Hull University Business School

Professor Robert Hudson

robert hudson

 

Accounting and Finance

  • Biography
  • Qualifications
  • Teaching
  • Key Publications
  • Further

Biography

Professor Robert Hudson is a Professor of Finance at Hull University Business School where he teaches on a number of executive, postgraduate and undergraduate modules.  Robert is a Fellow of the Institute of Actuaries and a Chartered Mathematician and has extensive business and consultancy experience.

His main research interests are in financial markets, the financial services industry and the financial behaviour of individuals. Robert is the author of a book on stock market investment, over seventy  refereed articles in leading international journals and a range of other publications and has presented at many universities and international conferences. His research has won a number of awards and has been featured in local and national media.

Prior to this post, Robert was a Professor of Finance and head of the Economics group at the University of Newcastle and prior to that was a senior lecturer at the University of Leeds. He has extensive experience of curriculum development and has created a number of new modules and degrees. He has also obtained substantial funding from research bodies and commercial organisations. Before entering the academic world he worked in the financial services industry for a number of years and he is committed to linking his teaching and research to practice.

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Qualifications

BSc (Hons) (Nottingham) MA (Leeds) PhD (Leeds) CMath FIA

Teaching

Professor Hudson has extensive teaching experience on undergraduate, postgraduate and executive programs. He has taught on a wide range of finance related courses including financial management, corporate finance, international finance, financial derivatives, risk and insurance and risk management.

Research

Publications

Publications

Refereed Publications

 

‘Sampling Frequency and the Performance of different Types of Technical Trading Rules’, Finance Research Letters, published online, (with A. Urquhart and F. McGroarty).
‘Reviewing the Hedge Funds Literature II: Hedge Funds’ Returns and Risk Management Characteristics’, International Review of Financial Analysis, 48, pp55-66 (with I. El Kalak and A. Azevedo).
‘Reviewing the Hedge Funds Literature I: Hedge Funds and Hedge Funds’ Managerial Characteristics’, International Review of Financial Analysis, 48, pp85-97, 2016 (with I. El Kalak and A. Azevedo).
‘The price, quality and distribution of mortgage payment protection insurance: A hedonic pricing approach’, British Accounting Review, published online, (with J. Ashton).
‘Investigation of Institutional Changes in the UK Housing Market using Structural Break Tests and Time Varying Parameter Models’, Empirical Economics, published online, (with H. Zhang and H. Metcalf).
‘Dispelling the Myth of a Value Premium: Contrary Evidence from Malaysia’, International Journal of Banking, Accounting and Finance, Volume 7, Issue 1, pp1-33, 2016 (with M. Eskandar Shah, M. Shahid Ebrahim and  A, Iqbal).
‘The effect of size on the failure probabilities of SMEs: An empirical study on the US market using discrete hazard model’, International Review of Financial Analysis, 43, pp135-145, 2016 (with I. El Kalak).
‘Investor sentiment in extreme circumstances: The case of the Blitz’, Research in International Business and Finance ,  36 (January),  pp340-350, 2016 (with A. Urquhart).

‘Do house prices overreact to relevant information? New evidence from the UK housing market’, Journal of Investment Management and Financial Innovations, 3, 2015 (with H. Zhang, V. Manahov and H. Metcalf).

‘Which heuristics can aid financial-decision-making?’, forthcoming, International Review of Financial Analysis (with W. Forbes, M. Soufian and L. Skerratt).

‘Interaction between Technical Trading Rules and Calendar Anomalies’, Finance Research Letters, 14, pp36-44, 2015 (with C. V. Atanasova and B. Gebka),

‘War and Stock Markets: The Effect of World War Two on the British Stock Market’, International Review of Financial Analysis, 40, pp 166-177, 2015 (with A. Urquhart).

‘How Exactly Do Markets Adapt? Evidence from the Moving Average Rule in Three Developed Markets’, Journal of International Financial Markets Institutions and Money, 38, pp 127–147, 2015 (with A. Urquhart and B. Gebka).

‘Identification of the UK House Price Bubble using a State-Space Model within a User Cost Framework’, Applied Economics, DOI: 10.1080/00036846.2015.1064078 (with H. Zhang and H. Metcalf).

‘How to get the most from a business intelligence application during the post implementation phase? Deep structure transformation at a UK retail bank’, European Journal of Information Systems, January 20, 2015; DOI:10.1057/ejis.2014.44 (with A. Audzeyeva). 

‘Do the Disposition and House Money Effects Coexist?’ A Reconciliation of Two Behavioral Biases using individual investor level data’, Journal of International Financial Markets Institutions andMoney, 34, pp55-68, 2015 (with S. Yao, D. Duxbury, Zhishu Yang  and K. Keasey).
‘An Analysis of the Relationships between Return Calculation Methods, Risk and Observation Periods’, International Review of Financial Analysis, DOI: 10.1016/j.irfa.2014.10.008 (with A. Gregoriou). 

