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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

UK gilts suffer ahead of BoE Governor Carney’s speech, January employment report

The UK gilts suffered during European session Monday as investors wait to watch Bank of England (BoE) Governor Mark Carneys speech, scheduled to be held later today and the countrys employment report for the month of...

German bunds slump ahead of February ZEW economic sentiment index, manufacturing PMI

The German bunds slumped Monday ahead of the countrys ZEW economic sentiment index and the manufacturing PMI for the month of February, scheduled to be released on February 20 and 22 by 10:00GMT and 08:30GMT...

German bunds slump ahead of February ZEW economic sentiment index, manufacturing PMI

The German bunds slumped Monday ahead of the countrys ZEW economic sentiment index and the manufacturing PMI for the month of February, scheduled to be released on February 20 and 22 by 10:00GMT and 08:30GMT...

EUR/HUF likely to rise to 315.00 by Q3 2018: Commerzbank

The Hungarian forint is expected torise to a level of 315.00 against the euro by the third quarter of this year, according to a recent research report from Commerzbank. HungarianCPI data for January turned out to be...

Thailand 2018 GDP growth seen at 3.7 pct y/y, investment activity to pick up only gradually: ANZ Research

Thailands full-year gross domestic product (GDP) for 2018 is expected to come in at 3.7 percent y/y, with investment activity picking up only gradually during the year. Further, government infrastructure spending is...

Politics

For black celebrities like Oprah, it's impossible to be apolitical

Oprah Winfreys rousing Golden Globe speech has many speculating whether the media mogul will become a presidential candidate in 2020, with some pundits questioning the merits of another celebrity president. But to...

Politicians are inflating the evidence used to justify tax increases

Chris Doucouliagos, Professor of Economics, Department of Economics, Deakin Business School and Alfred Deakin Institute for Citizenship and Globalisation, Deakin University Many government policies are flawed because...

GOP tax plan doubles down on policies that are crushing the middle class

The U.S. middle class has always had a special mystique. It is the heart of the American dream. A decent income and home, doing better than ones parents, and retiring in comfort are all hallmarks of a middle-class...

What does Ramaphosa's victory mean for South Africa's economy?

A great deal is expected from Cyril Ramaphosa who was elected as the president of South Africas governing party, the African National Congress (ANC). This positions him to become the countrys president in 2019. Sibonelo...

Cyril Ramaphosa prepares to confront South Africa's bleak future

Among all the remarkable turns in African politics this year, one of the most momentous was Decembers ANC party congress in South Africa, where the party chose a new president: Cyril Ramaphosa, who narrowly bested...

Science

Ozone Layer Update; Not Recovering As Expected For Unknown Reasons

In the late 90s, the issue regarding the hole in the ozone layer was big in the public consciousness, but it quickly faded in light of a new gigantic threat in the form of climate change. In recent years, scientists have...

Scientists Wants To Use Poison As Male Birth Control

The pharmaceutical industry or indeed the drug market has historically used a variety of organic substances and resources to create medicine for various applications. Several poisonous plants, for example, have been turned...

Children Given New Ear Grown From Their Own Cells

Growing human body parts has been the focus of study for many in the medical industry for decades. In a recent breakthrough, a new study revealed that children with underdeveloped ears were given new ones that were grown...

Scientists Are Now Turning To AI-Powered Viruses To Kill Drug-Resistant Superbugs

Due to the proliferation of antibiotics and the careless disposal of these drugs into the environment, many drug-resistant strains of bacteria have started popping up. Aptly called Superbugs, these microorganisms have...

Mega Cities To Suffer Most Due To Rising Temperatures, Heat Waves To Assault Urban Poor And Rich Alike

Thanks to global warming, the planets temperature continues to rise despite the best attempts of countries trying to curtail the effects of carbon emissions. In a recent study, researchers have found that this rising...

Technology

Twitter Surprises Everyone By Actually Making Money

Twitter has been a bit of an oddity in the tech industry since its inception, in that it doesnt really make much money. Unlike Snapchat, Instagram, or Facebook, the sitting U.S. presidents preferred social media platform...

Fortnite Battle Royale’s Valentine’s Patch Is Here And Players Get A Crossbow

One of the best things about Epic Games Fortnite Battle Royale is the many quirky, and often timely events that it provides to its millions of players. Since Valentines Day is coming up, its only fitting that players would...

Renewable Energy Made Up Half Of New U.S. Energy In 2017

2017 saw one of the fastest adoption rates for renewable energy yet, with about half the added power coming from green sources. This is the fourth time that renewables outpaced natural gas as new additions to the power...

Elon Musk Throws Shade At LIDAR For Driverless Cars, Calls It A Crutch

LIDAR is one of the foremost technologies being used in developing self-driving technology right now, with big names like Googles Waymo and Uber frantically trying to claim supremacy using the tool. In his usual renegade...

Google Sued, Accused Of Knowingly Selling Broken Pixel Phones

When Google launched the first batch of Pixel phones, the products received mixed reactions from the industry. Many critics loved it but just as many had issues with it. Apparently, theres a portion of customers who...
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February 19 13:00 UTC Released

RUReal Wages YY

Actual

6.2 %

Forecast

4.6 %

Previous

4.6 %

February 19 13:00 UTC Released

RURetail Sales YY

Actual

2.8 %

Forecast

3 %

Previous

3.1 %

January 31 00:00 UTC 2818228182m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 2818228182m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 4000240002m

ARTrade Balance

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Forecast

Previous

-1541 %

January 31 00:00 UTC 2818228182m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 4000240002m

ARTrade Balance

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Forecast

Previous

-1541 %

January 31 00:00 UTC 2818228182m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 2818228182m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 2818228182m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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