaos, Solitons & Fractal, 23: 1125-1136. This
paper was presented at the Annual Research Conference in Financial Risk, 12-14 July 2001
20
Budapest, Hungary, and the 12th Annual PACAP-FMA Conference, Melbourne 6-8th July
2000.
(37) Jonathan Batten, Craig Ellis and Warren Hogan, (2005) “Decomposing Intraday
Dependence in Currency Markets: Evidence from the AUD/USD Spot Market”, Physica A:
Statistical Mechanics and its Applications, 352(2-4): 558-572. This paper was presented at
the 2002 FMA US Meeting San Antonio, Texas.
(38) Warren Hogan and Jonathan Batten (2005) “Informed and Uninformed Trading on the
Australian Dollar”. International Review of Financial Analysis, 14 (1): 61-75. This paper
was presented at the 2001 Financial Management Association Meeting in Paris 27-30 June.
(39) Craig. A. Ellis and Jonathan A. Batten (2005) “Parameter Estimation Bias and Volatility
Scaling in Black-Scholes Options”, International Review of Financial Analysis, 14(2): 165-
176.
(40) Jonathan Batten, Warren Hogan and Gady Jacoby (2005) “Measuring Credit Spreads:
Evidence from Australian Eurobonds”. Applied Financial Economics, 15(9): 651-666. This
paper was presented at the 10th Annual PACAP-FMA Meeting Melbourne July 2000.
(41) Jonathan Batten, Warren Hogan and Niklas Wagner, (2005) “Interest Rates, Stock Market
Returns, and Variations in German Credit Spreads.” Economic Notes, 34(1): 35-50.
(42) Jonathan Batten and David Birch (2005) “Defining Corporate Citizenship: Evidence from
Australia”. Asia Pacific Business Review, 11(3) September (lead article): 293-308. Also, an
early version was included in the Proceedings of the Eighth Annual International Conference
Promoting Business Ethics, October 24-26 Chicago USA 2001.
(43) Francis In and Jonathan Batten (2005) “Expectations and Equilibrium in High Quality
Australian Bond Markets”. Review of Pacific Basin Financial Markets and Policies, 8(4):
573-592. This paper was presented at the 2001 Financial Management Association Meeting
in Paris 27-30 June.
(44) Jonathan A. Batten and Peter G. Szilagyi, (2005), “Response to Block and Barnett: A
Positive Program for Laissez Faire Capitalism”, Journal of Corporate Citizenship. 19
(Autumn): 43-50.
(45) Jonathan A. Batten, Thomas Fetherston and Pongsak Hoontrakul (2006) “Factors Affecting
the Yields of Asian Issues in International Bond Markets”. Journal of International
Financial Markets, Institutions and Money 16(1): 57-70. This paper was presented at the
Asia Pacific Finance Association (APFA) meeting in Bangkok, Thailand 22-25th July 2001
and a revised version at the “International Bond and Debt Market Integration Conference”
May 31 -June 1st 2004, Institute for International Integration Studies, Trinity College,
Dublin Ireland.
(46) Seppo Pynnonen, Warren Hogan and Jonathan A. Batten, (2006) “Modelling Credit Spreads
on Yen Eurobonds in an ECM Environment”. Applied Financial Economics 16(8): 583-
606. This paper was presented at the 2004 Multinational Finance Association Annual
meeting, Turkey.
(47) Jonathan A. Batten and Francis In (2006) “Dynamic Interaction and Valuation of Quality
Yen Eurobonds in a Multivariate EGARCH Framework”. Applied Financial Economics,
16(12): 881-892.
21
(48) Robert Mellor, Samanthala Hettihewa and Jonathan A. Batten, (2006) “The relationship
between firm management and the ethical practices of the firm: Australian evidence”. The
Journal of Corporate Citizenship, 22 (Summer): 27-37.
(49) Jonathan A. Batten, Ranjan George and Samanthala Hettihewa, (2007), “Is Corporate
Ethical Practice Changing? Evidence from Sri-Lanka”. Asia Pacific Business Review.13 (1-
January): 59-78.
(50) Peter G. Szilagyi and Jonathan A. Batten (2007), “Covered interest parity arbitrage and
temporal long-term dependence between the US dollar and the Yen”, Physica A: Statistical
Mechanics and its Applications, 376: 409-421.
(51) Jonathan A. Batten and Samanthala Hettihewa (2007) “Risk Management and Derivatives
Use in Australian Firms”, Journal of Asia Business Studies (Spring): 37-44.
