Chandra Krishnamurti

Teaching Strengths

Corporate Finance, Financial Markets, Investments

Prof Chandra Krishnamurti

Professor of Finance

School of Accounting and Finance

College of Business and Law

Eligible to supervise Masters and PhD - email supervisor to discuss availability.

Chandrasekhar Krishnamurti is the Professor of Finance at the University of South Australia. His research interests include asset pricing, corporate governance, market microstructure and corporate finance and has won eight awards for his research work. He has published over 50 research articles in outlets such as the Journal of Corporate Finance, Journal of Banking and Finance, Journal of Contemporary Accounting and Economics, Financial Management, Journal of Financial Research, Pacific-Basin Finance Journal, Corporate Governance: An International Review, Australian Journal of Management, and the Journal of International Financial Markets, Institutions and Money. He served as the project leader for the project entitled “Optimal and Actual Asset Allocation Decisions in Protracted Low Interest Rate Periods” funded by Global Risk Institute in Financial Services, Toronto, Canada.  He has consulted for business corporations and served as the principal consultant in the Financial Institutions Reform and Expansion (FIRE) project funded by USAID.

Year Citation
2025 Liu, X., Li, Y., & Krishnamurti, C. (2025). Biodiversity risk and seasoned equity offerings. Economics Letters, 247(112214), 112214.
DOI Scopus9 WoS8
2025 Banerjee, R., Gupta, K., Han, H. D., & Krishnamurti, C. (2025). Do corrupt practices lead to increased cash holdings in firms? International evidence. Pacific Basin Finance Journal, 93(102908), 15 pages.
DOI
2025 Balachandran, B., Bhagawan, P., Krishnamurti, C., & Zhou, Y. (2025). Intensity of exploitation-exploration innovation strategies and credit ratings. Economic Modelling, 151, 14 pages.
DOI Scopus1 WoS1
2025 Chowdhury, H., Hossain, A., Krishnamurti, C., & Le, T. H. (2025). Corporate sexual orientation equality and dividend payout. European Journal of Finance, 31(9), 1197-1224.
DOI Scopus1
2025 Hossain, A., Benkraiem, R., & Krishnamurti, C. (2025). Political sentiment and corporate payouts. International Review Of Financial Analysis, 102(104078), 1-15.
DOI
2025 Dai, Z., Xu, L., Krishnamurti, C., & Lu, Z. (2025). Negative interest rates and shadow banking. The British Accounting Review, online, 101681.
DOI
2025 Chowdhury, H., Han, H. D., Krishnamurti, C., & Zheng, J. (2025). Institutional shareholder distraction and workplace safety. The British Accounting Review, online, 1-27.
DOI
2025 Chowdhury, H., Han, H. D., & Krishnamurti, C. (2025). Does a CEO's network capital affect workplace safety?. Financial Review, online, 1-24.
DOI
2024 Ananda, S., & Krishnamurti, C. (2024). Editorial : Special issue: 'Emerging trends in financial institutions and services'. Business Perspectives and Research, 12(1), 9-10.
DOI
2024 Kerslake, R. M., & Krishnamurti, C. (2024). New world, or out of this world? Columbus - an exploratory study of HASS and STEM success factors in the first 'space' race. Accounting, Auditing and Accountability Journal, 37(5), 1457-1486.
DOI Scopus3 WoS3
2024 Zikri, M., Shams, S., Rashid, A., & Krishnamurti, C. (2024). Does size matter? Examining the probability of firm emergence from bankruptcy. International Review of Finance, 24(4), 669-713.
DOI Scopus4 WoS2
2024 Han, H. D., Gupta, K., & Krishnamurti, C. (2024). Are labor laws and employee welfare complements in determining leverage ratios?. Pacific Basin Finance Journal, 88(102545), 1-23.
DOI Scopus2
2023 Gupta, K., & Krishnamurti, C. (2023). Does employees' interest matter more than shareholders' interest in determining cash management policy?. International Review of Economics & Finance, 84, 568-589.
DOI Scopus4 WoS4
2022 Banerjee, R., Gupta, K., & Krishnamurti, C. (2022). Does corrupt practice increase the implied cost of equity?. Journal of Corporate Finance, 73, 29 pages.
DOI Scopus24 WoS23
2021 Gupta, K., & Krishnamurti, C. (2021). Corporate social responsibility, competition, and firm value. Pacific-Basin Finance Journal, 68(101622), 1-21.
DOI Scopus23 WoS23
2021 Krishnamurti, C., Chowdhury, H., & Han, H. D. (2021). CEO centrality and stock price crash risk. Journal of Behavioral and Experimental Finance, 31(100551), 1-16.
DOI Scopus18 WoS17
