Edward Kopp – Finance and Due Diligence

  • M.Sc. in Finance, Cass Business School, City University London
  • B.Sc. in Business Management & Administration, Touro College, New York City, USA
  • Lived, studied and worked in Russia and the United Kingdom
  • Native Russian, excellent English, basic Spanish
  • Business Intelligence Analyst/Risk Analyst, IntegraScreen Europe Ltd., London (now part of World-Check)
  • Investment Analyst on Project Finance (Structured Finance Desk), Credit Europe Bank, Moscow HQ
  • Financial Analyst/Accounts Manager, OLYMP OJSC, Moscow (Moscow City Government, Commercial Real Estate Investment)

Stephen Wells, Senior Advisor, Finance

  • MBA, City University Business School, London, UK
  • BSc (Econ), London School of Economics, UK
  • Native English, moderate French
  • Formerly Chief Economist, London Stock Exchange
  • Extensive international experience as Consultant to stock exchanges, financial authorities and regulators around the world in both developed and emerging markets, including:
    • UK, France, Luxemburg, Canada, Bulgaria, China, Qatar, Bahrain, Dubai, Egypt, Libya, Saudi Arabia, India, Sri Lanka, Thailand, Vietnam, The Maldives, Philippines and Indonesia
  • Member, Society of Business Economists
  • Currently Senior Research Fellow, The ICMA Centre, University of Reading, UK
    • participating in educational programs operated by the ICMA Centre. Recent and current work includes seminars
      • in Montenegro
      • for the Securities Association of China
      • for the Libyan securities regulator
    • Projects successfully completed for the ICMA Centre include:
      • Corporation of London
        • Developing the Indian Corporate Bond market. Current project, 2007
        • The Gulf as a global financial centre – what does it mean for the City of London? Current project, 2007
      • Canadian Association of Securities Dealers
        • Task Force on Modernising Securities Regulation, 2006
      • Luxemburg Securities Commission, 2006
      • UK Trade and Industry
        • Chinese corporate bond market, 2005
      • London Stock Exchange, 2005
      • London Stock Exchange – AIM Group, 2004
  • Regular articles and presentations relating to the integration and mergers of stock markets, impact of ECNs/ATSs and regulatory developments, 1997 – present
  • Numerous projects for the World Federation of Stock Exchanges (ex FIBV), Federation of European Stock Exchanges, European Union and Asian Development Bank (ADB) and other organisations, including:
    • Corporation of London – Providing equity finance for UK SMEs, Consultant. Current project, 2009
  • Setting up Capital Market Development Fund, Thailand, ADB, 2009Developing Securitisation Markets in the ASEAN+3 region – ADB, Consultant. Current project, 2009
  • Investment Management Association (UK) – impact of credit crisis on UK bond markets. Current project, 2008
  • Benchmarking research for Capital Market Authority of Saudi Arabia, including market diagnostics and stakeholders’ visioning, June-July 2008 in Saudi Arabia
  • OREI Development of the Indian Bond Markets – author discussion paper, ADB, 2008
  • London Stock Exchange – analysis of impact of changing tick sizes, 2008
  • Corporation of London – developing the Indian Corporate Bond market, 2008
  • Corporation of London – The Gulf as a Global Financial Centre – What does it mean for the City? 2007
  • Advisor to Capital Markets Development Authority, Maldives, on index design, 2007
  • Consultant on securitisation and equity market development, Thailand – TA 4826 – THA. Current project, 2007
  • Bourse Consult for Corporation of London – European securities market infrastructure, Statistician, 2007
  • Writing overview report identifying timeline for activating recommendations, Indonesia, 2006
  • Taylor Wessing Carmelite, law firm – research to support private equity business strategy, 2006
  • Oxford Economic Group – Chapter on Stock Exchange and settlement infrastructure governance for forthcoming book, 2006
  • Vietnam State Securities Commission – Capacity Building for the SSC in Policymaking and Regulatory Development and Linking the Equitization Process with Market Development – Team Leader, 2005-6
  • Ho Chi Minh City Securities Trading Centre – forecasting of long term size of the exchange market in Vietnam, 2005
  • Canadian Association of Securities Dealers – Task Force on Modernising Securities Regulation – study of Canadian stocks trading on the AIM market, 2006
  • Luxemburg Securities Commission – study on liquidity of market in major steel company, 2006
  • London Stock Exchange – analysis of impact on liquidity and trading costs of increasing the stocks covered by the hybrid SETSmm system, 2005
  • London Stock Exchange – analysis of comparative risk of AIM (smaller companies market) – Project Leader, 2004
  • UK Trade and Industry – Feasibility study on Chinese corporate bond market – Regulatory Expert, 2005
  • FIRST – China – Strengthening regulation and supervision of securities firms – Team Leader, 2004
  • Corporation of London – Barriers to integration of transatlantic equity markets, 2004
  • Tea Futures Market Feasibility Study – Sri Lanka. Statistical and Technical Analyst, ADB, 2003
  • Strengthening Asian Capital Markets – Team Leader for Philippines Country Report, ADB, 2003
  • World Federation of Exchanges – Compilation of statistics and reporting on global derivative market activity, 2003-5
  • ZYEN/London Stock Exchange – Quality review, study of impact of delayed trade publication, 2003
  • Strengthening Regulation And Market Governance, Philippines, ADB, Team Leader, 2002-3
  • Study of potential market failure in pricing of smaller quoted companies for UK Department of Trade and Industry, 2002
  • Quoted Companies Alliance – Study of market microstructure for UK smaller quoted companies, 2001-2
  • Development of (Indian) Secondary Debt Market – Team Leader, ADB, 2001-2
  • Financial Services Authority/London School of Economics – Orderly Markets: Implications and Consequences of Fragmentation – Co-author, 2000-1
  • EU (DG23)/Bannock Consulting – Innovative instruments for developing small company debt market – Consultant, 2000-1
  • Federation Internationale des Bourse de Valeurs – Study of exchange trading systems and their competitive position, 2000
  • UK Department for International Development – Strengthening of Systems for Surveillance of Securities Transactions (Egypt). Consultant, 2000
  • Study of Financial Markets in Selected Member Countries – Author of Capital Markets reports for Philippines and Indonesia and Author of overviews for Philippines and PRC – ADB, 1998-9
  • Federation Internationale des Bourse de Valeurs – Consultancy on developing FIBV statistics, 1999 and subsequently
  • Financial Services Authority/London School of Economics – Best Execution in the UK: A Comparison of SETS and Tradepoint – Co-author, 1999
  • Department for International Development (UK)/Capital Markets Partners – Delivery of training to Bulgarian SEC under Capital Market Development, 1999
  • EU (DG23)/Bannock Consulting – Prospects for developing SME bond markets – Consultant, 1998
  • Federation of European Stock Exchanges – Development and implementation of statistics collection and publication system, consultancy on statistical issues, 1997-9
  • Enterprise LSE – Delivery of executive courses on regulation, globalisation, market abuse, emerging markets, 1997-2004Senior Academic Consultant, Enterprise LSE, Sept 2001 to Dec 2002
    • Conducted commissioned research projects
    • Conducted a major research project for the UK Financial Services Authority to produce analyses and proposals for how the Financial Services Authority’s regulatory responsibilities might be affected by the emergence of competing trading venues for securities, derivatives and some commodities. The project resulted in a substantial report that has been published in book form and a conference. 2000-1
  • Research Fellow, Financial Markets Group, London School of Economics, Sept 1997 to June 2001
    • Research into the microstructure of financial markets with the focus on the developments within the UK capital market, particularly the move of the London Stock Exchange to order-driven trading and the arrival of potential competitors to the London Stock Exchange
    • Research into the nature of markets for illiquid stocks
    • Projects for:
      • The UK Financial Services Authority
      • The Hong Kong Monetary Authority
    • Wrote commentaries and articles on the development of European and global trading of stocks, including the alliances and consolidation taking place among exchanges, as well as new entrants
  • Chief Economist, London Stock Exchange, 1990-97
  • Manager, Quality of Markets Group, London Stock Exchange, 1985-1990
  • Economist, London Stock Exchange, 1979-1985
  • Supervising Statistician, London Stock Exchange, 1977-1979

Michael Smith, Senior Advisor, Finance

  • PhD, Microstructure of the London SEAQ market, 1998
  • MSc in Finance, University of Reading, UK
  • BA in Economics, University of Leeds, UK
  • Diploma in Mathematics, The Open University, UK
  • Native English
  • Lecturer in Finance, Dealing Room Director ICMA Centre, University of Reading, UK, 1994 – present
    • 18 years’ teaching experience on MSc programmes at the ICMA Centre and professional short courses.
    • Currently teaches the MSc ISIB derivative securities module (pricing, hedging and trading) at the ICMA Centre in the second semester, and in the first semester runs FX, bond and equity trading simulations.
    • Recently developed the ICTrader, an advanced trading simulation
  • Member, core faculty of the Financial Asset Management and Engineering Program (FAME) programme in Lausanne, Switzerland
    • teaches buy-side professionals about the risks of managing an options book
  • Visiting lecturer at the
    • Doctoral School of Economics, Bucharest, Rumania
    • University of Stellenbosch Business School (USB) in Cape-Town, South Africa
    • teaches an options course to Johannesburg-based futures traders twice a year
  • Recently taught (via USB) a fixed income course to
    • debt traders Kenya, Nigeria, Ghana
  • Has also delivered courses to
    • Hacettape University in Ankara, Turkey
    • the Istanbul Stock Exchange, Turkey
    • Universities of Exeter, Birmingham and Loughborough, UK
    • TUM, Munich, Germany
  • He has taught extensively in the UK professional market. Recent clients include
    • JP Morgan Chase, Dresdner Bank, Morgan Stanley, CSFB, Lehman Brothers and Barclays Capital.
  • Has also taught:
    • 3 & 5 day derivative securities courses to middle office personnel
    • 3 day fixed income pricing and trading course to MBA graduates
    • one day trading simulations (currency options, equities, fixed income and FX) where the pressures and rigours of the trading environment are truly “brought to life”.
  • Prior to joining the ICMA Centre he spent 8 years in London and Tokyo as a Japanese equity and Japanese equity dollar warrants trader and then as a bond options broker
  • Publications
    • Nonlinear Evolution in U.K. Stock Returns and Volume, Nonlinear Time Series Analysis of Economic and Financial Data. Edited by P. Rothman (1999) pp 165-178 (with C. Brooks and M. Hinich)
    • Modelling the Bid-Ask Spread: An Ordered Probit Model for the Touch on SEAQ Stocks (with C. Brooks), 1999

John Board, Senior Advisor, Finance

  • PhD, Economics, University of Newcastle upon Tyne, UK
  • BA, Economics and Accounting , University of Newcastle upon Tyne, UK
  • Native English, moderate German
  • Currently, Director of the ICMA Centre, Henley Business School, UK, 2004-date and Professor of Finance
  • Programme Director: MSc Capital Markets, Regulation and Compliance; MSc International Securities Investment and Banking at the ICMA Centre, Henley Business School, 2004-date
  • Previously Reader in Accounting and Finance, London School of Economics and Political Science, London, UK, 1997-2004
  • Main research interest is the application of finance theory to real world problems and issues
    • Research techniques include large-scale analyses of trading data, interviews and other research and review methods
    • Recent research on financial market regulation, market transparency and liquidity provision
    • Research into developing financial markets in the Middle East, including a current ADB project into Islamic Finance
  • Over 75 academic and technical papers
  • Over 30 funded and completed research projects for government and regulatory bodies and companies, including
    • London Stock Exchange
    • Toronto Stock Exchange
    • London International Financial Futures Exchange
    • Securities Investment Board
    • Cabinet Office
    • House of Commons Treasury Committee
    • Futures and Options Association (FOA)
    • UK Trade & Industry
    • Corporation of London
    • The Monopolies Commission
    • Skandia Life Insurance
    • Investment Management Association
    • Institute of Cost and Management Accountants
    • Institute of Chartered Accountants in England and Wales
  • Commissioned research into market structures and development in India, Middle East, China, Jamaica
  • Consultant to
    • Futures and Options Association (2005—date)
    • Financial Services Authority (2000—date)
    • London Stock Exchange (1993 – 1996, 2002—date)
    • Investment Management Association (2007-2009)
    • Jersey Financial Services Commission (1999—2001)
    • London International Financial Futures and Options Exchange (1993—1996)
    • Securities and Investments Board (1991—1992)
  • Evidence to the Treasury Committee on the Barings Collapse (1996)
  • Specialist Adviser on
    • the Stock Exchange — Treasury Committee (1996—98)
    • the Barings Collapse — Treasury Committee (1996)
    • on Derivatives— Treasury and Civil Service Select Committee (1995—98)
  • Member
    • International Petroleum Exchange Technical Committee (1998—2001)
    • Futures & Options Association Working Group on Financial Statistics (1993—1994)
    • Institute of Chartered Accountants in England and Wales Working Party on Accounting and Finance databases (with L Skerratt and P Pope) (1992—1995)
    • Faculty of British Accounting Association summer school on market based accounting research (1989)
  • Extensive teaching experience over 30 years
    • Supervised 15 PhD students to completion
    • Taught Bachelors and Masters courses to groups of between 15 and 500 students
    • MBA teaching in UK, Paris, India, Japan, Argentina
    • Executive courses in UK, Serbia, Montenegro, Russia, Thailand, Qatar, Sharjah, Abu Dhabi, Egypt, Libya, Kenya and others