'New Evidence of Small-Cap Stocks Profitability and Price-Volume Relation’, Journal of International Financial Markets Institutions and Money, 33, pp299-316, 2014 (with V. Manahov and P. Linsley).

‘A note on the relationship between market efficiency and adaptability. New evidence from artificial stock markets’, Expert Systems with Applications, Volume 41, Issue 16, 15 November 2014, pp7436-7454 , (with V. Manahov).

‘The Implications of high frequency trading on market efficiency and price discovery’, Applied Economics Letters, published online 7 May 2014, DOI:10.1080/13504851.2014.914135, (with V. Manahov).

‘The Influence of Product Age on Pricing Decisions: An Examination of Bank Deposit Interest Rate Setting’, Journal of International Financial Markets Institutions and Money, 31, pp216-230, 2014 (with R. Anderson and J. Ashton).

‘Does high frequency trading affect technical analysis and market efficiency? And if so, how?’, Journal of International Financial Markets Institutions and Money, 28, pp131-157, 2014 (with V. Madahov and B. Gebka).

‘Should the joint provision of credit insurance with unsecured lending be prohibited?’ An examination of the UK payment protection insurance market’, International Journal of the Economics of Business, published online 6 Feb 2014, (with J. Ashton).

;‘The implications of trader cognitive abilities on stock market properties’, Intelligent Systems in Accounting, Finance and Management, published online 14 November 2013, (with V. Manahov and M. Soufian).

‘New Evidence of Technical Trading Profitability’, Economics Bulletin, Vol. 33, No. 4, pp2493-2503 (with V. Manahov).

‘Adapting financial rationality: Is a New Paradigm Emerging? Critical Perspectives on Accounting, published online 19 September 2013, (with M. Soufian and W. Forbes).

‘Herd Behaviour Experimental Testing in Laboratory Artificial Stock Market Settings. Behavioural Foundations of Stylised Facts of Financial Returns’, Physica A: Statistical Mechanics and its Applications, 392, pp4351-4372, 2013 (with V. Manahov).

‘Efficient or Adaptive Markets? Evidence from Major Stock Markets using very long run Historic Data’, International Review of Financial Analysis, 28, pp130-142, 2013 (with A. Urquhart).

‘Informed Trading and Market Structure’, forthcoming, European Financial Management, (with C. Cai, J. Harris and K. Keasey). 

‘Stock Price Reactions following Large Price Changes for UK plc’s: Firm size and Time Effects, Microstructure and Volume explanations’, International Review of Financial Analysis, 26, pp. 1-17, 2013,  (with S. Amini, B. Gebka and K. Keasey).

‘How people evaluate defined contribution, annuity-based pension arrangements: A behavioural exploration’, Journal of Economic Psychology, 34, pp256-269, 2013 (with D. Duxbury, K. Keasey and B. Summers).

‘Price Impact of Block Trades in the Saudi Stock Market’, Journal of International Financial Markets Institutions and Money, 23, pp322–341, 2013 (with A. Alzahranai, A. Gregoriou).

‘How do Investors select stocks?’ Revealed stock preferences and investment strategies’, Review of Quantitative Finance and Accounting, Published Online, DOI: 10.1007/s11156-012-0325-9, (with S. Yao, D. Duxbury, K. Keasey and Z. Yang).

Invited Book Review ‘Risk Appraisal and Venture Capital in Technology New Ventures, Gavin C. Reid and Julia A. Smith’, British Accounting Review, 44, pp125-126, 2012.

‘The Equity Funding of SMEs and Regional Stock Exchanges’, International Small Business Journal, 30(8), pp832-849, 2012, (with S. Amini and K. Keasey).

‘Can Market Frictions Really Explain the Price Impact Asymmetry of Block Trades?’ Evidence from the Saudi Stock Market’, Emerging Markets Review 13, pp202-209, 2012, (with A. Alzahranai and A. Gregoriou).

‘Do National Soccer Results really Impact on the Stock Market?’, Applied Economics, 43:26, pp3709-3717, 2011 (with J. Ashton and B. Gerrard).

‘The Influence of Time, Seasonality and Market State on Momentum: Insights from the Australian Stock Market’, Applied Financial Economics, 20, pp1547-1563, 2010 (with V. Phua, H. Chan and R. Faff).

‘Stock Predictability without Autocorrelation’, Economics Letters, 108, pp101-103, 2010 (with S. Amini and K. Keasey).

‘A Response to “Reflections on a Global financial Crisis”’, Critical Perspectives on International Business, vol. 6, issue 1, pp53-71, 2010 (with S. Maioli).

