Accounting and Finance Group

Accounting and Finance Group

The Accounting and Finance Group leads and delivers world-class research, teaching and business collaborations, aimed at developing a meaningful understanding of financial markets, corporate dynamics and the impact of technology, nationally and globally.





Led by Professor Chris Florakis, the Accounting and Finance Group brings together scholars, early career researchers and PhD students with an interest these areas.

Subject group leads
Chris Florackis


Professor Chris Florakis

Gayle Waddell


Mrs Gayle Waddell

Charlie Cai


Professor Charlie Cai


Abuzeid, Mr Mostafa

University Teacher in Accounting


Ahmad, Dr Sardar

Senior Lecturer in Accounting

  • Corporate governance reporting
  • Environmental, social and governance (ESG) reporting
  • Capital market accounting research 

Ahmed, Dr Shamim

Senior Lecturer in Finance

  • Empirical asset pricing
  • International finance
  • Macrofinance 

Alexiou, Mr Lykourgos

Postdoctoral Research Associate

  • Asset pricing
  • Option-implied information
  • Investments 

Avino, Dr Davide

Senior Lecturer in Finance

  • Asset pricing
  • Derivatives
  • Credit risk 

Barlow, Mr Christopher

Senior Lecturer in Accounting and Finance

Director: Employability and Placements

  • Accounting education
  • Employability
  • Professional skills 

Bevilacqua, Dr Mattia

Lecturer in Finance 

  • Options markets
  • Financial economics
  • Systemic risk 

Brown, Mr Gavin

Senior Lecturer in Financial Technology


Cai, Professor Charlie

Professor of Finance

Director of Research: Accounting and Finance Group

  • Asset pricing
  • Corporate disclosure

Cai, Dr Xiangshang

Lecturer in Finance

  • Corporate finance
  • Mergers and acquisitions
  • Innovation 

Chen, Dr Steven

Lecturer in Accounting

  • Non-financial disclosure
  • Human capital
  • Capital market accounting research 

Deller, Mr Adam

Lecturer in Accounting and Finance

  • International Financial Reporting Standards
  • Current issues in financial reporting
  • Accounting and sustainability

Drape, Mr Nicholas 

Senior Lecturer in Accounting and Finance

Deputy Associate Dean Undergraduate

  • Management accounting
  • Financial management
  • Accounting and sustainability 

Ellington, Dr Michael

Senior Lecturer in Finance

  • Financial economics
  • Financial econometrics
  • Asset pricing 

Fairclough, Mr Graham

Lecturer in Accounting and Finance


Farrelly, Mr Peter

Lecturer in Accounting and Finance


Florakis, Professor Chris

Professor of Finance 

Subject Group Head: Accounting and Finance Group

  • Corporate finance
  • Corporate governance
  • Environmental, social and governance (ESG)
  • Emerging firm risks

Fu, Dr Xi

Lecturer in Finance 

  • Asset pricing
  • Derivatives
  • Corporate governance

Gazi, Dr Adnan

Lecturer in Finance 

  • Asset pricing
  • Financial derivatives
  • Investments

Giorgioni, Dr Gianluigi

Senior Lecturer in Finance 

  • De-colonisation of curriculum
  • Development finance 

Gong, Dr Yujing

Lecturer in Accounting and Finance

  • Asset pricing
  • Derivatives
  • Investments 

Gordon, Mr Lewis

Senior Lecturer in Accounting

  • Financial reporting
  • Management accounting 

Gregory, Mrs Catherine

Senior Lecturer in Accounting and Finance


Henry, Professor Olan

Professor of Finance

  • Financial econometrics
  • Financial forecasting
  • Risk management 

Hizmeri Canales, Dr Rodrigo

Lecturer in Finance

  • Asset pricing
  • Financial econometrics
  • Option pricing 

Kagkadis, Dr Anastasios

Senior Lecturer in Finance

  • Asset pricing
  • Derivative markets
  • Real options 

Kim, Dr Minjoo

Senior Lecturer in Accounting and Finance

  • Corporate investment
  • Climate change
  • Machine learning 

Kita, Dr Arben

Senior Lecturer in Finance

  • Empirical asset pricing
  • Behavioural finance
  • Macro-finance

Kostakis, Professor Alex

Professor of Finance  

  • Asset pricing
  • Option-implied information
  • Event risk

Krasteva, Dr Elica

Lecturer in Accounting

  • Corporate governance and top management team dynamics
  • Corporate voluntary disclosures
  • Corporate environmental, social and governance (ESG) practices 

