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Keith Chan


Keith came to Australia to obtain his tertiary education in 1982. While he was studying his M.Com (Hons), he began working as a tutor and then as a lecturer in the School of Banking and Finance at the University of New South Wales. He joined the University of Technology, Sydney in 1992 and is involved in both undergraduate and postgraduate level courses.

Lecturer, Finance Discipline Group
MCom (Hons) (UNSW)
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+61 2 9514 4025

Research Interests

Dividend reinvestment plans and capital structure decisions.

Asset pricing, investment decisions, dividend policy, capital structure and financing decisions.


Chan, K.K., McColough, D. & Skully, M. 1995, 'Australian Imputation Tax System and Dividend Reinvestment Plans' in Ghosh, D.K. & Khaksari, S. (eds), Managerial Finance in the Corporate Economy, Routledge, UK, pp. 135-153.
Chan, K.K., McColough, D. & Skully, M. 1995, 'Do Dividend Reinvestment Plans Add Value?' in Gray, P.H. (ed), Research in International Business and Finance Volume 11B, Studies in the Financial Markets of the P, JAI Press, US, pp. 121-138.


Chan, K.K., McColough, D. & Skully, M. 1994, 'The announcement effects of discount dividend reinvestment plans in Australia', 10th Academy of International Business Southeast Asia Regional Conference, Beijing, China.
Chan, K.K., McColough, D. & Skully, M. 1993, 'The development of dividend reinvestment plans in Australia and their impact', 9th Academy of International Business West/Southeast Asia Regional Conference, Asia.

Journal articles

Chan, K.K., McColough, D. & Skully, M. 1996, 'Australian dividend reinvestment plans: An event study on discount rates', Applied Financial Economics, vol. 6, no. 6, pp. 551-561.
Chan, K.K., McColough, D. & Skully, M. 1995, 'Dividend reinvesment plans in Australia', Global Finance Journal, vol. 6, no. 1, pp. 79-99.
Chan, K.K., McColough, D. & Skully, M. 1993, 'Australia tax changes and dividend reinvestment announcement effects: A pre- and post-imputation study', Australian Journal of Management, vol. 18, no. 1, pp. 41-62.


Chan, K.K., McColough, D. & Skully, M. 1992, 'Australian Tax Changes and Dividend Reinvestment Announcement Effects: A Pre- and Post-Imputation Study'.
This paper used an event study approach to examine the impact of dividend reinvestment plans on shareholders returns in the pre- and post-imputation environment. The daily share return behaviour indicated that the announcement to introduce DRP was received indifferntly by the market prior to the imputation, but was valued positively afterwards. The results support the suggestion that under imputation the optimal dividend policy is to distribute the maximum franked dividend and implement a DRP to retain cashflows.