This was the most popular paper in the journal in 2010 with 1,718 downloads.

Highly Commended Award Winner in the Emerald Literati Network Awards for Excellence 2011

‘Technical Trading Rules and Calendar Anomalies – Are they the same Phenomena?’, Economics Letters, 106,  pp128-130, 2010 (with C. V. Atanasova).

‘Equity Returns at the Turn of the Month - Further Confirmation and Insights’, Financial Analysts Journal, vol. 65, no.4, pp14-16, 2009 (with C. V. Atanasova).

‘Has Regulation killed off the Defined Benefit Scheme as a Cost Effective tool for Human Resource Management?’, Journal of Financial Regulation and Compliance, vol. 16, no. 3, pp220-229, 2008 (single authored).

‘Interest Rate Clustering in the UK Financial Services Markets’, Journal of Banking and Finance, 32, pp1393-1403, 2008, (with J. K. Ashton).

‘Trading Frictions and Market Structure: An Empirical Analysis’, Journal of Business Finance and Accounting, 35 (3) and (4), pp563-579, 2008, (with C. Cai, D. Hillier and K. Keasey).

‘The Comparative Performance of UK Mutual Building Societies and Stock Retail Banks: Further Evidence’, Accounting and Finance, 48, pp319-336, 2008 (with K. Keasey and R. K. Shiwakoti).

‘Longevity Risk: A New Global Market’, Journal of Risk Management in Financial Institutions, vol. 1, no. 1, pp3-18, 2007 (single authored invited paper).

‘Mortality Prediction and Unisex Annuity Rates’, Journal of Financial Regulation and Compliance, vol. 15, no. 2, pp166-179, 2007 (single authored invited paper).

‘Finance Theory: A House Without Windows’, Critical Perspectives on Accounting, 18, pp932-951, 2007 (with K.Keasey).

Winner of Emerald Citation of Excellence for one of 50 best papers in management in 2007.

‘The Mortality Risk of Pensions – Methods of Control and Policy Implications’, Journal of Financial Regulation and Compliance, vol.14, no. 4, pp363-374, 2006.

‘Electronic Trading Platforms and the Cost-effective Distribution of Open Market Option (OMO) Pension Annuities’, International Journal of Information Management, 26, 2006, pp187-195, (with J. Hagendorff and K. Keasey).

‘As Time Goes By – An investigation of how asset allocation varies with investor age’, Economics Letters, 91, 2006, pp210-214, (with D. Duxbury, K. Keasey and B. Summers).

‘Pre-Holiday Effects: International Evidence on the Decline and Reversal of a Stock Market Anomaly’, Journal of International Money and Finance, 24, 2005, pp1226-1236, (with R. Chong, K. Keasey and K. Littler).

‘Should Actions Speak Louder Than Words? Individuals’ Attitudes and Behaviour in Asset Allocation Choice’, Economics Letters, 89, 2005, pp107-111, (with D. Duxbury, K. Keasey and B. Summers).

‘Informed Choice for Pensions – Overcoming the Data Integration Challenge’, Journal of Financial Regulation and Compliance, vol. 13, no. 3, pp260-267, 2005, (with C. Ironfield-Smith, D. Duxbury, K. Keasey and B. Summers).

‘A Study of the Initial Returns and the Aftermarket Performance of Initial Public Offerings of Demutualised Building Societies in the United Kingdom’, Applied Economic Letters, 12, pp 403-409, 2005 (with R. K. Shiwakoti and H. Short).

‘Consumer Debt in the UK: Attitudes and Implications’, Journal of Financial Regulation and Compliance, vol. 13, no. 2, pp132-141, 2005, (with C. Ironfield-Smith, D. Duxbury, K. Keasey and B. Summers).

‘The Predictive Ability and Profitability of Technical Trading Rules: Does Company Size Matter?’, Economics Letters, 86, 2005, pp21-27, (with J. Bokhari, C. Cai and K. Keasey).

‘Intra Day Bid-Ask Spreads, Trading Volume and Volatility: Recent Empirical Evidence from the London Stock Exchange’, Journal of Business Finance and Accounting, 31(5) & (6), June/July, 2004, pp647-676, (with C. Cai and K. Keasey).

‘The Impact of Depolarisation on E-Commerce Development in the Distribution of Regulated Financial Products’, International Journal of Information Management, 24, 2004, pp283-293, (with K. Littler).

‘Back to the Future: An Empirical Investigation into the Validity of Stock Index Models Over Time’, Applied Financial Economics, 14, 2004, pp209-214, (with B. Summers and E. Griffiths).

‘Further Reflections on the Nature of Intuition – Analysis and the Construct Validity of the Cognitive Style Index’, Journal of Occupational and Organizational Psychology, 76, pp269-278, 2003 (With C. Allinson, J. Hayes and K. Keasey).