2021 Krishnamurti, C., Pensiero, D., & Velayutham, E. (2021). Corruption risk and stock market effects: Evidence from the defence industry. Pacific Basin Finance Journal, 70(101681), 1-19.
DOI Scopus10 WoS6
2021 Krishnamurti, C., Shams, S., & Chowdhury, H. (2021). Evidence on the trade-off between corporate social responsibility and mergers and acquisitions investment. Australian Journal of Management, 46(3), 466-498.
DOI Scopus33 WoS26
2020 Ding, D. K., Koerniadi, H., & Krishnamurti, C. (2020). Testing the real option hypothesis on the declining open-market repurchase announcement returns. Review of Pacific Basin Financial Markets and Policies, 23(3, article no. 2050024), 15 pages.
DOI
2020 Gul, F. A., Krishnamurti, C., Shams, S., & Chowdhury, H. (2020). Corporate social responsibility, overconfident CEOs and empire building: agency and stakeholder theoretic perspectives. Journal of Business Research, 111, 52-68.
DOI Scopus90 WoS77
2020 Kao, L., Chen, A., & Krishnamurti, C. (2020). Outcome model or substitute model of D&O insurance on IPO pricing without information asymmetry before issuance. Pacific Basin Finance Journal, 61(article no, 101300), 1-18.
DOI Scopus11 WoS6
2020 Ding, D. K., Koerniadi, H., & Krishnamurti, C. (2020). What drives the declining wealth effect of subsequent share repurchase announcements?. Journal of Risk and Financial Management, 13(8, article no. 176), 1-14.
DOI Scopus1 WoS1
2020 Gupta, K., & Krishnamurti, C. (2020). Do countries matter more in determining the relationship between employee welfare and financial performance?. International review of finance, 20(2), 415-450.
DOI Scopus16 WoS17
2019 Krishnamurti, C., Shams, S., Pensiero, D., & Velayutham, E. (2019). Socially responsible firms and mergers and acquisitions performance: Australian evidence. Pacific Basin finance journal, 57(101193), 1-16.
DOI Scopus55 WoS48
2019 Krishnamurti, C., Pensiero, D., & Velayutham, E. (2019). Determinants of defence industry corruption risk: firm level empirical evidence using transparency international's anti-corruption index. Singapore economic review, 6(2), 675-708.
DOI Scopus1
2018 Gupta, K., & Krishnamurti, C. (2018). Does corporate social responsibility engagement benefit distressed firms? The role of moral and exchange capital. Pacific-basin finance journal, 50, 249-262.
DOI Scopus47 WoS45
2018 Gupta, K., Krishnamurti, C., & Tourani Rad, A. (2018). Financial development, corporate governance and cost of equity capital. Journal of contemporary accounting & economics, 14(1), 65-82.
DOI Scopus48 WoS44
2018 Krishnamurti, C., Shams, S., & Velayutham, E. (2018). Corporate social responsibility and corruption risk: a global perspective. Journal of contemporary accounting and economics, 14(1), 1-21.
DOI Scopus59 WoS55
2018 Krishnamurti, C., & Velayutham, E. (2018). The influence of board committee structures on voluntary disclosure of greenhouse gas emissions: Australian evidence. Pacific-Basin finance journal, 50, 65-81.
DOI Scopus79 WoS74
2018 Gupta, K., & Krishnamurti, C. (2018). Do macroeconomic conditions and oil prices influence corporate risk-taking?. Journal of corporate finance, 53, 65-86.
DOI Scopus71 WoS70
2017 Listyaningsih, E., & Krishnamurti, C. (2017). The impact of global financial crisis on Jakarta islamic index (JII): a trading volume perspective. Advanced science letters, 23(9), 8197-8203.
DOI
2017 Balachandran, B., Kanapathippillai, S., Krishnamurti, C., Theobald, M., & Velayutham, E. (2017). The issuance of warrants in rights offerings: agency costs and signaling effects. Australian journal of management, 42(4), 608-636.
DOI Scopus12 WoS11
2016 Adeyinka, A. A., Krishnamurti, C., Maraseni, T. N., & Chantarat, S. (2016). The viability of weather-index insurance in managing drought risk in rural Australia. International journal of rural management, 12(2), 125-142.
DOI Scopus14
2016 Koerniadi, H., Krishnamurti, C., & Tourani Rad, A. (2016). Natural disasters-blessings in disguise?. Singapore economic review, 61(1, article number 1640004), 1-17.
DOI Scopus11
2015 Koerniadi, H., Krishnamurti, C., Lau, S. T., Tourani Rad, A., & Yang, T. (2015). The role of internal and external certification mechanisms in seasoned equity offerings. Journal of Multinational Financial Management, 30, 110-127.
DOI Scopus3