(52) Jonathan A. Batten and Peter Szilagyi (2007) "Domestic Bond Market Development: The
Arirang Bond Experience in Korea." World Bank Research Observer, 22: 165-195. Also
IIIS Discussion Paper No. 138 and available at SSRN: http://ssrn.com/abstract=923783.
(53) Jonathan A. Batten, Craig Ellis and Thomas Fetherston (2008) “Sample Period Selection
and Long-Term Dependence: New Evidence from the Dow Jones”, Chaos, Solitons &
Fractals, 36 (5): 1126-1140. Presented at the Econophysics Colloquium 14-18 November
2005 ANU Canberra.
(54) Leonid V. Philosophov, Jonathan A. Batten and Vladimir L. Philosophov, (2008)
“Predicting the Event and Time Horizon of Bankruptcy Using Financial
Ratios and the Maturity Schedule of Long-Term Debt”. Mathematics and Financial
Economics. 1(3): 181-212. This paper was presented at the Eastern Finance Conference
March 2005, Global Finance Conference June 2005, and European Finance Association
Conference 2005. Available http://ssrn.com/abstract=46146).
(55) Kannan Thuraisamy, Gerry Gannon and Jonathan A. Batten, (2008) “The Credit Spread
Dynamics of Latin American Euro Issues in International Bond Markets”. Journal of
Multinational Financial Management. 18:328-345. Presented at the 2007 INFINITI
Conference, Dublin.
(56) Jonathan Batten, Robert Mellor and Samanthala Hettihewa (2008) “Ethical Management
Practices in Australia”? Global Business Review 9(1): 1-18. (lead article).
(57) Warren P. Hogan and Jonathan A. Batten (2008), “Markets, Disturbances and Responses”
International Journal of Applied Economics and Econometrics, April-June 16(2): 39-50.
(58) Jonathan A. Batten and Xuan Vinh Vo, (2009) “An Analysis of the Relationship between
FDI and Economic Growth”. Applied Economics. 41(13) May: 1621 – 1641. Part of a special
issue, “The applied economics of economic growth: introduction and overview”. Also
presented at the 2006 Academy of International Business Conference and the Asian/FMA
Conference Auckland NZ July 10-12, 2006.
(59) Gady Jacoby, Liao Chuan and Jonathan Batten, (2009) “Testing for the Elasticity of
Corporate Yield Spreads”, Journal of Financial and Quantitative Analysis. 44(June): 641-
656. Also HKUST Business School Research Paper No. 07-03 and available at SSRN:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=967627. This paper was also presented
at the 2007 European Financial Management Association Annual Meeting, Vienna, Austria.
22
(60) Jonathan A. Batten and Mahmoud Hamada (2009), “The Compass Rose Pattern in
Electricity Prices”. “Chaos: An Interdisciplinary Journal of Nonlinear Science”. Chaos 19,
043106 (2009): DOI: 10.1063/1.3243920. Presented at the 2008 European Financial
Management Association Meeting, Athens, Greece.
(61) Hon-Lung Chung, Wai-Sum Chan and Jonathan A. Batten (2010) “Modelling the US Swap
Spread”. Research in Finance, Volume 26: 161-188. DOI:10.1108/S0196-
3821(2010)0000026010. This paper was presented at the Decision Sciences Institute Annual
Conference (Baltimore) November, 2008.
(62) Jonathan Batten and Brian Lucey, (2010) “Volatility in the Gold Futures Market”. Applied
Economics Letters. Volume 17, Issue 2 (February): 187 – 190. Available at SSRN:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=996235.
(63) Jonathan Batten and Peter Szilagyi, (2010) “Is covered interest arbitrage extinct? Evidence
from the US dollar-Japanese Yen. Applied Economics Letters, Volume 17 (3), pp. 283-287.
Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=923769. This paper was
also presented at the 2007 European Financial Management Association Annual Meeting,
Vienna, Austria.
(64) Jonathan A. Batten, Cetin Ciner and Brian M. Lucey, (2010) “Macroeconomic Determinants
of Volatility in Precious Metals Markets”. Resources Policy, 35(2): 65-71.
doi:10.1016/j.resourpol.2009.12.002.
(65) Jonathan A. Batten and Xuan Vinh Vo (2010) “The Determinates of Equity Portfolio
Holdings”, Applied Financial Economics, 20(14): 1125-1132.
