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Professor Khelifa Mazouz
Teams and roles for Khelifa Mazouz
Professor of Finance
Overview
Khelifa joined Cardiff Business School, as Professor of Finance, in January 2014, following previous full-time academic appointments at Bradford School of Management, Aston Business School and Portsmouth Business School. Khelifa’s teaching interests include corporate finance, financial derivatives and asset pricing.
Publication
2025
- Zhou, P. et al. 2025. Choices and effects of different green labels in the EU bond market. Journal of Business Ethics 200 , pp.207-229. (10.1007/s10551-024-05847-0)
2024
- 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)
- Evans, K. P. et al. 2024. ETF ownership and seasoned equity offerings. Journal of Financial and Quantitative Analysis 59 (4), pp.1821-1848. (10.1017/S002210902300042X)
- Guan, B. , Mazouz, K. and Xu, Y. 2024. Asymmetric volatility spillover between crude oil and other asset markets. Energy Economics 130 107305. (10.1016/j.eneco.2024.107305)
2023
- Ding, W. et al., 2023. Technical analysis as a sentiment barometer and the cross-section of stock returns. Quantitative Finance 23 (11), pp.1617-1636. (10.1080/14697688.2023.2244991)
- Jin, H. et al., 2023. Can star analysts make superior coverage decisions in poor information environment?. Journal of Banking and Finance 146 106650. (10.1016/j.jbankfin.2022.106650)
- Mazouz, K. et al. 2023. Dividend policy, systematic liquidity risk, and the cost of equity capital. Review of Quantitative Finance and Accounting 60 , pp.839-876. (10.1007/s11156-022-01114-3)
2022
- Mazouz, K. and Wu, Y. 2022. Why do firm fundamentals predict returns: Evidence from short selling activity. International Review of Financial Analysis 79 101974. (10.1016/j.irfa.2021.101974)
2021
- Ding, W. , Mazouz, K. and Wang, Q. 2021. Volatility timing, sentiment, and the short-term profitability of VIX-based cross-sectional trading strategies. Journal of Empirical Finance 63 , pp.42-56. (10.1016/j.jempfin.2021.05.003)
- Mazouz, K. , Gounopoulos, D. and Wood, G. 2021. The consequences of political donations for IPO premium and performance. Journal of Corporate Finance 67 101888. (10.1016/j.jcorpfin.2021.101888)
- Mazouz, K. et al. 2021. Comprehending the outward FDI from Latin America and OCED: A comparative perspective. International Business Review 30 (5) 101853. (10.1016/j.ibusrev.2021.101853)
2020
- Leung, W. , Evans, K. P. and Mazouz, K. 2020. The R&D anomaly: risk or mispricing?. Journal of Banking and Finance 115 105815. (10.1016/j.jbankfin.2020.105815)
2019
- Ding, W. , Mazouz, K. and Wang, Q. 2019. Investor sentiment and the cross-section of stock returns: New theory and evidence. Review of Quantitative Finance and Accounting 53 , pp.493-525. (10.1007/s11156-018-0756-z)
- Mazouz, K. , Abdul, M. and Saadouni, B. 2019. Price reaction of ethically screened stocks: a study of the Dow Jones Islamic Market World Index. Journal of Business Ethics 154 (3), pp.683-699. (10.1007/s10551-016-3389-y)
- Mazouz, K. and Zhao, Y. 2019. CEO incentives, takeover protection and corporate innovation. British Journal of Management 30 (2), pp.494-515. (10.1111/1467-8551.12330)
2018
- Huang, W. and Mazouz, K. 2018. Excess cash, trading continuity, and liquidity risk. Journal of Corporate Finance 48 , pp.275-291. (10.1016/j.jcorpfin.2017.11.005)
- Leung, W. S. et al. 2018. Organization capital, labor market flexibility, and stock returns around the world. Journal of Banking and Finance 89 , pp.150-168. (10.1016/j.jbankfin.2018.02.008)
- Yin, S. et al., 2018. Stock price reaction to profit warnings: the role of time varying betas. Review of Quantitative Finance and Accounting 50 (1), pp.67-93. (10.1007/s11156-017-0623-3)
2017
- Mazouz, K. et al. 2017. Underwriters' allocation with and without discretionary power: evidence from the Hong Kong IPO market. International Review of Financial Analysis 49 , pp.128-137.