2015 Koerniadi, H., Krishnamurti, C., & Tourani Rad, A. (2015). Cross-border mergers and acquisitions and default risk. International review of financial analysis, 42, 336-348.
DOI Scopus18
2014 Koerniadi, H., Krishnamurti, C., & Tourani Rad, A. (2014). Corporate governance and the variability of stock returns. International Journal of Managerial Finance, 10(4), 494-510.
DOI Scopus18
2014 Koerniadi, H., Krishnamurti, C., & Tourani Rad, A. (2014). Corporate governance and risk-taking in New Zealand. Australian journal of management, 39(2), 227-245.
DOI Scopus57
2013 Krishnamurti, C., Tian, G. G., Xu, M., & Li, G. (2013). No news is not good news: evidence from the intra-day return volatility-volume relationship in Shanghai Stock Exchange. Journal of the Asia Pacific Economy, 18(1), 149-167.
DOI Scopus6
2013 Gupta, K., Krishnamurti, C., & Tourani Rad, A. (2013). Is corporate governance relevant during the financial crisis?. Journal of international financial markets, institutions and money, 23(1), 85-110.
DOI Scopus58
2012 Balachandran, B., Krishnamurti, C., Theobald, M., & Vidanapathirana, B. (2012). Dividend reductions, the timing of dividend payments and information content. Journal of Corporate Finance, 18(5), 1232-1247.
DOI Scopus15
2012 Chancharat, N., Krishnamurti, C., & Tian, G. (2012). Board structure and survival of new economy IPO firms. Corporate Governance, 20(2), 144-163.
DOI Scopus85
2012 Hoque, A., & Krishnamurti, C. (2012). Modeling moneyness volatility in measuring exchange rate volatility. International Journal of Managerial Finance, 8(4), 365-380.
DOI Scopus2
2011 Krishnamurti, C., & Hoque, A. (2011). Efficiency of European emissions markets: Lessons and implications. Energy policy, 2011(39), 6575-6582.
DOI Scopus28 WoS26
2010 Šević, A., Krishnamurti, C., & Šević, Ž. (2010). Determinants of choice of depositary receipt programs: an exploratory study. Managerial Finance, 36(12), 990-1006.
DOI Scopus1
2009 Duong, H. N., Kalev, P. S., & Krishnamurti, C. (2009). Order aggressiveness of institutional and individual investors. Pacific-Basin finance journal, 17(5), 533-546.
DOI Scopus40
2009 Krishnamurti, C. (2009). Introduction to market microstructure. Investment Management A Modern Guide to Security Analysis and Stock Selection, 13-29.
DOI Scopus2
2008 Krishnamurti, C., & Thong, T. Y. (2008). Lockup expiration, insider selling and bid-ask spreads. International Review of Economics and Finance, 17(2), 230-244.
DOI Scopus9
2007 Krishnamurti, C., & Narasimhan, M. S. (2007). Dividend taxation, ownership structure and payout policy: Evidence from India. Corporate Ownership and Control, 4(3 C), 287-302.
DOI
2005 Mathew, M., Krishnamurti, C., & Sevic, Z. (2005). A survey of Singaporean Chinese investors in mainland China and their knowledge of the Chinese language. Cross Cultural Management an International Journal, 12(1), 46-59.
DOI Scopus2
2005 Krishnamurti, C., Sevic, Z., & Sevic, A. (2005). Market microstructure study on seven US stock exchanges: Panel vs. VAR methodology. Managerial Finance, 31(12), 79-108.
DOI Scopus2
2005 Krishnamurti, C., Šević, A., & Šević, Z. (2005). Voluntary disclosure, transparency, and market quality: Evidence from emerging market ADRs. Journal of Multinational Financial Management, 15(4-5 SPEC. ISS.), 435-454.
DOI Scopus15
2005 Rahman, S., Krishnamurti, C., & Lee, A. C. (2005). The dynamics of security trades, quote revisions, and market depths for actively traded stocks. Review of Quantitative Finance and Accounting, 25(2), 91-124.
DOI Scopus9
2005 Krishnamurti, C., Sěvić, A., & Šević, Z. (2005). Legal environment, firm-level corporate governance and expropriation of minority shareholders in Asia. Economic Change and Restructuring, 38(1 SPEC. ISS), 85-111.
DOI Scopus31
2004 Krishnamurti, C., & Šević, A. (2004). PROXIMITY PREFERENCE AND MARKET LIQUIDITY: EVIDENCE FROM LATIN AMERICAN ADRS. International Finance Review, 5, 305-327.
DOI
2003 Krishnamurti, C., Sequeira, J. M., & Fangjian, F. (2003). Stock exchange governance and market quality. Journal of Banking and Finance, 27(9), 1859-1878.
DOI Scopus48
2002 Krishnamurti, C., & Kumar, P. (2002). The initial listing performance of Indian IPOs. Managerial Finance, 28(2), 39-51.
DOI Scopus28
2001 Gopinath, S., & Krishnamurti, C. (2001). Number of transactions and volatility: An empirical study using high-frequency data from nasdaq stocks. Journal of Financial Research, 24(2), 205-218.
DOI Scopus15

