Nick Wilson

Head of Accounting and Finance Division
Professor of Credit Management
Director of the Credit Management Research Centre (CMRC)

+44 (0)113 34 34472
Academic, Accounting and Finance, Credit Management Research Centre (CMRC)


BA (Hons), Nottingham
PhD, Nottingham



Professor Nicholas Wilson has held the Chair in Credit Risk and Finance at Leeds University Business School since 1998 and is Director of the Credit Management Research Centre (CMRC). He is an Honorary Fellow of the Institute of Credit Management (FICM). Professor Wilson gained a BA honours degree in Industrial Economics from the University of Nottingham and completed a Phd at the same institution. He was appointed as a Research Fellow at the WissenschaftsZentrum Berlin (WZB Industrial Policy Unit) in 1980. Professor Wilson was appointed to a lectureship in Applied Economics at the University of Bradford in 1984 and was appointed to the first Chair in Credit Management in July 1993, establishing the Credit Management Research Group. In 1998 the ICM Chair and the Credit Management Research Centre moved to the University of Leeds with significant commercial sponsorship. CMRC enjoyed continual commercial sponsorship for 15 years. He has been Director of Research for the Accounting and Finance Division of the School and a member of the Schools Research Committee. He has received a number of large research grants from the ESRC, Government departments, commercial sponsors and other funding bodies. Most recently he has attracted funding in relation to new ‘Big data’ funding initiatives specializing in business data analytics and developed and launched new post graduate and undergraduate courses on credit and financial analytics. He has recently led the development of the Leeds Institute of Data Analytics, a cross faculty initiative on ‘Big data’. He is co-investigator on the Consumer Data Research Centre (ESRC, £5m grant). He was recipient of a Leeds University Research Impact Award in 2016 for outstanding contribution.

Professor Wilson’s work combines academic rigour with practical and policy relevance. His work as well as being published in leading academic journals has had considerable impact at the level of government policy and business practices. His work on entrepreneurial and growth finance (Venture Capital and Private Equity) and the nature and scale of ‘equity gaps’ has influenced government policy on tax advantaged venture capital schemes (Summer Budget 2015). He has published a number of reports with the British Venture Capital Association on the performance of private equity portfolio firms. Earlier work, with particular policy relevance, focussed on small firm financing; debt management in the corporate and government sector; corporate governance, board diversity and corporate performance; corporate and personal insolvency; credit scoring and credit risk modelling. His work on the build up of corporate and household debt and warnings around the consequent fragility of the UK economy was widely reported in the media prior to the financial crisis of 2008.

Professor Wilson sat on the Better Payment Practice Group (1997-2007). He provided analysis to BIS and Ministers on the impact of legislation (The Late payment of Commercial Debts Interest Act, 1998) and other interventions aimed at improving trade credit payment behaviour towards small firms. BIS commissioned him, to write a policy report: An Investigation into Payment Trends and Behaviour 1997-2007, published in 2008. Professor Wilson has acted as a consultant on issues of credit and debt management, credit scoring and modelling and policy for major organisations in the financial services, corporate sector and government. He has acted as a consultant for the National Audit Office, Office of Fair Trading, Department of Trade and Industry, The Stationery Office (Insolvency Forecasting) and UK Water Industry Research (UKWIR) amongst others. He has competed a series of commissioned reports on debt management and collection in the government sector (e.g. HMRC, The Redundancy Payment Service and the Criminal Justice System). The work on the HMRC collections and recovery systems was reported in a series of NAO reports and recommendations. He has completed other consultancy projects on diverse subjects such as; advertising and competition policy (OFT); labour demand and training in the Museums sector; advertising on BBC radio (Peacock Inquiry). He produced a report for Business Environment and Regulatory Reform (now BIS) on an evaluation of late payment legislation in the UK. He was appointed to a Government ‘Expert Working Group’ on consumer credit information in 2008. A series of reports for the Welsh Assembly was produced in 2010-2013 on SME performance in Wales and on growth firms in Wales and the regions. He was a panel member for the Independent Commission on Banking’s public forum in Leeds, November 2010. He was on the Expert Economists sub-panel of the Breedon Task Force 2012 which was commissioned to “examine structural and behavioural barriers to the development of alternative debt markets in the UK” in advance of the 2012 Budget. His work on board composition and female directorships was cited in the recent Davies Report, ‘Women on Boards” (BIS, 2011) and reported in the international press. Joint work with Imperial College (Professor Mike Wright) on Private Equity and Venture Capital Investments has been published in leading academic journals and has been widely reported in the international business press (e.g. New York Times, Wall Street Journal, Fortune, Dow Jones, Thomson Reuters, Economist). His collaborative work with the financial services industry was recognised in 2007 by a national award for work on ‘Knowledge Transfer’ from the Economic and Social Research Council. He was awarded a University of Leeds certificate of Outstanding Achievement for “Academic Excellence in Enterprise and Knowledge Transfer” in 2006. He was listed in Credit Today Magazine as one of the top 100 most influential people in the Credit Industry in 2008.

