Accounting and Finance

Accounting and Finance

The Accounting and Finance Group, led by Professors Charlie CaiChris FlorackisOlan HenryAlex KostakisCostas Milas and Phil Ormrod, conducts world class empirical research in the areas of asset pricing, corporate finance and governance, macro-finance, and market-based accounting.

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

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

Within the Management School, the McKenzie Trading Suite is one of the largest Bloomberg labs in the UK. Bloomberg is integrated into many modules at both undergraduate and postgraduate level.

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

Asset Pricing and Investment

Prof 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 in emerging markets, pricing anomalies, and systemic risk in a global context.

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

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

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

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.

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

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

Corporate Finance and Accounting

Prof 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 Abhinav Goyal works on dividend payout policy, in addition to corporate governance in emerging economies, IPOs, financing and capital budgeting.

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

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

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

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

International Financial Markets and the Macroeconomy

Prof 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 Prof 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 Michael Buckle’s research includes modelling jumps in high frequency financial data, modelling financial networks, and the fragmentation of stock trading following the growth of alternative trading. He has worked closely with the CFA, helping establish the Investment Management Certificate. 

Dr Kenbata Bangassa has conducted research on the performance of initial public offerings, mutual funds and bankruptcy risk.

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.

  • Seminars


    Seminar Series and Workshops in Accounting and Finance


    Upcoming Seminars

    Professor Sabri Boubaker (EM Normandie Business School)

    20 February 2020

    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 Amit Goyal (University of Lausanne)

    21 May 2020


    Past Seminars

    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)

    To run a publishing workshop for Accounting and Finance staff members

    29-30 April 2019

    Dr Maria Kalli 
    (University of Kent)

    Wednesday March 13 2019

    Bayesian nonparametric vector autoregressive models

    13 March 2019

    Dr. Tomislav Ladika (University of Amsterdam). Details of the talk are as follows:

    Creating Intangible Capital

    25 January 2019

  • Selected recent publications:


    (ULMS STAFF in bold)

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

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

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

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

    Florakis, C., & Sainani, S. (forthcoming). How Do Chief Financial Officers Influence Corporate Cash Policies?. Journal of Corporate Finance.

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

    Ding, S., Kim, M., & Zhang, X. (2018). Do firms care about investment opportunities? Evidence from China. Journal of Corporate Finance, 52, 214-237.

    Dutordoir, M., Strong, N. C., & Sun, P. (2018). Corporate social responsibility and seasoned equity offerings. Journal of Corporate Finance, 50, 158-179.

    Stilger, P. S., Kostakis, A., & Poon, S.H. (2017). What Does Risk-Neutral Skewness Tell Us About Future Stock Returns?. Management Science, 63(6), 1814-1834.

    Kostakis, A., Magdalinos, T., & 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., & 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(7), 1403-1442.

  • Research Impact: