Accounting and Finance research cluster

About us

In Accounting and Finance, we focus on cutting edge research that makes a real life difference to individuals, corporate investors, fund managers and businesses of various sizes. We ask contemporary and challenging questions, and explain intractable problems intuitively. 

Research and engagement

We adopt an interdisciplinary approach to research and explore issues from multiple paradigms. Our research can be broadly categorised into four overlapping themes:

  • Asset pricing and investment: Our capital asset pricing model (CAPM) provides fresh perspectives and valuable information to consider when making crucial investment decisions at both individual and corporate levels. 
  • Our corporate governance research reflects our core competence in supporting businesses to think strategically about their optimal corporate structure that enhances their best performance. Our research with local businesses on the value of non-executive directors on SMEs boards is serving as basis for future broader investigation into NED value to businesses of all sizes.
  • Financial reporting is closely related to governance, which in turn is linked to a business agenda for Corporate Social Responsibility (CSR). How companies balance responsibilities to their shareholders and to society is an issue that has risen to prominence recently. Our researchers are studying the value created by businesses, and the costs and benefits of reputational effects and attitudes on compliance with standards of corporate behaviour.
  • Our management education research into work group dynamics and the value of group diversity to performance is crucial for the future work force. A number of our accounting researchers are engaged in research to enhance student experience, including evaluations of the impact of part time working on graduate prospects, international students’ transitions into Higher Education (HE) and diversity impacts on group performance in assessment.

We support small businesses on how they can understand their value, and understand what drives their productivity and growth. We advise on accountancy, and work with local government and devolved government bodies on business performance in the Bristol region.  Key to our work is our members’ engagement with organisations within and outside of Bristol.


Doctoral studies

Our doctoral students are an integral part of our vibrant research culture and are contributing to extending the frontiers of accounting and finance research.

Current PhD students

  • Hassan Haidar
  • Joseph Asante
  • Cheung Kwok Yip

Selected publications

  • Vendrame, V., Guermat, C. and Tucker, J. (2018) A conditional regime switching CAPM. International Review of Financial Analysis, 56. pp. 1-11.
  • Guermat, C., Misirlioglu, I. U. and Al-Omush, A. ed (2018) The long-term effect of economic value added adoption on the firm’s business decision. Accounting Research Journal. [In Press].
  • Tucker, J., Guermat, C. and Demirovic, A. (2017) The relationship between equity and bond returns: An empirical investigation. Journal of Financial Markets, 35. pp. 47-64.
  • Paul, S., Guermat, C. and Devi, S. (2017) Why do firms invest in accounts receivable? An empirical investigation of the Malaysian manufacturing sector. Journal of Accounting in Emerging Economies, 8 (2). pp. 166-184.
  • Awartani, B., Maghyereh, A. and Guermat, C. (2016) The connectedness between crude oil and financial markets: Evidence from implied volatility indices. Journal of Commodity Markets, 4 (1). pp. 56-69.
  • Vendrame, V., Tucker, J. and Guermat, C. (2016) Some extensions of the CAPM for individual assets. International Review of Financial Analysis, 44. pp. 78-85.
  • Demirovic, A., Tucker, J. and Guermat, C. (2015) Accounting data and the credit spread: An empirical investigation. Research in International Business and Finance, 34. pp. 233-250.
  • Saad, M. ed, Guermat, C. and Brodie, L. (2015) National innovation and knowledge performance: The role of higher education teaching and training. Studies in Higher Education, 40 (7). pp. 1194-1209.
  • Guermat, C. (2014) Yes, the CAPM is testable. Journal of Banking and Finance, 46. pp. 31-42.
  • Ramdani, B., Mellahi, K., Guermat, C. and Kechad, R. (2014) The efficacy of high performance work practices in the Middle East: Evidence from Algerian firms. The International Journal of Human Resource Management, 25 (2). pp. 252-275.
  • Yukselturk, O. and Tucker, J. (2015) The impact of analyst sentiment on UK stock recommendations and target prices. Accounting and Business Research, 45 (6-7). pp. 869-904.
  • Misirlioglu, I. U., Tucker, J. and Yukselturk, O. (2013) Does mandatory adoption of IFRS guarantee compliance? The International Journal of Accounting, 48 (3). pp. 327-363.
  • Turksen, U., Misirlioglu, I. and Yukselturk, O. (2011) Anti-money laundering law of Turkey and the EU: An example of convergence? Journal of Money Laundering Control, 14 (3). pp. 279-296.
  • Gregory, A., Guermat, C. and Al-Shawawreh, F. (2010) UK IPOs: long run returns, behavioural timing and pseudo timing. Journal of Business Finance & Accounting, 37 (5-6). pp. 612-647.
  • Mellahi, K. and Guermat, C. (2009) The adoption of downsizing during the Asian economic crisis. Asian Business and Management, 8. pp. 225-245.
  • Adelopo, I. and Rufai, I. (2018) Trust deficit and anti-corruption initiatives. Journal of Business Ethics. ISSN 0167-4544 [In Press].
  • Yekini, K., Adelopo, I., Wang, Y. and Song, S. (2018) Post-regulation effect on factors driving environmental disclosures amongst Chinese listed firms. Accounting Research Journal. ISSN 1030-9616 [In Press].
  • Durbin, S., Schedlitzki, D., Adelopo, I. and Warren, S. (2018) The value of non-executive directors to small and medium size enterprises,including a gender perspective. Project Report. University of the West of England. [Submitted] Available from:
  • Hughes, M., Hughes, P., Mellahi, K. and Guermat, C. (2010) Short-term versus long term impact of managers: Evidence from the football industry. British Journal of Management, 21 (2). pp. 571-589.
  • Guermat, C. and Freeman, M. (2010) A net beta test of asset pricing models. International Review of Financial Analysis, 19 (1). pp. 1-9.
  • Yekini, K. C., Adelopo, I. and Adegbite, E. (2017) The impact of community expectations on corporate community involvement disclosures in the UK. Accounting Forum, 41 (3). pp. 234-252.
  • Adelopo, I. (2017) Non-financial risk disclosure: The case of the UK’s distressed banks. Australasian Accounting, Business and Finance Journal, 11 (2).
  • Misirlioglu, I. (2008) Accounting for financial instruments in Turkish accounting standards. Financial Analysis (Mali Çözüm), 86. pp. 65-81.
  • Misirlioglu, I. (2008) Teaching and learning experience in accounting. World of Accounting Science, 10. pp. 19-36.
  • Adelopo, I., Asante, J., Dart, E. and Rufai, I. (2017) Learning groups: The effects of group diversity on the quality of group reflection. Accounting Education, 26 (5-6). pp. 553-575. ISSN 0963-9284 Available from:
  • Yekini, K., Adelopo, I., Andrikopoulos, P. and Yekini, S. (2015) Impact of board independence on the quality of community disclosures in annual reports. Accounting Forum, 39 (4). pp. 249-267.

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