Professor Richard A. Heaney

Position Held

Professor of Finance, School of Economics, Finance and Marketing, RMIT University.

Employment

2003, Professor of Finance in the School of Economics, Finance and Marketing, RMIT University,
1997-2003, Reader in the School of Finance and Applied Statistics, Australian National University,
1989-1997, Senior Lecturer and lecturer in the Department of Commerce at the University of Queensland
1986-1989, Lecturer and senior tutor, Department of Commerce at The Australian National University
1982-1985, accountant at Seco Titan Pty. Ltd.
1973-1978 Programmer/Systems Analyst at N.C.R. Australia P/L

Graduate Students

PhD (>15 completed), Hons/Masters. (>50 completed).

Research Interests

Commodity pricing, Derivative use and pricing, quantitative finance, options, portfolio analysis, international finance, corporate finance and corporate governance.

Selected Research Grants

2007-2009 ARC Discovery grant (DP0770537) for $345,000 with  Bruce Grundy (UMelb) and ARC Discovery grant (P0770453) for $210,000 with Sinclair Davidsn (RMIT).
2003-2005 ARC Discovery grant for $174,000 (DP343994) with Shirley Gregor (ANU), Doug Foster (UNSW), Terry O'Neill (ANU) and Robert Wood (UNSW).
1999-2001, Large ARC grant for $78,000, (A79906283) with Tim Brailsford (UQ)and Barry Oliver (ANU).
1999, 1998, 1994 and 1991, small ARC grants for $9,000, $12,200, $7,000 and $5,000 either shared with colleagues in University of Queensland or ANU or individually.

Professional Activities

Editorial Board Member of Accounting and Finance and Accounting Research Journal.
Occasional Reviewer for Accounting, Accountability and Performance; Agenda; Australian Journal of Management; Economic Record; European Economic Review, International Review of Financial Analysis, International Journal of Forecasting, Journal of Economic Surveys, Journal of Economics and Finance, Journal of Futures Markets; and Pacific-Basin Finance Journal. Referee for the 1999 AAANZ conference and the AFPA 2001 conference. Book Review Editor for AAANZ Journal "Accounting and Finance", April 1999 to December 2001.

Selected Publications

  • Truong, T, and Heaney, R.A., 2007, "Largest Shareholder and Dividend Policy Around the World", Quarterly Review of Economics and Finance, 47, 5, 667-687.
  • Heaney, R. A., Foster, F. D., Gregor, S., O'Neill, T. and Wood, R. E., 2007, "Volatility in Returns from Trading", Journal of Behavioral Finance, 8, 1, 35-42. 
  • Fry, T., Heaney, R. A. and McKeown, W., 2007, "Will Investors Change Their Superannuation Fund Given the Choice?", Accounting and Finance, 47, 2, 267-284. 
  • Heaney, R. A., 2006, "An Empirical Analysis of Commodity Pricing", Journal of Futures Markets, 26, 4, 391-415.
  • Heaney, R. A. and Winata, H., 2005, "Use of Derivatives by Australian Companies", Pacific-Basin Finance Journal, 13, 4, 411-430. 
  • Fleming, G., Heaney, R. A. and McCosker, R., 2005, "Agency Costs and Ownership Structure in Australia", Pacific-Basin Finance Journal, 13, 1, 29-52. 
  • Bilson, C., Frino, A. and Heaney, R.A., 2005, "Australian Retail Superannuation Fund Performance Persistence", Accounting and Finance, 45, 1, 25-42.
  • Brailsford, T., Heaney, R. A. and Oliver, B., 2005, "The Use of Derivatives in Public Sector Organisations", Accounting and Finance, 45, 1, p. 43-66. 
  • Heaney, R. A., 2002, "An Approximation for Convenience Yield in Commodity Futures Pricing", Journal of Futures Markets, 22, 10, 1005-1017.
  • Heaney, R. A., 2002, "A Test of the Effect of Carrying Costs on Predictive ability of Futures Prices Using the LME Lead Contract", International Journal of Forecasting, 18, 1, 45-65.   
  • Razzaghipour, A., Fleming, G. and Heaney, R. A., 2001, "Deviations and Mean reversion to Purchasing Power Parity in the Asian Currency Crisis of 1997", Applied Economics, 33, 9, 1093-1100. 
  • Halliwell, J., Heaney, R. A. and Sawicki, J., 1999, "Size and Book to Market Effects in Australian Share Markets: A Time Series Analysis", Accounting Research Journal, 12, 2, 122-137.  
  • Heaney, R. A., 1998, "A Test of the Cost of Carry Relationship Using the Lead Contract Traded on the London Metals Exchange", Journal of Futures Markets, 18, 2, 1-25. 
  • Heaney, R.A., Walker, J. and Wai. N., 1997, "Gold loans in the Australian Gold Mining Industry: A test of the Relationship between Hedging and Debt Levels", Accounting and Finance, 37, 2, 129-145.
  • Heaney, R.A. and Layton, A., 1996, "A Test of the Efficiency of the Australian 90 Day Bank Accepted Bill Futures Market", Applied Financial Economics, 6, 2, 143-153. 
  • Brent, T. and Heaney, R. A., 1996, "The Pricing of Options on the Ninety Day Bank Accepted Bill Futures Option Contract", Supplement to The Manchester School, Papers in Money, Macroeconomics and Finance, Proceedings of the Money, Macroeconomics and Finance research Group, 1995, 64, 51-65.  
  • Heaney, R.A., 1995, "A Test of the Cost of Carry Relationship Using 90 Day Bank Accepted Bills and the All Ordinaries Share Price Index", Australian Journal of Management, 20, 1, 75-104.