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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...

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Economy

The drop in GDP rankings came as South Korea posted a nominal economic growth rate of 1.4 percent in 2019

South Korea produced a nominal gross domestic product (GDP) valued at US$1.64 trillion in 2019 to rank 10th globally, down two spots from 2018. The data was based on the Organization for Economic Cooperations (OECD)...

Migrant workers make up over 90 percent of Singapore's COVID-19 cases.

Industry groups in Singapore warned that a reduction in foreign workers would have numerous implications on the economy. They were reacting to a call for a change of policies with migrant workers making up over 90...

The drop was attributed to the lockdown-generated decline in the number of outbound travelers.

Overseas card spending by South Koreans reached US$3.6 billion in the first quarter, plunging 23 percent from the $4.68 billion expenditures in the same period last year. It was the sharpest year-on-year drop in...

The country's car production plunged over 90 percent duirng the pandemic.

The French government is infusing over $8.8 billion to save the countrys car industry from huge losses brought about by the lockdowns. The countrys car production plunged over 90 percent duirng the pandemic. French...

The surge in net income was due to increased interest income

South Koreas 79 savings banks reported a combined net income of 246.3 billion in the first quarter, rising 19.4 percent year-on, according to the data from the Financial Supervisory Service (FSS). The surge in net...

Politics

Michelle Obama allegedly resents being a mother and here's why

Michelle Obama is said to be very livid and resents Barack Obama as her career has been put on hold. It was suggested that she is blaming her husband for what happened to her career that she cant take off since she also...

Why is there so much furore over China's Belt and Road Initiative?

There were certainly questions asked when Victoria first signed a memorandum of understanding to join Chinas Belt and Road Initiative (BRI) in 2018, but it wasnt until the past week that the criticism reached a fever...

Melania Trump criticized for attending POTUS' meeting with VP and Homeland Security

Melania Trump attended the briefing for the 2020 hurricane season on May 28. It was attended by Vice President Mike Pence, Homeland Security agency, Emergency Management office, and NOAA, but some people raised their...

Melania Trump reportedly warned husband Donald Trump to take coronavirus seriously

Over the past several weeks and months during the coronavirus lockdown in the United States, First Lady Melania Trump has taken a more serious approach in getting Americans to comply with CDC guidelines to slow the spread....

Science

Human activity can potentially cause 50 billion years' worth of evolution: study

The Earth has been around for billions of years, and over those years, many species of living things have roamed on the planet. However, a new study suggests that human activity may be responsible for the extinction of...

Asteroids: Scientists say asteroids Ryugu and Bennu may came from the same parent rock

100% uniqueness Among the asteroids that space agencies such as NASA are keeping tabs on is the asteroid Bennu. Scientists recently discovered that Bennu, along with another asteroid Ryugu, actually came from the same...

Asteroids: 3D simulations show how the asteroid collision struck the dinosaurs at a fatal level

The dinosaurs that once roamed the Earth millions of years ago were believed to have been wiped out by a large asteroid that collided with the planet. Recently, some simulations that researchers conducted revealed just how...

New study suggests asteroid collision did not cause extinction of the dinosaurs

It is widely believed that an asteroid collision on Earth was responsible for the mass extinction of the dinosaurs. However, a new study seems to suggest that it was not the case at all. Express reports that researchers...

Technology

Pixel 4a XL would have had two cameras, leaked phone case suggests

After months of the rumor mill churning plenty of details about the still unannounced Pixel 4a, smartphone fans seem to be in unison now in no longer hoping for a Pixel 4a XL. The bigger version of the mid-range device,...

iOS 14 could finally allow movable widgets on the home screenshot

Many loyal iPhone users would say the one reason they choose this device is because of the iOS operating system. However, they can also not deny that iOS has been restrictive when it comes to how users can customize their...

AirPods could monitor health conditions in the next 1-2 years, report claims

Apple is known for going big on adding health-focused features to its hardware and software products. Recent reports have it that the tech giant is planning to do the same for future iterations of AirPods. Future...

The coronavirus pandemic is boosting the big tech transformation to warp speed

The coronavirus pandemic has sped up changes that were already happening across society, from remote learning and work to e-health, supply chains and logistics, policing, welfare and beyond. Big tech companies have not...
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