Professor Wilson has published widely in academic journals, government policy documents and the business press. He has published over 70 papers in leading academic journals in economics, finance, labour relations, marketing and business forecasting including: Economic Journal, Journal of Banking and Finance, Journal of Corporate Finance, Small Business Economics, Industrial and Labor Relations Review, British Journal of Industrial Relations, Journal of Business Finance and Accounting, Journal of Market Research, International Business Review, Journal of Credit Risk, Business History, International Small Business Journal, Journal of Operations Research Society Managerial and Decision Economics. He has over 3500 citations as listed in Google Scholar and an H-Index of 30. His work is regularly referred to in government publications, the House of Commons (Hansard) and the International Press, TV and Radio. Professor Wilson has presented keynote speeches, papers and seminars at Credit Conferences across Europe, the US, South America, Australia and the Far East.

Professor Wilson has been active in raising research funds from the research councils and commercial sponsors. He has been awarded a number of ESRC grants and Knowledge Transfer Partnership awards. Recent awards include: ESRC Consumer Data Research Centre (c £5m coinvestigator); The Welsh Assembly (2010-13); Rake Fund, ISBE (2011); British Venture capital Associations (2011). The Credit Management Research Centre (CMRC) received over £900,000 in commercial sponsorship 1993-2008. CMRC has produced many industry reports including: the Credit Management Quarterly Review, The Atradius Export Survey, the Euler Hermes Survey of European Businesses, the CSA survey of Debt Management and Collection and a regular survey of SME’s in the UK. The Credit Management Research Centre have developed and maintained ‘www.’ to monitor the payment behaviour of UK Plc’s until 2009.

In September 2001 Professor Wilson set up CreditScorer Ltd, a Leeds University spin-out company. CreditScorer Ltd was established with funding from the White Rose Innovation Fund (£250,000) and houses a credit reference database for the population of UK businesses. The company received a second round investment of £1,000,000 from the Bonnier Group in July 2003 and was acquired by Bisnode in 2007. The company has developed an on-line benchmarking and risk management service for businesses (;, the Utilities sector ( and a debt pricing service for the debt sale and purchase market ( Professor Wilson has developed alogorithms that generate real time risk scores and default probabilities (PDs) for the population of UK Companies and Small Businesses and on-line portfolio management facilities. CreditScorer built commercial risk scores for the credit agency ICC Ltd (part of the Bisnode Group) and Basel II compliant risk management systems for major banks.

Professor Wilson’s early career was as an applied economist. His work at the WZB involved modelling multivariate times series and macroeconomic forecasting, modelling the impact of advertising at macro and micro levels, modelling labour demand and investigating the impact of internal organisation, participation and profit-sharing on the productivity performance of British and German companies. He was appointed senior Research Fellow at the Department of Economics at the University of Warwick in 1983 to work on an ESRC funded study of productivity performance in British and German Manufacturing with Professor John Cable. This work led to publications in international journals including the Economic Journal and Industrial and Labor Relations Review and collaboration with the London School of Economics, Centre for Economic Performance. Since taking up the Chair Management and Finance his academic work has focussed on corporate finance and corporate risk including studies of Private Equity and leveraged buyouts, bankruptcy prediction, board dynamics and gender, family business, trade credit, financial and working capital management, credit management practice, credit scoring and modelling, and new statistical and econometric methodologies for credit risk modelling. His work combines academic rigour with practitioner and policy relevance.

