Professor Arman Eshraghi

Professor of Finance and Investment, Deputy Head of Section for Research, Impact and Innovation

: EshraghiA@cardiff.ac.uk
: +44 29225 10880
: Aberconway Building, Room E42, Colum Road, Cathays, Cardiff, CF10 3EU

: Available for postgraduate supervision

Background

Arman Eshraghi holds the Chair of Finance and Investment at Cardiff Business School. He is a Shimomura Fellow of the Development Bank of Japan, Fellow of the UK Higher Education Academy and the Centre for Study of Decision-Making Uncertainty at UCL. At Cardiff, Arman directs the Fintech Research Group, and serves as Deputy Head of Section for Research, Impact and Innovation.

Formerly, Arman was at the University of Edinburgh, and has held visiting positions at the University of Manchester, University College London, and University of Canterbury in New Zealand. Prior to academia, he was a management consultant in the banking and telecom sectors. Arman holds PhD in Finance from the University of Edinburgh, MBA with a finance concentration and BSc in Electrical Engineering, both from Sharif University in Tehran. His doctoral and post-doctoral research was highly commended by EFMD Global, Emerald Literati, SFE Rising Star, and EFG Young Scholar awards.

Research

Arman's academic research spans finance and accounting with broad interests including investment management, behavioural finance, financial technology, corporate governance, and critical accounting. Inter alia, his work is cited in the Financial Times, Washington Post, Harvard Business Review, Forbes, Bloomberg and the BBC, and has contributed to handbooks published by Cambridge University, Wiley, Springer, Emerald and Routledge.

His journal publications cover finance (Review of Financial Studies; Review of Finance; Journal of Empirical Finance; European Financial Management; Financial Review; Corporate Governance: An International Review; International Review of Financial Analysis; Review of Quantitative Finance and Accounting; European Journal of Finance; Journal of International Financial Markets, Institutions & Money; Finance Research Letters), accounting (Accounting, Organizations and Society; Accounting, Auditing and Accountability; Accounting and Business Research) and management (British Journal of Management). Arman also actively contributes to editing finance journals as Co-Editor of International Review of Economics and Finance (IF: 4.5), Senior Editor of Finance Research Letters (IF: 10.4) and the Global Finance Journal (IF: 5.2), and Special Issue Co-Editor of the European Journal of Finance. He has conducted paper reviews for the Review of Financial Studies, Journal of Corporate Finance; Journal of Banking and Finance; European Financial Management; Journal of Business Ethics; and Journal of Economic Behavior and Organization.

Beyond academia, Prof. Eshraghi 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 (New York), Centre for European Economic Research (Mannheim), National Institute of Securities Markets (Mumbai), and UK organisations such as the ONS, CFA UK Institute and CityUK. Arman sits on the Advisory Board of Fintech Wales, has advised a number of UK-based firms in the area of financial markets, and is a mentor at Fintech Wales Foundry.

Teaching

Arman is highly passionate about teaching and education. Beyond Cardiff, he has taught diverse cohorts in the UK (Edinburgh, London, Manchester, Warwick), Europe (Belgium, Denmark, Netherland, Portugal) and Asia (China, India, Thailand). He is currently an external examiner of MSc Banking and International Finance at Bayes (formerly, Cass) Business School at City, University of London.

Typically, Arman's teaching includes MSc, MBA, PhD and executive courses in investment management, behavioural finance, corporate finance and fintech (a full list is available on the teaching tab above). He is passionate about teaching innovations, and his courses have won awards voted by students for Best Teaching Innovation, Best Postgraduate Course and Inspirational Teaching.

Media Coverage

"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

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, 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
TEDx Talk, Fintech and the Future of Finance, Cardiff University, 2019 (100,000+ YouTube views)
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 Alistair Darling, former Chancellor of the Exchequer, 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', NYC, 2015
Panel talk, Leibniz Center for European Economic Research Behavioural Finance Workshop, Mannheim, 2014

A full list of research seminars and conference presentations is available on the research tab above.

Consultancy and Contribution to Expert Panels

Welsh Government, member of 'Technology in Manufacturing' Consultation, Cardiff, 2020
Welsh Parliament, member of COVID-19 Expert Register, since 2020
Fintech Wales, member of Advisory Board, Cardiff, since 2019
Fintech Wales, member of Skills Working Group, Cardiff, since 2019
Research Council of Norway, member of Grant Referee Panel, Oslo, 2019
Fintech Scotland, University of Edinburgh delegate, Edinburgh, 2017-18
CFA Institute and CFA Society UK, member of Finance Talent Roundtable, Edinburgh, 2017-18
Scottish Financial Enterprise, member of Financial Services Strategy Project, Edinburgh, 2016
Research Council of Portugal, member of Grant Referee Panel, Lisbon, 2015

Date
Type

2023

Alzayed, N., Eskandari, R., Eshraghi, A. and Yazdifar, H. 2023. Revisiting corporate governance and financial risk-taking. International Journal of Finance and Economics
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)
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)
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)
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)

