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Outputs (51)

Managerial overconfidence and corporate cash holdings: Evidence from primary and secondary data (2023)
Journal Article
Dao, T. T. N., Guney, Y., & Hudson, R. (2023). Managerial overconfidence and corporate cash holdings: Evidence from primary and secondary data. Research in international business and finance, 65, Article 101943. https://doi.org/10.1016/j.ribaf.2023.101943

The corporate finance literature argues that overconfident managers tend to hold less cash, and this leads to a significant deviation from optimal cash levels. We analyse the impact of executive overconfidence on the corporate cash holdings of listed... Read More about Managerial overconfidence and corporate cash holdings: Evidence from primary and secondary data.

Modelling credit and investment decisions based on AI algorithmic behavioral pathways (2023)
Journal Article
Rodgers, W., Hudson, R., & Economou, F. (2023). Modelling credit and investment decisions based on AI algorithmic behavioral pathways. Technological Forecasting and Social Change, 191, Article 122471. https://doi.org/10.1016/j.techfore.2023.122471

This paper provides a new approach to understanding bankers' risk-taking behavior. We build upon prior studies that suggest artificial intelligence algorithms are an effective approach to obtaining this understanding. Our approach uses behavioral fin... Read More about Modelling credit and investment decisions based on AI algorithmic behavioral pathways.

Engaged ETFs and firm performance (2023)
Journal Article
El Kalak, I., Hudson, R., & Kemal Tosun, O. (2023). Engaged ETFs and firm performance. European Financial Management, https://doi.org/10.1111/eufm.12459

Exchange Traded Funds (ETFs) have often tracked indices and charged low fees so their incentives to improve firm performance are questionable although little empirical work has investigated this issue. Theoretically, however, we expect firms to perfo... Read More about Engaged ETFs and firm performance.

Better ways to test for herding (2022)
Journal Article
Wang, J., & Hudson, R. (2022). Better ways to test for herding. International journal of finance & economics : IJFE, https://doi.org/10.1002/ijfe.2707

In this article, we outline problems with the standard test for herding developed by Chang, Cheng and Kohrana (2000), subsequently called the CCK test, which is based on the proposition that the cross-sectional absolute deviation of stock returns (CS... Read More about Better ways to test for herding.

How female directors help firms to attain optimal cash holdings (2022)
Journal Article
El Kalak, I., Tosun, O., & Hudson, R. (in press). How female directors help firms to attain optimal cash holdings. International review of financial analysis, Article 102034. https://doi.org/10.1016/j.irfa.2022.102034

Is female board representation helpful for firms attaining optimal cash holdings? We address this question using data on 1,163 US-listed firms for 2000-2017. We show that if there are more female directors on firm boards, ceteris paribus, there is no... Read More about How female directors help firms to attain optimal cash holdings.

Economic policy uncertainty and cross-border mergers and acquisitions (2021)
Journal Article
Gregoriou, A., Nguyen, B. D., Nguyen, T. D., Le, H., & Hudson, R. (2021). Economic policy uncertainty and cross-border mergers and acquisitions. International review of financial analysis, 78, Article 101911. https://doi.org/10.1016/j.irfa.2021.101911

We examine the impact of policy uncertainty on cross-border mergers and acquisitions (M&As). Using a sample of 23 countries worldwide over the period from 2003 to 2016, we provide evidence that when a country has high policy uncertainty, the volume o... Read More about Economic policy uncertainty and cross-border mergers and acquisitions.

Naval Disasters, World War Two and the British Stock Market (2021)
Journal Article
Hudson, R., & Urquhart, A. (2022). Naval Disasters, World War Two and the British Stock Market. Research in international business and finance, 59, Article 101556. https://doi.org/10.1016/j.ribaf.2021.101556

This paper studies investor sentiment by examining the impact on the British stock market of naval disasters. Since the British Empire was a world power and its navy was held in great regard, Britain was dependent on control of the sea for survival d... Read More about Naval Disasters, World War Two and the British Stock Market.

