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Research Output 2001 2019

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Article
2019

Executive compensation in less regulated markets: the impact of debt monitoring

Marshall, A., Tang, L. & Pinto, H., 24 Jun 2019, (Accepted/In press) In : European Journal of Finance. 56 p.

Research output: Contribution to journalArticle

Debt
Executive compensation
Monitoring
Executive pay
Governance
2 Citations (Scopus)

The market reaction to debt announcements: UK evidence surrounding the global financial crisis

Marshall, A., McCann, L. & McColgan, P., 31 Jan 2019, In : British Accounting Review. 51, 1, p. 92-109 18 p.

Research output: Contribution to journalArticle

Global financial crisis
Bank loans
Debt
Announcement
Market reaction

The role of real options in the takeover premia in mergers and acquisitions

Barbopoulos, L. G., Cheng, L. T. W., Cheng, Y. & Marshall, A., 1 May 2019, In : International Review of Economics and Finance. 61, p. 91-107 17 p.

Research output: Contribution to journalArticle

Real options
Mergers and acquisitions
Bid
Ownership
Information asymmetry
2018
Emerging markets
Natural experiment
Corporate governance reform
Risk taking
Managers
2 Citations (Scopus)

Financing, fire sales, and the stockholder wealth effects of asset divestiture announcements

Finlay, W., Marshall, A. & McColgan, P., 30 Jun 2018, In : Journal of Corporate Finance. 50, p. 323-348 26 p.

Research output: Contribution to journalArticle

Open Access
File
Assets
Financing
Divestiture
Stockholders
Wealth effect
2017

Cost of sovereign debt and foreign bias in bond allocations

Marshall, A., Thapa, C. & Bhatta, B., 12 Sep 2017, (Accepted/In press) In : Journal of International Financial Markets Institutions and Money. 40 p.

Research output: Contribution to journalArticle

Open Access
File
Sovereign debt
Costs
Cost of debt
International risk sharing
Investors
1 Citation (Scopus)

Do investors flip less in bookbuilding than in auction IPOs?

Neupane, S., Marshall, A., Paudyal, K. & Thapa, C., 31 Dec 2017, In : Journal of Corporate Finance. 47, p. 253-268 16 p.

Research output: Contribution to journalArticle

Open Access
File
Bookbuilding
Initial public offerings
Investors
Auctions
Underwriter reputation
Open Access
File
Economics
Portfolio investment
Factors
Bond portfolio
Sovereign debt crises

Revisiting conditional accounting conservatism in state-controlled firms

Li, W., He, T., Marshall, A. & Tang, G., 21 Nov 2017, In : Asian Review of Accounting. 25, 4, p. 486-501 16 p.

Research output: Contribution to journalArticle

Open Access
File
Accounting conservatism
Control rights
Conservatism
Shareholders
Equity
2016
1 Citation (Scopus)
Open Access
File
Market liquidity
Derivatives
Equity
Foreign exchange
Liquidity risk

Sub-optimal international portfolio allocations and cost of capital

Kwabi, F., Faff, R., Marshall, A. & Thapa, C., 1 Jun 2016, In : Journal of Multinational Financial Management. 35, p. 41-58 18 p.

Research output: Contribution to journalArticle

Open Access
File
Cost of capital
Portfolio allocation
Foreign investors
International markets
Prescription
4 Citations (Scopus)

The choice of debt source for UK firms

Marshall, A., McCann, L. & Mccolgan, P., 27 Jul 2016, In : Journal of Business Finance and Accounting. 43, 5-6, p. 729–764 36 p.

Research output: Contribution to journalArticle

Open Access
File
Debt
Public debt
Bank loans
Syndicated loans
Borrowing

Time-varying investment barriers and closed-end country fund pricing

Marshall, A., Davies, J. & Fletcher, M., 29 Dec 2016, (Accepted/In press) In : Finance Research Letters. p. 1-16 16 p.

Research output: Contribution to journalArticle

Open Access
File
Pricing
Time-varying
Closed-end country funds
Stock returns
Country funds
2015
6 Citations (Scopus)

Testing index-based models in U.K. stock returns

Davies, J. R., Fletcher, J. & Marshall, A., 2015, In : Review of Quantitative Finance and Accounting. 26 p.

Research output: Contribution to journalArticle

Open Access
File
Testing
Stock returns
Index model
Model comparison
Cross-sectional regression
2014
6 Citations (Scopus)

Assessing the impact of derived behaviour information on customer attrition in the financial service industry

Tang, L., Thomas, L., Fletcher, M. H., Pan, J. & Marshall, A., 16 Jul 2014, In : European Journal of Operational Research. 236, 2, p. 624-633 10 p.

Research output: Contribution to journalArticle

Open Access
File
Attrition
Customers
Industry
Polynomial approximation
Resource allocation
7 Citations (Scopus)

Do banks really monitor? Evidence from CEO succession decisions

Marshall, A., McCann, L. & McColgan, P., 30 Sep 2014, In : Journal of Banking and Finance. 46, p. 118-131 14 p.

Research output: Contribution to journalArticle

Open Access
File
CEO succession
Bank debt
CEO turnover
Monitoring
Bondholders
16 Citations (Scopus)

Foreign direct investment in emerging markets and acquirers' value gains

Barbopoulos, L., Marshall, A., MacInnes, C. & McColgan, P., Jul 2014, In : International Business Review. 23, 3, p. 604-619 16 p.

Research output: Contribution to journalArticle

Open Access
File
Emerging markets
Foreign direct investment
Assets
Rating
Corruption
2 Citations (Scopus)
Open Access
File
Investors
Investment trusts
Cross section
Upper bound
Lower bounds
2013
1 Citation (Scopus)

Investigating the role of illiquidity in explaining the UK closed-end country fund discount

Davies, R., Fletcher, M. H. & Marshall, A., Dec 2013, In : International Review of Financial Analysis. 30, p. 121-130 10 p.

Research output: Contribution to journalArticle

Closed-end country funds
Illiquidity
Discount
Emerging markets
Premium
7 Citations (Scopus)

The determinants of foreign exchange hedging in alternative investment market firms

Marshall, A., Kemmitt, M. & Pinto, H., 2013, In : European Journal of Finance. 19, 2, p. 89-111 23 p.

Research output: Contribution to journalArticle

Alternative investments
Hedging
Foreign exchange
Hedge
Managerial ownership
2012
15 Citations (Scopus)

Impact of news announcements on the foreign exchange implied volatility

Marshall, A., Musyev, T., Pinto, H. & Tang, L., Oct 2012, In : Journal of International Financial Markets Institutions and Money. 22, 4, p. 719-737 19 p.

Research output: Contribution to journalArticle

News announcements
Foreign exchange
Implied volatility
Announcement
News
6 Citations (Scopus)
Global financial crisis
Stock prices
Layoffs
Employees
Financial markets
2011
Hedge fund performance
Heteroskedasticity
Hedge funds
Fund performance
Wild bootstrap
3 Citations (Scopus)
Performance evaluation
Conditioning
Stock returns
Trading strategies
Mean-variance portfolios
2010
22 Citations (Scopus)

Integrating contemporary finance and international business research

Bowe, M., Filatotchev, I. & Marshall, A., Oct 2010, In : International Business Review. 19, 5, p. 435-445 11 p.

Research output: Contribution to journalArticle

International business research
Finance
International diversification
International business
Diversification
8 Citations (Scopus)

Pricing emerging market stock returns: an update

Barclay, R., Fletcher, J. & Marshall, A. P., Mar 2010, In : Emerging Markets Review. 11, 1, p. 49-61 13 p.

Research output: Contribution to journalArticle

Pricing
Stock market returns
Emerging stock markets
Capital asset pricing model
Liberalization
14 Citations (Scopus)

Variable reduction, sample selection bias and bank retail credit scoring

Marshall, A. P., Tang, L. & Milne, A., Jun 2010, In : Journal of Empirical Finance. 17, 3, p. 501–512 12 p.

Research output: Contribution to journalArticle

Loans
Sample selection bias
Credit scoring
Retail
Financial institutions
2009
11 Citations (Scopus)
Emerging markets
Dynamic conditional correlation
Country risk
GARCH model
Time-varying beta
2008

Is international trust performance predictable over time? A note

Fletcher, J. E. & Marshall, A. P., 2008, In : Accounting and Finance. 48, 1, p. 123-132 9 p.

Research output: Contribution to journalArticle

Persistence
Relative performance
Long-run returns
Predictive ability
Equity

Managing interest rate risk and foreign exchange: disclosure of objectives, policies and processes

Marshall, A. P. & Weetman, P., Mar 2008

Research output: Contribution to journalArticle

Disclosure
Foreign exchange
Interest rate risk
Risk management
Proportion
2007
31 Citations (Scopus)

Employee layoffs, shareholder wealth and firm performance: evidence from the UK

McColgan, P., Hillier, C., Marshall, A. P. & Wereman, S., 2007, In : Journal of Business Finance and Accounting. 34, 3-4, p. 467-494 27 p.

Research output: Contribution to journalArticle

Shareholder wealth
Layoffs
Employees
Firm performance
Announcement
19 Citations (Scopus)

Exchange rate exposure, foreign currency derivatives and the introduction of the euro: French evidence

Nguyen, H., Faff, R. & Marshall, A., 2007, In : International Review of Economics and Finance. 16, 4, p. 563-577 14 p.

Research output: Contribution to journalArticle

Open Access
File
Foreign currency
Derivatives
Exchange rate exposure
Hedge
15 Citations (Scopus)

Long term performance following rights issues and open offers in the UK

Ngatuni, P., Capstaff, J. & Marshall, A., Mar 2007, In : Journal of Business Finance and Accounting. 34, 1-2, p. 33-64 31 p.

Research output: Contribution to journalArticle

Long-term performance
Rights issues
Overvaluation
Underperformance
Small sample
30 Citations (Scopus)

Modelling transparency in disclosure: the case of foreign exchange risk management

Marshall, A. P. & Weetman, P., 2007, In : Journal of Business Finance and Accounting. 34, 5-6, p. 705-739 34 p.