2019

Nguyen, D. D., Hagendorff, J. and Eshraghi, A. 2019. 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

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. 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)

Research Interests

Behavioural investing, fund management, behavioural corporate finance
Financial technology, big data, textual analysis in finance
Corporate governance, board structure, governance in banking
Interdisciplinary and critical accounting, discourse analysis, sensemaking

Selected Media Coverage

"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

Invited Research Seminars

Aston University, UK, 2022
Trinity College Dublin, Ireland, 2022
University of Reading, UK, 2022
University of the North, Colombia, 2021
Queen Mary University, UK, 2021
University of Exeter, UK, 2020
Leeds University, UK, 2019
University of St Andrews, UK, 2019
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
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
University of Aarhus, Denmark, 2016
University of Algarve, Portugal, 2016
University of Stirling, UK, 2015
Heriot-Watt University, UK, 2015
University of Texas at Austin, US, 2014
University of Laval, Quebec, Canada, 2012
University of Maastricht, Netherlands, 2012

Conference Presentations

'c' indicates presentation by co-author

Behavioural Finance Working Group Conference, Virtual, 2021, c
Boca Corporate Finance and Governance Conference, Virtual, 2020
BBS Conference on the Developments in Financial Technology, Virtual, 2020
Infiniti Conference on International Finance, Glasgow, 2019
European Financial Management Association Meeting, Azores, 2019, c
Financial Management Association European Conference, Glasgow, 2019, c
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, Two Best Paper Awards
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, Best Paper Award Finalist
International Review of Financial Analysis Conference on Gold, Hamburg, 2015, Best Paper Award
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

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 led a research project on transforming finance education using investment/trading simulation platforms. My teaching has won awards voted by students for Best Teaching Innovation in 2017, Best Postgraduate Course in 2016, Inspirational Teaching in 2015 and several other nominations.

Inter alia, I have delivered postgraduate and executive programmes in the UK (Edinburgh, Warwick, Cardiff, London), Europe (Netherlands, Belgium, Denmark, Portugal) and Asia (Iran, India, Thailand). I have also some experience teaching personal finance for Wallich, a homelessness charity, and primary school students from a deprived area of Wales.

Executive education and industry engagement are among my key interests. I designed a two-day executive masterclass in 2015 on 'Advances in Behavioural Finance' which has since been delivered to several British, American, Indian and Chinese organisations. Other bespoke training delivered in the UK and internationally includes:

Help to Grow Management BEIS Department, UK government, 2021
Excellence in the Finance Function National Health Service Wales, UK, 2018-21
Finance for Non-financial Managers BECT Building Contractors, UK, 2020
Textual Analysis in Finance Walter Scott & Partners, UK, 2019
Advances in Financial Technology Cohort of finance managers, UK, 2019
Finance, Behaviour and Sustainability Cohort of sustainability managers, UK, 2018
Applications of Behavioural Finance Aetna Inc (CVS Health), 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

Educational Background

PhD in Finance, University of Edinburgh, 2012
Thesis: Professional Investor Psychology and Investment Performance
Advisory committee: Richard Taffler, Seth Armitage

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

Best Academic Programme finalist, Fintech Wales Awards, 2021
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

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

Pre-academia

PhD scholarship at the University of Edinburgh, 2007-11
Third rank in the MBA graduating class of Iran's most selective business school, 2005
First rank in Iran's National Admissions Test for postgraduate business programmes, 2003
Admitted to Iran's most selective (top 0.02%) engineering programme, 1999

Professional memberships

Director, Cardiff Corporate Governance Research Group, Cardiff University
Co-director, Cardiff Fintech Research Group, Cardiff University
Fellow, Centre for Study of Decision-Making Uncertainty, UCL
Fellow, Development Bank of Japan
Fellow, Higher Education Academy
Former Member, Edinburgh Futures Institute, University of Edinburgh
Former Member, Academic Senate, University of Edinburgh

Academic positions

Professor of Finance and Investment, Cardiff University, 2018-present
Senior Lecturer (Associate Professor) in Finance and Accounting, University of Edinburgh, 2016-18
Lecturer (Assistant Professor) 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

Committees and reviewing

Co-Editor: International Review of Economics & Finance

Senior Editor: Finance Research Letters and Global Finance Journal

Special Issue Guest Editor: European Journal of Finance

Ad-hoc Reviewer: Journal of Corporate Finance; Journal of Banking and Finance; Journal of Business Ethics; Journal of Economic Behavior and Organization; 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

Member of Grant Review Panel: Research Council of Norway and Research Council of Portugal

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

Behavioural investing, fund management, behavioural corporate finance
Financial technology, big data, textual analysis in finance
Corporate governance, board structure, governance in banking
Interdisciplinary and critical accounting, discourse analysis, sensemaking

Note to prospective doctoral applicants:

Please include in your introductory email a detailed research proposal, CV, motivation letter and references.
Read these helpful tips (here and here) about writing research proposals.
Review this information about our PhD programme and the research interests of my colleagues.

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