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University of Exeter Business School

Dr Stanley Gyoshev

Dr Stanley Gyoshev

Lecturer in Finance, PGT Senior Tutor


 +44 (0) 1392 723227

 Streatham Court 1.19


Streatham Court, University of Exeter, Rennes Drive, Exeter, EX4 4PU, UK


Dr Stanley Gyoshev joined the Xfi Centre for Finance and Investment at the University of Exeter Business School in September 2006. He finished his PhD in financial modeling at the Drexel University's LeBow College of Business in 2001. Before coming to the University of Exeter, Stanley was an assistant professor at the Mason School of Business at The College of William and Mary, at Drexel University's LeBow College of Business, and at Bentley Collage. He taught Derivatives and Risk Management, Corporate Finance and Budgeting, Security Valuation and Investments as well as Entrepreneurial Finance and Venture Capital classes to MBA, MS and BS students.

Stanley is the University of Exeter Business School expert on the travel industry. He is responsible for supervising all students specialising in the financial analysis of the travel industry. He has been invited to participate in the joint DG TREN & DG Consumer Affairs work group, preparing the legislation for online travel agencies (OTA) and the online behaviour of airlines. Stanley has pro-bono helped secure approval of DG TREN for one of the biggest travel infrastructure projects in Bulgaria. He has co-authored Bounded flexibility search and interface for travel reservations, which is pending US patent 20050043974, together with Assen Vassilev from Harvard Business School. Stanley also serves as a member of the advisory board two companies – one in internet travel and the second in fraud prevention. Stanley is a member of the Institute of Directors (IoD). He also serves as European Commission Expert for FP7.

Since 1995, Stanley has researched, lectured and consulted internationally in the two related areas of new technology-based firms and the international development of the formal and informal venture capital industry. After moving to the Xfi Centre, because of his research in law and finance especially in minority shareholder rights, combined with his practical and policy experience in entrepreneurial finance and venture capital, Stanley has been invited to serve as a member of the European Commission work group on Entrepreneurship and Venture Capital (EXPRESS, formerly NORFACE). He has actively participated in the yearly seminars in Helsinki, Berlin, Amsterdam and Stockholm as well as in the ongoing policy and research discussions. The seminars, which are co-funded by the European Investment Fund, involve some 60 senior government policy makers from the European Commission, European Investment Fund and deputy minister level from member states as well as internationally known academics, focusing on the public role in the genesis and growth of high potential young (knowledge-based) firms in the European Union. EXPRESS was run with the joint support of the governments of UK, Finland, Germany, the Netherlands and Sweden. This international seminar series involves some 15 countries as well as international agencies, and brings senior policy makers and research academics together to exchange contemporary research and programme experience in entrepreneurship policy. Seminars have received financial support from participating governments, the ESRC, Norface European Research Council and the European Investment Fund.

Before becoming an academic, Stanley worked as a Financial Policy Analyst at the research department of the Advanta Bank, which managed the third biggest credit card portfolio of over $35 billion. He participated in developing, refining and implementing quantitative strategies for credit scoring, fraud prevention, customer retention and profit realisation through second degree of price discrimination.

Stanley is currently making a difference to his students by creating the ‘Dr. Stanley B. Gyoshev’ online alumni network, which helps his current and former students enhance their careers. They can use the network to help them find jobs, do business development with each other and hire bright new students of his for their business. The students know they are very welcome to use him as a resource.

