Empirical Finance Group
We aim to cultivate a vibrant, collaborative and supportive research environment to propagate innovative, transformative and impactful research.
The objectives of the Empirical Finance Group are in line with the mission of Cardiff Business School.
They are as follows:
- Develop the ideas and skills of our research students and colleagues
- Promote the social, economic and political relevance of our activities
- Enhance academic rigour and excellence
- Support interdisciplinary and international collaboration
Cyhoeddiadau dethol
- Ansari, I. F. , Goergen, M. and Mira, S. 2021. Earnings management around founder CEO re-appointments and successions in family firms. European Financial Management 27 (5), pp.925-958. (10.1111/eufm.12307)
- Mazouz, K. , Gounopoulos, D. and Wood, G. 2021. The consequences of political donations for IPO premium and performance. Journal of Corporate Finance 67 101888. (10.1016/j.jcorpfin.2021.101888)
- Nemlioglu, I. and Mallick, S. 2020. Does multilateral lending aid capital accumulation? Role of intellectual capital and institutional quality. Journal of International Money and Finance 108 102155. (10.1016/j.jimonfin.2020.102155)
- Nemlioglu, I. and Mallick, S. 2020. Do innovation-intensive firms mitigate their valuation uncertainty during bad times?. Journal of Economic Behavior and Organization 177 , pp.913-940. (10.1016/j.jebo.2020.06.004)
- Tosun, O. 2020. Differences in CEO compensation under large and small institutional ownership. European Financial Management 26 (4), pp.1031-1058. (10.1111/eufm.12252)
- Moin, A. , Guney, Y. and El Kalak, I. 2020. In search of stock repurchases determinants in listed Indonesian firms during regulatory changes. Journal of Economic Behavior and Organization 176 , pp.145-165. (10.1016/j.jebo.2020.04.013)
- Leung, W. , Evans, K. P. and Mazouz, K. 2020. The R&D anomaly: risk or mispricing?. Journal of Banking and Finance 115 105815. (10.1016/j.jbankfin.2020.105815)
- Fang, Y. et al., 2019. Foreign ownership, bank information environments, and the international mobility of corporate governance. Journal of International Business Studies 50 (9), pp.1566-1593. (10.1057/s41267-019-00240-w)
- Aretz, K. , Banerjee, S. and Pryshchepa, O. 2019. In the path of the storm: does distress risk cause industrial firms to risk-shift?. Review of Finance 23 (6), pp.1115-1154. (10.1093/rof/rfy028)
- Mazouz, K. and Zhao, Y. 2019. CEO incentives, takeover protection and corporate innovation. British Journal of Management 30 (2), pp.494-515. (10.1111/1467-8551.12330)
- Mira, S. , Goergen, M. and O'Sullivan, N. 2019. The market for non-executive directors: does acquisition performance influence future board seats?. British Journal of Management 30 (2), pp.415-436. (10.1111/1467-8551.12290)
- Mazouz, K. , Abdul, M. and Saadouni, B. 2019. Price reaction of ethically screened stocks: a study of the Dow Jones Islamic Market World Index. Journal of Business Ethics 154 (3), pp.683-699. (10.1007/s10551-016-3389-y)
- Spokeviciute, L. , Keasey, K. and Vallascas, F. 2019. Do financial crises cleanse the banking industry? Evidence from US commercial bank exits. Journal of Banking and Finance 99 , pp.222-236. (10.1016/j.jbankfin.2018.12.010)
- Jahanshahloo, H. and Spokeviciute, L. 2018. A modification to the WPC model. Economics Letters 171 , pp.76-78. (10.1016/j.econlet.2018.07.019)
- Chen, J. , Leung, W. and Evans, K. P. 2018. Female board representation, corporate innovation and firm performance. Journal of Empirical Finance 48 , pp.236-254. (10.1016/j.jempfin.2018.07.003)
- Hemmings, D. , Hodgkinson, L. and Wang, Q. 2018. Heterogeneous effects of the SEC's securities offering reform. Economics Letters 170 , pp.131-135. (10.1016/j.econlet.2018.06.013)
- Leung, W. S. et al. 2018. Organization capital, labor market flexibility, and stock returns around the world. Journal of Banking and Finance 89 , pp.150-168. (10.1016/j.jbankfin.2018.02.008)
- Huang, W. and Mazouz, K. 2018. Excess cash, trading continuity, and liquidity risk. Journal of Corporate Finance 48 , pp.275-291. (10.1016/j.jcorpfin.2017.11.005)
- Nguyen, D. . D. , Hagendorff, J. and Eshraghi, A. 2018. Does a CEO's cultural heritage affect performance under competitive pressure?. Review of Financial Studies 31 (1), pp.97-141. (10.1093/rfs/hhx046)
- Nemlioglu, I. and Mallick, S. K. 2017. Do managerial practices matter in innovation and firm performance relations? New evidence from the UK. European Financial Management 23 (5), pp.1016-1061. (10.1111/eufm.12123)
- Taffler, R. J. , Spence, C. and Eshraghi, A. 2017. Emotional economic man: Calculation and anxiety in fund management. Accounting, Organizations and Society 61 , pp.53-67. (10.1016/j.aos.2017.07.003)
- Mazouz, K. , Mohamed, A. and Saadouni, B. 2016. Stock return comovement around the Dow Jones Islamic Market World Index revisions. Journal of Economic Behavior and Organization 132 (Supp.), pp.50-62. (10.1016/j.jebo.2016.05.011)
- Tosun, O. K. 2016. The effect of CEO option compensation on the capital structure: a natural experiment. Financial Management 45 (4), pp.953-979. (10.1111/fima.12116)
- Chen, J. , Leung, W. S. and Evans, K. P. 2016. Are employee-friendly workplaces conducive to innovation?. Journal of Corporate Finance 40 , pp.61-79. (10.1016/j.jcorpfin.2016.07.011)
- Wu, Y. and Mazouz, K. 2016. Long-term industry reversals. Journal of Banking & Finance 68 , pp.236-250. (10.1016/j.jbankfin.2016.03.017)
- ap Gwilym, O. et al., 2016. In search of concepts: the effects of speculative demand on stock returns. European Financial Management 22 (3), pp.427-449. (10.1111/eufm.12067)
- Nguyen, D. , Hagendorff, J. and Eshraghi, A. 2016. Can bank boards prevent misconduct?. Review of Finance 20 (1), pp.1-36. (10.1093/rof/rfv011)
Director
Staff academaidd

Dr Izidin El Kalak
Senior Lecturer (Associate Professor) in Finance
- elkalaki@caerdydd.ac.uk
- +44 (0)29 2087 4961

Yr Athro Arman Eshraghi
Professor of Finance and Investment, Deputy Head of Section for Research, Impact and Innovation
- eshraghia@caerdydd.ac.uk
- +44 (0)29 2251 0880

Dr Ilayda Nemlioglu
Lecturer in Accounting and Finance
- nemlioglui@caerdydd.ac.uk
- +44 (0)29 2087 0968

Dr Laima Spokeviciute
Lecturer in Accounting and Finance
- spokeviciutel@caerdydd.ac.uk
- +44 (0)29 2087 5839