Professor Ralf-Yves Zurbrugg

Chair of Finance

Adelaide Business School

Faculty of the Professions

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

Ralf Zurbruegg is the Associate Head of Research within the Adelaide Business School and the Discipline Leader for Business Analytics. He has held a number of administrative appointments within the university including as Interim Dean, Head of School and Deputy Dean. He also serves on various committees both inside the University and in the private sector. Ralf has taught and held various visiting positions around the world, including the UK, Singapore, Switzerland, UAE and the US. He is a Justice of the Peace for South Australia, an endowment fund manager for two not-for-profit institutions, serves on the editoral board of several journals, is the academic convenor of the International Centre for Financial Services and a director of a quantitative investment solutions company. He regularly consults for industry, particularly for the hedge fund sector, as well as being an expert witness on a number of state and federal court cases. He has also appeared on television and been quoted in national newspapers over the years.

Career
Publications
Grants and Funding
Supervision
Contact

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Education

Date Institution name Country Title
— London School of Economics United Kingdom BSc (Econ)
— Manchester Business School United Kingdom MSc
— Manchester Business School United Kingdom PhD
Certifications

Date Title Institution name Country
— GradCertHEd University of New South Wales —
Research Interests

Banking, Finance and Investment Business and Management Financial Accounting

Date	Institution name	Country	Title
—	London School of Economics	United Kingdom	BSc (Econ)
—	Manchester Business School	United Kingdom	MSc
—	Manchester Business School	United Kingdom	PhD

Date	Title	Institution name	Country
—	GradCertHEd	University of New South Wales	—

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Journals

Year	Citation
2021	Cheong, C. S., Tan, G., & Zurbruegg, R. (2021). Risk-Relevant Early Life Experiences and Individual Trading Activity. Finance Research Letters, 39, 1-7. DOI Scopus1
2021	Li, S., Mihaylov, G., Peranginangin, Y., & Zurbruegg, R. (2021). Short selling patterns in cross-listed stocks. Global Finance Journal, 48, 1-12. DOI Scopus1
2021	Wasi, M. A., Pham, T. P., & Zurbruegg, R. (2021). The non-pecuniary determinants of sovereign and bank rating changes. Finance Research Letters, 101814. DOI
2021	Obaydin, I., Zurbruegg, R., Hossain, M. N., Adhikari, B. K., & Elnahas, A. (2021). Shareholder litigation rights and stock price crash risk. Journal of Corporate Finance, 66, 101826. DOI
2021	Nguyen, L. T. M., Cheong, C. S., & Zurbruegg, R. (2021). Brokerage M&As and the peer effect on analyst forecast accuracy. International Review of Financial Analysis, 73, 101650. DOI
2021	Cheong, C. S., Yu, C. F., Zurbruegg, R., & Brockman, P. (2021). Tournament incentives and institutional ownership. International Review of Economics and Finance, 74, 418-433. DOI
2020	Dai, Y., Haque, T., & Zurbruegg, R. (2020). Factor return forecasting using cashflow spreads. International Review of Economics and Finance, 69, 917-931. DOI
2020	Xu, L., Yu, C. F., & Zurbruegg, R. (2020). The benefit of being a local leader: Evidence from firm-specific stock price crash risk. Journal of Corporate Finance, 65, 21 pages. DOI
2020	Mihaylov, G. S., & Zurbruegg, R. (2020). The relationship between financial risk management and succession planning in family businesses. International Journal of Managerial Finance, ahead-of-print(ahead-of-print). DOI
2020	Phan, H. L., & Zurbruegg, R. (2020). The time-to-maturity pattern of futures price sensitivity to news. Journal of Futures Markets, 40(1), 126-144. DOI Scopus2 WoS2
2020	Liu, C., Cheong, C. S., & Zurbruegg, R. (2020). Rhetoric, Reality, and Reputation: Do CSR and Political Lobbying Protect Shareholder Wealth against Environmental Lawsuits?. Journal of Financial and Quantitative Analysis, 55(2), 679-706. DOI Scopus3 WoS2
2020	Bai, M., Xu, L., Chia-Feng, Y., & Zurbruegg, R. (2020). Superstition and stock price crash risk. Pacific-Basin Finance Journal, 60, 19 pages. DOI
2019	Jaroenjitrkam, A., Yu, C. -F. J., & Zurbruegg, R. (2019). Does market power discipline CEO power? An agency perspective. EUROPEAN FINANCIAL MANAGEMENT, 26(3), 742-752. DOI
2019	Tan, G., Cheong, C., & Zurbruegg, R. (2019). National culture and individual trading behavior. Journal of Banking and Finance, 106, 357-370. DOI Scopus3 WoS2
2018	Sweeney, J. C., Plewa, C., & Zurbruegg, R. (2018). Examining positive and negative value-in-use in a complex service setting. European Journal of Marketing, 52(5-6), 1084-1106. DOI Scopus8 WoS5
2017	Luo, J., Xu, L., & Zurbrugg, R. (2017). The impact of housing wealth on stock liquidity. Review of Finance, 21(6), 2315-2352. DOI
2016	Cheong, C., & Zurbruegg, R. (2016). Analyst forecasts and stock price informativeness: some international evidence on the role of audit quality. Journal of Contemporary Accounting and Economics, 12(3), 257-273. DOI Scopus6 WoS3
2016	Ghandar, A., Michalewicz, Z., & Zurbruegg, R. (2016). The relationship between model complexity and forecasting performance for computer intelligence optimization in finance. International Journal of Forecasting, 32(3), 598-613. DOI Scopus4 WoS2
2016	Le, V., & Zurbruegg, R. (2016). The impact of short sale restrictions on informed trading in the stock and options markets. International Review of Economics and Finance, 41, 262-273. DOI Scopus8 WoS8
2015	Fu, Y., Lee, S., Xu, L., & Zurbruegg, R. (2015). The effectiveness of capital regulation on bank behavior in China. International Review of Finance, 15(3), 321-345. DOI Scopus10 WoS10
2015	Gerlach, R., Obaydin, I., & Zurbruegg, R. (2015). The impact of leverage on the idiosyncratic risk and return relationship of REITs around the financial crisis. International Review of Economics and Finance, 38, 207-219. DOI Scopus1
2015	Li, S., Brockman, P., & Zurbruegg, R. (2015). Cross-listing, firm-specific information, and corporate governance: evidence from Chinese A-shares and H-shares. Journal of Corporate Finance, 32, 347-362. DOI Scopus25 WoS21
2015	Mihaylov, G., Cheong, C., & Zurbruegg, R. (2015). Can security analyst forecasts predict gold returns?. International Review of Financial Analysis, 41, 237-246. DOI Scopus7 WoS6
2014	Mihaylov, G., & Zurbrugg, R. (2014). The socioeconomic impact of shared appreciation mortgages on borrowers: empirical evidence from South Australia. Urban Studies, 51(2), 371-389. DOI
2010	Doan, P., Lin, C., & Zurbrugg, R. (2010). Pricing assets with higher moments: Evidence from the Australian and US stock markets. Journal of International Financial Markets, Institutions & Money, 20(1), 51-67. DOI Scopus22 WoS21
2010	Le, T., & Zurbrugg, R. (2010). The role of trading volume in volatility forecasting. Journal of International Financial Markets, Institutions & Money, 20(5), 533-555. DOI Scopus18 WoS17
2009	Ghandar, A., Michalewicz, Z., Schmidt, M., To, T., & Zurbrugg, R. (2009). Computational intelligence for evolving trading rules. IEEE Transactions on Evolutionary Computation, 13(1), 71-86. DOI Scopus45 WoS26
2008	Ghandar, A., Michalewicz, Z., Schmidt, M., To, T. D., & Zurbrugg, R. (2008). Computational Intelligence for Evolving Trading Rules. IEEE Transactions on Evolutionary Computation. DOI Scopus1
2007	Wilson, P., Stevenson, S., & Zurbrugg, R. (2007). Foreign property shocks and the impact on domestic securitized real estate markets: An unobserved components approach. Journal of Real Estate Finance and Economics, 34(3), 407-424. DOI Scopus11 WoS8
2006	Gerlach, R., Wilson, P., & Zurbrugg, R. (2006). Structural breaks and diversification: The impact of the 1997 Asian financial crisis on the integration of Asia-Pacific real estate markets. Journal of International Money and Finance, 25(6), 974-991. DOI Scopus58 WoS53
2006	Michayluk, D., Wilson, P., & Zurbrugg, R. (2006). Asymmetric volatility, correlation and returns dynamics between the US and UK securitized real estate markets. Real Estate Economics, 34(1), 109-131. DOI Scopus69 WoS65
2004	Esho, N., Kirievsky, A., Ward, D., & Zurbrugg, R. (2004). Law and the determinants of property-casualty insurance. Journal of Risk and Insurance, 71(2), 265-283. DOI Scopus74 WoS73
2003	Fong, K., & Zurbrugg, R. (2003). How much do locals contribute to the price discovery process?. Journal of Empirical Finance, 10(3), 305-320. DOI Scopus4
2002	Roope, M., & Zurbrugg, R. (2002). The intra-day price discovery process between the Singapore Exchange and Taiwan Futures Exchange. Journal of Futures Markets, 22(3), 219-240. DOI Scopus54 WoS43
2000	Ward, D., & Zurbruegg, R. (2000). Does insurance promote economic growth? Evidence from OECD countries. Journal of Risk and Insurance, 67(4), 489-506. DOI Scopus163 WoS148
2000	Okunev, J., Wilson, P., & Zurbruegg, R. (2000). The Causal Relationship Between Real Estate and Stock Markets. Journal of Real Estate Finance and Economics, 21(3), 251-261. DOI Scopus96 WoS88
—	Cheong, C. S., Hoffmann, A. O. I., & Zurbruegg, R. (n.d.). EXPRESS: Tarred with the Same Brush? Advertising Share of Voice and Stock Price Synchronicity. Journal of Marketing, 002224292110010. DOI

