P. Joakim Westerholm

University of Sydney Business School

Cnr. of Codrington and Rose Streets

Sydney, NSW 2006

Australia

Financial Research Network (FIRN)

C/- University of Queensland Business School

St Lucia, 4071 Brisbane

Queensland

Australia

http://www.firn.org.au

SCHOLARLY PAPERS

40

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5,333

CITATIONS
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Top 26,977

in Total Papers Citations

9

Scholarly Papers (40)

1.

Informed Trading Through the Accounts of Children

Journal of Finance, Forthcoming
Number of pages: 81 Posted: 07 Jun 2012 Last Revised: 20 Feb 2013
Henk Berkman, Paul D. Koch and P. Joakim Westerholm
University of Auckland - Business School, Iowa State University - Finance Department and University of Sydney Business School
Downloads 455 (61,117)
Citation 1

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Individual investors, informed trading, insider trading, information asymmetry, market efficiency, PIN

2.

The Gender Face-Off: Do Females Come Out on Top in Terms of Trading Performance?

29th Australasian Finance and Banking Conference 2016
Number of pages: 63 Posted: 20 Aug 2016 Last Revised: 04 Sep 2016
Wei Lu, Peter L. Swan and P. Joakim Westerholm
The University of New South Wales, University of New South Wales (UNSW Sydney and University of Sydney Business School
Downloads 449 (62,097)

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Gender differences, Individual investors, Calendar-time, Horizon-invariant, Trading performance

3.

Are Algorithmic Trades Informed? - An Empirical Analysis of Algorithmic Trading Around Earnings Announcements

27th Australasian Finance and Banking Conference 2014 Paper
Number of pages: 46 Posted: 22 Aug 2012 Last Revised: 15 Sep 2015
Alex Frino, Tina Viljoen, George H. K. Wang, P. Joakim Westerholm and Hui Zheng
The University of Sydney - Discipline of Finance, University of Sydney Business School, George Mason University - Department of Finance, University of Sydney Business School and Discipline of Finance, The University of Sydney
Downloads 401 (71,156)
Citation 1

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algorithmic trades [AT], execution algorithms, earnings announcements

4.

Liquidity and Price Discovery of Algorithmic Trading: An Intraday Analysis of the SPI 200 Futures

24th Australasian Finance and Banking Conference 2011 Paper
Number of pages: 40 Posted: 22 Aug 2011 Last Revised: 16 Nov 2014
Tina Viljoen, Hui Zheng and P. Joakim Westerholm
University of Sydney Business School, Discipline of Finance, The University of Sydney and University of Sydney Business School
Downloads 384 (74,876)

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Algorithmic Trading, Futures Markets, Market Liquidity, Price Discovery

5.

Inside the Director Network: When Directors Trade Inside, Interlock, and Unconnected Stocks

Number of pages: 76 Posted: 14 Apr 2014 Last Revised: 23 Nov 2017
Henk Berkman, Paul D. Koch and P. Joakim Westerholm
University of Auckland - Business School, Iowa State University - Finance Department and University of Sydney Business School
Downloads 368 (78,654)

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Informed trading, insider trading, information asymmetry, market efficiency, interlocking board, corporate director network, family network, social network analysis

6.

'Other People’s Money': The Trading Performance of Household Investors vs. Delegated Money Managers

28th Australasian Finance and Banking Conference, Second Annual Volatility Institute at NYU Shanghai (VINS) 2016
Number of pages: 58 Posted: 02 Mar 2015 Last Revised: 27 Feb 2017
Wei Lu, Peter L. Swan and P. Joakim Westerholm
The University of New South Wales, University of New South Wales (UNSW Sydney and University of Sydney Business School
Downloads 354 (82,272)

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Households, Institutional investors, Calendar-time, Horizon-invariant, Trading performance

7.

