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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

JPMorgan leans on trading, investment banking to boost profits

JPMorgan Chase Cos net income rose to $12.1 billion, or $3.79 per share, in the quarter ended Dec. 31, from the previous years $8.5 billion, or $2.57 per share. The performance also surpassed its expected earnings of...

Xi Jinping urges Starbucks and its chairman emeritus Howard Schultz to help improve US-China ties

Xi Jinping, the president of the Republic of China, reportedly called on Starbucks to help patch things up and restore its ties with the U.S. To be more exact, the Chinese president was said to have asked the former CEO of...

French govt opposes foreign group's takeover of Carrefour

France is opposing any takeover of retailer Carrefour by a foreign company to preserve its food security and sovereignty, said French Finance Minister Bruno Le Maire. According to Maire, the acquisition by a foreign...

Electric car sales in China reportedly skyrocket by 10%

The electric car market in China is growing, and in fact, it was reported that the country achieved a 10% increase in its EV sales last year. The data was only revealed this week as the computation of sales cant be...

S. Korea approves Netherlands-based brokerage IMC to do business locally

Netherlands-based brokerage house IMC was green-lighted by the Financial Services Commission (FSC) to operate a financial investment and brokerage business in South Korea on the condition that its subsidiary serves as a...

Politics

Donald Trump impeached by House for the second time

The attempt to pressure Ukraine into digging up dirt on Joe Biden and his son Hunter Biden led to Donald Trump getting impeached in 2019. In his final days as president, Trump has been impeached by the House the second...

Donald Trump humiliated: Former Australian Prime Minister Malcolm Turnbull blasted for Capitol riots

The world was shaken by the insurrection done by rioters in support of Donald Trump at the Capitol that has forced world leaders to speak out. This also includes former Australian prime minister Malcolm Turnbull, who...

Joe Biden foreign policy: POTUS-elect inherits diplomatic conflicts left by outgoing administration

It is no secret that president-elect Joe Biden will inherit a lot of problems either created or unresolved by the Trump administration. However, recent moves in foreign policies by the outgoing administration may be left...

Joe Biden inauguration: POTUS-elect will no longer take Amtrak to ceremony out of security concerns

President-elect Joe Biden is known for his preference of taking the Amtrak train from his home in Delaware and to Washington over the years. However, in his upcoming inauguration, Biden may not be able to take the train to...

Science

Mars mission: NASA scientist says Martians can help humans live on Red Planet

Being able to live on Mars is one of the goals that space agencies all over the world have when it comes to exploring the red planet in future Mars missions. Although it may take a while to figure out how we may be able to...

Black holes: Albert Einstein's theory may save Earth from wandering black holes

Black holes are one of the most mysterious objects in the universe and were first brought up by renowned scientist Albert Einstein. With the possibility of wandering black holes being able to consume our own planet, the...

Asteroid alert: 16-meter space rock to pass by Earth on New Year weekend

With days to go until the Earth completes another year around the Sun, it appears that the universe also has plans to celebrate the new year along with us. An asteroid is set to pass by our planet a few days after the new...

Four ways microbial fuel cells could revolutionise electricity production in the future

The world population is estimated to reach 9.5 billion by 2050. Given that most of our current energy is generated from fossil fuels, this creates significant challenges when it comes to providing enough sustainable...

Technology

PS5 restocks available on Jan. 15 via Sony Rewards

PlayStation fans are getting another chance at finally scoring a unit of the new-gen console PlayStation 5 this week. Sony announced that it has a scheduled restock before the weekend. Where to look for the next PS5...

Signal, Telegram record higher app downloads than WhatsApp over the last week

WhatsApps privacy policy changes have sparked discussions on the types of user data being collected and how messaging apps handle them. The discussions have likely helped Telegram and Signal gain momentum in app downloads...

Netflix could add spatial audio support by spring 2021, report claims

Netflix could be joining other streaming platforms in offering spatial audio support to users with the necessary devices. The upcoming feature was reportedly being testing and planned to be released within the first half...

Samsung Galaxy SmartTag ships on Jan. 29, followed by SmartTag+ ‘later this year’

Samsung just announced a series of tracking devices with two variants using different types of wireless connections. First to launch this month is the Galaxy SmartTag that will be an apparent Tile tracker competitor....
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