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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

NFT Artwork on LG Display’s OLED screen auctioned off for US$6.2 million

The non-fungible token artwork created on LG Display Co.s transparent OLED screen in collaboration with Turkish media arts designer and director Refik Anadol was auctioned off for US$6.2 million. The NFT art collection...

Buen Vato to launch world’s first tequila in a cardboard bottle

AliasSmith AB-owned Buen Vato will launch the worlds first tequila in a cardboard bottle, made from 94 percent recycled material, in Sweden this July. The cardboard bottle is said to be lighter to transport, reducing...

Nomura leads $6 million funding round of blockchain climate startup Allinfra

Nomura led a $6 million Series A funding of climate solutions-focused Hong Kong blockchain startup, Allinfra. The company focuses on utilizing blockchain technology to track emissions, renewable energy certifications,...

Hershey opens Malaysian R&D facilities, its largest outside US

The Hershey Company has opened a 10,400-square-foot facility housing the RD laboratories, a packaging development plant, and a sensory area in Johor, Malaysia, as it seeks to develop and launch new products in...

Nestle Toll House Cafe acquired by FAT Brands

Nescafe Toll House Cafe franchise will be getting a new owner as FAT Brands Inc. has entered into a deal to buy it this year. It was reported that the American multi-brand restaurant operator headquartered in Beverly...

Politics

Afghanistan: Taliban's restrictions look to make women, girls 'invisible', UN expert says

The Taliban has increasingly imposed restrictive policies on Afghan women and girls months since retaking control of Afghanistan. A UN expert who visited the country said the restrictive policies by the insurgent group...

Iran: Incident at Parchin military complex leaves one killed, one wounded

An incident occurred at Irans Parchin military complex this week, leaving two casualties. One was killed, and another was wounded in the incident, according to the countrys defense ministry. Irans defense ministry...

US Justice Department targeting Trump attorneys, advisers in fake electors investigation

The US Justice Department has mostly kept silent about its ongoing investigations, particularly probes related to the attempt by Donald Trump and his allies to overturn the 2020 elections and stay in power. With the focus...

US GOP Rep. Jim Jordan demands to see all evidence against him before complying to Jan. 6 panel subpoena

The Jan. 6 congressional committee investigating the Capitol insurrection moved to issue subpoenas to a handful of sitting Republican lawmakers in Congress. Republican Rep. Jim Jordan recently demanded that he view all the...

Science

S. Korean scientists develop magnet-based soil purification tech

The Korea Atomic Energy Research Institute had developed a method for purifying radioactively contaminated soil by using magnets to separate radioactive cesium from the soil. Cesium is most frequently found in...

Hyundai Mobis’ monitoring system reduces drowsy driving risks by 30%

Hyundai Mobis Co. has come up with an in-house brainwave-based driver monitoring system that can reduce the risk of drowsy driving by up to one-third. The system, dubbed M.Brain, is a wearable earpiece that continuously...

California start-up Bionaut Labs to send tiny robots on voyage into brains

California start-up Bionaut Labs will conduct its first clinical trials on sending miniature robots deep inside the human skull to treat brain disorders The tiny injectable robots can be guided through the brain using...

Kirin, Meiji University develop electric chopsticks that make low-salt food taste salty

Food producer Kirin and Meiji University have developed a pair of chopsticks that stimulate the taste of salt in foods with low salt content through extensive research. This technology, which has yet to be named,...

Japanese researchers develop plastic with self-repairing powers

Japanese researchers have found a way to create self-repairing plastics that can be used in many products and reduce the amount of waste now polluting the planet. It might have practical applications for home...

Technology

Xiaomi Mi Band 7 gains an always-on display and all-day SpO2 monitoring

Xiaomi has unveiled the seventh generation of its budget-friendly Mi Band series. While there is not much difference that can be easily spotted in its design, the company says the Mi Band 7 is packed with some new features...

‘Cyberpunk 2077’ expansion leak suggests a new story takes place in Pacifica

CD Projekt Red has confirmed for a while now that it is working on the first Cyberpunk 2077 expansion. The developer has yet to reveal what will happen in the next story, but a new leak appears to have revealed where it...

‘God of War Ragnarok’ has been rated in South Korea

While fans are still waiting for the release date announcement for God of War Ragnarok, they may have gotten one clear indication that the game is launching soon. The title has reportedly received a rating in South Korea,...

Google reportedly postpones Pixel Fold launch for a second time

The launch of Googles first foldable phone this year has once again become questionable after a new report said the company has decided to postpone its production. This is the second time Google was rumored to have dialed...
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