Year Citation
2009 Vishwanath, S. R., & Krishnamurti, C. (2009). Investment management: A modern guide to security analysis and stock selection. C. Krishnamurti, & R. Vishwanath (Eds.), Springer Berlin Heidelberg.
DOI Scopus6
2008 Krishnamurti, C., & Vishwanath, S. R. (Eds.) (2008). Mergers, acquisitions and corporate restructuring. India: Sage.
DOI Scopus10

Year Citation
2016 Gupta, K., & Krishnamurti, C. (2016). Product market competition and corporate environmental performance. In V. Ramiah, & G. N. Gregoriou (Eds.), Source details - Title: The handbook of environmental and sustainable finance (pp. 385-404). UK: Academic Press.
DOI Scopus15
2010 Krishnamurti, C., & Tourani-Rad, A. (2010). Public-private partnership arrangements: Problems and prospects. In Handbook on Emerging Issues in Corporate Governance (pp. 197-216). WORLD SCIENTIFIC.
DOI
2009 Krishnamurti, C., & Vishwanath, S. R. (2009). Accounting and financial analysis. In Investment Management A Modern Guide to Security Analysis and Stock Selection (pp. 109-137). Springer Berlin Heidelberg.
DOI
2009 Krishnamurti, C. (2009). Behavioral finance and investment strategy. In Investment Management A Modern Guide to Security Analysis and Stock Selection (pp. 627-634). Springer Berlin Heidelberg.
DOI Scopus6
2009 Krishnamurti, C. (2009). Managing fixed income portfolios. In Investment Management A Modern Guide to Security Analysis and Stock Selection (pp. 439-451). Springer Berlin Heidelberg.
DOI
2009 Krishnamurti, C. (2009). The EVA approach to investing. In Investment Management A Modern Guide to Security Analysis and Stock Selection (pp. 227-239). Springer Berlin Heidelberg.
DOI
2009 Vishwanath, S. R., & Krishnamurti, C. (2009). An overview of mutual funds and exchange traded funds. In Source details - Title: Investment management: a modern guide to security analysis and stock selection (pp. 517-538). Germany: Springer.
DOI
2009 Krishnamurti, C., & Vishwanath, S. R. (2009). Investing in convertibles, preferred stocks and warrants. In Source details - Title: Investment management: a modern guide to security analysis and stock selection (pp. 405-438). Germany: Springer.
DOI
2009 Vishwanath, S. R., & Krishnamurti, C. (2009). Hedge funds. In Investment Management A Modern Guide to Security Analysis and Stock Selection (pp. 589-609). Springer Berlin Heidelberg.
DOI Scopus2
2008 Vishwanath, S. R., & Krishnamurti, C. (2008). Value drivers and target valuation. In C. Krishnamurti, & S. Vishwanath (Eds.), Source details - Title: Mergers, Acquisitions and Corporate Restructuring (pp. 56-90). India: Sage.
DOI
2008 Vishwanath, S. R., & Krishnamurti, C. (2008). Bankruptcy and reorganization. In C. Krishnamurti, & S. Vishwanath (Eds.), Source details - Title: Mergers, Acquisitions and Corporate Restructuring (pp. 333-357). India: Sage.
DOI
2008 Vishwanath, S. R., & Krishnamurti, C. (2008). Design of consideration in acquisitions: cash and stock offers. In C. Krishnamurti, & S. Vishwanath (Eds.), Source details - Title: Mergers, Acquisitions and Corporate Restructuring (pp. 146-159). India: Sage.
DOI
2008 Krishnamurti, C., & Vishwanath, S. R. (2008). Cross-border acquisitions. In C. Krishnamurti, & S. Vishwanath (Eds.), Source details - Title: Mergers, Acquisitions and Corporate Restructuring (pp. 183-211). India: Sage.
DOI
2008 Vishwanath, S. R., & Krishnamurti, C. (2008). Spin-offs, equity carve-outs and targeted stocks. In C. Krishnamurti, & S. Vishwanath (Eds.), Source details - Title: Mergers, Acquisitions and Corporate Restructuring (pp. 275-332). India: Sage.
DOI
2008 Krishnamurti, C., & Vishwanath, S. R. (2008). Real options analysis in mergers and acquisitions. In C. Krishnamurti, & S. Vishwanath (Eds.), Source details - Title: Mergers, Acquisitions and Corporate Restructuring (pp. 115-145). India: Sage.
DOI

