Prof Kevin Keasey

Position:

Chair in Accounting & Finance
Head of Accounting & Finance
Director of the International Institute of Banking and Financial Services (IIBFS)

Email: K.Keasey@lubs.leeds.ac.uk
Telephone: +44 (0)113 343 2618
Location: 2.16
Category: Academic, Accounting and Finance

Profile

Qualifications

PhD (Econ), The University of Newcastle upon Tyne
MA (Econ) Public and Industrial Economics, The University of Newcastle upon Tyne
BA (Econ) Upper Second Class Honours, The University of Durham

Experience

ACCOUNTING AND FINANCE

Kevin Keasey is Professor of Accounting and Finance, Head of Accounting & Finance and Director of the International Institute of Banking and Financial Services, Leeds University Business School, The University of Leeds. He was previously Reader in Accounting & Finance and Accounting at The University of Warwick.

On leaving Warwick in 1989, Kevin was specifically recruited to help establish and develop Leeds University Business School (LUBS) from a set of merged academic departments. LUBS is now recognised as a top 100 global business school. In addition, Kevin went on to develop the Financial and Accounting group from a 1 rating in 1989, to a 4 rating in 1992 and to a recognised 5 rating in 1996, 2001 and 2008. It is now ranked as one of the top Accounting and Finance research units in the UK; in addition, it achieved a top 5 rank for its teaching in the 2010 Independent Good University Guide.

IIBFS

He established and developed the International Institute of Banking and Financial Services with substantial sponsorship (in excess of 1.5m) from the Halifax, BT, Wang Global and Unisys. IIBFS has most recently developed links with leading regulatory and academic units in China.

CASIF

He established in 2005 the Centre for Advanced Studies in Finance (CASIF) which is a doctoral school specialising in a small number of advanced subjects in finance. CASIF benefits from links with the world's best universities such as Tsinghua in China, CUHK in Honk Kong, Bologna in Italy, Salamanca in Spain, etc. and has more than 35 students within four years of start up.

LEEDS ENTERPRISE CENTRE

During 2009 and 2010 he took on the task of co-ordinating the teaching and research of enterprise studies at the University of Leeds and initiated the Leeds Enterprise Centre.

PROFESSIONAL ACTIVITIES

As well as establishing, leading and building academic units, Kevin has substantial and extensive experience as an entrepreneur, corporate director and a mentor to senior executives. His director and non-executive positions have included a hi-tech holding company, a fast growth care company, a venture capital company and plc's in the IT and Telecom sectors. In addition, he founded Ecom Group Ltd and was a founder and chairman of Aquilo plc until the end of 2006 (AIM listed - £30m turnover and 130 staff in 2006). He is (has been) a fellow of the Royal Society of Arts, the CEO Circle (a group of the leading CEO's in the UK) and the Northern Region Advisory panel of the Stock Exchange.

Research

Kevin is the author of 12 books, monographs and edited volumes on corporate governance, financial regulation, financial services and financial markets, and is the author of over 200 publications (120 plus refereed articles in leading international journals and over 80 book chapters, reports, etc.). His most recent books include ‘Size, Risk and Governance in European Banking’ and ‘A Handbook of Corporate of Corporate Governance’ (both Oxford University Press, 2013). He is joint editor of the most comprehensive (13 volumes by leading international authors) series on corporate governance to date. Kevin’s research has received international recognition with over 5,000 citations and he is one of only 4 UK academics to be ranked both in the top 100 (top 1%) for the past 50 years of global accounting research output in the 25 leading accounting journals and in the top 4% for the past 50 years of global finance research output in the 25 leading finance journals (Heck, 2009).

Funded Research Contracts

2008 - £9,000 funding as special advisor on City of London sponsored project on Asian Financial Centres.

2008 - £17,500 funding from GE Capital to investigate the Sub Prime Mortgage Market.

2007 – 2011 - £3,500 per annum of funding from European Union for Visiting Professor at the University of Salamanca.

2007 - £65,000 funding - part of a project for the Centre for Health Innovation to develop the Board of the Bradford Care Trust.

2006 - £14,000 funding from a range of private sponsors to undertake a survey of family firms in the North of England.

2005 – 2010 - £340,000 funding from The University of Leeds for the Centre for Advanced Studies in Finance.

2002 – 03 - £4,980 project on Chinese Financial Services, funded by the British Academy.

1998 – 98 - £34,613 project on Shareholder and Stakeholder Approaches to Strategic Performance Measurement using the Balanced Scorecard, funded by CIMA, (with R. Hudson and K. Littler).

1997 – 05 - £1,500,000 plus of funding from a range of private sponsors for the International Institute of Banking and Financial Services.

1993 – 95 - £2,800 project on Repeated Financial Decisions, funded by the Nuffield Foundation, (with D. Ansic).

1993 – 94 - £9.977 project on Corporate Governance and Institutional Shareholders, funded by the ICAEW, (with H. Short).

1993 – 94 - £3,000 project on Business Framing Decisions, funded by the Nuffield Foundation, (with P. Moon).

1991 – 92 - £6,000 project on the Bank Financing of Small Firms, funded by National Westminster Bank PLC, (with R. Watson).

1991 – 92 - £3,000 project on The Relationships Between Ownership and Financing Decisions and the Performance of Small Firms, funded by the Nuffield Foundation, (with R. Watson).

1990 – 91 - £4,000 project on Capital Market Efficiency and the Underpricing of New Issues on the UK Unlisted Securities Market, funded by the European Foundation for Entrepreneurship Research, (with H. Short and R. Watson).

1988 – 90 - £110,000 ESRC funded project on Managerial Labour Markets in the Small Firm Sector, (with R. Watson and D. Storey).

1987 – 88 - £12,000 project on the Investment Behaviour of Small and Medium Sized Companies, funded by Small Business Research Trust, (with M. Binks).

1985 – 86 - £5,000 ESRC funded project on the Information Needs of Small firms in High Technology Sectors, (with R. Watson).

1983 – 85 - £40,000 ESRC funded project on Failed and Non Failed Small Firms, (with D. Storey).

Journal Editorships

Editor, Journal of Financial Regulation and Compliance, 2008 – date.

Deputy Editor, Journal of Financial Regulation and Compliance, 2005 – 2008.

Editorial Board, Journal of International Banking Regulation, 2004 – date.

Editorial Board, Accounting and Business Research, 1993 – date.

Editorial Board, African Journal of Finance and Management, 2004 –date.

Editorial Board, Accounting and Finance, 2007 – date.

Guest Editor for Special Issue on Corporate Governance, Accounting and Business Research, 1994.

Teaching

Kevin Keasey has taught across the range of his research interests and more general accounting and finance topics in a number of leading institutions.  He has initiated a range of successful MBA and MA programmes at home and overseas, and, most recently, he has built extensive networks in China culminating in an agreement with Tsinghua University in Beijing. Professor Keasey is an established teacher of executive programmes and he jointly directed across the 1990's the Chancellor of the Exchequer's Financial Sector Scheme for managers from the former Soviet Union (a £2 million plus scheme).

Student Feedback

  • 'The module content was delivered exceptionally well, in a manner that non-financial people could understand'
  • 'Kevin is a really good lecturer'
  • 'I have been very impressed by Kevin's delivery and ability in making the subject matter more easy to understand'
  • 'Really enjoyed the lectures - Kevin's stories were hilarious yet informative'

Publications

Selected Recent Publications

1) ‘Market Reaction to Earnings News: A Unified Test of Information Risk and Transaction Costs’, Journal of Accounting and Economics, 2013, 56, 251-266, (with Q. Zhang and C. Cai) – (ABS 4).

2) ‘The Significance and Implications of being a Subprime Consumer in the UK’, Environment and Planning A, 2012, 44, 6, 1502-1522, (with G. Veronesi) – (ABS 4).

3) ‘Industrial Policy as an Engine of Economic Growth: Evidence from South Korea’,Business History, 2012, 54, 5, 713-740, (with I. Clacher and J. Lee) – (ABS 4).

4) Size, Risk and Governance in European Banking, Oxford University Press, 2013, (with J. Hagendorff and F. Vallascas), 261 pages.

5) Oxford Handbook of Corporate Governance, Oxford University Press, 2013, (edited with M. Wright, D. Siegel and I. Filatochev), 811 pages.

Books

Size, Risk and Governance in European Banking, Oxford University Press, 2013, (with J. Hagendorff and F. Vallascas), 261 pages.

Corporate Governance: Accountability, Enterprise and International Comparisons, John Wiley, 2005, (edited with S. Thompson and M. Wright), 464 pages.

The Future of European Banking: Views from the Top, John Wiley, 2002, (with O. McDonald), 193 pages.

Corporate Governance, 4 Volumes, Edward Elgar, 1999, (edited with S. Thompson and M. Wright), 2400 pages.

Corporate Governance in the New Global Economy, 13 volumes, Edward Elgar, 2005, (edited with M. Wright)

The Intelligent Guide to Stock Market Investment, John Wiley, 1998, reprinted 1999, (with R. Hudson and K. Littler), 314 pages.

Repeated Financial Decisions, John Wiley, 1999, (with D. Duxbury), 105 pages.

Corporate Governance: Economic, Management and Financial Issues, Oxford University Press, 1997, (edited with S. Thompson and M. Wright), 308 + xii pages. 2nd edition, 2002.

Corporate Governance: Responsibilities, Risks and Remuneration, John Wiley, 1997, (edited with M. Wright on behalf of the ICAEW), 176 pages.

'Small Firm Management: Ownership, Finance and Performance, Basil Blackwell, April 1993, (with R. Watson), 262 + ix pages.

The Performance of Small Firms, Croom-Helm, February 1987, reprinted 1989, (with D. Storey, R. Watson and P. Wynarczyk), 342 pages.

Refereed Articles

Forthcoming

125) ‘The Determinants of the Costs of Financial Distress in SMEs’, International Small Business Journal, forthcoming, (with J. Pindado and l. Rodrigues).

124)  ‘The Risk Implications of Insurance Securitization: Do Catastrophe Bonds Lower the Default Risk of Issuers?’, Journal of Corporate Finance, (with B. Hagendorff and J. Hagendorff).

123)  ‘Patient and public involvement in the English NHS: An assessment of experimental implementation processes’, Public Management Review, forthcoming, (with G. Veronesi).

122)  ‘The Profitability, Costs and Systematic Risk of the Post-Earnings-Announcement-Drift Trading Strategy’, Review of Quantitative Finance and Accounting, forthcoming, (with Q. Zhang and C. Cai).

121)‘The Role of Venture Capitalists in Chinese IPOs’, International Small Business Journal, forthcoming, (with C. Cai, P. Jiang and M. Wright)

120) ‘Informed Trading and Market Structure’, European Financial Management, forthcoming, (with C. Cai, J. Harris and R. Hudson)

2013

119) ‘Market Reaction to Earnings News: A Unified Test of Information Risk and Transaction Costs’, Journal of Accounting and Economics, 56, 251-266, (with Q. Zhang and C. Cai).

