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Professor Arman Eshraghi

Professor Arman Eshraghi

Professor of Finance and Investment

Cardiff Business School

Email:
eshraghia@cardiff.ac.uk
Telephone:
+44 (0)29 2251 0880
Location:
E42, Aberconway Building, Colum Road, Cathays, Cardiff, CF10 3EU
Available for postgraduate supervision

Arman Eshraghi joined Cardiff Business School in 2018 as a Professor of Finance and Chair of Finance and Investment. Formerly, he was at the University of Edinburgh Business School, and has held visiting positions at Manchester Business School and University College London. Prior to academia, Arman was a senior management consultant in the banking and telecom sectors. He holds PhD in Finance from the University of Edinburgh, and BSc in Electrical Engineering and MBA with distinction, both from Sharif University in Tehran.

Arman is a Shimomura Fellow of the Development Bank of Japan, Fellow of the Centre for the Study of Decision-Making Uncertainty at UCL, Fellow of the Higher Education Academy, and Director of the Cardiff Corporate Governance Research Group. He is a Senior Editor of Finance Research Letters, an Associate Editor of the Global Finance Journal, and regularly reviews for other journals in the field.

Arman’s academic research spans finance, accounting and psychology with interests including behavioural finance, financial technology, corporate governance, investment management and banking, as well as some interdisciplinary forays in accounting. He has published in both finance and accounting journals including the Review of Financial Studies; the Review of Finance; Accounting, Organizations and Society; Corporate Governance: An International Review; Accounting, Auditing and Accountability; and Accounting and Business Research. Inter alia, his work is cited in the Financial Times, Washington Post, Harvard Business Review, Forbes and Bloomberg, and has contributed to handbooks published by Cambridge University, Wiley, Springer and Routledge

Beyond academia, Arman engages with a range of organisations in the finance sector to offer bespoke research and training. He has given invited talks, among others, at the Federal Reserve Bank in New York, the Centre for European Economic Research in Mannheim, the CFA Institute in London, the National Institute of Securities Markets in Mumbai, and the German Society of Investment Professionals in Frankfurt. He sits on the academic advisory board of Fintech Wales, and has advised a number of UK-based fintech startups in the areas of market sentiment and behavioural investing. Arman is also passionate about teaching and has delivered several postgraduate and executive programmes in the UK (Edinburgh, Warwick, Cardiff, London) as well as the Netherlands, Belgium, Denmark, Portugal and India.

Educational Background

PGCert in Academic Practice, University of Edinburgh, 2015

PhD in Finance, University of Edinburgh, 2012
Thesis: Professional Investor Psychology and Investment Performance

MBA, Sharif University of Technology, Tehran, 2005
Concentration in finance; Thesis: Signalling with Stock Market Indices

BSc in Electrical Engineering, Sharif University of Technology, Tehran, 2003
Concentration in telecommunications; Thesis: Essays on Visual Cryptography

Honours and awards

Research-related

Scottish Crucible Fellowship, 2018
Shimomura Fellowship, Development Bank of Japan, 2018
Sustained Excellence Award, University of Edinburgh, 2017
Finalist, Scottish Financial Enterprise Rising Star Award sponsored by EY, 2017
Honorary Senior Lecturer, Department of Psychology, University College London, 2017-18
Best Paper Award Finalist, Financial Management Association European Conference, 2015
Best Paper Award, International Review of Financial Analysis Conference on Gold, 2015
Best Paper Award (twice), Behavioural Finance Working Group Conference, London, 2014-15
Highly Commended PhD Research, European Foundation for Management Development, 2014
Young Scholar Award for Research in Financial Discourse, European Financial Group, 2014
Highly Commended, Emerald Awards for Research Excellence, 2013

Teaching-related

Best Teaching Innovation Award, University of Edinburgh Business School, 2017
Selected in the University of Edinburgh Teaching Excellence Poster Campaign, 2017-18
Best Course Award, University of Edinburgh Business School, 2016
Inspirational Teaching Award, University of Edinburgh Business School, 2015
Nominated 14 times, University of Edinburgh Annual Teaching Awards, 2012-18
Best Postgraduate Tutor, Manchester Business School, 2010

