The University of Western Australia

UWA Staff Profile

Ipsum Lorem

Raymond da Silva Rosa

W/Prof Raymond da Silva Rosa

President
UWA Academic Staff Association (UWAASA)

Contact details
Address
UWA Academic Staff Association (UWAASA)
The University of Western Australia (M250)
35 Stirling Highway
CRAWLEY WA 6009
Australia
Phone
+61 8 6488 2974
Email
ray.dasilvarosa@uwa.edu.au

Winthrop Professor
Accounting and Finance (UWA Business School)

Contact details
Address
Accounting and Finance (UWA Business School)
The University of Western Australia (M250)
35 Stirling Highway
CRAWLEY WA 6009
Australia
Phone
+61 8 6488 2974
Fax
+61 8 6488 1047
Email
Ray.Dasilvarosa@uwa.edu.au
Qualifications
BCom PhD W.Aust.
Biography
Raymond da Silva Rosa is a Professor of Finance at UWA Business School, the University of Western Australia.

He is an elected member of UWA's Senate, Member of its Academic Council and President of the UWA Academic Staff Association

Raymond is also the Australian President of the Accounting & Finance Association of Australia and New Zealand.

Fellow, St Catherine's College

Raymond is a member of the Editorial Boards of
Accounting and Finance (Journal)
Australian Journal of Management

He is also the WA Representative on SIRCA's Membership Research Committee

Raymond lectures in Investment Analysis (3rd year undergraduate), Advanced Corporate Finance (4th year honours level), Managerial Finance (MBA program) and Mergers and Acquisitions (MBA program)

Raymond has taught in the MBA program at Melbourne Business School, in the Masters Program at the University of Sydney and at the Stern School of Business, New York University where he lectured in Behavioural Finance. Raymond wrote his PhD thesis on the sharemarket consequences of mergers and acquisitions and retains an on-going research interest in this area. He has also provided opinion as an expert witness on several occasions in lawsuits that arose from disputed contests for corporate control.

He has published widely on M&As in academic research journals and has provided opinion in this area as an expert witness on several occasions.

Key research
Mergers and acquisitions; Corporate Governance focusing on the market for directors; and the role of networks in capital markets
Publications
Monographs

Corporate Executives’ Experiences of Continuous Disclosure by R Da Silva Rosa, H. Corlett & T. Walter. Mono No. 9, Accounting Foundation University of Sydney, 2000. ISSN 0158-1945 ISBN 0 908269.

The Demutualisation of the Australian Stock Exchange: Causes and Consequences (2004) by Tom Cowan, Raymond Da Silva Rosa, and Terry Walter SAI Global ISBN: 0 7337 6270 0

Behavioural Finance: A Primer for Investment Advisers (2006) by Raymond Da Silva Rosa and Mike Parker (non-refereed) monograph commissioned by BT Financial Ltd.

Book Chapter

Da Silva Rosa, Raymond, 2010, “Some Commercial Observations on Schemes of Arrangement as we enter the 2010s – A Commentary” in Schemes of Arrangement edited by Kanaga Dharmanda (SC), Anthony Papamatheos, and John Koshy The Federation Press, Anandale, NSW ISBN 978 186287 806 8 (hbk)

Textbook

Investments by Bodie, Ariff, Da Silva Rosa, Kane and Marcus (1st Australian edition) McGraw-Hill 2007.

