Accounting and Finance for Society Research Group

The Accounting and Finance Research Group will be located in the Business School. It will be mainly conducted within five research themes, Accounting and Society, Financial Stability, Sustainability, FinTech and Accounting Education.

Our research has significant impact, with major contributions in areas such as:

  • climate finance
  • crypto assets
  • stock market liquidity
  • financial reporting and data analytics in accounting

Furthermore, our innovative approach to experiential learning is addressing the fragmentation and disconnect between the “knowing-doing” in accounting education which directly leads into society through the Liverpool Business School’s (LBS) Accounting Clinic.

This innovative development is a pro bono service offering registered UK charities (who fall under the £250,000 annual gross income threshold) their required annual independent examination. Led by selected final year Accounting and Finance students, under the guidance and supervision of accounting staff, students are immersed in the complexities of real practice with real clients. Not only does the Accounting Clinic equip accounting and finance students with the readiness for professional life but, it provides students with a richer understanding of conceptual accounting theory. In addition, the Accounting Clinic will provide further research opportunities in areas such as accounting standards, accounting professional body publications and student efficacy. This innovative approach will enable staff to successfully close the loop between academic research and its impact on professional standards and practice.

We aim to bring together academics in LBS (and colleagues from other faculties) researching in the areas of finance, accounting, climate change, sustainability, artificial intelligence, education and big data, to further develop existing networks and the interdisciplinarity required to support a strong research community for these subject areas.

The group is of vital importance to AACSB and the REF submission. It also aligns with the strategic investment in recruiting a research professor in finance. We aim to build on existing expertise in successful income generation, conference organisation and publications.

Themes

  • Accounting and Society will connect our research with the accounting clinic described above. Impact: Increasing research opportunities for accounting practitioners, links with local companies. Build upon the practitioner excellence present in the Accounting Clinic.
  • Financial Stability will establish the groups research in long term liquidity measures and how they influence Central Bank Policy and Investor Decisions. Impact: Central Bank Policies on Financial Stability measures. Building on the research undertaken by Professor Gregoriou.
  • Sustainability will integrate our research on climate change and corporate finance decisions. Impact: Government through Task Force in Climate Related Financial Disclosures. Building on the research undertaken by Professor Gregoriou, Professor Shore, Dr Sawan, Dr Osemeke, Dr Zhang and Dr Efretuei.
  • FinTech incorporates our research on cryptocurrencies and financial regulation with respect to the FCA. Impact: Research used by 3000 investors to date to make investment decisions and financial regulation through the FCA. Building on the research undertaken by Professor Gregoriou.
  • Accounting Education links our research with the professional accounting bodies. Impact: Teaching impact through CPD and impact on the professional accounting bodies. Building on the practitioner research undertaken by the accounting professionals in the group.

Activities of the Research Group

  • The research group promotes an active research culture, including internal and external seminars with internationally recognised speakers and workshops on emerging topics in the field.
  • Work closely with the professional bodies, government departments and financial regulators to increase the research intensity of our members and enhance the student experience.
  • Collaborate with local and national businesses to bridge the gap between academic research and professional practice.
  • Twice termly business meetings (1 hour) to give updates on ongoing research projects, to discuss issues and develop solutions for problems, to share information on publications, conferences, grants and collaborations, review group progress and table activities, etcetera.
  • Contributions from individual team members, for example conference/symposium organisation, grant bidding teams, other activities as suggested.

Members of the Group

Initial members of the Accounting and Finance Research Group are:

  • Professor Andros Gregoriou (Head of Research LBS/Research Group Lead): Financial Stability, Digital Currencies, Climate Change, Big Data. Core Member.
  • Mike Franco (Programme Leader): Accounting Education. Core Member.
  • Professor Adam Shore (LBS School Director): Energy and Environmental Finance. Core Member.
  • Dr Nedal Sawan: Auditing Quality. Core Member.
  • Dr Nobert Osemeke: Corporate Governance and CSR. Core Member.
  • Dr Fan Zhang: Portfolio Management and Financial Risk. Core Member.
  • Dr Ekaete Efretuei: Financial Reporting/Disclosure and Diversity. Core Member.
  • Pam Dodd: Accounting Practitioner. Associate Member.
  • Wendy Gallagher: Accounting Practitioner. Associate Member.
  • Paul Summers: Accounting Practitioner. Associate Member.
  • Charles Parson: Accounting Practitioner. Associate Member.
  • Karl Roberts: Accounting Practitioner. Associate Member.
  • Karen Godrey: Accounting Practitioner. Associate Member.
  • Catherine Fairhurst: Accounting Practitioner. Associate Member.
  • Rachel Campbell: Accounting Practitioner. Associate Member.
  • Vicki McClafferty: Accounting Practitioner. Associate Member.
  • Chris Dickson: Accounting Practitioner. Associate Member.

