The Department of Applied Finance houses two major research centres.


The Centre for Corporate Sustainability and Environmental Finance at Macquarie University is a leading and interdisciplinary group of experts that develop financial and market applications to help tackle some of the world's most pressing environmental and social problems. The Centre has worldwide reach and impact by demonstrating a financial and business case for action on environmental and societal changes.

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The China Research Centre strives to achieve excellence in applied business research, with a focus on Chinese capital markets. It acts as a platform for collaboration by both local and international experts across academia, industry and governments.  Its goal is to foster innovative research and educational activities within the context of the Department of Applied Finance’s perspective of business for the benefit of society.


The Department of Applied Finance has a strong research program built on a collaborative multi-disciplinary approach. We pursue knowledge that puts us at the forefront of our disciplines in Australia and internationally.

The research of the Department is neatly captured by four key areas.

Commodity Markets & Climate Impacts

Mining and the export of natural resources are vital contributors to the Australian economy that are highly dependent on growth expectations and climate change adaptation policies. This research network focuses on econometric models and their application to commodity, energy, weather derivative and carbon emission markets. It aims to describe the complex behaviour and structure of these markets and to quantify financial and economic risks. Research also measures the risks of climate-impacted hazards on the Australian economy and evaluates strategies for mitigation and adaptation to climatic change. Finally, it aims to relate the impact of renewable energy policies to Australian commodity and financial markets.

Human Factors in Business & Finance

Research in this area is cross-disciplinary, drawing on strengths in finance, accounting, economics, management, ethics, psychology, financial literacy and linguistics—to develop an understanding of human behaviour in financial contexts. We examine how humans behave within financial institutions and how individuals make decisions and interpret financial information, using broad frameworks outside the traditional scope of economics and finance. Our findings: inform regulation; increase the resilience of financial institutions through improved governance and culture; and guide the design of more consumer-focused reports, products and services.

Banking & Regulation

This research area provides insights into the performance, governance and strategic interactions of financial institutions, and the costs and benefits of regulating their activities. The Australian banking sector has experienced significant changes and unprecedented growth in the past 20 years. It has recently been the subject of an extensive enquiry after questions arose about market behaviour and compliance—with recommendations currently being implemented. Current topical research projects investigate Australian bank capital, and international bank regulation and governance. These explorations include: bank capital and provisioning buffers; implicit subsidies evident in bond spreads; the impact of capital requirements on bank funding costs; determinants and outcomes of bank risk governance in the post-crisis period; and the effects of diversification in banking organisations.

Corporate Finance & Governance

This research area covers most topical issues in corporate finance and corporate governance especially focusing on international and emerging markets. We have engaged in collaborative research in finance discipline as well through interdisciplinary approach to research on areas across the finance, accounting, economics, and management disciplines. We have published co-authored papers in many leading academic journals through having successfully worked with colleagues locally and internationally on various research projects. Our current research projects investigate effects of political connections and promotion; government intervention; anti-corruption campaign; CEO compensation; bank lending and informal finance; cash holding and investment efficiency; IPO; ownership structure and family firm succession, board independence; mergers and acquisitions and the effects of government relation on audit quality.


The Department of Applied Finance provides a strong research focus for both its Masters in Research & PhD students. Under the guidance of their supervisors, our students focus on key research issues present in the field of Applied Finance.

Current PhD Students

Dr Amir Armaniousamir.armanious@students.mq.edu.auProfessor Thomas Smith
Mr Imtiaz Bhayatimtiaz.bhayat@students.mq,edu,auProfessor Andrew Lepone
Ms Humyra Jabeen Bristyhumyra.bristy@students.mq.edu.auProfessor Gary Tian
Ms June Caojune.cao@students.mq.edu.auProfessor Martina Linnenluecke
Mr Edward Curranedward.curran@students.mq.edu.auAssociate Professor Vito Mollica
Mr Aldo Fortunato Dalla Costaaldo-fortunato.dalla-costa@students.mq.edu.auAssociate Professor Vito Mollica
Mr Daniel Daugaarddaniel.daugaard@students.mq.edu.auProfessor Thomas Smith
Mr Qobolwakhe Dubeqobolwakhe.dube@students.mq.edu.auProfessor Michael Aitken
Dr Eros Favarettoeros.favaretto@students.mq.edu.auProfessor Andrew Lepone
Mr Stephen Frielstephen.friel@students.mq.edu.auProfessor Andrew Lepone
Miss Chanyuan Gechanyuan.ge@students.mq.edu.auDr Lorenzo Casavecchia
Miss Yilian Guoyilian.guo@students.mq.edu.auDr James Cummings
Ms Jing Hejing.he4@students.mq.edu.auProfessor Jing Shi
Mr Abbas Hejriabbas.hejri1@students.mq.edu.auDr Lorenzo Casavecchia
Mr Shahzada Imranshahzada.imran@students.mq.edu.auProfessor Gary Tian
Mr Ognjen Kovacevicognjen.kovacevic@students.mq.edu.auAssociate Professor Vito Mollico
Mr Yanlin Liyanlin.li@students.mq.edu.auProfessor Gary Tian
Mr Wei Liuwei.liu15@students.mq.edu.auProfesor Gary Tian
Ms Yixiao Liuyixiao.liu@students.mq.edu.auDr Shane Magee
Mr Jon Matthewsevan.matthews1@students.mq.edu.auProfessor Andrew Lepone
Mr Christian Neumeierchristian.neumeier@students.mq.edu.auProfessor Andrew Lepone
Miss Maria Francecsca Nuzzomaria-francesca.nuzzo@students.mq.edu.auProfessor Andrew Lepone
Mr Haresh Pardasaniharesh.pardasani@students.mq.edu.auAssociate Professor Vito Mollico
Mr Luco Parlamentoluco.parlamento@students.mq.edu.auProfessor Andrew Lepone
Mr Eugenio Piazzaeugenio.piazza@students.mq.edu.auProfessor Andrew Lepone
Mr Florian Schroederflorian.schroeder@students.mq.edu.auProfessor Andrew Lepone
Miss Leilei Songleilei.song@students.mq.edu.auProfessor Gary Tian
Mr Naveen Sumathipalanaveen.sumathipala@students.mq.edu.auDr Grace Lepone
Miss Yanling Wuyanling.wu@students.mq.edu.auProfessor Gary Tian
Mr Chen Yu Yanchen-yu.yan@students.mq.edu.auProfessor Andrew Lepone
Miss Zhini Yangzhini.yang@students.mq.edu.auDr Grace Lepone
Ms Hui Yuhui.yu1@students.mq.edu.auDr Shane Magee
Ms Qin Zhangqin.zhang3@students.mq.edu.auProfessor Michael Aitken
Ms Lu Zhoulu.zhou@students.mq.edu.auDr Mehdi Sadeghi
Mr Justin Bercichjustin.bercich@students.mq.edu.auProfessor Andrew Lepone

Current Master of Research Students - MRES

Mr Ao Shuao.shu@students.mq.edu.auProfessor Jing Shi
Miss Sijin Wangsijin.wang1@students.mq.edu.auProfessor Jing Shi
Ms Yi Zhengyi.zheng10@students.mq.edu.auProfessor Jing Shi
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