Faculty of Economics and Commerce Department of Finance

Christine Brown
Associate Professor

Biography

Christine currently teaches in the areas of derivatives, risk management, corporate finance, financial institutions management and quantitative finance. Her current research interests include share buybacks, dividends and option pricing, derivative markets, financial engineering and capital management. Her research is published in leading international journals, and she regularly presents her research at domestic and international academic conferences. She is a current Board member and immediate past Chairperson of the Melbourne University Credit Union. She has undertaken consulting assignments for the Australian Treasury and other government and corporate sector clients, has been involved in training bank regulators in the ASEAN region, has extensive experience in executive teaching and was for over ten years a principal presenter on the Understanding Treasury Management Program (conducted jointly with Ernst & Young and ANZ Bank).

Qualifications

BSc(Hons), MSc, Dip Ed, PhD Melb

Teaching responsibilities

Corporate Finance, Quantitative Methods for PhD students, PhD Workshop, Risk Management and Regulation, Derivative Securities

Research Interests

The valuation of option and futures option contracts and the efficiency of the markets in which they trade Private provision of infrastructure / real options Valuing new securities / financial innovation Share buybacks

Professional Affiliations

American Finance Association; Financial Management Association International; Accounting and Finance Association of Australia and New Zealand; Senior Fellow: Financial Services Institute of Australasia; Fellow: Australian Mutuals Institute

Publications

Journal Articles
  1. C.A. Brown and K.T Davis. Forthcoming. "Australia’s Experience in the Global Financial Crisis (book chapter)", in Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future, ed. Robert Kolb, John Wiley & Sons, Inc.,
  2. CA Brown and K Davis. 2009. "Capital management in mutual financial institutions", Journal of Banking and Finance, 33 pp. 443-455.
  3. CA Brown and C. Fung. 2009. "Keiretsu Affiliation and Stock Market Driven Acquisitions", The Journal of Financial Research, 32 (4): pp. 479-503.
  4. CA Brown and K. Davis. 2008. "The Sub-prime Crisis Down Under", Journal of Applied Finance, 18 (Spring/Summer): pp. 16-28.
  5. CA Brown and K. Davis. 2008. "Distortions in the Tax Treatment of Rights Issues", JASSA, 1 pp. 5-10.
  6. CA Brown and K. Davis. 2008. "Sons of Gwalia Judgment - Aftermath and Implications", Keeping Good companies, 60 (1): pp. 53-55.
  7. Christine Brown. 2007. "The Announcement Effects of Off-Market Share Repurchases in Australia", Australian Journal of Management, 32 (2): pp. 369-385.
  8. C.A. Brown, A. Belen Alonso-Conde,and J. Rojo-Suarez. 2007. "Public private partnerships: Incentives, risk transfer and real options", Review of Financial Economics, pp. 335-349.
  9. Christine Brown and Kevin Davis. 2006. "Shareholders or Unsecured Creditors? Credit Markets and the Sons of Gwalia Judgement", Agenda: A Journal of Policy Analysis and Reform, 13 (3): pp. 239-252.
  10. Christine Brown. 2005. "Financing Transport Infrastructure: For Whom the Road Tolls", Australian Economic Review, 38 (4): pp. 431-438.
  11. Christine Brown and Kevin Davis. 2005. "Taxing Capital Protected Equity Products", Agenda: A Journal of Policy Analysis and Reform, 12 (3): pp. 239-252.
  12. C. Brown and S. Pinder. 2005. "The Impact of Net Buying Pressure on Implied Volatilities Observed from SPI Futures Options", Review of Futures Markets, (Fall): pp. 199-216.
  13. C.A. Brown and K.Efthim. 2005. "The Effect of Taxation on Equal Access Buybacks in Australia", International Review of Finance, 5 (3/4): pp. 199-218.
  14. C.A. Brown and K. Davis. 2004. "The New Basel Accord and Advanced IRB Approaches: Is there a Case for Capital Incentives? in The New Basel Capital Accord, edited by Benton Gu", Book Chapter, pp. 125-149.
  15. C.A. Brown and K. Davis. 2004. "Dividend Protection at a Price: Lessons from Endowment Warrants", The Journal of Derivatives, (Winter): pp. 62-68.
  16. C.A. Brown. 2004. "The Forensics of Share Buybacks", JASSA, (Summer): pp. 30-34.
  17. C.A. Brown and K. Davis. 2003. ""Prudential Regulation and Competition", in Regulation and Market Access in the Service Sector, A. Sidorenko and C. Findlay (eds)", Asia Pacific Press, ANU, Canberra, (2003): pp. 190-206.
  18. CA Brown and GH Burrows. 2003. "Risk-adjusted Discount Rates and Projects of Unequal Lives", Australian Accounting Review, 13 (No 1): pp. 57-65.
  19. CA Brown and S Wang. 2002. "Credit Risk: The Case of First Interstate Bancorp", International Review of Financial Analysis, 11 (2): pp. 229-248.
  20. CA Brown and D Potaznik. 2002. "Capital Plus Warrants: The Capital Gains Dividend Trade-off", Journal of Alternative Investments, 4 (4): pp. 70-80.
  21. CA Brown and DM Robinson. 2002. "Skewness and Kurtosis Implied by Option Prices: A Correction", The Journal of Financial Research, (Summer): pp. 279-282.
  22. CA Brown. 2001. "The Successful Redenomination of a Futures Contract: The Case of the Australian All Ordinaries Share Price Contract", Pacific-Basin Finance Journal, 9 (1): pp. 47-64.
  23. GH Burrows, CA Brown, T Thom, J King and J Frearson. 2001. "Real-time cost management of aircraft operations", Management Accounting Research, 12 (3): pp. 281-298.
  24. CA Brown and R Chan. 1999. "Value at Risk Models and Option Portfolios", Economic Papers, 4 (8): pp. 107-121.
  25. CA Brown. 1999. "The Volatility Structure Implied by Options on the SPI futures Contract", Australian Journal of Management, (December): pp. 115-130.
  26. CA Brown and KT Davis. 1998. "Options in Mutually Exclusive Projects of Unequal Lives", Quarterly Review of Economics and Finance, 38 (Special Issue): pp. 569-577.
  27. CA Brown and SD Taylor. 1997. "A Test of the Asay Model for Options on the SPI Futures Contract", Pacific Basin Finance Journal, (5): pp. 579-594.
  28. RL Brown, RM Brown, CA Brown. 1997. "Wallis, Depositor Protection and the Payments System", Accountability and Performance, 3 (3): pp. 63-79.
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Books
  1. Hogan, Avram, Brown, Ralston, Skully, Hempel, Simonson, 2003. Management of Financial Institutions
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Working Papers

  1. "Corporate Capital Management and Protection of Warrant-Holder Claims" - Christine Brown and Kevin Davis,
  2. "Share Buybacks and Shareholder Equity" - Christine Brown and Kevin Davis,
  3. "The Dividend Substitution Hypothesis: Australian Evidence" - C.A. Brown and James O'Day,
  4. "Payout policy in Australia: Recent evidence" - C.A Brown and James O'Day,
  5. "Off-Market Share Repurchases in Australia" - C.A Brown,
  6. "Equal Access Repurchases: Insider or Informed Trading?" - C.A Brown,
  7. "Paminco: Mistake or MIsfortune?" - C.A Brown and J. Ma,
  8. "Capital Management in Mutual Financial Institutions: Evidence from Australian Credit Unions" - C.A Brown and K.T. Davis,
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