Laws, Mr Jason

Senior Lecturer in Corporate Finance

Associate Dean: Postgraduate Study


Maguire, Mr Kieran

Senior Lecturer in Accountancy

  • Football finance
  • Sport finance
  • Financial reporting and analysis  

Mallanaphy, Professor Claire

Deputy Dean: Education and Student Experience

  • Financial reporting
  • Scholarship careers in higher education
  • Linking higher education institutions and the accounting profession 

Milas, Professor Konstantinos

Professor of Finance

  • Monetary policy
  • Credit ratings
  • Inflation forecasting 

Ormrod, Professor Phillip

Professor of Accounting and Finance

  • International financial reporting standard
  • Auditing
  • Sustainability

Ozunlu, Mr Azmi

Senior Lecturer in Accounting and Finance


Pappas, Dr Kostas

Senior Lecturer in Accounting

  • Market based accounting
  • Earnings quality
  • Debt contracting
  • Corporate disclosure

Petrou, Dr Zacharias

Lecturer in Accounting and Finance

  • Market based accounting
  • Financial disclosure
  • Financial analysts 

Poletti-Hughes, Dr Jannine

Senior Lecturer in Accounting and Finance

  • Corporate governance
  • Corporate disclosure
  • Cross-cultural management 

Ren, Dr Mengbing

Lecturer in Accounting and Finance 

  • Corporate disclosures
  • Derivative disclosures 

Sachan, Dr Swati

Lecturer in Artificial Intelligence in Finance

  • Explainable artificial intelligence (AI) in finance, insurance and law
  • Blockchain technology
  • Augmented intelligence 

Sainani, Dr Sushil

Senior Lecturer in Accounting and Finance

  • Corporate finance
  • Corporate governance
  • Corporate environmental, social and governance (ESG) policies/practices 

Scott, Mrs Helen

Director of Studies: BA Accounting and Finance

  • Audit and assurance
  • Student belonging and attainment
  • Accounting curriculum development  

Stamatogiannis, Dr Michail

Senior Lecturer in Finance

  • Asset pricing
  • Financial econometrics
  • Financial forecasting 

Stephens, Mr Robert

Senior Lecturer in Accounting and Finance


Swift, Mr Mark

Lecturer in Accounting and Finance


Waddell, Mrs Gayle

Senior Lecturer in Accounting and Finance

Director of Education: Accounting and Finance Group

  • Business law
  • Developing and disseminating teaching excellence
  • Embedding employability skills in the curriculum 

Wang, Dr Liying

Lecturer in Accounting and Finance

  • Financial markets
  • Sustainable finance
  • Financial technology 

Wese Simen, Professor Chardin

Professor of Finance

  • Asset Pricing
  • Derivatives Markets
  • Financial conometrics 

Yang, Dr Yung Chiang

Senior Lecturer in Finance

  • Asset pricing
  • Market microstructure
  • Climate finance

Ye, Dr Xiaoke

Lecturer in Finance

  • Corporate governance
  • Chief executive officer (CEO)compensation
  • Supply chain risk

Zhao, Dr Yang

Senior Lecturer in Financial Data Analysis

  • Corporate Governance
  • Director Networks
  • Insider Trading 



Aiming to equip students with the latest skills demanded by employers, our Group offers the BA Accounting and Finance BA and the Finance with Data Analytics BSc, both Year in Industry options also available.

We also offer the specialist postgraduate programmes Finance MSc, Accounting and Finance MSc, Finance and Investment Management MSc and Financial Technology MSc.

We also contribute to a wide range of modules as part of the School's general management academic offering at undergraduate and postgraduate levels, and lead the Schools postgraduate research programme Accounting and Finance PhD.

Teaching is led by evidence-based research produced by our team of international experts, whose work is shaping world-class academic thought, and making a direct impact on a wide range of organisations and institutions.

We also offer access to globally recognised databases, to enhance the study and research in accounting and finance:

Study with us



Members of the group regularly publish in a range of top scholarly journals, including:

The group's academics also hold senior editorial positions in prestigious journals and sit on numerous editorial boards. 

Selected recent publications


Cai, X., De Cesari, A., Gao, N. and Peng, N. (2023). ‘Acquisitions and Technology Value Revision’, Management Science, 0(0).