2016
- Mazouz, K. , Mohamed, A. and Saadouni, B. 2016. Stock return comovement around the Dow Jones Islamic Market World Index revisions. Journal of Economic Behavior and Organization 132 (Supp.), pp.50-62. (10.1016/j.jebo.2016.05.011)
- Wood, G. et al., 2016. Foreign direct investment and employment rights in South-Eastern Europe. Cambridge Journal of Economics 40 (1), pp.141-163. (10.1093/cje/beu070)
- Wu, Y. and Mazouz, K. 2016. Long-term industry reversals. Journal of Banking & Finance 68 , pp.236-250. (10.1016/j.jbankfin.2016.03.017)
2015
- Huang-Meier, W. , Freeman, M. C. and Mazouz, K. 2015. Why are aggregate equity payouts pro-cyclical?. Journal of Macroeconomics 44 , pp.98-108. (10.1016/j.jmacro.2015.01.005)
- Mazouz, K. , Wu, Y. and Yin, S. 2015. Trading activity in options and stock around price-sensitive news announcements. Journal of Futures Markets 35 (12), pp.1173-1194. (10.1002/fut.21691)
2014
- Adcock, C. et al., 2014. Derivative activities and Chinese banks' exposures to exchange rate and interest rate movements. The European Journal of Finance (10.1080/1351847X.2014.899260)
- Adcock, C. et al., 2014. Does the stock market reward innovation? European stock index reaction to negative news during the global financial crisis. Journal of International Money and Finance 49 (B), pp.470-491. (10.1016/j.jimonfin.2014.06.004)
- Agyei-Ampomah, S. , Gounopoulos, D. and Mazouz, K. 2014. Does gold offer a better protection against losses in sovereign debt bonds than other metals?. Journal of Banking and Finance 40 , pp.507-521. (10.1016/j.jbankfin.2013.11.014)
- Mazouz, K. , Daya, W. and Yin, S. 2014. Index revisions, systematic liquidity risk and the cost of equity capital. Journal of International Financial Markets, Institutions and Money 33 , pp.283-298. (10.1016/j.intfin.2014.07.009)
- Mazouz, K. and Wang, J. 2014. Commodity futures price behaviour following large one-day price changes. Applied Financial Economics 24 (14), pp.939-948. (10.1080/09603107.2014.914140)
- Wood, G. et al., 2014. Foreign direct investment from emerging markets to Africa: the HRM context. Human Resource Management 53 (1), pp.179-201. (10.1002/hrm.21550)
2013
- Agyei-Ampomah, S. , Mazouz, K. and Yin, S. 2013. The foreign exchange exposure of UK non-financial firms: A comparison of market-based methodologies. International Review of Financial Analysis 29 , pp.251-260. (10.1016/j.irfa.2012.05.006)
- Lambertides, N. and Mazouz, K. 2013. Stock price volatility and informational efficiency following the mandatory adoption of IFRS in Europe. Journal of Applied Accounting Research 14 (1), pp.4-17. (10.1108/09675421311282513)
2012
- Daya, W. , Mazouz, K. and Freeman, M. 2012. Information efficiency changes following FTSE 100 index revisions. Journal of International Financial Markets, Institutions and Money 22 (4), pp.1054-1069. (10.1016/j.intfin.2012.01.002)
- Mazouz, K. et al. 2012. Stabilization and the aftermarket prices of initial public offerings. Review of Quantitative Finance and Accounting 41 (3), pp.417-439. (10.1007/s11156-012-0315-y)
- Mazouz, K. , Alrabadi, D. W. H. and Yin, S. 2012. Systematic liquidity risk and stock price reaction to shocks. Accounting & Finance 52 (2), pp.467-493. (10.1111/j.1467-629X.2011.00403.x)
2011
- Agyei-Ampomah, S. and Mazouz, K. 2011. The comovement of option listed stocks. Journal of Banking & Finance 35 (8), pp.2056-2069. (10.1016/j.jbankfin.2011.01.016)
2010
- Goergen, M. , Mazouz, K. and Yin, S. 2010. Price, volume and spread effects associated with the expiry of lock-in agreements : evidence from the Hong Kong IPO market. Pacific-Basin Finance Journal 18 (5), pp.442-459. (10.1016/j.pacfin.2010.05.001)
- Joseph, N. L. and Mazouz, K. 2010. Testing for overreaction and return continuations in stock price index returns. International Journal of Strategic Decision Sciences 1 (2), pp.93-113. (10.4018/jsds.2010040105)
- Mazouz, K. et al. 2010. Systematic liquidity risk and asset pricing: evidence from London Stock Exchange. International Journal of Banking, Accounting and Finance 2 (4), pp.387-403. (10.1504/IJBAAF.2010.037156)
2009
