Dr Izidin El Kalak
Senior Lecturer (Associate Professor) in Finance
- elkalaki@cardiff.ac.uk
- +44 (0)29 2087 4961
- S30, Aberconway Building, Colum Road, Cathays, Cardiff, CF10 3EU
- Available for postgraduate supervision
Overview
I am an Associate Professor in Finance at Cardiff Business School. Prior to joining Cardiff University, I worked at Kent Business School, UK. I hold a PhD in Finance from Hull Business School, UK (2016). I also received an MSc degree (with Distinction) in Financial Management (2011) and a BSc in Economics (2007).
My main research interests are in the areas of empirical corporate finance, governance, managerial behaviour, and renewable energy investments. In my recent work, I try to understand the reasons behind the voluntary delisting decisions from exchanges and identifying the optimal time to delist.
Also, my research is characterised by an interdisciplinary nature where it expands to areas in Psychology (behavioural finance), Economics (renewable energy investments), Computer Science (cyber security investments), and Law (corporate governance). Therefore, I thrive to deliver economic and social value through my interdisciplinary research which ties well with Cardiff Business School's public value mission.
I have published in journals such as Energy Economics, Journal of Economic Behavior and Organization, Review of Quantitative Finance and Accounting, International Review of Financial Analysis, Review of Accounting and Finance, and Research in International Business and Finance.
I have received approximately £100,000 of research funding. The latest project was funded jointly by the prestigious UK government institution National Cyber Security Centre (NCSC) and the Research Institute in Sociotechnical Cyber Security (RISCS). The project aimed to support SMEs with cyber-security decision making and to assist them with creating a healthy cyber security environment. The first draft of the guide can be found HERE.
Before embarking on my PhD in Finance, I have had several years of professional working experience including the banking sector. My experience in industry coupled with my academic achievements allowed me to deliver high class customised corporate training and act as a consultant for several corporations.
You can access my research on ResearchGate from HERE.
You can access my research on GoogleScholar from HERE.
You can access my research on SSRN from HERE.
Biography
Employment
- Associate Professor (Senior Lecturer) in Finance (Aug. 2021 - present), Cardiff University, UK
- Assistant Professor (Lecturer) in Finance (Jan. 2018 - July 2021), Cardiff University, UK
- Lecturer in Finance, Kent University, UK
- Graduate Teaching Assistant, Hull University, UK
Academic Appointments
- Visiting Scholar, 2017, Nagasaki University – Japan
- Visiting Scholar, 2015, Tecnologico de Monterrey University – Mexico
Education
- PhD in Finance, Hull University, 2016
- PgDip in Social Science Research Methods, Hull University, 2015
- MSc in Financial Management (Distinction), Hull University, 2011
- BSc in Economics, Damascus University of Economics, 2007
Professional bodies
- Fellow of the Higher Education Academy (HEA)
- Member of the Financial Management Association (FMA)
- Member of the British Accounting and Finance Association (BAFA)
- Member of the Bachelier Finance Society
Publications
2022
- El Kalak, I., Leung, W. S., Takahashi, H. and Yamada, K. 2022. The Bank of Japan's equity purchases and stock illiquidity. Journal of Financial Markets, article number: 100770. (10.1016/j.finmar.2022.100770)
- Tosun, O. K., El Kalak, I. and Hudson, R. 2022. How female directors help firms to attain optimal cash holdings. International Review of Financial Analysis 80, pp. 1-20., article number: 102034. (10.1016/j.irfa.2022.102034)
- Tosun, O. K. and El Kalak, I. 2022. ETF ownership and corporate cash holdings. European Financial Management (10.1111/eufm.12352)
2020
- Moin, A., Guney, Y. and El Kalak, I. 2020. The effects of ownership structure, sub-optimal cash holdings and investment inefficiency on dividend policy: Evidence from Indonesia. Review of Quantitative Finance and Accounting 55, pp. 857-900. (10.1007/s11156-019-00862-z)
- Alolo, M., Azevedo, A. and El Kalak, I. 2020. The effect of the feed-in-system policy on renewable energy investments: evidence from the EU countries. Energy Economics 92, article number: 104998. (10.1016/j.eneco.2020.104998)
- 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)
2018
- El Kalak, I. and Hudson, R. 2018. An empirical study of the cross market efficiency of the Index Options Market: a case study from the Italian Derivatives Market. Review of Accounting and Finance
- Yamada, K. and El Kalak, I. 2018. On the dynamics of small and medium-sized enterprises: Evidence from Japan. Tokyo: Asian Development Bank Institute. Available at: https://www.adb.org/publications/dynamics-small-and-medium-sized-enterprises-evidence-japan
2017
- El Kalak, I., Azevedo, A., Hudson, R. and Karim, M. A. 2017. Stock liquidity and SMEs' likelihood of bankruptcy: Evidence from the US market. Research in International Business and Finance 42, pp. 1383-1393. (10.1016/j.ribaf.2017.07.077)
2016
- El Kalak, I., Azevedo, A. and Hudson, R. 2016. Reviewing the hedge funds literature I: Hedge funds and hedge funds' managerial characteristics. International Review of Financial Analysis 48, pp. 85-97. (10.1016/j.irfa.2016.09.008)
- El Kalak, I., Azevedo, A. and Hudson, R. 2016. Reviewing the hedge funds literature II: Hedge funds' returns and risk management characteristics. International Review of Financial Analysis 48, pp. 55-66. (10.1016/j.irfa.2016.09.006)
- El Kalak, I. and 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, pp. 135-145. (10.1016/j.irfa.2015.11.009)
Teaching
- BST254 Financial Derivatives (Module leader), MSc level
- BS3615 Security Analysis and Portfolio Management (Module leader), BSc level (Final year)
Current research interest:
- Empirical Corporate finance
- Corporate governance
- Behavioural corporate finance
- Renewable energy investments
Supervision
PhD supervision research interest
I am interested in advising PhD projects in the following broad areas:
- Corporate governance, board structure, and corporate social responsibility
- Firm's delisting
- Cyber security investment decision making
Applicants should have MSc degree with Distinction, strong quantitative background and knowledge of statistical software (e.g., Stata and SAS).
Current PhD students
Soma Housein, Cardiff University, 2018-
Topic: Essays on Corporte Social Responsibility
Sahar Alabdallah, Cardiff University, 2018-
Topic: Essays on Corporate Culture
Pengfei Gao, Cardiff University, 2019-
Topic: Market Reaction to Financial Disclosures
Xinhe Huang, Cardiff University, 2020-
Topic: Sensation-seeking of Top Management Team and Board of Directors and Corporate Policies.
Cong Wang, Cardiff University, 2020-
Topic: Corporate Governance and Environmental Policies.
PhD examinations
Internal examiner, Cardiff University, 2021
Thesis: Birds of an ethnic feather: The impact of CEO-board cultural similarity on firm value and board effectivness
Internal examiner, Cardiff University, 2019
Thesis: An examination of the informativess of corporate income tax provision to explain future tax cash flows: Evidence from UK
Internal examiner, Cardiff University, 2018
Thesis: Investor sentiment and cross-sectional stock returns