Latest news and research

 

OCTOBER 2019 - Dr Javed Siddiqui's work on Joint Audits referenced in ICAEW essay

Dr Javed Siddiqui's work on on the impact of joint audits is referenced in this essay on shared and joint audits (part of ICAEW's The Future of audit series). His paper analyses recent empirical research on the impact of joint audits & also responses to the Competition and Markets Authority 2018 consultation.


 
 

SEPTEMBER 2019 - A note on strategic and tactical allocation to hedge funds

Hedge Funds expert Dr Olga Kolokolova has written a note on strategic and tactical allocation to hedge funds available here on LinkedIn
 
 

SEPTEMBER 2019 - Latest CAIR newsletter now available

The new CAIR newsletter is now available, highlighting the breadth and depth of activities that CAIR affiliated academics have been involved in this year so far.

You can subscribe to receive the bi-annual email by clicking here

You can view the latest newsletter here

 

SEPTEMBER 2019 - Does major media advertising expenditure help in predicting future earnings?

New research from Alliance Manchester Business School's Professor Andy Stark finds that advertising expenditures are significantly positively associated with firms' future earnings and market value. Read the research here

 
 

 AUGUST 2019 - Research shows that Hedge fund managers perform better under pressure — especially when there is a high management fee at risk

New research from Dr Olga Kolokolova and Xinyu Cui has been featured in an article in Institutional Investor. You can read the article here and view the research on SSRN here
 
 

JULY 2019 - 8th Annual Corporate Finance Conference

Following a successful 7th Annual Corporate Finance Conference in Manchester, The University of Bristol's department of Accounting and Finance are hosting the 8th Annual Corporate Finance Conference in Berkeley Square, Bristol. The two day event is organised in collaboration with the University of Exeter, Lancaster University and Alliance Manchester Business School and is run annually on an invitation-only basis for academics and PhD students to come together and share their latest research in corporate finance.
Xiangshang Cai will be presenting his paper ‘Acquisitions and Technology Value Revision’ (co-authored with Amedeo De Cesari, Ning Gao, and Ni Peng) and Néstor Romero will be presenting a paper  co-authored with Sungjun Cho and Stuart Hyde ( ‘Cross-border bank flows’ effect on the UK corporate’). The full agenda is here
 
 

JULY 2019- The CFO Of 2019: The Blue-Sky Thinkers Vs The Purse-String Holder

Dr Wei Jiang writes in Forbes magazine about the role of the Chief Financial Officer. 

Learn more here

 
 

JULY 2019 - How does I.T-based service degradation influence consumers’ use of services?

A paper co-authored by Professor Mike Newman is to be published in the Journal of Information Technology
The new research proposes a stage theory for explaining customers’ behaviour following IT-based service degradation. For service providers, the findings provide new info for improving service recovery strategies to keep customers engaged.
You can read the paper here
 
 

JULY 2019 - PhD workshop on quantitative finance and econometrics

PhD student participants from world-renowned universities, including Imperial College London, The Univeristy of Zurich, Heidelberg University and Vienna Graduate School of Finance came to Manchester for a 2-day workshop on quantitative finance and econometrics. Jointly organised by The University of Konstanz, Lancaster University, Alliance Manchester Business School and The University of Warwick, the workshop's purpose is to foster interdisciplinary research that combines advanced econometrics methods with frontier topics in quantitative finance.
 

JUNE 2019 -Accounting and Finance Inaugural Lectures

On 26th June Accounting and Finance division hosted a series of lectures celebrating Professors of Finance Viet Dang, Maria Marchica, and Roberto Mura. Over 70 people attended the event in the Penthouse event space to celebrate the new appointments and hear about their groundbreaking research. More here
 

JUNE 2019 - Accounting and Finance PhD student wins Kuwaiti Institute of Banking Studies Research Prize

Abdulrahman Alfarhoud, a first year PhD student from the Division of Accounting and Finance has won the Kuwaiti Economic Student prize in an inaugural national competition sponsored by the Central Bank of Kuwait.