118) ‘The Shareholder Wealth Effects of Insurance Securitization: Preliminary Evidence from Catastrophe Bond Market’, Journal of Financial Services Research, 44, 3, 281-301, (with B. Hagendorff and J. Hagendorff).

117) ‘The Volatility of European Banking Systems: A Two-Decade Study’, Journal of Financial Services Research, 43, 1, 37-68, (with F. Vallascas). 

116) ‘How Prior Realized Outcomes Affect Portfolio Decisions’, Review of Quantitative Finance and Accounting, 41, 4, 611-629, (with S. Yao, D. Duxbury, R. Hudson and Z. Zhang).

115) ‘A Review of the International Literature on the Short Term Predictability of Stock Prices Conditional on Large Prior Price Changes: Microstructure, Behavioural and Risk Related Explanations’, International Review of Financial Analysis, 26, 1, 1-17, (with S. Amini, B. Gebka and R. Hudson).

114) ‘The Failure of Small British IPOs on the UK Alternative Investment Market: A Research Note on Spatial and Industry Effects’, International Small Business Journal, 31, 6, 722-733, (with S. Amini).

113) ‘How People Evaluate Defined Contribution, Annuity-Based Pensions: A Behavioural Exploration’, Journal of Economic Psychology, 34, 256-269, (with D. Duxbury, R. Hudson and B. Summers).

112) ‘Consequences of the Capital Asset Pricing Model (CAPM) – A Critical and Broad Perspective’, Abacus, 49, S1, 51-61, (with C. Cai and I. Clacher).

2012

111) 'The Equity Funding of Smaller Growing Companies and Regional Stock Exchanges?', International Small Business Journal, 2012, 30, 8, 832-849, (with S. Amini and R. Hudson).

110) 'The Significance and Implications of being a Subprime Consumer in the UK', Environment and Planning A, 2012, 44, 6, 1502-1522, (with G. Veronesi).

109) 'Bank Resilience to Systemic Shocks and the Stability of Banking Systems: Small is Beautiful', Journal of International Money and Finance, 2012, 31, 6, 1745-1776, (with F. Vallascas).

108) 'Industrial Policy as an Engine of Economic Growth: Evidence from South Korea', Business History, 2012, 54, 5, 713-740, (with I. Clacher and J. Lee).

107) 'A (New) Model of Boards of Directors: Evidence from the National Health Service', International Journal of Public Sector Management, 2012, 25, 4, 272-286, (with G. Veronesi).

106) 'The Value of Board Diversity in Banking: Evidence from the Market for Corporate Control', European Journal of Finance, 2012, 18, 1, 41- 58, (with J. Hagendorff).

2011

105) 'National Health Service Boards of Directors and Governance Models, Public Management Review, 2011, 13, 6, 861-885, (with G. Veronesi).

2010

104) 'Board Monitoring, Regulation, and Performance in the Banking Industry: Evidence from the Market for Corporate Control', Corporate Governance: An International Review, 2010, 18, 5, 381-395, (with J. Hagendorff and M. Collins).

103) 'The Listing of Chinese SOE Banks and their Path to Banking and Ownership Reform', China Quarterly, 2010, 201, 125-155, (with P. McGuinness).

102) 'Stock Return Predictability Despite Low Autocorrelation', Economic Letters, 2010, 108, 1, 101-103, (with S. Amini and R. Hudson).

101) 'Growing Beyond Smallness: How Do Small Closely-Controlled Firms Survive?', International Small Business Journal, , 2010, 28, 620-630, (with W. Ng).

100) 'NHS Boards: Knowing the "What" but not the "How", Public Money and Management, 2010, 30, 6, 363-370, (with G. Veronesi).

99) 'Determinants of the Component Structure of Intraday Return Distributions', Applied Financial Economics, 2010, 20, 4, 317-322, (with C. Cai and G. Tian).

2009

98) 'Post Merger Strategy and Performance: Evidence from the US and European Banking Industries', Accounting and Finance, 2009, 49, 4, 725-751, (with J. Hagendorff).

97) 'Forecasting using High-Frequency Data: A Comparison of Asymmetric Financial Duration Models', Journal of Forecasting, 2009, 28, 5, 371-464, (with Q. Zhang and C. Cai).

2008

96) 'Investor Protection and the Value Effects of Bank Merger Announcements in Europe and the US', Journal of Banking and Finance, 2008, 32, 7, 1333-1348, (with J. Hagendorff and M. Collins).

95) 'The Comparative Performance of UK Mutual Building Societies and Stock Retail Banks: Further Evidence', Accounting and Finance, 2008, 48, 319-336, (with R. Shiwakoti and R. Hudson).

94) 'Lessons from the Northern Rock Affair', Journal of Financial Regulation and Compliance, 2008, 16, 1, 8-18, (with G. Veronesi).

93) 'Trading Frictions and Market Structure: An Empirical Analysis', Journal of Business, Finance and Accounting, 2008, 35, 3-4, 563-579, (with C. Cai, D. Hillier and R. Hudson).

92) 'Firm Value and its Relation to Equity Retention Levels, Forecast Earnings Disclosures and Underpricing in Initial Public Offerings in Hong Kong', International Business Review, 2008, 17, 6, 642-662, (with P. McGuinness).