Nonlinearity everywhere: implications for empirical finance, technical analysis and value at risk (2021)
Journal Article
Amini, S., Hudson, R., Urquhart, A., & Wang, J. (in press). Nonlinearity everywhere: implications for empirical finance, technical analysis and value at risk. The European journal of finance, https://doi.org/10.1080/1351847X.2021.1900888

We show that expected returns on US stocks and all major global stock market indices have a particular form of non-linear dependence on previous returns. The expected sign of returns tends to reverse after large price movements and trends tend to con... Read More about Nonlinearity everywhere: implications for empirical finance, technical analysis and value at risk.

The implications of liquidity ratios: Evidence from Pakistan stock exchange limited (2020)
Journal Article
Ahmed, R., ullah, S., Hudson, R., & Gregoriou, A. (in press). The implications of liquidity ratios: Evidence from Pakistan stock exchange limited. Quarterly Review of Economics and Finance, https://doi.org/10.1016/j.qref.2020.12.006

In this paper we test two recently developed liquidity measures the Return-to-Turnover (hereafter RtoTR) proposed by Florackis et al. (2011) and Return-to-Volume (hereafter RtoV) recommended by Amihud, 2002, for 386 companies listed on the Pakistani... Read More about The implications of liquidity ratios: Evidence from Pakistan stock exchange limited.

Political uncertainty and sentiment: Evidence from the impact of Brexit on financial markets (2020)
Journal Article
Hudson, R., Urquhart, A., & Zhang, H. (2020). Political uncertainty and sentiment: Evidence from the impact of Brexit on financial markets. European Economic Review, 129, Article 103523. https://doi.org/10.1016/j.euroecorev.2020.103523

This paper investigates whether the impact of Brexit on financial markets is consistent with rational asset pricing models using 34 financial indices. Our results indicate that, whilst Brexit events affect both the risk and returns of stocks, the ret... Read More about Political uncertainty and sentiment: Evidence from the impact of Brexit on financial markets.

Market frictions and the geographical location of global stock exchanges. Evidence from the S&P Global Index (2020)
Journal Article
Hudson, R., & Gregoriou, A. (in press). Market frictions and the geographical location of global stock exchanges. Evidence from the S&P Global Index. Journal of Economic Studies, https://doi.org/10.1108/JES-03-2020-0091

We examine the impact of trading costs on investor average holding periods for the S&P global 1200 index. We report overwhelming evidence that global equity indices cannot be pooled. When we differentiate between stock indices based on their geograph... Read More about Market frictions and the geographical location of global stock exchanges. Evidence from the S&P Global Index.

An empirical study of the cross market efficiency of the index options market: A case study from the Italian derivatives market (2020)
Journal Article
El Kalak, I., & Hudson, R. (2020). An empirical study of the cross market efficiency of the index options market: A case study from the Italian derivatives market. Review of accounting & finance, https://doi.org/10.1108/RAF-11-2016-0184

© 2020, Emerald Publishing Limited. Purpose: This study aims to examine the cross-market efficiency of the FTSE/MIB index options contracts traded on the Italian derivatives market (IDEM) during a period including the financial crisis between 1st Oct... Read More about An empirical study of the cross market efficiency of the index options market: A case study from the Italian derivatives market.

Stock liquidity and return distribution: Evidence from the London Stock Exchange (2020)
Journal Article
Wang, A., Hudson, R., Rhodes, M., Zhang, S., & Gregoriou, A. (2020). Stock liquidity and return distribution: Evidence from the London Stock Exchange. Finance research letters, Article 101539. https://doi.org/10.1016/j.frl.2020.101539

We investigate the relationship between liquidity and the distribution of returns, for all listed firms on the London Stock Exchange between 2002-2018. We find a strong relationship between the distribution of returns, as measured by skewness and kur... Read More about Stock liquidity and return distribution: Evidence from the London Stock Exchange.

