Welcome! I am a Lecturer in Finance at Cardiff University.
I obtained my PhD from the University of Edinburgh in 2022, and worked as an Assistant Professor in Finance at University College Dublin (UCD) from 2022 to 2024.
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Research
Research
Publications
Publications
Private Markets
Institutional Ownership and Investment of private firms, with Seth Armitage and Ronan Gallagher. British Accounting Review, 2025
Culture, beliefs and finance
Inherited Trust and Informal Finance, with Jiafu An , Mengfei Jiang, and Jiandong Chen. Journal of Business Finance and Accounting, 2023.
Professional Norms and Risk-taking of Bank Employees: Do Expectations of Peers' Risk Preferences Matter?, with Jiafu An and Mengfei Jiang. Journal of Financial Stability, 2021.
International Spillovers of Corporate Scandal: Evidence from the Harvey Weinstein Event, with Jiafu An. European Journal of Finance, 2021.
Pension
The Elusive Relation Between Pension Discount Rates and Deficits, with Seth Armitage and Ronan Gallagher. Journal of Business Finance and Accounting, 2022.
Selected working papers
Selected working papers
Do Managers Withhold Bad News? Evidence from Terror Attacks, with Jiafu An, Jiandong Chen, Shiqi Guo, Zaheer Khan, and Lai Wei
Presented at: Edinburgh World Class Workshop, AsianFA Macau 2024, AAA 2024, Cardiff Corporate Governance Conference 2024
Empowering Private Companies: Evidence from Private Equity Buyouts and Trade Credit Provision
Suppliers may have to offer favorable trade credit terms to retain or compete for powerful customers, even doing so results in forgoing valuable investments. We demonstrate how a transition to private equity (PE) ownership alleviates the friction by elevating a company’s bargaining power. Using detailed data on a sample of UK private companies, we find companies experience a reduction in their accounts receivable following PE buyouts. The effect is stronger in companies with weaker competitive positions before the buyout. Further analyses show that PE buyouts elevate bargaining power of the target by increasing outside options and negotiation skills. The additional cash flows appear to be redeployed to long-term investments. Our results are consistent with the broader view that PE ownership fosters operational efficiency and also reveal a new channel through which it operates.
Presented at: Irish Academy of Finance (IAF) 2023, IFABS Oxford 2025, Paris-Dauphine Ownership, Control and Performance Conference 2025, 9th Entrepreneurial Finance (ENTFIN) Conference in Rotterdam 2025
The Slow Start of Professional Clients in Foreign Investment, with Seth Armitage
Access to Public Market and Trade Credit Provision: Evidence from IPO suspensions, with Jiafu An, Tianxi Wang, and William (Senyu) Wang
Teaching
Teaching
Cardiff
Cardiff
Corporate Financial Management
UCD
UCD
Foundations of Finance (UG) 2022/23, 2023/24
Empirical Corporate Finance (PG) 2022/23
Financial Analysis (PG) 2023/24
Corporate Finance (PG, Management) 2023/24
Presentations
Presentations
2024: AsianFA (Macau)*, AAA (DC)
2023: Irish Academy of Finance (IAF) Annual Conference, Edinburgh WorldClass Workshop
2022: AEA Poster (Online), FMA Europe (Lyon), Edinburgh WorldClass Workshop
2021: FMA Europe (Online), EAA (Online), Queen's University Belfast*, University of Reading*
2022: AAA (Online)
2019: BAFA (Birmingham)
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