Books

  1. Transparency and Fragmentation: Financial Market Regulation in a Dynamic Environment Palgrave (2002) 319 pages [with C Sutcliffe and S Wells]

Articles in Academic Refereed Publications

  1. Goal Programming and Allocating Children to Secondary Schools in Reading Journal of the Operational Research Society (1984) Vol 35 No 8 pp 719–730 [with C Sutcliffe and P Cheshire]
  2. Naive Weighting in Non—preemptive Goal Programming Models — Reply Journal of the Operational Research Society, (1985) Vol 36 No 7 pp 648–649 [with C Sutcliffe and P Cheshire]
  3. Optimal Portfolio Diversification and the Effects of Differing Intra Sample Measures of Return Journal of Business Finance and Accounting (1985) Vol 12 No 4 pp561–574 [with C Sutcliffe]
  4. The Information Content of SSAP16 Earnings Changes Accounting and Business Research (1985) Vol 16 No 61 pp 69–72 [with M Walker]
  5. Designing Secondary School Catchment Areas using Goal Programming Environment and Planning A (1986) Vol 18 pp 661–675 [with C Sutcliffe]
  6. A Portfolio Approach to Regional Tourism Built Environment, (1987) Vol 13 No 2 pp 124–137 [with C Sutcliffe and T Sinclair]. Reprinted in The Economics of Tourism CA Tisdell (ed) Edward Elgar Press (1999)
  7. The Weekend Effect in UK Stock Market Returns Journal of Business Finance and Accounting (1988) Vol 15 No 2 pp199–213 [with C Sutcliffe]
  8. Forced Diversification Quarterly Review of Economics and Business (1988) Vol 28 No 3 pp 43–52 [with C Sutcliffe]
  9. The Zoning Decision Educational Management and Administration (1988) Vol 16 No 3 pp187–197 [with C Sutcliffe]
  10. Cash Flow Accounting and Share Prices Accounting and Business Research (1989) Vol 20 No 77 pp 3–12 [with J Day]. Reprinted in Cash Flow Reporting K Lee (ed) Garland Press (1993)
  11. Optimal Solution to a Vehicle Routing Problem Journal of the Operational Research Society (1989) Vol 41 No 1 pp 61–67 [with C Sutcliffe]
  12. Inflation and the Temporal Stability of the Association between Unexpected Earnings and Abnormal Returns Journal of Accounting Research (1990) Vol 28 No 1 pp 182–192 [with M Walker]
  13. Information, Volatility, Volume, and Maturity: An Investigation of Stock Index Futures Review of Futures Markets (1990) Vol 9 No 3 pp 532–549 [with C Sutcliffe]
  14. The Ex—ante Benefits of Solving Vehicle Routing Problems Journal of the Operational Research Society (1991) Vol 42 No 2 pp135–143 [with C Sutcliffe]
  15. Risk and Income Tradeoffs in Regional Policy: A Portfolio Theoretic Approach Journal of Regional Science (1991) Vol 31 No 2 pp191–210 [with C Sutcliffe]
  16. Measurement of the Information Content of Multiple Signals: Use of the Singular Value Decomposition Journal of Business Finance and Accounting (1992) Vol 19 No 3 pp 447–454 [with C Sutcliffe and W Rees]
  17. Estimation Methods in Portfolio Selection and the Effectiveness of Short Sales Restrictions: UK Evidence Management Science (1994) Vol 40 No 4 pp 516–534 [with C Sutcliffe]
  18. A Cross—Sectional Variance Bounds Test Economics Letters (1994) Vol 42 pp 373–377 [with I Tonks and G Bulkley]
