Accounting and Finance

We are one of the largest accounting and finance groups in the UK. We conduct evidence-based, practice-relevant research, with key areas of expertise being empirical asset pricing, corporate finance, market-based accounting, international macro-finance and financial technology.

Members of the group regularly publish in a range of top scholarly journals such as the Review of Financial Studies, Journal of Financial Economics, Journal of Accounting and Economics, Management Science, Journal of Financial and Quantitative Analysis, Review of Finance, Review of Economics and Statistics, Journal of Money, Credit and Banking, and the Journal of Econometrics.

The group delivers specialist postgraduate and undergraduate programmes, including Accounting and Finance MScFinance MScFinancial Technology MSc and Accounting and Finance BA, as well as contributing to the School’s general management programmes. Teaching is research-led and supported by an excellent student-focussed professional services team.

We provide access to a wide range of financial and accounting databases, including a 40-terminal Bloomberg suite, and we host prominent international speakers in our seminar series and conferences.

Members of the group enjoy a collaborative and collegiate working environment, which values and supports excellence in both research and teaching. We have also developed a thriving community of PhD students, including students co-supervised with colleagues at our partner university in China, XJTLU.

Asset Pricing and Investment

Professor Massimo Guidolin has gained international reputation for his work on non-linear time series models in finance and macroeconomics. His recent research spans a number of topics, including methods and models in forecasting, empirical option pricing and real estate finance. Massimo currently serves on the editorial board of the Journal of Financial Econometrics, the Journal of Economic Dynamics and Control, and the International Journal of Forecasting.

Professor Charlie Cai has worked on various areas of asset pricing, banking and market microstructure. His recent research focus has been in the areas of fintech, pricing anomalies, and sustainable investing.

Professor Alex Kostakis works on empirical asset pricing and investment performance evaluation, examining topics such as the value of option-implied information, stock return predictability, and the performance of consumption-based vs. factor pricing models.

Dr Shamim Ahmed works on asset pricing with applications to equity market and foreign exchange markets.

Dr Davide Avino works on credit risk modelling and management as well as the interlinkages between the equity, credit, and options market.

Dr Minjoo Kim works in the area of financial econometrics, developing novel techniques for risk measurement and modelling the behaviour of various macro and financial indicators.

Mr Jason Laws develops tools for forecasting foreign exchange and equity market volatility and examines the behaviour of commodity and financial spreads.

Dr Michalis Stamatogiannis, works in the area of time series econometrics and has developed a novel testing procedure for stock return predictability.

Dr Chardin Wese Simen has worked on various areas of asset pricing, high-frequency financial econometrics, and derivatives markets. 

Dr Yung Chiang Yang’s research explores the role of information and liquidity risks in the equity market.

Dr Xiaoxia Ye’s research focuses on the fixed income and credit markets, modelling the behaviour of bond yields and CDS spreads.

Dr Adelphe Ekponon’s research is at the junction of asset pricing, corporate finance, and macro-finance. His current interests are oriented toward developing theoretical and empirical approaches to demonstrate how macroeconomic conditions can improve our understanding of issues in asset pricing and corporate finance.

Dr Xi Fu’s research examines the informational content of option prices for future stock returns.

Dr Adnan Gazi’s research interests are in the areas of theoretical and empirical asset pricing. His recent work includes studying the early exercise feature of American options and its implications for the cross-sections of stock and option returns.

Dr Rodrigo Hizmeri’s research focuses on high-frequency financial econometrics, empirical asset pricing and financial risk management.

Dr Lykourgos Alexiou works on empirical asset pricing and option-implied information.

Corporate Finance and Accounting

Professor Chris Florackis mainly works in the area of corporate governance, particularly on how suboptimal governance practices destroy shareholder value. He currently serves as an Editor for the journal Corporate Governance: an International Review.

Dr Jannine Poletti-Hughes works on corporate governance in Latin America as well as gender issues in boards of directors.

Dr Yang Zhao works in the area of corporate finance and corporate governance. He studies the effect of corporate and individual networks on insider tradings, M&As and executive compensation.

Dr John Zhang conducts research in auditing, in the context of financial accounting and banking practices.

Dr Sardar Ahmad’s research interests lie in the areas of corporate governance, business ethics, earnings management and the value relevance of accounting.

Dr Steven Chen’s main research interests lie in the areas of market-based accounting research, corporate governance and corporate social responsibility.

Dr Elica Krasteva’s main research interests lie in the areas of financial reporting and corporate governance.

Dr Kostas Pappas conducts research in the area of market based account, including earnings quality, debt contracting, and corporate disclosure.

Dr Zacharias Petrous research focuses on the role of financial analysts, and financial information in capital markets.

Dr Helen Ren’s research interest lies in capital market research in accounting and empirical corporate finance, with a particular focus on corporate disclosures, risk management, derivatives, financial analysts, and tax avoidance.

Dr Sushil Sainani works on issues related to corporate governance and risk management, mergers and acquisitions, and earnings management.

Dr Ping Sun studies the issuance of corporate securities, examining the effect of short selling and corporate social responsibility.

Dr Jiali Yan’s interests are in empirical corporate finance and span corporate social responsibility, corporate governance, financial misconduct, and institutional investors.

