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Accounting, finance and economics

Our Accounting, Finance and Economics (AFE) group has strong international links and a global research focus in developed and emerging economies.

The group is headed up by Professor Tamer Elshandidy. See all staff and research students in the group.

The research interests of the group cover a wide range of issues in the areas of accounting, finance and economics. Colleagues with the group are also working across other disciplines within the School of Management and the University.

Most group members use empirical research methods, but others use qualitative research methods or develop theoretical models to address specific research issues.

The School's Centre for Applied Research in Accounting, Finance & Economics (CARAFE) under the leadership of Professor Roger Adkins focuses on cross-disciplinary research and all members of the group are active in research within the CARAFE.

Researchers within the group are actively engaged in doctoral supervision.

Nine PhD students in the areas of accounting, finance or economics are being supervised by the members of the AFE group.


Research in accounting focuses on:

  • Corporate (textual) reporting (e.g. risk disclosure, intellectual capital both reporting and management accounting, corporate social responsibility)
  • IFRS implications
  • Accounting reporting quality
  • Auditing practices and regulations
  • IFRS implications
  • Corporate governance
  • Market-based accounting research

Professor Tamer Elshandidy’s main research interests lie in the areas of textual analysis, corporate (risk) disclosure strategies, corporate governance, IFRS implications, accounting conservatism, and more generally market-based accounting research.

Dr Jing Li's main research interests include accounting for intellectual capital, from both the management accounting and corporate reporting's perspective, and particularly the intellectual capital reporting practices of firms and the determinants and effects of intellectual capital reporting. Jing also has research interest in voluntary disclosure (including Corporate Social Responsibility), corporate governance, and accounting reporting quality within the context of family firms.

Dr Mohamed Khaled Eldaly’s main research interests include auditing, auditing regulations and standards, financial reporting and accounting standards, corporate governance and accounting education.

Mr Muhammad Khawar has research interest in the areas of corporate taxation, corporate reporting and auditing. He is currently pursuing his PhD studies within the area of taxation.


The main areas of finance research are:

  • Empirical corporate finance (e.g. initial public offering)
  • Stock market efficiency
  • Capital markets and asset pricing
  • Interactions between derivatives and stock market
  • Behaviour finance
  • Banking and emerging markets
  • Corporate governance
  • Executive compensation and managerial incentives
  • Investment and risk management
  • Real option analysis
  • Credit management
  • Portfolio Management
  • Pension Finance

Professor Roger Adkins' 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.

Professor Aydin Ozkan’s interests lie in the field of empirical corporate finance covering a wide range of topics in finance and financial economics, including corporate investment, capital structure and dividend policy, and cash holdings policies; corporate governance and ownership structure, managerial compensation, agency conflicts within corporations; economics of insolvency procedures and corporate bankruptcies; insider trading; earnings management and accounting conservatism.

Dr Helena Pinto is researching executive compensation and managerial incentives. She is currently working on a research project with the aim to understand how compensation plans might affect managerial investment and risk decisions.

Dr Yuliang Wu's main research interests are market efficiency, Chinese stock markets and banking risk management.

Dr Xiaoxia Ye’s has research interest which covers empirical and theoretical asset pricing (with a special interest in the fixed income markets), financial intermediation and banking, monetary economics, and financial econometrics.


Research in Economics focuses mainly on:

  • Macroeconomics/ fiscal and monetary policy
  • Applied econometrics/ financial econometrics
  • International trade/ international economics
  • Firm theory, including industrial structural change and adoption of technology/ productivity
  • Labour economics
  • Emerging markets/ transitional economies/ European Union integration

Dr Abhijit Sharma works in the areas of international economics, applied industrial organisation, innovation and technology adoption, microeconometrics of tourism and applied econometrics. He is particularly interested in analysing the impact of economic liberalisation and openness on industrial restructuring.

Dr Oleksandr Shepotylo researches in international trade, FDI flows, economic integration and productivity.

Dr Georgios Magkonis’ main research interests are in the areas of macroeconomics, applied time series econometrics, international finance and financial economics.

Dr Dawid Trzeciakiewicz researches in macroeconomics, especially macro-financial linkages and fiscal and monetary policy. Dr Ioannis Litsios researches within macroeconomics and international finance.

Dr Mark Baimbridge researches in areas such as European Union integration, labour market flexibility and industrial disputes.

Dr Dariya MyKhayliv has interests within applied microeconomics, micro-econometrics, behavioural economics and transition economies.