  19. The Relative Volatility of the Markets in Equities and Index Futures Journal of Business Finance and Accounting (1995) Vol 22 No 2 pp 210–223 [with C Sutcliffe]
  20. The Dual Listing of Stock Index Futures: Arbitrage, Spread Arbitrage and Currency Risk Journal of Futures Markets (1996) Vol 16 No 1 pp 29–54 [with C Sutcliffe]
  21. Trade Transparency and the London Stock Exchange European Financial Management (1996) Vol 2 No 3 pp 355–365 [with C Sutcliffe]
  22. Research on Corporate Financial Communication and the Stock Market European Accounting Review Editorial (1996) Vol 5 No 4 pp 583–587 [(ed) with P Moeller and M Walker]
  23. Inventory—Based Stock Market Transparency Rules Journal of Financial Regulation and Compliance (1997) Vol 5 No 1 pp 23–28 [with C Sutcliffe]
  24. Options Trading when the Underlying Market is Not Transparent Journal of Futures Markets (1998) Vol 18 No 2 pp 225–242 [with C Sutcliffe]
  25. The Performance of Covered Calls European Journal of Finance (1998) Vol 6 No 1 pp 1–17 [with E Patrinos and C Sutcliffe]
  26. The Proof of the Pudding: The Effects of Increased Trade Transparency in the London Stock Exchange Journal of Business Finance and Accounting (2000) Vol 27 Nos 7&8 pp 887–909 [with C Sutcliffe]
  27. Value Added in the Pensions Industry Geneva Papers in Risk and Insurance (2000) Vol 25 No 4 pp 539–567 [with D Blake]
  28. Market Maker Performance: The Search for Fair Weather Market Makers Journal of Financial Services Research (2000) Vol 17 No 3 pp 259–276 [with C Sutcliffe and A Vila]
  29. Best Execution in the UK: A Preliminary Comparison of the London Stock Exchange and Tradepoint Journal of Asset Management (2001) Vol 1 No 4 pp 344–365 [with S Wells]
  30. The Effect of Futures Market Volume and Spot Market Volatility Journal of Business Finance and Accounting (2001) Vol 28 nos 7&8 pp799–819 [ with G Sandmann and C Sutcliffe]
  31. Applying Operations Research Techniques to Financial Markets Interfaces (2003) Vol 33 No 2 pp 12–24 [with C Sutcliffe and W Ziemba]

Articles in Professional Journals

  1. Stock Market Volatility and Stock Index Futures in Stock Exchange Quarterly and Quality of Markets Review (1992) Summer pp11–14 [with C Sutcliffe]. Reprinted in Readings in Investments K Lofthouse (ed) Wiley 1994
  2. The Secondary Offer of Genco Shares and the Prevention of Market Manipulation Stock Exchange Quarterly (1995) Summer pp16–22 [with C Sutcliffe]
  3. The European Equity Passport House of Commons Digest (1996) pp 14–16
  4. How to prepare a new generation of financiers (with Brian Scott-Quinn) Financial Times February, 2009
  5. Technical know-how in banking and insurance (with Brian Scott-Quinn) November 2009, FT non-exec directors (subscription only) www.non-execs.com/
  6. Is banking really a profession, (with Brian Scott-Quinn) Chartered Banker Magazine April –  May 2009
  7. Nudging the bankers – does the Walker Review nudge enough in the area of induction, training and development, (with Brian Scott-Quinn) World Commerce Review, Sept 2009

