Accounting and Finance - Management School

Team

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

SUBJECT GROUP HEAD

DIRECTOR OF EDUCATION

DIRECTOR OF RESEARCH

Professor Charlie Cai

Staff

Name	Role	Research/Scholarship
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

Education

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

Research

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

2023

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

DOI: 10.1287/mnsc.2023.4890

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.

DOI: 10.1017/S0022109022000643

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

DOI: https://doi.org/10.1111/jmcb.13056

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

DOI: 10.2139/ssrn.3465453

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).

DOI: 10.1016/j.jeconom.2022.10.009

2022

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

DOI: 10.1162/rest_a_01003

Florackis, C., Louca, C., Michaely, R. and Weber, M. (2022). ‘Cybersecurity Risk’, The Review of Financial Studies, 36(1), 351-407.

DOI: 10.1093/rfs/hhac024

2021

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.

DOI: 10.1017/S0022109020000733

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

DOI: 10.1111/jmcb.12804

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

DOI: 10.1111/jmcb.12881

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.

DOI: 10.1111/jmcb.12805

2020

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

DOI: 10.1287/mnsc.2019.3317

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

DOI: 10.1016/j.jeconom.2019.09.006

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.

DOI: 10.1016/j.jfineco.2019.06.013

2019

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.

DOI: 10.1017/S0022109018000947

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

DOI: 10.1017/S0022109018000819

2018

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.

DOI: 10.1287/mnsc.2016.2712

2016

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.

DOI: 10.1287/mnsc.2015.2379

2015

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

DOI: 10.1093/rfs/hhu139

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.

DOI: 10.1111/jmcb.12249

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