Book Chapters

Year	Citation
2016	Rammal, H., & Zurbruegg, R. (2016). Awareness of islamic banking products among muslims: The case of Australia. In T. Harrison, & E. Ibrahim (Eds.), Islamic Finance: Principles, Performance and Prospects (pp. 141-156). Cham; Switzerland: Palgrave Macmillan. DOI Scopus5
2009	Buckley, M., Michalewicz, Z., & Zurbrugg, R. (2009). An application of genetic programming to forecasting foreign exchanges rates. In Raymond Chiong (Ed.), Nature-inspired informatics for intelligent applications and knowledge discovery: implications in business, science, and engineering (pp. 26-48). United States: IGI Global. DOI
2009	Ghandar, A., Michalewicz, Z., & Zurbrugg, R. (2009). Intelligent decision support: A fuzzy stock ranking system. In M. Marciniak, & A. Mykowiecka (Eds.), Aspects of Natural Language Processing: Essays Dedicated to Leonard Bolc on the Occasion of His 75th Birthday (Vol. 5070 LNCS, 1 ed., pp. 379-410). Germany: Springer. DOI Scopus1
2008	Ghandar, A., Michalewicz, Z., Schmidt, M., To, T., & Zurbrugg, R. (2008). Evolving trading rules. In A. Yang, Y. Shan, & L. Bui (Eds.), Success in Evolutionary Computation (Vol. 92, pp. 95-119). Germany: Springer. DOI Scopus1
2007	Hussels, S., Sherman, C., Ward, D., & Zurbrugg, R. (2007). South and East Asian insurance market growth and development. In J. Cummins, & B. Venard (Eds.), Handbook of International Insurance: Between Global Dynamics and Local Contingencies (pp. 849-876). USA: Springer.