2007

91) 'Bank Governance and Acquisition Performance', Corporate Governance: An International Review, 2007, 15, 2, 957-968. (with J. Hagendorff and M. Collins).

90) 'Bank Deregulation and M&A Activities: The Cases of the U.S., Italy and Germany', Journal of Financial Regulation and Compliance, 2007, 15, 2, 199-209, (with J. Hagendorff and M. Collins).

89) 'Finance Theory: A House Without Windows', Critical Perspectives in Accounting, 2007, 18, 932-951, (with R. Hudson).

88) 'Influence of Cultural Factors on Price Clustering and Price Resistance in China's Stock Markets', Accounting and Finance, 2007, 47, 4, 623-641, (with B. Cai and C. Cai).

87) 'A New Test of Signalling Theory', Financial Letters, 2007, 5, 2, 1-5, (with C.Cai and D. Duxbury).

2006

86) 'Corporate Governance and Information Efficiency in Security Markets: Results for 'Smaller Cap' Companies in the UK', European Financial Management, 2006, 12, 5, 763-787, (with C. Cai and H. Short).

85) 'As Time Goes By: An Investigation of How Asset Allocation varies with Investor Age', Economic Letters, 2006, 91, 210-214, (with D. Duxbury, R. Hudson and B. Summers).

84) Electronic Trading Platforms and the Cost Effective Distribution of Open Market Option (OMO) Pension Annuities', International Journal of Information Management, 2006, 26, 187-195, (with J. Hagendorff and R. Hudson).

83) 'Which Trades Move Prices on Emerging Markets: Evidence from China's Stock Market', Pacific Basin Finance Journal, 2006, 14, 5, 453-466, (with B. Cai and C. Cai).

82) 'Executive Compensation in the UK', Journal of Financial Regulation and Compliance, 2006, 14, 3, 235-241.

2005

81) 'Competition and the Provision of Banking Services to UK SMEs', Small Business Economics, 2005, 24, 477-485, (with J. Ashton).

80) 'Pre-Holiday Effects: International Evidence on the Decline and Reversal of a Stock Market Anomaly', Journal of International Money and Finance, 2005, 24, 1224-1236, (with R. Chong, R. Hudson and K. Littler).

79) 'Should Actions Speak Louder Than Words: Individuals' Attitudes and Behaviour in Asset Allocation Choices', Economic Letters, 2005, 89, 107-111, (with D. Duxbury, R. Hudson and B. Summers).

78) 'The Predictive Ability and Profitability of Technical Trading Rules: Does Company Size Matter?' Economic Letters, 2005, 86, 21-27, (with J. Bokhari, C. Cai and R. Hudson).

77) 'Mental Accounting and Decision Making: Evidence Under More General Conditions', Journal of Economic Psychology, 2005, 26, 567-580, (with D. Duxbury, H. Zhang and S.L. Chow).

76) 'Market Efficiency and Returns to Simple Technical Trading Rules: Further Evidence from US, UK , Asian and Chinese Stock Markets', Asia-Pacific Financial Markets Journal, 2005, 12, 45-60, (with B. Cai and C.Cai).

75) 'Consumer Debt in the UK: Attitudes and Implications', Journal of Financial Regulation and Compliance, 2005, 13, 2, 2-10, (with C. Ironfield-Smith, D. Duxbury, R. Hudson and B. Summers).

74) 'Informed Choice: Consumer Preferences for Information on Pensions' Journal of Financial Regulation and Compliance, 2005, 13, 260-267, (with C. Ironfield-Smith, D. Duxbury, R. Hudson and B. Summers).

2004

73) 'Conversion, Performance and Executive Compensation in UK Building Societies', Corporate Governance: An International Review, 2004, 12, 361 - 370, (with J. Ashton and R. Shiwakoti).

72) 'Intra Day Bid-Ask Spreads, Trading Volume and Volatility: Recent Empirical Evidence from the London Stock Exchange', Journal of Business Finance and Accounting, 2004, 31, 647 - 676, (with C. Cai and R. Hudson).

2003

71) 'A Strategic Approach to the Study of Innovation in the Financial Services Industry: The Case of Telephone Banking', Journal of Marketing Management, 2003, 19, 259-281, (with L. Constanzo and H. Short).

70) 'Lending Decision Making and the Competition Commission Report on the Provision of Banking Services to Small Firms', Journal of Financial Regulation and Compliance, 2003, 11, 26-36, (with J. Ashton).

69) 'Further Reflections on the Nature of Intuition-Analysis and the Construct Validity of the Cognitive Style Index', Journal of Occupational and Organizational Psychology, 2003, 76, 269-278, (with C.Allinson, J.Hayes and R.Hudson).

68) 'Trading Frequency and the Compass Rose', Applied Economic Letters, 2003, 10, 511-517, (with C. Cai and R. Hudson).

2002

67) 'The Link between Dividend Policy and Institutional Ownership', Journal of Corporate Finance, 2002, 8, 105-122, (with H. Short and H. Zhang).

66) 'Capital Structure, Management Ownership and Large External Shareholders: A UK Analysis', International Journal of the Economics of Business, 2002, 9, 375-399, (with H. Short and D. Duxbury).

65) 'Why Investors Should Be Cautious of the Academic Approach to Testing for Stock Market Anomalies', Applied Financial Economics, 2002, 12, 681-686 (with R. Hudson and K. Littler).

64) 'Non-Executive Directors and the Higgs Consultation Paper - Review of the Role and Effectiveness of Non-Executive Directors', Journal of Financial Regulation and Compliance, 2002, 10, 361-371, (with R. Hudson).