Research output: Contribution to journalArticle

Modeling
Transparency
Risk management
Disclosure
Foreign exchange risk
3 Citations (Scopus)

Open market share repurchases in the UK: evidence on the agency theory of free cash flow

Hjelmstad, M., Walmsley, T. & Marshall, A. P., 2007, In : Applied Financial Economic Letters. 2, 6, p. 383-387 4 p.

Research output: Contribution to journalArticle

Share repurchases
Market share
Announcement
Agency theory
Market reaction
11 Citations (Scopus)

The introduction of the Euro and derivative use in French firms

Capstaff, J., Marshall, A. & Hutton, J., 2007, In : Journal of International Financial Management and Accounting. 18, 1, p. 1-17 16 p.

Research output: Contribution to journalArticle

Derivatives
Euro zone
Hedging
Economics
Resources
2006
4 Citations (Scopus)

Determinants of UK swap spreads

Ho, C. N. & Marshall, A. P., Sep 2006, In : Applied Financial Economic Letters. 2, 5, p. 305-309 4 p.

Research output: Contribution to journalArticle

Swap spread
Interest rates
Market conditions
Empirical evidence
Economic conditions
12 Citations (Scopus)

The determinants of Norwegian exporters' foreign exchange risk management

Davies, R., Ekeberg, C. & Marshall, A. P., Apr 2006, In : European Journal of Finance. 12, 3, p. 217-240 23 p.

Research output: Contribution to journalArticle

Risk management
Hedging
Exporters
Foreign exchange risk
Empirical evidence
2005
17 Citations (Scopus)
Equity
Diversification benefits
International diversification
Unit trusts
Portfolio constraints
5 Citations (Scopus)

An empirical examination of UK International unit trust performance

Fletcher, J. & Marshall, A. P., Apr 2005, In : Journal of Financial Services Research. 27, 2, p. 183-206 23 p.

Research output: Contribution to journalArticle

Unit trusts
Equity
Global model
Cross section
International stock returns
5 Citations (Scopus)

International cash management and hedging: a comparison of UK and French companies

Capstaff, J. & Marshall, A. P., 2005, In : Managerial Finance. 31, 10, p. 18-34 16 p.

Research output: Contribution to journalArticle

Cash management
Hedging
Management techniques
Hedge
Derivatives
20 Citations (Scopus)

International evidence on determinants of foreign exchange rate exposure of multinational companies

Faff, R. W. & Marshall, A. P., Sep 2005, In : Journal of International Business Studies. 36, 5, p. 539-558 19 p.

Research output: Contribution to journalArticle

Industry
Multinational companies
Exchange rate exposure
Foreign exchange rates
Risk management
3 Citations (Scopus)

The performance of UK international unit trusts

Fletcher, J. & Marshall, A. P., Jun 2005, In : European Financial Management. 11, 3, p. 365-386 21 p.

Research output: Contribution to journalArticle

Unit trusts
Law of one price
Performance measures
Equity
Benchmark
2004
Open Access
File
international comparison
economics
bankruptcy
exemption
Economic Policy

Pricing interest rate swaps in Malaysia

Davies, J. R., Fui, C. K., Hillier, D. J. & Marshall, A. P., Dec 2004, In : Review of Pacific Basin Financial Markets and Policies . 7, 4, p. 493-507 14 p.

Research output: Contribution to journalArticle

Pricing
Swaps
Interest rate swaps
Malaysia
Traders

Share price reaction to dividend announcements: empirical evidence on the signalling model from the Oslo Stock Exchange

Capstaff, J., Klaeboe, A. & Marshall, A. P., Mar 2004, In : Multinational Finance Journal. 8, 1-2, p. 115-139 24 p.

Research output: Contribution to journalArticle

Stock exchange
Empirical evidence
Dividends
Share prices
Signaling model
2002

An investigation on the impact of derivative use on the risk and performance of UK unit trusts

Fletcher, J., Forbes, D. & Marshall, A., 2002, In : Financial Services Review. 11, 2, p. 173-187 14 p.

Research output: Contribution to journalArticle

Derivatives
Unit trusts
Investors
Performance management
Investment choice
38 Citations (Scopus)
Insider
Earnings announcements
News
Information flow
Opportunity cost

A study of mispricing and parity in the Hang Seng futures and options markets

Lai, K. W. L. & Marshall, A., Sep 2002, In : Review of Pacific Basin Financial Markets and Policies . 5, 3, p. 373-394 21 p.

Research output: Contribution to journalArticle

Options markets
Parity
Mispricing
Derivatives
Index options
30 Citations (Scopus)

Information asymmetry in disclosure of foreign exchange risk management: can regulation be effective?

Marshall, A. P. & Weetman, P., Jan 2002, In : Journal of Economics and Business. 54, 1, p. 31-53 22 p.

Research output: Contribution to journalArticle

Risk management
Disclosure
Information asymmetry
Foreign exchange risk
Asymmetry of information