Dr Darren Duxbury

Position:

Senior Lecturer in Accounting and Finance

Email:dd@lubs.leeds.ac.uk
Telephone:+44 (0)113 343 4508
Location:2.12
Category:Academic, Accounting and Finance
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Profile

Qualifications

BA (Hons) Accounting and Finance, University of Leeds
MA Economics and Finance, University of Leeds
PhD Economics, University of Leeds
Fellow of the Higher Education Academy

Experience

1992-1995: Junior Research Fellow, University of Leeds
1995-2005: Lecturer in Accounting and Finance, University of Leeds
2005-date Senior Lecturer in Accounting and Finance, University of Leeds

Affiliations and Associations
1995-date Affiliated Research Fellow of the International Institute of Banking and Financial Services, University of Leeds
2000-date Centre for Decision Research, University of Leeds
2005-date Centre for Advanced Studies in Finance, University of Leeds
Fellow of the Higher Education Academy

Responsibilities

2005-present, University Subject Representative, Leeds Trinity University College, University
2003-2005, Programme Director BA Acc/Fin and BA Acc/Man, Faculty
2004-2005, School Special Cases Committee - Pre-Exam Board, Faculty

Research

My main research interest is in individual decision making and can be broadly classified into the complementary areas of experimental and behavioral accounting/ economics/ finance.  Areas of application and .projects include:

  • Experimental financial asset markets.
  • Mental accounting effects in individual decision-making.
  • Financial risk perception.
  • How emotions impact on economic and financial decisions.
  • The impact of prior outcomes on economic and financial decisions.
    i) risk preferences and trading behavior; reconciling the disposition and house money effects.
    ii) stock characteristics ; stock selection and portfolio composition.
    iii) risk preferences and escalation of commitment; the sunk cost effect.
  • Financial asset allocation decisions.
  • Perceptions and expectations of price changes.
  • Strategic investment decisions.

Teaching

Current:
Introduction to Management Accounting, Undergraduate Level 1 & 2
Behavioural Finance, Undergraduate Level 3
Current Isues in Finance, Postgraduate
 
Past:
Introductory Financial and Management Accounting, Undergraduate Level 1
Foundations of Accounting, Undergraduate Level 1
Computing for Accounting, Undergraduate Level 1
Introduction to Accounting and Finance, Undergraduate Level 2
International Business Finance, Undergraduate Level 3
Accounting and Organisational Performance, Postgraduate
International Business Finance, Postgraduate

Student Feedback

  • 'Very nice teacher, easy to speak with'
  • 'The teaching was definitely of a high standard'
  • 'Great job'
  • ‘Liked Darren Duxbury’s lectures’
  • ’Lectures were clearly explained, each slide expanded on.’
  • ‘Engaging and passionate about the subject’

Publications

Books

Duxbury, D. and Keasey, K. Repeated Financial Decisions: An Experimental Analysis. 90pp. John Wiley and Sons. 1999.

Parts of books

Duxbury, D. The Effect of Trading Period Duration on Market Performance in Experimental Financial Markets. In Andersson, F. and Holm, H. (eds.) Experimental Economics: Financial Markets, Auctions, and Decision Making. Interviews and Contributions from the 20th Arne Ryde Symposium. pp. 127-157. Kluwer Academic Publishers. 2002.
This article was subject to anonymous peer review equivalent to that employed by international academic journals.

Refereed contributions to journals

Duxbury, D., Sunk Costs and Sunk Benefits: A re-examination of re-investment decisions. British Accounting Review, forthcoming, 2012

Summers, B and Duxbury, D., Decision-dependent Emotions and Behaviorial Anomalies. Organizational Behavior and Human Decision Processes, forthcoming, July 2012.

Ranyard, R., Bonini, N., Del Missier, F., Duxbury, D., and Summers, B., Perceptions and Expectations of Price Changes and Inflation: A Review and Conceptual Framework. Journal of Economic Psychology, vol. 29(4), pp. 378-400, 2008.
Awarded “Citation of Excellence” as one of the top 50 papers worldwide in 2008 by Emerald Management Reviews.

Cai, C., Duxbury, D. and Keasey, K., A New Test of Signaling Theory. Finance Letters, vol. 5(2), pp. 1-5. 2007

Duxbury, D., Moizer, P. and Wan Mohamed, W. The Effects of the PricewaterhouseCoopers Merger on the UK Market for Audit Services. Managerial Auditing Journal, vol. 22 (2), pp. 121-138. 2007

Summers, B., Duxbury, D., Hudson, R., and Keasey, K. As Time Goes By: An investigation of how asset allocation varies with investor age. Economics Letters, vol. 91(2), pp. 210-214. 2006.

Duxbury, D. Experimental Evidence on Trading Behaviour, Market Efficiency and Price Formation in Double Auctions with Unknown Trading Duration. Managerial and Decision Economics, vol. 26(8), pp. 475-497. 2005.

Duxbury, D., Hudson, R., Keasey, K., and Summers, B., Should Actions Speak Louder Than Words? Individuals' Attitudes and Behavior in Asset Allocation Choices. Economics Letters, vol. 89(1), pp. 107-111. 2005.

Summers, B., Ironfield-Smith, C., Duxbury, D., Hudson, R. and Keasey, K., Informed Choice: Consumer preferences for information on pensions. Journal of Financial Regulation and Compliance, vol. 13(3), pp. 260-267. 2005.

Duxbury, D., Keasey, K., Zhang, H., and Chow S. Mental Accounting and Decision Making: Evidence under Reverse Conditions where Money is spent for Time Saved. Journal of Economic Psychology, vol. 26(4), pp. 567-580. 2005.