Conference Papers

Year	Citation
2012	Ghandar, A., Michalewicz, Z., & Zurbrugg, R. (2012). Enhancing profitability through interpretability in algorithmic trading with a multiobjective evolutionary fuzzy system. In Proceedings of the12th International Conference on Parallel Problem Solving from Nature, PPSN 2012 Vol. 7492 LNCS (pp. 42-51). Germany: Springer-Verlag. DOI Scopus3
2011	Fu, Y., Lee, S., Xu, L., & Zurbrugg, R. (2011). Market force or goverment regulation: which drives banking capital movements in China?. In Proceedings of the 2011 World Business and Economics Research Conference (pp. 1-21). online: Social Science Electronic Publishing.
2011	Ghandar, A., Michalewicz, Z., & Zurbrugg, R. (2011). A case for learning simpler rule sets with multiobjective evolutionary algorithms. In Proceedings of the 5th International conference on Rule-based reasoning, programming, and applications Vol. 6826 LNCS (pp. 297-304). Germany: Springer-Verlag. DOI Scopus1
2010	Ghandar, A., Michalewicz, Z., & Zurbrugg, R. (2010). Interpretable multi-criteria fuzzy rule based decision models for hedge fund management. In Proceedings of the 2010 IEEE Congress of Evolutionary Computation (pp. 1-8). USA: IEEE. DOI
2010	Ghandar, A., Michalewicz, Z., Zurbrugg, R., & Cheong, C. (2010). Index tracking fund enhancement using evolving multi-criteria fuzzy decision models. In Proceedings of the 2010 IEEE Congress of Evolutionary Computation (pp. 1-8). USA: IEEE. DOI Scopus3
2009	Cheong, C., Masum, M., & Zurbrugg, R. (2009). Financial analysts' forecast accuracy before and after AIFRS. In Proceedings of the 2009 AFAANZ Conference (pp. 1-27). online: AFAANZ.
2009	Larkin, J., Brooksby, A., Lin, C., & Zurbrugg, R. (2009). Implied volatility smiles, option mispricing and net buying pressure: Evidence around the global financial crisis. In Proceedings of the Financial Cris (pp. Causes, Characteristics and Effects, 2009;. pp.1-29). Western Australia. DOI
2009	Ghandar, A., Michalewicz, Z., & Zurbrugg, R. (2009). Learning multi-criteria fuzzy rule based decision models for hedge fund management. In Proceedins of MIC 2009: The VII Metaheuristics International Conference (pp. 1-10). Germany: University of Hamburg.
2009	Buckley, M., Ghandar, A., Michalewicz, Z., & Zurbrugg, R. (2009). Evaluation of Intelligent Quantitative Hedge Fund Management. In Proceedings of the IEEE Congress on Evolutionary Computation (pp. 320-358). USA: IEEE. DOI Scopus1 WoS1
2008	Ghandar, A., Michalewicz, Z., To, T., & Zurbrugg, R. (2008). The performance of an adaptive portfolio management system. In Proceedings of the IEEE WCCI2008 (pp. 1-9). CD: IEEE. DOI Scopus6 WoS1
2008	Masum, M., Cheong, C., & Zurbrugg, R. (2008). The role of financial analysts in the Australian capital market. In 13th Annual Finsia - Melbourne Centre for Financial Studies Banking and Finance Conference (pp. 0 pages). Melbourne, Victoria.
2007	Ghandar, A., Michalewicz, Z., Schmidt, M., To, T., & Zurbrugg, R. (2007). A computational intelligence portfolio construction system for equity market trading. In K. Tan, & J. Xu (Eds.), Proceedings of CEC 2007 (pp. 1-8). CDROM: IEEE. DOI Scopus7 WoS4
2002	Siwamogsatham, C., & Zurbrugg, R. (2002). Business performance in Thailand before and after the 1997 financial crisis. In Chi Sum Wong (Ed.), Innovating Asian management in the 21st century (pp. CDROM 1-CDROM 21). CDROM: Asian Academy of Management.

'Development of Evolutionary Computation Processes to aid in Stock Selection Picking', with Thuy To, Martin Schmidt, Zbigniew Michalewicz,, ABP Pension Fund, 2005-07.

‘Reporting Methods for Superannuation Performance', with C. Cheong, IFSA (Financial Services Council), 2008.

ARC-Linkage, Survival of Australia's Family Farms: Capital Raising and Credit Access, with Stringer, R and Canil J. Partner ANZ Bank, 2009-2013.

‘Examination of the Impact of HomeStart loans on the South Australian Mortgage Market', with Mihaylov, G., HomeStart, 2010-2013.

ARC-Discovery, The Implications for Greying Australia of International Property Market Inter-Linkages, with Gerlach, R. and Wilson, P., 2010-2011.