Research projects since 2020

  • ‘Brexit and Liquidity’, British Academy Small Grant, sum of £6,890. Professor Andros Gregoriou.
  • Social Return on Investment Consultancy Project, sum of £15,730. Professor Andros Gregoriou.
  • Consultancy Project to develop the world’s first financial ratings system for cryptocurrencies, using AI and ML techniques free from human bias, sum of £48,000. Professor Andros Gregoriou.
  • ‘The New Poor in Advanced Economics: Education and Working but Socially Excluded and Poor’, British Academy Small Grant sum of £10,000. Professor Andros Gregoriou.
  • The Spark Social Enterprise Project at the University of Brighton received 3 million Euros funding from the Interreg 2 Seas Programme, co-funded by the European Regional Development Fund. Professor Andros Gregoriou contribution to the research team as a (Co-Investigator) was for the sum of £15,730.

Selected publications since 2020

  • Prasad Yadav, M., Puri, N., Bhatia, P. and Shore, A., Crude Oil and Quad Financial Markets: An Insight into Dynamic Connectedness and Portfolio Diversification. Available at SSRN 4731562.
  • Yadav, M.P., Tandon, P., Singh, A.B., Shore, A. and Gaur, P., 2022. Exploring time and frequency linkages of green bond with renewable energy and crypto market. Annals of Operations Research, pp.1-26.
  • Sawan, N., Al-Hajaya, K., Alshhadat, M. and Salem, R.I.A., 2024. Accountancy students’ perceptions of the quality of teaching and learning experiences in two UK business schools: implications for generic skills development. Journal of International Education in Business.
  • Ghazwani, M., Alamir, I., Salem, R.I.A. and Sawan, N., 2023. Anti-corruption disclosure and corporate governance mechanisms: insights from FTSE 100. International Journal of Accounting and Information Management.
  • Sawan, N., Al-Hajaya, K., Salem, R.I.A. and Alshhadat, M., 2023. Pre-COVID-19 student perceptions on blended learning and flipped classroom in accountancy: a case study from two emerging UK HEIs. Journal of Applied Research in Higher Education.
  • Al-Ateeq, B., Sawan, N., Al-Hajaya, K., Altarawneh, M. and Al-Makhadmeh, A., 2022. Big data analytics in auditing and the consequences for audit quality: A study using the technology acceptance model (TAM). Corporate Governance and Organizational Behavior Review, 6(1), pp.64-78.
  • Eltweri, A., Faccia, A., Roxana Moþteanu, N., Sawan, N. and Pio Leonardo Cavaliere, L., 2020, December. The role of risk management in auditing e-business. In Proceedings of the 2020 4th International Conference on Software and e-Business (pp. 39-44).
  • Osemeke, L., Osemeke, N. and Okere, R.O., 2020. Is the Bandwagon Bias Effect Theory Driving Institutional Investors Impact on Corporate Social Responsibility (CSR) Practices? Journal of Management Policy and Practice, 21(2).
  • Osemeke, N., Nzekwu, D. and Okere, R.O., 2020. The challenges affecting tax collection in Nigerian informal economy: Case study of Anambra State. Journal of Accounting and Taxation, 12(2), pp.61-74.
  • Osemeke, L., Osemeke, N. and Okere, R.O., 2020. The role of board in corporate social responsibility: A normative compliance perspective. Corporate Ownership and Control, 17(4), pp.152-165.
  • Anderson, J., Sutherland, D., Zhang, F. and Zan, Y., 2021. Analyzing the reliability of Chinese outward FDI studies: a replication approach. Critical perspectives on international business, 17(4), pp.546-571.
  • Efretuei, E. and Hussainey, K., 2023. The fog index in accounting research: contributions and challenges. Journal of Applied Accounting Research, 24(2), pp.318-343.
  • Efretuei, E., Usoro, A. and Koutra, C., 2022. Complex information and accounting standards: Evidence from UK narrative reporting. South African Journal of Accounting Research, 36(3), pp.171-194.
  • Efretuei, E., 2021. Year and industry-level accounting narrative analysis: Readability and tone variation. Journal of Emerging Technologies in Accounting, 18(2), pp.53-76.
  • Liu, G., Li, J., Gregoriou, A. and Bo, Y., 2023. Which Market Enhances Market Efficiency by Improving Liquidity? Evidence of Market Liquidity in Relation to Returns of Stocks. Asian Economic Papers, 22(1), pp.33-61.
  • Balding, C., Gregoriou, A., Tarzia, D. and Zhang, X., 2023. Carry Trade Dynamics Under Capital Controls: The Case of China. Asia-Pacific Financial Markets, pp.1-21.
  • Saona, P., Muro, L. and Gregoriou, A., 2023. The phenomenon of zero-leverage policy: Literature review. Research in International Business and Finance, p.102012.