Book Contributions

  1. The Information Content of SSAP16 Earnings Changes in B Carsberg & M Page (eds.) Current Cost Accounting: The Benefits and the Costs Prentice—Hall International (1984) Vol 3 Chapter 2 pp 245–252 [with M Walker]
  2. The Information Content of Current Cost Holding Gains in B Carsberg & M Page (eds.) Current Cost Accounting: The Benefits and the Costs Prentice—Hall International (1984) Vol 3 Chapter 3 pp 253–272 [with M Walker]
  3. Corporate Borrowing Policy in S Keane (ed.) Issues in Finance Philip Allan (1986) Chapter 5 pp 59–75
  4. The London Share Price Database Databases for Accounting Research (ed) J Board, L Skerratt and P Pope Institute of Chartered Accountants in England and Wales (1991) Chapter 5 pp 49–59
  5. Firm Finance and R&D Intensity: a UK—US Comparison in P Swann (ed) New Technologies and the Firm: Innovation and Competition Routledge (1993) Chapter 14 pp 321–342 [with R Delargy and I Tonks]
  6. Futures and Forwards in Blackwell Encyclopaedic Dictionary of Finance Basil Blackwell (1995) pp 86–87 [with C Sutcliffe] To be reprinted 2004
  7. Program Trading in Blackwell Encyclopaedic Dictionary of Finance Basil Blackwell (1995) pp 146–147 [with C Sutcliffe] To be reprinted 2004
  8. Portfolio Theory, in Encyclopaedia of Operations Research and Management Science (ed) S Gass, Kluwer Press (1996) [with W Ziemba], Edited and reprinted in second edition (2001) pp 620–625. Also printed in Encyclopaedia of Optimization (ed) C Floudas and P Pardalos, (2001) Kluwer Press [with C Sutcliffe and W Ziemba]
  9. Derivatives Regulation in Derivatives Regulation and Banking (ed) B Schachter North Holland (1997) pp 237–266 [with C Goodhart, M Power and D Schoenmaker]
  10. The Economic Consequences of Derivatives, in Modern Financial Techniques and the Law (ed) A Hudson Kluwer Press (2000) Chapter 6 pp 155–166
  11. Financial Markets Encyclopaedia of Operations Research and Management ed S Gass, and C Harris, second edition (2001) Kluwer Press pp 292–299 [with C Sutcliffe and W Ziemba]
  12. Operations Research and Finance in Encyclopaedia of Optimization (ed) C Floudas and P Pardalos, (2001) Kluwer Press [with C Sutcliffe and W Ziemba]
  13. Joined—Up Pensions Policy in the UK: An Asset—Liability Model for Simultaneously Determining the Asset Allocation and Contribution Rate. In Handbook of Asset and Liability Management, edited by Stavros A. Zenios and William T. Ziemba, North Holland Handbooks in Finance, Elsevier Science B.V., Volume 2, (2006) (with Charles Sutcliffe).