ARC-Discovery, Computational Intelligence Methods for Financial Applications, with Z Michalewicz, 2010-2012.

ARC-Linkage, The Adequacy and Sustainability of Self-Managed Superannuation Funds: Governance, Performance, Asset Allocation, Fee Structure and Compliance, with Yawson, A. and Tretola, J., 2010-2013.

ARC-Linkage, Funding our future: perceptions of the value of financial planning advice, with C Plewa, J Sweeney, and Michayluk, D., 2012-2015.

EU Centre for Global Affairs. Signature research project on corporate governance in Asia, with D Boehe, 2015-2018.

CPA Australia. Best Practice Governance in the Not-For-Profit Sector, with Coram, P., Kent, P and Yawson, A. 2019.

Shenzhen Government Innovation Plan Grant. The application of artificial intelligence in financial portfolio management, (consortium lead by with Ghandar, A.) 2019-2020.

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Current Higher Degree by Research Supervision (University of Adelaide)

Date	Role	Research Topic	Program	Degree Type	Student Load	Student Name
2021	Principal Supervisor	How does Investing in Derivatives Impact Investors' Behaviors on the Stock Market?	Master of Philosophy	Master	Full Time	Mr Hoang Long Bui
2021	Co-Supervisor	CSR	Doctor of Philosophy	Doctorate	Full Time	Ms Yanlin Liu
2021	Co-Supervisor	The relation between payout policies and shareholder voting (Say on Pay provision (SoP) of the 2010 Dodd-Frank Act)	Master of Philosophy	Master	Full Time	Mr Zhichao Qiu
2021	Principal Supervisor	The Effect That Short Selling Brings to Corporate Governance	Master of Philosophy	Master	Full Time	Miss Vivian Li
2020	Co-Supervisor	TMT Confidence Dispersion and Corporate M&A Strategies and Performance	Doctor of Philosophy	Doctorate	Full Time	Mr Shihe Li
2018	Co-Supervisor	The Impact of Sovereign Re-rating on Systemic Risk: An Analysis of The Sovereign Ceiling Policy	Doctor of Philosophy	Doctorate	Full Time	Mr Md Abdul Wasi
2017	Co-Supervisor	Informed Trading Around Corporate Bankruptcy	Doctor of Philosophy	Doctorate	Full Time	Mr Dinh Trung Nguyen

Past Higher Degree by Research Supervision (University of Adelaide)

