May 2025
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8 Reads
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1 Citation
Research Policy
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Publications (231)
April 2024
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48 Reads
March 2024
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12 Reads
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4 Citations
Financial Review
This paper develops and empirically tests a new version of the trade‐off theory of corporate capital structure choices that accounts for CEOs' biased beliefs, with a focus on overcaution. We characterize the bias as a distortion of expected rates of return on equity and debt that, for Overcautious CEOs, are overestimated compared to a rational CEO. The theory shows that if CEOs have higher bias in equity, than in debt‐value estimation, overcautious CEOs will choose lower levels of debt compared to rational CEOs, and, if the degree of overcaution is sufficiently high, they will adopt a zero‐leverage policy.
January 2024
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17 Reads
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3 Citations
SSRN Electronic Journal
January 2024
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15 Reads
SSRN Electronic Journal
January 2024
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3 Reads
October 2023
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150 Reads
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1 Citation
Journal of Behavioral and Experimental Economics
June 2023
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17 Reads
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2 Citations
In this paper, we conduct a detailed examination of the determinants of attitudes to financial risk among retail investors in six European countries (Belgium, France, Germany, Italy, Spain and the United Kingdom). We find that respondents from the United Kingdom and Belgium are the most risk tolerant while those from Spain are the least. We observe remarkable similarities in the distributions of risk tolerance across countries despite cultural differences and considerable variations in the extent to which risky investing is undertaken as a routine part of financial planning. We further show that country effects in the cross-sectional variation of attitude to risk scores are swamped by the impacts of gender, salary and wealth, while financial knowledge and prior investment experience are much more important still. Our results have implications for regulators and those who wish to encourage European investors to consider going beyond bank savings and guaranteed products to more prevalent stock market investing in an era of negative real interest rates.
March 2023
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194 Reads
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5 Citations
It is often suggested by fans, the media, and football commentators that English players are over-valued and receive higher salaries than those of comparable players from different countries. This study examines whether the suggestion can be empirically substantiated. Using a unique database covering all of the European elite leagues, we show that there is an English player value premium of around 40% and a wage premium of 25%. Exploring the reasons for this phenomenon in a regression setting, we find that the excess valuation and salary differential can be partly justified by several factors. First, and most importantly, there is a higher value attributed and wages paid to players in the English Premier League (EPL); second, that English players are more likely to play as strikers than in other positions in EPL clubs; third, that their performance in some positions is somewhat better than the average of players from other nations; fourth, that there are fewer of them in the top European leagues, leading to a shortage in supply. There is, however, evidence that the higher valuation of English attackers and the higher salaries of English attackers and of English midfielders evades explanation by any of these groups of variables.
August 2022
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27 Reads
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11 Citations
International Review of Economics & Finance
Media reports of a financial apocalypse facing some UK universities were rife around the onset of the covid-19 pandemic, with much of the blame for their apparently perilous monetary situation levelled at excessive borrowing. This study examines the extent to which higher education institutions in the UK have become more indebted over the past decade and determines the factors that explain why some universities have borrowed more than others. We find that universities with vice chancellors who are older, higher paid, and who have been in their roles for a shorter time, on average have greater levels of indebtedness. We do not observe significant relationships with institutional borrowing for the gender of the vice chancellor, or their previous experience as a deputy vice chancellor or having previously held the top role elsewhere. Among university characteristics, only the level of total assets has any explanatory power for indebtedness, and not its overall institutional ratings score, whether it is a member of the Russell Group, or its total number of students.
Citations (72)
... The theory posits that top managers' limited rationality shapes their decisions based on how they interpret situations through their thinking, values and perception (Hambrick, 2007). Besides, some studies on top management found empirical evidence that the top management attributes could influence their decision related to earning management practice (Putra and Setiawan, 2024), capital structure (De Silva and Banda, 2022;Rocciolo et al., 2024;Sardo et al., 2022), corporate investment (Cao et al., 2022;Xie, 2015) and corporate sustainability practices (Aabo and Cristina, 2022;E-Vahdati and Binesh, 2022;Glass et al., 2016;Jilani et al., 2023). ...
