![Arman Eshraghi](https://profiles-cardiff.imgix.net/attachments/6511?w=200&h=200&auto=format&crop=faces&fit=crop&q=90")
Overview
Summary (100 words)
Arman Eshraghi is a professor of finance with 15 years of experience in academic research, education and leadership following a professional background in financial services. He leads two interdisciplinary research groups on financial technology and behavioral finance, serves as managing/associate editor in several peer-reviewed journals, and acts as consultant to financial firms. His research spans across investments, behavioral finance, corporate finance and financial technology. Arman’s work is published in some leading journals of finance, accounting and management, and is regularly cited in the media. He has delivered award-winning teaching to student and executive cohorts in the UK, Europe and Asia.
Background
Prof. Arman Eshraghi holds the Chair of Finance and Investment at Cardiff Business School. He is a founding director of the Cardiff Fintech Research Group, Fintech Theme Lead at the Digital Transformation Innovation Institute, and a member of the Centre for Innovation Policy Research. Beyond Cardiff, he is a Shimomura Fellow of the Development Bank of Japan, Erskine Fellow of the University of Canterbury in New Zealand, Visiting Fellow of the Centre for Study of Decision-Making Uncertainty at University College London, Chair of the British Accounting and Finance Association Professorial Committee, and co-director of the Behavioural Finance Working Group.
Formerly, Prof. Eshraghi was at the University of Edinburgh Business School with visiting positions at the University of Manchester and UCL, plus some years of industry experience in financial services prior to academia. He holds PhD in Finance from the University of Edinburgh, and MBA in Finance and BSc in Electrical Engineering from Sharif University in Tehran. His doctoral and post-doctoral research received recognition in the EFMD Global, Emerald Literati, Scottish Financial Enterprise, and European Financial Group awards.
Research and Impact
Arman's academic research spans finance and accounting with broad interests including investments, behavioural/corporate finance, financial technology and interdisciplinary accounting. A core theme of his research examines the financial decisions of retail investors, fund managers, analysts and corporate executives, as well as any associated inefficiencies in financial markets. His work is cited in the Financial Times, Washington Post, Forbes, Bloomberg, BBC, Euronews, and has contributed to handbooks published by Cambridge University Press, Wiley, Springer, Routledge and Emerald.
His research is published across various journals in finance (including Review of Financial Studies; Review of Finance; Journal of Empirical Finance; European Financial Management; Journal of International Money and Finance; Financial Review; Corporate Governance: An International Review, etc.), in accounting (including Accounting, Organizations and Society; Accounting, Auditing and Accountability Journal; Accounting and Business Research), and in management (including Harvard Business Review; British Journal of Management).
Prof. Eshraghi actively contributes to editing finance journals as Editor-in-Chief of International Review of Economics and Finance, Senior Associate Editor of Finance Research Letters and Global Finance Journal, Associate Editor of Economic Modelling and Journal of Sustainable Finance & Investment, and Guest Editor of the European Journal of Finance.
Beyond academia, Prof. Eshraghi engages with organisations in the finance sector to offer bespoke research and training. He has given invited talks at the Federal Reserve Bank (New York), Centre for European Economic Research (Mannheim), National Institute of Securities Markets (Mumbai), and UK organisations such as the Office for National Statistics, Alan Turing Institute, CFA Society UK and CityUK. He is a former Advisory Panel member of Fintech Wales, and has advised several UK firms (including SMEs and a FTSE 100 firm) in areas related to financial markets and fintech.
Teaching and Education
Prof. Eshraghi is highly passionate about teaching and education. Beyond Cardiff, he has taught diverse cohorts in the UK (Edinburgh, London, Manchester, Warwick), Europe (Belgium, Denmark, Netherlands, Portugal) and Asia (China, India, Thailand, Vietnam, UAE).
Typically, Arman's teaching includes MSc/MBA, PhD and executive courses in corporate finance, investment management, equity valuation, behavioural finance and financial technology. His courses have won awards voted by students for Inspirational Teaching and Best Teaching Innovation .
He is an EMBA external examiner at King's Business School, King's College London, and a former MSc external examiner at Bayes (formerly, Cass) Business School, City University of London.
