School of Management |  Main Campus

Dr. Gary John Rangel


Gary Sept 2019


Position: Senior Lecturer

Academic Qualifications:

Ph.D. Universiti Sains Malaysia (USM), Malaysia
Graduate Certificate of Higher Education (GCHE) (Monash University), Australia
MBA Universiti Sains Malaysia (USM), Malaysia
B. Mgmt Universiti Sains Malaysia (USM), Malaysia


Room: E43-1-17
Phone: (+604) 653 5160
Fax:  (+604) 657 7448


Dr. Gary John Rangel joined as a Senior Lecturer with the School of Management (SOM) in late 2016.  His principal research interest is in behavioural finance especially on the phenomenon of asset price bubbles and their effects on stock markets and real estate.  He has researched and published in journals and presented papers at international conferences, including academic and industry seminars in the area of behavioural finance.  Dr. Gary is a life-member of the Malaysian Finance Association (MFA) and is Certified in Production and Inventory Control (CPIM).  Previously, he was a Finance Lecturer with the School of Business, Monash University Malaysia from 2012 to 2016. Prior to his academic career, he worked in Altera Corporation, a U.S. multinational as a Finance Manager.


Research Area: 

Behavioural Finance, Real Estate Finance, Capital Markets, International Finance, Corporate Finance, Electoral Voting

Research Project:

On-going Research:

  1. Fundamental Research Grant Scheme: Constructing rental housing indices for the Malaysian housing market: Is renting an affordable option for Malaysian households? Sept 2019 – Aug 2021. Amount: RM91,730 [as principal researcher]
  2. Fundamental Research Grant Scheme: Modelling economic and environmental performance of upcycling palm oil biomass waste to bio-organic fertilisers framework. Sept 2019 – Aug 2022. Amount: RM82,200 [as co-researcher]
  3. Universiti Sains Malaysia Short-Term Grant: Which plays a more important role in firm outcomes? Heterogeneous boards and/or heterogeneous ownership? Dec 2018 Dec 2020. Amount: RM30,469.80 [as principal researcher]
  4. CTBC Business School International Grant: Investigating oil price and environmental pollution in the Asian airline industry. May 2018 – Apr 2019. Amount: RM8,064 [as co-researcher]

Completed Research:

  1. Fundamental Research Grant Scheme: Lifetime income and housing affordability in Malaysia. Jul 2014 – Jun 2017. Amount: RM98,100 [as co-researcher]
  2. Fundamental Research Grant Scheme: The dynamics of ownership structure and board diversity in enhancing innovation intensity in Malaysian firms. Jun 2013 – Jun 2015. Amount: RM60,000 [as co-researcher]
  3. Social and Economic Transformation in Asia (SETA) platform grant: Corporate board diversity, ownership structure and innovation intensity. Jan 2013 – Jan 2014.  Amount: RM10,000 [as co-researcher]
  4. Monash University Malaysia Seed Grant: Corporate political contributions and stock returns: The impact of Sarbanes-Oxley 2002.  Jan 2013 – Dec 2013.  Amount: RM6,700 [as principal researcher]

Selected Publications in Journals: 