Abdulrahman’ s paper “Betting Against Beta: Evidence from Boursa Kuwait” was selected over 18 other research papers and the awards were presented at a ceremony held at the Central Bank of Kuwait.

Mr Alfarhoud is supervised by Professor Mike Bowe and Dr Sarah Zhang and is working in the area of market microstructure. He is pictured below holding a blue plaque at the awards ceremony.

More information is available here http://www.kibs.edu.kw/strategic-initiatives/kfas/

 
 

MAY 2019 - What is the role of institutional investors in corporate capital structure decisions? 

A paper co-authored by Professor Marie Dutordoir has been published in leading finance journal The Journal of Corporate Finance.
The study surveyed institutional investors about their role in capital structure decisions and views on capital structure theories. 
One of the conclusions of the paper, which was written with Chris Veld and Yulia Veld-Merkoulova from Monash Business School and Stephen Brown from Stern School of Business is that unlike corporate managers, investors consider agency costs of free cash flow important drivers of capital structure. Investors' responses also support pecking order and market timing theories.

You can read the paper here
 
 

MAY 2019 - Management Today article : The slow death of the Plc.

Professor Kostas Stathopoulos has been quoted in a Management Today article on the growing trend for businesses to use private equity instead of stock market listings to fund their growth. He said of the trend:  "The public model has always been the most popular way of attracting capital to scale your business, but now there’s so much money available from private equity, many firms just don’t need it anymore". You can read the article here and here

 
 

MAY 2019 - Alliance Manchester Business School research magazine #4

Includes two articles relating to Centre for the Analysis of Investment Risk (CAIR) research
  • Paper by Schleicher & Walker and how it is helping influence a possible move by the SEC in the US towards six-monthly corporate reporting
  • A piece by Professor Chris Humphrey about thinking differently about audit

Click here to read the magazine
 
 

MAY 2019 - PhD workshop on quantitative finance and econometrics

A PhD workshop  jointly organised by Konstanz University, Lancaster University, Alliance Manchester Business School and The University of Warwick will be held in the new Alliance Manchester Business School building on 1st and 2nd July 2019. The workshop aims at fostering interdisciplinary research that combines advanced econometrics methods with frontier topics in quantitative finance.

Professor Alastair Hall from the University of Manchester will give a keynote talk on the workshop with the title “Inference in second-order identified models”

More information about the event is available here

 
 

 APRIL 2019 - HoC BEIS Committee 19th report - The Future of Audit

On Tuesday 2nd April the House of Commons Business, Energy and Industrial Strategy Committee published its report into The Future of Audit, available here.

Professor Christopher Humphrey, Professor Brendan O’Dwyer, Professor Stuart Turley and Dr Javed Siddiqui were all mentioned in the report.

We have created a special section for audit related news and research here

 
 

MARCH 2019 - Bob Herz wins ICAEW Outstanding Achievement Award 

Robert (Bob) Herz who graduated from The University with a B.A. degree in economics in 1974 was this week awarded the ICAEW Outstanding Achievement Award and in his acceptance speech he emphasised "how important the University of Manchester accounting department faculty members Bryan Carsberg, John Arnold, and Tony Hope were in guiding my studies and in my choice of career”. Read more on the ICAEW website here
 
 

MARCH 2019 - Professor Chris Humphrey has written a piece for the the AuditFutures blog about the importance of rethinking audit

In his article, Professor Humphrey emphasises the importance of asking the right questions and cautions against quick-fix solutions (no matter how much of a political imperative there is). he argues that "It is also essential not to focus on audit in isolation of other elements of corporate governance and responsibilities of corporations and their boards of directors – and, most importantly, not to regard today’s conception of auditing as being definitive and beyond question." You can read the piece here
 
 

MARCH 2019 - New research examines whether corporate social responsibility (CSR) disclosure affects the valuation decision of foreign investors in China's segmented market

