Prof Kerry McCullough


Senior Lecturer; AL: Finance
Telephone: 033 260 5301
Campus: Pietermaritzburg and Westville
Building & Room: New Arts Building, 3rd Floor


I have been a finance lecturer at UKZN since 2008, and was appointed as a permanent member of staff in 2014. I have been involved in teaching most of the Finance courses offered at UKZN: 2nd year (Finance 201 and 202), 3rd year (Capital Market Theory, Financial Risk Management and The Corporate Investment Decision) and 4th year (Honours) (Portfolio Management and Quantitative Methods). In addition, I have been involved in the teaching of courses for other disciplines in the School of Accounting, Economics and Finance, including: accounting (Honours in Management Accounting – Risk), economics (3rd year – Monetary Economics), FBIM (Finance, Banking and Investments Diploma) (4th year – Bank Management, and Risk and Investments) as well as the Finance module on the BBA (Business Administration) course. I supervise Finance students from Honours through to Doctoral level, and have coordinated and developed the Finance Honours capstone research project since 2013. My doctoral thesis considered information transmission on the South African equities market. I have been a member of the Southern African Finance Association (SAFA) since 2012, serving on the conference committee since 2019. I have acted as a reviewer for several academic journals, and as an external examiner of masters and doctoral dissertations from around South Africa. I served 5 years as the Finance representative to the School of Accounting, Economics and Finance Teaching and Learning Committee (between 2013 and 2017), and since 2018 have served on the Higher Degrees and Research Committee.

Academic Qualifications:

  • PhD (Finance) (UKZN)
  • MCom (Finance) (UKZN)
  • BCom (Honours) (Cum Laude) (Finance) (UKZN)
  • BCom (Economics and Finance) (UKZN)
  • Diploma in Insolvency Law and Practice (AIPSA and UP)

Professional Qualifications

  • Ongoing: Post Graduate Certificate in Higher Education (UKZN)

Research Interests

  • Higher Education and Active Learning
  • Capstone Research Projects
  • Capital Markets and Instruments
  • Exchange Traded Funds
  • Information Transmission (Price Discovery and Volatility Spillover)

Recent Publications

  • McCullough, K. (2018). Intraday Information Transmission in the South African Equities Market. African Finance Journal. 20(2), pp. 1-20.
  • McCullough, K., Murray, M. & Strydom, B. (2018). Volatility Spillover between the FTSE/JSE Top 40 Index and Index Futures: A BEKK-GARCH and DCC-GARCH Approach. The Journal for Studies in Economics and Econometrics. 42(1), pp. 23 pages.
  • Chipunza, K.J. & McCullough, K. (2018). The Impact of Internationalisation on Stock Liquidity and Volatility: Evidence from the JSE. The Journal of Economic and Financial Sciences. 11(1), a161,, 11 pages.
  • McCullough, K. & Munro, M. (2018). Finance Students’ Experience of Lecture-Based Active Learning Tasks. Innovations in Education and Teaching International. 55(1), pp. 65-73. DOI: 10.1080/14703297.2016.1189843. *Published online in 2016.
  • McCullough, K. (2017). Price Discovery on the Johannesburg Stock Exchange: Examining the Impact of the SATRIX Top 40 Exchange Traded Fund. African Review of Economics and Finance. 9(1), pp. 191 – 213.
  • Strydom, B., Charteris, A. & McCullough, K. (2015). The Relative Tracking Ability of South African Exchange Traded Funds and Index Funds. The Investment Analysts Journal. 44(2), pp. 117-133. DOI: 10.1080/10293523.2014.994454.
  • McCullough, K., Murray, M. & Strydom, B. (2014). Market Efficiency and Price Discovery: A Comment on Futures Rollover Practices. Journal of Contemporary Management. 11, pp. 367-384.
  • McCullough, K. & Strydom, B. (2013). The Efficiency of the South African White Maize Futures Market. Agrekon. 52(3), pp. 18-33.