2001

63) 'The Risk and Return of UK Equities following Price Innovations: A Case of Market Inefficiency?', Applied Financial Economics, 2001, 11, 187-196 (with R. Hudson and K. Littler).

2000

62) 'Interest Rate Premia on UK Small Firm Bank Borrowings: A Research Note', Journal of Business, Finance and Accounting, 2000, (with R. Watson).

61) 'A New Approach to Linking Strategy Formulation and Strategy Implementation: An Example from the UK Banking Sector', The International Journal of Information Management, 2000, (with P. Aisthorpe, R Hudson and K Littler).

60) 'Performance Measurement and the Use of League Tables: Some Experimental Evidence of Dysfunctional Consequences', 2000, Accounting and Business Research, (with P. Moon and D. Duxbury).

59) 'Tick Size and the Compass Rose: Further Insights', Economics Letters, 2000, (with E. Wang and R. Hudson).

58) 'Sunk Cost Effects: A Test of the Importance of Context', Economic Letters, 2000, (with P. Moon).

57) 'Share Dealing on the Web: A Comprehensive Review of Design Specifications Across the Globe', The International Journal of Information Management, 2000, (with R. Hudson and K. Littler).

56) 'Money Laundering and the Internet: A Challenge for Regulation', Journal of Financial Regulation and Compliance, 2000, (with R. Jones).

55) 'Cruickshank Report: The Review of Banking Services in the UK', Journal of Financial Regulation and Compliance, 2000, (with H. Short).

54) 'The Use of League Tables in Financial Services', Journal of Financial Regulation and Compliance, 2000, (with R. Jones).

1999

53) 'Managerial Ownership and the Performance of Firms: Evidence from the UK', Journal of Corporate Finance, 1999, (with H. Short).

52) 'Time Diversification: An Essay in the Need to Revisit Finance Theory!', CriticalPerspectives in Accounting, 1999, (with R. Hudson, K. Littler and M. Dempsey).

51) 'Corporate Governance: From Accountability to Enterprise', Accounting andBusiness Research, 1999, (with H. Short, M. Wright and A. Hull).

50) 'Mental Accounting and Decision Making: The Relationship Between Relative and Absolute Savings' Journal of Economic Behaviour and Organisation, 1999, (with P. Moon and D. Duxbury).

1998

49) 'Corporate Governance, Accountability and Enterprise', Corporate Governance: An International Review, 1998, (with H. Short, A. Hull and M. Wright).

48) 'Share Prices under Tory and Labour Governments in the UK Since 1945', Applied Financial Economics, 1998, (with R. Hudson and M. Dempsey).

1997

47) 'Institutional Voting in the UK: Is Mandatory Voting the Answer' CorporateGovernance: An International Review, 1997, (with H. Short).

46) 'Equity Retention and Initial Public Offerings: The Influence of Signalling and Entrenchment Effects', Applied Financial Economics, 1997, (with H. Short).

45) 'Retail Financial Services Regulation since the Financial Services Act of 1986', The Review of Policy Issues, 1997, (with R. Hudson and K. Littler).

44) 'The Manifest Failure of the Financial Services Act: A Reply to Hinchcliffe', The Review of Policy Issues, 1997, (with R. Hudson and K. Littler).

1996

43) 'On the Risk of Stocks in the Long Run: A Resolution to the Debate', Financial Analysts Journal, 1996, (with M. Dempsey, R. Hudson and K. Littler).

42) 'Gambling with the House Money in Capital Expenditure Decisions: An Experimental Analysis', Economic Letters, 1996, (with P. Moon).

41) 'A Note on the Weak Form Efficiency of Capital Markets: The Application of Simple Technical Trading Rules to UK Stock Prices - 1935 to 1994, The Journal of Banking and Finance, 1996, (with R. Hudson and M. Dempsey).

40) 'Owner-Manager Drawings, Firm Performance and Financial Structure: An Analysis of Small and Closely-held UK Firms', Journal of Business, Finance and Accounting, 1996, (with R. Watson).

39) 'The Relationship between Job Satisfaction and Managerial Remuneration in Small and Medium Sized Enterprises An Empirical Test of Comparison Income and Equity Theory Hypotheses', Applied Economics, 1996, (with R. Watson, P. Wynarcyzk, D. Storey and H. Short).

38) 'Corporate Governance in the Public Services: Concepts and Issues', Public Money and Management, 1996, (with R. Hodges and M. Wright).

37) 'The Future of Compliance in Retail Financial Services', Journal of Financial Regulation of Compliance, 1996, (with R. Hudson and K. Littler).

1995

36) 'The Underpricing of Initial Equity Listings: A Conceptual Re-Appraisal', Small Business Economics, 1995, (with P. McGuinness).

35) 'The Pricing of Small Firm Bank Finance: Evidence from the UK', Applied Economic Letters, 1995, (with R. Watson).

34) 'The Bank Financing of Small Unlisted Firms in the UK: An Analysis of Recent Conflicts', Journal of Small Firm Finance, 1995, (with R. Watson).

33) 'Opportunity Costs for Decision Making: A Teaching Resource to Illustrate the Difficulties of Practice?', Accounting Education, 1995, (with P. Moon).

1994

32) 'The Remuneration of Non-Owner Managers in Small and Medium-Sized UK Enterprises', Journal of Management Studies, 1994, (with R. Watson, H. Short, D. Storey and P. Wynarczyk).