- Mazouz, K. and Bowe, M. 2009. Does options listing impact on the time-varying risk characteristics of the underlying stocks? Evidence from NYSE stocks listed on the CBOE. Applied Financial Economics 19 (3), pp.203-212. (10.1080/09603100801964396)
- Mazouz, K. , Joseph, N. L. and Joulmer, J. 2009. Stock price reaction following large one-day price changes: UK evidence. Journal of Banking & Finance 33 (8), pp.1481-1493. (10.1016/j.jbankfin.2009.02.010)
- Mazouz, K. , Joseph, N. L. and Palliere, C. 2009. Stock index reaction to large price changes: Evidence from major Asian stock indexes. Pacific-Basin Finance Journal 17 (4), pp.444-459. (10.1016/j.pacfin.2008.11.001)
2008
- Mazouz, K. , Saadouni, B. and Yin, S. 2008. The long-term performance of Hong Kong share-only and unit initial public offerings (IPOs). Journal of Multinational Financial Management 18 (3), pp.209-228. (10.1016/j.mulfin.2007.08.002)
- Mazouz, K. , Saadouni, B. and Yin, S. 2008. Warrants in IPOs: Evidence from Hong Kong. Pacific-Basin Finance Journal 16 (5), pp.539-554. (10.1016/j.pacfin.2007.11.003)
2007
- Mazouz, K. and Saadouni, B. 2007. The price effects of FTSE 100 index revision: what drives the long-term abnormal return reversal?. Applied Financial Economics 17 (6), pp.501-510. (10.1080/09603100600690085)
2006
- Mazouz, K. and Bowe, M. 2006. The volatility effect of futures trading: Evidence from LSE traded stocks listed as individual equity futures contracts on LIFFE. International Review of Financial Analysis 15 (1), pp.1-20. (10.1016/j.irfa.2005.07.001)
2004
- Mazouz, K. 2004. The effect of CBOE option listing on the volatility of NYSE traded stocks: a time-varying variance approach. Journal of Empirical Finance 11 (5), pp.695-708. (10.1016/j.jempfin.2003.09.003)
Articles
- Adcock, C. et al., 2014. Derivative activities and Chinese banks' exposures to exchange rate and interest rate movements. The European Journal of Finance (10.1080/1351847X.2014.899260)
- Adcock, C. et al., 2014. Does the stock market reward innovation? European stock index reaction to negative news during the global financial crisis. Journal of International Money and Finance 49 (B), pp.470-491. (10.1016/j.jimonfin.2014.06.004)
- Agyei-Ampomah, S. , Gounopoulos, D. and Mazouz, K. 2014. Does gold offer a better protection against losses in sovereign debt bonds than other metals?. Journal of Banking and Finance 40 , pp.507-521. (10.1016/j.jbankfin.2013.11.014)
- Agyei-Ampomah, S. and Mazouz, K. 2011. The comovement of option listed stocks. Journal of Banking & Finance 35 (8), pp.2056-2069. (10.1016/j.jbankfin.2011.01.016)
- Agyei-Ampomah, S. , Mazouz, K. and Yin, S. 2013. The foreign exchange exposure of UK non-financial firms: A comparison of market-based methodologies. International Review of Financial Analysis 29 , pp.251-260. (10.1016/j.irfa.2012.05.006)
- Daya, W. , Mazouz, K. and Freeman, M. 2012. Information efficiency changes following FTSE 100 index revisions. Journal of International Financial Markets, Institutions and Money 22 (4), pp.1054-1069. (10.1016/j.intfin.2012.01.002)
- Ding, W. et al., 2023. Technical analysis as a sentiment barometer and the cross-section of stock returns. Quantitative Finance 23 (11), pp.1617-1636. (10.1080/14697688.2023.2244991)
- Ding, W. , Mazouz, K. and Wang, Q. 2019. Investor sentiment and the cross-section of stock returns: New theory and evidence. Review of Quantitative Finance and Accounting 53 , pp.493-525. (10.1007/s11156-018-0756-z)
- Ding, W. , Mazouz, K. and Wang, Q. 2021. Volatility timing, sentiment, and the short-term profitability of VIX-based cross-sectional trading strategies. Journal of Empirical Finance 63 , pp.42-56. (10.1016/j.jempfin.2021.05.003)
- 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)
- Evans, K. P. et al. 2024. ETF ownership and seasoned equity offerings. Journal of Financial and Quantitative Analysis 59 (4), pp.1821-1848. (10.1017/S002210902300042X)
- Goergen, M. , Mazouz, K. and Yin, S. 2010. Price, volume and spread effects associated with the expiry of lock-in agreements : evidence from the Hong Kong IPO market. Pacific-Basin Finance Journal 18 (5), pp.442-459. (10.1016/j.pacfin.2010.05.001)
- Guan, B. , Mazouz, K. and Xu, Y. 2024. Asymmetric volatility spillover between crude oil and other asset markets. Energy Economics 130 107305. (10.1016/j.eneco.2024.107305)
