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Mehdi Sadeghi

Photo of Mehdi Sadeghi
  • Title: Doctor
  • Position: Senior Lecturer - Department of Applied Finance and Actuarial Studies
  • Qualifications: BA(Hons) Tehran, MBA Morehead, MSc, PhD Kentucky

Contact Details

Areas of Expertise

  • Capital market
  • Emerging markets finance
  • Islamic banking and finance

Profile

Postgraduate Studies Coordinator - Applied Finance

Publications and Research

Publications

Journal Articles (Articles in Scholarly Refereed Journals)

  • Unlevered Betas and the Cost of Equity Capital: An Empirical Approach, North American Journal of Economics and Finance (forthcoming).
  • Estimating the Cost of Equity for Private Firms Using Accounting Fundamentals, resubmitted to Applied Financial Economics Journal for publication after revision (forthcoming).
  • Are Faithfuls rewarded by the Market: Evidence from Australian Data, International Review of Business Research Papers, September 2014, (forthcoming).
  • Misvaluation and Merger Wave: Evidence from Australia, Journal of Business, Economic and Management , 2013, Volume 1, pp. 49-58.
  • Are Faithful Investors Rewarded by the Market Place? Evidence from Australian Shariah-compliant Equities, Journal of Qualitative Research in Financial Markets, 2012.
  • Investment Opportunities and Stock Liquidity: Evidence from DJIM Index Addition in Persian Gulf States, Investment Management and Financial Innovation Journal, 2011, Volume 8, pp. 53-62.
  • The Impact of Change in Tick Size Rule on Market Liquidity: Evidence from Australian Stock Exchange, International Journal of Banking, Accounting and Finance, 2011, Volume 3, pp. 155-175.
  • Shariah Compliant Investment and Shareholders' Value: an Empirical Investigation, Global Economy and Finance Journal, 2011, Volume 4, pp. 44-61.
  • The Evolution of Islamic Insurance - Takaful: A Literature Survey, Insurance Markets and Companies: Analyses and Actuarial Computations Journal, 2010, Volume 1, pp. 100-107.
  • "Price Performance and Liquidity Effects of Changes in the Composition of Stock Indices: Evidence from Chinese Equity Markets", Asian Journal of Accounting and Finance, 2009, Volume 2, pp. 16-52.
  •  "Financial Performance of Shariah-compliant Investment: Evidence from Malaysian Stock Market", International Research Journal of Economics and Finance,  2008, Volume 20, pp. 15-26.
  • "Are Insider Trading profitable? Evidence from Directors" Trade on the ASX, Journal of Corporate Ownership and Control (JCOC), June 2008, volume 5, pp. 176-187.
  • "Can FDI be Encouraged?  An Analysis of Iran's Future Economic Prospects", International Journal of Economics and Finance (IJEF), 2007, Volume 2, pp 43-61.
  • "Inflation-Targeting Exchange Rate Model for an Oil Producing Country: The Case of Iran", International Research Journal of Finance and Economics
  • "Testing The Olson Hypothesis Within the Australian Context", a joint paper with Andrew Marks, Australian Economic Review, Australia, volume 31, June 1999, pp. 130-44.
  • "Common Stock as a Hedge Against Expected and Unexpected Inflation: Evidence from Iranian Data", The Middle Eastern Journal of Business and Economic Review, Australia, July 1998, pp.  8-21.
  • "The Intra-Day Price Performance of Initial Public Offering: The Australian Experience 1991-1994", a joint paper with Colm Kearney, International Journal of Business Studies, Australia, June 1997, pp.1-10. (IRJFE),  November 2007, Volume 12, pp 80-97.

