Danika Wright

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BCom (Liberal Studies) (Hons); PhD Sydney; CFA
Senior Lecturer

Rm 505
H69 - Codrington Building
The University of Sydney
NSW 2006 Australia

Telephone +61 2 9351 6455
Fax +61 2 9351 6461
danika.wright@sydney.edu.au
@danikanomics
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Bio

Dr Danika Wright is a Senior Lecturer in the Discipline of Finance at the University of Sydney Business School.

Dr Wright’s current research interest is in corporate finance. In particular, her research projects examine the links between M&A and capital structure. She has also worked on projects relating to corporate governance, investor behaviour and housing economics.

Prior to joining the University of Sydney Business School, Dr Wright worked in the research team of finance-based start ups and funds management firms.

Dr Wright’s primary teaching areas are in Mergers and Acquisitions, and Investments and Portfolio Management. In these units, students are encouraged to engage and apply textbook materials to real world applications.

Dr Wright is an active supporter of business student organizations and opportunities for students to engage with future employers. She has mentored student teams to success in the UBS Investment Banking Challenge, Management Consulting Case Competition, and the Cornell International Real Estate Case Competition. She also regularly volunteers as an assessor for the Business School Industry Placement Program.

Dr Wright previously held the position of Business School Honours Program Director and has served on numerous faculty strategic committees and boards. Dr Wright is an alumna of the University of Sydney, graduating with First Class Honours in 2007 and earning her PhD in 2010.

Research Interests

Dr Wright’s research interest is in corporate finance. In particular, her research projects examine the links between M&A and capital structure.

Her current projects study the method of payment in M&A. This can tell us about the way economic incentives affect corporate decision making.

In M&A the primary methods of payment used are cash, stock, or a combination of the two. Increasingly, acquiring firms include a contingent payment as part of the total deal consideration. These payments are often referred to as “earnouts”. If a deal has an earnout arrangement it means that part of the deal payment is made at a later date and is determined by some future outcome, helping acquirers offset some of the valuation risk inherent to the acquisition. The types of questions asked in Dr Wright’s research are:

  • How should acquirers optimally structure these contingent payments?
  • What types of targets would accept a contingent payment?
  • Do financial reporting requirements affect the use of such devices?

An extension to this project considers the way acquirers finance acquisitions. This is closely linked to the method of payment choice, and can have a significant impact on the investment of shareholders and bondholders in the company making the acquisition.

Dr Wright is actively involved in cross-disciplinary collaborations and also works on projects relating to corporate governance, investor behaviour and housing economics.

Her earlier research studied the design, investment and economics of housing markets. Partnering with industry leaders, she co-developed the intellectual property that established the ASX Residential Real Estate Derivatives market and the benchmark CoreLogic RP Data-Rismark House Price Index series. She has presented her research work in this area to the RBA, and is a former member of the Sirca-CoreLogic joint research committee set up to promote academic research into the Australian housing market.

Selected publications

2018

Journal Article

Frino A, Lepone G, and Wright D (2018) Are paper winners gamblers? Evidence from Australian retail investors Accounting and Finance, In Press. [More Information]

2017

Journal Article

Murray B, Svec J, and Wright D (2017) Wealth transfer, signaling and leverage in M&A International Review of Financial Analysis, 52, 203-212. [More Information]

2016

Conference Proceeding

Wright D (2016) Are Lucky Prices Optimal? 2016 Auckland Finance Meeting (AFM 2016); Auckland University of Technology, Auckland.

Report

Alcock J, Andrlikova P, Aspris A, Foley S, Satchell S, Segara R, Wright D, and Yao J (2016) Asset price bubbles in the Australian Market; The Centre for International Finance and Regulation, Sydney, 4-154.

2015

Journal Article

Frino A, Lepone G, and Wright D (2015) Investor Characteristics and the Disposition Effect Pacific-Basin Finance Journal, 31, 1-12. [More Information]

2014

Book Chapter

Wright D, Aspris A, and Svec J (2014) Evaluating the Performance of M&A Mergers and Acquisitions; Pearson Custom Books, Australia.

2013

Report

Lepone A, Mollica V, and Wright D (2013) Technology Impact on Capital Markets; Capital Markets Consulting Services, Sydney, 2-30.

2012

Journal Articles

Frino A, Peat M, and Wright D (2012) The impact of auctions on residential property prices Accounting and Finance, 52 (3), 815-830. [More Information]

Peat M, and Wright D (2012) The Impact of Residential Property Investment on Portfolio Performance JASSA, 3 (2), 35-42.

2009

Conference Proceeding

Wright D, Frino A, and Peat M (2009) Seasonality in Australian Residential Real Estate Prices 22nd Australasian Banking and Finance Conference 2009, The Shangri-La Hotel, Sydney Australia.

2008

Conference Proceeding

Wright D, Frino A, and Peat M (2008) First-Sale Bias and Age Effects: Do 'new' properties sell at a premium? 21st Australasian Banking and Finance Conference 2008, Shangri-La Hotel in Sydney, Australia.

Recent Units Taught

  • FINC3013 Mergers and Acquisitions

  • FINC3017 Investments and Portfolio Management

  • FINC5001 Capital Markets and Corporate Finance

  • FINC6017 Mergers and Acquisitions

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Videos

House prices are a hot topic for many Australians. Markets such as Sydney and Melbourne have seen a rise in house prices by roughly 10-15% over the last 12 months. Dr Danika Wright explores some of the issues surrounding the current climate, as well as common misconceptions.

1:50 mins Play video   Watch on YouTube


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