A new paper written by Alliance Manchester Business School's Edward Lee, Alice Liang Xu and Cheng (Colin) Zeng with Weixing Cai from Guangdong suggests that CSR disclosure reduces the information disadvantage of foreign investors and facilitates cross-border investment. The paper is due to be published in the Journal of International Accounting, Auditing and Taxation later this year but can be viewed here
 
 

FEBRUARY 2019 - Professor Anne Stafford on panel at ACCA 9th International Public Sector Conference 2019

Anne Stafford, Professor of Accounting and Finance at Alliance Manchester Business School was a guest panellist discussing Infrastructure projects at the ACCA 9th International Public Sector Conference held in Prague on 28th February 2019. More information is available here
 
 

FEBRUARY 2019 - Are four eyes better than two?

Alliance Manchester Business School's Dr. Javed Siddiqui analyses recent empirical research on the impact of joint audits & also responses to the Competition and Markets Authority 2018 consultation.
You can read his paper here
 
 

FEBRUARY 2019 - Professor Chris Humphrey appointed to UK Audit Market Review Advisory Board

Chris Humphrey, Professor of Accounting, has been appointed to the advisory board of the Independent Review into the Quality and Effectiveness of the UK Audit Market, which is being led by Sir Donald Brydon. It follows reviews of the audit market by the Competitions and Markets Authority, a review by Sir John Kingman of the future of the Financial Reporting Council and a House of Commons Business, Energy and Industrial Strategy Committee Inquiry into the Future of Audit (which Professor Humphrey gave evidence to on 15th January 2019).

The appointment has been reported in Accountancy Age and Economia .

Chris also featured on BBC Radio 4’s The Bottom Line in the programme “Are auditors fit for purpose?” on Thursday 21st February. You can hear the programme here
 
 

FEBRUARY 2019 - Dr Jodie Moll presents her research findings on whistleblowing to the Manchester branch of the Chartered Institute for Securities and Investment

Jodie presented her research findings as part of this two-hour event, co-hosted with RBC Global Asset Management. The theme of the event was Whistleblowing and Best Practice in Stewardship and Corporate Governance. A panel event moderated by David Gorman from Castlefield Investment Partners featured panellists Claudia Chapman(Corporate Governance Policy Advisor, Financial Reporting Council), Simon Holman (Fund Manager, Castlefield Investment Partners) and Simon Gregory (Managing Director, Head of Product Specialists at RBC Global Asset Management). More details here
 
 

JANUARY 2019 - Reining in the “super boss” through better corporate governance

Professor Kostas Stathopoulos writes about the risks of unregulated CEO power in the FT. Article available here
 
 

JANUARY 2019-Professor Christopher Humphrey speaks to Commons BEIS Committee as part of the Future of Audit Inquiry

Leading expert in audit and accounting research Professor Christopher Humphrey spoke to the Business, Energy and Industrial Strategy Committee on January 15th in what was the first hearing of the committee's future of audit inquiry. You can see a video recording  of the session here
 
 

JANUARY 2019- Could AMBS research influence the SEC decision to move to six-monthly reporting?

A paper about Interim Management Statements written by Dr. Thomas Schleicher and Emeritus Professor Martin Walker has been cited in a Securities and Exchange Commission (SEC) request for comment following pressure from President Trump to “stop quarterly reporting and go to a six month system”.
 
Read more here
 
 

JANUARY 2019 - 2018 UK Corporate Governance code comes into effect today. Professor Kostas Stathopoulos shares his thoughts

The 2018 revision of the UK Corporate Governance Code is a significant update in the right direction, making the Code more relevant for the 21st century. Its emphasis on corporate culture and the long-term interests of corporate stakeholders is appropriate and long overdue. Corporations with a clear sense of purpose that is successfully embedded into their corporate cultures are known to perform better. Furthermore, academic research shows that companies that invest in their stakeholders, for example through employee welfare, are more productive and effective in generating wealth.

Read more here