31) 'Repeated Decisions and Attitudes to Risk', Economic Letters, 1994, (with D. Ansic).

30) 'Directors' Ownership and the Performance of Small and Medium Sized Firms in the UK', Small Business Economics, 6, 1994, (with H. Short and R. Watson).

29) 'The Bank Financing of Small Firms: Issues and Evidence', Small Business Economics, 1994, (with R. Watson).

28) 'The 1986 Insolvency and Company Directors' Disqualification Acts: An Evaluation of their Impact upon Small Firm Financing Decisions', Small Business Economics, 1994, (with R. Watson).

1993

27) 'Issues in Corporate Accountability and Governance', Accounting and Business Research, Summer, 1993, (with M. Wright).

1992

26) 'The Winner's Curse Model of the Underpricing of Initial Public Offerings: A Critical Assessment', Accounting and Business Research, Winter, 1992 (with H. Short).

25) 'An Empirical Investigation of the Role of Signalling in the Valuation of Unseasoned Equity Issues', Accounting and Business Research, Spring, 1992, (with P. McGuinness).

24) 'The Underpricing of Initial Public Offerings: Some UK. Empirical Evidence', Omega, Spring, 1992, (with H. Short).

23) 'New Issues on the UK. Unlisted Securities Market: The Ability of Entrepreneurs to Signal Firm Value', Small Business Economics, Spring, 1992, (with P. McGuinness and H. Short).

22) 'Information and Decision Making: A Search for Method and Understanding', Managerial and Decision Economics, Summer, 1992, (with P. Moon).

1991

21) 'Financial Distress Prediction Models: A Review of their Usefulness', British Journal of Management, July 1991, (with R. Watson).

20) 'Prospectus Earnings Forecasts and the Pricing of New Issues on the Unlisted Securities Market', Accounting and Business Research, Spring, 1991, (with P. McGuinness).

19) 'The State of the Art of Small Firm Failure Prediction: Achievements and Prognosis', International Small Business Journal, August, 1991, (with R. Watson).

18) 'An Examination of the Accuracy and Bias of Prospectus Earnings Forecasts: UK. Evidence', International Journal of Accounting, Winter, 1991, (with P. McGuinness).

17) 'An Agency Perspective of Auditor Change in Small Firms', Journal of Small Firm Finance, Autumn, 1991, (with R. Watson).

1990

16) 'A Model of Information System Choice', Accounting and Business Research, Spring 1990, (with I. Dobbs).

15) 'The Failure of UK Industrial Firms 1976-1984: Logistic Analysis and Entropy Measures', Journal of Business, Finance and Accounting, Spring, 1990, (with P. McGuinness).

14) 'The Accounting Burdens Facing Small Firms: An Empirical Research Note', Accounting and Business Research, Autumn, 1990, (with H. Short).

13) 'Small New Firms and the Return to Alternative Sources of Finance', Small Business Economics, Summer, 1990, (with P. McGuinness).

12) 'The Use of Computers for Accounting Purposes in Small Firms: An Empirical Investigation Using Logit Analysis', Computer Applications in Business and the Social Sciences, October, 1990, (with H. Short).

11) 'The Performance of Small Firms', Internationales Gewerbearchiv, Summer, 1990, (with D. Storey, R. Watson and P. Wynarczyk).

1989

10) 'Consensus and Accuracy in Accounting Studies of Decision Making: A Note on a New Measure of Consensus', Accounting, Organisations and Society, Summer, 1989, (with R.Watson).

9) 'The Multi-logit Approach to Predicting Corporate Failure: Further Analysis and the Issue of Signal Consistency', Omega, December, 1989, (with P. McGuinness and H. Short).

1988

8) 'The Small Company Audit Qualification: A Preliminary Investigation', Accounting and Business Research, Autumn, 1988, (with R. Watson and P. Wynarczyk).

7) 'The Non-Submission of Accounts and Small Company Failure Prediction', Accounting and Business Research, Winter, 1988, (with R. Watson).

1987

6) 'Non-Financial Symptoms and the Prediction of Small Company Failure: A Test of Argenti's Hypothesis', Journal of Business, Finance and Accounting, Autumn, 1987, (with R. Watson).

1986

5) 'Current Cost Accounting and the Prediction of Small Firm Performance', Journal of Business, Finance and Accounting, Spring, 1986, (with R. Watson).

4) 'The Prediction of Small Company Failure: Some Behavioural Evidence for the UK', Accounting and Business Research, Winter, 1986, (with R. Watson).

3) 'Deregulation and Privatisation of Local Buses in the UK', International Journal of Transport Economics, June, 1986, (with C. Mulley).


1985

2) 'The Prediction of Small Company Failure: A Comment', European Journal of Management, April, 1985.

1984

1) 'Regret Theory and Information: A Note', Economic Journal, September, 1984.

Book Chapters and Reports

'Introduction' (with S. Thompson and M. Wright) in K. Keasey, S. Thompson and M. Wrights (eds), Corporate Governance: Accountability, Enterprise and International Comparisons, John Wiley, 2005.

'The Development of Corporate Governance Codes in the UK, (with H. Short and M. Wright) in K. Keasey, S. Thompson and M. Wrights (eds), Corporate Governance: Accountability, Enterprise and International Comparisons, John Wiley, 2005.

'Institutional Shareholders and Corporate Governance in the UK', (with H. Short) in K. Keasey, S. Thompson and M. Wrights (eds), Corporate Governance: Accountability, Enterprise and International Comparisons, John Wiley, 2005.

