Arman Eshraghi CV Oct 18
Arman Eshraghi Accounting and Finance Section Cardiff Business School Cardiff University Colum Drive, Cardiff CF10 3EU United Kingdom +44 (0)292 251 0880 [email protected]
Appointments
Academic
Chair of Finance and Investment, Cardiff University, 2018- Senior Lecturer in Finance and Accounting, University of Edinburgh, 2016-18 Lecturer in Finance and Accounting, University of Edinburgh, 2013-16 Postdoctoral Fellow in Finance, University of Edinburgh, 2011-13 Visiting Doctoral Fellow, University of Manchester, 2010-11 Visiting Doctoral Fellow, University College London, 2008-09
Industry
Senior Advisor in finance and strategy, Saipa Automotive Services, 2006-07 The second largest car manufacturer in the Middle East, established in 1965 Role included consultancy on funding, capital investments and business development
Senior Advisor in finance, Bank of Industry and Mines, 2004-06 The national development bank of Iran, established in 1983 Role included oversight of international credit ratings and corporate governance
Education
Postgraduate Certificate in Academic Practice, University of Edinburgh, 2013-15
PhD in Finance, University of Edinburgh, 2007-12 Thesis: Professional Investor Psychology and Investment Performance Advisors: Richard Taffler (Warwick), Seth Armitage (Edinburgh), David Tuckett (UCL)
MBA, Sharif University of Technology, Tehran, 2003-05 First class with concentration in finance
BSc in Electrical Engineering, Sharif University of Technology, Tehran, 1999-03 2:1 with concentration in telecommunications Thesis: Essays on Visual Cryptography
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Arman Eshraghi CV Oct 18
Awards and Distinctions
Research and Engagement
Scottish Crucible Fellowship, 2018 Development Bank of Japan Shimomura Fellowship, 2018 Sustained Excellence Award, University of Edinburgh, 2017 Finalist, Scottish Financial Enterprise Rising Star Award sponsored by EY, 2017 Honorary Senior Lecturer, Department of Psychology, University College London, 2017- Best Paper Award Finalist, Financial Management Association European Conference, 2015 Best Paper Award, International Review of Financial Analysis Conference on Gold, 2015 Best Paper Award (twice), Behavioural Finance Working Group Conference, London, 2014-15 Highly Commended PhD Research, European Foundation for Management Development, 2014 Young Scholar Award for Research in Financial Discourse, European Financial Group, 2014 Highly Commended, Emerald Awards for Research Excellence, 2013
Teaching
Best Teaching Innovation Award, University of Edinburgh Business School, 2017 Selected in the University of Edinburgh Teaching Excellence Poster Campaign, 2017-18 Best Course Award, University of Edinburgh Business School, 2016 Inspirational Teaching Award, University of Edinburgh Business School, 2015 Nominated 14 times, University of Edinburgh Annual Teaching Awards, 2012-18 Best Postgraduate Tutor, Manchester Business School, 2010
Educational Background
PhD scholarship at University of Edinburgh Business School, 2007-11 3rd rank in the MBA graduating class of Iran’s most selective business school, 2005 1st rank in the National Admissions Test for postgraduate business programmes, 2003 Admitted to Iran’s most selective - top 0.02% - engineering programme, 1999 Admitted to first stage of Iran’s National Mathematical Olympiad, 1998
Main Research Interests
Behavioural investing, fund management, behavioural corporate finance, sentiment Corporate governance, board structure, managerial attributes, governance in banking Interdisciplinary accounting, critical accounting, discourse analysis, sensemaking Textual analysis and computational linguistics in finance, financial technology
Selected Publications
Journal Articles
“Does CEO Cultural Heritage Affect Performance under Competitive Pressure?” (with D. Nguyen and J. Hagendorff), Review of Financial Studies, 2018, ABS 4*
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Arman Eshraghi CV Oct 18
“Emotional Economic Man: Calculation and Anxiety in Fund Management” (with R. Taffler and C. Spence), Accounting, Organizations and Society, 2017, ABS 4* Best Paper Award at Behavioural Finance Working Group Conference, London
