![Izidin El Kalak](https://profiles-cardiff.imgix.net/attachments/6415?w=200&h=200&auto=format&crop=faces&fit=crop&q=90")
Dr Izidin El Kalak
Senior Lecturer (Associate Professor) in Finance
- 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 the Journal of Financial Economics, Journal of Financial Markets, Energy Economics, and Journal of Economic Behavior and Organization, among others.
I have received approximately £200,000 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 personal webpage from HERE
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.
Publication
2024
- El Kalak, I., Hudson, R. and Tosun, O. K. 2024. Engaged ETFs and firm performance. European Financial Management 30(3), pp. 1708-1765. (10.1111/eufm.12459)
- El Kalak, I., Mazouz, K. and Yamada, K. 2024. The decline of bank ownership and firm’s capital structure: evidence from Japanese business groups. Applied Economics (10.1080/00036846.2024.2364092)
- El Kalak, I., Goergen, M. and Guney, Y. 2024. CEO overconfidence and the speed of adjustment of cash holdings. European Journal of Finance (10.1080/1351847X.2024.2364829)
- Azevedo, A., Colak, G., El Kalak, I. and Tunaru, R. 2024. The timing of voluntary delisting. Journal of Financial Economics 155, article number: 103832. (10.1016/j.jfineco.2024.103832)
2023
- El Kalak, I., Tosun, O. K. and Yamada, K. 2023. The Bank of Japan's equity purchases and stock price crash risk. Economics Letters 229, article number: 111214. (10.1016/j.econlet.2023.111214)
- El Kalak, I., Leung, W. S., Takahashi, H. and Yamada, K. 2023. The Bank of Japan's equity purchases and stock illiquidity. Journal of Financial Markets 63, article number: 100770. (10.1016/j.finmar.2022.100770)
2022
- Tosun, O. K. and El Kalak, I. 2022. ETF ownership and corporate cash holdings. European Financial Management 28(5), pp. 1308-1346. (10.1111/eufm.12352)
- 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)
2020
- 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. 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)
- 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)
Articles
- El Kalak, I., Hudson, R. and Tosun, O. K. 2024. Engaged ETFs and firm performance. European Financial Management 30(3), pp. 1708-1765. (10.1111/eufm.12459)
- El Kalak, I., Mazouz, K. and Yamada, K. 2024. The decline of bank ownership and firm’s capital structure: evidence from Japanese business groups. Applied Economics (10.1080/00036846.2024.2364092)
- El Kalak, I., Goergen, M. and Guney, Y. 2024. CEO overconfidence and the speed of adjustment of cash holdings. European Journal of Finance (10.1080/1351847X.2024.2364829)
- Azevedo, A., Colak, G., El Kalak, I. and Tunaru, R. 2024. The timing of voluntary delisting. Journal of Financial Economics 155, article number: 103832. (10.1016/j.jfineco.2024.103832)
- El Kalak, I., Tosun, O. K. and Yamada, K. 2023. The Bank of Japan's equity purchases and stock price crash risk. Economics Letters 229, article number: 111214. (10.1016/j.econlet.2023.111214)
- El Kalak, I., Leung, W. S., Takahashi, H. and Yamada, K. 2023. The Bank of Japan's equity purchases and stock illiquidity. Journal of Financial Markets 63, article number: 100770. (10.1016/j.finmar.2022.100770)
- Tosun, O. K. and El Kalak, I. 2022. ETF ownership and corporate cash holdings. European Financial Management 28(5), pp. 1308-1346. (10.1111/eufm.12352)
- 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)
- 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. 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)
- 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)
- 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
- 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)
- 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)
Monographs
- 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
Research
Current research interest:
- Empirical Corporate finance
- Corporate governance
- Behavioural corporate finance
- Renewable energy investments
Teaching
- BST254 (BST960) Financial Derivatives (Module leader), MSc level (2018 - present)
- BST956 Quantitative Methods in Finance (Module leader) MSc level (2023 - present)
- BS3615 Security Analysis and Portfolio Management (Module leader), BSc level - Final year (2018 - 2022)
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
Editorial Board
- International Review of Economics and Finance
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
Supervisions
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
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.
Qiaoyu Sun, Cardiff University, 2021-
Topic: Threat Index and Corporate Decisions.
Shahad Aldousari, Cardiff University, 2023-
Topic: Corporate Innovation Decisions.
Past PhD students
Soma Housein, Cardiff University, 2018-2023
Topic: Essays on Corporte Social Responsibility
Sahar Alabdallah, Cardiff University, 2019-2023
Topic: Essays on Corporate Culture
Pengfei Gao, Cardiff University, 2020-2023
Topic: Market Reaction to Financial Disclosures
Internal PhD examinations
Cardiff University, 2018
Thesis: Investor sentiment and cross-sectional stock returns
Cardiff University, 2019
Thesis: An examination of the informativess of corporate income tax provision to explain future tax cash flows: Evidence from UK
Cardiff University, 2021
Thesis: Birds of an ethnic feather: The impact of CEO-board cultural similarity on firm value and board effectivness
External PhD examinations
Institution: University of Sussex - Business School, UK - 2021
Thesis title: The impact of dividend-smoothing risk, institutional investors, and investor behaviour on equity pricing
Institution: Mid Sweden University, Sweden - 2022
Thesis title: A tale of two Fintech Solutions
Institution: Computer Department, University of Warwick, UK - 2023
Thesis title: Cybersecurity and resilient structures within SMEs
Institution: Department of Computer Science, University of Westminster, UK - 2024
Thesis title: Understanding BITCOIN Market Mechanics Using Feature Engineering, Data Modeling, and Forecasting Methods
Contact Details
+44 29208 74961
Aberconway Building, Room S30, Colum Road, Cathays, Cardiff, CF10 3EU