The University of Western Australia

UWA Staff Profile

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Philip Brown

E/Prof Philip Brown

Senior Honorary Research Fellow
Business School Adjunct and Honorary Staff

Contact details
Business School Adjunct and Honorary Staff
The University of Western Australia (M252)
35 Stirling Highway
+61 8 6488 2899
+61 8 6488 1047
Philip Brown AM, BCom UNSW, MBA PhD Chicago, DSc (Honoris Causa) Lancaster, FASSA, FCPA

Philip Brown is a Senior Honorary Research Fellow in Accounting and Finance at UWA, an Emeritus Professor of UWA, an Honorary Professor at UNSW, and an Honorary Visiting Professor at Lancaster University. At various times he has been Visiting Professor at the University of Chicago and Stanford University in the USA, and at Lancaster University in the UK.

Prior to retirement in February 2013, Philip Brown held concurrent professorial appointments at UWA and UNSW. In 1991 he was the American Accounting Association's Distinguished International Visiting Lecturer; and in 1991/1992 he was the inaugural Coopers & Lybrand-Accounting Association of Australia and New Zealand Visiting Research Professor in Australasia. Philip was elected a Fellow of the Academy of the Social Sciences in Australia in 1978. In 1986 he and his University of Chicago colleague Ray Ball received the inaugural American Accounting Association's Seminal Contribution to Accounting Literature Award; and they were the American Accounting Association's Joint Presidential Scholars in 2012. In 1996 he received the inaugural Accounting Association of Australia and New Zealand's Outstanding Contribution to the Accounting Research Literature Award, which he shared with the late RJ Chambers. In 2000 he was made a life member of the Accounting and Finance Association of Australia and New Zealand;in 2010 he was inducted into the Australian Accounting Hall of Fame; and in 2012 he was appointed a Member of the Order of Australia. He is a Fellow of CPA Australia.

In accounting circles Philip is best known for his research into the role accounting reports play in informing financial markets. More recently he has focused on how the corporate governance arrangements of companies influence their disclosure policies, and how financial analysts and the market more generally respond to those policies.
Key research
Corporate governance, share market microstructure, financial accounting standards
Books and Monographs

Financial Accounting and Equity Markets: the Selected Essays of Philip Brown, Routledge Historical Perspectives in Accounting #4, edited by Stephen A. Zeff, Routledge, New York and London, 2013, xviii + 424.

Capital Markets-Based Research in Accounting: an Introduction, Coopers & Lybrand Accounting Research Methodology Monograph #1, Coopers & Lybrand and Accounting Association of Australia and New Zealand, Melbourne Australia, 1994, vii + 182 (translated into Chinese, Japanese and Korean and published in separate editions).

(with G. Clinch and G. Foster), Market microstructure and capital market information content research, Studies in Accounting Research #32, American Accounting Association, Sarasota, 1992.

(with R. Mathews (Chairman) and M. Jackson), Report of the Committee of Review of the Accounting Discipline in Higher Education, (3 Volumes), AGPS, Canberra, September 1990.

(with G. Foster and E. Noreen), Security analyst multi-year earnings forecasts and the capital market, Studies in Accounting Research #21, American Accounting Association, Sarasota, 1985.

(with R. Ball, F. Finn, and R. Officer) (eds), Sharemarkets and Portfolio Theory, University of Queensland Press, 1980 (2nd. ed. 1989).

Pamphlets and Chapters in Books

(with A. Ferguson and P. Lam) “Choice between alternative routes to go public: backdoor listing versus IPO”, in M. Levis and S. Vismara (eds), Handbook of Research On IPOs, Edward Elger Publishing, 2013.

(with F.J. Finn) “Asset revaluations and stock prices: alternative interpretations of a study by Sharpe and Walker”, in R. Ball, P. Brown, F.J. Finn and R.R. Officer (eds), Share Markets and Portfolio Theory, University of Queensland Press, 1988.

(with P. Hancock) “Profit reports and the sharemarket”, in I. Tilley and P. Jubb (eds), Capital, Income and Decision Making (Sydney: Holt, Rinehart and Winston), 1977.

“Those half-yearly reports”, Australian Society of Accountants Research Bulletin Number 13, June 1972.

Journal Articles (Scholarly Refereed)

(with J. Preiato and A. Tarca) “Measuring country differences in enforcement of accounting standards: An audit and enforcement proxy”, Journal of Business Finance & Accounting, 2014, 41(1-2), 1-52.

(with R. Ball) “Ball and Brown (1968): a retrospective”, The Accounting Review, 89(1), 2014, 1-26.

(with A. Feigin and A. Ferguson) “Market reactions to the reports of a star resource analyst”, Australian Journal of Management, 2014, 39(1), 137–158.

“How can we do better?” Accounting Horizons, 2013, 27(4), 855-859.

“Some observations on research on the benefits to nations of adopting IFRS”, The Japanese Accounting Review, 2013, 3, 1-19.

(with T.S. Walter) “The CAPM: theoretical validity, empirical intractability and practical applications”, Abacus, 2013, 49(S1), 44-50.

(with A. Tarca) “Ten years of IFRS: practitioners' comments and suggestions for research”, Australian Accounting Review, 2012, 22(4), 319-330.

(with G.W. Dobbie and A.B. Jackson) “Measures of the timeliness of earnings”, Australian Accounting Review, 21(3), 2011, 222-234.