Technical trading and cryptocurrencies (2019)
Journal Article
Hudson, R., & Urquhart, A. (2019). Technical trading and cryptocurrencies. Annals of Operations Research, https://doi.org/10.1007/s10479-019-03357-1

© 2019, The Author(s). This paper carries out a comprehensive examination of technical trading rules in cryptocurrency markets, using data from two Bitcoin markets and three other popular cryptocurrencies. We employ almost 15,000 technical trading ru... Read More about Technical trading and cryptocurrencies.

High-frequency trading from an evolutionary perspective: Financial markets as adaptive systems (2018)
Journal Article
Manahov, V., Hudson, R., & Urquhart, A. (2018). High-frequency trading from an evolutionary perspective: Financial markets as adaptive systems. International journal of finance & economics : IJFE, 24(2), 943-962. https://doi.org/10.1002/ijfe.1700

The recent rapid growth of algorithmic high-frequency trading strategies makes it a very interesting time to revisit the long-standing debates about the efficiency of stock prices and the best way to model the actions of market participants. To evalu... Read More about High-frequency trading from an evolutionary perspective: Financial markets as adaptive systems.

Equity and debt market timing, cost of capital and value and performance : evidence from listed firms in Thailand (2018)
Thesis
Chamaiporn Kumpamool. (2018). Equity and debt market timing, cost of capital and value and performance : evidence from listed firms in Thailand. (Thesis). University of Hull. Retrieved from https://hull-repository.worktribe.com/output/4221186

Market timing is an infant theory of capital structure used to explain concealed motivation of managers. Equity market timing refers to equity issuance when the stock market is favourable to reduce the cost of capital, while debt market timing refers... Read More about Equity and debt market timing, cost of capital and value and performance : evidence from listed firms in Thailand.

Momentum effects in China: A review of the literature and an empirical explanation of prevailing controversies (2018)
Journal Article
Yang, Y., Gebka, B., & Hudson, R. (2019). Momentum effects in China: A review of the literature and an empirical explanation of prevailing controversies. Research in international business and finance, 47, 78-101. https://doi.org/10.1016/j.ribaf.2018.07.003

© 2018 Elsevier B.V. The contribution of this paper is to enable solid conclusions to be drawn about the existence of momentum effects in China as the current evidence is unsatisfactory. We review and analyse the existing empirical studies on momentu... Read More about Momentum effects in China: A review of the literature and an empirical explanation of prevailing controversies.

The association between financial derivatives and firms' value and performance: evidence from the UK’s financial firms (2018)
Thesis
Al Fazari, S. A. M. (2018). The association between financial derivatives and firms' value and performance: evidence from the UK’s financial firms. (Thesis). University of Hull. Retrieved from https://hull-repository.worktribe.com/output/4321709

There is a consensus among industry players and academics that the ungoverned use of complex financial derivatives in a high volume of transactions, which very few fully understood, and the lack of transparency underlying the transactions of those co... Read More about The association between financial derivatives and firms' value and performance: evidence from the UK’s financial firms.

Three empirical studies on market efficiency – evidence from the Pakistan stock exchange (2017)
Thesis
Ahmed, R. (2017). Three empirical studies on market efficiency – evidence from the Pakistan stock exchange. (Thesis). University of Hull. Retrieved from https://hull-repository.worktribe.com/output/4223306

The thesis is comprised of three interrelated empirical chapters on the Pakistan stock exchange which effects on the market efficiency. In the first empirical chapter, ‘Is the Market Efficient – Evidence from Pakistan stock exchange’. It is evaluatin... Read More about Three empirical studies on market efficiency – evidence from the Pakistan stock exchange.