Other

PhD scholarship at the University of Edinburgh, 2007-11
3rd rank in the MBA graduating class of Iran’s most selective business school, 2005
1st rank in the National Admissions Test for postgraduate business programmes, 2003
Admitted to Iran’s most selective - top 0.02% - engineering programme, 1999
Admitted to first stage of Iran’s National Mathematical Olympiad, 1998

Professional memberships

Director, Cardiff Corporate Governance Research Group, Cardiff University, 2018-present
Fellow, Centre for Study of Decision-Making Uncertainty, UCL, 2013-present
Fellow, Development Bank of Japan, 2018-present
Fellow, Higher Education Academy, 2015-present
Member, AFA, EFA, FMA, BAFA finance and accounting associations
Member, Edinburgh Futures Institute, University of Edinburgh, 2016-18
Member, Centre for Accounting and Society, University of Edinburgh, 2015-18
Member, Academic Senate, University of Edinburgh, 2014-18

Academic positions

Professor of Finance and Investment, Cardiff University, 2018-present
Senior Lecturer in Finance and Accounting, University of Edinburgh, 2016-18
Lecturer in Finance and Accounting, University of Edinburgh, 2013-16
Postdoctoral Fellow in Finance, University of Edinburgh, 2011-13
Visiting Doctoral Fellow, University of Manchester, 2010-11
Visiting Doctoral Fellow, University College London, 2008-09

Speaking engagements

Invited Talks and Research Seminars

University College Dublin, Ireland, 2019
Queen’s University Belfast, UK, 2019
Open University, Milton Keynes, UK, 2019
University of Porto, Portugal, 2019
Waseda University, Tokyo, Japan, 2018
Hitotsubashi University, Tokyo, Japan, 2018
City University of London, UK, 2018
Swansea University, UK, 2018
University of Aarhus, Denmark, 2018
Frankfurt School of Finance and Management, Germany, 2018
Scottish ‘Women in Investment’ Forum, Edinburgh, UK, 2018
University of Edinburgh Alumni Forum, London, UK, 2018
Seoul National University, Seoul, South Korea, 2017
Sungkyunkwan University, Seoul, South Korea, 2017
Newcastle University, UK, 2017
San Diego State University, US, 2017
Glasgow University, UK, 2017
University of Leipzig, Germany, 2017
Bangor University, UK , 2017
German Society of Investment Professionals, Frankfurt, Germany, 2016
University of Aarhus, Denmark, 2016
University of Algarve, Portugal, 2016
National Institute of Securities Markets, Mumbai, India, 2016
Federal Reserve Bank Conference on Culture in Finance, New York, US, 2015
CFA Society of the UK Conference on Behavioural Finance, London, UK, 2015
University of Stirling, UK, 2015
Heriot-Watt University, UK, 2015
University of Texas at Austin, US, 2014
Center for European Economic Research, Mannheim, Germany, 2013
University of Laval, Quebec, Canada, 2012
University of Maastricht, Netherlands, 2012

Conference Presentations (‘c’ indicates presentation by a co-author)

Summer Institute on Bounded Rationality, Max Planck Institute, Berlin, 2018
Harvard Behavioral Decision Research in Management Conference, Boston, 2018, c
Financial Management Association Global Conference, San Diego, 2018, c
INFINITI Conference on International Finance, Poznan, 2018
Global Finance Association Conference, Paris, 2018
Manchester Business School Conference on Hedge Funds, Manchester, 2017
Academy of Behavioral Finance Global Conference, Los Angeles, 2017
Harvard Business School BIG Ideas Doctoral Workshop, Boston, 2017, c
British Accounting and Finance Association Conference, Edinburgh, 2017
Research in Behavioural Finance Conference, Amsterdam, 2016
Financial Intermediation Research Society Conference, Lisbon, 2016, c
Financial Management Association Global Conference, Las Vegas, 2016
Behavioural Finance Working Group Conference, London, 2013-2017
INFINITI Conference on International Finance, Ljubljana, 2015
Consortium on Activist Investors and Corporate Governance, London 2015, c
CFA Institute Program Partner Conference, Edinburgh, 2015
Financial Management Association European Annual Meeting, Venice 2015, c
International Review of Financial Analysis Conference on Gold, Hamburg, 2015
European Financial Management Association Meeting, Amsterdam 2015, c
Australasian Finance and Banking Conference, Sydney, 2014
Financial Management Association Annual Meeting, Nashville 2014, c
Financial Management Association European Annual Meeting, Maastricht 2014, c
Conference on Discourse Approaches in Financial Communication, Locarno, 2014
Emerging Scholars in Banking and Finance Conference, London 2014, c
The Dutch Central Bank Workshop on Board Diversity, Amsterdam 2014, c
Asia Pacific Interdisciplinary Research in Accounting Conference, Kobe, 2013
British Accounting and Finance Association Conference, Newcastle, 2013
Eastern Finance Association Conference, Boston, 2012
Conference on the Role of Expectations in Financial Markets, Mannheim, 2012
Academy of Behavioral Finance Global Conference, Chicago, 2010