Date	Role	Research Topic	Program	Degree Type	Student Load	Student Name
2019 - 2020	Principal Supervisor	Does Firm-Level Political Risk affect Mergers and Acquisitions?	Master of Philosophy	Master	Full Time	Ms Yanlin Liu
2018 - 2020	Principal Supervisor	The bright side of belief dispersion within TMTs	Master of Philosophy	Master	Full Time	Mr Shihe Li
2017 - 2021	Principal Supervisor	Advertising's Financial Market Outcomes	Doctor of Philosophy	Doctorate	Full Time	Mr Shujie Liu
2016 - 2019	Principal Supervisor	Strategic Responses of Firms to Product Market Competition	Doctor of Philosophy	Doctorate	Full Time	Ms Anutchanat Jaroenjitrkam
2015 - 2019	Principal Supervisor	Tone at the Top: The Influence of CEO Personal Characteristics on Corporate Financial Reporting and Environmental Responsibility	Doctor of Philosophy	Doctorate	Full Time	Ms Thuy Lien Nguyen
2015 - 2019	Principal Supervisor	Hierarchical Complexity and Corporate Opaqueness	Doctor of Philosophy	Doctorate	Full Time	Mr Zhengyi Zhao
2015 - 2019	Principal Supervisor	The Determinants of Financial Analysts' Performance: Analyses using Quasi-Natural Experiments	Doctor of Philosophy	Doctorate	Full Time	Miss Thi Mai Lan Nguyen
2015 - 2017	Principal Supervisor	The asymmetric impact of positive and negative news on stock return synchronicity	Doctor of Philosophy	Doctorate	Part Time	Ms Sha Lu
2015 - 2017	Co-Supervisor	Cities and Corporate Social Performance	Master of Philosophy	Master	Full Time	Ms Ngoc Hanh Thi Tran
2014 - 2018	Principal Supervisor	The Role of Information Asymmetry and the Level of Market Trading Activity in Shaping the Time-to-Maturity Pattern of Futures Return Volatility	Doctor of Philosophy	Doctorate	Full Time	Mr Hoang Long Phan
2013 - 2014	Principal Supervisor	Banking Regulation and Corporate Governance: An Empirical Study of Chinese Banks	Doctor of Philosophy	Doctorate	Full Time	Miss Yishu Fu
2012 - 2015	Principal Supervisor	Essays on the impacts of household financial decision making	Doctor of Philosophy	Doctorate	Part Time	Dr George Mihaylov
2012 - 2016	Co-Supervisor	PRO-RIS and Customer Engagement in Complex Services	Doctor of Philosophy	Doctorate	Full Time	Miss Sylvia Chee Yeng Ng
2010 - 2016	Principal Supervisor	Nature versus Nurture: The Influence of Personal Attributes and Traits in Determining an Individual's Risk Taking in Trading	Doctor of Philosophy	Doctorate	Part Time	Dr Gary Tan
2010 - 2014	Principal Supervisor	The Significance of Shareholder Right Limiting Provisions during Merger Waves: An Empirical Investigation	Doctor of Philosophy	Doctorate	Full Time	Dr Ivan Obaydin
2009 - 2014	Principal Supervisor	Cross-Listing and Firm-Specific Information: Evidence from Chinese A-Shares and H-Shares	Doctor of Philosophy	Doctorate	Full Time	Miss Shan Li
2009 - 2014	Principal Supervisor	How Foreign Trades Affect Domestic Market Liquidity: A Transaction Level Analysis	Doctor of Philosophy	Doctorate	Full Time	Mr Yessy Peranginangin
2009 - 2012	Principal Supervisor	An Empirical Examination of Informed Trading in the Option Market	Doctor of Philosophy	Doctorate	Full Time	Miss Thi Thanh Van Le
2008 - 2015	Principal Supervisor	Explaining the information content and completion rates of on-market repurchase programs conducted in Australia	Doctor of Philosophy	Doctorate	Part Time	Dr Graeme Gould
2007 - 2010	Co-Supervisor	Computational Intelligence for Equity Portfolio Management	Doctor of Philosophy	Doctorate	Full Time	Dr Adam Mostafa Ghandar
2005 - 2009	Principal Supervisor	The Sensitivity of Returns of Non-Bank Financial Institutions to the Fixed Income and Equity Markets	Doctor of Philosophy	Doctorate	Part Time	APrf Chee Cheong
2004 - 2011	Principal Supervisor	The Impact of Changes of Capital Regulations on Bank Capital and Portfolio Risk Decisions: A Case Study of Indonesian Banks	Doctor of Philosophy	Doctorate	Part Time	Dr Ratna Derina
2004 - 2010	Principal Supervisor	Corporate Governance in the Islamic Banking System in Pakistan: The Role of the Shari'ah Supervisory Boards	Doctor of Philosophy	Doctorate	Part Time	Mr Hussain Rammal
2003 - 2006	Principal Supervisor	The Return-Volume Relationship for emerging Markets - Analysis of the Internet Technology Bubble in the United States	Doctor of Philosophy	Doctorate	Part Time	Mr Syed Zamin Ali
2002 - 2007	Principal Supervisor	The Impact of Macroeconomic Announcements on the Australian Fixed Income Market	Master of Commerce	Master	Part Time	Mr Nixon Mak

Position: Chair of Finance
Phone: 83135535
Email: ralf.zurbrugg@adelaide.edu.au
Fax: 8223 4782
Campus: North Terrace
Building: Nexus 10 Tower, floor 12
Room: 12 21
Org Unit: Business School Office

Professor Ralf-Yves Zurbrugg

Education

Certifications

Research Interests

Journals

Book Chapters

Conference Papers

Current Higher Degree by Research Supervision (University of Adelaide)

Past Higher Degree by Research Supervision (University of Adelaide)

Connect With Me

External Profiles