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

32

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CITATIONS
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9

Scholarly Papers (32)

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, University of Kansas - Finance Area and University of Sydney Business School
Downloads 354 (56,560)
Citation 1

Abstract:

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

2.

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 314 (67,838)

Abstract:

Algorithmic Trading, Futures Markets, Market Liquidity, Price Discovery

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 - Finance Area, University of Sydney Business School and Discipline of Finance, The University of Sydney
Downloads 289 (64,787)
Citation 1

Abstract:

algorithmic trades [AT], execution algorithms, earnings announcements

4.

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 Australia) and University of Sydney Business School
Downloads 208 (106,765)
Citation 4

Abstract:

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

5.

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 206 (116,690)

Abstract:

short selling restrictions

6.

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
University of Melbourne - Department of Finance, Schroder Investment Management Limited and University of Sydney Business School
Downloads 179 (136,045)
Citation 1

Abstract:

Informed trading, liquidity trading, strategic behaviour, intraday patterns

7.

Inside the Director Network: When Insiders Trade Outside Stocks

Number of pages: 70 Posted: 14 Apr 2014 Last Revised: 05 Jun 2014
Henk Berkman, Paul D. Koch and P. Joakim Westerholm
University of Auckland - Business School, University of Kansas - Finance Area and University of Sydney Business School
Downloads 172 (86,160)

Abstract:

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

8.

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 170 (136,045)
Citation 1

Abstract:

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

9.

'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 Australia) and University of Sydney Business School
Downloads 108 (71,085)

Abstract:

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

10.

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 104 (212,793)

Abstract:

profit warnings, home bias, moral hazard

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 59 (302,153)

Abstract:

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 35 (379,121)

Abstract:

price discovery

12.

International Trading Patterns and Investor Performance

Number of pages: 50 Posted: 25 May 2007
P. Joakim Westerholm
University of Sydney Business School
Downloads 86 (237,868)

Abstract:

Investor performance, Momentum, Contrarian, Home Bias

13.

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, University of South Australia - Centre for Applied Financial Studies, University of California, Los Angeles (UCLA) - Finance Area and University of Sydney Business School
Downloads 62 (214,230)

Abstract:

divorce, stressors, individual investor performance

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: 28 Jul 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 46 (340,172)

Abstract:

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 13 (493,734)

Abstract:

broker choice, demographics, household investor

15.

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 59 (290,874)

Abstract:

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

16.

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 30 (370,752)

Abstract:

17.

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 Australia) and University of Sydney Business School
Downloads 25 (266,344)

Abstract:

transparency, anonymity, market efficiency, market quality

18.

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 21 (337,328)

Abstract:

Compensation, Corporate innovation, CEO trades

19.

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 19 (438,424)
Citation 1

Abstract:

20.

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 (527,845)

Abstract:

21.

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 (536,520)

Abstract:

22.

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 (536,520)

Abstract:

23.

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 0 (367,181)

Abstract:

high frequency trading, counterparty performance

24.

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 0 (236,214)

Abstract:

Momentum, 52 Week High, Disposition Effect, limit order

25.

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 Australia) and University of Sydney Business School
Downloads 0 (140,925)

Abstract:

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

26.

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 0 (215,689)

Abstract:

Insider Trading, CAAR

27.

Does Iron Ore Influence Equity Prices? An Investigation of the Pricing Mechanism by Industry Sector

Number of pages: 30 Posted: 19 Oct 2015 Last Revised: 24 Feb 2017
Md. Ahasan Habib Sarkar, Ronald A. Ratti and P. Joakim Westerholm
University of Sydney Business School, Western Sydney University - Department of Economics & Finance and University of Sydney Business School
Downloads 0 (234,520)

Abstract:

Iron ore spot prices; Industry sectors; Stock returns

28.

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 0 (168,834)

Abstract:

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

29.

Institutional Trading and Asset Pricing

FIRN Research Paper No. 2531823
Posted: 29 Nov 2014
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

Abstract:

30.

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 0 (536,520)

Abstract:

algorithmic trading, futures markets, market liquidity, price discovery

31.

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:

Transparency, Broker ID, Market Quality, Limit Order Book

32.

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

Abstract:

Transaction costs, ACD, Volatility, Information Asymmetry