Studies of liquidity in the London Stock Exchange (2017)
Thesis
Wang, A. (2017). Studies of liquidity in the London Stock Exchange. (Thesis). University of Hull. Retrieved from https://hull-repository.worktribe.com/output/4220527

The thesis studies liquidity related issues in the London Stock Exchange from 2001 to 2013 from different viewpoints. The first chapter introduces and motivates the study. The second chapter fully discusses the liquidity and liquidity measures from m... Read More about Studies of liquidity in the London Stock Exchange.

Test of recent advances in extracting information from option prices (2017)
Journal Article
Healy, J. V., Gregoriou, A., & Hudson, R. (2018). Test of recent advances in extracting information from option prices. International review of financial analysis, 56, 292-302. https://doi.org/10.1016/j.irfa.2017.09.011

© 2017 Elsevier Inc. A large literature exists on techniques for extracting probability distributions for future asset prices from option prices. No definitive method has been developed however. The parametric 'mixture of normals', and non-parametric... Read More about Test of recent advances in extracting information from option prices.

Stock liquidity and SMEs’ likelihood of bankruptcy: evidence from the US market (2017)
Journal Article
El Kalak, I., Azevedo, A., Hudson, R., & Abd Karim, M. (2017). Stock liquidity and SMEs’ likelihood of bankruptcy: evidence from the US market. Research in international business and finance, 42, 1383-1393. https://doi.org/10.1016/j.ribaf.2017.07.077

We study the association between the stock liquidity of SMEs in the US and their likelihood of bankruptcy, using a dataset that comprises information on 5075 firms over the time period from 1984 to 2013 using the hazard model of Campbell et al. (2008... Read More about Stock liquidity and SMEs’ likelihood of bankruptcy: evidence from the US market.

Stock predictability and preceding stock price changes - Evidence from central and Eastern European markets (2017)
Journal Article
Ison, L., & Hudson, R. (2017). Stock predictability and preceding stock price changes - Evidence from central and Eastern European markets. Economics Bulletin, 37(2), 733-740

This paper extends the empirical evidence on stock returns after preceding price innovations using data from Central and Eastern European (CEE) markets. In contrast to many previous papers, we find no evidence of either overreaction effects or ration... Read More about Stock predictability and preceding stock price changes - Evidence from central and Eastern European markets.

Sampling frequency and the performance of different types of technical trading rules (2017)
Journal Article
Hudson, R., McGroarty, F., & Urquhart, A. (2017). Sampling frequency and the performance of different types of technical trading rules. Finance research letters, 22, 136-139. https://doi.org/10.1016/j.frl.2016.12.015

The predictive ability of technical trading rules has been studied in great detail however many papers group all technical trading rules together into one basket. We argue that there are two main types of technical trading rules, namely rules based o... Read More about Sampling frequency and the performance of different types of technical trading rules.

How to get the most from a business intelligence application during the post implementation phase? Deep structure transformation at a U.K. retail bank (2016)
Journal Article
Audzeyeva, A., & Hudson, R. (2016). How to get the most from a business intelligence application during the post implementation phase? Deep structure transformation at a U.K. retail bank. European Journal of Information Systems, 25(1), 29-46. https://doi.org/10.1057/ejis.2014.44

© 2016 Operational Research Society Ltd. This paper focuses on the process of maximizing the benefits from a business intelligence (BI) application. A general theoretical framework of analysis is formulated based on previous research into organizatio... Read More about How to get the most from a business intelligence application during the post implementation phase? Deep structure transformation at a U.K. retail bank.

Reviewing the hedge funds literature I: Hedge funds and hedge funds' managerial characteristics (2016)
Journal Article
El Kalak, I., Azevedo, A., & Hudson, R. (2016). Reviewing the hedge funds literature I: Hedge funds and hedge funds' managerial characteristics. International review of financial analysis, 48, 85-97. https://doi.org/10.1016/j.irfa.2016.09.008

© 2016 Elsevier Inc. This paper summarizes the literature on hedge funds (HFs) developed over the last two decades, particularly that which relates to managerial characteristics (a companion piece covers the return and risk management characteristics... Read More about Reviewing the hedge funds literature I: Hedge funds and hedge funds' managerial characteristics.