(66) Jonathan A. Batten, Warren P. Hogan and Peter G. Szilagyi, (2011), “The Role of Foreign
Bond Issuance: The Case of Australia”, Australian Economic Review. 44(1): 36-50.
(67) Jonathan A. Batten and Peter G. Szilagyi, (2011), “The Recent Internationalisation of
Japanese Banks". “The Japanese Economy” 38(1) Spring: 81-120. Presented at the All China
Economics Conference, Hong Kong December 14-16, 2009, and the Portuguese Finance
Network, 6th Finance Conference, July 1-3, 2010 Ponta Delgada, Portugal.
(68) Hon-Lun Chung, Wai-Sum Chan and Jonathan A Batten, (2011), “Threshold Non-Linear
Dynamics between Hang Seng Stock Index and Futures Returns” European Journal of
Finance 17(7), August, pages 471-486.
(69) Jonathan A. Batten (2011), “Financial Sector Reform and Regulation in the Asia Pacific
Region: A Perspective”, Journal of the Asia Pacific Economy, 16(3) August, pages 285-293.
(70) Jonathan A. Batten and Peter G. Szilagyi (2011), "Bank Internationalisation during the
Global Financial Crisis: An Asia Pacific Perspective". Journal of the Asia Pacific Economy,
16(3) August, pages 372-392.
(71) Jonathan A. Batten and Peter G. Szilagyi (2012), “Bank Internationalization since 1995”.
Journal of Financial Transformation. Volume 35, pp. 91- 105.
(72) Jonathan A. Batten and Peter G. Szilagyi (2012), “International Banking during the Global
Financial Crisis: U.K. and U.S. Perspectives”. International Review of Financial Analysis.
(Special issue on International Banking). 25: 136-141. Presented at The European
Conference on Banking and the Economy, Winchester Guild Thursday 29 September,
2011, Winchester, U.K. and the EBES Conference Istanbul, May 2012.
23
(73) Jonathan A. Batten, Cetin Ciner, Brian M. Lucey and Peter G. Szilagyi (2013) "The
Structure of Gold and Silver Spread Returns" Quantitative Finance. 13(4): 561-570.
(74) Jonathan A. Batten, Harald Kinateder and Niklas Wagner (2014), "Multifractality and
Value-at-Risk Forecasting of Exchange Rates". Physica A. Volume 401, May: 71-81.
(Accepted January 12, 2014, submitted May 2013). Presented at the 2nd International
FEBS Conference 2012, London U.K.
(75) Jonathan A. Batten, Cetin Ciner and Brian M Lucey (2014) “On the economic
determinants of the gold–inflation relation” Resources Policy. Volume 41, September
2014, Pages 101–108.
(76) Jonathan A. Batten and Xuan-Vinh Vo, (2014) "The Liquidity and Return Relationship in
a Small Emerging Market during a period of Financial Crisis” Emerging Markets, Finance
and Trade, Volume 50, Number 1 (January-February), Pages: 5 – 21. DOI:
10.2753/REE1540-496X500101 (Presented at a seminar at Massey University, Palmerston
North (July 27, 2011) and Massey University, Albany (Accepted March, 2013).
(77) Jonathan A. Batten, Gady Jacoby and Rose Chuan Liao, (2014) "Yield Spreads and Real
Interest Rates". International Review of Financial Analysis. 34: 89-100. Presented at the
JBS, University of Cambridge June 12, 2009, Presented at the FMA Annual Meeting 2010,
November, New York.
(78) Jonathan A. Batten, Peter G. Szilagyi and Michael C. S. Wong, (2014) “Stock Market
Spread Trading: Argentina and Brazil Stock Indexes”. Emerging Markets Finance &
Trade. May2014 Supplement, Vol. 50, pages 61-76. DOI: 10.2753/REE1540-
496X5003S304.
(79) Jonathan A. Batten, Karren Lee-Hwei Khaw and Martin R. Young, (2014) "Convertible
Bond Pricing Models" Journal of Economic Surveys, 28(5), December: 775-803.
(80) Jonathan A. Batten, Ciner, Cetin; Lucey, Brian M. (2015). “Which precious metals spill
over on which, when and why? Some evidence” Applied Economics Letters. Vol. 22 Issue
6: 466-473. DOI: 10.1080/13504851.2014.950789
(81) Jonathan A. Batten, Peter Morgan and Peter G. Szilagyi, (2015) “Time-Varying Stock
Market Integration: Asian Perspectives” Singapore Economic Review. Vol. 60, No. 1
(2015) 1550006 (24 pages). Presented at the Western Economic Association International
Conference March 2013, Tokyo. DOI: 10.1142/S021759081550006X
(82) A.S.M. Sohel Azad, Jonathan A. Batten, Victor Fang and J. Wickramanayak (2015),
"International Swap Market Contagion and Volatility" Economic Modelling. 47: 355-371.