Nationality: Bulgarian

Administrative responsibilities

  • Doing research and teaching MS & MBA students.
  • Teaching Master level courses on Credit Instruments (BEFM017)  and Derivatives Pricing (BEAM035) which cover the material for Derivatives and Credit Instruments sections of the Chartered Financial Analyst (CFA) level II examination certification
  • Supervising PhD students doing research in the areas of Derivatives; Risk Management; Entrepreneurship, VC Policy, Law & Finance; and Travel Industry
  • Supervising all finance MS students doing their MS level dissertations in the areas of Derivatives; Risk Management; Entrepreneurship and VC Policy, Law & Finance; and Travel Industry and facilitating their learning of Bloomberg, Thomson Reuters Investext, Dow Jones Factiva, WRDS, I/B/E/S/, COMPUSTAT, DataStream, SAS 9.2, SAS Sentiment Analysis Studio, DICTION, STATA and the Microsoft Office Suite (Word, Excel and Power Point).
  • Supervising all MS students doing their invest analysis project in the Travel Industry
  • Member of the University of Exeter Business School Alumni Task Force
  • Representative of the University of Exeter Business School to the University of Exeter Committees of Academic Enquiry
  • MSc Finance and Management Program Director
  • was MSc Marketing and Financial Services Program Director
  • Senior Tutor for the University of Exeter Business School


PhD in Financial Modelling, MSc in Business Statistics (Drexel University), MA Number Theory and Statistics (University of Maine), MSc in Mathematical Modelling and Operations Research, MSc in Mathematical Pedagogy (University of Sofia)


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Research interests

  • Venture capital, Business Angels and entrepreneurial finance
  • Law and finance: Minority shareholder rights
  • Algorithms for fraud recognition and prevention
  • Special pricing mechanisms in the travel and the retail industries
  • Corporate governance effects of financial derivatives
  • Weather derivatives and climate modelling
  • Supply chain finance

Stanley’s research is focused primarily on special pricing mechanisms and antifraud in travel, internet and retail Industries; on venture capital, entrepreneurial finance and business angels; and on law and finance, especially minority shareholder rights. He has studied corporate governance, insider trading and wealth effects around company issuance of derivatives. He has also examined corporate governance and specifically the effect of controlling blockholders on firm value.

Other research projects that Stanley works on include studying the effect of securities and corporate laws on the behavior of large investors and the relationship between certain legal statutes and capital market development, derivatives usage for hedging by airlines and use and pricing of weather derivatives. His research has been published in the Journal of Financial Economics, Harvard Law School Forum on Corporate Governance and Financial Regulation, Journal of Corporation Law, among others and has been funded by several grants from the US Department of State and the Kauffman Foundation. Stanley has been officially invited by FDIC to present his research at their policy seminar.

Research projects

  • Robust detection of online fraud patterns in near real time.
  • Effects of fraud on portfolio of online transactions
  • Effectiveness of the usage of derivatives and hedging strategies by airlines
  • Pricing and Valuation of Weather Derivatives
  • Efferent decision making mechanisms in Angel Investing and Venture Capital
  • Legal and Fiscal Determinants of VC Fund Performance
  • Put Call Parity and Box Spread Tests for Market Efficiency

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Journal articles

Gyoshev S, Kaplan T, Szewczyk S, Tsetsekos G (In Press). Why Do Investment Banks Buy Put Options from Companies?. Journal of Corporate Finance
Islam N, Gyoshev S, Amona D (2018). External complexities in discontinuous innovation-based R&D projects: Analysis of inter-firm collaborative partnerships that lead to abundance. Technological Forecasting and Social Change, 155, 119303-119315. Abstract.
Atanasov V, Black B, Ciccotello C, Gyoshev S (2010). How does law affect finance? an examination of equity tunneling in Bulgaria. Journal of Financial Economics, 96(1), 155-173. Abstract.
Atanasov VA, Black BS, Ciccotello CS, Gyoshev SB (2009). How Does Law Affect Finance?. Harvard Law School Forum on Corporate Governance and Financial Regulation, 2009(June). Abstract.
Gyoshev S (2006). Application of New Venture-Capital-Investing Decision-Making-mechanism in education. , 73-84.
Gyoshev S, Atanasov V, Ciccotello C (2006). Learning from the General Principles of Company Law for Transition Economies: the Case of Bulgaria. Journal of Corporation Law, 1004-1033. Abstract.
Gyoshev S (2005). Visualition of teaching of put options. , 224-234.


Amona D, Gyoshev S, Islam N (2018). Exit performance of venture capital backed high-tech start-ups.  Abstract.
Islam N, Amona D, Gyoshev S (2017). Collaboration structure in nanotechnology R&D projects – an analysis of organizational dynamics that affect the level of collaboration and structural alliances. Portland International Conference on Management of Engineering and Technology (PICMET). 9th - 13th Jul 2017.


