School of Business and Economics

Discipline groups

Dr Anna Raffoni

Dr Anna Raffoni

Dr Raffoni's research is in the areas of performance measurement systems (PMS) and cost management

Accounting and Finance research themes

Research in the group focuses on four main areas with considerable overlap between these areas with members contributing to more than one area as well as collaboration with colleagues in other discipline groups across the School.

There are number areas that the Group focuses on in corporate finance.

One common area is the consequences of strategies employed by firms and their impact of firm value, performance and other outcomes.  In this thread, Huainan Zhao looks at corporate takeovers and mergers, in particular examining the drivers of three-way bids and why companies acquire acquirers.

Looking at pay-out strategies, Panagiotis Asimakopoulos examines firms’ dividend policies, seeking to understand the factors that influence dividend decisions and the manner in which these factors interact. 

Firm financing choices and determinants of security issuance is another strand of corporate finance research. In this respect, Hui Li looks at how differences in stated uses of proceeds when issuing securities impact on firm value and Huainan Zhao examines whether firms use debt issuances for hedging purposes or lowering their cost of capital. 

Group members are interested in a number of topics that can be classified under the general title of Financial Markets.

One strand in this research area is predictability and forecasting of equity and other asset prices in financial markets. In this direction, Andrew Vivian focuses on the fundamental determinants of security returns and their predictability in emerging and developed countries’ financial and commodity markets.  He also looks at market efficiency investigating stock market “anomalies” and the response of the market to information and the volatility of markets.

In a parallel strand, Kavita Sirichand looks at asset predictability in the context of portfolio composition choice, density forecasting, forecast uncertainties and evaluation.

Looking at similar issues in fund management, Kai-Hong Tee focuses on hedge and investment fund managers' forecast ability in managing risk and its impact on fund performance. Similarly, Huainan Zhao investigates the effects of various trading strategies in determining price momentum.

At a more macro level, Kavita Sirichand investigates the term structure of interest rates and co-movements of international yield curves.

Complementing these areas, Mark Wohar focuses on the modelling and forecasting of financial and economic time series, including stock returns, interest rates and exchange rates. Also in this area, Giovanni Calice investigates the dynamics of the sovereign CDS term premiums and the link between CDX index term premiums and equity premiums. 

Another sub-topic in this area is the impact of financial innovation on financial stability. In this direction, Giovanni Calice researches on how shocks in credit defaults swaps (CDS) can impact the value of systematically important financial institutions and systemic risk and the impact of securitization on banks’ equity prices.

This  work also ties in with on-going research looking at banking and financial intermediation. Keith Pond’s work on corporate insolvency and bank lending to SMEs fits in this thread.  

Management accounting research in the Group focuses on the performance of organisations as well as analysing the efficiency and effectiveness of systems.

In this context Rhoda Brown’s work focuses on how the performance of organisations and individuals is defined, measured and presented. Anna Raffoni examines the design and use of performance measurement systems and their effect on business performance, particularly for customer-firm relationship in B2B settings.

Another strand of management accounting research extends to new organisational forms. Ian Herbert looks at the transformation of the professional functions and how performance is measured and managed in process-based environments and shared service centre models. Suzana Grubnic works on performance management in both local government and the private finance initiative. Also within this strand Anna Raffoni looks at advanced cost management techniques to support and improve the efficiency and effectiveness of processes.  

A number of topics are researched under corporate governance and sustainability.

In terms of corporate boards, Noel O’Sullivan’s work examines the use and usefulness of non-executive directors, including the market for non-executives.

In a similar vein, both Noel O’Sullivan and Ayuni Mohd-Kharuddin study audit committees, specifically their impact on audit quality. 

In terms of financial reporting, Andrew Higson studies the usefulness of corporate financial reporting and issues surrounding the expectations gap between the preparers and users of corporate financial reports. Rhoda Brown’s work on financial reporting, earnings management and university central management also feeds into this strand of research as does Yasser Eliwa’s work onthe association between earnings quality and the cost of equity capital. 

In terms of auditing research, Noel O’Sullivan continues his long-standing work on the determinants of audit pricing, while Ayuni Mohd-Kharuddin develops her work on auditor industry specialisation and the market for audit services.  

Finally, a number of group members undertake research in the area of sustainability accounting. Suzana Grubnic seeks to understand the outworking and transformative potential of sustainability accounting in the public and private sectors, while Petros Vourvachis’ research focuses on the reporting and measurement aspects of corporate social responsibility (CSR) information and how this can be embedded into reporting templates.