Chair in Financial Risk Management
Accounting and Finance Division

+44 (0) 113 34 31677
Academic, Accounting and Finance


PhD, Brunel University
MA in Public and Industrial Economics, University of Newcastle Upon Tyne
BA Economics, Newcastle Upon Tyne Polytechnic


Current research interests:

  • Financial Derivatives
  • Behavioural finance
  • Corporate financial decisions
  • Visiting professor at Chulalongkorn University, Thailand, 2007 - 2014.

Student Feedback

  • 'Excellent teaching staff in both lectures and classes!'
  • 'Good professor'
  • 'Excellent module, teachers were of high quality'
  • 'The course lecturer and class tutor are exceptionally good'

Refereed Publications

34. "Do Culture, Sentiment and Cognitive Dissonance Explain the “above Suspicion” Anomalies?", co-authored with Jiaqi Guo and Ali Altanlar. Forthcoming in European Financial Management.

33. “Polytomous Response Financial Distress Models: The Role of Accounting, Market and Macroeconomic Variables” (with M. Hernandez Tinoco and N. Wilson), International Review of Financial Analysis forthcoming.

32. “Market states, expectations, sentiment and momentum: How naive are investors?”, (with E. C. Galariotis, V. Kallinterakis and X. S. Ma) , International Review of Financial Analysis, 32, pp. 1-12, 2014.

31. "Herding in a Concentrated Market: A Question of Intent", (with Kallinterakis, V. and M. P. Leite Ferreira, M. P.), European Financial Management, 19(3), pp.497-520, 2013.

30. "The Relevance of Information and Trading Costs in Explaining Momentum Profits: Evidence from Optioned and Non-Optioned Stocks", (with Badreddine, S. and Galariotis, E. C.), Journal of International Financial Markets, Institutions & Money, 22, pp.589–608, 2012.

29. "An Analysis of New Firm Survival Using a Hazard Function", (with Hunt, A. and Stone, I.), Applied Economics, 42, pp.185-195, 2010.

28. "Limited Information and the Sustainability of Unlisted Target Acquirers’ Returns", (with Ekkayokkaya, M. and Paudyal, K.), Journal of Business Finance and Accounting, 36, pp.1201–1227, 2009.

27. "The Euro and the Changing Face of European Banking:  Evidence from Mergers and Acquisitions", (with Ekkayokkaya, M. and Paudyal, K.), European Financial Management, 15, pp.451-476, 2009.

26. "The Impact of Universal Stock Futures on Feedback Trading and Volatility Dynamics", (with Chau, F. and Paudyal, K.), Journal of Business Finance and Accounting, 35, pp.227-249, 2008.

25. "Contrarian and Momentum Profitability Revisited: Evidence from the London Stock Exchange 1964 – 2005", (with Galariotis, E. and Ma, X.), Journal of Multinational Financial Management, 17, pp.432-447, 2007.

24. "Trading Volume and Contract Rollover in Stock Index Futures", (with Rougier, J.), Journal of Empirical Finance, 12, pp.317-338, 2005.

23. "The Hedging Effectiveness of UK Stock Index Futures Contracts using an Extended Mean Gini Approach: Evidence for the FTSE 100 and FTSE-Mid 250 Contracts", (with Butterworth, D.), Multinational Finance Journal, 9, pp.131-160, 2005.

22. "Information and Noise in UK Futures Markets", (with Tomsett, M.), Journal of Futures Markets, 24, pp.711-731, 2004.

21. "Inter-Market Spread Trading: Evidence from UK Index Futures Markets", (with Butterworth, D.), Applied Financial Economics, 12, pp.783-790, 2002.

20. "The Hedging Effectiveness of Stock Index Futures: Evidence for the FTSE-100 and FTSE-Mid 250 Indexes Traded in the UK", (with Butterworth, D.), Applied Financial Economics, 11, pp.57-68, 2001.

19. "Foreign Investment, Regulation and Price Volatility in South-east Asian Stock Markets", (with Wong, M. W.), Emerging Markets Review, 2, pp.371-386, 2001.

18. "Ex ante Hedging Effectiveness of UK Stock Index Futures Contracts: Evidence for the FTSE 100 and FTSE-Mid 250 Contracts", (with Butterworth, D.), European Financial Management, 6, pp.441-457, 2000.

17. "Mispricing in Stock Index Futures Contracts: Evidence for the FTSE 100 and FTSE-Mid 250 Contracts", (with Butterworth, D.), Applied Economics Letters , 12, pp.795-801, 2000.

16. "The Effects of Stock Index Futures on Stock Index Volatility: An Analysis of the Asymmetric Response of Volatility to News", (with Antoniou, A. and Priestley, R.), Journal of Futures Markets, 18, pp.151-166, 1998.

