Faculty

Professor David Gallagher

Professor in Management (Finance)

BEc (Macq), MCom (W’gong), PhD (Syd), FFin

Teaching Areas

• Accounting, Banking & Finance

Research Area Affiliations

• Finance

Contact Details
Phone:  +61 2 9850 9975
Email:    david.gallagher@mgsm.edu.au

Research Statement

Professor Gallagher’s areas of expertise include investment management, institutional investor behaviour, capital markets, market efficiency, and performance measurement of portfolios. He has been described by the Australian Research Council as an “expert of international standing” in his field. He has received a number of international accolades for his research work, which, in the last five years, has attracted more than $1 million in research funding.

Contribution to Management Practice

His research is highly relevant to industry as well as contributing to public policy debate, and he has achieved great success through his involvement in the Commonwealth Government’s $100 million Capital Markets Cooperative Research Centre (CRC).  He is a Fellow of the Financial Services Institute of Australasia (Finsia), an editorial board member of Finsia’s journal (JASSA) and is a former deputy editor and area editor (Finance) of the Australian Journal of Management.

Media Topics

• Investment Management
• Institutional Investors
• Superannuation
• Capital Markets

 

Publications

journal articles

• Gallagher, D. R., Gardner, P., & Swan, P. (in press, 2012). Governance through Trading: Institutional Swing Trades and Subsequent Firm Performance. Journal of Financial and Quantitative Analysis.
• Dou, Y., Gallagher, D. R., Schneider, D., & Walter, T. (in press, 2012). Out of Sample Stock Return Predictability in Australia. Australian Journal of Management. 
• Jun, A., Gallagher, D. & Partington, G. (2011) Institutional Dividend Clienteles Under an Imputation Tax System, Journal Of Business Finance and Accounting, 38(1 – 2), 198-224.
• Foster, F.D., Gallagher, D., Looi, A., (2011) Institutional trading and share returns,  Journal of Banking and Finance, 35 (12), 3383-3399.
• Comerton-Forde, C., Gallagher, D., Lai, J. & Walter, T. (2011). Broker recommendations and Australian small-cap equity fund management. Accounting and Finance, 51(4), 893-922.
• Fong, K., Gallagher, D., Gardner, P. & Swan, P. (2011). Follow the leader: fund managers trading in signal-strength sequence. Accounting and Finance, 51(3), 684-710.
• Comerton-Forde, C., Gallagher, D., Nahhas, J. & Walter, T. (2010). Transaction costs and institutional trading in small-cap equity funds. Australian Journal of Management, 35(3), 313-327.
• Gallagher, D., Looi, A. & Pinnuck, M. (2010). Are active fund managers collectors of private information or fast interpreters of public information. Accounting and Finance, 50(3), 635-662.
• Chen, C., Comerton-Forde, C., Gallagher, D. & Walter, T. (2010). Investment manager skill in small-cap equities. Australian Journal of Management, 35(1), 23-49.
• Chan, H., Faff, R., Gallagher, D. & Looi, A. (2009). Fund Size, Transaction Costs and Performance: Size Matters!. Australian Journal of Management, 34(1), 73-96.
• Fong, K., Gallagher, D. & Lee, A. (2009). The Value of Alpha Forecasts in Portfolio Construction. Australian Journal of Management, 34(1), 97-121.
• Fong, K., Gallagher, D., Lau, S. & Swan, P. (2009). Do active fund managers care about capital gains tax efficiency?. Pacific-Basin Finance Journal, 17(2), 257-270.
• Gallagher, D.,Gardner, P. & Swan, P. (2009). Portfolio pumping: An examination of investment manager quarter-end trading and impact on performance. Pacific-Basin Finance Journal, 17(1), 1-27.
• Fong, K., Gallagher, D. & Lee, A. (2008). Benchmarking benchmarks: measuring characteristic selectivity using portfolio holdings data. Accounting and Finance, 48(5), 761-781.
• Ainsworth, A., Fong, K. & Gallagher, D. (2008). Style Drift and Portfolio Management for Active Australian Equity Funds. Australian Journal of Management, 32(3), 387-418.
• Fong, K., Gallagher, D. & Lee, A. (2008). The State of Origin of Australian Equity: Does Active Fund Manager Location Matter?. Australian Journal of Management, 32(3), 503-523.
• Benson, K., Gallagher, D. & Teodorowski, P. (2007). Momentum investing and the asset allocation decision. Accounting and Finance, 47(4), 571-598.
• Dishi, E., Gallagher, D. & Parwada, J. (2007). Institutional investment flows and the determinants of top fund manager turnover. Accounting and Finance, 47(2), 243-266.
• Brands, S., Gallagher, D. & Looi, A. (2006). Active investment manager portfolios and preferences for stock characteristics. Accounting and Finance, 46(2), 169-190.
• Gallagher, D., Nadarajah, P. & Pinnuck, M. (2006). Top Management Turnover: An Examination of Portfolio Holdings and Fund Performance. Australian Journal of Management, 31(2), 265-292.
• Gallagher, D. (2006). Thirty Years of Published Research in the Australian Journal of Management. Australian Journal of Management, 31(1), 141-160.
• Frino, A., Gallagher, D.& Oetomo, T. (2006). Further analysis of the liquidity and information components of institutional orders: Active versus passive funds. Pacific-Basin Finance Journal, 14(5), 439-452.
• Gallagher, D. & Pinnuck, M. (2006). Seasonality in Fund Performance: An Examination of the Portfolio Holdings and Trades of Investment Managers. Journal Of Business Finance and Accounting, 33(7-8), 1240-1266.
• Gallagher, D. & Gardner, P. (2006). The implications of blending specialist active equity fund management. The Journal of Asset Management,  7(1), 31-48.
• Gallagher, D. R. & Looi, A. (2006). Trading Behaviour and the Performance of Daily Institutional Trades. Accounting and Finance, 46 (1), 125-147. 
• Brands, S. & Gallagher, D. (2005). Portfolio selection, diversification and fund-of-funds: a note. Accounting and Finance, 45(2), 185-197.
• Brands, S., Brown, S., & Gallagher, D. (2005). Portfolio Concentration and Investment Manager Performance. International Review of Finance, 5 (3-4), 149-174.
• Gallagher, D. R. & Martin, K. (2005). Size and Investment Performance: A Research Note. Abacus - A Journal of Accounting, Finance and Business Studies, 41 (1), 55-65.
• Faff, R., Gallagher, D., & Wu, E. (2005). Tactical Asset Allocation: Australian Evidence. Australian Journal of Management, 30 (2), 261-282.
• Frino, A., Gallagher, D. & Oetomo, T. (2005). The Index Tracking Strategies of Passive and Enhanced Index Equity Funds. Australian Journal of Management, 30(1), 23-55.
• Fong, K., Gallagher, D., & Ng, A. (2005). The Use of Derivatives by Investment Managers and Implications for Portfolio Performance and Risk. International Review of Finance, 5 (1-2), 1-29.

book chapters

• Gallagher, D. (2007). “The role of index funds in retirement asset allocation”, in  H. Bateman (Ed.) Retirement Provision in Scary Markets, (pp. 55-77). UK: Edward Elgar.