Tuesday February 09, 2010

Professor Alan Gregory

Professor Alan Gregory

Cert Ed., MSc Econ (Accounting and Finance) LSE Lond, FCMA.

Director of Xfi, Professor of Corporate Finance

Email:

Telephone: (01392) 263220

Profile

Alan is Director of Xfi, the Centre for Finance and Investment at the University of Exeter and a Professor of Corporate Finance. Prior to taking up this position he held professorial positions at both University of Wales, Aberystwyth, and University of Glasgow. In addition to his position at Exeter, he is a full panel member of the Competition Commission and is also a non executive director of Exeter Enterprises Ltd. His research interests cover two broad areas: (a) "market anomalies", including the risk and returns to "value" investing strategies, the performance of firms involved in merger and acquisition activity, and returns to strategies based around directors’ share trading in their own firms; and (b) fund performance evaluation and style orientation, including work on pension fund performance and the performance of "ethical" unit trusts compared to their conventional counter-parts. His consulting experience includes acting as advisor to one of the largest accounting firms on company valuation, advising HM Treasury, and consulting for fund managers on investment strategies and asset allocation strategies. His work at the Competition Commission has involved being a panel member on a number of inquiries include 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 telephone and storecards inquiries.

Research Interests

Taught Modules

External Positions

Selected Publications

Speeches

  1. Competition in recession: What are the implications for competition in the financial sector? (pdf, 111kb).

Books

  1. Gregory, A (2001), Strategic Valuation of Companies, Financial Times Management Briefing (second edition).
  2. Gregory, A and Rutterford, J (with Zaman, M) (1999), Cost of Capital in the UK, Chartered Institute of Management Accountants Research Monograph.

Edited works

  1. ‘Recent Advances in Mergers and Acquisitions’, Vol. 1, (edited by Cooper, C and Gregory, A), JAI Press, November 2000.
  2. ‘Recent Advances in Mergers and Acquisitions’, Vol. 2, (edited by Cooper, C and Gregory, A), JAI Press, January 2003.

Refereed journal articles

  1. Gregory, A (with Guermat, C and Al-Shawraweh, F), ‘UK IPOs: Long Run Returns, Behavioural Timing and Pseudo Timing’, Journal of Business Finance and Accounting (forthcoming).
  2. Gregory, A and Michou, M (2009), ‘Industry Cost of Capital: UK Evidence’, Journal of Business Finance and Accounting, June/July 2009, pp. 679-704.
  3. Gregory, A and Whittaker, JM) (2007), ‘Performance and Performance Persistence of ‘Ethical’ Unit Trusts in the UK’, Journal of Business Finance & Accounting 34 (7&8), September/October 2007, pp. 1327-1344.
  4. Gregory, A (2005), ‘The Long Run Abnormal Performance of UK Acquirers and the Free Cash Flow Hypothesis’, Journal of Business Finance and Accounting, June 2005, pp. 777-814.
  5. Gregory, A, Saleh, W and Tucker, JP (2005), ‘A UK Test of an Inflation-Adjusted Ohlson Model’, Journal of Business Finance and Accounting, April/May 2005, pp. 487-534.
  6. Gregory, A and McCorriston, S (2005), ‘Foreign Acquisition by UK Limited Companies: Short and Long-Run Performance’, Journal of Empirical Finance 12, pp. 99-125.
  7. Gregory, A, Harris, R and Michou, M (2003), ‘Contrarian Investment and Macroeconomic Risk’ UK’, Journal of Business Finance and Accounting, Jan/March 2003, pp. 213-255.
  8. Friederich, S, Gregory, A, Matatko, J and Tonks, I (2002), ‘Short-Run Returns around the Trades of Corporate Insiders on the London Stock Exchange’, European Financial Management, March 2002, pp. 7-31.
  9. Gregory, A, Harris, R and Michou, M (2001), ‘An Analysis of Contrarian Investment Strategies in the UK’, Journal of Business Finance and Accounting, December 2001, pp. 1193-1228.
  10. Gregory, A (2000), ‘Discussion of Acquisition-Related Provision-Taking and Post-Acquisition Performance in the UK Prior to FRS7’, Journal of Business Finance and Accounting, November/December 2000.
  11. Espenlaub, S, Gregory, A and Tonks, I (2000), ‘Testing the Robustness of Long-Term Under-performance of UK Initial Public Offerings’, September 2000.
  12. Gregory, A (2000), ‘Motives underlying the method of payment by UK acquirers: the influence of goodwill’, Accounting & Business Research, Summer 2000.
  13. Collier, P and Gregory, A, (1999), ‘Audit Committee Activity and Agency Costs’, Journal of Accounting and Public Policy, December 1999.
  14. Gregory, A (1999), ‘Discussion of The Performance of Long-run Stock Returns Following Issues of Public and Private Debt’, Journal of Business Finance and Accounting, November/December 1999.
  15. Gregory, A (1997), ‘An Examination of the Performance of UK Acquiring Firms’, Journal of Business Finance and Accounting, September 1997.
  16. Gregory, A, Matatko, J and Luther, R (1997), ‘Ethical Unit Trust Performance: Small Company Effects and Fund Size Effects’, Journal of Business Finance and Accounting, June 1997.
  17. Gregory, A, Matatko, J and Tonks, I (1997), ‘Detecting Information From Directors' Trades: Signal Definition and Variable Size Effects’, Journal of Business Finance and Accounting, April 1997.
  18. Collier, P and Gregory, A (1996), 'Audit Committee Effectiveness and the Audit Fee', European Accounting Review, Vol. 5, No.2.
  19. Gregory, A and Collier, P (1996), ‘Audit Fees and Auditor Change: An Investigation of the Persistence of Fee Reduction by Type of Change’, Journal of Business Finance and Accounting, January 1996.
  20. Cooke, TE, Gregory, A and Pearson, B (1994), 'A UK Empirical Test of the Larson-Gonedes Exchange Ratio Model', Accounting and Business Research, Spring 1994.
  21. Gregory, A, Matatko, J, Tonks, I and Purkis, R (1994), ‘UK Directors’ Trading: The Impact of Dealings in Smaller Firms’, Economic Journal, January 1994.
  22. Gregory, A and Wallace, RSO (1992), 'A Note on a Role for Cost Allocations in Decisions Concerning Investment in Common Service Facilities', Journal of Business Finance and Accounting, January 1992, pp. 73-87.
  23. Gregory, A (1987), 'Divisional Performance Measurement with Divisions as Lessees of Head Office Assets', Accounting and Business Research, Summer 1987.

Working papers

  1. Gregory, A and Tonks, I, ‘Performance of Personal Pension Schemes in the UK’, University of Exeter / Xfi Working Paper.
  2. ‘Stock Market Driven Acquisitions versus The Q Theory of Takeovers – The UK Evidence’ (with X. Bi).