Professor Wilson has held visiting academic, lecturing and research positions at the University of Economics, Bratislava; Centre for Economic Performance, London School of Economics, The European University in Florence, The Dauer Institute, Sao Paulo, Brazil, The University of Mauritius and the China-EC Management Institute, Beijing, China. In 1989 he taught Decision Sciences in Beijing MBA programme. He is Visiting Professor at the National University of Economics, Bratislava. He has acted as external examiner for the University of Nottingham, University of Wales (Overseas Programmes in Cyprus and Spain), University of Huddersfield, University of Lancaster, Dublin Institute of Technology, the University of Mauritius and The University of Loughborough. He has examined over 20 Phd theses at UK and Overseas Universities. His teaching at Leeds covers: Credit Scoring; Credit Risk and Credit Management (Masters, Phd); Financial Econometrics (Masters, Phd); Research Methods (Phd) and Current Issues in Finance (Undergraduate). He has acted on Editorial Boards of a number of leading journals and edited Special Issues.


His current research includes: private equity portfolio company performance; venture capital, the equity gap, growth companies; family business; Corporate governance and board diversity; UK audit market and audit pricing and switching, trade credit: theory and empirical analysis; credit risk modeling, sovereign ratings, credit management practice; corporate distress and failure prediction modeling; small firm working capital management and relationships with the banks; applications of neural network simulation in credit and financial management, and business forecasting and market modeling techniques. His work has been published widely in academic journals covering economic, finance and business.



  • LUBS 2225 Credit and Financial Analytics
  • LUBS 5025 Financial Analysis and Modeling
  • LUBS 5036 Consumer and Corporate Credit

Other Subjects

  • Corporate Finance
  • Credit Management
  • Credit Risk Modeling and Scoring
  • Business Economics and Forecasting
  • Entrepreneurial Finance

Outputs for REF Assessment (2014 - )

1) Published or Accepted

The Equity Gap and Knowledge-based Firms, (with Mike Wright and Marek Kacer), Journal of Corporate Finance (Forthcoming)

On the Persistence and Dynamics of Big 4 Real Audit Fees: Evidence from the UK (With D Peel, M Peel and M Kacer), Journal of Business Finance and Accounting (Forthcoming)

Brexit, Private Equity and Management, (with M Wright, K Amess, J Gilligan and N Bacon) British Journal of Management, Forthcoming.

The Importance of Family Firm Trusts in Family Firm Governance (with L Scholes), Entrepreneurship: Theory and Practice, Volume 38, Issue 6, November 2014, Pages: 1285–1293, 2014 DOI: 10.1111/etap.12124.

The Evolution of Private Equity: Corporate Restructuring in the UK, c.1950-2010 (with S Toms and M Wright), Business History, Volume 57 Issue 5, Pages 736-768, 2015.

Sovereign Credit Rating and the New EU member States, (with M Kacer and P Ochotnicky) Journal of Credit Risk, Volume 10 Number 4 , 2014.

Creation and Destruction’ in Transition Economies: SME Sector in Slovakia (with M Kacer and P Ochotnicky), International Small Business Journal, Vol 34, No 5, 2016.

The Effect of Internationalization on Modeling Credit Risk for SMEs: Evidence from UK Market (with J Gupta) Journal of International Financial Markets, Institutions & Money, Volume 31, July 2014 pages 397-413.

Effects of Alternative Investments on Entrepreneurship, Innovation and Growth, Managerial and Decision Economics Special Issue (Editor, with D Siegel, P Klein and M Wright), Vol 35 Issue 2 p67-72 2014.

Financial Restructuring and Recovery in Private Equity Buyouts: The UK Evidence (with M Wright and R Cressy), Venture Capital: An International Journal, Volume 6 Issue 2 Pages 109-129, 2014

The Value of Operating Cash Flow in Modelling Credit Risk for SME’s,  (with J Gupta, A Gregoriou and J Healy). Applied Financial Economics 2015, Volume 24, Number 9, Pages 649-660.