15. "The Impact of Regulatory Change and Market Shocks on the Weak-form Efficiency of the Kuwait Stock Exchange", (with Abdelrahim, S.), Ekonomia, 2, pp.117-134, 1998 (invited paper for special issue on emerging capital markets).

14. "Market Efficiency, Thin Trading and Non-linear Behaviour: Evidence from an Emerging Market", (with Antoniou, A. and Ergul, N.), European Financial Management, 3, pp.175-190, 1997.

13. "Technical Analysis, Trading Volume and Market Efficiency: Evidence from an Emerging Market", (with Antoniou, A., Ergul, N. and Priestley,R.), Applied Financial Economics, 7, pp.361-365, 1997.

12. "Stock Index Futures Hedging: Hedge Ratio Estimation, Duration Effects, Expiration Effects and Hedge Ratio Stability", Journal of Business Finance and Accounting, 23, pp.63-77, 1996.

11. "Spot Price Volatility, Information and Futures Trading: Evidence from a Thinly Traded Market", Applied Economics Letters, 3, pp.63-66, 1996.

10. "Futures Market Efficiency, the Unbiasedness Hypothesis and Variance-Bounds Tests: The Case of the FTSE-100 Futures Contract", (with Antoniou, A.), Bulletin of Economic Research, 48, pp.115-128, 1996.

9. "Futures Trading, Information and Spot Price Volatility: Evidence for the FTSE-100 Stock Index Futures Contract using GARCH", (with Antoniou, A.), Journal of Banking and Finance, 19, pp.117-129, 1995.

8. "Ex ante Hedge Ratios and the Hedging Effectiveness of the FTSE-100 Stock Index Futures Contract", Applied Economics Letters, 2, pp.56-59, 1995.

7. "Hedging Short-Term Interest Rate Risk with Futures: A More Accurate Approach - A Commentary", Review of Futures Markets, 13, pp.593-598, 1994.

6.  "Systematic Risk and Returns to Stock Index Futures Contracts: International Evidence", (with Antoniou, A.), Journal of Futures Markets, 14, pp.773-787, 1994.

5.  "An Econometric Analysis of the Growth in the Numbers Claiming Invalidity Benefit", (with Lynch, M. and Molho, I.) Journal of Social Policy , 20, pp.87-105, 1991.

4.  "Financial Institutions and the Estate Agents Industry in the 1980s", (with Dietrich, M.), Service Industries Journal, 11, pp.481-490, 1991.

3.  "An Analysis of Invalidity Benefit Claim Durations for New Male Claimants in 1977/78 and 1982/83", (with Lynch, M.), Journal of Health Economics, 9, pp.71-83, 1990.

2. "The Market Structure of the Estate Agent's Industry in the 1980s: An Empirical Investigation", (with Dietrich, M.), Applied Economics, 22, pp.629-638, 1990.

1. "The Provision, Role and Economic Impact of State Sickness Insurance: A Review", British Review of Economic Issues, 12, pp.17-39, 1990.

Editorships/ Editor’s Publications

4. Founding editor (with Paudyal, K.) of Review of Behavioral Finance (2009 – 2015).

3. (with Paudyal, K.), "Editorial", Review of Behavioral Finance, 1, 2009, 1-2. (Managing Editors’ introduction to first issue).

2. (with Paudyal, K.) "Introduction", European Financial Management, 14, 2008, 11-11. (Guest Editors’ introduction to special issue on Behavioral Finance).

1. Member of the Editorial Advisory Board of the International Journal of Managerial Finance (2005 - 09).

Member of Program Committee:

5. EFMA Conference, Rome, Italy, June 2014.

4. MFS Symposium, Cyprus, 2014.

3. EFMA Conference, Reading, UK, June 2013.

2. IASTED International Conference on Financial Engineering and Applications, MIT, October 2006.

1. Co-organiser of "EFMA Behavioral Finance Symposium", Durham, April 2006.

Published Books and Chapters in Books

6.  Investment Appraisal, 1998, 160, International Thomson Publishing, London (reprinted 1999).

5. "The Provision of Finance: Is the North Disadvantaged?". In The Northern Region Economy: Progress and Prospects in the North of England, (ed. by Lynne Evans, Peter Johnson and Barry Thomas), 1995, 151-170, Mansell Publishing Limited, London.

4. Financial Markets: An Introduction, 1995, 162, (with Dixon, R.), Chapman and Hall, London.       (Revised version reprinted in paperback of:).

3.  Financial Markets: The Guide for Business, 1992, 162, (with Dixon, R.), Chapman and Hall, London.

2.  "An Analysis of the Growth in Invalidity Benefit Claims", 16-19, (with Lynch, M. and Molho, I.), Department of Social Security Research Yearbook, HMSO, 1991.

1. "Housing", In Markets, Intervention and Planning, (ed. by Roper, B. A. and Snowdon, B.), 1987, 213-233, Longman Group Ltd., London.

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