Market Architecture and Global Exchange Efficiency: One Design Need not Fit all Stock Sizes

Number of pages: 47 Posted: 23 Mar 2007
Peter L. Swan and P. Joakim Westerholm
University of New South Wales (UNSW Sydney and University of Sydney Business School
Downloads 253 (118,567)
Citation 4

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market design, exchange trading systems, transparency, opacity, decimalization

8.

The Impact of Actual Market Wide Short Selling Restrictions and Liquidity Constraints During the Financial Crisis of 2008

22nd Australasian Finance and Banking Conference 2009
Number of pages: 19 Posted: 24 Aug 2009
Md Ahmed Mostafa and P. Joakim Westerholm
affiliation not provided to SSRN and University of Sydney Business School
Downloads 220 (136,230)

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short selling restrictions

9.

Trading Momentum: How Shares and Investors Behave During Momentum Periods

29th Australasian Finance and Banking Conference 2016
Number of pages: 35 Posted: 22 Aug 2016 Last Revised: 12 Dec 2016
Josh Della Vedova, Andrew R. Grant and P. Joakim Westerholm
University of Sydney Business School, University of Sydney - Discipline of Finance, Faculty of Economics and Business and University of Sydney Business School
Downloads 197 (151,134)

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Momentum, 52 Week High, Disposition Effect, limit order

10.

Are Poison Pills Poison for Shareholders? Evidence from Japan

Number of pages: 27 Posted: 27 Jan 2009 Last Revised: 31 Jan 2009
Kazuo Kato, Joel Fabre and P. Joakim Westerholm
Osaka University of Economics, affiliation not provided to SSRN and University of Sydney Business School
Downloads 188 (157,797)
Citation 1

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Japan, keiretsu, takeover defense, poison pill, ownership structure

11.

An Empirical Analysis of Strategic Behaviour Models

Number of pages: 41 Posted: 03 Feb 2005
Carole Comerton-Forde, Michael A O'Brien and P. Joakim Westerholm
UNSW Business School, Schroder Investment Management Limited and University of Sydney Business School
Downloads 182 (162,445)
Citation 1

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Informed trading, liquidity trading, strategic behaviour, intraday patterns

Fool's Mate: What Does CHESS Tell Us About Individual Investor Trading Performance?

CIFR Paper No. 80/2015
Number of pages: 47 Posted: 07 Oct 2015
Reza Bradrania, Andrew R. Grant, P. Joakim Westerholm and Wei Wu
University of South Australia - UniSA Business School, University of Sydney - Discipline of Finance, Faculty of Economics and Business, University of Sydney Business School and The University of Sydney
Downloads 174 (169,232)

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Individual investors, institutional investors, short-term reversals, liquidity

Fool's Mate: What Does Chess Tell Us About Individual Investor Trading Performance?

Accounting & Finance, Vol. 57, Issue 4, pp. 981-1017, 2017
Number of pages: 37 Posted: 17 Dec 2017
Reza Bradrania, Andrew R. Grant, P. Joakim Westerholm and Wei Wu
University of South Australia - UniSA Business School, University of Sydney - Discipline of Finance, Faculty of Economics and Business, University of Sydney Business School and The University of Sydney
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Individual investors, Institutional investors, Information asymmetry, Liquidity

13.

Personal Trading by Brokers, Analysts, and Fund Managers

Number of pages: 67 Posted: 08 Nov 2018
Henk Berkman, Paul Koch and P. Joakim Westerholm
University of Auckland - Business School, Iowa State University and University of Sydney Business School
Downloads 171 (171,750)

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informed trading, information asymmetry, leakage, front running, tipping, insider trades, block trades, social networks, broker, analyst, fund manager, institutional investor

14.

Investor Behavior at the 52 Week High

30th Australasian Finance and Banking Conference 2017, 9th Conference on Financial Markets and Corporate Governance (FMCG) 2018
Number of pages: 47 Posted: 18 Aug 2017 Last Revised: 23 May 2018
Josh Della Vedova, Andrew R. Grant and P. Joakim Westerholm
University of Sydney Business School, University of Sydney - Discipline of Finance, Faculty of Economics and Business and University of Sydney Business School
Downloads 135 (209,010)

Abstract:

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52 week high, order submission, household behavior

15.