Example research projects

  • Ozkan, A., A. Sharma and Y. Yildiz (2017), ‘Stock price crash risk and corporate cash holdings’
  • Ebrahim, R., K. Mazouz and A. Sharma. (2017), ‘Dividend policy, systematic liquidity and the cost of equity capital’
  • Simon Rudkin and Abhijit Sharma, ‘Live Football and Tourism Expenditure: Match Attendance Effects in the UK’
  • Disentangling the effects of corporate disclosure on the cost of equity capital: A study of the role of intellectual capital disclosure (Li)
  • Towards a conceptual model of whistle-blowing intentions among external auditors (Pike)
  • Communicated accountability by faith based charity organisation (Yasmin)
  • Board composition, grey directors and corporate failure in the UK (Wu)
  • The effect of tax depreciation on the stochastic replacement policy (Adkins)
  • Deterministic models for premature and postponed replacement (Adkins)
  • The determinants of foreign exchange hedging in small and medium-size firms (Pinto)
  • The impact of news announcements on the foreign exchange implied volatility (Pinto)
  • Technology adoption and pest control strategies among UK cereal farmers: Evidence from parametric and non-parametric count date models (Sharma)
  • On the stationarity of per capita carbon dioxide emissions over a century (Sharma)
  • The asymmetry of the new Keynesian Phillips Curve in the Euro-area (Magkonis)

Collaborations, partnerships and international links

Collaborative partners and international links include departments within the following Universities:

  • University College London
  • Indian Institute of Foreign Trade, New Delhi
  • University of Gdansk, Poland
  • Warwick
  • Manchester
  • Cardiff
  • Leeds
  • Loughborough
  • Cranfield
  • Aston
  • Sussex
  • Nottingham Trent
  • Strathclyde
  • Durham

A number of the AFE group members have editorial roles in leading academic journals. AFE group members have also acted as peer reviewers for a number of leading international academic journals, such as Journal of Management Studies , European Journal of Finance , Food Policy, Technovation , Journal of Risk and Insurance , Journal of Business Ethics, Journal of Common Market Studies, Economics Letters, Journal of Agricultural Economics, Journal of Banking and Finance, Journal of Financial Research, Management Accounting Research, British Accounting Review and various other accounting, finance, economics and business and management journals.

Research outcomes and impact

Research undertaken by the group is transmitted to practitioners through teaching seminars and executive education, following programmes specifically designed to assist translation of research into practice (notably Sharma's work with the World Bank, the UK Food Standards Agency and the UK National Health Service and Mazouz's work with the Kuwait Investment Authority).

Research from the group has been published in high quality academic journals such as:

  • Journal of Accounting and Economics
  • Journal of Financial and Quantitative Analysis
  • Journal of Banking and Finance
  • Journal of Empirical Finance
  • Journal of Financial Research
  • Journal of Forecasting
  • Journal of International Financial Markets Institutions and Money
  • Accounting and Business Research
  • British Accounting Review
  • International Journal of Accounting
  • International Review of Financial Analysis
  • Corporate Governance: An International Review
  • Review of Quantitative Finance and Accounting
  • European Journal of Finance
  • Economic Letters
  • Annals of Tourism Research
  • Journal of Agricultural Economics
  • New Political Economy

Other outputs include a series of research reports and publications and consultancy documents. For example Dr Li published a research monograph (with Professor Pike) - Institute of Chartered Accountants of Scotland (ICAS) and articles in magazines including CA Magazine and AccountingWeb.

AFE staff also apply their research expertise within the School by engaging in knowledge transfer activities such as teaching on executive education programmes, supervising research degrees and informing and developing knowledge and skills used in teaching on undergraduate and postgraduate programmes both in Bradford and internationally.

Grants/sources of funding

Dr Abhijit Sharma was Principal Investigator fora EUR194,500 project (on crossing boundaries) funded by the EU Research Executive Agency under the 7th Framework Programme for Research (IRSES) over the period Dec 2015-Dec 2016. He was Co-Investigator on this project between 2013-2015.

Professor Richard Pike and Dr Jing Li received £11,980 from the Institute of Chartered Accountants of Scotland (ICAS) to investigate the intellectual capital disclosure policy and its effects on the cost of capital. The funding cover the period from December 2007 to January 2009.

Dr Sharma received a number of small grants, including $600 from the China Business and International Competitiveness Conference in Hong Kong, £1,500 from the Agricultural Economics Society and the UK DEFRA, £200 from the UK Food Standards Agency, $1,600 from the World Bank and £500 from the UK National Health Services and the Open University.


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