Iain Clacher

Associate Professor in Accounting and Finance
Accounting and Finance Division
Deputy Director of The Centre for Advanced Studies in Finance (CASIF)

Email:
I.Clacher@lubs.leeds.ac.uk
Telephone:
+44 (0) 113 34 36860
Categories:
Staff, Academic, Centre for Advanced Studies in Finance (CASIF), Institute of Banking and Investment (IBI), Accounting and Finance
Location:
2.18
Profile

Qualifications

PhD (Finance), Leeds University Business School, Leeds, UK
BA (Hons), Finance, University of Strathclyde

Experience

Iain is an Associate Professor in Accounting and Finance at Leeds University Business School, The University of Leeds. He is an expert on pensions and retirement saving and is interested in retirement decision making, pension fund investments and valuation, infrastructure investing, sustainable pension systems, fund governance, and fund management costs and fees. Iain is the co-chair of the cross-practice working party on behavioural finance for actuaries at the Institute and Faculty of Actuaries, and is involved in other working parties covering issues on collective defined contribution pensions, the macroeconomics of defined benefit pensions, and pensions and taxation.

In addition, Iain is more broadly interested in all areas of accounting, finance, and economics. He has published papers in internationally ranked journals covering a wide range of areas including: institutional economics, financial accounting, ethics, pension management, fund performance, and sovereign wealth.

He is regularly invited to speak at a wide range of leading forums, as well as presenting at national and international conferences. Invited presentations include the Westminster Employment Forum, The Institute and Faculty of Actuaries, the National Association of Pension Funds, the Pensions Research Accountant Group, the Association of Consulting Actuaries, and the Pensions Management Institute.

Iain is also one of the co-authors of the European adaptation of Fundamentals of Corporate Finance. In addition, he has written book chapters on gold investment, agency theory and incomplete contracting, pension funds and retirement saving, and applications for regime switching in financial economics.

As of June 2013 Iain has been the co-director of the Centre for Advanced Studies in Finance, having previously been the deputy director from 2009. In this role, he is responsible for the running and on-going development of the Accounting and Finance PhD programme. In addition, Iain is also one of the co-organisers of the International Accounting and Finance Doctoral Symposium, which is a specialist conference for PhD students, and which is now in its 8th year. Since September 2011, Iain has been the director of the MSc Actuarial Finance; a programme he built in conjunction the School of Mathematics.

In addition to his academic activities, Iain’s research and expertise has had a significant impact across a number of fields and has been used to advise a range of businesses, policy makers, and organisations including: FTSE 100 Companies, The CERN Pension Fund, The City of London Corporation, The Work Foundation, SEI, Aon, and The Pensions and Lifetime Savings Association.

Research

Iain's main research interests focus on, pensions and retirement saving decisions, pension investment and infrastructure, and sustainable pension systems.  In addition, Iain’s research covers a wide number of areas including financial accounting, governance, auditing, critical accounting, ethics, auctions, and market efficiency. He has published papers in internationally ranked journals covering issues including; institutional economics, accounting, ethics, pension management, fund performance, and sovereign wealth.

Research and Teaching Grants

1)   2011 - £11,000 – The Actuarial Profession, project to analyse pension plan solvency and extreme market movements, (with David Hillier and Mark Freeman).

2)   2010 - £27,000 – Rotman ICPM, Toronto, project to analyse pension plan solvency and extreme market movements, (with D. Hillier and M. Freeman).

3)   2010 - £7,000 – Academic Development Fund, project to develop two modules on insurance statistics.

4)   2010 - £10,000 – Institute for Small Business and Entrepreneurship, project to analyse the impact of Regional Development Agencies on small firm formation and survival.

5)   2009 - £2,500 – Seedcorn Funded project on Corporate Governance and Ownership Structures in Small to Medium Enterprises, (with G. Veronesi).

6)   2009 - £5000 – TQEF for the development of an online SAS programming for business research course.

7)   2008 - £1895 – Seedcorn Funded project on European bank deposit insurance, (with J. Hagendorff).

8)   2008 - £10000 – Thai Government Pension Fund (TGPF) project on international diversification for the National Pension Fund, (with, D. Hillier and S. Lhaopadchan).

Teaching

Since joining Leeds University Business School Iain has taught on a number of undergraduate courses including, Corporate Governance, Taxation, Foundations of Accounting, Introduction to Management Accounting, Financial Accounting and Business Finance. On the Masters Iain has taught on Research Methods, Financial Analysis, Corporate Finance, and Risk and Insurance. He also teaches Corporate Finance on both the MBA and Exec-MBA.

