Dr Michael Keefe

Dr Michael Keefe profile picture

Senior Lecturer School of Economics and Finance


Teaching in 2020

Personal homepage

Michael's personal homepage


  • Accounting and Finance Association of Australia and New Zealand (afaanz)
  • American Finance Association (AFA)
  • Financial Management Association (FMA)
  • Institute of Finance Professionals New Zealand (INFINZ)


PhD University of Texas at Dallas
MS Carnegie-Mellon University
BA College of the Holy Cross

Research interests

SSRN: Research Papers

Initial Public Offerings, Capital Structure, and Corporate Cash Holdings


Journal Articles

  • ‘Rookie directors and firm performance: Evidence from China’ (with Zonghoa Chen), forthcoming in the Journal of Corporate Finance.
  • 'A theory of political connections and financial outcomes', International Review of Economics and Finance, 61 (2019), pp.108-127.
  • 'Board of director compensation in China: To pay or not to pay? How much to pay? (with Zonghao Chen), Emerging Markets Review, 37 (2018), pp. 66-82.
  • 'The influence of cash flow volatility on capital structure and zero leverage by maturity' (with Mona Yaghoubi), Journal of Corporate Finance, 38 (2016), pp. 18-36.
  • ‘Seasonal affective disorder and IPO underpricing: Updated evidence’ (with Stephen Keef and Mohammed Khaled), Journal of Neuroscience, Psychology and Economics, 8, 2 (2015), pp. 78-99.
  • ‘Robusts determinants for IPO underpricing and their implications for IPO research’ (with Alexander Butler and Robert Kieschnick), Journal of Corporate Finance, 27 (2014), pp. 367-383.
  • 'The influence of moral hazard on investment in financially constrained and unconstrained firms' (with Robert Kieschnick), Finance Research Letters, 11, 3 (2014), pp. 272-281.
  • 'Does the effect of revealed private information on initial public offering (IPO) first trading day return differ by IPO market heat?' Accounting and Finance, 54, 3 (2014), pp. 921-964.
  • 'Seasonal affective disorder: The seasons versus the length of night’ (with Mohammed Khaled and Stephen Keef), The Empirical Economic Letters, 12, 12 (2013), pp. 1365-1369.
  • 'Is the relationship between conditional cash flow volatility ambiguous, asymmetric, or both?’ (with James Tate), Accounting and Finance, 53, 4 (2013), pp. 913-947.
  • ‘Does corporate ownership affect capital structure? - evidence from Chinese listed firms’ (with Zhengwei Wang and Wei Lin), Corporate Ownership and Control, 6, 4 (Summer 2009, Special Issue), pp. 532-542.

Other Articles

  • 'Michael Keefe explains why entrepreneurs and firms that have a high chance of succeeding tend not to connect with politicians', interest.co.nz, 23 February 2019 Article
  • 'A wild ride for small young firms', Competition and Regulation Times, 41 (2013).


Teaching in 2020