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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

Australian bonds continue to rally tracking upward pressure in U.S. Treasuries

Australian government bonds ralliedon Thursdaytracking firmness in the U.S. Treasuries as investors risk sentiments weighed down by renewed geopolitical caution towards US negotiations with North Korea and China. The...

Australia’s headline construction rises below expectations in Q1

Australias headline construction figure for the first quarter came in below expectations; however, the details of the report were strong. Construction rose 0.2 percent sequentially in the March quarter, with a mix of...

U.S. new home sales miss consensus estimates, suggest a soft start to Q2

The United States new home sales fell by 1.5 percent m/m in April, to 662k. This was below the consensus estimates of 680k, although the m/m rate of decline was in line with what Barclays Research had forecast. The miss...

Asia-Pacific’s macroeconomic environment remains intact, albeit at the cost of trade and capital risks: S&P Ratings

The favorable macroeconomic environment in Asia-Pacific remains intact, although risks relating to capital flows and trade have increased, according to the latest report titled APAC Economic Snapshots--May 2018, published...

U.S. Treasuries spurge on safe-haven demand following massive sell-off in Turkish Lira

The U.S. Treasuries jumped during North American session Wednesday as investors crowded into safe-haven assets, following a massive sell-off in the Turkish Lira. Also, the 5-year note auction, scheduled to be held today by...

Politics

The first terrorist act in Indonesian prison: the triggers and how to prevent them

Indonesia witnessed another terrorist act last week. But, this time, it occurred in a maximum-security detention centre located at the polices Mobile Brigade headquarters in Depok, West Java. More than 150 terrorist...

Would America vote for Oprah for president?

America has had a black president. Is the country ready for a black president who is also a woman? Speculation about the candidacy of Oprah Winfrey makes clear that some voters think so. Granted, Winfrey says she...

Lawyers keep secrets locked up – so they get asked to do the dirty work

Lawyers seem to at the center of lot of scandals lately. President Donald Trumps personal lawyer, Michael Cohen, whose office and hotel were raided by the FBI, is only the latest example. Harvey Weinsteins law firm...

Rise of cryptocurrencies could curb American power

There has been a lot of talk in foreign policy circles of the coming post-American world in which the international system will transition from a unipolar to a multipolar system. But, as we currently stand, the US remains...

Debate: On secularism in the 21st century

In January 2018 the French commemorated the Charlie Hebdo attacks that occurred three years earlier. The expression of American solidarity then toward the victims in France was quick and unwavering just as it was in the...

Science

Scientists Just Found A Black Hole That Is Eating Everything In Its Path

Black holes are some of the most terrifying subjects in the realm of science. Not only do they offer a glimpse into the raw power that is present in the universe, they also invoke undefinable terror in those who imagine...

Salt Could Prevent Hearing Loss After An Explosion

In movies, whenever a bomb goes off or an explosion occurs, there is that iconic moment where sounds are muffled and there is a high-pitched ring that pervades the whole scene. While films can go over-the-top with regards...

Scientists Want To Make Dogs Live Longer

Dogs are some of the most endearing creatures on the planet and one of the most tragic things about them is their short lives, at least when compared to humans. Depending on the breed, they can live from 7 to 15 years, on...

700,000-Year-Old Find Proves Early Humans Settled The Philippines Longer Than Previously Thought

Archeologists recently made a monumental discovery in the Philippines that pushes back the earliest period of human settlement in the region that was previously thought by over 600,000 years. Rhino bones and tools that...

States Sue EPA Over Rollbacks Of Environmental Protection Regulations

The Trump administration might not believe in climate change and could not care less about the environment, but the rest of the US does. This is why 18 states so far are now suing the Environmental Protection Agency for...

Technology

Bank of America wins Blockchain Patent for Security Measures

Bank of America has recently been awarded control over a patent that allows users verified access to certain blockchain network. The patent was given on May 22 as reported by the US Patent and Trademark Office...

Google No Longer Believes In “Don’t Be Evil” Mantra, Finally Joins The Dark Side

Since its founding, Google had a few central mottos that its founders abided by and one of them is Dont Be Evil. This has guided the companys actions for over two decades and one that many of its employees firmly believed...

Gamers Will Literally Play Anything, Even A Home Renovation Simulator

In a development that will likely infuriate some indie developers who have created video games that follow traditional examples of the industry, gamers are apparently going nuts over a new game on Steam called House...

Google Is Looking At $4.3 Billion Loss Thanks To UK Lawsuit

Google spying on users has become the norm these days and most people have learned to look past the fact that the search engine company is now in their lives in much deeper ways than their closest loved will ever be....

Resident Evil 7 Comes To The Switch, But Just Through The Cloud

Playing Resident Evil 7 on the Switch is a dream for a lot of players and it seems this dream is coming through in a roundabout way. Yes, the game will soon become available on the Nintendo portable console hybrid....
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May 24 00:00 UTC Released

KRBank of Korea Base Rate

Actual

1.5 %

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1.5 %

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1.5 %

May 24 00:00 UTC Released

SGGDP Final QQ

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1.7 %

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1.4 %

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1.4 %

January 31 00:00 UTC 162979162979m

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January 22 19:00 UTC 174799174799m

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-1541 %

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January 22 19:00 UTC 174799174799m

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-1541 %

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2016 bln ARS

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January 31 00:00 UTC 162979162979m

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January 31 00:00 UTC 162979162979m

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2016 bln ARS

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