“Can Bank Boards Prevent Misconduct?” (Lead Article) (with D. Nguyen and J. Hagendorff), Review of Finance, 2015, ABS 4 Best Paper Award finalist at Financial Management Association Conference, Venice
“Heroes and Victims: Fund Manager Sense-making, Self-legitimation and Storytelling” (with R. Taffler), Accounting and Business Research, 2015, ABS 3* Best Paper Award at Behavioural Finance Working Group Conference, London
“Which Executive Characteristics Create Value in Banking?” (with D. Nguyen and J. Hagendorff), Corporate Governance: International Review, 2014, ABS 3*
“Hedge Funds and Unconscious Fantasy” (Lead Article) (with R. Taffler), Accounting, Auditing and Accountability Journal, 2012, ABS 3* Emerald Group Publishing Award for Research Excellence
Edited Book Chapters
“Misconduct in Banking: Governance and the Board of Directors” (with D. Nguyen and J. Hagendorff), Corruption and Fraud in Financial Markets Eds. Carol Alexander and Douglas Cumming, 2018, Wiley
“Hedge Funds, Phantastic Objects and Kleinian Thought” (with R. Taffler), The Klein Tradition: Evolution of Theory and Practice over the Decades Eds. Penelope Garvey and Kay Long, 2018, Routledge
“Value Effects of Bank Executives” (with D. Nguyen and J. Hagendorff), Financial Crisis, Bank Behaviour and Credit Crunch Eds. Stefania Rossi and Roberto Malavasi, 2016, Springer
“Emotional Finance and Fiduciary Responsibility” (with R. Taffler), Handbook of Institutional Investment and Fiduciary Duty Eds. James Hawley et al., 2014, Cambridge University Press
“Fund Manager Overconfidence and Investment Narratives” Handbook of Research on Institutional Language Ed. Rod Hart, 2013, IGI Global
Book Acknowledgements
Fund Management: An Emotional Finance Perspective, by R. Taffler and D. Tuckett, 2012, CFA Institute Research Foundation
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Arman Eshraghi CV Oct 18
Minding the Markets: An Emotional Finance View of Financial Instability, by D. Tuckett, 2011, Palgrave Macmillan
Excellence in Business School Teaching, by J. Rawel and A. Crossman, 2017, Market Echoes
Working Papers
“Transparency and Investment Decisions: Evidence from the Disposition Effect” (with M. Lukas and J. Danbolt), under R&R at Journal of Banking and Finance
“Too Active for their Own Good: Fund Manager Conviction and Investment Performance” (with L. Jin and R. Taffler), under review at Journal of Economic Behavior and Organization
“The Golden Touch of Federal Reserve Chairmen” (with J. Hagendorff), target: Financial Management
“Hedge Funds as Luxury Products: A Marketing Perspective” (with Q. Wang and R. Taffler), target: Journal of Academy of Marketing Science
“Revisiting the Persistence of Financial Sentiment” (with X. Han, N. Sakkas, J. Danbolt), target: Journal of Banking and Finance
“Accounting and the Unconscious” (with R. Taffler and M. Lukas), target: Accounting, Organizations and Society
“Winning the Stock Market Lottery” (with Y. Cao and R. Gallagher), target: Review of Finance
Selected Media Coverage
“New study links a CEO’s cultural heritage with corporate performance”, Forbes, 2018 “A CEO’s decision making is shaped by immigration”, Harvard Business Review, 2018 “Dealing with big egos in the office”, Ignites Europe (Financial Times), 2018 “Bank performance and the cultural DNA”, Harvard Law School Corporate Governance Forum, 2018 “High active share may lead to poorer returns”, Ignites Europe (Financial Times), 2018 “Brainiac: Banking on immigrants”, Boston Globe, 2018 “Cultural heritage and corporate performance”, BBC Radio, 2017 “Cultural heritage affects bank performance under competition”, Vox EU, 2017 “When bank boards get too cozy, expect misconduct”, Vox EU, 2016 “Alan Greenspan’s tone of voice moved gold prices”, Financial Times, 2013 “It’s not what Fed chairmen say, it’s the way they say it”, Washington Post, 2013 “How Alan Greenspan’s ‘tone’ moved gold and silver”, Globe and Mail, 2013 “No 1997 Asian Crisis Return as China Trembles”, Bloomberg, 2013 “Beware the dangers of overinflated egos”, Financial Times (FTfm), 2012 Plus coverage in Persian-language financial press including Tejarate-e Farda, 2014-