Insiders’ Profits in the Australian Equities Market

CIFR Paper No. 108/2016
Number of pages: 37 Posted: 03 May 2016
Henk Berkman, Reza Bradrania, Tina Viljoen and P. Joakim Westerholm
University of Auckland - Business School, University of South Australia - UniSA Business School, University of Sydney Business School and University of Sydney Business School
Downloads 133 (211,525)

Abstract:

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Insider Trading, CAAR

16.

How Are Investor Trading Activity and Performance Affected by Major Lifecycle Events? The Case of Divorce

FIRN Research Paper
Number of pages: 47 Posted: 04 Jun 2014 Last Revised: 03 Feb 2017
University of Sydney - Discipline of Finance, Faculty of Economics and Business, La Trobe Business School, University of California, Los Angeles (UCLA) - Finance Area and University of Sydney Business School
Downloads 131 (214,186)

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divorce, stressors, individual investor performance

17.

Institutional Trading and Asset Pricing

Journal of Banking and Finance, forthcoming
Number of pages: 57 Posted: 29 Nov 2014 Last Revised: 24 Apr 2018
Bart Frijns, Thanh D. Huynh, Alireza Tourani-Rad and P. Joakim Westerholm
Auckland University of Technology - Faculty of Business & Law, Monash University - Department of Banking and Finance, Auckland University of Technology - Faculty of Business & Law and University of Sydney Business School
Downloads 120 (228,921)

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intermediary asset pricing, institutional trading, investor preferences, CAPM

Who Moves First? Price Discovery by Institutional and Retail Investors.

Number of pages: 55 Posted: 01 Oct 2015
Zheng Wu, P. Joakim Westerholm and Shumi M. Akhtar
The University of Sydney, University of Sydney Business School and The University of Sydney
Downloads 74 (316,912)

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Price Discovery

Who Moves First? Price Discovery by Institutional and Retail Investors

Number of pages: 54 Posted: 21 Aug 2015
P. Joakim Westerholm, Shumi M. Akhtar and Zheng Wu
University of Sydney Business School, The University of Sydney and The University of Sydney
Downloads 44 (409,463)

Abstract:

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price discovery

19.

Foreign Investors' Reaction to Reduced Profitability - Does Governance Matter?

Number of pages: 40 Posted: 29 May 2007
Tom Berglund and P. Joakim Westerholm
Hanken School of Economics - Department of Economics and University of Sydney Business School
Downloads 109 (245,396)

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profit warnings, home bias, moral hazard

20.

High Frequency Trading, Market Volatility and Trading Counterparty Performance

29th Australasian Finance and Banking Conference 2016
Number of pages: 36 Posted: 23 Aug 2016 Last Revised: 07 Dec 2016
P. Joakim Westerholm
University of Sydney Business School
Downloads 101 (258,708)

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high frequency trading, counterparty performance

21.

Intra-Day Revelation of Counterparty Identity in the World's Best-Lit Market

28th Australasian Finance and Banking Conference
Number of pages: 52 Posted: 14 Aug 2015 Last Revised: 28 Jul 2016
Thu Phuong Pham, Peter L. Swan and P. Joakim Westerholm
University of Adelaide, University of New South Wales (UNSW Sydney and University of Sydney Business School
Downloads 90 (278,702)

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transparency, anonymity, market efficiency, market quality

22.