Improving the Bankruptcy Prediction in Micro-entities by using Non-linear Effects and Non-financial Variables (with A Blanco), Czech Journal of Economics and Finance, Volume 65, Issue 2 Pages 144-166, 2015.

2) Working Papers

The Initial Discount for New Audit Engagements: Case of UK 1998-2012
(with M Kacer)

The Impact of Financial and Product Market Innovation on the Nature of Entrepreneurship: A Historical Perspective (with S Toms and M Wright)

Audit Fees, Auditor Switching and Competition in the UK Auditor Market: An Analysis of UK Companies (1998-2012) (with M Kacer)

Ethnic and Gender Diversity: An Exploratory Analysis of UK Directorships

Private Equity Targets and Post Investment Performance in the Northern Regions, February 2016 (with Mike Wright)

3) Reports and Impact Case

The Equity Gap in the UK and Knowledge Intensive Firms, Report prepared for HM Treasury and HMRC, June 2015 (with Mike Wright).

Private Equity Targets and Post Investment Performance in the Northern Regions, Report prepared for the British Venture Capital Association, February 2016 (with Mike Wright).

Private Equity Portfolio Companies and Export Performance, Report prepared for the British Venture Capital Association, February 2016 (with Mike Wright).

Engines of Growth: Private Equity and Productivity Potential in the North, British Venture Capital Association, Research Report, July 2016.

Outputs for REF Assessment (2008 - 2013)

Buyouts Private Equity and Insolvency Risk (with M Wright), Journal of Business Finance and Accounting, 2013 Vol 40. Issue 7-8 pp. 949-900. doi: 10.1111/jbfa.12042

Private Equity Portfolio Company Performance During The Global Recession (with M Wright, D Siegel and L Scholes) Journal of Corporate Finance, 2012, 18, 193-205 (4*)

Family Business Survival and the Role of Boards (with L Scholes and M Wright), Presented to ‘Entrepreneurship: Theory and Practice’, Special Issue Conference, May 2012. Entrepreneurship Theory and Practice, Volume 37 Issue 6 Pages 1369-1389, 2013 (4*), doi: 10.1111/etap.12071

Company Failure Prediction with Limited Information: Newly Incorporated Companies, (With A Altanlar), Journal of the Operations Research Society, Vol 65 pages 252-264 2013  doi:10.1057/jors.2013.31

Financial Distress and Bankruptcy Prediction amongst Listed Companies using Accounting, Market and Macroeconomic Variables (with Mario Hernandez), International Review of Financial Analysis, Vol 30. Pages 394-419, December 2013

(Most downloaded paper in 2014, top 3 in 2013, 2015)

The Survival of Newly Incorporated Companies and the Impact of Director Characteristics (with A Altanlar and M Wright), International Journal of Small Business, 2014, Vol 32 No 7 pages 733-758 doi:10.1177/0266242613476317

The value of non-financial information in small and medium-sized enterprise risk management (with E Altman and G Sabato), 2010, The Journal of Credit Risk.  Vol 6. No. 2

Reports and Monographs

10. “The Equity Gap and Knowledge Intensive Firms” with Mike Wright (Imperial College). Report prepared for HM Treasury 2015.

9.    "Past, Present and Future: The Comparative Performance and Sustainability of High Growth Firms in Wales and the UK Regions", (with Evans, P., Mayer, A. and Ip, B.), Report Prepared for the Economics Division, Welsh Government, February 2013.

8.    "A Convenient Truth: Private Equity and Portfolio Company Growth" (with Wright, M.), British Venture Capital Association, January 2013.

7.    "Private Equity Portfolio Company Performance Through Time" (with Wright, M.), British Venture Capital Association, March 2012.

6.    "Private Equity Performance During Recession" (with Wright, M. and Scholes, L.), British Venture Capital Association, March 2011.