“International Financial Reporting Standards: what are the benefits?” Accounting and Business Research, 41(3), 2011, 269-285.

(with W. Beekes and P. Verhoeven) “Corporate governance, accounting and finance: a review”, Accounting & Finance, 51(1), 2011, 96-172.

(with A. Ferguson and S. Sherry) “Investor behaviour in response to Australia's capital gains tax”, Accounting and Finance, 50(4), 2010, 783-808.

(with A. Ferguson and A. Jackson) “Pierpont and the capital market”, Abacus, 45(2), 2009, 147-170.

(with J.C.Y. How and P. Verhoeven) “The accuracy of analysts' dividend forecasts around the world”, Pacific-Basin Finance Journal, 16(4), 2008, 411-435.

(with A. Szimayer) “Valuing executive stock options: performance hurdles, early exercise and stochastic volatility”, Accounting and Finance, 48(3), 2008, 363-389.

(with A. Ferguson and K. Stone) “Share purchase plans in Australia: issuer characteristics, and valuation implications”, Australian Journal of Management, 33(2), 2008, 307-332.

(with B. Al-Shammari and A. Tarca) “An investigation of compliance with international accounting standards by listed companies in the Gulf Co-Operation Council Member States”, The International Journal of Accounting, 43(4), 2008, 425-447.

(with A. Tarca, P. Hancock, D.R. Woodliff, M.E. Bradbury and T. van Zijl) “Identifying decision useful information with the matrix format income statement”, Journal of International Financial Management & Accounting, 19(2), 2008, 184-217.

(with J. Mitchell) “Culture and stock price clustering: evidence from The Peoples' Republic of China”, Pacific-Basin Finance Journal, 16(1-2), 2008, 95-120.

(with A. Tarca) “Achieving high quality, comparable financial reporting: a review of independent enforcement bodies in Australia and the United Kingdom”, Abacus, 43(4), 2007, 438-473.

(with A. Tarca, P. Hancock, D.R. Woodliff, M.E. Bradbury and T. van Zijl) “The matrix format income statement: a case study about earnings management and reporting financial performance”, Issues in Accounting Education, 22(4), 2007, 607-623.

(with T. Boyd and A. Szimayer) “What determines early exercise of employee stock options in Australia?” Accounting and Finance, 47(2), 2007, 165-185.

(with W. Beekes) “Do better-governed Australian firms make more informative disclosures?” Journal of Business Finance & Accounting, 33(3-4), 2006, 422-450.

(with G. Gallery and O. Goei) “Does market misvaluation help explain share market long-run underperformance following a seasoned equity issue?” Accounting and Finance, 46(2), 2006, 191-219.

(with N. Chappel, R. da Silva Rosa and T.S. Walter) “The reach of the disposition effect: large sample evidence across investor classes”, International Review of Finance, 6(1-2), 2006, 43-78.

(with A. Tarca) “2005 -- it's here, ready or not: a review of the Australian financial reporting framework”, Australian Accounting Review, 15(2), 2005b, 68-78.

(with A. Tarca) “A commentary on issues relating to the enforcement of international financial reporting standards in the EU”, European Accounting Review, 14(1), 2005a, 181-212.

Other Publications

“IFRS: how real are the benefits? (in Korean language)”, Korean Institute of Certified Public Accountants' Monthly Journal, 207(8), 2010, 8-14.

“Book Review: “Profitability, accounting theory and methodology: the selected essays of Geoffrey Whittington”, The Accounting Review, 83(2), 2008, 557-559.

(with A. Ferguson and K. Stone) “Share purchase plans”, JASSA, 46(1), 2006, 18-23.

(with R. da Silva Rosa and T. McNaughton) “A portrait of managed fund investors”, BT Quarterly, 2006(2).

(with B. Howitt and M. Wee), “Order flow and price effects surrounding an ASX announcement”, 2005 AFAANZ Conference Proceedings, Accounting and Finance Association of Australia and New Zealand (July, 2005), CD-ROM (reprinted in Financial Accounting and Equity Markets: the Selected Essays of Philip Brown, Routledge Historical Perspectives in Accounting #4, edited by Stephen A. Zeff, Routledge, New York and London, 2013.)
Funding received
Emeritus Professor Philip Brown 2007, “DP0877596 - Corporate governance, corporate disclosure policies and the timeliness of price discovery: How competitive is the Australian equity market?”, ARC Discovery Projects, Funds Approved: $92,000.00. RFCD:

Dr Ann Tarca, Emeritus Professor Philip Brown, Associate Professor Philip Hancock, Associate Professor David Woodliff 2005, “An Experimental Study of the Decision Usefulness of the IASB”s Proposed Comprehensive Income Statement”, International Association for Accounting Education and Research, Funds Approved: $20,000.00. RFCD:

Emeritus Professor Philip Brown 1996, “The effect of enhanced disclosure on the efficiency of the Australian Share Market”, SUNDRY GRANTS, Funds Approved: $5,000.00. RFCD:

Prof H Izan, Emeritus Professor Philip Brown, Mr D Walsh 1996, “Order flow on the Australian equities market”, ARC Small Grants, Funds Approved: $0.00. RFCD:
Current external positions
Professor of Accounting and Finance, Schools of Accounting and Banking and Finance, The University of New South Wales (from 1 January 2003)
Research profile
Research profile and publications

The University of Western Australia

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Tuesday, 3 November, 2015 2:39 PM