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Alan Gregory

Alan Gregory

Alan Gregory is a Professor of Corporate Finance. Prior to taking up this position, he held professorial positions at both the University of Wales, Aberystwyth, and the University of Glasgow. In addition to his position at Exeter, he was a full panel member of the Competition Commission for two successive for year terms until September 2009 and is now External Advisor to the Commission‘s Finance and Regulation Group.

His consulting experience includes acting as advisor to one of the largest accounting firms on a number of issues, advising HM Treasury, and consulting for fund managers on investment strategies and asset allocation strategies. His work at the Competition Commission involved being a panel member on a number of inquiries, including a regulatory inquiry into airport pricing, market inquiries into domestic bulk liquid petroleum gas and the UK grocery market, and merger inquiries relating to the GUS / Littlewoods mail order operations and the takeover bids for the London Stock Exchange by Euronext and Deutsche Börse. In addition, he has acted as a consultant to other inquiries including the mobile phone and storecards inquiries. He has also undertaken expert witness work for the Treasury Solicitors’ Department, and in connection with Australian Gas Distribution pricing cases.

My current research interests are as follows:
The general area of market-based empirical research, particularly with regard to the robustness of conclusions that can be drawn from such studies in the light of documented risk factors. At present, this interest principally focuses upon the areas of take-overs and mergers together with returns to, and valuation of, corporate social responsibility agendae. Related work has focused on market reaction to directors’ trading activity, and the success of initial public offerings. A Leverhulme research grant of approximately £78k funding work on directors’ dealing around takeovers has recently been completed.

The empirical estimation of cost of capital, which has included the award of a an ESRC Grant of approximately £300k (started in December 2012). Outputs to date include a recent JBFA paper the empirical testing of the Fama-French and Carhart models in the UK, and a working paper to be presented to the BAFA Conference later in 2016 on beta estimation. Both these papers are with Dr Rajesh Tharyan and Dr Shan Hua, with whom I provide downloadable data on Fama-French style portfolios and factors for the UK and the ESRC grant is, inter alia, to to support the regular updating of these data for benefit of UK academic researchers via the Xfi website. I am lead researcher on the grant with three other co-reaserachers at Exeter.

My interest in CSR has included two studies of the performance of ethical and non-ethical UK unit trusts which were published in the Journal of Business Finance and Accounting (JBFA). Current work is investigating the returns to, and market valuation of, CSR in relation to the US and two papers have been published in Journal of Business Ethics on this theme. A final paper on eranings persistence and firm value is forthcoming in JBFA.
I have had a long standing interest in the long run returns to UK acquirers. This led to me being invited to give a keynote paper at the 2015 ICAEW “Better Markets” Conference. The paper, “How far does financial reporting allow us to judge whether M&A activity is successful?” is forthcoming in Accounting and Business Research.

Briferendum Series

Why mortgage rates will rise with Brexit

May 16, 2016 12:58 pm UTC| Insights & Views Real Estate

How Brexit would affect house prices and homeowners is one of the big questions in the build up to the UKs EU referendum vote. George Osborne has said that mortgage rates will rise if theres an Out vote. Meanwhile, the...

1 

Economy

Taiwanese export order contraction likely to continue for seventh straight month in May

Taiwanese export orders saw a smaller than anticipated fall in April, owing to a recovery in information and communication. On a year-on-year basis, export orders dropped 3.7 percent. Transportation equipment orders also...

U.S. Treasuries continue steady movement amid muted trade ahead of FOMC Chair Powell’s speech

The U.S. Treasuries continued to remain flat during Tuesdays afternoon session, after an overnight speech by the Federal Open Market Committees (FOMC) Chairman Jerome Powell focussed principally on his assessment of the...

German bunds flat in silent session ahead of 10-year auction, Q1 GDP data

The German bunds remained flat during European trading session Tuesday amid a muted trading session that witnessed data of little economic significance. Investors will be keeping an eye on the countrys 10-year auction,...

Thailand’s GDP expands by 2.8 pct y/y in Q1, logs weakest performance in four years

Thailands GDP expanded by 2.8 percent y/y in Q1, the weakest performance in four years. The decline in exports was a key drag, but private consumption and investment growth also slowed. Looking ahead, the economy faces...

BoE likely to join Fed and ECB in keeping policy on hold in 2019, says Rabobank

The Bank of England (BoE) is expected to join the Federal Reserve and the European Central Bank (ECB) is keeping the monetary policy on hold throughout this year, according to a recent report from Rabobank. Against the...

Politics

Vladimir Putin: Does the Russian President Watch 'Game of Thrones'?

