DR HAMID YAHYAEI

EDUCATION

Macquarie University: Doctor of Philosophy (PhD) in Applied Finance                                                     January 2021 – December 2023

• Dissertation: Essays in Financial Economics

• Supervisors: Professor Tom Smith and Associate Professor Abhay Singh.

Macquarie University: Master of Research (MRes) in Applied Finance (University Medal)     January 2019 – December 2020

• Dissertation: The Volatility Spillovers of U.S. Quantitative Easing – Evidence from Australia

• Supervisors: Associate Professor Abhay Singh and Dr Lurion De Mello.

Macquarie University: Bachelor of Applied Finance (Distinction)     January 2013 – December 2015

PROFESSIONAL EXPERIENCE

NGS Super: Fixed Income Portfolio Manager & Strategist                                                                                                  June 2023 – Present

• Overseeing the $2.7 billion fixed income portfolio across sovereign, corporate, and derivative exposures.

• Developing tactical derivative overlays, managing risk exposures, and rebalancing of funds.

• Manager selection and research, portfolio construction, and global macroeconomic research.

Macquarie Group: Investment Strategist                                                                                                     September 2022 – February 2023

• Senior researcher as part of Macquarie Private Bank's Wealth Investment Strategy Team.

• Developing and running the multi-asset allocation framework.

• Market-leading research covering global macro and fixed income markets.

Tribeca Investment Partners: Macroeconomic and Credit Market Advisor                                            January 2022 – September 2022

• Analysis of global macroeconomic trends to formulate monetary and fiscal policy outlooks.

• Coverage of Asian credit markets with a particular focus on bank capital.

• Responsible for trade recommendations and security valuations.

Macroeconomics Advisory: Director of Financial Modelling         April 2021 – September 2022

• Overseeing portfolio construction and asset allocation projects.

• Researching topics in macroeconomic policy.

• Writing opinion pieces and generating business leads.

Reserve Bank of Australia: Senior Analyst September 2019 – February 2020

• Covered the credit, equity, and money markets desks in the international financial markets team.

• Developed monthly financial market updates for the Reserve Bank Governors.

• Introduced relative-value indicators to the credit desk, enhancing the quality of analysis.

Spectrum Asset Management: Credit Research Analyst                                               December 2014 – August 2019

• Credit research covering domestic and foreign corporates.

• Backup portfolio manager conducting valuations and risk modelling.

• Presentation of weekly micro meetings, credit profile updates, and relative value trade ideas.

ACADEMIC EXPERIENCE

Australian Catholic University: Finance Lecturer  February 2023 – September 2023

• Teaching corporate finance to students enrolled in the Master of Business Administration (MBA).

• Facilitating an online introductory finance and accounting unit for undergraduate students.

• Designed a new online unit that covers the principles of finance for undergraduate students.

Macquarie University: Specalised Lecturer      January 2017 – December 2022

• Presenting lectures on corporate debt, securitisation, and credit portfolio management.

• Designed and delivered the MQ-AFMA Financial Markets Certification Program (FX & Debt Units).

• Teaching PhD-level mathematics & R programming to finance research candidates.

• Authored an open-source mathematics textbook for finance research students.

Sydney Community College: Finance Lecturer                     July 2017 – September 2022

• Teaching a proprietary course to students with non-finance backgrounds.

ACADEMIC RESEARCH

Research Papers:

[1] Anthony, S., & Yahyaei, H. (2022). Bringing credibility back to macroeconomic policy frameworks. Economic Papers: A journal of applied economics and policy, 41(3), 276-295. https://doi.org/10.1111/1759-3441.12360

• We propose an ex ante measure of dynamic efficiency loss to test the implications of unconventional monetary policy.

[2] Yahyaei, H., Kitsios, V., & De Mello, L. (2024). Risk Transference between Climate Variability and Financial Derivatives: Implications for Global Food Security. Journal of Climate Finance, 7, 100038. https://www.sciencedirect.com/science/article/pii/S2949728024000087

• Using information embedded in financial derivative prices, we estimate the impact of climate variability onto risk for commodities that underpin food security.

[3] Yahyaei, H., Singh, A., & De Mello, L. (2024). The Federal Reserve’s Quantitative Easing Policy and Volatility Spillovers: Evidence from Australia. International Review of Economics & Finance, 103397. https://www.sciencedirect.com/science/article/pii/S1059056024003897

• The Federal Reserve's Quantitative Easing policies are shown to affect bilateral volatility between Australian and US equity markets.

[4] Yahyaei, H., Singh, A., & Smith, T. (2024). International Transmission of Monetary Policy Shocks and the Bank Lending Channel: Evidence from Australia. Journal of Financial Stability, 75, 101343. https://www.sciencedirect.com/science/article/pii/S1572308924001281

• We show that the supply of local bank credit in Australia is influenced by the monetary policy decisions of offshore central banks.  