International Trading Patterns and Investor Performance

Number of pages: 50 Posted: 25 May 2007
P. Joakim Westerholm
University of Sydney Business School
Downloads 90 (278,702)

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Investor performance, Momentum, Contrarian, Home Bias

Determinants of Household Broker Choice and the Impact on Performance

28th Australasian Finance and Banking Conference
Number of pages: 36 Posted: 21 Aug 2015 Last Revised: 04 Mar 2019
University of Sydney Business School, Darmstadt University of Technology, University of Sydney Business School, Darmstadt University of Technology and University of New South Wales - School of Banking and Finance
Downloads 51 (384,089)

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broker choice, demographics, household investor

Determinants of Household Broker Choice and the Impact on Performance

2016 Financial Markets and Corporate Governance
Number of pages: 36 Posted: 23 Jan 2016
University of Sydney Business School, Darmstadt University of Technology, University of Sydney Business School, Darmstadt University of Technology and University of New South Wales - School of Banking and Finance
Downloads 23 (510,358)

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broker choice, demographics, household investor

24.

Do Uninformed Crossed and Internalised Trades Tap into Unexpressed Liquidity?

Number of pages: 49 Posted: 25 May 2007
P. Joakim Westerholm
University of Sydney Business School
Downloads 63 (341,846)

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crossing, internalisation, upstairs, limit order book, market quality

25.

Do CEO Investors Engage in More Corporate Innovation?

2015 Financial Markets & Corporate Governance Conference
Number of pages: 40 Posted: 30 Jan 2015
Reza Bradrania, P. Joakim Westerholm and James Yeoh
University of South Australia - UniSA Business School, University of Sydney Business School and The University of Sydney
Downloads 56 (362,116)

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Compensation, Corporate innovation, CEO trades

26.

Contrarians or Momentum Chasers? Individual Investors’ Behavior When Trading ETFs

Forthcoming, The Journal of Futures Markets
Number of pages: 38 Posted: 23 Oct 2018 Last Revised: 26 Oct 2018
Carlo Da Dalt, David Feldman, Gerald T. Garvey and P. Joakim Westerholm
Investec, Banking and Finance, UNSW Business School, UNSW Sydney, Blackrock and University of Sydney Business School
Downloads 53 (371,477)

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ETF, Momentum, Contrarian, Household, Behavior

27.

Imputation Credits and Trading Around Ex-Dividend Day: New Evidence in Australia

31st Australasian Finance and Banking Conference 2018
Number of pages: 34 Posted: 30 Jul 2018
Andrew R. Grant, P. Joakim Westerholm and Winston Wu
University of Sydney - Discipline of Finance, Faculty of Economics and Business, University of Sydney Business School and University of Sydney, Business School, Discipline of Finance, Students
Downloads 45 (398,263)

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Dividend imputation; Ex-dividend day; Dividend Clientele

28.

Asset Pricing Anomalies and the State Ownership Effect in China's Domestic Stock Market

30th Australasian Finance and Banking Conference 2017
Number of pages: 28 Posted: 30 Jun 2017
Henry Zhang, Stephen E. Satchell and P. Joakim Westerholm
The University of Sydney, Business School, Discipline of Finance, University of Cambridge - Faculty of Economics and Politics and University of Sydney Business School
Downloads 43 (405,416)

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State Owned Enterprise, risk factor, risk premia, value, size, momentum and sector premia

29.

Reference Price Formation for Packaged Transactions

Number of pages: 13 Posted: 29 Aug 2012
Andrew R. Grant and P. Joakim Westerholm
University of Sydney - Discipline of Finance, Faculty of Economics and Business and University of Sydney Business School
Downloads 39 (420,377)

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30.

Analyst Tipping: Evidence on Finnish Stocks

Number of pages: 40 Posted: 07 Dec 2017
Ruiqi Mao, Reuben Segara and P. Joakim Westerholm
University of Sydney Business School, University of Sydney Business School and University of Sydney Business School
Downloads 31 (453,921)

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analyst upgrades, analyst downgrades, tipping

31.

The Idiosyncratic Volatility Anomaly and the Resale Option in Chinese Stock Markets

Number of pages: 42 Posted: 21 Nov 2018 Last Revised: 29 Nov 2018
Zhiguang Cao, Stephen Satchell, P. Joakim Westerholm and Henry Zhang
Shanghai University of Finance and Economics - Department of Finance, The University of Sydney, University of Sydney Business School and The University of Sydney, Business School, Discipline of Finance
Downloads 30 (458,555)

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Idiosyncratic Volatility, Resale Option, China

32.