Research and Professional Reports: Government and Regulatory Bodies

  1. Equity and Derivatives Markets: Linkages and Regulatory Implications Securities and Investment Board (1991) 45 pages [with C Sutcliffe and C Goodhart].
  2. Inter Market Volatility Linkages: the London Stock Exchange and the London International Financial Futures Exchange Securities and Investments Board (1992) 121 pages [with C Goodhart and C Sutcliffe]
  3. Derivatives Regulation House of Commons Treasury Committee Sixth Report: The Regulation of Financial Services in the UK The Stationery Office HC 332 (1995) Appendix 10 pp 34–44 [with C Goodhart, M Power and D Schoenmaker]
  4. Evidence to the Treasury Committee House of Commons Treasury Committee First Report: Barings Bank and International Regulation The Stationery Office HC 65 (1996) pp 1–20 [with R Dale]
  5. The Barings Reports House of Commons Treasury Committee First Report: Barings Bank and International Regulation The Stationery Office HC 65 (1996) Appendix 8 pp 238–245
  6. Turnover and Traded Spreads for FT—SE 100 and Non—FT—SE 100 Stocks House of Commons Treasury Committee Fifth Report: The Prospects for The London Stock Exchange The Stationery Office HC 311 (1996) Appendix 13 p 75 [with C Sutcliffe]
  7. BAA: Cost of Capital and Hurdle Rates Monopolies Commission (1999) 25 pages [with M Bromwich]
  8. The Delta Scheme: Expert Opinion Jersey Financial Services Commission (2000) 27 pages
  9. Economics of a National Change of Address Scheme Cabinet Office (2000) 28 pages [with P Hirst and C Sutcliffe]
  10. Orderly Markets: Fragmentation and Consolidation, prepared for the Financial Services Authority (2000) 162 pages [with C Sutcliffe and S Wells]
  11. Distortion or Distraction: US Restrictions on EU Exchange Trading Screens, City Research Series, No. 3, 2004, 109 pages Corporation of London, (with Charles Sutcliffe and Stephen Wells).
  12. Developing a Corporate Bond Market and Associated Derivatives Market in China: A Study of Opportunities and Challenges, October 2005, 56 pages, FOA and UK Trade & Industry (with Stephen Wells, Richard Britton and Paul Lejot)
  13. Developing India’s Corporate Debt Market, March 2008, 75 pages, Corporation of London, (with Stephen Wells)

Research and Professional Reports: Financial Markets

  1. The Effects of Trade Transparency on the London Stock Exchange Financial Markets Group for the London Stock Exchange and the London International Financial Futures Exchange (1995) 196 pages [with C Sutcliffe]
  2. The Effects of Trade Transparency on the London Stock Exchange: Summary 30 pages [with C Sutcliffe]
  3. The Performance of Covered Calls and Protective Puts for London International Financial Futures Exchange, (1995) 28 pages [with C Sutcliffe]
  4. Market Manipulation of the Market of Genco Shares for London Stock Exchange (1995) 56 pages [with C Sutcliffe]
  5. Market Maker Performance: In Search of Fair Weather Market Makers prepared for the London Stock Exchange (1996) 60 pages [with C Sutcliffe]
  6. The Proof of the Pudding: The Effects of Increased Trade Transparency in the London Stock Exchange prepared for the London Stock Exchange (1996) 35 pages [with C Sutcliffe]
  7. SETS: Still Exactly the Same? London Stock Exchange (1999) 22 pages [with S Wells]
  8. Review of the evidence and issues relating to the performance of the SETSmm system and the impact of extending SETSmm, February 2005, 20pages, London Stock Exchange (with Stephen Wells)
  9. A False Perception? A comparison of AIM and the Official List for Smaller Stocks, October 2005, 42 pages, London Stock Exchange, (with Stephen Wells, Charles Sutcliffe and Alfonso Dufour)
  10. The LSE’s Alternative Investment Market Versus the TSX’s Venture Exchange, March 2006, 35 pages, Toronto Stock Exchange, (with Stephen Wells, Charles Sutcliffe and Alfonso Dufour)
  11. The Future of Middle Eastern Capital Markets, March 2008, 56 pages, Corporation of London (with Stephen Wells)
  12. The Impact of the Credit Crunch on the Sterling Corporate Bond Market, March 2009, Investment Management Association (with Stephen Wells and Charles Sutcliffe)

Research and Professional Reports: Professional Bodies

  1. The Effects of Holding Gain Information on the Stock Market Evaluation of Publicly Quoted Companies Institute of Cost and Management Accountants Occasional Paper (1984) 30 pages [with M Walker]
  2. The Information Content of Unexpected Accounting Income, Funds Flow and Cash Flow Institute of Chartered Accountants in England and Wales (1989) 17 pages [with M Walker and J Day]
  3. Databases for Accounting Research Institute of Chartered Accountants in England and Wales (1991) 123 pages [with P Pope and L Skerratt]