'Corporate Governance in the Public Services: Concepts and Issues' (with R. Hodges and M. Wright) in T. Clarke (ed), Corporate Governance, Routledge, 2005.

'Intra Day Bid-Ask Spreads, Trading Volume and Volatility' (with C. Cai and R. Hudson) in The UK Stock Market Almanac 2005, Harriman House Publishing, 2005.

'Corporate Governance: Accountability versus Enterprise' (with H. Short and M. Wright) in the Hume Papers on Public Policy, Volume 8, No 1, Corporate Governance and the Reform of Company Law, Edinburgh University Press, 2000.

'Theories of Small Firm Financial Contracting and Management, and Immigrant Entrepreneurship', (with R. Watson and M. Baker) in J. Rath (ed), Immigrant Businesses on the Urban Economic Fringe, Macmillan, 2000.

'The State of the Art of Small Firm Failure Prediction: Achievements and Prognosis' (with R. Watson), in P. Westhead and M. Wright (eds), Advances in Entrepreneurship, Edward Elgar, 1999.

'Financial Distress Prediction' (with R. Watson) in G. Mars and D Weir, (eds), Risk Management, Volume 2, Ashgate Publishing, November, 1999.

'Institutional Shareholders and Corporate Governance in the United Kingdom' (with H. Short) in K. Keasey, S. Thompson and M. Wright, (eds) The International Library of Critical Writings in Economics: Corporate Governance, Edward Elgar, 1999.

'From Performance Measurement Frameworks to Strategy Formulation Systems' (with P. Aisthorpe, R. Hudson, and K. Littler) in A.D. Neely and D.B. Waggoner, (eds) Performance Measurement - Theory and Practice, vol I, Centre for Business Performance, 1998

'The Corporate Governance Problem - Competing Diagnoses and Solutions', (with S Thompson and M Wright) in K. Keasey, S. Thompson and M. Wright (eds) Corporate Governance: Economic, Management and Financial Issues, Oxford University Press, 1997.

'Corporate Governance, Accountability and Enterprise', (with M. Wright) in K. Keasey and M. Wright (eds) Corporate Governance: Responsibilities, Risks and Remuneration, John Wiley, 1997.

'Institutional Shareholders and Corporate Governance in the United Kingdom', (with H. Short) in K. Keasey, S. Thompson and M. Wright (eds), Corporate Governance: Economic, Management and Financial Issues, Oxford University Press, 1997.

'Institutional Shareholders and Corporate Governance, (with H. Short) in K. Keasey and M. Wright (eds) Corporate Governance: Responsibilities, Risks and Remuneration, John Wiley, 1997.

'Small Firms and Bank Borrowing in the UK: Issues and Evidence', (with R. Watson) in R. Buckland, E. W. Davis and R. Harrington (Eds), Finance for Growing Enterprises, Routledge, 1995.

'The Accounting Burdens Facing Small Firms' (with H. Short) in Gale Research (Eds), Discovering Small Business, Detroit, 1994.

'Capital Market Efficiency and the Underpricing of New Issues on the Unlisted Securities Market', (with H. Short and R. Watson) in J. Rowre and S. Birley (Eds), Entrepreneurship and Enterprise in Europe, 1991, IESE, S A.

Reports General

'Banking Risk Across Europe', International Institute of Banking and Financial Services Policy Report, 2011, (with F. Vallascas).

'National Inquiry into Fit for Purpose Governance', Centre for Innovation in Health Management, 2009, (with R. Malby, I. Turbitt, J. Wesson, G. Veronesi, I. Neogy and J. Brown).

'The Future of Asian Financial Centres- Challenges and Opportunities for the City of London', Report for the City of London, 2008. Advisory capacity.

'The Face of Adversity', Report for GE Money, 2008. Presented at the House of Commons.

'Regulation of the Alternative Investment Market (AIM) - A Tale of Potential Woe?, Editorial, Journal of Financial Regulation and Compliance, 2007.

'Non-conforming Mortgages in the UK', Report for Brahms Ltd, 2004.

'A Review of Corporate Governance in the New Global Economy', 2004, Finance and Accounting Monthly, China.

'Review of the Yorkshire & Humber E-Region Plan', Report for Yorkshire Forward, 2002, (with S. King, M. Holmes and S. Greenwood).

'Risk and Reward: Views of Financial Services Industry Executives on their Issues and Drivers in Asia Pacific, Europe and the United States', Report for Unisys, 2001, (with K. Littler).

'Performance Management in Health Action Zones: A Process and Template for Using Balanced Scorecards', Report for the NHS Executive, 1999, (with P. Aisthorpe, D. Lloyd and J. Perez Vazquez).

'Fabulous Fortunes', (background research for a 6 programme series on wealth in the 20th century), Trans World International, 1998, (with R. Hudson and K. Littler).

'Share Dealing on the Web: A Review of Design Specifications Across the Globe' Report for Halifax Share Dealing Ltd, 1998, (with R. Hudson and K. Littler).

'Changing Technologies in the Financial Services Sector: Regional Implications', The Regional Review, 1997, (with R. Hudson and K. Littler).

'Corporate Performance and Institutional Shareholdings', ICAEW, Spring 1995, (with H. Short).

'Small Firms and Banks: Is Conflict Inevitable?', National Westminster BankReview, Summer 1993, (with R. Watson).

'Investment and Financing Decisions and the Performance of Small Firms', Report for National Westminster Bank, Summer 1992, (with R. Watson).

'Small Firms: A Different Kind of Beast', The Leeds Review, Autumn, 1992.