Media Coverage
- "A guide to saving for your child's financial future", Euronews, 2024
- “Reflections on the UK Global Investment Summit”, LBC News (live), 2023
- “IMF outlook on the UK economy”, Capital/Heart Radio (recorded), 2023
- “Reactions to the mini-budget”, Capital/Heart Radio (recorded), 2022
- “Bank of England response to the mini-budget”, LBC News (live), 2022
- “Financial impact of Russian sanctions”, Asharq News Bloomberg (live), 2022
- “The new IMF global economic outlook”, Asharq News Bloomberg (live), 2022
- “What banking will look like in 10 years”, The Next Web, 2021
- “Junior bankers and long working hours”, GB News (live), 2021
- "Tech unlocks the door to corporate fundraising for retail investors", Financial Times, 2020
- "Neurofinance and why some people make money more easily than others", BBC World, 2020
- "How to be more disciplined about retirement saving", YouTube, 2019
- "New study links a CEO's cultural heritage with corporate performance", Forbes, 2018
- "A CEO's decision making is shaped by immigration", Harvard Business Review, 2018
- "Dealing with big egos in the office", Ignites Europe (Financial Times), 2018
- "Bank performance and the cultural DNA", Harvard Law School Corporate Governance, 2018
- "High active share may lead to poorer returns", Ignites Europe (Financial Times), 2018
- "Cultural heritage affects bank performance under competition", Vox CEPR, 2017
- "When bank boards get too cozy, expect misconduct", Vox CEPR, 2016
- "Alan Greenspan's tone of voice moved gold prices", Financial Times, 2013
- "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
- "No 1997 Asian Crisis returns as China trembles", Bloomberg, 2013
- "Beware the dangers of overinflated egos", Financial Times (FTfm), 2012
Public Speaking and Moderation
- Panel talk, Getting Published in Finance, Annual CSR Conference, Boston, 2023
- Talk, Sleep and Financial Decisions, CFA Society of the UK, Edinburgh, 2023
- Panel talk, Publishing in Finance Journals, BAFA CFAP Conference, Dubai, 2023
- Keynote, Vietnam Symposium in Global Economic Issues, Ho Chi Minh City, 2023
- Keynote, International Conference on Emerging Challenges in Finance, Ninh Binh, 2023
- Panel talk, Paths to Publication, Tri-University Finance Conference, Xiamen, 2023
- Panel talk, Fintech and the Talent Pipeline, Westminster Business Forum, virtual, 2023
- Panel talk, Paths to Publication, 3rd ASFAAG Annual Conference, Valencia, 2023
- Keynote, Vietnam Symposium in Banking and Finance, Hanoi, 2022
- Keynote, Fintech and Market Behaviour, Alan Turing Institute, Cardiff, 2022
- Panel talk, Next Steps for UK Fintech, Westminster Business Forum, virtual, 2022
- Keynote, We Need to Talk About Bitcoin, Wales Tech Week, virtual, 2021
- Panel talk, Behavioural Perspectives on Financial Technology, Intelligence Forums, virtual, 2021
- Panel talk, Wealth Management in the Digital Age, Future of Finance, virtual, 2021
- Moderator, Public lecture by Jonathan Hall, Bank of England, virtual, 2021
- Keynote, Economic Times Innovation Tribe Summit and Awards, virtual, 2020
- Keynote, AI and the Future of Finance' Summit, University of Waikato, virtual, 2020
- Keynote, Fintech Wales Conference on 'Artificial Intelligence and Finance', Cardiff, 2020
- Panel talk, Office for National Statistics Workshop on 'COVID-19 and its Impact', virtual, 2020
- Panel talk, ESRC Sparking Impact Workshop on Blockchain Technology, Cardiff, 2019
- Panel talk, CityUK National Conference in partnership with PwC, Cardiff, 2019
- Panel talk, Advances in Behavioural Finance, Level 39, London, 2018
- Moderator, Public Lecture by Lord Alistair Darling, former UK Chancellor, Edinburgh, 2018
- Keynote, German Society of Investment Professionals Conference on Neurofinance, Frankfurt, 2017
- Keynote, National Institute of Securities Markets Behavioural Finance Workshop, Mumbai, 2016
- Panel talk, CFA Society of the UK Behavioural Finance Conference, London, 2015
- Panel talk, Federal Reserve Bank of New York Conference on 'Culture in Finance', New York, 2015
- Panel talk, Leibniz Center for European Economic Research Behavioural Finance Conference, Mannheim, 2014
- TEDx Talk, Fintech and the Future of Finance, TEDx Cardiff University, 2019
- 200,000+ views on YouTube
Consultancy and Panel Contribution
- ESG Corporate Awards, member of judging panel, esginvesting.co.uk, 2022-23