Journal Publications

“"To scheme or bid? Choice of takeover method and impact on premium" with Martin Bugeja, Izan and Susan Ngan (2015) Australian Journal of Management (forthcoming, available online April 2015).
“Identity construction through role and network position” with Sharon Purchase and Daniel Schepis (2015) Industrial Marketing Management (forthcoming, available online 18 July 2015).
“Evaluating creeping acquisitions” with Michael Kingsbury and David Yermack (2015) Sydney Law Review v37(1, March): 37-68.
"CEO compensation from M&As in Australia" with M. Bugeja, L. Duong, and HY Izan Journal of Business Finance & Accounting (2012)
“Capital gains taxation and shareholder wealth in takeovers” with M. Bugeja, M., 2010, Accounting & Finance Journal v50(2):241-262.
“The impact of director reputation and performance on the turnover and board seats of target firm directors” with Bugeja, M, and A. Lee, Journal of Business Finance and Accounting, 2009, 185-209
“ASIC actions: Canaries for poor corporate governance?” with R., J. Filippetto and A. Tarca, Accounting Research Journal, 2008:1(1): 67-86 Best paper award for article published in 2008 in Accounting Research Journal
“Taxation of shareholder capital gains and the choice of payment method in takeovers” with M. Bugeja, Accounting & Business Research 2008, v38(4): 331-350
“The role of salience in portfolio formation” with R. Durand, Pacific-Basin Finance Journal (special edition on behavioural finance) 2008 v16:1-2 pp. 78-94
“Board governance and IPO performance in the short-run and long-run” with HY Izan, M-C-Y-Lin and C.F. Lin Corporate Ownership & Control 2007, v5(1):66-78
“One size does not fit all: Small companies and ASX corporate governance compliance” with D. Etheridge, and HY Izan, 2007, Corporate Ownership & Control v5(1): 66-78
“Raising the takeover threshold in Australia: Issues and evidence” with M. Bugeja, JASSA, 2006, v46:33
“Market misvaluation driven acquisitions: Contrary Australian evidence” with HY Ian and S. Ji., Company and Securities Law Journal, 2006, v24(2):75
“Do informed traders win? An analysis of changes in corporate ownership around substantial shareholder notices” with N. Saverimuttu and T. Walter, International Review of Finance, 2005:113
”Expert reports in Australian takeovers: Fees and quality” with M. Bugeja and T. Walter, Abacus, 2005, v41(3): 307-322
“Competition in the Market for Takeover Advisers” with P. Lee, M. Skott, and T. Walter, Australian Journal of Management, 2004, v29 (Special Issue): 61-92
“The equity of wealth effects of method of payment in takover bids for privately held firms” with R. Limmack, S. Supriadi, and D Woodliff, 2004, Australian Journal of Management, 29 (Special Issue): 93-110
“Market returns to acquirers of substantial assets” with T. Walter, T., T. Nguyen, 2004, Australian Journal of Management, v29 (Special Issue): 111-134
“Board characteristics of Australian IPOs: An analysis in light of the ASX Best Practice Recommendations”, 2004, Australian Accounting Review, with HY Izan, M. Lin v14(1):25-32
“Australian Mergers and Acquisitions Since the 1980s: What Do We Know and What Remains to be Done?” ,2004, with T. Walter Australian Journal of Management, 29, Special Issue, pp. i-xiii (Editorial)
“The sharemarket performance of Australian venture capital backed and non-venture capital backed IPOs”, 2003, with G. Velayuthen, & T. Walter Pacific-Basin Finance Journal v11:197-218.
“Capital gains tax and initial public offerings”, 2000, with T. Walter, 2000 ASX Perspectives, January 2000.
“The method of payment decision in Australian takeovers: An investigation of causes and effects”, 2000, with HY Izan, A. Steinbeck and T. Walter, Australian Journal of Management v25:67-94
“Australia’s corporate law reform and the market for corporate control”, 1998, with P. Brown AGENDA v5,(2):179-18
“Research Method and the Long-Run Performance of Acquiring Firms”, 1998, with Philip Brown, Australian Journal of Management, June pp. 23-38
“Takeovers: Who Wins?” 1998, with P. Brown, JASSA: The Journal of the Securities Institute of Australia, v4(Summer): 2-5.
Roles, responsibilities and expertise
Member, UWA Senate
Member, UWA Academic Council
President, UWA Academic Staff Association,
Co-President (Australia), Accounting & Finance Association of Australia and New Zealand (AFAANZ)
Member, Editorial Board, Accounting & Finance - academic journal published under the auspices of AFAANZ
Member, Editorial Board, Australian Journal of Management – academic journal published by Sage
WA Representative, SIRCA Member Research Committee (http://www.sirca.org.au/about-sirca/member-research-committee/)
Future research
The role of networks in raising capital for micro-cap firms
Investigations into the market for directors of listed companies
Impact of natural disasters on individuals' investment choices
Several topics related to mergers and acquisitions
Funding received
Recipient in 2015 with Professor Martin Bugeja (UTS), Dr Yaowen Shan (UTS), Professor Terry Walter (Sydney) and Professor David Yermack (New York University) of $120,000 from the Centre for International Finance and Regulation for research on the impact of the “two strikes” rule on management compensation.