Chapters in a Book

  • Sadeghi, M. and Ng D., Loss Aversion Asset Pricing Model Performance: Empirical Evidence from Five Pacific-Basin Countries. Asian Pacific Financial Markets in Comparative Perspective: Issues and Implications for the 21st Century edited by Jonathan A. Batten and Thomas A. Fetherston , Contemporary Studies in Economics and Financial Analysis, Volume 87, pp 235-272, Elsevier Science, Amsterdam Netherlands, 2005, ISBN-10: 0-7623-128-0.
  • "Australia's Trade and Growth Performance: A Historical and Policy Overview". A joint paper with Andrew Marks, in Trade and Growth (edited by Satya Paul), Allen & Urwin, 1998, pp. 211-21.

Case Studies in A Book

  • Several case studies on 'Weather Derivatives','Inventory Management', 'Hedging with Cattle Futures Contracts', 'Insider Trading', and 'Take-over' in Business Finance, by Peirson, Brown, Easton, and Howard. McGraw Hill Publisher, 9th Edition.

Conference Publications (Extract of Papers)

  • "Long Term Determinants of Foreign Direct investment in Iran: An ARDL Cointegration Approach", Proceedings of XXIII Pan-Pacific Conference, S. Korea, May 2006, pp. 264-267.
  • "The impact of options listings on the underlying security: a look at the Australian evidence", Multinational Finance Conference, Cyprus, Uune 2002.
  • Dual-listing of Australian shares on the New Zealand stock market, Multinational Finance Conference, Italy, June 2001. 
  • "Import Penetration and Protection", Pan Pacific Conference in Business, Economics & Technological Change in Japan, May 1996. pp. 312-315.
  • "Import Protection and the Manufacturing Export: The Australian Evidence", Pan Pacific Conference, New Zealand, 1995, pp. 411-413.
  • "Polynomial High Order Neural Network for Finance Data Simulation", International Conference on Neural Information Processing, Beijin University, China, November 1995. pp. 217-221.

Working Papers Publications

  • "Dual Listing of Australian Shares on New Zealand Stock Market", Faculty of Business and Economics, Macquarie University, 2001.
  • "Stock Market Response to Unexpected Macroeconomic News: The Australian Evidence", Research Department, International Monetary Fund (IMF), G14, WP/August/92.
  • "The Price Effect of Australian Option Introduction", UWS Macarthur Discussion Paper Series, E9203, January 1992. This paper was presented at the Annual Economist Conference in Hobart, 1991.

Conference Presentations

  • "Price and Liquidity Effects of Addition and Deletion of Stocks from Stocks Indices in Emerging Markets: a look at Chinese Evidence", will be presented in the 15th Global Finance Conference in China, May 2008.
  • "Financial Performance of Syariah-Compliant Investment: Evidence from Malaysian Stock Market", 15th Securities and Financial Markets Conference, Taiwan, December 2007.
  • "Inflation-Targeting Exchange Rate Model for an Oil Producing Country: The Case of Iran", Global Finance Conference, Brazil, 2006.
  • "Contagion Effects of the Argentinean Currency Crisis in Latin America and Across Other Regions", Multinational Finance Society Conference, Greece, 2005.
  • "Loss Aversion Asset Pricing Model Performance: Empirical Evidence from Five Pacific-Basin Countries", Multinational Finance Society Conference, Turkey, 2004.
  • "Foreign Direct Investment in Iran: Past, Present, and Future Prospects", Emerging Market Finance Conference, Sydney, 2004.
  • "The Impact of Options Listings on the Underlying Security: A look at the Australian Evidence" a joint paper with James Woolford; Multinational Finance Conference, Cyprus and Financial Management Conference in Japan, 2002.
  • "Dual Listing of Australian Shares on Overseas Stock Exchange"; presented in Multinational Finance Conference in Italy and Pacific Basin Finance Conference in South Korea in 2001.
  • "Evidence of Short and Long Term Memory in the Australian and New Zealand Stock Market Returns and Volatility", was presented at the Annual Economists Conference, Hobart, October 1997.
  • "The Inter-Industry Performance of Australian Equity Market", was presented at the Annual Industry Economic Conference, the University of Melbourne, July 1995.
  • "Islamic Banking Evolution and Philosophy: A Comparative Study", this paper was presented at the International Islamic Banking and Finance Conference at the University of Wollongong, November 1993. This study was funded by UWS research grant.