Reviewing the hedge funds literature II: Hedge funds' returns and risk management characteristics (2016)
Journal Article
El Kalak, I., Azevedo, A., & Hudson, R. (2016). Reviewing the hedge funds literature II: Hedge funds' returns and risk management characteristics. International review of financial analysis, 48, 55-66. https://doi.org/10.1016/j.irfa.2016.09.006

© 2016 Elsevier Inc. This paper summarizes the literature on hedge funds (HFs) developed over the last two decades, particularly that which relates to risk management characteristics (a companion piece investigates the managerial characteristics of H... Read More about Reviewing the hedge funds literature II: Hedge funds' returns and risk management characteristics.

Dispelling the myth of a value premium: contrary evidence of Malaysian crony capitalism (2016)
Journal Article
Ebrahim, M., Hudson, R., Iqbal, A., & Eskandar Shah MohdRasid, M. (2016). Dispelling the myth of a value premium: contrary evidence of Malaysian crony capitalism. International Journal of Banking, Accounting and Finance, 7(1), 1-33. https://doi.org/10.1504/ijbaaf.2016.079164

This paper contradicts the existence of a universal value anomaly by studying Malaysia, a country with a unique institutional setting. We investigate this counter-example to attribute the anomaly to: 1) the leverage effect of value firms; 2) the inve... Read More about Dispelling the myth of a value premium: contrary evidence of Malaysian crony capitalism.

Investigation of institutional changes in the UK housing market using structural break tests and time-varying parameter models (2016)
Journal Article
Zhang, H., Hudson, R., Metcalf, H., & Manahov, V. (2017). Investigation of institutional changes in the UK housing market using structural break tests and time-varying parameter models. Empirical economics, 53(2), 617-640. https://doi.org/10.1007/s00181-016-1127-z

© 2016, Springer-Verlag Berlin Heidelberg. This paper investigates the effects of institutional changes within the UK housing market in recent decades using structural break tests and time-varying parameter models. This approach is motivated by model... Read More about Investigation of institutional changes in the UK housing market using structural break tests and time-varying parameter models.

The price, quality and distribution of mortgage payment protection insurance: a hedonic pricing approach (2016)
Journal Article
Ashton, J. K., & Hudson, R. S. (2017). The price, quality and distribution of mortgage payment protection insurance: a hedonic pricing approach. The British accounting review, 49(2), 242-255. https://doi.org/10.1016/j.bar.2016.07.003

Mortgage payment protection insurance (hereafter MPPI) provides varying combinations of accident, sickness and unemployment insurance and is used to protect the mortgage payments of policyholders in the event of a fall in income. Despite alleviating... Read More about The price, quality and distribution of mortgage payment protection insurance: a hedonic pricing approach.

The effect of size on the failure probabilities of SMEs : an empirical study on the US market using discrete hazard model (2015)
Journal Article
El Kalak, I., & Hudson, R. (2016). The effect of size on the failure probabilities of SMEs : an empirical study on the US market using discrete hazard model. International review of financial analysis, 43(January), 135-145. https://doi.org/10.1016/j.irfa.2015.11.009

This paper investigates the extent to which the size affects the SME probabilities of bankruptcy. Using a dataset of (11,117) US non-financial firms, of which (465) filed for insolvency under chapters 7/11 between 1980 and 2013. We forecast the bankr... Read More about The effect of size on the failure probabilities of SMEs : an empirical study on the US market using discrete hazard model.

Three essays on SMEs credit risk and capital structure (2015)
Thesis
El Kalak, I. (2015). Three essays on SMEs credit risk and capital structure. (Thesis). University of Hull. Retrieved from https://hull-repository.worktribe.com/output/4224013

The main purpose of this study is to provide further insight into the SMEs’ credit risk and capital structure. Thus, this thesis presents three essays on SMEs probability of bankruptcy and capital structure in chapter 3 to chapter 5. The first empiri... Read More about Three essays on SMEs credit risk and capital structure.

