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Investor sentiment and local bias in extreme circumstances: the case of the Blitz (2015)
Journal Article
Urquhart, A., & Hudson, R. (2016). Investor sentiment and local bias in extreme circumstances: the case of the Blitz. Research in international business and finance, 36(January), 340-350. https://doi.org/10.1016/j.ribaf.2015.09.010

© 2015 Elsevier B.V. This paper treats the Blitz, the bombing of Britain during World War Two, as a natural experiment which can provide insights into the effects of investor sentiment on stock returns. The period of the Blitz is very interesting in... Read More

Personalisation of power, neoliberalism and the production of corruption (2015)
Journal Article
Khair, A. H. A., Haniffa, R., Hudaib, M., & Karim, M. N. A. (2015). Personalisation of power, neoliberalism and the production of corruption. Accounting Forum, 39(3), 225-235. https://doi.org/10.1016/j.accfor.2015.06.001

© 2015. This paper utilises a political lens in considering the cause for the production of corruption and the role of political leadership. Specifically, the notion of personalisation of power as advocated by Slater (2003) is adopted to portray how... Read More

The benefits of combining seasonal anomalies and technical trading rules (2015)
Journal Article
Gebka, B., Hudson, R. S., & Atanasova, C. V. (2015). The benefits of combining seasonal anomalies and technical trading rules. Finance research letters, 14, 36-44. https://doi.org/10.1016/j.frl.2015.06.001

Although many seasonal anomalies and technical trading rules have been shown to have predictive ability, investigations have focused only on them operating individually. We study the benefits of trading based on combinations of three of the best know... Read More

Disentangling the European airlines efficiency puzzle: a network data envelopment analysis approach (2015)
Journal Article
Duygun, M., Prior, D., Shaban, M., & Tortosa-Ausina, E. (2016). Disentangling the European airlines efficiency puzzle: a network data envelopment analysis approach. Omega, 60, 2-14. https://doi.org/10.1016/j.omega.2015.06.004

© 2015 Elsevier Ltd. In recent years the European airline industry has undergone critical restructuring. It has evolved from a highly regulated market predominantly operated by national airlines to a dynamic, liberalized industry where airline firms... Read More

The effect of internal audit function quality and internal audit contribution to external audit on audit fees (2015)
Journal Article
Mat Zain, M., Zaman, M., & Mohamed, Z. (2015). The effect of internal audit function quality and internal audit contribution to external audit on audit fees. International Journal of Auditing, 19(3), 134-147. https://doi.org/10.1111/ijau.12043

Corporate governance mandates and listing rules identify internal audit functions (IAF) as a central internal control mechanism. External auditors are expected to assess the quality of IAF before placing reliance on its work. We provide evidence on t... Read More

How a regulatory capital requirement affects banks' productivity: an application to emerging economies (2015)
Journal Article
Duygun, M., Shaban, M., Sickles, R. C., & Weyman-Jones, T. (2015). How a regulatory capital requirement affects banks' productivity: an application to emerging economies. Journal of productivity analysis, 44(3), 237-248. https://doi.org/10.1007/s11123-015-0451-1

© 2015, Springer Science+Business Media New York. This paper presents a novel approach to measure efficiency and productivity decomposition in the banking systems of emerging economies with a special focus on the role of equity capital. We model the... Read More

Towards a general theory of tax practice (2015)
Journal Article
Kirchler, E., & Frecknall-Hughes, J. (2015). Towards a general theory of tax practice. Social & legal studies, 24(2), 289-312. https://doi.org/10.1177/0964663915571787

This article works towards developing a general theory of tax practice by identifying the type of individuals who provide tax services and examining the nature of the fragmented market in which they operate. The empirical studies in the tax practitio... Read More

Measuring competition using the Boone relative profit difference indicator (2015)
Journal Article
Duygun, M., Shaban, M., & Weyman-Jones, T. (2015). Measuring competition using the Boone relative profit difference indicator. Economics letters, 132, 117-120. https://doi.org/10.1016/j.econlet.2015.04.022

This paper suggests a method for implementing the theoretical relative profit difference test for intensity of competition due to Boone (2008). An empirical illustration is given for banking systems in emerging economies.

Is investor sentiment contagious? International sentiment and UK equity returns (2015)
Journal Article
Hudson, Y., & Green, C. J. (2015). Is investor sentiment contagious? International sentiment and UK equity returns. Journal of behavioral and experimental finance, 5, 46-59. https://doi.org/10.1016/j.jbef.2015.02.004

This paper contributes to a growing body of literature studying investor sentiment. Separate sentiment measures for UK investors and UK institutional investors are constructed from commonly cited sentiment indicators using the first principle compone... Read More

A cross-country analysis of herd behavior in Europe (2014)
Journal Article
Mobarek, A., Mollah, S., & Keasey, K. (2014). A cross-country analysis of herd behavior in Europe. Journal of International Financial Markets, Institutions and Money, 32, 107-127. https://doi.org/10.1016/j.intfin.2014.05.008

