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Dr Gerhard Hambusch


Gerhard is a Senior Lecturer (Finance) in the UTS Business School with research and teaching interests in Corporate Finance, Banking, and Ethics.  Before joining UTS, Gerhard completed his PhD at the University of Wyoming (USA).  Gerhard also holds Master's degrees from the University of Wyoming (USA), the Friedrich Alexander University Erlangen-Nuremberg (Germany) and the EM Strasbourg Business School (France).
Selected financial industry experience includes supporting a EUR 5bn funds-of-funds private equity portfolio managed in Frankfurt, Germany as well as supporting a USD 1bn middle-market buyout fund managed in Chicago, IL. 
Gerhard earned the right to use the Chartered Financial Analyst designation and is a member of CFA Institute and the CFA Society of Sydney.


Member of CFA Institute and the CFA Society of Sydney

Image of Gerhard Hambusch
Senior Lecturer, Finance Discipline Group
Associate Member, Quantitative Finance Research Centre
Doctor of Philosophy
Download CV  (PDF 386 Kb, 2 pages)
+61 2 9514 7749

Research Interests

Corporate Finance
Capital Regulation
Ethics in Finance
25602 Ethics in Finance (Subject Coordinator)
25765 Corporate Finance


Hambusch, G. 2013, 'Ethics and Investment Professionalism' in 2015-2016 Claritas Investment Certificate, Volume One.


Hambusch, G. 2013, 'Embedding Ethics in the Business Curriculum', CFA Institute Program Partner Conference, Virginia, USA.
Neil, J.A., Freeman, L.M., Waller, D.S., Hambusch, G. & Waite, K. 2012, 'Developing graduate attributes in ethics: UTS online ethics portal', Proceedings of UTS Teaching & Learning Forum, UTS, Sydney, Australia.
Glover, K. & Hambusch, G. 2011, 'Agency conflicts and the provision of debt when prices are mean reverting', International Finance and Banking Society Conference 2011, Rome, Italy.
Hambusch, G. 2011, 'The implications of mean reversion on investment and corporate financial policy', Quantitative Methods in Finance 2011 Conference, Sydney Australia.
Finnoff, D., Hambusch, G. & Shaffer, S. 2010, 'Optimal management of mean reverting losses', Annual Conference of the Multinational Finance Society, Barcelona, Spain.
Hambusch, G., Shaffer, S. & Finnoff, D. 2009, 'Intertemportal effects of capital requirements on risk taking behavior of banks', Seminar Presentation, Centre for Macroeconomic Analysis, Australian National University, Canberra, Australia.
Hambusch, G. 2009, 'Optimal management of mean reverting losses', Quantitative Methods in Finance 2009 Conference, Sydney, Australia.
Hambusch, G. 2009, 'Intertemporal effects of capital requirements on risk taking behaviour of banks', European Financial Management Association Conference, Milan, Italy.
Hambusch, G. 2009, 'Intertemporal effects of capital requirements on risk taking behaviour of banks', 27th Australasian Economic Theory Workshop, Auckland, New Zealand.

Journal articles

Gregory, K.G. & Hambusch, G. 2015, 'Factors driving risk in the U.S. banking industry: The role of capital, franchise value and lobbying', International Journal of Managerial Finance, vol. 11, no. 3, pp. 1-35.
View/Download from: UTS OPUS or Publisher's site
Hambusch, G., Hong, J.K. & Webster, E. 2015, 'Enhancing Risk-adjusted Return using Time Series Momentum in Souvereign Bonds', The Journal of Fixed Income, vol. 25, no. 1, pp. 96-111.
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This article studies an actively managed bond strategy based on time series momentum in sovereign bond markets. The author assesses the performance of an active strategy and investigates diversification benefits in comparison with a passive buy-and-hold strategy when each strategy is combined with international equity indexes. The analysis provides evidence that the active strategy offers higher expected returns without increasing return volatility. Importantly, and in comparison with the passive strategy, the active strategy results in both significant return and diversification enhancements when combined with international equity indexes. Therefore, the author suggests that his active momentum strategy can serve fund managers as an alternative to common long-only passive bond strategies to enhance the riskadjusted return of a combined portfolio of sovereign bonds and equitie
J. Glover, K. & Hambusch, G. 2014, 'The trade-off theory revisited: on the effect of operating leverage', International Journal of Managerial Finance, vol. 10, no. 1, pp. 2-22.
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Waller, D.S., Freeman, L.M., Hambusch, G., Waite, K., Neil, J. & Wray-Bliss, E. 2014, 'Embedding Ethics in the Business Curriculum: A Multi-Disciplinary Approach', Journal of Business Ethics Education, vol. 11, pp. 239-260.
View/Download from: UTS OPUS
In response to recent corporate ethical and financial disasters there has been increased pressure on business schools to improve their teaching of corporate ethics. Accreditation bodies, such as the Association to Advance Collegiate Schools of Business (AACSB), now require member institutions to develop the ethical awareness of business students, either through a dedicated subject or an integrated coverage of ethics across the curriculum. This paper describes an institutional approach to the incorporation of a comprehensive multi-disciplinary ethics framework into the business curriculum. We discuss important implications for the assessment of ethics within institutional assurance practices, and address critical issues related to the support of academics when required to incorporate new ethics material within their subject which may be outside their field of expertise. As an example, the successful application of the framework within the marketing discipline is presented and discussed.