Latest news and research

 

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
 
 

 DECEMBER 2018 - Latest edition of the CAIR newsletter

The latest edition of the CAIR newsletter is now available and it highlights some of the main activities from CAIR since June including
  • An overview of our Market Microstructure and Fintech workshop and our Annual Corporate Finance conference (both held in September)
  • Anne Stafford’s contribution to the Academy of Social Sciences’ ‘Making the case for Accounting and Finance’ and its launch in the Palace of Westminster
  • Research published by academics associated with CAIR – specifically in the areas of Corporate Governance, Asset Pricing and Investment Analysis, Audit & Risk Management and Corporate Finance
  • Press coverage where colleagues have commented (Kostas Stathopoulos on Corporate Governance and Executive Pay and Jodie Moll on Whistleblowing)
  • Anne Stafford and Pam Stapleton’s written evidence submitted to the House of Commons Public Administration and Constitutional Affairs Committee and its Inquiry on the Government’s Major Projects Portfolio
Download or view here
 
 

NOVEMBER 2018 - Labour report on executive pay proposes ending share-based compensation for execs and giving customers a vote on compensation

Konstantinos Stathopoulos, Professor of Accounting and Finance at Alliance MBS, gives his views on the plans by Labour to give customers of big firms a vote on boardroom pay. Read his views here:
 
 

NOVEMBER 2018 - Whistleblowers: Endangered But Vital To The Corporate World

Dr Jodie Moll, Senior Lecturer in Accounting, Alliance MBS writes in Forbes.com that whistleblowers are endangered but are vital to the corporate world. Read her article here:
 
 

NOVEMBER 2018 - Mitsubishi’s move to dismiss Carlos Ghosn as chairman is the result of another significant corporate governance failure under the watch of a super boss says Corporate Governance expert

Konstantinos Stathopoulos, Professor of Accounting and Finance at Alliance MBS commented on the Carlos Ghosn / Mitsubishi / Nissan story in the Guardian. You can read his comments here
 
 

SEPTEMBER 2018 -Academics from across the UK attend the 7th Annual Corporate Finance conference in Manchester

NYU Stern's Anthony Saunders was the keynote speaker for the 7th Annual Corporate Finance Conference; a collaboration between Alliance Manchester Business School and the Universities of Bristol, Exeter and Lancaster.
Around 30 academics from across the UK came to Manchester for the 2-day event which saw presentations from Sergey Chernenko, Claudia Custodio, Cem Demiroglu, Ruediger Fahlenbrach, Eliezer Fich and a number of early career researchers. Read more here
 
 

SEPTEMBER 2018 -Market Microstructure and Fintech workshop a success 

Academics and Practitioners from around the world came to the newly opened Crowne Plaza Hotel last week for a workshop on Market Microstructure and Fintech. Co-funded by the Centre for the Analysis of Investment Risk (CAIR) and the AMBS Strategic Investment Fund, the one day workshop saw a total of 14 speakers present their latest research and insights. Read more here
 
 

 JUNE 2018 - Taking accountability for the Private Finance Initiative

Anne Stafford, Professor of Accounting and Finance writes about her PFI research in LocalGov.com. You can read the article here
 
   

JUNE 2018 -New CAIR newsletter available to download

The July 2018 edition of our bi-annual newsletter is now available to download and read.
In this edition we review the February Corporate Governance event, April Corporate Finance event and highlight just some of our recent research and activities.
Download here now 
 
 

MAY 2018 -Professor Anne Stafford presents research into shortcomings of PPP and PFI at the Palace of Westminster

On 11th May 2018 the Academy of Social Sciences and its Campaign for Social Science launched the publication Making the Case for the Social Sciences 13 – Accounting and Finance.

Supported by the British Accounting and Finance Association and the British Accounting Review, the event included a presentation from Professor Anne Stafford about her research into the shortcomings of Public-Private Partnerships (PPP) and the Private Finance Initiative (PFI). She made the case that “the reality of PFIs is reduced control and higher cost to government. Our social science approach shows that the real effect of the policy has been the redistribution of wealth to the financial and corporate sectors”.

The Rt Hon Elizabeth Truss MP, Chief Secretary to the Treasury spoke at the launch and is pictured here at the launch with Professor Stafford.
You can read more here
 
 


APRIL 2018 -Research concludes that short-termist Hedge Funds demand more cash during merger negotiations and questions the efficiency of such payments for long-term shareholders

A detailed analysis of 2,000 merger transactions announced between 1994 and 2009 (involving listed firms in the U.S) has revealed that hedge fund holdings in target firms significantly affects merger payment in a way that is likely to be inefficient for long-term shareholders of target companies, as higher proportion of the payment is made in cash.
This has led to the conclusion that the involvement of hedge funds with short-term investment horizons should be subject to additional scrutiny during merger negotiations by other investors, especially those interested in keeping a stake in a joint firm.
The paper, written by Olga Kolokolova and Ning Gao with Achim Mattes from Credit Suisse was recently featured in the Columbia Law School blog.