Pro-Dean - International
Associate Professor in Accounting and Finance
Accounting and Finance Division

+44 (0) 113 34 36860
Staff, Academic, Centre for Advanced Studies in Finance (CASIF), International Banking Institute (IBI), Accounting and Finance


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


Iain Clacher 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 his work covers retirement decision making, pension fund investment, infrastructure investing, sustainable pension systems, trustee 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. He is the expert advisor to the European Economic and Social Committee on Pan European Pension Products, and he is a member of the recently formed Institutional Disclosure Working Group of the UK Financial Conduct Authority.  

He is regularly invited to speak at a wide range of leading forums, as well as presenting at national and international conferences, and he is a regular commentator in the media both on his own work and across all areas of business and economics.

Iain is one of the co-authors of the European adaptation of Fundamentals of Corporate Finance, with the third edition being released in 2017. Iain has also written book chapters on gold investment, agency theory and incomplete contracting, pension funds and retirement saving, and applications for regime switching in financial economics.

PA - Hayley Atkins

0113 3434454 


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, The CERN Pension Fund, The City of London Corporation, The Work Foundation, and The Pensions and Lifetime Savings Association.
Current projects include, an ongoing collaboration with Aon examining trustee decision making, which brings together Iain’s expertise in pensions and behavioural and experts in judgement and decision making; work for the Office for National Statistics looking at discounting pensions for National Accounting purposes as part of a team examining the discounting of governmental liabilities; he is the lead researcher on a project with the Association of Member Nominated Trustees, the UK Sustainable Finance Initiative, and the UN Principles for Responsible Investment examining voting in pooled equity funds and he was the expert advisor on the qualitative analysis of the Financial Conduct Authority’s Retirement Outcomes Review, which reported its interim results earlier this year.

As well as his track-record of impact, Iain is interested in a wide range of areas in accounting, finance, and economics. He has published papers in internationally ranked journals covering, institutional economics, financial accounting, ethics, pension management, fund performance, and sovereign wealth. Current research includes work examining textual tone in the lobbying of the International Accounting.

Research and Teaching Grants

  1. 2017 – £200,000 – The Actuarial Profession, Understanding trustee investment decision making in DC funds (with P. Ayton).
  2. 2017 – £20,000 – Institute of Chartered Accountants Scotland, understanding discount rates in financial accounts (with M. Freeman and C. Keating).
  3. 2017 – £7000 – The Actuarial Profession, Understanding the economics of discounting in pensions and insurance.
  4. 2016 – £3000 – Seedcorn fund project on All-star analysts, (with A. Duboisée de Ricquebourg).
  5. 2011 – £11,000 – The Actuarial Profession, project to analyse pension plan solvency and extreme market movements, (with David Hillier and Mark Freeman).
  6. 2010 – £27,000 – Rotman ICPM, Toronto, project to analyse pension plan solvency and extreme market movements, (with D. Hillier and M. Freeman).
  7. 2010 – £7,000 – Academic Development Fund, project to develop two modules on insurance statistics.
  8. 2010 – £10,000 – Institute for Small Business and Entrepreneurship, project to analyse the impact of Regional Development Agencies on small firm formation and survival.
  9. 2009 – £2,500 – Seedcorn Funded project on corporate governance and ownership structures in small to medium enterprises, (with G. Veronesi).
  10. 2009 – £5000 – Teaching Quality Enhancement Fund, for the development of an online SAS programming for business research course.
  11. 2008 – £1895 – Seedcorn fund project on European bank deposit insurance, (with J. Hagendorff).
  12. 2008 – £10000 – Thai Government Pension Fund (TGPF) project on international diversification for the National Pension Fund, (with, D. Hillier and S. Lhaopadchan).