Game of Thrones will officially close its curtains after its final episode on Sunday, May 19. Is Russian President Vladimir Putin one of the people who would be tuning in to see who sits on the Iron Throne? The question...

Donald Trump Net Worth: U.S. President’s Favorite Mar-a-Lago Resort Earned Less in 2018

Donald Trump may no longer be actively taking care of his businesses but it still earns him a sizeable amount of money every year. However, his latest annual financial report showed that his favorite getaway destination,...

Melania Trump Fashion: FLOTUS Wears $6,000 Dress at White House Event; Who's Paying for It?

The United States First Lady Melania Trump is known for her Be Best anti-bullying campaign. Aside from her official work, her fans are also following her fashion choices. Mrs. Trump, along with U.S. President Donald...

Donald Trump: POTUS Reignites Word War With James Comey

When Donald Trump officially became the United States President, his indifference with former Federal Bureau of Investigation director James Comey was also made known very well. This week, the word war between the two...

Vladimir Putin: Russian President ‘Afraid’ of Resistance?; Reiterates Importance of Military Strength Military on Victory Day

Russian President Vladimir Putin, as expected, staged a massive show of force on Victory Day while his speech focused on the supposed threat of collective resistance. Ironically, the big weapons were met with a report that...

Science

Cancer Cure Found in Ancient Fish? Study Leans on to Parasitic Eel-Like Fish for Better Brain Cancer Treatment

Scientists around the world have various strategies finding the potential cancer cure or come up with a much better treatment regimen to help patients live longer. Researchers from Wisconsin and Texas recently published a...

HIV/AIDS Cure News: 50,000 Individuals Consume ‘Miracle Cure’ That’s Really Industrial Bleach Distributed in Uganda by US Pastor

Around 50,000 people in Uganda were allegedly convinced by an American pastor to consume a so-called miracle cure for HIV/AIDS. The problem is the said substance was already flagged down by the United States Food and Drug...

HIV/AIDS Cure 2019: Scientists May Have Found a Way to End HIV Transmission

Apart from finding a complete cure for HIV/AIDS, another important aspect of tackling the epidemic is looking for an effective way to stop its transmission. Scientists may have made a great discovery in that area. A...

Cancer Cure 2019: Researchers Focus on Helping Patients Live Longer

The world has yet to find a complete cure for cancer. But scientists are continuously working in developing and improving treatment strategies. A leading research institute for cancer recently announced a new and...

Cancer Cure 2019: Potentially Effective Vaccine Can Teach Immune System to Heal Tumors

Finding the cure for cancer also requires scientists and researchers to find various strategies on how to heal or destroy cancer cells and tumors. A recently published study offers an interesting approach as it revealed...

Technology

iOS 13 Release Date, Features: Why Apple Would Stop Supporting 4 iPhones and 2 iPads in September

Whenever a new software update of iOS is about to be announced, Apple fans often wonder whether their older devices would still be supported. In the case of iOS 13, recent reports have it that the 2019 update is no longer...

Google Pixel 4 Release Date, Features, Specs: Volume, Lock/Unlock Buttons Gone for Good in October

Samsung and Huawei, two of the biggest smartphone makers in the world, have both introduced a foldable device this year. But Google is apparently not bothered and rushing in jumping on that train and would not release that...

PlayStation 5 Release Date, Latest News: Corporate Strategy Presentation Released Video Performance of Next-Gen Console

Last month, PlayStation 5 lead architect revealed massive details about the next-generation console and how powerful its going to be compared to its predecessor. Now, we finally get to see it in action. Or at least, get...

‘The Last of Us Part 2’ Release Date, Speculations: How Much Needs to be Done Before Sequel is Ready?

The Last of Us Part 2 is one of the most anticipated titles coming out soon; its hype rivaled only by CD Projekt Reds Cyberpunk 2077. Despite the massive excitement surrounding the sequel, Naughty Dog has yet to announce...

iOS 12. 4 Release Date, Features: Beta 2 Version Now Available; Apple Priming Users for Upcoming Apple Card

The second developer beta of the iOS 12.4 was released yesterday, and not much has changed in the way of details. This recent update comes in the wake of the first beta that was rolled out merely six days ago, MacRumors...
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May 21 14:00 UTC Released

EZConsumer Confid. Flash

Actual

-6.5 %

Forecast

-7.7 %

Previous

-7.9 %

May 21 14:00 UTC Released

USExist. Home Sales % Chg

Actual

-0.4 %

Forecast

2.7 %

Previous

-4.9 %

January 31 00:00 UTC 685131685131m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 685131685131m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 696951696951m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 685131685131m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 696951696951m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 685131685131m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 685131685131m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 685131685131m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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