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Arman Eshraghi CV Oct 18
Editorship and Reviewership
Associate Editor, Global Finance Journal, 2017-20
Guest Editor, Review of Behavioural Finance, 2016-18
Reviewer:
Journal of Corporate Finance; Journal of Banking and Finance; Journal of Business Ethics; British Accounting Review; European Journal of Finance; Finance Research Letters; Global Finance Journal; Multinational Finance Journal; Business Ethics: A European Review; Review of Behavioral Finance; Journal of Behavioral and Experimental Finance; Qualitative Research in Financial Markets
Invited Talks and Research Seminars
University College Dublin, Ireland, 2019 Queen’s University Belfast, UK, 2019 Open University, Milton Keynes, UK, 2019 Waseda University, Tokyo, Japan, 2018 Hitotsubashi University, Tokyo, Japan, 2018 Cass Business School, City University of London, UK, 2018 University of Aarhus, Denmark, 2018 Frankfurt School of Finance and Management, Germany, 2018 Scottish ‘Women in Investment’ Forum, Edinburgh, UK, 2018 University of Edinburgh Alumni Forum, London, UK, 2018 Seoul National University, Seoul, South Korea, 2017 Sungkyunkwan University, Seoul, South Korea, 2017 Newcastle University, UK, 2017 San Diego State University, US, 2017 Glasgow University, UK, 2017 University of Leipzig, Germany, 2017 Bangor University, UK , 2017 German Society of Investment Professionals, Frankfurt, Germany, 2016 University of Aarhus, Denmark, 2016 University of Algarve, Portugal, 2016 National Institute of Securities Markets, Mumbai, India, 2016 Federal Reserve Bank Conference on Culture in Finance, New York, US, 2015 CFA Society of the UK Conference on Behavioural Finance, London, UK, 2015 University of Stirling, UK, 2015 Heriot-Watt University, UK, 2015 University of Texas at Austin, US, 2013 Center for European Economic Research, Mannheim, Germany, 2013 University of Laval, Quebec, Canada, 2012 University of Maastricht, Netherlands, 2012
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Arman Eshraghi CV Oct 18
Conference Presentations
Academy of Behavioral Finance Global Conference, Los Angeles, 2017, c Summer Institute on Bounded Rationality, Max Planck Institute, Berlin, 2018 Harvard Behavioral Decision Research in Management Conference, Boston, 2018, c Financial Management Association Global Conference, San Diego, 2018, c INFINITI Conference on International Finance, Poznan, 2018 Global Finance Association Conference, Paris, 2018 Manchester Business School Conference on Hedge Funds, Manchester, 2017 Academy of Behavioral Finance Global Conference, Los Angeles, 2017 Harvard Business School BIG Ideas Doctoral Workshop, Boston, 2017, c Academy of Behavioral Finance European Conference, Stuttgart, 2017 British Accounting and Finance Association Conference, Edinburgh, 2017 Research in Behavioural Finance Conference, Amsterdam, 2016 Financial Intermediation Research Society Conference, Lisbon, 2016, c Financial Management Association Global Conference, Las Vegas, 2016 Behavioural Finance Working Group Conference, London, 2013-2017 INFINITI Conference on International Finance, Ljubljana, 2015 Consortium on Activist Investors and Corporate Governance, London 2015, c CFA Institute Program Partner Conference, Edinburgh, 2015 Financial Management Association European Annual Meeting, Venice 2015, c International Review of Financial Analysis Conference on Gold, Hamburg, 2015 European Financial Management Association Meeting, Amsterdam 2015, c Australasian Finance and Banking Conference, Sydney, 2014 Financial Management Association Annual Meeting, Nashville 2014, c Financial Management Association European Annual Meeting, Maastricht 2014, c Conference on Discourse Approaches in Financial Communication, Locarno, 2014 Emerging Scholars in Banking and Finance Conference, London 2014, c The Dutch Central Bank Workshop on Board Diversity, Amsterdam 2014, c Asia Pacific Interdisciplinary Research in Accounting Conference, Kobe, 2013 British Accounting and Finance Association Conference, Newcastle, 2013 Eastern Finance Association Conference, Boston, 2012 Conference on the Role of Expectations in Financial Markets, Mannheim, 2012 Academy of Behavioral Finance Global Conference, Chicago, 2010