- Huang, W. and Mazouz, K. 2018. Excess cash, trading continuity, and liquidity risk. Journal of Corporate Finance 48 , pp.275-291. (10.1016/j.jcorpfin.2017.11.005)
- Huang-Meier, W. , Freeman, M. C. and Mazouz, K. 2015. Why are aggregate equity payouts pro-cyclical?. Journal of Macroeconomics 44 , pp.98-108. (10.1016/j.jmacro.2015.01.005)
- Jin, H. et al., 2023. Can star analysts make superior coverage decisions in poor information environment?. Journal of Banking and Finance 146 106650. (10.1016/j.jbankfin.2022.106650)
- Joseph, N. L. and Mazouz, K. 2010. Testing for overreaction and return continuations in stock price index returns. International Journal of Strategic Decision Sciences 1 (2), pp.93-113. (10.4018/jsds.2010040105)
- Lambertides, N. and Mazouz, K. 2013. Stock price volatility and informational efficiency following the mandatory adoption of IFRS in Europe. Journal of Applied Accounting Research 14 (1), pp.4-17. (10.1108/09675421311282513)
- Leung, W. , Evans, K. P. and Mazouz, K. 2020. The R&D anomaly: risk or mispricing?. Journal of Banking and Finance 115 105815. (10.1016/j.jbankfin.2020.105815)
- Leung, W. S. et al. 2018. Organization capital, labor market flexibility, and stock returns around the world. Journal of Banking and Finance 89 , pp.150-168. (10.1016/j.jbankfin.2018.02.008)
- Mazouz, K. 2004. The effect of CBOE option listing on the volatility of NYSE traded stocks: a time-varying variance approach. Journal of Empirical Finance 11 (5), pp.695-708. (10.1016/j.jempfin.2003.09.003)
- Mazouz, K. , Abdul, M. and Saadouni, B. 2019. Price reaction of ethically screened stocks: a study of the Dow Jones Islamic Market World Index. Journal of Business Ethics 154 (3), pp.683-699. (10.1007/s10551-016-3389-y)
- Mazouz, K. et al. 2012. Stabilization and the aftermarket prices of initial public offerings. Review of Quantitative Finance and Accounting 41 (3), pp.417-439. (10.1007/s11156-012-0315-y)
- Mazouz, K. , Alrabadi, D. W. H. and Yin, S. 2012. Systematic liquidity risk and stock price reaction to shocks. Accounting & Finance 52 (2), pp.467-493. (10.1111/j.1467-629X.2011.00403.x)
- Mazouz, K. et al. 2010. Systematic liquidity risk and asset pricing: evidence from London Stock Exchange. International Journal of Banking, Accounting and Finance 2 (4), pp.387-403. (10.1504/IJBAAF.2010.037156)
- Mazouz, K. and Bowe, M. 2009. Does options listing impact on the time-varying risk characteristics of the underlying stocks? Evidence from NYSE stocks listed on the CBOE. Applied Financial Economics 19 (3), pp.203-212. (10.1080/09603100801964396)
- Mazouz, K. and Bowe, M. 2006. The volatility effect of futures trading: Evidence from LSE traded stocks listed as individual equity futures contracts on LIFFE. International Review of Financial Analysis 15 (1), pp.1-20. (10.1016/j.irfa.2005.07.001)
- Mazouz, K. , Daya, W. and Yin, S. 2014. Index revisions, systematic liquidity risk and the cost of equity capital. Journal of International Financial Markets, Institutions and Money 33 , pp.283-298. (10.1016/j.intfin.2014.07.009)
- Mazouz, K. , Gounopoulos, D. and Wood, G. 2021. The consequences of political donations for IPO premium and performance. Journal of Corporate Finance 67 101888. (10.1016/j.jcorpfin.2021.101888)
- Mazouz, K. , Joseph, N. L. and Joulmer, J. 2009. Stock price reaction following large one-day price changes: UK evidence. Journal of Banking & Finance 33 (8), pp.1481-1493. (10.1016/j.jbankfin.2009.02.010)
- Mazouz, K. , Joseph, N. L. and Palliere, C. 2009. Stock index reaction to large price changes: Evidence from major Asian stock indexes. Pacific-Basin Finance Journal 17 (4), pp.444-459. (10.1016/j.pacfin.2008.11.001)
- Mazouz, K. , Mohamed, A. and Saadouni, B. 2016. Stock return comovement around the Dow Jones Islamic Market World Index revisions. Journal of Economic Behavior and Organization 132 (Supp.), pp.50-62. (10.1016/j.jebo.2016.05.011)
- Mazouz, K. et al. 2017. Underwriters' allocation with and without discretionary power: evidence from the Hong Kong IPO market. International Review of Financial Analysis 49 , pp.128-137.