Responsibilities

As of June 2013 Iain has been the director of the Centre for Advanced Studies in Finance, having previously been the deputy director from 2008. He is responsible for the running and on-going development of the Accounting and Finance PhD programme. In addition, Iain is also one of the co-organisers of the International Accounting and Finance Doctoral Symposium, which is a specialist conference for PhD students, which is now in its 8th year. The conference brings together leading academics in accounting and finance, with doctoral students from all over the World.

Publications

Refereed Articles

1)     A Comparative Analysis of Real and Accrual Earnings Management around Initial Public Offerings under Different Regulatory
        Environments, Journal of Business Finance and Accounting, Forthcoming (with. M. Alhadab and K. Keasey).

2)     Real and Accrual Earnings Management and IPO Failure Risk, Accounting and Business Research, (2015) Vol. 45, No. 1,
        pp. 55-92 (with, M. Alhadab and K. Keasey).

3)    Pension Plan Solvency and Extreme Market Movements: A Regime Switching Approach, (2014) Special Issue on Actuarial
        Science
, European Journal of Finance, (with, M. Freeman, D. Hillier, M. Kemp. N. Abouraschi and Q. Zhang).

4)    Industrial Policy as an Engine of Economic Growth: Evidence from South Korea (1960-1996) Business History, (2012) Vol.
        54, No. 5, pp. 713-740 (with, K. Keasey and J. Lee).

5)    Do Announcements about Corporate Social Responsibility Create or Destroy Shareholder Wealth? Evidence from the UK.
        Journal of Business Ethics, (2012) Vol. 106, No. 3, pp. 253-266 (with, J. Hagendorff). FT Top 45 Journal.

6)    Consequences of the Capital Asset Pricing Model (CAPM) – A Critical and Broad Perspective, Abacus, (2013) Vol. 49, S1, pp.
        51-61 (with, C. Cai and K. Keasey).

7)    The Value Relevance of Direct Cash Flows under IFRS, Abacus, (2013) Vol. 49, No. 3, pp. 367-395 (with, A. Duboisée de
        Ricquebourg and A. Hodgson).

8)    Meeting Defined Benefit Pension Obligations: Measurement, Risk and Flight Paths, British Actuarial Journal, (2013) Vol. 18,
        No. 2, pp.308-325 (with, J. Hatchett and M. Hurd).

9)    Style Analysis and Dominant Index Timing:  An Application to Multi-Sector Managed Funds, Applied Financial Economics,
        (2010) Vol. 20, No. 4 pp. 293 - 301 (with, R. Faff, and K. Holmes).

10)   National Accounting for Intangible Assets in the Knowledge Economy, Journal of Financial Regulation and Compliance,
        (2009) Vol. 18. No. 2, pp. 106-120.

11)  Chinese Investment goes Global:  The China Investment Corporation, Journal of Financial Regulation and Compliance,
        (2008) Vol. 17, No. 1, pp. 9-15 (with, C. Cai).

12)  Challenges Facing Banking in Emerging Markets: A Case Study of the Tanzanian National Payments Systems, Journal of
        Financial Regulation and Compliance, (2006) Vol. 14, Issue 1, pp. 112-118 (with, J. Doriye, S. Mohamed and T. Satta).


Books

1)   Fundamentals of Corporate Finance, (with, D. Hillier, S. Ross, R. Westerfield and B. Jordan). 2nd Edition January 2014.


Book Chapters

1)    A Practical Guide to Regime Switching in Financial Economics, Quantitative Financial Risk Management: Theory and
        Practice, Edited by Constantin Zopounidis and Emilios Galariotis, Forthcoming, (with, M. Freeman, D. Hillier, M. Kemp, and
        Q. Zhang). 

2)    Pensions Funds, Wiley Encyclopaedia of Management, Finance, Edited by Krishna Paudyal. February 2015, (with, P.
        Draper).

3)    Agency Theory, Incomplete Contracting and Ownership Structure, Corporate Governance, Edited by Kent Baker and Ronald
        Anderson. September 2010, (with, D. Hillier and P. McColgan).

4)    A Practical Guide to Gold as an Investment Asset, Handbook of Commodity Investment, Edited by F. J., Fabozzi, R, Fuss and
        D. G., Kaiser.  July 2008, (with, C. Cai, R. W. Faff, and D. Hillier).

Other Publications and Comment Pieces

1)    Finance Theory – Time for a Rethink and a bit of Humility (with, C. Cai and K. Keasey).

2)    Pension Plan Solvency and Extreme Market Movements: A Regime Switching Approach – Funding Report for the Actuarial
        Profession, British Actuarial Journal, (with, M. Freeman, D. Hillier, M. Kemp. N. Abouraschi and Q. Zhang).

