Andrew Grant

Photo of Andrew Grant

B MathFin (Hons) W'gong ; PhD Sydney
Senior Lecturer

Rm 507
H69 - Codrington Building
The University of Sydney
NSW 2006 Australia

Telephone +61 2 9036 6238
Fax +61 2 9351 6461


Andrew is a senior lecturer in the Discipline of Finance. His main areas of expertise are behavioural finance, individual investor decision making, and betting markets, focusing on preference and belief-based asset allocation and asset pricing decisions, including developing models of asset allocation and optimal investor behaviour in betting markets. Other broad dimensions of his research explore the interaction of individual investors with financial institutions, and how their behaviour may be predicted based on numerical scores or past performance, and what anchors drive individual investors to the marketplace. He has also been engaged with industry, with studies of alternative finance and marketplace lending in the Asia-Pacific.

Andrew is also an elected member of the Business School’s alumni executive committee, helping to organise events and engage with local and international alumni, connecting current students with former students. He has supervised a number of research students and received multiple awards for teaching. He has appeared as a guest commentator in print, radio, and on television, discussing issues such as gambling market and banking regulation, personal savings and asset allocation model evaluation.

Research Interests

Andrew’s research covers a wide range of topics, mainly based around individual behaviour in financial and betting markets. In financial markets, he has analysed the behaviour of financial analysts in generating trading volume for their firm using optimistic forecasts or recommendations. He has also explored the impact of divorce on portfolio choice and trading behaviour by individuals and studied the role of anchors and nudges as behavioural finance drivers of individual investor decision making, such as whether individual investors respond to reminders to pay off credit card bills or are more likely to sell stocks based on salient prices (such as the 52-week high). He has also explored what drives individual investors to be successful in personal loan applications, beyond the information contained in their credit score.

In betting markets, he has developed a portfolio approach to fixed-odds betting on simultaneous events (using exotic wagers and the Kelly Criterion) and provided a thorough analysis of the different types of bookmakers operating in the marketplace. His diverse range of interests stem from a background in decision analysis techniques, including expert forecast combination and forecast evaluation using probabilistic and economic scoring rules. Other approaches to preference-based decision making in markets arise from the use of expected utility and non-expected utility, including prospect theory and multivariate utility functions, which allow for more descriptive but realistic understanding of the underpinnings of financial behaviour.

Selected publications


Journal Articles

Grant A, Johnstone D, and Kwon O (2019) A Probability Scoring Rule for Simultaneous Events Decision Analysis, In Press.

Grant A, Johnstone D, and Kwon O (2019) The cost of capital in a prediction market International Journal of Forecasting, 35 (1), 313-320. [More Information]


Journal Articles

Grant A, Oikonomidis A, Bruce A, and Johnson J (2018) New entry, strategic diversity and efficiency in soccer betting markets: the creation and suppression of arbitrage opportunities European Journal of Finance, 24 (18), 1799-1816. [More Information]

Prasad N, Grant A, and Kim S (2018) Time varying volatility indices and their determinants: Evidence from developed and emerging stock markets International Review of Financial Analysis, 60, 115-126. [More Information]


Journal Article

Reza Bradrania M, Grant A, Westerholm P, and Wu W (2017) Fool's mate: What does CHESS tell us about individual investor trading performance? Accounting and Finance, 57 (4), 981-1017. [More Information]


Journal Article

Grant A, and Satchell S (2016) Theoretical decompositions of the cross-sectional dispersion of stock returns Quantitative Finance, 16 (2), 169-180. [More Information]


Zhang B, Deer L, Wardrop R, Grant A, Garvey K, Thorp S, Ziegler T, Ying K, Xinwei Z, Huang Y, Gray Y, Akhtar S, Anthonisz S, and et al (2016) Harnessing Potential: The Asia-Pacific Alternative Finance Benchmarking Report; KPMG, Sydney, 18-93.


Journal Article

Grant A, Jarnecic E, and Su M (2015) Asymmetric effects of sell-side analyst optimism and broker market share by clientele Journal of Financial Markets, 24, 49-65. [More Information]


Journal Article

He W, Grant A, and Fabre J (2013) Economic value of analyst recommendations in Australia: An application of the Black-Litterman asset allocation model Accounting and Finance, 53 (2), 441-470. [More Information]

Book Chapter

Grant A (2013) Betting on Simultaneous Events and Accumulator Gambles The Oxford Handbook of The Economics of Gambling; Oxford University Press, New York, USA, 341-369.


Journal Article

Buchen P, and Grant A (2012) A Comparison of Simultaneous Kelly Betting Strategies The Journal of Gambling Business and Economics, 6 (2), 1-28.


Journal Article

Grant A, and Johnstone D (2010) Finding profitable forecast combinations using probability scoring rules International Journal of Forecasting, 26 (3), 498-510. [More Information]


Journal Article

Grant A, Johnstone D, and Kwon O (2008) Optimal Betting Strategies for Simultaneous Games Decision Analysis, 5 (1), 10-18. [More Information]


Conference Proceeding

Grant A, Johnstone D, and Kwon O (2006) Optimal betting strategies for simultaneous games Accounting and Finance Association of Australia and New Zealand Conference (AFAANZ) 2006; John Wiley & Sons, online.

Selected grants

2018 - 2021

2018 - 2019

2018 - 2019



2016 - 2017





Recent Units Taught

  • FINC3023 Behavioural Finance

  • FINC5001 Capital Markets and Corporate Finance

  • FINC6001 Intermediate Corporate Finance

  • FINC6013 International Business Finance

  • FINC6016 Financial Instruments and Markets

  • FINC6022 Behavioural Finance

Newsroom articles

See all Newsroom items for Andrew Grant


Will online alternative financing replace the banks? Dr Andrew Grant discusses the first comprehensive study of the sector in the Asia-Pacific region. Part 1 of 2.

1:44 mins Play video   Watch on YouTube

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