- Citing Article
March 2024
Financial Review
... While sustainable investing has gained significant attention, there are notable gaps in existing literature. Most studies have focused on the financial performance of ESG investments or on the preferences of institutional investors, leaving a gap in understanding the behaviors and motivations of individual young investors (Brooks & Williams, 2024). Additionally, there is limited research on the cognitive dissonance between young investors' stated values and their actual investment choices, particularly in contexts where financial returns conflict with ethical (Bihari et al., 2023). ...
- Citing Article
January 2024
SSRN Electronic Journal
... To uncover any potential continental salary premium, we control for a set of confounding factors. Our control variables, listed in Table 2, comprise age (and its square), appearances for the national team (both at senior and Under 20 level), appearances in top five European leagues, appearances in other leagues, appearances in UEFA club competitions, and a dummy variable indicating whether a player was previously 3 Also see work by Bell et al. (2024) who find that English players tend to be valued higher and paid more. 4 Pedace goes on to explain that this may actually be a perfectly reasonable decision by team owners, on the basis that average attendances are higher when teams give South American players more appearances. ...
- Citing Article
March 2023
... The social environment, such as support from friends or family who have positive experiences with online loans, can also strengthen this decision. Thus, emotions are not only a reaction to financial situations but also serve as a determining factor in the interest and decision to use online loans (Brooks et al., 2023). H2: Emotion has a positive impact on interest in online loans. ...
- Citing Article
- Publisher preview available
January 2022
... Following 14 years of coalition and Conservative government education policymaking influence across England, our universities are experiencing huge financial troubles (Bell et al., 2022;Losasso, 2024). ...
- Citing Article
August 2022
International Review of Economics & Finance
... To know what policy options are available to policymakers in handling a crisis resulting from a bubble burst, hence mitigating its impact on the financial market in particular, and the wider economy in general, it is important that policymakers have a good understanding of bubble build-up (Bell et al. 2022;Liu and Conlon 2018;Ayub et al. 2020;Okere et al. 2019). Over the years, concerted efforts have been deployed to understand the causes and consequences of the asset price bubble. ...
- Citing Article
June 2022
Research in International Business and Finance
... The second element for intrinsic valuations is to consider a reliable measure of performance in football. A significant amount of research has been conducted on the projection of player salaries and transfer fees from playing data (Bell et al., 2022;Bryson et al., 2013Bryson et al., , 2014Carmichael et al., 1999;Carmichael & Thomas, 1993;Coates et al., 2020;Di Domizio et al., 2024;Franck & Nüesch, 2012;Frick, 2011;Lucifora & Simmons, 2003;McHale & Holmes, 2023;Metelski, 2021;Pappalardo et al., 2019;Poli et al., 2022;Szymanski, 2000Szymanski, , 2001Yang et al., 2024;Yiğit et al., 2020). There is not a consensus on how to determine performance indicators, talent or ability in football, rendering the use of MRP difficult. ...
- Citing Article
January 2022
SSRN Electronic Journal
... The CAPM model employs beta to integrate risk and return simultaneously (Hadi, 2015). CAPM is associated with factors that absorb abnormal returns thereby reducing pricing errors that result in not being statistically significant (Rocciolo et al., 2022). CAPM can also be described as a model that links the anticipated rate of return from a portfolio of risky assets in a well-balanced market environment (Tandelilin, 2010). ...
- Citing Article
April 2022
International Review of Financial Analysis
... Addressing this issue was crucial to current and prospective investors since an incline in bank stock price lead to a decline in the bank's debt-to-equity ratio. Consequently, investors who bore the cost of the additional risks regard the future cash flow of the bank as comparatively riskier (Brooks and Williams, 2022). Thus, there was a need to emphasize the risk since investors consider risk measurement while making investment decisions. ...
- Citing Article
January 2022
International Review of Financial Analysis
... It is important to note that being included in the SCOPUS index does not necessarily indicate the quality of a journal and an article. At the national level, there may be alternative indicators of reputation (Kurt, 2018;Brooks et al., 2023), such as inclusion in local indices, the authority of authors who have published in the journal, and the range of topics covered. As for "Diplomatic Service", it should be noted that it is curated by the Ministry of Foreign Affairs of the Russian Federation. ...
- Citing Article
November 2021
Critical Perspectives on Accounting