Submitted for Publication

  • "Price and Liquidity Effects of Addition and Deletion of Stocks from  Stocks Indices in Emerging Markets: a Look at Chinese Evidence", submitted to the Annals of Economics and Finance Journal, for publication.

Work in Progress

  • Determinants of Systemic Risk in Banking Sector: A Global Comparative Study
  • Revising an earlier E1 publication by adding Political Risk as an additional long term determinants of foreign direct investment (FDI) in Iran.
  • Inflation, oil revenue and stock market performance in MENA countries: A comparative study.

Book Reviews

  • Reviewed Spreadsheet Modelling for Investment Decision, and Spreadsheet Modelling in Corporate Finance, by Martin Hovey, Pearson Prentice Hall publisher, 2004.
  • Evaluated a text book proposal (and reviewed selected chapters) titled Investment Analysis by Gareth D. Myles, University of Exeter and Institutes for Fiscal Studies (in England) for McGraw Hill publisher, 2003.
  • Reviewed manuscript of the Australian version of Investments by Charles Jones for John Wiley & Sons publisher, 2001-2002.

Community Outreach

Membership of Professional Organisations

  • Member of Multinational Finance Society
  • Member of Financial Management Association

Administrative Duties

  • Leader of SIRCA group at Macquarie since 2002
  • Undergraduate finance advising & enquires roster since 2001
  • Undergraduate exemption officer (finance) since 2001
  • LIC Financial Management 2001-2007
  • LIC for Portfolio Investment (ACCG818, Postgraduate) in 2002-2003
  • LIC for Investing in Emerging Markets since 2005
  • Alternate member of the Teaching Committee since 2003
  • Research seminar series convenor, second semester 2002

Teaching Responsibilities

Coordinated and Taught

Financial Management (ACCG253) and Corporate Financial Design (ACCG353) , Investment Management at undergraduate level, (ACCG818) and Investing in Emerging Markets (ACCG875) at postgraduate level.

I have been successful in coordination and teaching of both very large and small subject at Macquarie University. On one extreme, I have been LIC in ACCG253 as the largest finance subject offered by the Department of Accounting and Finance with ennoblement number in excess of 1300. Students' number and their heterogeneous background make the logistics of the coordination, planning, development, organisation, and teaching of this subject very challenging.  On the other extreme, I have been successfully teaching and coordinating Investing in Emerging Market, which is demanding with respect to the collection of teaching materials and the complexity of issues discussed.

Taught

Security Pricing and Hedging (ACCG329) and Applied Portfolio Management (ACCG352) at undergraduate level, Investment Management at postgraduate level.

Curriculum Development

I developed Investing in Emerging Market subject from scratch in 2004. The topics taught in this subject are not similar to those in established courses with readily available text books and plenty of lecture notes through publishers. I painstakingly spent many days and hours for collecting the data from numerous sources and for different countries. This subject is very popular with postgraduate students and currently 47 students have enrolled.

Teaching Evaluation

The Centre for Professional Development at Macquarie University has been regularly conducting the evaluation of my teachings since 2001. Results for smaller classes show an average performance of above 4 out of 5. Results for large or very large classes show an average performance of 3.6 (out of 5) or higher. Summary of the evaluations summary are available upon request.