Year Citation
2011 Hoque, M. A., & Krishnamurti, C. (2011). Modeling moneyness volatility in measuring exchange rate volatility. In Proceedings of the Symposium on computational intelligence for financial engineering and economics (pp. 95-100). US: IEEE.
DOI
2005 Udayasankar, K., Das, S. S., & Krishnamurti, C. (2005). Integrating multiple theories of corporate governance: A multi-country empirical study. In Academy of Management Annual Meeting Proceedings Vol. 2005 (pp. O1-O6). Academy of Management.
DOI Scopus9

Courses I teach

  • BANK 5014 Financial Theory and Financial Markets (2025)
  • BANK 5030 Advanced Investment Management (2025)
  • BUSS 5228 Advanced Corporate Finance (2025)
  • BANK 5014 Financial Theory and Financial Markets (2024)
  • BANK 5030 Advanced Investment Management (2024)
  • BUSS 5228 Advanced Corporate Finance (2024)

Date Role Research Topic Program Degree Type Student Load Student Name
2023 Co-Supervisor Subgroup analysis through multiple testing in casual treatment effects Doctor of Philosophy Doctorate Full Time Miss Zhenmin Rao
2023 Co-Supervisor Blockchain adoption in developing countries. Exploring accountability, trust, and transparency in supply chains Doctor of Philosophy Doctorate Full Time Hasni Gunasekara
2022 Principal Supervisor Measuring the impacts of geopolitical risk on financial market  dynamics: investors’ and institutions’ perspective Doctor of Philosophy Doctorate Full Time Mr Md Farhan Imtiaz
2022 Principal Supervisor Corporate Social Responsibility (CSR) in the era of decentralised work Doctor of Philosophy Doctorate Full Time Mr Wei Cao
2022 Co-Supervisor span style="font-family:sans-serif;font-size:14.6894px;left:228.852px;top:560.552px;transform:scaleX(1.00603);" dir="ltr" role="presentation">Corporate disclosures: navigating regulatory, economic and governance challenges Doctor of Philosophy Doctorate Full Time Ms Youngnae Jun

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