[5] Yahyaei, H., Singh, A., & Smith, T. (2025). Ex Ante Bond Returns and Time-Varying Monotonicity. Journal of International Financial Markets, Institutions and Money, 99, 102114. https://www.sciencedirect.com/science/article/pii/S1042443125000046

• We develop a time-varying test of monotonicity and apply it to ex ante Treasury bond returns, demonstrating a violation of the liquidity preference hypothesis. 

[6] Yahyaei, H., Singh, A., & Smith, T. (2025). How Does the Smart Money Feel? Hedge Fund Sentiment, Returns, and the Business Cycle. Journal of Experimental and Behavioral Finance, 47, 101082. https://www.sciencedirect.com/science/article/pii/S2214635025000632

• We construct a unique measure of hedge fund sentiment and show that business cycle fluctuations asymmetrically shape it.

[7] Yahyaei, H. (2025). Asset Pricing Under Inferential Complexity. Available at SSRN 5585090. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5585090

• I develop a continuous-time general equilibrium model that formally incorporates a complexity premium into asset returns.

Conference Presentations:

[1] Jindal School of Banking and Finance Academic Seminar. (2021). The Volatility Spillovers of U.S. Quantitative Easing - Evidence from Australia.

[2] Australian Conference of Economists. (2021). Bringing Credibility Back to Macroeconomic Policy Frameworks.

[3] 24th International Congress on Modelling and Simulation. (2021). The Impacts of the El Niño–Southern Oscillation on Global Food Security: An Implied Volatility Approach.

[4] 7th Vietnam Symposium in Banking and Finance. (2022). International Monetary Policy, Credit Supply, and Bank Lending Channels.

[5] 11th Financial Research Network (FIRN) Annual Conference. (2022). International Monetary Policy, Credit Supply, and Bank Lending Channels.

[6] 13th Financial Markets and Corporate Governance (FMCG) Conference. (2023). International Monetary Policy, Credit Supply, and Bank Lending Channels.

[7] China Finance Review International & China International Risk Forum Joint Conference. (2023). International Monetary Policy, Credit Supply, and Bank Lending Channels.

[8] 16th Annual Meeting of the Academy of Behavioral Finance & Economics (2023). How Does the Smart Money Feel? Hedge Fund Sentiment, Returns, and the Business Cycle.

[9] 18th Conference on Asia-Pacific Financial Markets (2023). International Monetary Policy, Credit Supply, and Bank Lending Channels.

[10] 36th Australasian Finance and Banking (AFBC) Conference  (2023). How Does the Smart Money Feel? Hedge Fund Sentiment, Returns, and the Business Cycle.

[11] 9th Vietnam Symposium in Banking and Finance. (2024). Ex Ante Bond Returns and Time-Varying Monotonicity.

[12] 37th Australasian Finance and Banking (AFBC) Conference (2024). Ex Ante Bond Returns and Time-Varying Monotonicity.

[13] Macquarie University Accounting and Finance Conference (2025). Asset Pricing Under Inferential Complexity. 

MARKET COMMENTARY

[1] Australia's debt mountain: What does it mean for the kids?

[2] How bad is Australia's debt? Will young people still be paying it back? The federal budget explained

[3] Where does money come from?

[4] The Future of Money Webinar

[5] What are hedge funds?

[6] What is Modern Monetary Theory – and could it save the economy?

[7] Financial markets in freefall

[8] How Fixed Income can reduce your risk

certifications

• Hong Kong University of Science and Technology: Monetary Policy in the Asia Pacific Course (Completed September 2022)

• CFA Institute: Private Markets and Alternative Investments Certificate (Completed November 2025)

HONORS

• Awarded the Robert A. Olsen Best Doctoral Student Paper in Behavioral Finance & Economics (2023)

• Recipient of the Macquarie University Postgraduate Research Fund (PGRF) Grant (2023)

• Best PhD paper at the 2022 Financial Research Network (FIRN) conference (2022)

• Young Ambassador for the Banking and Finance Oath (2022)

• Best research paper at the 4th Australasian Commodity Markets Conference (2022)

• Macquarie University Medallist in Applied Finance (2021)

• Best student presentation at the 24th International Congress on Modelling and Simulation (2021)

• Valedictorian for the graduating class of 2020 (2021)

• Winner of the MQU 3 Minute Thesis (3MT) Competition (2021)

• Executive Dean’s Commendation for Academic Excellence (2021)

• Australian Government Research Training Program PhD Scholarship (2020)

• Macquarie University Master of Research Thesis Scholarship (2019)

• Financial Services Institute of Australasia (FINSIA) Prize (2015)

• Australian Finance Conference Prize (2015)

• Department of Accounting & Corporate Governance Prize for Environmental Accounting (2015)