Do house prices overreact to relevant information? New evidence from the UK housing market (2015)
Journal Article
Hudson, R., Manahov, V., Metcalf, H., & Zhang, H. (in press). Do house prices overreact to relevant information? New evidence from the UK housing market. Investment management & financial innovations, 12(3), 33-46

We use recent panel data and various empirical models to investigate the validity of the irrational expectations hypothesis and the feedback theory in the UK housing market. We provide the first empirical evidence to justify the statistically signifi... Read More about Do house prices overreact to relevant information? New evidence from the UK housing market.

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 about Investor sentiment and local bias in extreme circumstances: the case of the Blitz.

Which heuristics can aid financial-decision-making? (2015)
Journal Article
Forbes, W., Hudson, R., Skerratt, L., & Soufian, M. (2015). Which heuristics can aid financial-decision-making?. International review of financial analysis, 42(December), 199-210. https://doi.org/10.1016/j.irfa.2015.07.002

© 2015 Elsevier Inc. We evaluate the contribution of Nobel Prize-winner Daniel Kahneman, often in association with his late co-author Amos Tversky, to the development of our understanding of financial decision-making and the evolution of behavioural... Read More about Which heuristics can aid financial-decision-making?.

Identification of house price bubbles using user cost in a state space model (2015)
Journal Article
Zhang, H., Hudson, R., Metcalf, H., & Manahov, V. (2015). Identification of house price bubbles using user cost in a state space model. Applied economics, 47(56), 6088-6101. https://doi.org/10.1080/00036846.2015.1064078

© 2015 Taylor & Francis. This article studies how much variation in house prices results from nonfundamental factors. We propose a relative valuation approach to quantifying a bubble in housing by incorporating the housing User Cost into a state sp... Read More about Identification of house price bubbles using user cost in a state space model.

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 about The benefits of combining seasonal anomalies and technical trading rules.

How exactly do markets adapt? Evidence from the moving average rule in three developed markets (2015)
Journal Article
Urquhart, A., Gebka, B., & Hudson, R. (2015). How exactly do markets adapt? Evidence from the moving average rule in three developed markets. Journal of International Financial Markets, Institutions and Money, 38, 127-147. https://doi.org/10.1016/j.intfin.2015.05.019

The seminal study by Brock, Lakonishok and LeBaron (1992) (BLL hereafter) found that the moving average rule had strong predictive power over 90 years in the DJIA, and this result was confirmed by Hudson et al. (1996) for the FT30 in the UK and Chen... Read More about How exactly do markets adapt? Evidence from the moving average rule in three developed markets.

War and stock markets: The effect of World War Two on the British stock market (2015)
Journal Article
Hudson, R., & Urquhart, A. (2015). War and stock markets: The effect of World War Two on the British stock market. International review of financial analysis, 40(July), 166-177. https://doi.org/10.1016/j.irfa.2015.05.015

© 2015 Elsevier Inc. All rights reserved. This paper studies the effect of World War Two (WWII) on the British stock market. It contributes to the literature in several ways. First, this paper thoroughly investigates the impact of historically major... Read More about War and stock markets: The effect of World War Two on the British stock market.

The influence of product age on pricing decisions: An examination of bank deposit interest rate setting (2014)
Journal Article
Anderson, R. D., Ashton, J. K., & Hudson, R. S. (2014). The influence of product age on pricing decisions: An examination of bank deposit interest rate setting. Journal of International Financial Markets, Institutions and Money, 31, 216-230. https://doi.org/10.1016/j.intfin.2014.03.010

Do banks extract rent from depositors who hold older deposit accounts? This study addresses this question using product level data from the UK instant access (branch based) deposit market. In this context, two research questions related to the condit... Read More about The influence of product age on pricing decisions: An examination of bank deposit interest rate setting.