5.    "Equity Gap in the UK Venture Capital Industry", (with Wright, M.), Report for the National Endowment for Science, Technology and Arts (NESTA), June 2011.

4.    "The Performance and Characteristics of Family Firms in the UK, 2006-2011", (with Wright, M. and Scholes, L.), Institute for Family Business, February 2011.

3.    "A Longitudinal Analysis of Business Performance, Financial Health and Growth Potential of SMEs in Wales", (with Evans, P. and Altanlar, A.), Welsh Assembly, February 2010.

2.    "Private Equity and Insolvency", (with Wright, M. and Cressey, R.), British Venture Capital Association, March 2010.

1.    "An Investigation into Payment Trends and Behaviour 1997-2007", Policy Report published by BIS, 2008.

Recent Conference Presentations

17.   "The Survival of New Companies and Founding Director Characteristics", International Small Business Conference (ISBE), Dublin, November 2012.

16.   "Private Equity Performance Through Time", Paper presented to the Private Equity Forum, HEC, Paris June 4-5, 2012.

15.   "Heterogeneity, Complexity and Performance in Family Firms" (with Scholes, L. and Wright, M.), Presented to ‘Entrepreneurship: Theory and Practice’, Special Issue Conference, University of Alberta, Edmonton, May 2012.

14.   "Private Equity Portfolio Company Performance During The Global Recession" (with Wright, M. Siegel, D. and Scholes, L.), Special Issue Conference, JCF, New York, May 2011.

13.   "Private Equity, Buyouts, Leverage and Failure"
          ▪ Paper presented at ESSEC conference, Paris, June 2010
          ▪ Paper presented at a London Business School conference 'Private Equity at the Cross Roads' Conference on 05/06/2009

12.   "Credit Crisis and Lending Decisions in the UK", Leeds Financial Services Initiative Conference, Ventura, Leeds, March 2009.

11.   "Non-Financial Information and SME Risk Assessment" (with Altman, E.),
          ▪ Paper presented at the Risk Management Conference, Venice, June 2009;
          ▪ Paper presented at the European Financial Management Association Conference, Milan, July 2009;
          ▪ Paper presented at the 'Credit Scoring and Control Conference X1' Edinburgh, August 2009;
          ▪ Paper presented at the Financial Management Association Conference, Reno Nevada (October)

10.   "Failure Prediction for Non-Listed Companies", Seminar, University of Innsbruck, February 2009.

9.    "Key note Speeches on Private Equity and Company Risk", ‘Die Welt’ Conference on Private Equity, Frankfurt, January 2009.

8.    "Origins of the Financial Crisis", University of Economics, Bratislava, November 2009.

7.    "Corporate Insolvency Risk Models", CCR- i Conference, London October 2009.

6.    "Director Characteristics and the Risks of New Companies", CCR- i Conference, London October 2010.

5.    "A Longitudinal Analysis of Business Performance, Financial Health and Growth Potential of SMEs in Wales", (with Evans, P. and Altanlar, A.), Paper presented to Regional Studies Association Annual International Conference, "Regional Responses and Global Shifts: Actors, Institutions and Organisations" May 2010, Pécs, Southern Hungary.

4.    "Corporate Insolvency Risk in the UK: Micro and Macro Models", Presentation to Bank of England Financial Stability and Risk Division, April 2010.

3.    "Gender Specific Attitudes to Risk: Evidence from Corporate Insolvency", Presentation to the Women-in-Insurance Network, Surrey, January 2010.

2.    "Ownership, Governance and Insolvency Risk", CCR- i Conference, London, October 2010.

1.    "Private Equity Portfolio Performance During the Global Recession", JCF Special Issue Conference on the Financial and Real Effects of Alternative Investments, New York, May 2011.

Appointments and Impact Evidence

  ▪ 2008–2009 Member of Government Expert Working Group on the Sharing of Consumer Credit Information

  ▪ 2010 Panel Member Independent Commission on Banking Public Forum, Leeds

  ▪ 2012 Appointed to the “expert economists’ sub-panel of the ‘Breedon Task Force’ which was commissioned by the government to “examine structural and behavioural barriers to the development of  alternative debt markets in the UK” in advance of the 2012 Budget

  ▪ 2015 Report on the Equity Gap and Knowledge Intensive Firms” presented to the HM Treasury and European Commission in support of the Enterprise Investment Scheme and Venture Capital Trusts request for state aid approval.