Over $60,000 since 2012 from Colonial First State Global Asset Management for research in development of the proprietary Australian Equity Preference Index. Co-recipients: Paul Gerrans and Richard Heaney. This is an on-going project

Recipient with Professor Izan and Associate-Professor Martin Bugeja of an ARC Discovery Grant totaling $190,000 over the three years 2012, 2013 and 2014. Title: Schemes of arrangement versus takeovers: implications of the choice for shareholders and directors
Recipient with Professor Izan and Dr Martin Bugeja of an ARC Discovery Grant totalling $179,000 over the three years 2007, 2008 & 2009. Title: “The role of directors in corporate takeovers”

Recipient with Professor Allen Craswell of an Australian Research Council Large Grant totalling $140,750 over the three years 2001, 2002 and 2003. Title: “The impact of corporate ownership structure and board composition on corporate information disclosures”
Recipient with Professor Terry Walter of an Australian Research Council Large Grant totalling $149,000 over the three years 1997, 1998 and 1999. Title: “Corporate Performance following Takeover Bids: Sharemarket and Accounting Based Measures”.
Recipient with Professor Izan and Associate-Professor Martin Bugeja of an ARC Discovery Grant totaling $190,000 over the three years 2012, 2013 and 2014. Title: Schemes of arrangement versus takeovers: implications of the choice for shareholders and directors

Recipient with Professor Izan and Dr Martin Bugeja of an ARC Discovery Grant totalling $179,000 over the three years 2007, 2008 & 2009. Title: “The role of directors in corporate takeovers”

Recipient with Professor Allen Craswell of an Australian Research Council Large Grant totalling $140,750 over the three years 2001, 2002 and 2003. Title: “The impact of corporate ownership structure and board composition on corporate information disclosures”

Recipient with Professor Terry Walter of an Australian Research Council Large Grant totalling $149,000 over the three years 1997, 1998 and 1999. Title: “Corporate Performance following Takeover Bids: Sharemarket and Accounting Based Measures”.

Other Research Grants

$42,450 in 2012 - from Colonial First State Global Asset Management for research in development of the proprietary Australian Equity Preference Index, 2012. Co-recipients: Paul Gerrans and Richard Heaney. This is an on-going project. See http://www.cfsgam.com.au/uploadedFiles/CFSGAM/Blogs/EPI_Blog/Equity_Preference_Index_June2012.pdf

$16,333 in 2011 from the UWA Futures Fund for research into “Capital Raising by Junior Resources Companies”, 2011. Co-recipient: Sharon Purchase. This is an on-going project. A report back to the industry participants was provided at a research forum hosted by Sharon Purchase and Raymond da Silva Rosa. Title of forum: “The role of business networks on venture formation in the Junior Mining sector”
Industrial relevance
•Connect4 – commissioned expert commentary to accompany its 2015, 2014, 2013, 2012, 2011, 2010, 2009, 2008, and 2007 annual surveys of CEO and directors’ pay in Australian stock exchange listed companies. A separate report on pay to women directors in ASX-listed companies was commissioned in 2009. For details of “2015 Boardroom Remuneration Review” see http://connect4.com.au/
•Securities Institute of Australia (SIA) - commissioned report on impact of takeover activity of the 20% limit on acquisition of shares before a formal takeover offer has to be made (with Martin Bugeja, University of Sydney)
•Canadian Government “Wise Persons Committee” – commissioned report on the impact of federalisation of Australia’s securities legislation on the Australian capital markets (with Professor Ralph Simmonds, Foundation Dean of Murdoch Law School). Copy of report available at: http://www.wise-averties.ca/report_en.html
•ASX Ltd - commissioned report on the capital gains tax implications of Australian initial public offerings over the period 1995 to 1999.
•HBF & Gerrard Daniels - commissioned report on factors determining corporate directors’ remuneration
•Provided expert opinion in eleven legal court cases, commissioned either by ASIC or private parties
Memberships
Accounting & Finance Association of Australia and New Zealand (AFAANZ)
UWA Academic Staff Association
Honours and awards
Inaugural UWA Guild of Undergraduates Award for Excellence in Teaching in the Faculty of Economics and Commerce (1996)
Business School Excellence in Teaching Award in the category of Undergraduate Coursework - Large Class (2014)
Runner-up University of Sydney Faculty of Economics Teaching Award 1999
Previous positions
Head, Accounting & Finance, UWA Business School (July 2008 to December 2011)
Associate Dean – International, UWA Business School (August 2010 to November 2012)
Senior Visiting Fellow, MBA Program Melbourne Business School, University of Melbourne (courses taught: M&A, Investments)
Visiting Associate Professor, Stern School of Business, New York University (Jan 2008 to June 2008)
Associate Professor, UWA Business School (2001 to 2007)
Senior Lecturer, Faculty of Economics and Business, University of Sydney (1998 to 2001)
Member, Editorial Board, Australian Accounting Review (2002 to June 2009)
Current external positions
•President and Board Member, Accounting & Finance Association of Australian & New Zealand;
•Member, Editorial Board, Accounting & Finance - academic journal published under the auspices of the Accounting & Finance Association of Australian & New Zealand (AFAANZ)
•Member, Editorial Board, Australian Journal of Management – academic journal published by Sage in conjunction with UNSW Business School.
•WA Representative, SIRCA Member Research Committee (http://www.sirca.org.au/about-sirca/member-research-committee/)
•Honorary, Department of Business Administration, Faculty of Business & Economics, University of Melbourne.
New and noteworthy
•Keynote address: "Research and Education in Accounting: Current Issues and Future Prospects” at YKPN Business School, Yogjakarta, Indonesia on the occasion of the celebration of the 35th anniversary of the founding of the School. 9th November 2015
•Presentation: “The World Wide Market for Finance Graduates”, Hong Kong Baptist University (12 October 2015).
•Presentation: “Trends in Personal Finance in a Low Interest Rate World” invitation from Ben Harvey, Business Editor, The West Australian newspaper to present to 10 financial analysts. Report from meeting published in 10 August edition of The West Australian.
•Presentation: “The unexpected path to a low interest rate world: implications for Australian investors” Invitation from Tom Murrell, Convenor of the S2R Interest Group comprising around 35 suppliers to the resources sector (7th August 2015 at Table 78 West Perth).
•Chair of Panel – Current trends in M&A. 4th Corporate Control Forum, 17th July 2015.
•Presentation to 30 CEOs participating in Tsinghua University’s CEO Improvement Class on 4th December 2014. Invitation from IAE Education Network