Professional Development

  • Completed Colloquium for Research Supervision (CRS), comprised of four modules: The experience of Supervision, Supervision management, Thesis Writing, and Expectation of the Community Research in 2006. CRS was facilitated by Centre for Professional Development.
  • Throughout years 2003-2004, I attended several teaching workshops, including Making work works for me and others, Aligning large classes with complementary tutorial and assessment components, Using E-Learning to strengthen communication and discussion in between face to face encounters, and more. These workshops were facilitated by Centre for Professional Development (CPD) in conjunction with the Faculty of Business and Economics.
  • Spent my study leave with the Department of Economics, National University of Iran in the first semester 2004. Spent my study leave with the Department of Accounting and Finance, Macquarie University, in the second semester 2000. Spent my study leave, with the Research Department, IMF; Department of Economics and Financial Studies, Macquarie University; and the Department of Economics, Iranian National University first semester 1996. Spent my study leave with the Department of Economic and Finance, University of Technology, and Research Department, IMF second semester 1992.
  • Attended Securities and Financial Markets Conference in Taiwan in 2007, Global Finance Conference in Brazil in 2006, Multinational Finance Conference in Greece in 2005, Turkey in 2004, Cyprus in 2002, and Italy in 2001; Financial Management Association Conference in Colorado in 2003, in Japan in 2002, and in South Korea in 2001; Emerging Markets Finance Conference in Sydney in 2004, and Annual Economists Conference in Hobart in 1991 and 1997, in Gold Coast in 1994, in Adelaide in 1989 and 1996; Annual Finance and Banking Conference at the University of New South Wales in 1988, 1990, 1992 and 1996; Islamic Finance and Banking Conference at University of Wollongong in 1993; Pan-Pacific Conference in S. Korea I n2006, New Zealand in1995 and Japan in1996. Industry Economic Conference in Melbourne in 1995 and Annual Financial Meeting in USA and Iran in 1996.
  • Attended and successfully passed courses in Advance Portfolio Investment Management, International Investment Management, Futures market and Trading, Options market and Trading, Financial Statement Analysis and Security Industry with the Australian Stock Exchange Institute, 1988-91.

Research

Research Interests

  • The Impact of CEO Turnover on Stock Market Return and Volatility: The Case of Australia
  • Foreign Direct Investment and Economic Growth in Iran: Past, Present, and Future Prospects.
  • Macroeconomic Performance and the Stock Market Return

Research Grants and Awards

  • Received research grant for the total amount of $3237 from the Department of Accounting and Finance for a research project titled "The Effects of Faith-compatibility Announcements on the Risk, Return, and Liquidity of Malaysian Shares" in January 2006
  • Received $7000 from Faculty of Business, UWS for my Study Leave research programs in 1992 and 1996
  • Received $4600 from the School of Economics and Finance, UWS for two intentional conference presentations in 1995-1996
  • Received $5000 research grant for a project on neural net in 1995 and $1500 for a study on interest free Islamic Banking in 1991 from UWS Research Office
  • Received three gold coins (approximately $810) award for one of the three best papers presented at Annual Financial Management Meeting in Tehran-Iran in 1996

Thesis Supervision and Examination

  • Currently supervising the following Honours students:
    • Kai Zhang, the title of his thesis is "The Impact of Tick Size Reduction on Liquidity and Order  Strategy: Evidence from the Australian Stock Exchange"
    • Joseph Nguyen, the title of his thesis is, "Misvaluation Drives the Australian Takeover Market"
  • Co-supervised a PhD thesis titled "Determinants of Investment in Developing Countries: A case Study of Iran", by Ahmmad Ghassemi, 1996
  • Supervised numerous Honours thesis, including:
    • "Are Insider Trades Profitable? Evidence from Directors' Trade on the Australian Stock Exchange", by  Brad Neill, 2006
    • "Contagion Effects of the Argentinean Currency Crisis Within Latin America and Across Other Regions" by Javier A. Godoy, 2004
    • "Loss Aversion Asset Pricing Model Performance: Empirical Evidence from Five Pacific-Basin Countries" by David NG, 2003
    • "The Impact of Options Listings on the Underlying Security: A look at the Australian Evidence" by James Woolford, 2001
    • "Determining Long-term Memory in a System of Exchange Rates" by S.A. Wilkie, 1996
    • "Cointegration, Error Correction, and Forecasting of the All Ord's Index and SPI Futures Price Index," by D.S. O'Callaghan, 1995
  • Member of examiners committee of three Ph.D. theses
  • Member of examiners committee of numerous Honours thesis.