Example Press Coverage

Research on Buy-Outs and Private Equity

  ▪ Fortune; "Debunking Private Equity's Debt 'Problem'", 27/11/2012

  ▪ Financial Times (Lex); "PE and Insolvency",  03/05/2010

  ▪ Yorkshire Post; "Buyout Failures and Private Equity", 08/04/2010

  ▪ Financial Times; "Private Equity and Insolvency", 08/04/2010

  ▪ BVCA Responds to Report, 08/04/2010

  ▪ Economist; "Private Equity Risk", 09/07/2009 

  ▪ Reported in New York Times; "No Better, or Worse", 07/07/2009

  ▪ Reported in Financial Times; "Private Equity Deals are Not Riskier", 05/07/2009

  ▪ Reported in Die Welt; 21/01/2009

 Research on Governance and Gender

  ▪ Sunday Times; "Women in Emerging Economies", 14/03/2010

  ▪ Daily Mail; "Women Bosses", 07/12/2009

  ▪ Financial Times; "Top 50 Business Women", 25/09/2009

  ▪ The Guardian; "Women Directors", 15/09/2009

  ▪ Reported in The Times; "Women in the Boardroom Help Companies Succeed", 19/03/2009

  ▪ The Times; "Women in the Boardroom and Insolvency Risk", 19/03/2009

     Feature Article in "Edge - Institute of Leadership and Management" Magazine

  ▪ 'Balancing the Board' Pages 36-41, July 2009.

     Feature Article in 'Professional Manager' - The Chartered Institute of Management Magazine, October, 2009.

     Keynote speech in Thessaloniki, March 2011

     Research Cited in the ‘Davies Report’ 2011

Research on Trade Credit and Payment Behaviour

  ▪ Financial Times; "Late Payment and Small Business", 03/09/2009

  ▪ Yorkshire Post; "Britain’s Under-Siege Economy" , 18/08/2009

  ▪ Financial Times; Rise in Legal Action on Unpaid Bills, 02/12/08

  ▪ Financial Times; "Payment League", 22/11/08

  ▪ The Observer; "If Recession Doesn’t Get you, Bombed-out Banks and Overdue Invoices Will", 26/10/2008 

  ▪ The Economist; "Accounts not Receivable", 04/09/2008

Research on Insolvency Risk and Forecasting

  ▪ Financial Times; CNBC; "Small Business Failures: How to Learn From Them", 25/11/2012

  ▪ Reported in the Daily Telegraph; "Business Failures Surge", 05/02/2009

  ▪ Reported in the Yorkshire Post; "The Science of Business: Rise in Debt Cases is a Distress Signal", 27/01/2009

  ▪ Reported in the Financial Times; "Rise in Legal Action on Unpaid Bills", 02/12/2008

  ▪ Reported in Yorkshire Post; "Insolvencies ‘to rise 20pc’ as Number of Court Cases Over Unpaid Bills Soars", 16/06/2008

 Daily Telegraph; "Small Companies Face Cash Squeeze", 28/03/2008

  ▪ Financial Times; "Forecast of Rise in Company Insolvency Cases", 02/01/2008

  ▪ Reported in the Guardian; "Job Losses", 19th January 20;


 46. "The Determinants of Trade Credit Demand: Survey Evidence and Empirical Analysis" (with Paul, S.), Journal of Accounting, Business and Management, Vol.14, pp.96-116, 2007

 45. "Trade Credit Supply: An Empirical Investigation of Company Level Data", (with Paul, S.), Journal of Accounting, Business and Management, Vol.13, 2006

 44. "Value Gains on Flotation and IPO Underpricing", (with Hill, P.), Journal of Business Finance and Accounting , Vol.33, Issue 9-10, pp.1435-1459, 2006

 43. "Participation and Productivity: A Stochastic Frontier Approach", (with Robinson, A.), Economic and Industrial Democracy, Vol.27, No.4, pp.609-636, 2006