'Empirically Testing the Winner's Curse Model of the Underpricing of Initial Public Offerings: A Point of Clarification', Royal Economic Society Newsletter, Autumn, 1991.

'Tax Changes of the 1984 Budget and their Impact on Small Firm Investment Behaviour', Report for the Small Business Research Trust, 1988, (with M. Binks).

'The Characteristics of Rapid Growing New Manufacturing Companies', Report for Price Waterhouse, 1986, (with D Storey, R Watson and P Wynarczyk).

'Characteristics of 'High Profit', Small Northern Manufacturing Companies', Report for Price Waterhouse, 1986, (with D. Storey and R. Watson).

'Forecasting Pricing Schedules for Truck Leasing', Report for Volvo Trucks, Summer 1986, (with P. McGuinness).

'An Abstract on Industry Performance Evaluation', International Small Business Journal, Summer 1986.

'Small Company Failure Prediction: An Analytical Review', Business Graduate, January 1985, (with R. Watson).

'A Selective Approach to Small Firms', Tory Review, Issue V, Vol II, June 1984, (with D. Storey).

'Market Strategy: The Need for Macroeconomic Forecasts', Conference Proceedings, Industrial Marketing Research Association, May 1984, (with P. Bell).

'Segmented Labour Markets and the Persistence of Sectors in Inner Areas', Cleveland Research Report, 1978.

'The Decline of Middlesborough Inner-City Area', Cleveland Research Report, 1978.

'The Changing Role of Women and Employment', Cleveland Research Report, 1978.

'An Evaluation of the Continuing Viability of Teeside Airport', Cleveland Research Report, 1978.

International Institute of Banking and Financial Services - Executive Reports

'The Emerging ASP Model: Enhancing Value and Changing Market Structure', Executive Report: No. 42, December 2000, (with L. Costanzo).

'Dotcom IPO: Valuation and Underpricing', Executive Report: No. 39, December 2000, (with X. Cai).

'New Entrants in the Banking Market: New Strategic Perspectives', Executive Report: No. 37, June 2000, (with L. Costanzo).

'The Use of League Tables in Financial Services', Executive Report: No. 31, April 2000, (with R. Jones).

'Discussions and Recommendations Regarding Regulatory Reform for Effective E-Commerce Delivery in Financial Services', Executive Report: No. 29, March 2000, (By Origo Services Ltd and IIBFS).

'Relationship Management: Some Academic Perspectives', Executive Report: No. 24, December 1999.

'Financial Services Portals in the U.K.', Executive Report: No. 23, November 1999.

'Money Laundering and the Internet: A Challenge for Regulation', Executive Report: No. 21, November 1999, (with R. Jones).

'Internet Share Dealing', Executive Report: No. 16, October 1999, (with R. Hudson and K. Littler).

'The Performance of Bank Mergers in the U.K.', Executive Report: No. 13, September 1999.

'Creating Value in the New Business Environment', Executive Report: No. 12, September 1999, (with P. Aisthorpe).

'Sharedealing on the Web: A Review of Design Specifications Across the Globe', Executive Report: No. 9, March 1999, (with R. Hudson and K. Littler).

International Institute of Banking and Financial Services - Focus Reports

'Security Barrier Slows Online Banking Growth', February 2006.

'Delivering Brand Promises', January 2006

'Issue 2 - Revitalising Branch Delivery', November 2005.

'Issue 1 - Remote Advisors, Bridging the Gap in Service Delivery', November 2005.

'M-Banking - It's a Generation Thing', October 2005.

'Beating the Cybercriminals', September 2005.

'Prevention is Better than Cure', April 2005.

'Informed Choice for Pensions - Overcoming the Data Integration Challenge', March 2005.

'The Electronic Data Challenge - Protecting Assets and Reputations', January 2005.

"Neither a lender, nor a borrower be..." ? William Shakespeare, Hamlet - "...he that goes a borrowing goes a sorrowing..." Benjamin Franklin', December 2004.

'A Summary of the Basel II Capital Accord', Autumn 2004.

'A Question of Loyalty - Loyalty or Resilience?: Consumer attitudes to UK Banking Services', April 2004.

'The Insurance and Banking Sectors; Views from the Top - General Insurance - Challenges and Issues', February 2004.

'Getting the Right Mix - Consumer Channel Preferences for Financial Transactions', November 2003.

"Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery". (Mr Micawber, David Copperfield by Charles Dickens) - Sinking in a Sea of Debt', October 2003.

'What a Pickle! - Boom For Mortgage Related Products', September 2003.

'IIBFS Launches Consumer Financial Well-Being Survey - Ownership of Banking Products', August 2003.

'Time to Face up to a Brave New World - What Does 'Elderly' Mean?', July 2003.

'To Be(queath) or Not to Be(queath)....That is the Question - Inheritance in the Context of Financial Provision', June 2003.

'That's Another Fine Mess......! - Bear Mauls Life Company Balance Sheets', May 2003.

'China - A Risky Opportunity - Background to the Chinese Economy', March 2003.

'You Can Try to Teach a Fish to Ride a Bicycle but... - Government Spearheads 'One Size Fits All' Pension Tax Regime', February 2003.

'A Sea of Debt - Bah Humbug!', January 2003.

'House Prices and the Associated Matter of Mortgage Regulation - Factors Driving the UK Housing Market', December 2002.

'With-Profits in Focus', November 2002.

26'Struggling with our Futures - Keeping the Insurance Sector Afloat', October 2002.