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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

German bunds suffer ahead of 5-year auction, ECB’s account of monetary policy meeting

The German bunds traded lower during afternoon session Monday ahead of the countrys 5-year auction, scheduled to be held on November 21 by 10:40GMT and the European Central Banks (ECB) account of monetary policy meeting,...

EUR/NOK unlikely to exceed 9.57-9.60 for now, should slowly trend back towards 9.50: Commerzbank

The EUR/NOK currency pair is not expected to exceed the 9.57-9.60 range for now and should slowly trend back towards 9.50, according to the latest research report from Commerzbank. Weaker CPI data alone does not mean...

Malaysia Q4 economic growth likely to moderate to 4.2 pct y/y, full-year seen at 4.6 pct: OCBC Bank

Malaysias economic growth for the fourth quarter of this year is expected to come in at 4.2 percent y/y, while the full-year expansion is seen at 4.6 percent y/y, according to the latest research report from OCBC...

Thailand economic growth surprisingly stagnates in Q3 on weakness in agricultural sector

Thailands economic growth unexpectedly stagnated in Q3, which translated to annual growth of 3.3 percent, the weakest since Q4 2016. The lack of q/q growth reflects weakness in the agricultural sector, which contracted by...

JGBs trade higher following worse-than-expected October trade balance; national CPI remains in focus

The Japanese government bonds remained higher on the first trading day of the week Monday, following a worse-than-expected trade balance data for the month of October, released late yesterday. Investors will now be...

Politics

Threats remain to US voting system – and voters' perceptions of reality

As the 2018 midterms proceed, there are still significant risks to the integrity of the voting system and information warfare continues to try to influence the American publics choices when they cast their ballots. On...

Let's not focus on graduate incomes when assessing the worth of education

The link between educational attainment and income has long been known. Now Australians have more information about what graduates earn from different universities and courses. A recent report shows graduates from NSW...

What image will define the 2018 election?

Every election has its iconic images. Or does it? There are standout images from previous campaigns. Barack Obamas Hope poster, with all its homages and parodies, is a classic example. George W. Bushs Mission...

US mid-term results: seven key issues and what they mean for the country's uncertain future

America has voted, the results are in, but the countrys future remains uncertain for now. Tuesdays Congressional mid-term elections were billed rightly as among the most important in US history. Decades of widening...

Democrats take House at US midterm elections, but Republicans keep Senate; Labor well ahead in Victoria

US midterm elections were held today. All 435 House seats and 35 of the 100 Senators were up for election. Democrats were defending 26 Senators, including some states that Trump won by big margins in 2016, and Republicans...

Science

Novel approach brings African scientists closer to a malaria vaccine

Malaria is still a major problem in Africa. There are over 200 million clinical cases each year and approximately half a million deaths. There are different ways in which malaria can be controlled. Preventive measures...

Dramatic galaxy collision filled the Milky Way with stars, astronomers discover

Imagine trying to map out your home town using only information you could gather from your window. Even with a pair of binoculars youd find it a difficult task. Mapping out our own galaxy, the Milky Way, is a similarly...

How thoughtful, content-rich tutorials can help science students learn

Learning is not a spectator sport. Students need to make what they learn a part of their everyday lives. Tutorials are an excellent way to achieve this at university level. When theyre properly designed, tutorials can be...

Curious Kids: If a star explodes, will it destroy Earth?

This is an article from Curious Kids, a series for children. The Conversation is asking kids to send in questions theyd like an expert to answer. All questions are welcome: find out how to enter at the bottom. You might...

Explainer: what any country can and can't do in Antarctica, in the name of science

Antarctica is owned by no one, but there are plenty of countries interested in this frozen island continent at the bottom of the Earth. While there are some regulations on who can do what there, scientific research has...

Technology

‘Fortnite’ Latest News & Update: Humiliates ‘God of War’ & ‘Red Dead Redemption’ in Video Game Awards

Fortnite might be the most popular video game in the world right now but no one can be faulted for saying that it is not Game of the Year material. However, it would appear that the judges over at the Golden Joystick...

Radeon RX 590 Latest News & Update: ‘Resident Evil 2’ & ‘DMC 5’ Included in Bundle

AMD is betting big on the Radeon RX 590 GPU by bundling it with several games that are not exactly what anyone would expect to come for free in this fashion. Basically, the company is offering three AAA titles for free...

Nvidia Latest News & Update: Cryptocurrency Failure Leads to Stock Nosedive, Lost The Gamble or Bad Luck?

Nvidia recently released its revenue report for the third quarter and it signaled the end of an era for the company. The cryptocurrency boom essentially led to an unexpected boost in its sales of GPUs last year, which led...

iOS Jailbreak Latest News & Update: iOS 12.1 Successfully Bypassed by Tencent KeenLab Researcher

A Tencent Keenlab researcher recently confirmed on Twitter that his jailbreak method successfully bypassed the latest iOS 12.1 that is running devices of XS MAX, Apple, and iPhone. Named Liang Chen, the researcher said...

'Fallout 76' Latest News & Update: Titanic Failure as Expected, Burning Reviews Paint Apocalyptic Reception

Fallout 76 was doomed from the start and it would seem that everyone could see this except for Bethesda. The game was as confusing to itself as it was to fans and this was the least of its problems. The result is the...
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November 19 10:00 UTC Released

EZConstruction Output MM

Actual

2.04 Percent

Forecast

Previous

-0.46 Percent

November 19 09:00 UTC Released

EZCurrent Account NSA,EUR

Actual

24.1 Bln EUR

Forecast

Previous

20.5 Bln EUR

January 31 00:00 UTC 421154421154m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 421154421154m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 432974432974m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 421154421154m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 432974432974m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 421154421154m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 421154421154m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 421154421154m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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