This paper examines country specific herding behavior in European liquid constituent indices for the period of 2001-2012. While we report insignificant results for the whole period, we document significant herding behavior during crises and asymmetri... Read More

Dynamic interaction between markets for leasing and selling automobiles (2014)
Journal Article
Andrikopoulos, A., & Markellos, R. N. (2015). Dynamic interaction between markets for leasing and selling automobiles. Journal of Banking and Finance, 50, 260-270. https://doi.org/10.1016/j.jbankfin.2014.01.032

We develop a model of dynamic interactions between price variations in leasing and selling markets for automobiles. Our framework assumes a differential game between multiple Bertrand-type competing firms which offer differentiated products to forwar... Read More

Estimating liquidity risk using the exposure-based cash-flow-at-risk approach: an application to the UK banking sector (2014)
Journal Article
Yan, M., Hall, M. J., & Turner, P. (2014). Estimating liquidity risk using the exposure-based cash-flow-at-risk approach: an application to the UK banking sector. International journal of finance & economics : IJFE, 19(3), 225-238. https://doi.org/10.1002/ijfe.1495

This paper uses a relatively new quantitative model for estimating UK banks' liquidity risk. The model is called the exposure-based cash-flow-at-risk (CFaR) model, which not only measures a bank's liquidity risk tolerance but also helps to improve li... Read More

The implications of trader cognitive abilities on stock market properties (2013)
Journal Article
Manahov, V., Soufian, M., & Hudson, R. (2014). The implications of trader cognitive abilities on stock market properties. Intelligent Systems in Accounting, Finance and Management, 21(1), 1-18. https://doi.org/10.1002/isaf.1348

Market structure and individual rationality remain at the centre of a debate as to which is the main driving force in market performance. We examine the role of individual rationality, comparing zero‐intelligence traders with traders with different l... Read More

Do dividends signal future earnings in the Nordic stock markets? (2013)
Journal Article
Liljeblom, E., Mollah, S., & Rotter, P. (2015). Do dividends signal future earnings in the Nordic stock markets?. Review of Quantitative Finance and Accounting, 44(3), 493-511. https://doi.org/10.1007/s11156-013-0415-3

We study the informational content of dividends on three Nordic civil law markets, where other simultaneous but blurring motives for dividends may be weaker. Using aggregate data on real earnings per share and payout ratios, long time series from 196... Read More

Corporate dividend policy in Thailand: theory and evidence (2013)
Journal Article
Fairchild, R., Guney, Y., & Thanatawee, Y. (2014). Corporate dividend policy in Thailand: theory and evidence. International review of financial analysis, 31, (129-151). doi:10.1016/j.irfa.2013.10.006. ISSN 1057-5219

This paper examines dividend changes in an emerging market: Thailand. We begin by considering the possible effects of the Thai corporate environment on dividend policy. We develop a theoretical model that considers the relationship between the streng... Read More

Ethics in tax practice: A study of the effect of practitioner firm size (2013)
Journal Article
Doyle, E., Frecknall-Hughes, J., & Summers, B. (2014). Ethics in tax practice: A study of the effect of practitioner firm size. Journal of business ethics, 122(4), 623-641. https://doi.org/10.1007/s10551-013-1780-5

While much of the empirical accounting literature suggests that, if differences do exist, Big Four employees are more ethical than non-Big Four employees, this trend has not been evident in the recent media coverage of Big Four tax practitioners acti... Read More

Heterogeneous effect of ethnic networks on international trade of Thailand: The role of family ties and ethnic diversity (2013)
Journal Article
Duanmu, J., & Guney, Y. (2013). Heterogeneous effect of ethnic networks on international trade of Thailand: The role of family ties and ethnic diversity. International Business Review, 22(1), 126-139. https://doi.org/10.1016/j.ibusrev.2012.02.009

Ethnic networks have been found to have a pro-trade effect in previous research. However, the heterogeneous effect of different ethnicities is under-studied. Drawing on the literature on social structure, this paper attempts to untangle the heterogen... Read More

Informed trading and market structure (2013)
Journal Article
Cai, C. X., Harris, J. H., Hudson, R. S., & Keasey, K. (2015). Informed trading and market structure. European Financial Management, 21(1), 148-177. https://doi.org/10.1111/eufm.12003

We examine London Stock Exchange trading around information releases and link market quality dimensions with market structure during periods with heightened interaction between informed and uninformed traders. We find support for both the hypothesis... Read More

Financial flexibility, corporate investment and performance: evidence from financial crises (2013)
Journal Article
Arslan-Ayaydin, Ö., Florackis, C., & Ozkan, A. (2014). Financial flexibility, corporate investment and performance: evidence from financial crises. Review of Quantitative Finance and Accounting, 42(2), 211-250. https://doi.org/10.1007/s11156-012-0340-x

This study examines the impact of financial flexibility on the investment and performance of East Asian firms over the period 1994-2009. We employ a sample of 1,068 firms and place particular emphasis on the periods of the Asian crisis (1997-1998) an... Read More