Ironfield-Smith, C., Keasey, K., Summers, B., Duxbury, D., and Hudson, R., Consumer debt in the UK: Attitudes and implications. Journal of Financial Regulation and Compliance, vol. 13(2), pp. 132-141. 2005.

Duxbury, D. and Summers, B. Financial Risk Perception: Are individuals variance averse or loss averse? Economics Letters, vol. 84(1), pp. 21-28. 2004.

Short, H., Keasey, K. and Duxbury, D. Capital Structure, Management Ownership and Large External Shareholders: A UK Analysis. International Journal of the Economics of Business, vol. 9(3), pp. 373-396. 2002.

Keasey, K., Moon, P. and Duxbury, D. Performance Measurement and the Use of League Tables: Some Experimental Evidence of Dysfunctional Consequences. Accounting and Business Research, vol. 30(4), pp. 275-286. 2000

Moon, P., Keasey, K. and Duxbury, D. Mental Accounting and Decision Making: The Relationship Between Relative and Absolute Savings. Journal of Economic Behavior and Organization, vol. 38, pp. 145-153. 1999.

Duxbury, D. A Pilot Exploration of Random Period Duration in Experimental Financial Markets: A Treatment Variable? Managerial and Decision Economics, vol. 18, pp. 309-327. 1997.

Duxbury, D. Experimental Asset Markets within Finance. Journal of Economic Surveys, vol. 9, no. 4, pp. 331-371. 1995.

Selected international conference contributions

‘Do the Disposition and House Money Effects Coexist? The differential impact of realized and unrealized gains and losses.’  Behavioural Finance Working Group Conference: Behavioural Finance and Economic Psychology: Recent Developments, Cass Business School, England, 7-8 April 2011.

‘Specific Emotions as Necessary Causes of Economic Behavior: Evidence from the disposition effect.’  Behavioural Finance Working Group Conference: Fairness, Trust and Emotions in Finance, Cass Business School, England, 1-2 July 2010.

‘Specific Emotions as Necessary Causes of Economic Behavior: Evidence from the disposition effect.’  Foundations and Applications of Utility Risk and Decision Theory, Newcastle University, England, 15-18 June 2010.

‘Peak Impact: Financial risk perception and the peak of the return distribution.’ International Association for Research in Economic Psychology/The Society for the Advancement of Behavioral Economics – Workshop on Economic Psychology: New Methods and Findings, University of Bolton, England, 25-26 March, 2010.

‘Do the Disposition and House Money Effects Coexist? The differential impact of realized and unrealized gains and losses.’  Society for Judgment and Decision Making (SJDM), Boston, USA, 21-23 November 2009.

‘A Behavioral Evaluation of Annuity-based Pensions.’  Subjective Probability Utility and Decision Making Conference (SPUDM) University of Trento, Rovereto, Italy, 23-27 August 2009.

‘Peak Impact: Financial risk perception and the peak of the return distribution.’ International Association for Research in Economic Psychology/The Society for the Advancement of Behavioral Economics - World Meeting, LUISS Business School, Rome, Italy, 3-6 September, 2008.

‘Unravelling the Disposition Effect: The role of prospect theory and emotios.’ Economics Seminar Series, University of East Anglia, UK, 28 February, 2008. Invited Speaker.

‘Perceptions of financial volatility: s is not the be all and end all.’ World Meeting of the Economic Science Association, LUISS Business School, Rome, Italy, 28 June - 1 July, 2007.

'The Sunk Cost Effect: A test of the prospect theory explanation.' European Meeting of the Economic Science Association, University of Nottingham, UK, 7-10 September, 2006.

'Unravelling the Disposition Effect: The effects of sunk cost and emotional commitment.' European Meeting of the Economic Science Association, University of Nottingham, UK, 7-10 September, 2006.

'Peak Impact: Financial risk perception and the peak of the return distribution' IV Workshop LabSi on Behavioral Finance: Theory and Experimental Evidence, Certosa di Pontignano (University of Siena), April 2006. Invited Plenary Speaker.
http://www.econ-pol.unisi.it/labsi/papers2006/Duxbury.pdf
'Clouded by Commitment? An investigation of the relationship between commitment and the disposition effect.' World Meeting of the Economic Science Association, University of Piemonte Orientale, Italy, September 2005.

'Unravelling the Disposition Effect: The effects of sunk cost and emotional commitment' Subjective Probability, Utility and Decision Making 20, University of Stockholm, Sweden, August 2005.

'How Do Investors Cope with Risk and Time Horison?' Subjective Probability, Utility and Decision Making 20, University of Stockholm, Sweden, August 2005.

'How Do People Manage Risky Investments?' World Meeting of the Economic Science Association, University of Amsterdam, Holland 11-14 June, 2004.

'Risk Perception in the Presence of Continuous Outcome Distributions' European Meeting of the Economic Science Association, University of Erfurt, Germany 18-21 September, 2003.

'On the Generality and Characteristics of Mental Accounting Effects in Individual Decision Making' World Meeting of the Economic Science Association, University of Barcelona, 21-24 June 2001.

'The Effect of Trading Period Duration on Market Performance in Experimental Financial Markets' 20th Arne Ryde Symposium on Experimental Economics, University of Lund, Sweden, 9-11 November 2000.

'The Effect of Trading Period Duration on Market Performance in Experimental Financial Markets' European Meeting of the Economic Science Association, University of Amsterdam, 19-21 October 2000.

Other output

Duxbury, D. Market Efficiency and the Role of Information: An Experimental Analysis. PhD thesis, University of Leeds, 1998. European Association for Decision Making Bulletin Autumn 2005: Research Digest - previews 'As Time Goes By: An investigation of how asset allocation varies with investor age.' Subsequently published in Economics Letters.