- Interswitch Group, pan-African fintech and digital commerce company, 2022
- Fintech Wales, member of (founding) Advisory Panel, Cardiff, 2019-22
- Fintech Wales, member of Skills Working Group, Cardiff, 2019-22
- Research Council of Norway, member of Grant Referee Panel, Oslo, 2019
- Fintech Scotland, University of Edinburgh delegate, Edinburgh, 2017-18
- CFA Institute, member of Finance Talent Roundtable, Edinburgh, 2017-18
- Advanced Logic Analytics, advisor on financial sentiment analytics, London, 2017
- Scottish Financial Enterprise, member of Financial Services Strategy Project, Edinburgh, 2016
- Research Council of Portugal, member of Grant Referee Panel, Lisbon, 2015
Publication
2024
- Boubaker, S., Eshraghi, A. and Liu, Y. 2024. Stock liquidity sidedness and share repurchase. International Review of Financial Analysis 95(Part B), article number: 103468. (10.1016/j.irfa.2024.103468)
- Alzayed, N., Eskandari, R., Eshraghi, A. and Yazdifar, H. 2024. Revisiting corporate governance and financial risk-taking. International Journal of Finance and Economics 29(4), pp. 4787-4812. (10.1002/ijfe.2896)
- Tosun, O. K., Eshraghi, A. and Vigne, S. 2024. Firms entangled in geopolitical conflicts: Evidence from the Russia – Ukraine war. Journal of International Money and Finance 147, article number: 103137. (10.1016/j.jimonfin.2024.103137)
- Atawnah, N., Eshraghi, A., Baghdadi, G. and Bhatti, I. 2024. Managerial ability and firm value: A new perspective. Research in International Business and Finance 67(PartB), article number: 10213. (10.1016/j.ribaf.2023.102133)
2023
- Cheema, A. K., Eshraghi, A. and Wang, Q. 2023. Macroeconomic news and price synchronicity. Journal of Empirical Finance 73, pp. 390-412. (10.1016/j.jempfin.2023.08.002)
- Altanlar, A., Amini, S., Holmes, P. and Eshraghi, A. 2023. Opportunism, overconfidence and irrationality: a puzzling triad. International Review of Financial Analysis 88, article number: 102643. (10.1016/j.irfa.2023.102643)
- Liu, A., Jahanshahloo, H., Chen, J. and Eshraghi, A. 2023. Trading patterns in the Bitcoin market. European Journal of Finance (10.1080/1351847X.2023.2241883)
- Tosun, O. K., Eshraghi, A. and Muradoglu, G. 2023. Learning financial survival from disasters. Journal of International Financial Markets, Institutions and Money 85, article number: 101778. (10.1016/j.intfin.2023.101778)
- Alharbi, S., Atawnah, N., Ali, M. J. and Eshraghi, A. 2023. Gambling culture and earnings management: a novel perspective. International Review of Economics and Finance 86 (10.1016/j.iref.2023.03.039)
- Eshraghi, A. 2023. Approaches to cryptocurrency valuation. In: Baker, H. K. et al. eds. The Emerald Handbook on Cryptoassets: Investment Opportunities and Challenges. Emerald, pp. 171-184., (10.1108/978-1-80455-320-620221012)
2022
- Tosun, O. K., Jin, L., Taffler, R. and Eshraghi, A. 2022. Fund manager skill: selling matters more!. Review of Quantitative Finance and Accounting 59(3), pp. 969-994. (10.1007/s11156-022-01065-9)
- Han, X., Sakkas, N., Danbolt, J. and Eshraghi, A. 2022. Persistence of investor sentiment and market mispricing. Financial Review 57(3), pp. 617-640. (10.1111/fire.12301)
- Tosun, O. and Eshraghi, A. 2022. Corporate decisions in times of war: Evidence from the Russia-Ukraine Conflict. Finance Research Letters 48, article number: 102920. (10.1016/j.frl.2022.102920)
- Danbolt, J., Eshraghi, A. and Lukas, M. 2022. Investment transparency and the disposition effect. European Financial Management 28(3), pp. 834-864. (10.1111/eufm.12329)
- Orihara, M. and Eshraghi, A. 2022. Corporate governance compliance and herding. International Review of Financial Analysis 80, article number: 102029. (10.1016/j.irfa.2022.102029)
2021
- Tosun, O. K., Eshraghi, A. and Muradoglu, G. 2021. Staring death in the face: the financial impact of corporate exposure to prior disasters. British Journal of Management 32(4), pp. 1284-1301. (10.1111/1467-8551.12539)
2020
- Jin, L., Taffler, R., Eshraghi, A. and Tosun, O. 2020. Fund manager conviction and investment performance. International Review of Financial Analysis 71, article number: 101550. (10.1016/j.irfa.2020.101550)
- Nguyen, D. D., Hagendorff, J. and Eshraghi, A. 2020. Misconduct in banking: Governance and the board of directors. In: Alexander, C. and Cumming, D. eds. Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation. Wiley, pp. 307-326.