Cai, C. X., Keasey, K., Li, P. and Zhang, Q. (2023). ‘Market Development, Information Diffusion and the Global Anomaly Puzzle’, Journal of Financial and Quantitative Analysis, 58(1): 104–147.

Ellington, M., Martin, C. and Wang, B. (2023). ‘Revisiting Real Wage Rigidity’, Journal of Money, Credit and Banking.

Florackis, C., Louca, C., Michaely, R. and Weber, M. (2023). ‘Cybersecurity Risk’, The Review of Financial Studies, 36(1), 351-407.

Gazi, A. and Aretz, K. (2023). ‘The Early Exercise Risk Premium, Management Science.

Kostakis, A., Magdalinos, T. and Stamatogiannis, M. P. (2023). ‘Taking Stock of Long-Horizon Predictability Tests: Are Factor Returns Predictable?’, Journal of Econometrics, 237(2).



Barunik, J., Bevilacqua, M., and Tunaru, R. (2022). ‘Asymmetric Network Connectedness of Fears’, The Review of Economics and Statistics, 104(6): 1304–1316.



Avino, D.E., Stancu, A. and Wese Simen, C. (2021). 'The Predictive Power of the Dividend Risk Premium', Journal of Financial and Quantitative Analysis, 56(8): 2843-2869.

Avino, D. E., Stancu, A. and Wese Simen, C. (2021). 'Dissecting Macroeconomic News', Journal of Money, Credit and Banking, 53: 1047-1077.

Ellington, M. (2021). ‘The Empirical Relevance of the Shadow Rate and the Zero Lower Bound’, Journal of Money, Credit and Banking, 54: 1605-1635.

Milas, C., Panagiotidis, T. and Dergiades, T. (2021). 'Does It Matter Where You Search? Twitter versus Traditional News Media'Journal of Money, Credit and Banking, 53, 1757-1795.


Hollstein, F., Prokopczuk, M. and Wese Simen, C. (2020) 'The Conditional CAPM Revisited: Evidence From High-Frequency Betas'Management Science, 66: 2291-2299.

Hollstein, F. and Wese Simen, C. (2020). 'Variance Risk: A Bird's Eye View'Journal of Econometrics, 215: 517-535.

Yang, Y. C., Zhang, B. and Zhang, C. (2020). 'Is Information Risk Priced? Evidence from Abnormal Idiosyncratic Volatility', Journal of Financial Economics, 135, 528-554.



Ahmed, S., Bu, Z. and Tsvetanov, D. (2019). 'Best of the Best: A Comparison of Factor Models', Journal of Financial and Quantitative Analysis, 54(4): 1713-1758.

Delikouras, S. and Kostakis, A. (2019). 'A Single-Factor Consumption-Based Asset Pricing Model', Journal of Financial and Quantitative Analysis, 54(2): 789-827.



Aretz, K., Florackis, C. and Kostakis, A. (2018). 'Do Stock Returns Really Decrease with Default Risk? New International Evidence', Management Science, 64(8): 3821-3842.



Stilger, P. S., Kostakis, A. and Poon, S. H. (2016). 'What Does Risk-Neutral Skewness Tell Us About Future Stock Returns?', Management Science, 63(6): 1814-1834.



Kostakis, A., Magdalinos, T. and Stamatogiannis, M. P. (2015). 'Robust Econometric Inference for Stock Return Predictability', Review of Financial Studies, 28(5): 1506-1553.

Zhang, Q., Vallascas, F., Keasey, K. and Cai, C. X. (2015). 'Are Market-Based Measures of Global Systemic Importance of Financial Institutions Useful to Regulators and Supervisors?', Journal of Money, Credit and Banking, 47: 1403-1442.

Research themes

Our team is divided in research subgroups focusing in four key themes in accounting and finance.

Asset pricing and investment

This research subgroup is at the forefront of exploring a wide array of topics, each playing a pivotal role in enhancing our understanding of financial markets and their societal implications.

As well as academically enriching, research in this area has far-reaching implications for the practical world of finance, influencing investment strategies, policy formulation, and the overall health and efficiency of financial markets.

Empirical asset pricing and performance evaluation

Academics focusing on this subtopic study option-implied information, stock return predictability and the comparative analysis of various asset pricing models, including consumption-based and factor models.

The research conducted here is vital for developing more refined and accurate asset pricing models.

These models serve as essential tools for investors and policymakers in making well-informed financial decisions.

In addition, the study of information and liquidity risks in equity markets, as well as the informational value of option prices for predicting future stock returns, is also significant.