 42. "The Separation of Ownership from Control and the Modelling of Directors Pay Decisions in UK SMEs: an empirical analysis", (with Watson, R.), Small Business Economics, Vol.24, pp.465-476, 2005

 41. "Disequilibrium in the UK Corporate Loan Market", (with Atanasova, C.V.), Journal of Banking and Finance, Vol.28, Issue 3, pp.595-614, 2004

 40. "Borrowing Constraints and the Demand for Trade Credit: Evidence from Panel Data", (with Atanasova, C.V.), Managerial and Decision Economics, Vol.24, Issue 6-7, 2003

 39. "An Examination of the Factors Associated with Bank Switching in the UK Small Firm Sector", (with Howorth, C. and Peel, M. J.), Small Business Economics, Vol.20, No.4, pp.305-317, 2003

 38. "Trade Credit and Customer Relationships", (with Summers, B.), Managerial and Decision Economics, Vol.24, Issue 6-7, 2003

 37. "Small Firm Finance: An Empirical Investigation of the Pecking Order Hypothesis", (with Watson, R.), Journal of Business Finance and Accounting, Vol.29, 2002

 36. "Trade Credit Terms Offered by Small Firms: An Empirical Investigation" (with Summers, B.), Journal of Business Finance and Accounting, Vol.29, No.4, 2002

 35. "An Empirical Investigation of Trade Credit Demand", (with Summers, B.), International Journal of the Economics of Business, Vol.9, No.2, pp.257-270, 2002

 34. "Trade Credit Management and the Decision to Use Factoring", (with Summers, B.), 
Journal of Business Finance and Accounting, Vol.27, No.1, 2000

33. "Late Payment and Credit Management in the Small Firm Sector: Some Empirical Evidence", (with Peel, M. J. and Howorth, C.), International Journal of Small Business, Vol.18, No.2, 2000

 32. "Predicting Corporate Failure and Payment Behaviour" (with Summers, B. and Hope, R. S.), International Journal of the Economics of Business, Vol.7, No.3, pp.333-346, 2000

 31. "Late Payment and the Small Firm: An Examination of Case Studies", (with Howorth, C.), 
Journal of Small Business and Enterprise Development, Vol.5, No.4, 1999

 30. "Trade Credit: A Strategic Tool?", The Journal of Risk Finance, Vol.7, No.3, 1999

 29. "Using Neural Networks for Credit Risk Management", (with Summers, B.), 
Journal of Credit Management, Issue 1, pp.4-10, 1998

 28. "The Longer Term Effects of Management-Led Buy-Outs" (with Wright, M. and Robbie, K.), Journal of Entrepreneurial and Small Business Finance, , Vol.5, No:1, pp213-223, 1998

 27. "Small Business Start-ups: Success Factors and Support Implications" (with Watson, K. and Hogarth-Scott, S.), International Journal of Entrepreneurial Behaviour and Research, Vol.4, No.3, pp217-238, 1998

 26. "The Perception and Effects of ‘Ownership’ in Employee Buy-Outs: Some Empirical Evidence" (with Pendleton, A. and Wright, M.), British Journal of Industrial Relations, Vol.36, No.1, p99-123, 1998

 25. "Profit-Sharing in OECD Countries: A Review and Some Evidence" (with Estrin, S., Perotin, V. and Robinson, A.), 
Business Strategy Review, Vol.8, Issue 4, pp.27-32, 1997

 24. "Working Capital and Capital Budgeting Practices in the Small Firm Sector" (with Peel, M. J.), International Small Business Journal, Vol.14, No.2, Issue 54, pp.52-68, 1996

  23. "Employee Participation and Corporate Governance in Employee-Owned Firms", (with Pendleton, A. et al), Work, Employment and Society , Vol.10, No.2, pp.205-226, 1996

 22. "Do Small Businesses Have to Practice Marketing to Survive and Grow?", (with Hogarth-Scott, S. and Watson, K.), Marketing Intelligence and Planning, Vol.14, No.1, pp.5-17, 1996

