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Professor Roger Adkins

PositionProfessor of Finance
LocationCartwright Building (Emm Lane), Rm 2.32
DepartmentSchool of Management
Telephone+44 (0)1274 234403

Research Interests (key words only)

Investment under Uncertainty, Real Options, Analytical Multi-factor Solutions, Replacement, Energy, Technology Switching, Sequential Investments, Subsidies & Taxes

PhD Supervision

Roger is willing to supervising research students having strong quantitative skills, in areas spanning his primary research interests of real option analysis, decision making and investment under uncertainty, but also in economic and finance subject areas involving the application of econometric methods. His current PhD supervision includes the effects of discontinuities on financial decision making of firms in the areas of leverage, liquidity and dividend policy, and the impact of financial inclusion on economic development and bank performance. 

Teaching and Supervisory Responsibilities

Current teaching responsibilities are the delivery of modules on “Derivative Pricing and Risk Management” for students enrolled on the MSc Finance programmes, and “International Financial Management” for students enrolled on the MBA programme.

Administrative Responsibilities

  • Director of CARAFE


Roger joined the School of Management in 2011. Previously, he held an academic post at the Salford University Business School, following appointments in Tanzania at the Universities of Dar es Salaam and Mzumbe. He graduated with a PhD in Accounting and Finance at Manchester Business School, University of Manchester.

Study History

  • PhD (Accounting & Finance) AMBS, University of Manchester, UK
  • MBA (Finance) City University Business School, UK
  • MSc (Economics, Econometrics & OR) University of Southampton, UK
  • BSc (Cybernetics) University of Reading, UK

Professional History

Roger is currently Professor of Finance, joining the School of Management in 2011. Previously, he was Lecturer in Economics at the University of Leicester for one year followed by 12 years in Tanzania at the University of Dar es Salaam and the University of Mzumbe teaching mainly Economics and OR subjects having a quantitative focus. Prior to coming to the University of Bradford, Roger was Senior Lecturer at Salford University Business School teaching Financial Derivatives, International Finance and other quantitative based finance subjects to a range of student cohorts. During this time, his managerial posts included programme directorships and Head of Department.

Research Areas

My research applies analytical methods to cases of financial and economic decision making under uncertainty with purpose of deriving optimal prescriptions and valuations. Typical illustrations include investment opportunities and corporate behaviour in the presence of uncertainty, irreversible sunk costs and managerial flexibility. My previous research activity includes (i) extending the derivation of the threshold boundary for one-factor to two- and multi-factor models, (ii) analysis of replacement-style models under uncertainty, (iii) evaluating the timing for multi-stage investment projects with failure, (iv) determining the impact of policy (tax) uncertainty on investment behaviour, and (v) devising collars as a substitute for and complement to a traditional subsidy-taxation programmes.

My five-year research strategy is not only the development of these 5 themes, but also the investigation on oil extraction strategies (new technology for depleted wells and the role of refurbishments), on the impact of taxation / subsidies on investment size and capacity as well as on corporate finance decision such as liquidity and cash and the formulation of structural estimation models.

Current Projects

  • Investigation on the formation of optimal policy decisions for investment projects characterized by sequential commitments.
  • Investigation on the optimal policies available for end-of-use oil wells that are near depletion: technology switching, refurbishment of abandonment.
  • Analytical study on the impact of subsidies and taxes on investment size and timing.
  • Analytical derivation of value and threshold boundary for multi-factor real-option style models.

Research Collaborations

Professor D Paxson AMBS University of Manchester, UK


See Roger's publications on Bradford Scholars.

Adkins, R., Paxson, D. (2017). Replacement Decisions with Multiple Stochastic Values and Depreciation. European Journal of Operational Research, 257(1), 174-184.

Adkins, R., Paxson, D. (2016). Sequential investments with stage-specific risks and drifts. The European Journal of Finance.

Adkins, R., Paxson, D. (2016). Subsidies for renewable energy facilities under uncertainty. The Manchester School, 84(2), 222-250.

Adkins, R., Paxson, D. (2016). The effects of an uncertain abandonment value on the investment decision. European Journal of Finance.

Adkins, R., D. Paxson, P. D. (2014). Stochastic Equipment Capital Budgeting with Technological Progress. European Financial Management, 20(5), 1031-1049.

Adkins, R., Paxson, D. (2013). Deterministic Models for Premature and Postponed Replacement. OMEGA: International Journal of Management Science, 41(6), 1008-1019.

Adkins, R., Paxson, D. (2013). The Tourinho model: neglected nugget or receding relic? The European Journal of Finance, 19(7-8), 591-604.

Adkins, R., Paxson, D. (2013). The Effect of Tax Depreciation on the Stochastic Replacement Policy. European Journal of Operational Research, 229(1), 155-164.

Adkins, R., Dean, P. (2012). Real input–output energy-switching options. Journal of Energy Markets, 5(3), 3-22.

Adkins, R., Paxson, D. (2011). Renewing Assets with Uncertain Revenues and Operating Costs. Journal of Financial and Quantitative Analysis, 46(3), 785-813.

Adkins, R., Paxson, D. (2011). Reciprocal energy-switching options. Journal of Energy Markets, 4(1), 91-120.

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