These studies are key to understanding the intricacies of market dynamics and investor behaviour, ultimately shaping investment strategies and market performance.

Investment technology, ethics and strategy

A key focus of studies on this subtopic is the integration of technological innovations with traditional asset pricing models.

This is not merely a reflection of the evolving financial landscape, but also a potential catalyst for revolutionising investment strategies and enhancing market efficiency.

Equally crucial is the exploration of pricing anomalies and the principles of sustainable investing.

These areas are instrumental in fostering ethical investment practices and in dissecting the complexities of market inefficiencies.

Equity and other asset classes

The investigation into asset pricing in relation to equity, foreign exchange markets, and commodity derivatives offers profound insights into the functioning of different market segments.

This research is crucial for a comprehensive understanding of global financial interactions.

Aditionally, the focus on credit risk modelling and the interplay between equity, credit and options markets is essential for identifying and mitigating financial risks, thereby contributing to the overall stability of financial systems.

Financial econometrics and machine learning

The subgroup is also pioneering in the field of financial econometrics, developing innovative techniques for risk measurement and modelling various macro and financial indicators.

These advancements are instrumental in forecasting and managing financial risks, thus bolstering the stability and resilience of financial markets.

The development of machine learning algorithms for predicting market volatility and analysing commodity and financial spreads is another area of focus.

These tools are invaluable for deciphering market behaviour and enhancing risk management strategies.

Corporate finance and accounting

Academics in this research subgroup conduct pivotal studies that significantly enhance our understanding of corporate dynamics and their impact on the economy and society.

This subgroup's work offers valuable insights into corporate finance and accounting, significantly influencing corporate practices, regulatory policies and ethical standards, as well as shaping a more transparent, responsible and sustainable business environment.

Corporate governance and shareholder value

Research in this area critically analyses corporate governance practices, with a especial focus on their effects on shareholder value and the negative impacts of suboptimal governance.

Our academic contribution spans various geographical and cultural contexts, including Latin America, and examines the role of gender diversity in boardrooms.

These studies aim to improve governance structures, thereby enhancing corporate performance and ethical standards, and extend to mergers, acquisitions, corporate innovations and patents.

Corporate finance, networks and insider trading

Research on this topic investigates the relationship between corporate finance and governance, particularly the effects of corporate and individual networks on insider trading, mergers and acquisitions, and executive compensation.

This research is key to understanding corporate decision-making and the ethical challenges involved.

Market-based accounting research and corporate transparency

Research in this area focuses on the relationship between accounting practices and market perceptions, influencing corporate strategies in debt contracting and earnings quality.

It encompasses corporate disclosures, risk management, derivatives, financial analysts and tax avoidance, all crucial for corporate communication with investors and risk management.

Our research also examines earnings management and the value relevance of accounting information, vital for financial reporting transparency and investor confidence.

Sustainability, corporate social responsibility (CSR) and environmental, social and governance (ESG):

Research on this area addresses a range of topics related to global sustainability, including the determinants of ESG performance in firms, market reactions to ESG disclosures, and the social aspects of ESG.

Our academic contribution also covers the use of alternative data in climate change response, ESG performance implications, and its integration into risk and investment management, as well as its impact on advertising, market value, and asset pricing.

These activities contribute to new knowledge and drive significant economic, social, and cultural change.

International financial markets and the macroeconomy

Research within this subgroup is organised into key subareas, each dissecting unique yet interrelated facets of global financial dynamics and macroeconomic relationships.

Each of these subareas collectively contribute to a holistic understanding of the intricate interplay between international financial markets and macroeconomic factors.

The insights produced by our academics are invaluable for policymakers, financial practitioners and the global economy, offering a comprehensive perspective on the forces shaping today's financial landscape.

Sovereign debt and international monetary policy

Research In this area delves into the complexities of sovereign debt and the nuances of credit rating systems, both pivotal for gauging global financial stability and the role of credit in international economies.

Additionally, it encompasses a thorough examination of international monetary policy, scrutinising its profound effects on global financial markets.

This includes an analysis of how policy decisions shape market dynamics, influence international trade and drive economic growth.

Time series analysis of macro and financial indicators

Our academic contribution to this topic is centred on the detailed study of macroeconomic and financial indicators over time.

It is instrumental in decoding market movements, identifying trends and understanding their wider economic consequences.

This area also extends to the development and analysis of novel financial risk indicators, especially those derived from options, to elucidate their interplay with the broader macroeconomy.