Committees and reviewing

Senior Editor, Finance Research Letters, 2019-

Associate Editor, Global Finance Journal, 2017-

Guest Editor, Review of Behavioural Finance, 2016-18

Reviewer: Journal of Corporate Finance; Journal of Banking and Finance; Journal of Business Ethics; British Accounting Review; European Journal of Finance; Finance Research Letters; Global Finance Journal; Multinational Finance Journal; Business Ethics: A European Review; Review of Behavioral Finance; Journal of Behavioral and Experimental Finance; Qualitative Research in Financial Markets

Current and past teaching includes such courses as Finance and Investment, Behavioural Finance, Financial TechnologyEquity Valuation, Investment Management, Psychology of Investing, and Corporate Finance delivered at MSc, MBA, EMBA and PhD levels. 

In terms of teaching philosophy, I seek student-focused learning and initiating conceptual change. My teaching has won awards for Best Teaching Innovation in 2017, Best Postgraduate Course in 2016 and Inspirational Teaching in 2015 as well as 12 other nominations in the past five years. Inter alia, I have delivered postgraduate and executive programmes in the UK (Edinburgh, Warwick, Cardiff, London) as well as the Netherlands, Belgium, Denmark, Portugal and India.

I have active interest in executive education and public engagement. In 2015, I designed a two-day masterclass on Advances in Behavioural Finance which has since been delivered to several British, American, Indian and Chinese firms. 

Other bespoke masterclasses delivered for UK and international clients include:

  • Applications of Textual Analysis in Finance          Walter Scott & Partners, UK, 2019
  • Financial Decision Making                                    Cohort of Dutch managers, Netherlands, 2019
  • Excellence in the Finance Function                      National Health Service (NHS) Wales, UK, 2018
  • Finance, Behaviour and Sustainability                 Cohort of sustainability managers, UK, 2018
  • Introduction to Behavioural Finance                     Aetna Inc, US, 2017
  • Finance for Media Companies                              Scottish Television plc, UK, 2016-17
  • Advances in Behavioural Finance                        Scottish Widows plc, UK, 2016
  • Advances in Behavioural Finance                        Huarong Asset Management, China, 2015
  • Applied Corporate Finance                                   Guangzhou CPA Association, China, 2014

Main research interests

Behavioural investing, fund management, behavioural corporate finance, sentiment
Corporate governance, board structure, managerial attributes, governance in banking
Interdisciplinary accounting, critical accounting, discourse analysis, sensemaking
Textual analysis and computational linguistics in finance
Financial technology and big data

Recent publications (since 2014)

“Does CEO Cultural Heritage Affect Performance under Competitive Pressure?”, Link 
(with D. Nguyen and J. Hagendorff), Review of Financial Studies, 2018

“Emotional Economic Man: Calculation and Anxiety in Fund Management”, Link
(with R. Taffler and C. Spence), Accounting, Organizations and Society, 2017

“Can Bank Boards Prevent Misconduct?” (Lead Article), Link
(with D. Nguyen and J. Hagendorff), Review of Finance, 2015

“Heroes and Victims: Fund Manager Sense-making, Self-legitimation and Storytelling”, Link
(with R. Taffler), Accounting and Business Research, 2015