2018
- Taffler, R. and Eshraghi, A. 2018. Hedge funds as phantastic objects: a psychoanalytic perspective on financial innovations. In: Garvey, P. and Long, K. eds. The Klein Tradition: Lines of Development. Abingdon, UK: Routledge, pp. 391-410.
- Nguyen, D. D., Hagendorff, J. and Eshraghi, A. 2018. Study: A CEO’s decision making is shaped by whether their parents were immigrants. Harvard Business Review
- 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)
2017
- 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)
2016
- 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)
- Nguyen, D. D., Hagendorff, J. and Eshraghi, A. 2016. Value effects of bank executives. In: Rossi, S. P. S. and Malavasi, R. eds. Financial Crisis, Bank Behaviour and Credit Crunch. Contributions to Economics Springer
2015
- Eshraghi, A. and Taffler, R. 2015. Heroes and victims: fund manager sensemaking, self-legitimation and storytelling. Accounting and Business Research 45(6-7), pp. 691-714. (10.1080/00014788.2015.1081556)
- Nguyen, D. D. L., Hagendorff, J. and Eshraghi, A. 2015. Which executive characteristics create value in banking? Evidence from appointment announcements. Corporate Governance 23(2), pp. 112-128. (10.1111/corg.12084)
2014
- Eshraghi, A. and Taffler, R. 2014. Emotional finance and fiduciary responsibility. In: Hawley, J. P. et al. eds. Cambridge Handbook of Institutional Investment and Fiduciary Duty. Cambridge: Cambridge University Press, pp. 254-264.
- Eshraghi, A. 2014. Fund manager overconfidence and investment narratives. In: Hart, R. P. ed. Communication and Language Analysis in the Corporate World. IGI Global, pp. 1-20.
2012
- Eshraghi, A. and Taffler, R. 2012. Hedge funds and unconscious fantasy. Accounting, Auditing and Accountability Journal 25(8), pp. 1244. (10.1108/09513571211275461)
Articles
- Boubaker, S., Eshraghi, A. and Liu, Y. 2024. Stock liquidity sidedness and share repurchase. International Review of Financial Analysis 95(Part B), article number: 103468. (10.1016/j.irfa.2024.103468)
- Alzayed, N., Eskandari, R., Eshraghi, A. and Yazdifar, H. 2024. Revisiting corporate governance and financial risk-taking. International Journal of Finance and Economics 29(4), pp. 4787-4812. (10.1002/ijfe.2896)
- Tosun, O. K., Eshraghi, A. and Vigne, S. 2024. Firms entangled in geopolitical conflicts: Evidence from the Russia – Ukraine war. Journal of International Money and Finance 147, article number: 103137. (10.1016/j.jimonfin.2024.103137)
- Atawnah, N., Eshraghi, A., Baghdadi, G. and Bhatti, I. 2024. Managerial ability and firm value: A new perspective. Research in International Business and Finance 67(PartB), article number: 10213. (10.1016/j.ribaf.2023.102133)
- Cheema, A. K., Eshraghi, A. and Wang, Q. 2023. Macroeconomic news and price synchronicity. Journal of Empirical Finance 73, pp. 390-412. (10.1016/j.jempfin.2023.08.002)
- Altanlar, A., Amini, S., Holmes, P. and Eshraghi, A. 2023. Opportunism, overconfidence and irrationality: a puzzling triad. International Review of Financial Analysis 88, article number: 102643. (10.1016/j.irfa.2023.102643)
- Liu, A., Jahanshahloo, H., Chen, J. and Eshraghi, A. 2023. Trading patterns in the Bitcoin market. European Journal of Finance (10.1080/1351847X.2023.2241883)