1.“Declining marriage rates in Western Australia” Radio interview with Adam Shand Drive on 6PR 20 July 2015
2.“Greeks 'framed' in austerity push” by Raymond Da Silva Rosa, Op Ed WA Business News 26 June 2015
3.“Greece Economy Ruins” by Shane Wright 4 July 2015 The West Australian
4.“Universities should stick to the facts and leave organised religion to rule on moral disputes” Op Ed by Raymond da Silva Rosa 26 May 2015 The Australian
5.“Shareholders get less from schemes than takeovers: study” by Kylar Loussikian 18 May 2015 The Australian
6.“New Centre would have tested climate solutions” by Bjorn Lomborg 15 May 2015 The Australian Financial Review
7.“Creep takeover rule defies fairness” by Rodd Levy 12 May 2015 The Australian Financial Review
8.“Lomborg row shows universities are different from think tanks” Op Ed by Raymond da Silva Rosa 12 May 2015 The Australian Financial Review
9.“More to high prices than forever blowing bubbles” Op Ed by Raymond da Silva Rosa 14 April 2015 The Australian Financial Review
10.“Creeping acquisitions more frequent than thought but ‘no cause for alarm’” by Paul Garvey 7 April 2015 The Australian
11.“How ex-pollies dent performance” by Paul Garvey The Australian 20 March 2015
12.“Future bright for jobless” by Lisa Thomas, Geraldton Guardian, 10 December 2014.


Current projects
Industry Commissioned Research

Connect4 – commissioned expert commentary to accompany its 2013, 2012, 2011, 2010, 2009, 2008, and 2007 annual surveys of CEO and directors’ pay in Australian stock exchange listed companies. A separate report on pay to women directors in ASX-listed companies was commissioned in 2009. For details of “2013 Boardroom Remuneration Review” see http://connect4.com.au/

Securities Institute of Australia (SIA) - commissioned report on impact of takeover activity of the 20% limit on acquisition of shares before a formal takeover offer has to be made (with Martin Bugeja, University of Sydney)

Canadian Government “Wise Persons Committee” – commissioned report on the impact of federalisation of Australia’s securities legislation on the Australian capital markets (with Professor Ralph Simmonds, Foundation Dean of Murdoch Law School). Copy of report available at: http://www.wise-averties.ca/report_en.html

ASX Ltd - commissioned report on the capital gains tax implications of Australian initial public offerings over the period 1995 to 1999.

HBF & Gerrard Daniels - commissioned report on factors determining corporate directors’ remuneration

Provided expert opinion in eleven legal court cases, commissioned either by ASIC or private parties
Research profile
Research profile and publications
 

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Last updated:
Tuesday, 3 November, 2015 2:39 PM