‘c’ indicates presentation by a co-author
Conferences Co-organised
Two-day conference on Social Finance and Financial Technology, University of Edinburgh, 2018 Keynote by John Beshears, Harvard Business School
One-day conference on Media and Financial Markets, University of Edinburgh, 2013 Keynote by John Kay, Oxford University and Financial Times
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Arman Eshraghi CV Oct 18
Consultancy and Contribution to Expert Panels
Advanced Logic Analytics, project on sentiment analysis in equity markets, London, 2015-17 A private investment firm, project on behavioural fund management, Edinburgh, 2015-16 CFA Institute and CFA Society UK Talent Roundtable, Edinburgh, 2017-18 NASDAQ Behavioural Sciences Academic Working Design Team, London, 2018 Scottish Financial Enterprise Financial Services Strategy Project, Edinburgh, 2017
Research Grants
Scottish Crucible: £4,000, co-investigator, 2018-19 Topic: Scottish Index of Multiple Deprivation: A Behavioural Economic Analysis
Royal Society of Edinburgh: £2,800, co-investigator, 2018-19 Topic: A Multidisciplinary Application for Financial Fraud Detection
Carnegie Trust: £4,800, principal investigator, 2016-17 Topic: Fund Manager Psychology and Investment Performance
University of Edinburgh Principal’s Award Scheme: £14,500, principal investigator, 2015-18 Topic: Transforming Finance Education Using Trading Simulation Platforms
PhD Supervision
Louis Nguyen, University of Edinburgh, Second supervisor, 2012-15 Topic: Corporate Governance in Banking
Marcel Lukas, University of Edinburgh, Principal supervisor, 2015- Topic: Social Effects, Technology and Financial Decision Making
Veelaiporn Promwichit, University of Edinburgh, Principal supervisor, 2015-17 Topic: Financial Sentiment in Social Media
Alistair Haig, University of Edinburgh, Second supervisor, 2015- Topic: Market for Investment Research
Xiao Han, University of Edinburgh, Principal supervisor, 2017- Topic: The Persistence of Market Sentiment
Yanran Cao, University of Edinburgh, Joint supervisor, 2017- Topic: Financial Sentiment in Emerging Markets
Mariko Yasu, University of Edinburgh, Second supervisor, 2017- Topic: A Cross-cultural Study of Corporate Governance
Plus supervision of more than 40 MSc and MBA dissertations since 2012
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Arman Eshraghi CV Oct 18
Examinership
PhD External Examiner, King’s College London, 2018 Thesis: Heterogeneity and Skill in the Forex Market
PhD External Examiner, Trinity College Dublin, 2017 Thesis: Financial Implications of Gold and Silver
PhD Internal Examiner, University of Edinburgh, 2013 Thesis: CEO Inside Debt and Bank Risk-Taking
MSc External Examiner, Open University, 2017-18 Several modules on the Masters in Finance programme
University Teaching
Cardiff Business School, UK
Finance and Investment, MSc core course, 2018-19 Student rating: tbd; Class size: 180
University of Edinburgh Business School, UK
Behavioural Finance, MSc/MBA/EMBA elective course, 2011-18 Student rating: 4.8/5; Average class size: 80; 8 teaching award nominations
Corporate Finance, MBA/EMBA core course, 2016-18 Student rating: 4.6/5; Average class size: 50; 2 teaching award nominations
Equity Valuation, MSc core course, 2011-15 Student rating: 4.7/5; Average class size: 100; 3 teaching award nominations
Investment Management, MSc core course, 2015-16 Student rating: 4.8/5; Average class size: 100; 2 teaching award nomination
Applications of Finance (tutorials), undergraduate core course, 2011-13 Student rating: 4.7/5; Average class size: 20; 2 teaching award nominations
TIAS Business School, Netherlands
Corporate Finance, MSc/BA core course, 2019 Student rating: tbd; Class size: 40
Aarhus University School of Business, Denmark