 21. "An Analysis of Management Buy-out Failures" (with Wright, M., Robbie, K. and Ennew, C.), Managerial and Decision Economics, Vol.17, pp.57-70, 1996

 20. "Neural Network Simulation and the Prediction of Corporate Outcomes: Some Empirical Findings", (with Chong, K. S. and Peel, M. J.), International Journal of the Economics of Business, Vol.2, No.1, pp.31-50, 1995

 19. "The Impact of ESOPs on Employee Participation and Industrial Democracy", (with Pendleton, A., Robinson, A. and McDonald, J.), Human Resource Management Journal, Vol.5, No.4, pp.44-46, 1995

 18. "Does Employee Ownership Weaken Trade Unions? Recent Evidence from the UK Bus Industry", (with Pendleton, A., Robinson, A. and McDonald, J.), Economic and Industrial Democracy, Vol.16, pp.577-605, 1995

 17. "Forecasting International Tourism Flows Using Quarterly Data", (With Witt, C. and Witt, S.), Annals of Tourism Research, Vol.21, No.3, 1994

 16. "Restructuring and Failure in Buy-outs and Buy-ins", (with Wright, M. and Robbie, K.), Business Strategy Review, Issue 2, Vol.5, pp.21-40, 1994

 15. "Advertising, Barriers to Entry and Competition Policy", (with Pass, C. and Sturgess, B.), Journal of Product and Brand Management, Vol.3, No.3, 1994

 14. "Emerging Forms of Organisation and Ownership in Europe", (with Mirza, H.), International Business Review, Vol.2, No.3, pp.221-222, 1993

 13. "Comparative Performance of Cooperative and Private Companies: An Empirical Investigation", (with Robinson, A.), International Business Review, Vol.2, No.3, pp.281-296, 1993

 12. "The Impact on Absenteeism and Quits of Profit-Sharing and Other Forms of Employee Participation", (with Peel, M. J.), 
Industrial and Labor Relations Review, Vol.44, No.3, (18 pages), 1991

 11. "Unionisation, Wages and Productivity: Some UK Evidence", (with Cable, J. R.), Applied Economics, Vol.23, pp.219-227, 1991

 10. "The Impact of Profit-Sharing, Voice and Participation on Labour Absenteeism" (with  Peel, M. J.), International Journal of Manpower, Vol.11, No.7, pp.17-25, 1990

  9. "Profit-Sharing and Productivity: Some Further Evidence", (with Cable, J. R.), Economic Journal, vol.100, No.399, pp.550-63, 1990

  8. "Quit Rates, the Impact of Participation Profit-Sharing and Unionisation: Empirical Evidence from UK Engineering Firms" (with Cable, J. R. and Peel, M. J.), British Journal of Industrial Relations, vol.28, No.2, pp.197-213, 1990

  7. "Profit-Sharing and Productivity: An Analysis of UK Engineering Firms", (with Cable, J. R.), 
       Economic Journal, vol.99, No.396, pp.366-76, 1989

  6. "Some Evidence on Discriminating between Failing and Distressed Acquired Firms in the UK Corporate Sector", (With Peel, M. J.), Managerial and Decision Economics, Vol.10, No.3, pp.209-221, 1989

  5. "Modelling the Effects of Advertising: Some Methodological Issues" (with Hooley, G. J.), 
Journal of the Market Research Society, Vol.30, No.1, pp.45-58, 1988

  4. "Modelling the Effects of Advertising: Further Methodological Issues", (with Hooley, G.J.) 
Journal of the Market Research Society, Vol.30, No.2, 1988

  3. "Advertising Expenditure and Aggregate Consumption in Britain and West Germany: An Analysis of Causality", Managerial and Decision Economics, Vol.5, No.4, pp.290-306, 1984

  2. "Forecasting Advertising Expenditure", (with Sturgess, B. T.), International Journal of Advertising, Vol.2, pp.301-316, 1983

  1. "Worker Cooperatives and the Promotion of Cooperative Development in Britain", (with Coyne, J.), 
Industrial Relations Journal,  pp.30-45, March 1981

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