Such research is crucial for effective risk assessment and management in financial markets.

Furthermore, our research incorporates the use of sophisticated Bayesian and non-linear techniques for modelling and forecasting financial markets.

These contributions enhance the precision and dependability of financial market predictions, which are essential for informed economic policy-making and financial market analysis.

Impact of social media on financial markets

Research on this topic investigates the increasingly significant role of social media platforms in shaping financial market behaviour.

It focuses on how digital communication channels impact market trends, influence investor behaviour and alter the dissemination of financial news.

This line of research is particularly relevant in the digital age, where information flow and its effects on markets are rapidly evolving.

Financial technology (FinTech)

Research by this subgroup covers several cutting-edge areas, each addressing key aspects of the rapidly evolving FinTech landscape and its implications for the financial sector.

Payment technologies and the future of money

Our academic contribution in area focuses on the advancements and dynamics of payment technologies, with a particular emphasis on cryptocurrencies and stable coin pricing.

Research on this topic is crucial for understanding the evolving nature of digital currencies and their potential to reshape the future of money, finance and global payment systems.

Explainable artificial intelligence (AI) in financial services:

The focus in this area is the application of explainable artificial AI in financial services.

This includes enhancing and automating decision-making processes in areas such as mortgage lending, small business loans and insurance claim handling.

Research in on this topic especially concentrates on AI explainability, as it aims to make AI-driven decisions more transparent and understandable, thereby fostering trust and efficiency in financial services.

Integration of FinTech and big data in financial markets and sustainable finance:

This area explores the intersection of fintech with big data analytics within financial markets and sustainable finance.

Research is centred on how fintech and big data can be leveraged to drive innovation, efficiency and sustainability in financial markets.

This includes understanding how these technologies can aid in the development of more sustainable financial practices and products.

Research centres

Mermebrs of our group regularly contribute to inter-disciplinary research projects run by the University's and our School's Research Centres.

Find out more about the Management School's Research Centres

Seminar series

Our group regularly organises seminar series with prominent international speakers,  to present their latest research and ideas in accounting and finance.

Latest seminars


What do Interest Rates Reveal about the Stock Market? A Noisy Rational Expectations Model of Stock and Bond Markets

Lease Reporting and Credit Markets

Voluntary Disclosure and the Earnings Announcement Premium

More nonlinear or more factors?

 Market Returns Dormant in Options Panels

  • Dr Soohun Kim KAIST College of Business (Korea)
  • 14 February 2024

What explains price momentum and 52-week high momentum when they really work?

  • Dr Pedro Barroso Católica-Lisbon School of Business and Economics (Portugal)
  • 31 January 2024


Long-Run Consumption and Inflation Risks in Stock and Bond Markets

  • Dr Marta Szymanowska, Rotterdam School of Management – Erasmus University (The Netherlands)
  • 13 December 2023

Increased Market Response to Earnings Announcements: The Role of Information Acquisition Costs

  • Dr Bin Li, University of Houston, Bauer College of Business (USA)
  • 29 November 2023

Trading Fees and Intermarket Competition

0DTE option pricing

Asset Allocation with Factor-Based Covariance Matrices

Measuring Firm-Level Tax Audit Risks with Generative AI

Global Business Networks

Big Brother is Watching You: The Effect of the CSISC Shareholding Program on Insider Trading

Pension Fund Flows, Exchange Rates, and Covered Interest Rate Parity

  • Professor Zhi Da, University of Notre Dame, Mendoza College of Business (France)
  • 27 September 2023

Promoting digitalization without subsidies

Family to firm expansion: How does the CEO children number affect corporate investment?

Political connections cause resource misallocation: Evidence from the fall of fascism in Italy

The sustainability wage gap

FX option volume

Skewness premia in currency markets

Do Analysts’ Revenue Forecasts Reflect Brand Performance Data? 

Hazed and confused: Prenatal pollutant exposure and CEO risk-taking



The Pricing Kernel in Options

Arbitrage Bounds on Cross Currency Options

Sterling Flash Crash (SFC): Risk attitudes and biases for retail traders

Bond Volatility and CDS Auctions

The Asset Durability Premium

Currency Risk Premiums Redux

Who is Entrepreneurial? Evidence from Late Bloomer Firms with M&A strategies

Women in the Financial Sector

Can stock market noise promote economic efficiency? Evidence from industry mispricings

The Lost Capital Asset Pricing Model

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