- Tosun, O. K., Eshraghi, A. and Muradoglu, G. 2023. Learning financial survival from disasters. Journal of International Financial Markets, Institutions and Money 85, article number: 101778. (10.1016/j.intfin.2023.101778)
- Alharbi, S., Atawnah, N., Ali, M. J. and Eshraghi, A. 2023. Gambling culture and earnings management: a novel perspective. International Review of Economics and Finance 86 (10.1016/j.iref.2023.03.039)
- Tosun, O. K., Jin, L., Taffler, R. and Eshraghi, A. 2022. Fund manager skill: selling matters more!. Review of Quantitative Finance and Accounting 59(3), pp. 969-994. (10.1007/s11156-022-01065-9)
- Han, X., Sakkas, N., Danbolt, J. and Eshraghi, A. 2022. Persistence of investor sentiment and market mispricing. Financial Review 57(3), pp. 617-640. (10.1111/fire.12301)
- Tosun, O. and Eshraghi, A. 2022. Corporate decisions in times of war: Evidence from the Russia-Ukraine Conflict. Finance Research Letters 48, article number: 102920. (10.1016/j.frl.2022.102920)
- Danbolt, J., Eshraghi, A. and Lukas, M. 2022. Investment transparency and the disposition effect. European Financial Management 28(3), pp. 834-864. (10.1111/eufm.12329)
- Orihara, M. and Eshraghi, A. 2022. Corporate governance compliance and herding. International Review of Financial Analysis 80, article number: 102029. (10.1016/j.irfa.2022.102029)
- Tosun, O. K., Eshraghi, A. and Muradoglu, G. 2021. Staring death in the face: the financial impact of corporate exposure to prior disasters. British Journal of Management 32(4), pp. 1284-1301. (10.1111/1467-8551.12539)
- Jin, L., Taffler, R., Eshraghi, A. and Tosun, O. 2020. Fund manager conviction and investment performance. International Review of Financial Analysis 71, article number: 101550. (10.1016/j.irfa.2020.101550)
- Nguyen, D. D., Hagendorff, J. and Eshraghi, A. 2018. Study: A CEO’s decision making is shaped by whether their parents were immigrants. Harvard Business Review
- 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)
- 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)
- 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)
- Eshraghi, A. and Taffler, R. 2015. Heroes and victims: fund manager sensemaking, self-legitimation and storytelling. Accounting and Business Research 45(6-7), pp. 691-714. (10.1080/00014788.2015.1081556)
- Nguyen, D. D. L., Hagendorff, J. and Eshraghi, A. 2015. Which executive characteristics create value in banking? Evidence from appointment announcements. Corporate Governance 23(2), pp. 112-128. (10.1111/corg.12084)
- Eshraghi, A. and Taffler, R. 2012. Hedge funds and unconscious fantasy. Accounting, Auditing and Accountability Journal 25(8), pp. 1244. (10.1108/09513571211275461)
Book sections
- Eshraghi, A. 2023. Approaches to cryptocurrency valuation. In: Baker, H. K. et al. eds. The Emerald Handbook on Cryptoassets: Investment Opportunities and Challenges. Emerald, pp. 171-184., (10.1108/978-1-80455-320-620221012)
- Nguyen, D. D., Hagendorff, J. and Eshraghi, A. 2020. Misconduct in banking: Governance and the board of directors. In: Alexander, C. and Cumming, D. eds. Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation. Wiley, pp. 307-326.
- Taffler, R. and Eshraghi, A. 2018. Hedge funds as phantastic objects: a psychoanalytic perspective on financial innovations. In: Garvey, P. and Long, K. eds. The Klein Tradition: Lines of Development. Abingdon, UK: Routledge, pp. 391-410.