This paper was presented at the Asia-Pacific Association of Derivatives (APAD) 8th
Annual Conference on August 23-24, 2012.
(83) A.S.M. Sohel Azad, Jonathan A. Batten and Victor Fang, (2015) "What Determines the
Yen Swap Spread?" International Review of Financial Analysis 40: 1-13.
(84) Jonathan A. Batten, Peter G. Szilagyi and Niklas Wagner, (forthcoming) "Should
(Emerging Market) Investors Buy Commodities?" Applied Economics. Accepted for
presentation at the EMU-SSEM Euroconference May 2013. Accepted March 4, 2015.
24
E. Research Grants, Projects and Consultancies
E1 External Grants
1992-1995. Joint Academic Project Leader (with L. Dwyer) on the development of a
Diploma in Banking and Finance in Conjunction with Advance Bank and Macsearch Ltd.
Education Training Foundation (EDF) funding of A$892,000 for Diploma development.
1999-2000. Asian Development Bank Technical Assistance Program (TA-5809-REG), on
“Study on the Development of Government Bond Markets in Selected Developing
Member Countries” US$13,200.
2001. Asia Pacific Finance Association and Chulalongkorn University Bangkok, Thailand
for project on “Factors Affecting the Yields of Emerging Market Issues in International
Bond Markets: Evidence from Thailand”, US$2,000.
2001-2003. Reuters Australia Pty Ltd for installation of the Reuters Markets 3000 internet
service at Deakin University, Burwood Campus, A$28,591 per year for 3 years
(A$85,773).
2001-2002. Industry Grants to the Corporate Citizenship Research Group, Social and
ethical accountability research A$66,000 (2002, $21,000; 2001, $45,000) with David
Birch, and M. Townsend.
2003-2004. Asian Development Bank Technical Assistance Program (T.A. No. 4035-
VIE), “Money Market and Information Technology Investment Needed for the Socialist
Republic of Vietnam” US$140,000 (with Peter G. Szilagyi).
2004-2005 Asian Development Bank RSC No. C40599-OHQ “Country Case Study in
Local Currency Bond Issuance by Foreign Issuers”, US$147,000. (With Peter G. Szilagyi).
2010-2011 The World Bank, Supporting Capital Market Development, Debt Management
and Pension Administration Reforms through a Technical Assistance – Project Preparation
Facility (PPF): Corporate Bond Market Development India - Technical study on
investment regulations of institutional investors, RFP #: DEA/SEBI-Corp/10/5,
Component with Peter G. Szilagyi US$35,000 (Total RFP US$650,000).
2012-2013. SWIFT Institute. “The Path to Currency Internationalisation: Is there a tipping
point?” Grant 20120001, Euro 15,000 (with Peter G. Szilagyi).
2013. Bank for International Settlements, Basel, Switzerland. Research Fellowship,
“Linking International Banking Flow Data”. Grant SWF 25,000.
E2. Internal University Grants
UWS Macarthur, Australia
1991 A$2,700; 1992 A$3,100; 1994 A$4,250
Deakin University, Australia
1999 A$10,000. Bridging Grant
2002 A$20,000, with David Birch “Measuring Corporate Governance and Citizenship
practice in Australia.
2002 A$15,000 “Measuring Risk and Return in Asset Markets”.
Macquarie University, Australia
2005 A$20,000, “Scaling Volatility and Long Term Dependence” MUNS grant 5401-0099.
2005 A$30,000 Professorial Start-Up Grant 5401-2148.
Hong Kong University of Science & Technology
2007-2009. H$100,000. DAG07/08.BM08, “Simultaneously modelling asset prices and the term structure of interest rates”. 2009-2011. H$50,000 DAG_S08/09.BM09, “Yield Spreads and Real Interest Rates” 2010-2011. HK$100,000 RPC 10BM23 "Building a Viable Bond Market to Support Hong Kong's role as an International Finance Centre" (with Chu Zhang). 2010-2012. HK$140,000. RPC10BM18. “Arbitrage, Liquidity and Price Discovery in Stock Index Cash and Futures Markets”.
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