Gyoshev S, Atanasov V, Ciccotello C (2005). The Development of Corporate Law in Emerging Markets., William Davidson Institute.

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External Engagement and Impact

Awards and Honours

  • Recipient of £80,000 GBP ESRC grant: RES-046-25-0031: Advanced Research Training in Finance with Richard Harris, Alan Gregory, Ian Tonks and Grzegorz Trojanowski, October 2009
  • Research grant of $17,950, William Davidson Institute and U.S. Department of State, ‘An Empirical Examination of Law, Freeze-out, and Tunneling in an Emerging Market’. Co-authors: Vladimir Atanasov and Conrad Ciccotello, July 2004 – December 2004
  • Member of the European Commission Entrepreneurship and Venture Capital task force EXPRESS (2006 - current)
  • European Commission FP7 Expert (2006 - current)
  • M IoD - Member Institute of Directors, became certified 2008 (2007 - current)
  • Member of the European Commission task force for new travel websites regulation with DG TREN & DG Consumer Affairs (2007 -2008)
  • Rated ‘best professor’ in the LeBow College of Business at Drexel University by MBA students (summer 2002)
  • Research grant by the US Department of State (summer 2004)
  • Invited speaker to Research Seminar at FDIC (2004)
  • Invited speaker to Academic Seminars at Simon Fraser University (2001), Sofia University (2002), Bentley College (2005)
  • Paper ranked in top 10 list by downloads at the Social Science Research Network (2001 and 2004)
  • Paper nominated for Best Paper Award at the 2001 FMA European Conference
  • President of American Bulgarian Chamber of Commerce and Industrial Development
  • First Prize, National Scientific Session of Assistant Professors and Students, Sofia University (1991)
  • Third Prize, National Scientific Session of Young Researchers, Bulgarian Academy of Sciences (1990)
  • Dean’s Fellowship for four consecutive years, Sofia University, FMI, Bulgaria (1988-1992)

External positions

  • Member of IoD - Institute of Directors, Europe's largest membership organisation for business leaders. IoD have been representing senior level professionals since our Royal Charter in 1906.
  • Member of the Advisory Board of a company in the internet travel industry
  • Member of the Advisory Board of a company in the fraud prevention industry
  • Member of the EXPRESS (European Union Venture Capital and entrepreneurship seminar)
  • Consulted in the joint DG TREN & DG Consumer Affairs work group preparing the legislation for online travel agencies (OTA) and online behaviour of airlines
  • EC FP7 Expert at European Commission

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Dr. Gyoshev has has taught, researched, supervised dissertations and consulted in the area of derivatives pricing and fixed income valuation for the last 15 years. Derivatives and fixed income instruments are continuing to be at the forefront of the finance innovation for the last 40 years. This area has attracted the brightest and the smartest of the graduating classes, not only because of its creativeness, but because of it excellent compensation. It is where the “privatizing of profits and socializing of losses” has been started 40 years ago. It is rumoured to be the most difficult class in the University of Exeter Business School, but Stanley has received many letters from grateful students years later.

Dr. Gyoshev has supervised investment analysis projects, given policy advice to DG TREN and DG consumer affairs, and chaired board of directors in the Travel & Transportation Industries for the last 8 years. Travel have has become the biggest part of the world GDP by sector.



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Supervision / Group

Postgraduate researchers

  • Adnan Anil Isin 'The Use of Derivatives in Hedging and Effectiveness of Hedging: Airline Case Study'
  • Kingkan Ketsiri 'Weather Sensitivity of Company Earnings'
  • Kai Liao 'Market Efficiency of Equity and Option Markets: links between CBOE and NYSE by using the Put-Call Parity (PCP) model and the Box Spread (BS)'
  • Dolruedee Thiengtham 'The Causes and Consequences of Venture Capitalist Investments: A Cross-Country Analysis'
  • Vladimir Vladimirov 'Weather Derivatives Valuation'
  • Yangzhengxuan Wang 'Corporate default prediction with industry effects'

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