- Nguyen, D. D., Hagendorff, J. and Eshraghi, A. 2016. Value effects of bank executives. In: Rossi, S. P. S. and Malavasi, R. eds. Financial Crisis, Bank Behaviour and Credit Crunch. Contributions to Economics Springer
- Eshraghi, A. and Taffler, R. 2014. Emotional finance and fiduciary responsibility. In: Hawley, J. P. et al. eds. Cambridge Handbook of Institutional Investment and Fiduciary Duty. Cambridge: Cambridge University Press, pp. 254-264.
- Eshraghi, A. 2014. Fund manager overconfidence and investment narratives. In: Hart, R. P. ed. Communication and Language Analysis in the Corporate World. IGI Global, pp. 1-20.
Research
Research Interests
- Behavioral finance
- Corporate finance
- Financial technology
- Investment management
- Market-based accounting
- Interdisciplinary accounting
Research Conferences co-organised
Recent Research Seminars (invited)
2023: Fudan University, Queen Mary University, University of Birmingham, University of Bath, Victoria University of Wellington, Massey University, University of Canterbury, Education University of Hong Kong, Curtin University
2022: University of Exeter, University of Birmingham, University of Reading, Aston University, Leeds University; University of Edinburgh
2019: University of St Andrews, University College Dublin, Queen’s University Belfast, Open University, University of Porto
2018: Waseda University, Hitotsubashi University, City University of London, Swansea University, University of Aarhus, Frankfurt School of Finance and Management
2017: Seoul National University, Sungkyunkwan University, San Diego State University, Newcastle University, Glasgow University, Bangor University, University of Aarhus, University of Leipzig
Journal Reviews (invited)
- Review of Financial Studies
- Journal of Corporate Finance
- Journal of Banking and Finance
- European Financial Management
- Journal of Business Ethics
- Journal of Economic Behavior and Organization
- ...
Teaching
My current and past teaching includes the courses below covering diverse class sizes and student backgrounds:
- Financial Technology and Behaviour (MSc)
- Finance and Investment (MSc/MBA)
- Corporate Finance (MBA)
- Behavioural Finance (MSc)
- Equity Valuation (MSc)
- Investment Management (MSc)
- Digital Transformation, Organizations and Society (MBA)
- Advanced Topics in Finance and Accounting (PhD)
My teaching philosophy seeks student-focused learning and initiating conceptual changes. I am passionate about teaching innovations and, some years ago, led a research project on transforming finance education using investment/trading simulation platforms. I have obtained a Postgraduate Certificate in Academic Practice awarded by the University of Edinburgh and am a Fellow of AdvanceHE (formerly, Higher Education Academy). My teaching has won awards voted by students for Inspirational Teaching, Best Teaching Innovation, and Best Postgraduate Course among other nominations.
I have delivered postgraduate and executive programmes in the UK (Cardiff, Edinburgh, Warwick, Manchester, London), Europe (Netherlands, Belgium, Denmark, Portugal) and Asia (China, India, Vietnam, Thailand). I have also some experience teaching personal finance for Wallich, a Welsh homelessness charity.
Executive education and industry engagement are among my key interests. Some years ago, I designed a two-day executive masterclass on 'Advances in Behavioural Finance' which has since been delivered to several British, American, Indian and Chinese firms.