Behavioural Finance (selected topics), MSc elective course, 2016 & 2019 Student rating: very good; Class size: 70
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Arman Eshraghi CV Oct 18
Warwick Business School, UK
Psychology of Investing and Financial Decisions, MBA/EMBA/DLMBA elective course, 2018 Student rating: 4.7/5; Class size: 55
Vlerick Business School, Belgium
Behavioural Finance (selected topics), MSc elective course, 2019 Student rating: tbd; Class size: 50
Manchester Business School, UK
Principles of Finance (tutorials), undergraduate core course, 2011 Student rating: 4.6/5; Class size: 35; Best Postgraduate Tutor Award
Executive Education
Open executive masterclasses for 300+ participants on Advances in Behavioural Finance
Three cohorts from the UK finance sector, Edinburgh, 2016-18 Two cohorts from the Indian finance and banking sector, Mumbai, 2017 Two cohort from the Chinese asset management sector, Edinburgh, 2017-18
Open executive masterclasses for 200+ participants on Behavioural Finance and Decision Making
One cohort from the Indian banking sector, Mumbai, 2016 Four cohorts from the Chinese asset management sector, Edinburgh, 2016-17
Bespoke executive masterclasses for several international firms on a range of topics:
Excellence in the Finance Function, National Health Service (NHS) Wales, UK, 2018 Finance, Behaviour and Sustainability, cohort of African sustainability managers, UK, 2018 Introduction to Behavioural Finance, Aetna Inc, US, 2017 Finance for Media Companies, five cohorts from Scottish Television plc, UK, 2016-17 Advances in Behavioural Finance, Scottish Widows plc, UK, 2016 Advances in Behavioural Finance, Huarong Asset Management, China, 2015 Corporate Finance, Guangzhou CPA Association, China, 2014
Academic Management and Service
Member of Information Services Committee, Cardiff University, 2018-
Mentor of junior academic faculty, Cardiff University, 2018-
Director of MSc Finance programme portfolio, University of Edinburgh, 2017-18
Co-designing the Business School’s largest and most diverse MSc programme Coordinating 14 academic staff and 2 administrative staff across 15 courses
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Arman Eshraghi CV Oct 18
Managing the Corporate Finance, Investments and Energy Markets streams Organising the Finance Lecture Series with high-profile speakers such as Alistair Darling
Director of MSc Finance and Investment programme, University of Edinburgh, 2014-17
Designing multi-day student treks to financial firms in Edinburgh, London, Frankfurt Coordinating 10 academic staff and 2 administrative staff across 11 courses Contributing to top-35 Financial Times World’s Best Masters in Finance ranking Leading School’s engagement with professional bodies including the CFA and CISI Integrating Bloomberg Terminals in selected courses on the programme
Other initiatives volunteered or supervised, 2014-
Running School-wide stock trading competitions and market simulations Popularising student response devices (clickers) in postgraduate teaching Organising faculty teaching days and teaching ‘best practice’ luncheons Organising paper discussions by doctoral students before weekly research seminars Mentoring PhD students and junior colleagues for the Edinburgh Teaching Award
Fellowship and Membership
Fellow, Development Bank of Japan Shimomura Scheme, Tokyo, 2018- Fellow, UK Higher Education Academy, London, 2015- Fellow, Centre for Study of Decision-Making Uncertainty, University College London, 2013- Member, Five global finance and accounting associations (AFA, WFA, EFA, EAA, FMA), 2008- Member, Edinburgh Futures Institute, University of Edinburgh, 2016-18 Member, Centre for Accounting and Society, University of Edinburgh, 2015-18 Member, Academic Senate (Senatus Academicus), University of Edinburgh, 2014-18
Languages
Persian: native English: fluent German: semi-fluent French: intermediate Spanish: intermediate Arabic: basic Welsh: basic
Personal
Age: 37 Family: married, one child Nationality: British and Iranian dual citizenship Hobbies: literature, chess, table tennis, gardening
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