  1. Gary John Rangel, Jason Ng Wei Jian, Thiagu Thangarajah and Poon Wai Ching (2019) Measuring Malaysian housing affordability: the lifetime income approach. International Journal of Housing Markets and Analysis, Vol. 12, Issue 5, pp. 966-984. [Scopus=0.84, Emerald]
  2. Gary John Rangel, Jason Ng Wei Jian, Thiagu Thangarajah and Poon Wai Ching (2019) A micro-level view of housing affordability in Malaysia using an age cohort-housing type analysis. Malaysian Journal of Economic Studies, Vol. 56, Issue 1, pp. 1-22 [lead article]. [Scopus=0.42, University of Malaya]
  3. Gary John Rangel and Jason Ng Wei Jian (2017) Macroeconomic drivers of Singapore private residential prices: A Markov-switching approach. Capital Markets Review, Vol. 25, No. 2, pp. 15-31.
  4. Jason Ng Wei Jian, Santha Vaithilingam and Gary John Rangel (2017) The role of life satisfaction on election voting preferences in Malaysia. Asian Journal of Social Science, Vol. 45, Issue 1-2, pp. 149-175. [ISI 2015=0.062(Q4), Brill]
  5. Jason Ng Wei Jian, Gary John Rangel, Santha Vaithilingam and Subramaniam S. Pillay (2015) The 2013 Malaysian elections: Ethnic politics or urban wave? Journal of East Asian Studies, Vol. 15 No. 2, pp. 167-198. [ISI 2014=0.618(Q3), Cambridge]
  6. Jason Ng Wei Jian, Gary John Rangel, Santha Vaithilingam and Subramaniam S. Pillay (2015) Rejoinder: The authors respond to “Interpreting ethnicity and urbanization in Malaysia’s 2013 general election”. Journal of East Asian Studies, Vol. 15 No. 2, pp. 227-242. [ISI 2014=0.618(Q3), Cambridge]
  7. Fazelina Sahul Hamid, Gary John Rangel, Fauziah M. Taib and Ramayah Thurasamy (2013) The relationship between risk propensity, risk perception and risk-taking behaviour in an emerging market. International Journal of Banking and Finance, Vol. 10 No. 1. [Ranked C by ERA2010, Ranked C by ABDC 2013]
  8. Ramayah Thurasamy, Kamel Rouibah, M. Gopi and Rangel John Rangel (2009) Explaining intention to use internet stock trading among Malaysian investors. Computers in Human Behavior, Vol. 25 No. 6, pp. 1222-1230. [ISI 2008=1.767(Q1), Elsevier]
  9. Subramaniam S. Pillay and Gary John Rangel (2002) Are values of Malaysian companies affected by foreign exchange rate changes? Capital Markets Review, Vol. 10, Issue 1, pp. 1-21.

Selected Publications in Books and Book Chapters:

  1. Gary John Rangel and Subramaniam S. Pillay (2007) Evidence of bubbles in the Malaysian stock market (Chapter 9), in Kim Suk-Joong and Michael D. McKenzie (editors).  Asia-Pacific Financial Markets: Integration, Innovation and Challenges (International Finance Review, Volume 8), pp. 175-202 [Emerald]

Working Papers:

  1. Theang Kok Foo, Zhang Liang, Teh Chee Ghee and Gary John Rangel. Multifactor asset pricing model: Contemporary evidence from Malaysia.
    • 32nd Australasian Finance and Banking Conference 2019, Sydney, Australia
  1. Gary John Rangel, Jason Ng Wei Jian, Thangarajah@M. Thiyagarajan Murugasu and Poon Wai Ching Housing affordability among the millennial generation: Using a lifetime income measure.
    • 21st Malaysian Finance Association Conference 2019, Sunway University, Bandar Sunway, Malaysia
  1. Jason Ng Wei Jian, Gary John Rangel and Phung Yet Chin. Malaysia's 14th general election: Did a Malaysian tsunami happen? Measuring the impacts of ethnicity and urban development on electoral outcomes.
    • Malaysia Studies Programme (Malaysia in Transition Seminar Series), ISEAS Yusof Ishak Institute 2018, Singapore
  1. Lim Soon Hong, Teh Chee Ghee, Zhang Liang and Gary John Rangel. Does corporate ownership matter to market expectation adjustment: U.S. evidence.
    • 20th Malaysian Finance Association Conference 2018, Langkawi, Malaysia
    • World Finance Conference 2017, Sardinia, Italy
  1. Sa'adiah Munir, Gary John Rangel, Ravichandran Subramaniam and Mohd. Zulkhairi Mustapha. Is heterogeneity a stumbling block to innovativeness?
    • Financial Markets and Corporate Governance Conference 2017, Wellington, New Zealand
  1. Tang Kee Chong, Poon Wai Ching and Gary John Rangel. Do aviation crashes affect the demand for air travel? Panel evidence from the East Asia Pacific region.

Ad-Hoc Reviewer for:

Asian Academy of Management Journal of Accounting and Finance, Asian Journal of Business & Accounting, Review of Pacific-Basin Financial Markets and Policies, Journal of Emerging Markets Finance, Asian Academy of Management Journal, International Journal of Business and Society




Principle Supervisor



Number Completed


PhD students



Honours Students

  3 3

Number in progress


Master's students

1   1

PhD Students


1 1


Committee Positions:

  1. Exco Member, Malaysian Finance Association (2018 – Present)


  1. Malaysian Finance Association (life member since 2002)
  2. Asian Academy of Management (2018-2019)
  3. Financial Management Association (2018-2019)


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School of Management
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