“Which Executive Characteristics Create Value in Banking?”, Link
(with D. Nguyen and J. Hagendorff), Corporate Governance: International Review, 2014

“Misconduct in Banking: Governance and the Board of Directors”, Link
(with D. Nguyen and J. Hagendorff), Corruption and Fraud in Financial Markets
Eds. Carol Alexander and Douglas Cumming, 2019, Wiley

“Hedge Funds, Phantastic Objects and Kleinian Thought”, Link
(with R. Taffler), The Klein Tradition: Evolution of Theory and Practice over the Decades
Eds. Penelope Garvey and Kay Long, 2018, Routledge

“Value Effects of Bank Executives”, Link
(with D. Nguyen and J. Hagendorff), Financial Crisis, Bank Behaviour and Credit Crunch
Eds. Stefania Rossi and Roberto Malavasi, 2016, Springer

“Emotional Finance and Fiduciary Responsibility”, Link
(with R. Taffler), Cambridge Handbook of Institutional Investment and Fiduciary Duty
Eds. James Hawley et al., 2014, Cambridge University Press

Selected media coverage

“New study links a CEO’s cultural heritage with corporate performance”, Forbes, 2018, Link
“A CEO’s decision making is shaped by immigration”, Harvard Business Review, 2018, Link
“Dealing with big egos in the office”, Ignites Europe (Financial Times), 2018, Link
“Bank performance and the cultural DNA”, Harvard Law School Corporate Governance, 2018, Link
“High active share may lead to poorer returns”, Ignites Europe (Financial Times), 2018, Link
“Brainiac: Banking on immigrants”, Boston Globe, 2018
“Cultural heritage and corporate performance”, BBC Radio, 2017
“Cultural heritage affects bank performance under competition”, Vox EU, 2017, Link
“When bank boards get too cozy, expect misconduct”, Vox EU, 2016, Link
“Alan Greenspan’s tone of voice moved gold prices”, Financial Times, 2013, Link
“It’s not what Fed chairmen say, it’s the way they say it”, Washington Post, 2013
“How Alan Greenspan’s ‘tone’ moved gold and silver”, Globe and Mail, 2013, Link
"No 1997 Asian Crisis Return as China Trembles", Bloomberg, 2013, Link
“Beware the dangers of overinflated egos”, Financial Times (FTfm), 2012, Link

I am interested in advising PhD projects in the following broad areas:

  • Behavioural investing, fund management, behavioural corporate finance, sentiment
  • Corporate governance, board structure, managerial attributes, governance in banking
  • Interdisciplinary accounting, critical accounting, discourse analysis, sensemaking
  • Textual analysis and computational linguistics in finance
  • Financial technology and big data

Note to prospective doctoral applicants:

  • Please include in your introductory email a detailed research proposal, CV, motivation letter and references.
  • Please read these excellent tips by John Cochrane and advice by Ben Jacobsen about writing research proposals.
  • You can find helpful information about our PhD programme and about the research interests of my colleagues.

Past projects

Current and past PhD students

Arbab Cheema, Cardiff University, 2018-
Topic: Financial Market Anomalies

Xiao Han, University of Edinburgh, 2017-
Topic: Persistence of Market Sentiment

Yanran Cao, University of Edinburgh, 2017-
Topic: Financial Sentiment and Deep Value Investing

Marcel Lukas, University of Edinburgh, 2015-19
Topic: Financial Decision-Making and the role of Financial Technology

Alistair Haig, University of Edinburgh, 2015-19
Topic: Market for Investment Research

Louis Nguyen, University of Edinburgh, 2012-15
Topic: Corporate Governance in Banking

PhD examinations

External examiner, Demetrios Zamboglou, King’s College London, 2018
Thesis: Heterogeneity and Skill in the Forex Market

External examiner, Samuel Vigne, Trinity College Dublin, 2017
Thesis: Financial Implications of Gold and Silver

Internal examiner, Abhishek Srivastav, University of Edinburgh, 2013
Thesis: CEO Inside Debt and Bank Risk-Taking

Areas of expertise

External profiles