Research Groups - Accounting and Finance
Our Finance and Accounting group has strong international links and a global research focus in developed and emerging economies. Its main research interests are:
Accounting
Contact: Dr Khelifa Mazouz - K.Mazouz@bradford.ac.uk
Research in accounting focuses on:
- financial reporting - especially voluntary disclosure and corporate governance, voluntary disclosure and foreign share ownership in developing countries, the role of interim report information in investment-analyst decision processes, and the influence of audit committees on interim financial and intellectual capital disclosures
- managerial accounting - especially the behavioural and organisational effects of budgeting and performance-measurement systems, the impact of intellectual capital on management-accounting practices and corporate performance, the role of the accountant in the design process, the reliance on management accounting in turbulent economic environments, and the financial concerns of women-led micro-enterprises
Professor Richard Pike has researched the behavioural and organisational effects of budgeting and performance-measurement systems, the impact of intellectual capital on management-accounting practices and corporate performance, the role of the accountant in the design process, the reliance on management accounting in turbulent economic environments, and the financial concerns of women-led micro-enterprises.
The Auditor General, Sir John Bourn, was among the keynote speakers at an international conference that our Finance and Accounting group organised on the corporate governance life-cycle.
Dr Musa Mangena's research interests are concentrated in three areas. He has examined corporate governance in both developed and developing countries, particularly focusing on how governance arrangements (for example, board composition; audit committees) affect different organisational outcomes (such as the quality of reporting, performance). His paper on corporate governance and firm performance in a crisis environment, and co-authored with colleagues at Bournemouth University and University of Cape Town, won the Vernon Zimmerman Best Paper Award at the 22nd Asian-Pacific Conference on International Accounting Issues, Gold Coast, Australia in November 2010. Dr Musa Mangena has also researched on disclosures (interim report disclosures, intellectual capital disclosures, key performance indicators; corporate social and environmental responsibility) and their consequences; and performance measurement systems.
Dr Jing Li's research interest concentrates in the area of intellectual capital reporting. She has examined the impact of corporate governance (e.g. board composition, audit committee) on intellectual capital disclosures. She has also researched intellectual capital disclosure and the effects on the cost of equity capital.
Dr Hok-Leung Ronnie Lo's research interests cover areas of corporate governance, segment reporting, voluntary disclosure of non-financial information and firm valuation.
Finance
Contact: Professor Mark Freeman - M.C.Freeman@bradford.ac.uk
Research in finance centres on:
- corporate finance - especially capital budgeting and credit risk
- asset pricing - especially equity-market anomalies, IPO behaviour, the empirical effects of derivatives trading on the volatility of the underlying equity, a comparison of the statistical power of different tests of factor asset-pricing models, the calibration of asset-pricing models with new features including unconventional utility functions, social-status concern, regime switching and uncertainty aversion
Professor Mark Freeman received the Best Paper Award for "Valuation, Pricing, EVA & MVA" at the 14th Global Finance Conference, Melbourne, 2007. He is interested in very long-term finance problems. This work is mainly focussed on far-horizon costs of capital and asset selection problems for long-term investors. He has also compared the statistical power of different tests of factor asset pricing models, has applied regime switching models to the equity premium puzzle, and has worked on more general relationships between macroeconomics and asset pricing.
Professor Khelifa Mazouz won best-paper award at the Asian Finance Association Conference (2007) for a presentation on equity-market anomalies with particular emphasis on momentum, value and over-reaction effects. Professor Mazouz's main research interests are in empirical corporate finance (e.g. initial public offerings), market efficiency (e.g. price reaction to shocks) and the interactions between derivatives and stock markets (e.g. the impact of option listing on the market quality of the underlying stocks). He has also been involved in several multi-disciplinary research projects, covering areas such as finance, accounting and corporate governance.
Professor Roger Adkins's research interest is the real options analysis of investment decisions that are characterized by uncertainty, irretrievable sunk costs and management having a degree of leeway over timing, such as the switching between feed sources in bio-fuel production and asset replacement for items like ships and airplanes having a significant re-sale value. He has presented at many international conferences and published in several international, academically reputable journals. Professor Adkins is currently examining the optimal cutting and replanting decisions for tree stands in the presence of uncertain tree growth, timber prices and carbon capture; and replacement of assets in the face of technological progress.
Professor Pike continues to develop his long-standing capital budgeting interests, exploring strategic options in the implementation of advanced manufacturing technology projects. He has also carried out an international comparison of corporate and credit management practices and policies.
Mr Andrew Coutts's research focuses on Financial Econometrics and Financial Markets (more specifically: the validity of asset pricing models, seasonalities/anomalies/regularities /calendar effects and Technical Trading Rules in emerging and developed financial markets), the validity and application of the event study methodology, the stability and usefulness of empirical estimates of Beta, and movements of security prices in parallel markets.
Dr Jian Dollery's research interests focus on commodity futures market efficiency, hedge ratios, return predictability, applied econometrics, long memory, fractional cointegration and structural breaks.
Mr Minh Nguyen's research interests focus on market microstructure, liquidity risk and empirical asset pricing.