3)    The Economic Consequences of Accounting, Ask the Expert, NAPFNews, Autumn, 2011.

4)    Accounting for Pensions, NAPFNews, Summer 2011.


Industry Reports

1)    2016 Improving International Access to Credit Markets, City of London Corporation.

2)    2016 A Simple Way to Compare Pension Fund Deficits: The Case of LGPS.

3)    2011 – Accounting for Pensions; Report for the National Association of Pension Funds, (with P. Moizer). Cited in FTFm,
       The Financial Times, The Times, The Independent, The Telegraph, The Herald, The Actuary, Accountancy Age,
       Professional Pensions, Money Marketing, City Wire, Pension Funds Online, IPE. 

       This report also formed part of the evidence submitted to, and was cited by, the Kay Review of UK Equity Markets and
       Long-Term Decision Making, July 2012.

4)   2009 – Accounting for Intangibles in the Knowledge Economy, Accounting for Intangibles: Financial Reporting and Value
       Creation in the Knowledge Economy; Report for the Work Foundation.

5)   2008 – An Analysis of Chinese Sovereign Wealth: The Rise of the China Investment Corporation, Asian Financial Centres;
       Report for the City of London Corporation, (with, C. Cai.).  Cited in the Financial Times, September 2008.


EDITORSHIPS

Editorial Board of The British Accounting Review 2014 - date.

Guest Editor of Special Issue Retirement Savings in the Review of Behavioural Finance 2015

Guest Editor of Special Issue on Sovereign Wealth Funds in the Journal of Financial Regulation and Compliance, January
2010.


JOURNAL REVIEWING

Ad Hoc reviewer for; Financial Analyst Journal; Journal of Business Ethics; Small Business Economics; British Accounting Review; Accounting and Business Research; Critical Perspectives in Accounting; Journal of Economics and Business; Accounting and Finance; Review of Behavioural Finance; Journal of Financial Regulation and Compliance.


INVITED PRESENTATIONS

1)    Retirement Income Planning in the UK ‐ Trends, Challenges and the Impact of the new Flat‐Rate State Pension,
        Westminster Employment Forum, Whitehall, London, December 2014, Keynote Speaker

2)    Behavioural Economics and Financial Decision-Making around Retirement Outcomes. National Association of Pension
        Funds Finance Directors Breakfast Meeting, Leeds, December, 2014, Keynote Speaker.

3)    Behavioural Finance and Pensions, Plenary Speaker with Gordon Clark (Oxford), Steve Vernon (Stanford) Marcus Hurd (Buck
        Consulting), Actuarial Profession, London, June 2014.

4)    The Scottish Referendum: The End of Britain? Public Debate, The University of Leeds, June 2014.

5)    Current Issues in Pensions, Actuarial Profession, Edinburgh, April, 2014.

6)    Rethinking the Economics of Pensions, London, March, 2014.

7)    The Northwest Actuarial Profession Sessional Meeting, Leeds, January, 2014.

8)    Current Highlights in Pensions, Actuarial Profession, London/Glasgow/Bristol/Leeds, October/November, 2013.

9)    The Actuarial Profession Pensions Conference, Celtic Manor, Wales, June, 2013.

10)  Rethinking the Economics of Pensions: Is there a crisis of pension or of pension regulation? Royal Statistical Society,
         London, March, 2013.

11)  Highlights of the Pensions Conference, London/Edinburgh, September/October, 2012.

12)  The Northwest Actuarial Profession Sessional Meeting, Leeds, June, 2012.

13)  The Actuarial Profession Pensions Conference, Brighton, May, 2012.

14)  Invited Speaker on Marking to Irrational Markets, Aon Hewitt, London, March, 2012.

15)  Institute of Actuaries, Staple Inn, London, January 2012.

16)  Faculty of Actuaries, Royal College of Surgeons, Edinburgh, January 2012.

17)  National Association of Pension Funds, Accounting for Pensions, Chatham House Debate, September 2011. Keynote
        Speaker.

18)  Pensions Research Accountants Group, Royal Overseas League, London, June 2011. Keynote Speaker.

19)  Panel Discussant, National Association of Pension Funds Annual Investment Conference, Edinburgh, March 2011.

20)  National Association of Pension Funds Finance Directors Breakfast Meeting, London, November, 2010. Keynote Speaker.

21)  Third Research Workshop in Finance, Universidad de Leon, Leon, March, 2010.

22)  PhD Accounting and Finance Symposium, Monash University, Prato, April, 2009.

23)  Panel Presenter on Alternative Corporate Governance Structures, British Academy of Management, Harrogate, September,
        2008.

24)  30th UK Insurance Economists’ Conference, CRIS, Nottingham, April, 2008.