Since joining Leeds University Business School, Iain has taught on and developed modules across undergraduate, postgraduate, MBA and Exec-MBA. Modules taught include corporate governance, taxation, foundations of accounting, introduction to management accounting, financial accounting, research methods, financial analysis, corporate finance, and risk and insurance. Iain has also developed a number of successful executive education offerings in corporate finance and financial strategy, which have been delivered to companies both in-house and as part of national and international university programmes.


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 has led the development of the Accounting and Finance PhD programme at Leeds and has been instrumental in the building of a highly successful doctoral programme that has alumni in senior positions across industry, academia, and government.


Refereed Articles

1)     Auctions, market efficiency, and trade in second-hand and antique silver, Economics Letters, (2018) Vol. 162, pp. 45-48 (with P. Draper and A. J. Duboisée De Ricquebourg).

2)     Are there any Sustainable Retirement Solutions out there? British Actuarial Journal, (2017) Forthcoming (with, M. Hurd and J. Richardson).

3)     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).

4)     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).

5)    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).

6)    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).

7)    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.

8)    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).

9)    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).

10)  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).

11)  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).

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

13)  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).

14)  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).


1)   Fundamentals of Corporate Finance, (with, D. Hillier, S. Ross, R. Westerfield and B. Jordan). 3rd Edition 2017.

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, June 2015, (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)    Why Pensions Needs Nudges and Defaults, The Fabian Society and Brighter Blue, (with J. Weir) Forthcoming.

2)    Security and Sustainability in Defined Benefit Pensions, The Long Finance (with C. Keating and A. Slater).

3)    Choosing a Pension: GPP Vs Master Trust, Aviva.

4)    Automatic Enrolment: The Payroll Perspective, Pension Sync.

5)    Does the Pensions Industry Need Behavioural Finance? PMI News.

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

7)    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).

8)    The Economic Consequences of Accounting, Ask the Expert, NAPFNews.

9)    Accounting for Pensions, NAPFNews.

Industry Reports

1)    2017 – Understanding scale in pension funds, A Report for the Scottish LGPS Pensions Advisory Board Working Group.

2)    2017 – Reviewing discount rates in ONS valuation, (with K. Claxton, B. Groom and M. Freeman).

3)    2017 – Costs, Fees, and Trustee Decision Making (with R. Hodgett and S. McNair).

4)    2017 – Selecting Fund Managers and Consultants, (with R. Hodgett and S. McNair).

5)    2017 – Mapping the trustee landscape, (with R. Hodgett and S. McNair).

6)    2016 – Improving international access to credit markets, Report for the City of London Corporation, (with K. Keasey, R. Lekhi, and F. Vallascas).

7)    2016 – A simple way to compare pension fund deficits: The case of the LGPS (with H. Pedersen). Cited in FTfM.

8)    2015 – Groupthink and DB pension fund trustees, SEI. Cited in Professional Pensions.

9)    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.

10)   2009 – Accounting for intangibles in the knowledge economy: Financial reporting and value creation in the knowledge economy; Report for the Work Foundation.

11)   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.


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

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, Review of Development Economics, International Review of Applied Economics.

Invited Presentations


1)    Defined benefit pensions: Where do we go from here? Westminster Employment Forum, November 2017.

2)    Selecting find managers and investment consultants, The Trustee Circle, September 2017

3)    Behavioural finance in pensions, Pensions and Lifetime Savings Association, March 2017

4)    Alternatives to gilts+ valuation, The Association of Consulting Actuaries, February 2017.

5)    Trustee decision-making, Behave London, London. February 2017, Keynote Speaker.

6)    Trustee decision-making, Aon, London. December 2017, Keynote Speaker.

7)    Behavioural economics for investment, Institute and Faculty of Actuaries Momentum Conference, Bristol, November, 2015.

8)    Behavioural economics and financial decision-making, Institute and Faculty of Actuaries Investment Conference, London, June 2015, Keynote Speaker.

9)    Automatic enrolment around the World, Capacity Crunch Conference, Chartered Institute of Payroll Professionals, London, March 2015, Keynote Speaker.