International Financial Markets and the Macroeconomy

Professor Costas Milas works on sovereign debt and credit rating issues, the impact of social media on financial markets, as well as international monetary policy. He has been a member of the Monetary Policy Roundtable organised by the Bank of England’s Monetary Policy Committee and an ESRC and CEPR sponsored Centre For Macroeconomics (CFM) survey expert since 2014.

The research of Professor Olan Henry examines the time series behaviour of macro and financial indicators as well as issues related to short selling.

Dr Bill Kallinterakis develops novel methodologies to examine herding behaviour in financial markets.

Dr Mattia Bevilacqua works in the area of financial economics, developing new option-based financial risk indicators and studying their interaction with the macroeconomy.

The focus of Dr Michael Ellington’s research is on modelling and forecasting financial markets and monetary policy using Bayesian and non-linear techniques.

Dr Marcin Michalski works on issues related to macro-financial policy, systemic risk, and interbank market contagion.

Financial Technology (Fintech)

Mr Gavin Brown’s research focuses on payment technologies and the future of money, specifically cryptocurrencies and stablecoin pricing.

Dr Swati Sachan works on explainable artificial intelligence to augment and automate the decision-making process for mortgage and small business loans and insurance claim handling.

Back to: Management School


    Past examples of Seminar Series and Workshops in Accounting and Finance

    Professor Fan Yu (Claremont McKenna College)

    19 March 2020

    Professor Guofo Zhou (Washington University in St. Louis)

    1 April 2020 

    Dr Michael Weber (University of Chicago)

    30 April 2020

    Professor Emanuele Borgonovo (Bocconi University)

    13 May 2020

    Professor Amit Goyal (University of Lausanne)

    21 May 2020

    Professor Jeffrey Ng (Hong Kong Polytechnic University)

    12 June 2020

    Professor Sabri Boubaker (EM Normandie Business School)

    20 February 2020

    Professor Vasso Ioannidou (Lancaster University)

    21 November 2019 

    Professor Lakshmanan Shivakumar (London Business School)

    14 November 2019

    Professor Stephan Siegel (University of Washington)

    17 October 2019 

    Dr Claudia Custodio (Imperial College London)

    10 October 2019 

    Dr Jennie Bai (Georgetown University)

    3 October 2019

    Prof Alex Michaelides (Imperial College London)

    29-30 April 2019

    Dr Maria Kalli (University of Kent)

    Bayesian nonparametric vector autoregressive models

    13 March 2019 

    Dr. Tomislav Ladika (University of Amsterdam).

    Creating Intangible Capital

    25 January 2019

    Selected recent publications:

    (ULMS A&F staff in bold)

    Duong, H.N., Goyal, A., Kallinterakis, V., & Veeraraghavan, M. (forthcoming). Democracy and the Pricing of Initial Public Offerings around the World. Journal of Financial Economics.

    Cai, C.X., Keasey, K., Li, P., & Zhang, Q. (forthcoming). Market Development, Information Diffusion and the Global Anomaly Puzzle. Journal of Financial and Quantitative Analysis.

    Avino, DE , Stancu, A., & Wese Simen, C. (in press). The Predictive Power of the Dividend Risk Premium. Journal of Financial and Quantitative Analysis.

    Barunik, J., Bevilacqua, M., & Tunaru, R. (in press). Asymmetric Network Connectedness of Fears. Review of Economics and Statistics.

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

    Milas, C., Panagiotidis, T., & Dergiades, T. (2021). Does It Matter Where You Search? Twitter versus Traditional News Media. Journal of Money, Credit and Banking, 53, 1757-1795.

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

    Hollstein, F., Prokopczuk, M., & 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.

    Chun, A. L., Namvar, E., Ye, X., & Yu, F. (2019). Modeling Municipal Yields With (and Without) Bond Insurance. Management Science, 65, 3449-3497.

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

    Dutordoir, M., Strong, N., & Sun, P. (2019). Shelf versus Traditional Seasoned Equity Offerings: The Impact of Potential Short Selling. Journal of Financial and Quantitative Analysis, 54, 1285-1311.

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

    Jarrow, R., Li, H., Ye, X., & Hu, M. (2019). Exploring Mispricing in the Term Structure of CDS Spreads. Review of Finance, 23, 161-198.

    Bianchi, D., Billio, M., Casarin, R., & Guidolin, M. (2019) Modelling Systemic Risk with Markov Switching Graphical SUR Models. Journal of Econometrics, 210, 58-74.

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

    Stilger, P. S., Kostakis, A., & Poon, S.H. (2017). What Does Risk-Neutral Skewness Tell Us About Future Stock Returns?. Management Science, 63, 1814-1834.

    Guidolin, M., and Liu, H. (2016). Ambiguity Aversion and Underdiversification. Journal of Financial and Quantitative Analysis, 51, 1297-1323.

    Kostakis, A., Magdalinos, T., & Stamatogiannis, M.P. (2015). Robust Econometric Inference for Stock Return Predictability. Review of Financial Studies, 28, 1506-1553.

    Zhang, Q., Vallascas, F., Keasey, K., & 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.