CONFERENCE PROCEEDINGS

Conference Acceptance 2015

1)   European Accounting Association Annual Conference, Glasgow, May 2015.


Conference & Seminar Presentations

1)   5th International Mathematical and Statistical Methods for Actuarial Sciences and Finance, Venice, April 2012.

2)   European Accounting Association Annual Conference, Ljubljana, May 2012.

3)   Frontiers in Financial Research, Athens, July, 2010.

4)   Financial Management Association Europe, Turin, June, 2009.

5)   7th International Conference on Financial Markets, Good Governance and Economic Development, Dar Es Salaam,
       Tanzania, December, 2008.

6)   Financial Management Association Europe, Prague, June, 2008.

7)   6th International Conference on Financial Markets, Good Governance and Economic Development, Dar Es Salaam,
       Tanzania, December, 2007.

8)   Actuarial Teaching and Research Conference, Leeds, July, 2007.

9)   4th International Conference on Financial Markets, Good Governance and Economic Development, Dar Es Salaam,
       Tanzania, December, 2005.

10) European Financial Management Association Annual Meeting, Milan, Italy, June, 2005.

11) Emerging Markets Finance, Cass Business School, London, UK, May, 2005.


MEDIA COVERAGE AND COMMENTARY

1)    Professor Warns that Shares could Suffer “Sharp Shock”, Yorkshire Post, 18th February, 2015.

2)    Leading Academic Calls for SPA of 72, Professional Pensions, 11th December, 2014.

3)    Interview on Scottish Independence, BBC Look North,  

4)    New Survey finds Economy is looking like it will have a Slower and more Sustainable Recovery, Yorkshire Post, 26th July,
        2014.

5)    New era of Funding as Santander UK Teams up with Funding Circle, Yorkshire Post, 24th June, 2014.

6)    Changes to Pensions could Light Fuse under Housing Market, Column, Yorkshire Post, 8th May, 2014.

7)    Rise of Generation Rentier, with Buy-to-Let Property Shaping up as New Annuity for Pensioners, Column, The Conversation,
        7th April, 2014.

8)    Budget 2014: There could be a Sting in the Tail for Savers and Pensioners, Column, The Conversation, 20th March, 2014.

9)    Battle for Coal that Changed Yorkshire Forever, Yorkshire Post, 4th March 2014.

10)  Star Defends The Wolf of Wall Street Despite Howls of Protest, Yorkshire Post, 11th January, 2014.

11)  Citigroup to Standard Chartered Hurt by Korean Debt Curbs, Bloomberg News, 23rd December, 2013.

12)  Gloomy Twilight Years for those Born in 60s and 70s, Yorkshire Post, 18th December, 2013.

13)  Why the Numbers Add up for Direct Cash Flow Statements, Column, Accountancy Age/Financial Director, 17th December,
        2013 ( with A. de Ricquebourg).

14)  Inquiry into RBS Treatment of Small Companies, Yorkshire Post, 26th November, 2013.

15)  Booming Services Sector adds Momentum to UK’s Recovery, Yorkshire Post, 5th August, 2013.

16)  The Bank has to do more to Revive Economy, Yorkshire Post, 21st March, 2013.

17)  Academics Must Address the Problems of the Financial Markets, Column, Financial Times, 18th June, 2012 (with K.
        Keasey).

18)  BBC Radio York, Interview on Proposed Strike by BMA over Pension Reforms, 31st May, 2012.

19)  EU Directive could Pose Huge Threat to Pensions, Column, Yorkshire Post, 17th January, 2012 (with P. Moizer).

20)  Capital Barrier to Pension Funds Financing Infrastructure, Letter, Financial Times, 20th December, 2011.

21)  Tough Truth about Your Pension, Yorkshire Evening Post, 7th December, 2012

22)  BBC Radio Leeds/BBC Radio York, Breakfast Show, Interview on Pension Reform in the Public Sector, 2nd December, 2011.

23)  Pension Rules Create Volatility, Say Experts, The Telegraph, 7th September, 2011.

24)  NAPF Calls for Overhaul of Retirement Accounting, The Independent, 7th September, 2011.

25)  Call to Reverse Pension Reforms, Financial Times, 7th September, 2011.

26)  Accounting Rules Hit DB Schemes, FTFm, 4th September, 2011.

27)  Hedge Fund Risks should not be Underestimated, Academic Warns, FundWeb, 8th July, 2011.

28)  The Challenges in Store for Bank Newcomer, Column, Yorkshire Post, 29th July, 2010.

29)  A Golden Opportunity to Save Billions and Help the Poorest, Column, Yorkshire Post, 22nd July, 2010.

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