‘The Impact of Regulatory Change on Retail Product Distribution’, Journal of Financial Regulation and Compliance, vol. 11, no. 1, pp71-80, 2003 (with K. Littler).

‘Trading Frequency and the Compass Rose’, Applied Economic Letters, 10, pp511-517, 2003 (with C. Cai and K. Keasey).

‘The Economic Impact of National Sporting Success: Evidence from the London Stock Exchange’, Applied Economics Letters, 10, pp783-785, 2003 (with J. Ashton and B. Gerrard).

‘Non-Executive Directors and the Higgs Consultation Paper – ‘Review of the Role and Effectiveness of Non-Executive Directors’’, Journal of Financial Regulation and Compliance, vol. 10, no. 4, pp361-371, 2002, (with K. Keasey).

‘Why Investors should be Cautious of the Academic Approach to Testing for Stock Market Anomalies’, Applied Financial Economics, 12, 2002, pp681-686, (with K. Keasey and K. Littler).

‘The Risk and Return of UK Equities following Price Innovations: a case of market inefficiency?’, Applied Financial Economics, 11, pp187-196, 2001, (with K. Keasey and K. Littler).

‘A New Approach to Linking Strategy Formulation and Strategy Implementation: An Example from the UK Banking Sector’, International Journal of Information Management, 20, pp411-428, 2000, (with P. Aisthorpe, K. Keasey and K. Littler).

‘Tick Size and the Compass Rose: Further Insights’, Economics Letters, 68, pp119-125, 2000, (with K. Keasey and E. Wang).

‘Share Dealing on the Web: A Comprehensive Review of Design Specifications Across the Globe’, International Journal of Information Management, 20 (1) pp3-16, 2000, (with K. Keasey and K. Littler).

‘Time Diversification: An Essay in the Need to Revisit Finance Theory!’, Critical Perspectives in Accounting, vol 10, No. 4, pp501-519, 1999, (with M. Dempsey, K. Keasey and K. Littler).

‘Share Prices Under Tory and Labour Governments in the UK Post 1945’, Applied Financial Economics, 8, pp389-400, 1998, (with M. Dempsey and K. Keasey).

Received Anbar Citation of Excellence.

‘The Manifest Failure of the Financial Services Act : A Reply to Hinchliffe’, The Review of Policy Issues, vol. 3, No. 2, pp49-53, 1997, (with K. Keasey and K. Littler).

‘Retail Financial Services Regulation Since The Financial Services Act 1986’, The Review of Policy Issues, vol. 3, No. 2,  pp23-35, 1997, (with K. Keasey and K. Littler).

‘The Future of Compliance in Retail Financial Services’, Journal of Financial Regulation and Compliance, vol. 4, no. 3, pp215-226, 1996, (with K. Keasey and K. Littler).

‘On the Risk of Stocks in the Long Run: A Resolution to the Debate?’, Financial Analysts Journal, vol. 52, No. 5, pp57-62, 1996, (with M. Dempsey, K. Keasey and K. Littler).

Received Anbar Citation of Excellence.

‘A note on the weak form efficiency of capital markets: The application of simple technical trading rules to UK stock prices - 1935 to 1994’, Journal of Banking & Finance, 20, pp.1121-1132, 1996, (with M. Dempsey and K. Keasey).

Received Anbar Citation of Excellence.

Books

  • The Intelligent Guide to Stock Market Investment, John Wiley, 1998, reprinted 1999, (with K. Keasey and K. Littler), 314 pages.

Book Chapters

  • ‘The Mis-selling of Payment Protection Insurance in Mortgage and Unsecured Lending Markets’ in Bank Behaviour In Modern Banking, Palgrave Macmillan, 2012. (with J. Ashton).
  • ‘From Fringe to Mainstream? A portrait of Employee Benefit Provision in Britain’ in Reward Management – Facts and Trends in Europe, Pabst Science Publishers, 2008, (with A. Robinson).
  • ‘Intra Day Bid-Ask Spreads, Trading Volume and Volatility’ in The UK Stock Market Almanac 2005, Harriman House Publishing, 2004, (with C. Cai and K. Keasey).

Further

  • Co editor Review of Behavioral Finance
  • Assistant Editor of British Actuarial Journal.
  • On the editorial board of Finance Research Letters.
  • On the editorial board of the Journal of Financial Regulation and Compliance.
  • Recently worked as an external expert on projects on consumer finance with the FCA and the OFT.
  • Current or Past External Examiner on degree courses at Cass Business School, Manchester Business School, University of Kent, University of Keele, University of York, Institute of financial services (ifs), Glasgow Caledonian University.
  • Acted as an External examiner for doctoral degrees at many universities
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