  • Haar, L. and Gregoriou, A., 2023. Regulation and De-Risking: Theoretical and Empirical Insights. Risks, 11(6), p.104.
  • Dimitriadou, A. and Gregoriou, A., 2023. Predicting Bitcoin Prices Using Machine Learning. Entropy, 25(5), p.777.
  • Le, H., Nguyen, T., Gregoriou, A. and Healy, J., 2023. Natural disasters and corporate innovation. The European Journal of Finance, pp.1-29.
  • Le, H., Gregoriou, A. and Nguyen, T., 2023. Advertising, product market competition and stock returns. Review of Quantitative Finance and Accounting, 60(4), pp.1605-1628.
  • Ahmed, R., Hudson, R. and Gregoriou, A., 2023. The implications of liquidity ratios: Evidence from Pakistan stock exchange limited. The Quarterly Review of Economics and Finance, 87, pp.235-243.
  • Gofran, R.Z., Liasidou, S. and Gregoriou, A., 2023. Liquidity effects of COVID-19 in the European tourism industry. Current Issues in Tourism, 26(14), pp.2235-2249.
  • Ahmed, R., Chen, Y., Benjasak, C., Gregoriou, A., Alrwashdeh, N.N.F. and Than, E.T., 2023. The performance of bidding companies in merger and acquisition deals: An empirical study of domestic acquisitions in Hong Kong and Mainland China. The Quarterly Review of Economics and Finance, 87, pp.168-180.
  • Gofran, R.Z., Gregoriou, A. and Haar, L., 2022. Impact of Coronavirus on liquidity in financial markets. Journal of International Financial Markets, Institutions and Money, 78, p.101561.
  • Le, V.P., Nguyen, A.N. and Gregoriou, A., 2022. Insider trading, gender diversity within the boardroom, CEO pay gap, and stock price crash risk. International Journal of Finance and Economics.
  • Le, H. and Gregoriou, A., 2022. Liquidity and asset pricing: evidence from a new free-float-adjusted price impact ratio. Journal of Economic Studies, 49(4), pp.751-771.
  • Haar, L., Elharidy, A. and Gregoriou, A., 2022. Marking-to-market IAS 37 provisions using options: an empirical demonstration. Journal of Financial Reporting and Accounting.
  • Gregoriou, A., Nguyen, B.D., Nguyen, T.D., Le, H. and Hudson, R., 2021. Economic policy uncertainty and cross-border mergers and acquisitions. International Review of Financial Analysis, 78, p.101911.
  • Haar, L. and Gregoriou, A., 2021. Risk management and market conditions. International Review of Financial Analysis, 78, p.101959.
  • Li, S., Liu, G.S. and Gregoriou, A., 2021. Do more mergers and acquisitions create value for shareholders? Review of Quantitative Finance and Accounting, 56(2), pp.755-787.
  • Liasidou, A. and Gregoriou, A., 2021. A longitudinal analysis of disability-related interpersonal violence and some implications for violence prevention work. Journal of interpersonal violence, 36(15-16), pp.NP8687-NP8705.
  • Wang, A., Hudson, R., Rhodes, M., Zhang, S. and Gregoriou, A., 2021. Stock liquidity and return distribution: Evidence from the London Stock Exchange. Finance Research Letters, 39, p.101539.
  • Zhang, S. and Gregoriou, A., 2021. Cryptocurrencies in portfolios: return–liquidity trade-off around China forbidding initial coin offerings. Applied Economics Letters, 28(12), pp.1036-1040.
  • Zhang, S. and Gregoriou, A., 2021. The impact of order flow on event study returns: New evidence from zero-leverage firms. The Quarterly Review of Economics and Finance, 80, pp.627-634.
  • Gregoriou, A. and Hudson, R., 2021. Market frictions and the geographical location of global stock exchanges. Evidence from the S&P Global Index. Journal of Economic Studies, 48(2), pp.354-366.
  • Le, H. and Gregoriou, A., 2020. How do you capture liquidity? A review of the literature on low‐frequency stock liquidity. Journal of Economic surveys, 34(5), pp.1170-1186.
  • Zhang, S. and Gregoriou, A., 2020. The price and liquidity impact of China forbidding initial coin offerings on the cryptocurrency market. Applied Economics Letters, 27(20), pp.1695-1698.
  • Zhang, S. and Gregoriou, A., 2020. Post earnings announcement drift, liquidity and zero leverage firms: Evidence from the UK stock market. Journal of Business Research, 116, pp.13-26.
  • Liu, G., Gregoriou, A. and Bo, Y., 2020. How do markets value stock liquidity? Comparative evidence from the UK, the US, Germany and China. Economics letters, 186, p.108500.
  • Stiefenhofer, P., Kumar, S. and Gregoriou, A., 2020. Pricing Quanto Forward and European Options. Mathematical and Statistical Economics.
  • Stiefenhofer, P., Ze, F. and Gregoriou, A., 2020. Pricing Variance Swaps with Stochastic Volatility. Mathematical and Statistical Economics.

Contact us

If you have any inquiries related to research collaborations, please contact Professor Andros Gregoriou.