- Mazouz, K. and Saadouni, B. 2007. The price effects of FTSE 100 index revision: what drives the long-term abnormal return reversal?. Applied Financial Economics 17 (6), pp.501-510. (10.1080/09603100600690085)
- Mazouz, K. , Saadouni, B. and Yin, S. 2008. The long-term performance of Hong Kong share-only and unit initial public offerings (IPOs). Journal of Multinational Financial Management 18 (3), pp.209-228. (10.1016/j.mulfin.2007.08.002)
- Mazouz, K. , Saadouni, B. and Yin, S. 2008. Warrants in IPOs: Evidence from Hong Kong. Pacific-Basin Finance Journal 16 (5), pp.539-554. (10.1016/j.pacfin.2007.11.003)
- Mazouz, K. and Wang, J. 2014. Commodity futures price behaviour following large one-day price changes. Applied Financial Economics 24 (14), pp.939-948. (10.1080/09603107.2014.914140)
- Mazouz, K. et al. 2021. Comprehending the outward FDI from Latin America and OCED: A comparative perspective. International Business Review 30 (5) 101853. (10.1016/j.ibusrev.2021.101853)
- Mazouz, K. and Wu, Y. 2022. Why do firm fundamentals predict returns: Evidence from short selling activity. International Review of Financial Analysis 79 101974. (10.1016/j.irfa.2021.101974)
- Mazouz, K. et al. 2023. Dividend policy, systematic liquidity risk, and the cost of equity capital. Review of Quantitative Finance and Accounting 60 , pp.839-876. (10.1007/s11156-022-01114-3)
- Mazouz, K. , Wu, Y. and Yin, S. 2015. Trading activity in options and stock around price-sensitive news announcements. Journal of Futures Markets 35 (12), pp.1173-1194. (10.1002/fut.21691)
- Mazouz, K. and Zhao, Y. 2019. CEO incentives, takeover protection and corporate innovation. British Journal of Management 30 (2), pp.494-515. (10.1111/1467-8551.12330)
- Wood, G. et al., 2014. Foreign direct investment from emerging markets to Africa: the HRM context. Human Resource Management 53 (1), pp.179-201. (10.1002/hrm.21550)
- Wood, G. et al., 2016. Foreign direct investment and employment rights in South-Eastern Europe. Cambridge Journal of Economics 40 (1), pp.141-163. (10.1093/cje/beu070)
- Wu, Y. and Mazouz, K. 2016. Long-term industry reversals. Journal of Banking & Finance 68 , pp.236-250. (10.1016/j.jbankfin.2016.03.017)
- Yin, S. et al., 2018. Stock price reaction to profit warnings: the role of time varying betas. Review of Quantitative Finance and Accounting 50 (1), pp.67-93. (10.1007/s11156-017-0623-3)
- Zhou, P. et al. 2025. Choices and effects of different green labels in the EU bond market. Journal of Business Ethics 200 , pp.207-229. (10.1007/s10551-024-05847-0)
Research
Primary research interests
- Initial public offering
- Labour market flexibility and firm performance
- Stock market efficiency and anomalies
- Stock market volatility and liquidity
- The interactions between derivatives and cash markets
PhD supervision research interests
- Initial public offering
- Labour market flexibility and firm performance
- Stock market efficiency and anomalies
- Stock market volatility and liquidity
- The interactions between derivatives and cash markets
Teaching
Teaching commitments
- Financial Derivatives (MSc, module leader)
- Corporate Finance (MSc, contributor)
- International Corporate Finance (UG, contributor)
Biography
Qualifications
- PhD in Finance (University of Manchester Institute of Science and Technology)
- MSc in International Banking and Finance (Salford University)
- BSc in commerce (University Ferhat Abbas)
Editorial work
Editorial board member of:
- British Accounting Review
- Global Economics and Management Review
- Journal of Islamic Accounting and Business Research
- International Journal of Financial Studies
- Journal of Business and Financial Affairs
Contact Details
[email protected]
+44 29208 70973
Aberconway Building, Room B27, Colum Road, Cathays, Cardiff, CF10 3EU
+44 29208 70973
Aberconway Building, Room B27, Colum Road, Cathays, Cardiff, CF10 3EU