Are Domestic Household Investors Better Performers than Foreign Institutions? New Evidence from Finland

2016, Behavioral Finance, Where Do Investors' Biases Come From?, Edited by Itzhak Venezia, Hackensack, NJ, World Scientific Publishing
Number of pages: 39 Posted: 06 Jul 2017
Peter L. Swan and P. Joakim Westerholm
University of New South Wales (UNSW Sydney and University of Sydney Business School
Downloads 26 (478,459)

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positive-feedback trading; agency problems; home-bias; noise trading

33.

Who Benefits from Broker ID Disclosure?

31st Australasian Finance and Banking Conference 2018
Number of pages: 67 Posted: 30 Jul 2018
Juliane Krug, Peter L. Swan and P. Joakim Westerholm
University of New South Wales, University of New South Wales (UNSW Sydney and University of Sydney Business School
Downloads 25 (483,891)

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Market quality, market efficiency, liquidity, transparency, broker IDs, trades, orders, individual investors, institutional investors

34.

Industry Clustering in Nordic Initial Public Offering Markets

International Review of Finance, Vol. 6, No. 1-2, pp. 25-41, March/June 2006
Number of pages: 17 Posted: 02 May 2007
P. Joakim Westerholm
University of Sydney Business School
Downloads 20 (511,736)
Citation 1
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35.

Foreign Investors' Reaction to Lower Profitability – the Role of Information Asymmetry

International Review of Finance, Vol. 10, Issue 4, pp. 455-483, December 2010
Number of pages: 29 Posted: 17 Nov 2010
Tom Berglund and P. Joakim Westerholm
Hanken School of Economics - Department of Economics and University of Sydney Business School
Downloads 2 (625,157)
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36.

Algorithmic Trading, Liquidity, and Price Discovery: An Intraday Analysis of the SPI 200 Futures

Financial Review, Vol. 49, Issue 2, pp. 245-270, 2014
Number of pages: 26 Posted: 08 Apr 2014
Tina Viljoen, P. Joakim Westerholm and Hui Zheng
University of Sydney Business School, University of Sydney Business School and Discipline of Finance, The University of Sydney
Downloads 1 (637,542)
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algorithmic trading, futures markets, market liquidity, price discovery

37.

Foreign Investors' Reaction to Lower Profitability the Role of Information Asymmetry

International Review of Finance, Vol. 10, No. 4, pp. 455-483, 2010
Number of pages: 29 Posted: 01 Jan 2011
Tom Berglund and P. Joakim Westerholm
Hanken School of Economics - Department of Economics and University of Sydney Business School
Downloads 1 (637,542)
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38.

Do Uninformed Crossed and Internalized Trades Tap into Unexpressed Liquidity? The Case of Nokia

Accounting & Finance, Vol. 49, Issue 2, pp. 407-424, June 2009
Number of pages: 18 Posted: 20 May 2009
P. Joakim Westerholm
University of Sydney Business School
Downloads 1 (637,542)
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39.

An International Trend in Market Design: Endogenous Effects of Limit Order Book Transparency on Volatility, Spreads, Depth and Volume

Journal of International Financial Markets, Institutions and Money 27, 202-223.
Posted: 25 Sep 2013 Last Revised: 21 Nov 2013
Thu Phuong Pham and P. Joakim Westerholm
University of Adelaide and University of Sydney Business School

Abstract:

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Transparency, Broker ID, Market Quality, Limit Order Book

40.

The Role of Trading Intensity Estimating the Implicit Bid-Ask Spread and Determining Transitory Effects

Posted: 06 May 2010 Last Revised: 07 Jul 2011
Bernard Ben Sita and P. Joakim Westerholm
Lebanese American University and University of Sydney Business School

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Transaction costs, ACD, Volatility, Information Asymmetry