Other bespoke training delivered in the UK and internationally includes:
- Help to Grow Management BEIS Department, UK government
- Excellence in the Finance Function National Health Service (NHS) Wales, UK
- Finance for Non-financial Managers BECT Building Contractors, UK
- Textual Analysis in Finance Walter Scott & Partners, UK
- Advances in Financial Technology Cohort of finance managers, UK
- Finance, Behaviour and Sustainability Cohort of sustainability managers, UK
- Applications of Behavioural Finance Aetna CVS Health, US
- Finance for Media Companies Scottish Television (STV), UK
- Advances in Behavioural Finance Scottish Widows plc, UK
- Advances in Behavioural Finance Huarong Asset Management, China
- Applied Corporate Finance Guangzhou CPA Association, China
Biography
Educational Background
- PhD in Finance, University of Edinburgh, 2007-12
Thesis: Professional Investor Psychology and Investment Performance
Advisory committee: Richard Taffler, Seth Armitage, David Tuckett
- MBA, Sharif University of Technology, 2003-05
Concentration in finance; Thesis: Herding Behavior in Equity Markets
- BSc in Electrical Engineering, Sharif University of Technology, 1999-2003
Concentration in telecommunications; Thesis: Essays on Visual Cryptography
Honours and awards
Research and Research Leadership
Nominated, Celebrating Excellence Awards, Cardiff University, 2023
Selected, Cardiff Professorial Leadership Programme, 2022
Shortlisted (three times), Fintech Awards Wales, 2021-23
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
Best Paper Award Finalist, Financial Management Association European Conference, Venice, 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 Literati Award for Research Excellence, 2013
Teaching and Education
Nominated, Celebrating Excellence Awards, Cardiff University, 2023
Best Teaching Innovation Award, University of Edinburgh Business School, 2018
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
Prior to academia
PhD Scholarship at the University of Edinburgh Business School, 2007-11
Third rank in the MBA graduating class of Iran's most selective business school, 2005
First rank in the National Admissions Test for postgraduate business programmes, 2003
Admitted to Iran's most selective (top 0.02%) engineering programme, 1999
Professional memberships
American Finance Association
European Finance Association
Financial Management Association
British Accounting and Finance Association
Academic positions
Chair of Finance and Investment, Cardiff University, 2018-present
Associate Professor of Finance, University of Edinburgh, 2016-18
Assistant Professor of Finance, University of Edinburgh, 2013-16
Postdoctoral Fellow in Finance, University of Edinburgh, 2012-13
Committees and reviewing
Editor-in-Chief, International Review of Economics and Finance
Senior Editor, Finance Research Letters
Senior Editor, Global Finance Journal
Guest Editor, European Journal of Finance (SI: Fintech and Financial Markets) Guest Editor, European Journal of Finance (SI: Fintech and Risk)
Associate Editor, Economic Modelling
Associate Editor, Journal of Sustainable Finance and Investment
Supervisions
I am interested in advising PhD projects in the following broad areas:
- Behavioral finance
- Corporate finance
- Financial technology
- Investment management
- Market-based accounting
- Interdisciplinary accounting
Note to prospective doctoral applicants:
- Please include in your introductory email a CV, detailed research proposal and references.
- Review this information about our PhD programme.
- You can see the research interests of our department faculty here.
Current PhD students
Weijian Liang, 2020-
Topic: Real Estate Investment Trusts
Doreen Dai, 2020-
Topic: Social Effects and Financial Technology
Simon Brightman, 2021-
Topic: Adoption and Impact of Advanced Analytical Technologies
Qiaoyu Sun, 2021-
Topic: Threats and Financial Markets
Xiang Li, 2022-
Topic: CEO Lifestyle and Corporate Performance
Martina Macpherson, 2022-
Topic: Investor Engagement and Human Rights
Past projects
Duc Duy Nguyen, University of Edinburgh, 2012-15
Topic: Corporate Governance in Banking
Current position: Full Professor of Finance, Durham University
Marcel Lukas, University of Edinburgh, 2015-19
Topic: Social Effects, Technology and Financial Decision Making
Current position: Associate Professor of Finance, University of St Andrews
Alistair Haig, University of Edinburgh, 2015-19
Topic: Market for Investment Research
Current position: Quantitative Analyst, Franklin Templeton
Xiao Han, University of Edinburgh, 2017-21
Topic: Sentiment and Market Anomalies
Current position: Assistant Professor of Finance, Bayes Business School
Arbab Cheema, Cardiff University, 2018-22
Topic: Financial Market Anomalies
Current position: Assistant Professor of Finance, Queen's University Belfast
Pengfei Gao, Cardiff University, 2019-24
Topic: Market Reaction to Financial Disclosures
Current position: Job market candidate
Previous PhD Examinations
University of Edinburgh, 2024
Thesis: Sleep Loss and Financial Markets
University of Leeds, 2023
Thesis: Essays on CEO Overconfidence
University of Bath, 2023
Thesis: Essays on Behavioural Finance and Game Theory
Ca’Foscari University of Venice, 2022
Thesis: Essays on Corporate Takeover
University of Glasgow, 2019
Thesis: Determinants of M&A Acquirer Performance
King’s College London, 2018
Thesis: Heterogeneity and Skill in the Forex Market
Trinity College Dublin, 2017
Thesis: Precious Metals and Financial Markets
Contact Details
+44 29225 10880
Aberconway Building, Room E42, Colum Road, Cathays, Cardiff, CF10 3EU