Does high frequency trading affect technical analysis and market efficiency? And if so, how? (2013)
Journal Article
Manahov, V., Hudson, R., & Gebka, B. (2014). Does high frequency trading affect technical analysis and market efficiency? And if so, how?. Journal of International Financial Markets, Institutions and Money, 28, 131-157. https://doi.org/10.1016/j.intfin.2013.11.002

In this paper we investigate how high frequency trading affects technical analysis and market efficiency in the foreign exchange (FX) market by using a special adaptive form of the Strongly Typed Genetic Programming (STGP)-based learning algorithm. W... Read More about Does high frequency trading affect technical analysis and market efficiency? And if so, how?.

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 about The implications of trader cognitive abilities on stock market properties.

Adapting financial rationality: Is a new paradigm emerging? (2013)
Journal Article
Soufian, M., Forbes, W., & Hudson, R. (2014). Adapting financial rationality: Is a new paradigm emerging?. Critical Perspectives On Accounting, 25(8), 724-742. https://doi.org/10.1016/j.cpa.2013.08.009

We discuss the implications of an alternative to the efficient market hypothesis (EMH) the adaptive market hypothesis (AMH). The AMH advances a theoretical basis for a new financial paradigm which can better model such phenomena as the recent financi... Read More about Adapting financial rationality: Is a new paradigm emerging?.

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 about Informed trading and market structure.

How prior realized outcomes affect portfolio decisions (2012)
Journal Article
Duxbury, D., Hudson, R., Keasey, K., Yang, Z., & Yao, S. (2013). How prior realized outcomes affect portfolio decisions. Review of Quantitative Finance and Accounting, 41(4), 611-629. https://doi.org/10.1007/s11156-012-0325-9

Investors have been shown to have particular preferences when it comes to the characteristics of stock they hold in their portfolios, while prior gains and losses have been shown to impact on individuals' economic decisions, both in an investment con... Read More about How prior realized outcomes affect portfolio decisions.

Electroluminescent segmented liquid crystalline trimers (2008)
Journal Article
Aldred, M. P., Hudson, R., Kitney, S. P., Vlachos, P., Liedtke, A., Woon, K. L., …Kelly, S. M. (2008). Electroluminescent segmented liquid crystalline trimers. Liquid crystals, 35(4), 413-427. https://doi.org/10.1080/02678290801924931

The synthesis and liquid crystal behaviour of light-emitting trimeric liquid crystals consisting of three mesomorphic moieties connected by aliphatic spacers are reported. The combination of an aromatic light-emitting central core and two cholestanyl... Read More about Electroluminescent segmented liquid crystalline trimers.

Trading frictions and market structure: An empirical analysis (2008)
Journal Article
Cai, C. X., Hillier, D., Hudson, R., & Keasey, K. (2008). Trading frictions and market structure: An empirical analysis. Journal of Business Finance and Accounting, 35(3-4), 563-579. https://doi.org/10.1111/j.1468-5957.2008.02076.x

Market structure affects the informational and real frictions faced by traders in equity markets. Using bid-ask spreads, we present evidence which suggests that while real frictions associated with the costs of supplying immediacy are less in order-d... Read More about Trading frictions and market structure: An empirical analysis.

Interest rate clustering in UK financial services markets (2007)
Journal Article
Ashton, J. K., & Hudson, R. S. (2008). Interest rate clustering in UK financial services markets. Journal of Banking and Finance, 32(7), 1393-1403. https://doi.org/10.1016/j.jbankfin.2007.11.002

This study forwards an explanation and empirical investigation of price clustering in retail banking markets. It is proposed that price or interest rate clustering forms in retail markets as firms wish to maximise returns from customers, some of whom... Read More about Interest rate clustering in UK financial services markets.