Consulting and Research Grants

  1. The Information Content of Inflation Adjustments to Published Accounts Social Science Research Council 1983—1984
  2. The Effect of Two Stage Budgeting on International Portfolio Diversification Social Science Research Council 1983
  3. The Market Value of Research and Development Expenditure Economic and Social Research Council 1990—1992
  4. Corporate Financial Reporting and Stock Market Rationality Economic and Social Research Council and Institute of Chartered Accountants in England and Wales
  5. Innovation in London’s Financial Markets Department of Trade and Industry (Foresight Programme) 1996
  6. The Effect of Holding Gain Information on the Stock Market Evaluation of Publicly Quoted Companies Institute of Cost and Management Accountants 1984
  7. Cash Flow Accounting Institute of Chartered Accountants in England and Wales 1985
  8. Databases for Accounting Research Institute of Chartered Accountants in England and Wales 1990—1991
  9. The Information Content of Cash Flow Disclosure under Financial Reporting Standard 1: A Pilot Project Institute of Chartered Accountants in England and Wales 1993
  10. Emerging Practice in Realistic Reporting by Life—Insurance Companies: Implications for Accounting Standards B&W Deloitte, KPMG and Institute of Chartered Accountants in England and Wales 1999–date
  11. Inter Market Linkages – a Review Securities and Investment Board 1991
  12. Volatility in Spot and Futures Markets Securities and Investment Board 1991—1992
  13. The Effects of Trade Transparency on the London Stock Exchange London Stock Exchange/LIFFE 1994
  14. Comparative Regulatory Effectiveness in Screen Based and Outcry Markets London International Financial Futures Exchange 1998
  15. The Effectiveness of Buy/Write Investment Strategies London International Financial Futures Exchange 1995
  16. Market Manipulation and the Secondary Offering of Genco Shares London Stock Exchange 1995
  17. Market Integrity and Irregular Stock Market Trading The London Stock Exchange 1993—1994
  18. Fair Weather Market Making London Stock Exchange 1996
  19. The Introduction of the SETS Trading System London Stock Exchange 1999
  20. Best Execution in the UK Financial Services Authority 1999
  21. Economics of a National Change of Address Scheme Cabinet Office 1999—2000
  22. Orderly Markets Financial Services Authority 2000—2001
  23. Developing a Corporate Bond Market and Associated Derivatives Market in China: A Study of Opportunities and Challenges, October 2005, 56 pages, FOA and UK Trade & Industry
  24. Review of the evidence and issues relating to the performance of the SETSmm system and the impact of extending SETSmm, 2005, London Stock Exchange
  25. A False Perception? A comparison of AIM and the Official List for Smaller Stocks, October 2005, 42 pages, London Stock Exchange
  26. The LSE’s Alternative Investment Market Versus the TSX’s Venture Exchange, 2006, Toronto Stock Exchange
  27. India’s Corporate Debt Market, 2007, Corporation of London
  28. Middle Eastern Capital Markets, 2007, Corporation of London
  29. The Impact of the Credit Crunch on the Sterling Corporate Bond Market, 2008-9, Investment Management Association
  30. The Usefulness of Analysts Earnings Expectations, INQUIRE 1990—91
  31. The Costs and Performance of UK Pensions Funds Skandia Life 1998—1999
  32. Increasing EU—US Capital Market Efficiency: The Effect of Restrictions on the Cross—Location of Exchange Trading Screens, Corporation of London, 2004

Publicity

Over 25 radio/TV contributions on topics relating to domestic and international capital markets, financial scandals, market regulation and derivatives markets

Presented papers at a large number of academic and professional conferences both in Europe and the USA.

Membership of Editorial Boards

British Accounting Review (1995—1998)

Journal of Business Finance and Accounting (1994—2000)

European Business Law Review (1999—date)

Journal of International Banking Regulation (2000—date)

European Journal of Finance (2004–date)

Advisory Board for the Palgrave Finance and Capital Markets Series (2007—date)

Editorial Board for the Palgrave text books in Finance series (2007—date).

Academic Refereeing

Journals and Book Reviews for Accounting & Business Research, Accounting, Organizations & Society, British Accounting Review, Bulletin of Economic Research, Economic Journal, Economica, European Journal of Finance, Journal of Banking and Finance, Journal of Business Finance and Accounting, Journal of Futures Markets, Journal of Pension Economics and Finance, Management Accounting Research, Omega, Regional Science and Urban Economics, Review of Modern Greek Studies, Scandinavian Journal of Economics

Research Proposals for Economic and Social Research Council, Institute of Chartered Accountants in England & Wales, Leverhulme Foundation