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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 is a Chartered Financial Analyst (CFA) and 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
Can supervise: Yes
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: 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.
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.
Glover, K. & Hambusch, G. 2013, 'The Trade-off Theory Revisited: On the Effect of Operating Leverage'.
This paper investigates the effect of operating leverage, and the subsequent abandonment option available to managers, on the relationship between corporate earnings and optimal financial leverage, thereby providing an alternative (rational) explanation for the observed negative relationship between these two quantities. Working in a dynamic capital structure setting, where corporate earnings are modelled as an exogenous stochastic process, we explicitly add fixed operating costs to the firm's value optimisation. This introduces a degree of operating leverage and a non-zero value to the implicit abandonment option of the firm's manager. Solving for the firm's optimal timing and financing decisions we are able to derive the relationship between current corporate earnings and optimal financial leverage for a large class of earnings uncertainty assumptions. The theoretical implications are then tested empirically using a large selection of S&P 500 firms. Our analysis reveals that the manager's flexibility to abandon the project introduces nonlinearities into the valuation that are sufficient to reconcile the trade-off theory with the empirically observed negative earnings/financial leverage relationship. We further find theoretical and empirical evidence of a positive relationship between operating and financial leverage. Previous studies have used mean-reverting earnings as an explanation for the observed negative earnings/financial leverage relationship in a trade-off theory setting. We show that the relationship does not need to be process specific. Instead, it is a direct result of the financial flexibility of managers.