10)   Behavioural economics and financial decision-making, Association of Consulting Actuaries, London, January 2015. Keynote Speaker.

11)   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.

12)   Behavioural economics and financial decision-making around retirement outcomes, National Association of Pension Funds Finance Directors Breakfast Meeting, Leeds, December, 2014, Keynote Speaker.

13)   Behavioural finance and pensions, Plenary Speaker with Gordon Clark (Oxford), Steve Vernon (Stanford) Marcus Hurd (Buck Consulting), Actuarial Profession, London, June 2014, Keynote Speaker.

14)   Current issues in pensions, Institute and Faculty of Actuaries, Edinburgh, April, 2014.

15)   Rethinking the economics of pensions, London, March, 2014.

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

17)   Pensions Conference, Institute and Faculty of Actuaries, Celtic Manor, Wales, June, 2013.

18)   Rethinking the economics of pensions: Is there a crisis of pension or of pension regulation? Royal Statistical Society, London, March, 2013.

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

20)   Pensions Conference, Institute and Faculty of Actuaries, Brighton, May, 2012.

21)   Institute and Faculty of Actuaries, Royal College of Surgeons, Edinburgh/Staple Inn, London, January 2012.

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

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

24)   Panel Member, National Association of Pension Funds Annual Investment Conference, Edinburgh, March 2011.

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

Conference Proceedings


Conference Acceptance 2017

1)    Accepted to European Accounting Association Annual Conference

Selected 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.

Selected Media Coverage and Commentary


1)    Will millennials ever get to retire, Vice, 14th October, 2016.

2)    Sterling plunges over fear of ‘hard’ Brexit, Yorkshire Post, 5th October, 2016.

3)    Expert economists warn of blow to savers from interest rate cut, Yorkshire Post, 3rd August, 2016.

4)    Groupthink risk for defined benefit pension schemes, Pensions World, 25th May, 2016.

5)    HSBC cuts hundreds of jobs in Sheffield, BBC Look North, 16th May, 2016.

6)    Defined benefit trustees do not scrutinize consultants enough, Professional Pensions, 18th January, 2016.

7)    BBC Inside Out, Investing in AIM is a risky business, 12th October, 2015.

8)    Mixed opinions from economists about Fed’s decision on rates, Yorkshire Post, 19th September, 2015.

9)    Leading academic calls for state pension age of 72, Professional Pensions, 11th December, 2014.

10)  Scottish independence, BBC Look North, 3rd September, 2014.  

11)  Changes to pensions could light fuse under housing market, Yorkshire Post, 8th May, 2014.

12)  Rise of generation rentier, with buy-to-let property shaping up as new annuity for pensioners, The Conversation, 7th April, 2014.

13)  Budget 2014: There could be a sting in the tail for savers and pensioners, Column, The Conversation, 20th March, 2014.

14)  Citigroup to Standard Chartered hurt by Korean debt curbs, Bloomberg News, 23rd December, 2013.

15)  Why the numbers add up for direct cash flow statements, Accountancy Age/Financial Director, 17th December, 2013 (with A. de Ricquebourg).

16)  Booming services sector adds momentum to UK’s recovery, Yorkshire Post, 5th August, 2013.

17)  Academics must address the problems of the financial markets, Financial Times, 18th June, 2012 (with K. Keasey).

18)  Interview on proposed strike by BMA over pension reforms, BBC Radio York, 31st May, 2012.

19)  EU Directive could pose huge threat to pensions, Yorkshire Post, 17th January, 2012 (with P. Moizer).

20)  Interview on pension reform in the public sector, BBC Radio Leeds/BBC Radio York, Breakfast Show, 2nd December, 2011.

21)  The challenges in store for bank newcomer, Yorkshire Post, 29th July, 2010.

22)  A golden opportunity to save billions and help the poorest, Yorkshire Post, 22nd July, 2010.


Read more about: