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City University, London

UOA 36 - Business and Management Studies

RA5a: Research environment and esteem




The ambition of Cass Business School is to be a top-tier international school, serving as the ‘intellectual hub’ of the City of London and one of the top 5 European research schools. We believe we have made considerable progress since 2001, and are now one of the very top UK schools: 

         Significant changes have occurred in the size, organisation, culture and character of the School - with faculty numbers increasing from 63 to 125, reorganisation into three large faculties, and the addition of Actuarial Science and Insurance bringing strength to the whole school’s research mission.

         The move to a new state-of-the-art £40 million building in 2002 has enabled this increase in capacity, improved the research environment for collaboration, and facilitated world-class research.

         We have strengthened existing research centres and formed new ones to increase energy and focus among our faculty.

         There has been a significant increase in external grants (especially from research councils) coupled with strengthening of internal resources and endowments to underpin the research effort.

  • Faculty are now more focused on producing quality written outputs in top journals and other outlets. We believe over 80% are either operating at international levels of excellence or are young faculty on that path, and accordingly are submitting 103 staff (94.5 FTE) to be reviewed in this submission.
  • We have a faculty that is committed to disseminating its work using research centres, conferences and other mechanisms to ensure that what we do is understood by the user communities of other researchers and practitioners.
  • We continue to strengthen the quality and resources of our doctoral programme, believing this to be integral to the achievement of our academic and reputational goals.


Strategy and Plans

            These developments reflect positive aspects of panel feedback from the previous RAE – strong focus, continued consolidation, a strong postgraduate programme, growing research income, a clearly identified user community, and strong institutional commitment.

            In the process, we have strengthened areas specifically targeted in 2001 (accounting, insurance, corporate governance, entrepreneurship) and developed others, through new appointments, the transfer of actuarial science, and new research centres. Entrepreneurship has increased focus through £4.8 million of Science Enterprise Centre funding to establish Simfonec, plus further HEIF money. Management learning has benefited from the new interdisciplinary Centre for Leadership, Learning and Change. Shipping, which was submitted last time under UoA 34, has been strengthened by new appointments and an additional focus on the energy sector. The profile of other key areas (pensions, risk management, hedge funds, regulation, private equity finance) has been similarly enhanced.

Our present strategy remains valid in broad terms beyond 2008, with top class faculty fundamental to these goals. The mutual reinforcement of internationally recognised faculty, research income, a strong doctoral programme, visible centres, and user support provides a positive continuing attraction for new faculty from leading schools – as our recent recruitment record clearly attests.

            Development of strategy is led by the Deputy Dean and the Associate Dean (Research), working with the faculty heads, school research committee, and research centre directors. Centre directors meet regularly, and the School holds annual research days to celebrate our successes, discuss school-wide issues, and encourage strategic thinking. The progress of research centres has been a particular theme in earlier years, while centre and subject research plans and our international focus have been progressively refined in the run-up to the RAE. These structures and processes are replicated at the university level.   

Research focus and plans are highlighted under ‘Subject Groups and Research Centres’. Among these, substantial new funding in shipping, pensions, insurance and healthcare, biotechnology and renewable energy, and corporate governance will herald major outputs. Four areas, which we anticipate will grow in significance, are private equity research, NGOs and the charity sector, culturalindustries, and professional services, each defined by recently created or planned research centres. All benefit from substantial external funding and/or practitioner support – for example, cultural industries with funding from Skillset and the UK Film Council, Charity Effectiveness with funding from the Worshipful Company of Management Consultants, and private equity through the BVCA. This pattern of development is typical of many of our research areas - development initially funded by a demand for business education by user communities through masters degrees and post-experience education, providing focus, relevance, access and finance for research.

In addition, there are three general areas we identify for further progress:

(1)   Research centres continue to evolve. Some already have a strong international reputation (Shipping, Trade and Finance); others have rapidly gained a presence (Pensions Institute, Centre for Econometric Analysis, CENTIVE). Core funding from corporate donors through our development office will ensure a stronger base, continuity, and impact. The aim is for at least one of these to have research council centre status or equivalent funding by 2010.

(2)   Doctoral research is an expensive student commitment. We are currently investing £215,000 p.a. in doctoral bursaries from internal resources. 25% of Ph.D researchers receive some kind of studentship award. We aim to grow this to nearer 50%, through a combination of research council studentships, Marie Curie and corporate sponsorship.

(3)   London is not only a world centre for finance, but a centre for international business. We seek to reflect this by addressing the challenges of operating in a global business environment through international comparative research in all subject areas, to complement and extend faculty’s extensive international networks.



The research culture of the School has traditionally had two distinct facets. While finance research in many of its areas is oriented towards secondary datasets and theory, management research is more inclined towards field-based research. The former has therefore encouraged a culture based on doctoral research, while the latter has been more dependent on research income. The advent of actuarial science into the School has helped to bridge these two cultures, through its high level of theoretical, mathematically-based research and its engagement with policy issues of relevance to government and firms. This is reflected in its breadth of income from research councils, the profession, industry, and government.

In the last RAE, the School did particularly poorly in income from the research councils. This is important because of the reputational effect and the opportunity through programme grants to work with UK researchers on leading-edge themes. Since 2001, we have substantially redressed this, with £1.8 million from research councils. Overall, we have more than doubled all income to £6,986,707 and significantly broadened both our income base and numbers of faculty pursuing external funding, especially for team-based projects and in collaboration with outside partners.

The school’s considerable investment in faculty time (see ‘Staffing’) for personal research and doctoral supervision, £900k internal funding for RAs, and facilities investment in the new building provide a substantial addition to external funding.

In keeping with our ‘intellectual hub’ aspirations, we are now putting extra effort into growing our income from industry/commerce/government/professions. Faculty are supported in this by two full-time research development officers and the Associate Dean, by a professional communications team, a HEIF-funded knowledge transfer manager, and visible research centres to promote our research to user communities.


Structure: Subject Groups and Research Centres

            Since 2001, the School has been reorganised into three large faculties (Finance, Management, and Actuarial Science & Insurance). Faculty numbers have increased from 63 to 125, including 17 transferring from the university’s department of Actuarial Science & Statistics (previously submitted under UoA 22). 62 of those submitted have been recruited since 2001. These additions have strengthened our position as the largest finance and actuarial faculty in Europe, while adding critical mass to areas in management.

Cass provides a full and extensive range of degree programmes, with seven undergraduate, 23 specialist masters and five MBA degrees, plus executive education. To sustain these requires strong subject groups. This is reflected in Management by formal subject groups; in Finance, faculty work in both mainstream areas and crosscutting specialist groups; while Actuarial Science and Insurance is defined by both its methodologies and applications, and managed as one unit.

Mapping onto these groupings are sixteen research centres and one over-arching research institute. All are defined by important research themes with a distinctive audience, and many are inter-disciplinary. The Centre for Research in Corporate Governance, for example, draws faculty from Finance and three Management subject areas. The Centre for New Technologies, Innovation and Entrepreneurship and the Centre for Leadership, Learning and Change are similarly broad-based, while the Risk Institute brings together financial, operational, and societal aspects of risk management.


(a)   Subject Groups


Within the Faculty of Finance, we list 51 faculty. This is one of the largest academic finance groups in Europe. Faculty teach across 15 specialist postgraduate degrees covering the full range of finance topics. Accordingly, our research spans the three key areas of finance – financial markets, financial institutions, and corporate finance. In addition, four specialist groups concentrate on financial econometrics, emerging markets, real estate, and shipping finance, doing research that crosses traditional boundaries.

Outputs are disseminated through publication in the very best finance and economics journals, key field journals, books and reports, and at major workshops and international conferences. Policy and practitioner engagement is extensive.


1.         Financial Markets

Fifteen submitted faculty, with twenty current doctoral students, focus on financial markets, covering all the main areas. Eight faculty (Clare, Cuthbertson, Keswani, Levis, Nitszsche, Post, Stolin, Thomas, with Cat.C: Hwang) concentrate on equity markets and asset management with particular focus on the performance of managed funds. Levis and Hwang examine the performance of investment styles and strategies, with new money from the BVCA and Cass to fund research into the sources and impacts of private equity. Clare, Keswani and Stolin work on mutual funds (including an INQUIRE-funded study of investors’ trading decisions). Cuthbertson and Nitzsche examine the risk-adjusted performance of investments using order statistics and the false discovery rate, in situations where we cannot assume normally distributed returns, and have published three books. Post has done high-profile research on investment markets (with a leading textbook) and on risk aversion using international game show data. Thomas has published on market microstructure behaviour, investment strategy and asset pricing.

Fixed income markets are researched by five faculty (Batchelor, Kadam, Marsh, Stolin, Thomas). Batchelor has examined the dynamic effect of ratings changes on credit spreads. Kadam, a recent junior appointment via Michigan and NYU, researches the mathematical properties of interest rates, with papers on bond rating/default processes. Marsh works on the high profile credit derivatives market (with Judge). His paper, showing the lead role these new instruments have in price discovery in credit markets, was nominated for the Journal of Finance Smith-Breeden prize, and has been widely used by academics, practitioners and regulators. Stolin has analysed the predictive power of the yield curve. Thomas has developed, with the FT, a comprehensive database of issuer ratings for a series of publications in the Journal of Fixed Income.

Alternative investment markets are a particular strength. Kat directs the Alternative Investments Research Centre, funded by corporate sponsors, and his work on hedge funds and pension fund management has a high profile in the international press and finance practitioner circles (including frequent FT articles). He has given more than 50 international conference presentations and invited lectures since 2004. His work on replicating hedge fund returns using more traditional investment vehicles has paved the way for a wave of related product developments in financial markets. Marsh and Hatgioannides research foreign exchange as an asset class, and Hwang has established a research stream on property investment portfolios with an ESRC grant.

The pricing of derivatives in complex structured situations and new markets is a focus for six members in the derivatives and quantitative finance group, spanning Finance and Actuarial Science (Cerny, Hatgioannides, Kadam, Kat, Tunaru, plus Jang (AS)). This stream recognizes that financial markets are inherently incomplete and that financial institutions require fast and accurate assessment of risk. Cerny’s book Mathematical Techniques in Finance: Tools for Incomplete Markets exemplifies this.


2.         Money, Banking, and Financial Institutions

This group was formed in 1975 with funding from City institutions. Of the ten current faculty (with sixteen doctoral students), Capie, Chrystal and Wood focus on monetary economics and history, and Blake, Casu, Heffernan, Milne, Schaeck, Staikouras and Saunders on banking and financial institutions.

Wood has published two books, Studies on the Lender of Last Resort (with Capie) and The Structure of Financial Regulation (with Mayes). Capie has been commissioned to write the latest volume of the Bank of England’s monetary history.  Chrystal was seconded to the Bank of England in 1997-2001, working in monetary analysis. He co-authors a major textbook in economics, and researched the Euro’s effect on British banking for the Corporation of London.

The Mais and Henry Thornton lecture series continue to demonstrate the group’s high standing, with speakers Mundell, Bordo, Eichengreen, Duffie, Saunders, D’Estaing, and King. Chrystal chaired the 34th conference of the ‘Money, Macro and Finance Research Group’ at Cass, a key forum for monetary economists, with keynote speakers Brennan, Hirshleifer and Uppal, and Cass contributions from Blake and Kat.

            Four JBF papers resulted from Heffernan’s research on competition in banking, funded by Leverhulme and HM Treasury, while the ESRC funded research on the interest rate transmission mechanism. She does collaborative work on Chinese banking markets, and is author of Modern Banking, a book widely read by academics, students and practitioners. Schaeck, a recent appointment, has a growing reputation for his work on competition and efficiency in banking. He holds an ECB Lamfalussy Fellowship and is a regular visitor to the IMF. Casu also has a leading textbook, and publications on banking productivity and efficiency. Saunders, a visiting professor of long-standing with the School, has a huge reputation in banking research. Of particular note is his work on relationship lending, published in Journal of Finance, Journal of Business and Journal of Financial Economics.           

            Milne directs the Centre for Research into European Financial Markets and Institutions, hosting roundtables for risk managers and a conference on Clearing and Settlement of Financial Markets (2005) with the University of Illinois, sponsored by the Bank of New York and EuroClear, with selected edited papers in JBF. His research covers regulation, capital adequacy, and payments, with funding from Nationwide and an HSBC PhD studentship on portfolio risk management. Staikouras specialises in asset-liability management, asset-pricing models for banks and insurance, and management of financial conglomerates.

            Blake directs the Pensions Institute, the only such UK research centre, producing high quality research in all fields related to pensions, with an international network of researchers from a variety of disciplines. It provides expert advice to the pensions industry and government. Blake’s work on the promotion of a traded market for longevity risk received considerable attention from the press, government and financial institutions.

            In addition to consulting to national central banks, the MB&FI group meets the City’s intellectual needs by also publishing in practitioner-based journals such as The Financial Regulator (Heffernan, Milne) and Economic Affairs (Wood).


3.         Corporate Finance and Accounting

This group includes ten members of staff and twelve doctoral students, undertaking research in Accounting, Corporate Finance and Capital Markets, using UK and international accounting and stock market data.

Accounting valuation, disclosure and market efficiency: Seven members of faculty work in this area (Citron, Gietzmann, Isidro, Lasfer, Livne, Raonic, Tyrrall), encompassing a wide range of issues linked to accounting for taxation and intangibles, provision of information to the market, market assessment of information, and the resulting efficiency of the stock market. Citron looks at accounting for deferred taxation; Gietzmann assesses the link between choice of accounting method, disclosure of information and the cost of capital; Isidro specialises in dirty surplus accounting; Lasfer analyses the impact of announcements of institutional trades on stock prices and stock price momentum following large shocks driven by news in stock prices; Livne researches accounting for intangibles such as R&D, with co-authors from leading international schools; Raonic’s research covers accounting regime changes in Europe and income recognition; and Tyrrall specialises in accounting standards.

Corporate governance and restructuring: This area is represented by Carapeto, Citron, Lasfer, Raonic and Zhao, focusing on the role of auditors in bankruptcy proceedings, the efficiency of internal governance mechanisms, the role of governance in earnings expectations, and mergers and acquisitions. Carapeto looks at bargaining power during bankruptcy, and is collaborating on a 163k euro grant to research corporate governance in Portugal; Citron highlights the ethical behaviour of auditors at times of financial distress and the recovery rate in bankrupt companies; Lasfer highlights the negative relationship between managerial ownership and board structure; Raonic looks at the link between ownership and earnings expectations; and Zhao analyses bidder gains and losses in acquisitions.

Raising capital (Lasfer, Muradoglu). This area focuses on initial and seasoned equity offerings. Muradoglu looks at the measurement of systematic risk of initial public offering; while Lasfer analyses why companies in France issue units when they raise capital.


4.         Specialist groups (comprising sixteen additional faculty)

Financial Econometrics (Batchelor, Fuertes, Kalotychou, Trapani, Urga, with Cat.C: Kao) conducts theoretical and empirical research on topics at the frontier of econometrics. It includes Urga’s work on non-stationary and heterogeneous panel data econometrics, breaks and long memory, in testing stock markets’ integration and credit risk; Fuertes’s work on unobserved heterogeneity in panels; and Batchelor’s on financial forecasting. The group has contributed to numerous leading international conferences and invited seminars/workshops around the world.

The Centre for Econometric Analysis, directed by Urga, has rapidly established itself as a major centre, through international conferences at Cass in 2002, 2004, 2006 (and participation of 2003 Nobel Prize Winners Granger and Engle), and an active network of associate faculty from Cambridge, Chicago, Oxford, LSE, NYU, St Gallen, Syracuse and Texas A&M, facilitated by an ESRC research seminar grant in 2005-07. Arising from the 2002 and 2004 conferences, Urga edited special issues of the Journal of Econometrics (2005) and Journal of Business and Economic Statistics (2007). The Centre has hosted the OxMetrics Conference series since 2003 and promotes its research via seminars and workshops. Four doctoral students and two funded post-doctoral research fellows (including one with an ESRC fellowship) are an integral part of the centre.

The core activities of the Emerging Markets Group (EMG) are on international capital markets and emerging economies (Phylaktis, Marsh, Muradoglu, Urga, and four doctoral students). Phylaktis works on financial integration, international portfolio diversification, stock and foreign exchange markets; Muradoglu on asset pricing in emerging economies; Marsh on foreign exchange markets; and Urga on transition economies. EMG, directed by Phylaktis, has established an international network of academics, practitioners and visiting speakers, facilitated by two ESRC research seminar grants in 2003-05 and 2006-08. Workshops have included ‘Transition Economies’, ‘Microstructure of Capital Markets’ and ‘Portfolio Diversification and Contagion’, and an international conference on ‘Emerging Markets Finance’, with a special issue of the Journal of International Money and Finance (2006).

The Real Estate Finance and Investment Group: City was the first UK university to bring real estate into a business school. This positioning reflects a long-standing objective to apply best-practice methods of financial and economic analysis to real estate research and education. The Group comprises seven faculty (Andrew, Booth, Key, Lee, Mouzakis, Stevenson, Young, and two doctoral students).

The group has contributed to numerous academic and international conferences, and in June 2007 hosted the annual conference of the European Real Estate Society, one of the largest in the field. Commissioned research has included work for the Office of the Deputy Prime Minister, British Property Federation, Investment Property Forum, and RICS. Accordingly, faculty publish in international real estate and general journals, and through reports to clients.

A major focus of the group’s research is on real estate asset allocations and the performance of real estate vehicles. Key has critically examined the structure and performance of the UK commercial investment market in work commissioned by the IPF, and the portfolio allocation implications of momentum effects in direct real estate indices. Lee’s work provides a sustained and comprehensive investigation of the role of real estate in mixed-asset, efficient portfolios, through de-smoothing, alternative optimisation techniques, and different forms of exposure. Mouzakis specialises in market analysis and forecasting, with a major project for the ODPM on the impact of planning regimes, and continuing work supported by the RICS.

Andrew has recently joined from Reading to strengthen the expertise of the group in housing markets. His work centres on issues of tenure choice in the UK and overseas. Stevenson and Young have also worked extensively on housing market dynamics and public policy, with seven published papers. Stevenson’s work covers a wide range, unified by the application of financial econometrics to real estate issues, focusing on US and international securitised real estate vehicles, the role of real estate in mixed-asset portfolios, and the dynamics of international housing markets. His 36 papers since 2001 include joint publications with other members of the group and international collaborators. 

The Shipping Finance Group (Alizadeh, Grammenos, Nomikos, Tamvakis) conducts work on modelling risk in shipping markets, freight futures, and commodity derivatives, and on more general themes to do with shipping and transport economics. Econometric models of the international shipping industry and bilateral sea-borne trade flows in the world economy have been constructed, and continue to be developed. The role of shipping and transport in energy markets has led to extension of this work to the energy sector. Since 1983, research has been based on the world-renowned International Centre for Shipping, Trade and Finance. This is currently the focus of an £8 million fundraising campaign, chaired by the Lord Mayor of the City of London, with £3 million so far secured. The Centre operates in a highly integrated way through faculty, two research fellows, four doctoral students, and MSc students (Tamvakis, Nomikos and Alizadeh all having graduated at one time through the Centre’s programmes), to produce innovative applied research of practical value to the international shipping industry. The results of this research are widely disseminated to industry, academia and government through major international conferences. These include the annual Piraeus International Meeting with business leaders from the world’s shipping centres to discuss topical issues from student dissertation and thesis research; the Athens Biennial Symposium; the prestigious City of London biennial at the International Maritime Organisation; and the annual Energy Risk Management Seminar. The 2002 Handbook of Maritime Economics and Business, edited by Grammenos, with chapters from 50 leading academics worldwide, has established itself as the industry “bible” (Lloyds List, 5/11/02).


Within the Faculty of Actuarial Science and Insurance, we list 17 research-active faculty, with Cat.C: Denuit. ASI has built an outstanding international reputation for theoretical and applied research, which has benefited from joining the Business School. This has created opportunities for closer collaboration with finance and management researchers, not only in the areas of insurance, pensions, and finance, but also in supply chain modelling and risk through advanced mathematical techniques. Research covers a wide range of business problems and social issues, using finance, statistics and economics for theoretical development and empirical studies. 

Research into solvency issues in general insurance has had a major impact on insurers. The work of Verrall is now the standard approach for UK insurers to build reserving uncertainty into their solvency calculations, and will be used throughout the EU when the new solvency regime is implemented. Kaishev has studied ruin-theoretic approaches to solvency and optimal reinsurance, and applied the results in modelling operational risk in banking and insurance. Tsanakas researches the theory and application of risk measures in the context of insurance solvency, with particular emphasis on capital allocation and its links to pricing and performance measurement. Nielsen contributes across all these areas, and shares a research grant with Verrall. Parsons applies a legal perspective to liability insurance and regulation, with commissioned reports for the UK and Irish governments and EC. In a major project funded by the EPSRC, Emms, Glass, Gerrard and Haberman have developed methodologies for the dynamic pricing of general insurance products in competitive markets, involving the application of optimal control, asymptotic methods and solutions to the Hamilton-Jacobi-Bellman partial differential equation. With funding from the ESRC and the Actuarial Profession, Verrall and Haberman have studied expected time lost to sickness, disablement and unemployment over a working lifetime, which has been used to update the Ogden tables for determining damages from loss of earnings.

In life insurance, a significant amount of research has been undertaken by Haberman and Ballotta on the valuation of contracts in the light of the move to fair value accounting. Another area of research has been to use comonotonicity and copulae to investigate the practical implications of dependence between risks – for example, Kaishev and Haberman have modelled the impact of eliminating cancer and heart disease on mortality and related annuity functions. Faculty have carried out research into mortality rates for many years. A new approach to the Lee-Carter framework for modelling mortality dynamics has been developed using Generalised Linear Models with an extension that is able to capture the well-known cohort feature of recent mortality trends (Haberman, Renshaw). Haberman has also worked with Denuit on these models, with workshops held in Trieste (2005) and Parma (2006) and a research monograph in draft, supported by a doctoral project investigating the effect of mortality improvements on pensions and annuities. Also, in the area of mortality, a comparative study of tables used in pensions calculations in the EU has been completed, funded by Watson Wyatt and the UK Actuarial Profession. These assumptions can have a large effect on the liabilities, and hence balance sheets, of corporations. At present, these assumptions are not fully disclosed in company accounts. This study was the first to compare assumptions used in countries across the EU. 

In pensions, research has encompassed both private provision and state pensions, using investment mathematics, finance theory and demography. Gerrard has used stochastic control theory and jump diffusions to investigate optimal funding and investment strategies in defined benefit systems. Owadally and Haberman have compared smoothing methodologies in defined contribution and defined benefit pension plans, and Gerrard and Haberman employees’ post-retirement investment choices.In research for the UK actuarial profession, Haberman and Khorasanee have introduced a framework to measure risks inherent in contribution rate and asset allocation decisions. Mayhew and Blake have studied the affordability of the state pension and options for change in the light of the widely expected increase in retired people in the UK. Their Economic Journal paper received widespread national media coverage. Following the failure of Equitable Life, Ballotta and Haberman have introduced a theoretical model for the pricing and valuation of guaranteed annuity options associated with certain deferred annuity pension type contracts, based on a Black-Scholes/Heath-Jarrow-Morton economy.  

An important and distinctive area of research is into long-term health care - in particular, long-term and intermediate care for the elderly, and chronic diseases among the younger population. Mayhew is a noted authority in the area of health, with a background in the DHSS and the ONS. Through major grants and publications, he has made an important policy impact that includes commissioned reports and papers on active ageing and global trends in disability for the EU. Rickayzen has developed a model to project UK requirements for long-term care over the next 35 years. Mayhew and Rickayzen have used projections from this model for the UK Actuarial Profession to compare the cost and policy implications of long-term care provision in the UK and other European countries. This secured a further EPSRC grant to develop long-term care insurance products. Rickayzen also won an ESRC grant to investigate the decomposition of changes in healthy life expectancy by cause.  

The actuarial science group retains a small number of researchers with interests outside the above-defined fields. Principal among these are Glass and Cowell – the former specialising in the OR problems of physical systems; the latter in Bayesian networks and their applications to forensic genetics, in which he is internationally renowned through publications, patents, and prizes

Faculty research is conducted within the framework of the Actuarial Research Centre, supported by a club of corporate members (Aviva, English Matthews Brockman, Government Actuary's Department, Watson Wyatt) and by the UK Actuarial Profession’s Continuous Mortality Investigation Bureau. These relationships have ensured over many years the relevance of faculty research, the commissioning of projects for the industry, and effective dissemination. Subscription membership and success in EPSRC and ESRC grants support both doctoral students (currently seven) and researchers, while the professional development system peculiar to the actuarial profession underpins a collaborative and team-based research culture, evident in both its projects and publications. In this way, new, younger faculty and doctoral students are effectively nurtured. 

The Actuarial Research Centre has a close relationship with the Pensions Institute, originally established as a joint centre with Birkbeck. Mayhew heads the Risk Institute, which provides an umbrella for the many and varied interests in risk management within the School, helping to facilitate potential projects and promote our overall portfolio.


Within the Faculty of Management, we list 35 research-active faculty. The faculty has a strong collegiate culture, with much inter-disciplinary working and project collaboration.

The operations research group (Chakhlevitch, de Menezes, Haksoz, Holland, Menachof, Sodhi, Son, Glass (AS) and Cat.C: Larsen) specialize in the themes of supply chain management, risk and partnerships; and the application of quantitative and modelling techniques to demand management, organisational performance, and scheduling. While their work on supply chain issues is distinctive, and in the case of supply chain partnerships breaks new ground, it has ready affiliations with and contributes to the work of other groups (Menachof on transportation with the Shipping group; de Menezes on energy modelling with Shipping, and with HRM; Haksoz with marketing; Sodhi with Bhalla on the offshoring practices of Fortune 500 firms; Sodhi and Holland on operational risk with Finance, giving an important added dimension to the work of the Risk Institute). Larsen’s work in modelling has been published in Management Science and the European Journal of Operational Research; while Glass applies OR techniques in a range of application areas, including call centre rosters, aircraft departures, microbiology laboratories (funded by an EPSRC grant), and internet/remote sensor/mobile telephone message routing (EPSRC and Ofcom grants).

The group’s orientation to both academic and practitioner audiences is reflected in consulting, commercial experience, conferences and workshops – including Sodhi’s recent book, Six Sigma Pricing, ‘The 8th Annual Logistics Research Network’ (2003) conference organised by Menachof at Cass (with a special issue for the International Journal of Logistics Research and Application), and 2006 ‘Supply Chain Risk’ workshop sponsored by the Chartered Institute of Logistics and Transport. The group is supported by four funded researchers, from which Son moved to his lectureship, and six doctoral students, enhanced by visiting research students and collaborating academics from Holland and Austria.

The human resource management and organisation behaviour group (Gelade, Hendry, Hope-Hailey, Rowley, Sims, Zaleska) work in three thematic areas, in addition to the cross-disciplinary group of researchers led by Hendry on technology and innovation (with Brown, Harborne). Faculty supervise sixteen doctoral students.

Contemporary HRM is represented in the work of Gelade (with Dobson) on work-life balance and psychometrics, and Hendry on executive pay. De Menezes collaborates with Stephen Wood on high involvement work practices and organisational performance, using data from the 1998/2004 Workplace Employee Relations Surveys. This theme is aided by strong practitioner links (employee survey data through Mercer HR Consulting and Astra Zeneca, and the Strategic Remuneration Research Centre’s network of blue-chip organisations on pay).

International and comparative HRM is represented by Rowley (Asian management) and Zaleska (Eastern Europe). The Centre for Research on Asian Management builds on Rowley’s editorship of the Asia Pacific Business Review, British Academy and AIM International Study Fellowships to SE Asia, comparative research in Korea, Thailand, Malaysia and China, and General Editorship of two book series on Asian management – Asian Studies: Contemporary Issues and Trends and Working in Asia. The Centre has a 5-year RCUK career fellowship, extensive links with Asian management specialists worldwide, and aims to establish itself as the leading European centre for Asian business research. Rowley is a prolific author, with over 100 papers since 2001.

In OB, the linked themes of leadership, learning and change (Hope-Hailey, Sims) extend the group’s long-standing interests in this area, with the distinctive contribution of Sims on leadership and management as storytelling. This work is expressed through the Centre for Leadership, Learning and Change, directed by Sims, providing a focus for related work in strategy and knowledge management. The Centre aims to bring together the worlds of academia and practice, and runs seminars and workshops with academics and HR professionals through sponsorship from Towers Perrin. It also hosts the Change Management Consortium led by Hope-Hailey, which works closely with practitioners, funded by £125k p.a. from a consortium comprising CAA, Ernst & Young, GlaxoSmithKline, HM Revenue, MOD, Kraft and Sealed Air.

 Now the basis for a new subject group in entrepreneurship and innovation, the Centre for New Technologies, Innovation and Entrepreneurship, directed by Hendry, was established in 2002 to bring together researchers with a common interest and a strong track record in emerging new science-based industries. It draws on theoretical contributions and faculty from HRM/OB, Strategy, Marketing and IT, with industry themes including biotechnology, ICT, opto-electronics, and alternative energy systems, as well as general themes of technology innovation and entrepreneurship. Much of this has a strong international comparative character, with overseas partners in Europe and USA. Hendry and Brown’s work on industrial clusters challenges policy orthodoxy in this area, while the ESRC Sustainable Technologies project on ‘fuel cells as a disruptive innovation’ (Hendry, Harborne, Brown, and Faculty of Engineering) highlights the significant role of demonstration projects in the innovation process. This work continues with a £350k ESRC/AIM grant to investigate international demonstration projects and field trials. CENTIVE works closely with the Science Enterprise Centre, Simfonec, on commissioned research in entrepreneurship. It is the most successful group in the School in attracting research funding (£2.4 million), with nine major grants from the ESRC, EPSRC, EU and the Kaufmann Institute, currently supporting five researchers.

In information technology & knowledge management, Bhalla (with Sodhi, Son and Burdon, UTS Sydney) has been researching the EFM offshoring practices of Fortune 500 firms, and (with Lampel and Wiertz) altruistic knowledge sharing in communities of practice on the web. Holtham (with Courtney and Stace from AGSM) has produced a series of papers on the evolution of e-business in the era. His £1 million EU PRISM project on intangible assets brought together eight schools, including KTH (Stockholm), IESE, Cork, Copenhagen, and Twente. Research on the measurement of intangibles – an important practical and policy issue for the knowledge economy – continued with the ESRC-EBK project, ‘Facilitating innovation through the measurement and management of intangibles’. His Design Council project on ‘best practice in workplace design’ and research on the role of physical space in knowledge-worker productivity contributed directly to the design of the new Cass business school.

 The strategy group (Baden-Fuller, Balogun, Durand, Lampel, Lanzolla, with Cat.C: Grant, Mangematin, Shamsie, and seven doctoral students), though small, is one of the strongest groups in Europe with substantial international visibility, collaborations and success in academic and practice circles. It makes contributions to many areas of strategy, although its core research themes lie in strategy as practice, the knowledge-based theory of the firm, and competitive strategy. It has extended its reach over a wide range of sectors including the pharmaceutical and biotechnology industries, e-commerce, the movie industry and other cultural and knowledge-based sectors.

It is committed to nurturing young international scholars, and since 2001 several have gained appointments elsewhere - Al-Laham, Professor, University of Kaiserslauten; Ang, Senior Lecturer, Auckland University; Zhang, Assistant Professor, Iowa University; Ferriani, Associate Professor, University of Bologna. It organises a twice-yearly series of international workshops, which attract leading scholars and cement its close links with Wharton, Stern and Rotterdam, among others. Faculty regularly lead streams at EGOS and other international conferences, and publish in top ranked strategy journals.

Balogun, an AIM Fellow (2005-6), has contributed significantly to our understanding of how change is initiated and championed at multiple levels. She is a founder member of the ‘Strategy-as-Practice’ network with its focus on strategists and their activities; co-edited a special issue in Human Relations; and engages extensively with well-known companies on change issues. Lampel researches strategy in the cultural industries and project-based learning with Shamsie, through grants from the EPSRC on project-based organisations and learning (2001-04) and ESRC on ‘Knowledge Integration, Project Practice and New Organisational Forms’ in film production. This work has enabled the School to win a £1.3 million grant to support teaching and research in the UK film industry. Baden-Fuller is well known for research on knowledge and entrepreneurship with his ESRC-EBK grant (2003-5), significant citations with Grant, and keen interest from practitioners for his work on options in ventures. In 2007, he received a £750k EPSRC grant with SPRU to research financial and organisational innovations in biotechnology. Grant and Mangematin are closely involved in both projects. Durand is a leading European strategy scholar. His work on French gastronomy complements that on cultural industries, while his writing on competitive strategy underpins the group’s engagement with core themes in the strategy debate. Lanzolla completed his PhD in 2003, and has already contributed significantly to our understanding of competitive strategy with publications in AMR and HBR, and a stream of publications from his Leverhulme project with former colleagues at LBS on the ‘digital divide’.

The marketing group (Balabanis, Hennig-Thurau, Mitchell, Souitaris, Üstüner, Wiertz) has developed substantially since the last RAE with international recruitment from Maastricht, Harvard and Weimar, and new professors from Manchester and Swansea. Its work encompasses three areas - national and international consumer behaviour, new product/service development and entrepreneurship, and international business. Mitchell’s work on consumer decision making, corporate reputation and ethics, Balabanis’ on consumer ethnocentricism and country-of-origin effects, Üstüner on consumer identity and social networks, Wiertz’ on online communities, and Hennig-Thurau’s work on film and emotional labour, all include collaborations with leading international researchers.

Souitaris has a strong publication line on technology innovation and is working with Balabanis on online venturing and entrepreneurship. In international business, Balabanis researches trading companies and international strategy development, supported by a programme of international research workshops; while Souitaris spent three months at the University of Ghent in 2005 to research university spinouts.

The group have a high profile at international conferences, acting as track chairs at all the major events. The group also benefits from its association with the Value Based Marketing Forum, a think-tank on issues of marketing accountability and profitability involving 30 blue-chip companies convened by Visiting Professor Robert Shaw. Thirteen doctoral students work with faculty in the three topic areas. Future work will focus on entrepreneurship (£95k from the ESRC), film marketing (UK Skillset), and financial consumer behaviour.

The interplay between scholarly research and practitioner experience is central to much of the work of the Corporate Governance group (Empson, Filatotchev, Harrow, Melville, Nakajima, Palmer, Selim, with Cat.C: Leat, and ten doctoral students). Themes represented in this group, which distinguish it from that in Finance, include the complexities of organisational decision-making within different governance frameworks, the development of people as assets, and the role of internal auditing. Members of the group work on board behaviour in for-profit and non-profit settings (Harrow, Palmer, Selim), financial probity and organisational disclosure (Melville, Palmer, Selim), and internal auditing. Filatotchev brings a distinctive inter-disciplinary perspective to strategy and governance; while Empson, recently recruited from Said Business School, illuminates the changing forms of governance in professional service firms in her ESRC “outstanding” project and book, Managing the Modern Law Firm.

The group maintains substantial and significant relationships with leading practitioners and professional bodies through three research centres. The Centre for Research in Corporate Governance provides a focus for a well-established tradition of multidisciplinary research on governance, which has contributed significantly to internal and external audit practice. This includes projects funded by the Institute of Internal Auditors on mergers, acquisition and internal audit roles, and a worldwide survey of internal audit practices and theories (Melville). Cross-disciplinary research also featured strongly in the ESRC-EBK study on ‘intangibles’ (Hendry, Holtham, Citron, Selim, Brown). The Centre hosts the annual European Conference on Internal Audit and Corporate Governance, attracting international scholars and incorporating a full doctoral track. It also organises a regular roundtable of eminent practitioners and academics to debate corporate governance themes. Overseas scholars associated with the Centre include Allegrini, D’Onza, Sarens, Lavine, Verschoor, and Paape. Members contribute regularly to leading international conferences and invited colloquia, such as the QMW Public Policy series and The Cambridge International Symposium on Economic Crime.

The latter has been organised for a number of years by Nakajima, through the Centre for Financial Regulation and Crime (previously the Anglo-Japanese Centre for Financial Regulation). Nakajima is currently leading a £320k five-country EU project on ‘insider fraud in retail banking’.

The third centre, The Centre for Charity Effectiveness, was formed in 2004, as the successor to the VOLPROF group (established 1991), following the recruitment of Harrow and Palmer, and support from the Worshipful Company of Management Consultants. It runs a highly integrated programme of consultancy, teaching, public events and research on the themes of trusteeship, decision-making, management development, and governmental/voluntary sector relations. It has strong academic, practitioner and policy links through visiting fellows, its ‘Charity Talks’ events, Charity Treasurers’ Forum, and specialist conferences, and is building a strong portfolio of research projects funded by the voluntary and community sector (including the Association of Chief Executives of Voluntary Organisations on mergers, and Unity Trust Bank on finance). An ESRC Research Seminars award on ‘grant making and grant-makers: their roles, organisation and impact’ breaks new ground in this under-researched field, and has attracted leading international researchers. In November 2007, CCE was awarded £800,000 by the ESRC, Office of the Third Sector, Carnegie UK Trust, and Scottish Executive to host the UK’s first independent, multidisciplinary ‘Charitable Giving and Philanthropy Research Centre’.

Harrow, Palmer and Melville were also instrumental in setting up a special interest group on Corporate Social Responsibility at BAM, and a conference on research and teaching CSR in 2007 with the ABS. A new ESRC seminar grant on CSR will develop this.


(b) The Contribution of Research Centres

We regard the development of research centres as integral to the achievement of our academic and reputational goals. In 2001, the School had three research centres (plus the Actuarial Research Centre then outside the School). Since then we have established thirteen new centres and institutes, plus Simfonec. These provide an internal focus for faculty to develop research proposals and to collaborate, and for doctoral students and research assistants to be part of a research community; a magnet to attract visiting researchers; and a showpiece for our research to the outside world.

Centres are expected to develop a range of activities embracing inputs, outputs, dissemination and influence, although the focus and emphasis vary - (i) funded research and publications, (ii) seminars, conferences, and short courses, (iii) case studies and modelling for use on taught programmes, (iv) consultancy, and (v) academic exchanges.

One of the early impacts of the structural and cultural innovation of new research centres has been the holding of an impressive series of major conferences. The Emerging Markets Group and Centre for Econometric Analysis have each held major academic conferences, attracting Nobel laureates. The Centre for Charity Effectiveness, Pensions Institute and CENTIVE have showcased their work at major public events, while the Actuarial Research Centre, Centre for Research in Corporate Governance, and Centre for Financial Regulation and Crime hold regular workshops with academics and practitioners to debate issues of common concern. In some cases, these produce formal research output (for example, on financial regulation with the Institute of Economic Affairs). 

In addition to significant academic networks, Cass’ location and traditions result in Centres having extensive networks of visiting faculty and associates from the corporate world. This interchange sharpens the definition of themes and impact. Centres are encouraged to establish advisory boards, and practitioners contribute to the shaping of research agendas.

The International Centre for Shipping, Trade and Finance continues its tradition of major conferences and high-level international seminars, with the 3rd and 4th City of London biennials in 2003 and 2005 at the IMO attended by 500+ senior figures from world financial institutions and government. This has been extended into other areas such as Energy Risk Management (with the BIEE) and Logistics.

We regard research council seminar grants as especially useful for centres to build links with the wider research community and become leaders in their field, with five recent grants - EMG (twice), CEA, and Centre for Charity Effectiveness (twice). 

Each faculty and a number of research centres (CEA, EMG, Pensions Institute, AIRC) have refereed working paper series, which help the process of turning conference papers into quality articles. Similarly, a number of centres run study workshops and seminars for their faculty and doctoral students (Actuarial Research Centre, CEA, Corporate Governance, CENTIVE), which enhance the overall research culture.


Staffing Policy and Research Culture

Our policy is to hire staff with proven ability or clear potential to undertake leading-edge research. Since 2001, we have concentrated on the recruitment of top-calibre research-active staff in areas relevant to our mission. Sixty-two of the faculty submitted have been recruited since the last RAE. The School’s growing reputation is seen in its ability to attract senior faculty from top UK schools (Cambridge, Oxford, Reading, Manchester, LSE) and junior faculty from the world’s top schools (Wharton, Harvard, LBS, Stern, Maastricht, Bocconi, UCLA, Michigan). Conversely, Gemmill, Salmon, and Webber have all been recruited to chairs at Warwick. Our commitment to developing promising young faculty is reflected in the submission of twelve ‘early career researchers’. We have sought, moreover, to enhance the overall culture by recruiting six international research stars on part-time contracts, formalising their long-standing association as visiting professors, to work with faculty, young researchers and doctoral students.

Subject leaders support the Heads of Faculty in promotions and recruitment, provide leadership in research and staff development, and mentor junior faculty. The Associate Dean (Research) and Deputy Dean sit on senior promotion panels. All new staff receive formal induction in the School’s research goals and processes, and clear guidance on expected performance in teaching and research. The School has operated a clear and explicit workload system for many years, based on an annual research-rating exercise conducted by the School’s research committee. This uses the 2001 RAE scale and for top researchers allows up to 50% of faculty time for research. New faculty are not formally rated initially, and are given a half teaching load in Year 1, reducing by steps through years 2 and 3, to allow them to develop their publication pipeline.

Faculty Heads operate a vigorous appraisal process, set targets and identify development needs. We have given particular attention to supporting the efforts of less active and younger researchers through a number of means - including a 25% time allocation for even the least active; year-long sabbaticals to reinvigorate their research (twelve since 2001); short-term relief from teaching duties and teaching assistant support; and special mentoring by senior faculty to help junior staff develop their publications. At the same time, all faculty have access to a research pump-priming fund (£60k p.a. at school level, plus £50k at university level) and an annual conference allowance of £2,500 p.a. per head. Faculty are extremely active in presenting at conferences to test their work on their academic peers. In the two years 2003-04 alone, 92 faculty presented papers at 220 overseas international conferences (not including presentations at high-profile UK conferences). Many of these were jointly authored with non-UK academics.

 The School has generous provisions to return overheads from research grants to principal investigators, enabling them to provide bridging salaries to research assistants, equivalent to one year for every three years’ employment. This ensures continuity in research activity and improved career security for research fellows.

The university runs a continuing programme of training courses for faculty and contract research staff, on such topics as building a research career, developing successful research proposals, getting published in journals, doctoral supervision, research project management, and conference presentation. This is supplemented within Cass by workshops at School, Faculty, and subject group level. The Faculty of Management, for example, has run workshops on case-based research, on qualitative analysis using Atlas.ti with faculty from the University of Surrey, and on structural equation modelling with Professor Wietzels from Maastricht – both the latter organised by junior faculty (Munshi and Wiertz). In Finance, Kadam organised a Credit Risk Workshop for Young Researchers in 2006, which brought together early-stage credit professionals from academia and industry; while the Centre for Econometric Analysis, in conjunction with Timberlake Consultants, runs the annual Oxmetrics User Conference. Junior faculty, researchers and doctoral students are all encouraged to attend the workshops on journal publishing, reviewing literature, and grant writing run by AIM and BAM, and are fully funded by the School.

Faculty, researchers and doctoral students have access to book and journal collections (30,000 and 8,000 volumes respectively) built up since the mid-1970s, and to extensive on-line electronic facilities. Over half of the annual materials spend of the ‘learning resource centre’ is used to supplement centrally allocated funds to purchase additional databases, especially relevant to quantitative analysis. All staff have high-specification desktop and/or laptop computers. All students and researchers additionally have access to the adjacent City Business Library, British Library, the M25 Access/SCONUL Research Extra scheme, and to specialist collections (such as the Institute of Actuaries).

Finally, we continually celebrate research activity and achievements. Foremost among how we do this are: (1) annual research days to promulgate our successes, discuss school-wide issues, and encourage strategic thinking about research; (2) the public commitment to research excellence through annual prizes for research publication, grant successes, and external reputation and impact, awarded to both ‘rising stars’ (including contract researchers) and senior faculty; and (3) four series of research seminars every week – one each in Management and Actuarial Science, and two in Finance – to present our own and visitors’ research and provide a continuing stimulus to new thinking. In 2007, the School Research Day was run as a ‘tournament’ with twelve faculty research proposals competing for a £40k prize.


The Doctoral Programme and Research Studentships

The PhD programme has been consistently in the world’s top 25 in the FT MBA rankings, and has ESRC 1+3 recognition. Cass has one of the largest programmes of all UK business schools. We aim to recruit 20-25 students p.a. (from 250 applicants annually) to maintain the programme at 90-100 students, and to graduate 20 annually. We have tightened monitoring and student/faculty expectations to ensure this happens, and increased the proportion of full-time students to ensure more effective participation in the school’s research community.

The research culture of the School has traditionally rested quite heavily on its doctoral programme. This remains a major engine for our research in all faculties, and as such there exists a high degree of integration between doctoral students and faculty. This manifests itself at all stages through students’ academic progress, including 33 of the submitted publications co-authored by Cass doctoral students.

Applicants are encouraged to discuss their research plans with faculty before formally applying. All who meet the basic qualification standards (including a masters degree) are reviewed by one or more faculty to assess (a) their academic potential, and (b) staff interest in supervising. The focusing of School research on clear themes having significant research interest has sharpened the selection (and rejection) process. The introduction of School-funded bursaries in 2003, alongside the university studentship scheme, paying full fees and an ESRC-equivalent allowance, has increased the take-up by top quality research students.

Successful applicants are assigned two supervisors and encouraged to affiliate to a research centre. The School approves two categories of supervisor, based on their research standing, able to act as 1st and 2nd supervisors, in line with the QAA Code of Practice. We limit the number of students per faculty supervised, with a current ratio of around 1:1. All new and inexperienced supervisors must take the university training course from the ‘MA in Academic Practice’. Research supervision operates within a University-wide scheme in which the role of the supervisor is vital and responsibilities fully documented.

In their 1st year, students follow a comprehensive training programme for the Masters in Research degree in line with the ESRC’s 1+3 training model, taught by ten senior Cass faculty plus university specialists. The professional model of training in Actuarial Science entails close engagement of faculty and individual customised training overseen by a designated member of faculty. Students can attend further courses in advanced areas in their 2nd and 3rd years, and all students are expected to attend Faculty research seminars.

At the end of Year 1, students prepare a dissertation for evaluation by a transfer panel of two senior faculty and their supervisors, to determine progression to PhD status and (for finance and management students) the award of an MRes. Subsequent progress is monitored through the annual supervisor report. From their 2nd year onwards, students are strongly encouraged to attend advanced training courses and doctoral symposia, and to present papers at international conferences, paid for by the School. Some 53 students attended conferences and training events in the period August 2004-January 2006. At this time, they move from hot-desking arrangements in dedicated doctoral student rooms to having personal desk space. Throughout, they are supported by extensive computing facilities and on-line library services.

A major event each July is the PhD Day when 2nd and 3rd year students present selected papers to faculty and students, with faculty as discussants, and the award of prizes worth up to £1,000 to the winners. 1st year students display posters describing their research, with prizes worth £750. In similar vein, we recognise the need for students to develop all-round academic skills and have an income. We therefore allow 2nd and 3rd year students to engage in limited teaching and paid teaching support activities (max. 60 hours annually), following prior attendance on a four-day training programme.

All of these processes are overseen by the Director of the PhD Programme, the Associate Dean (Research), and the School’s research committee, and managed through the programme office. The School provides a research studies handbook to all students at induction documenting all aspects of the programme and university regulations and support. Annual reports on students’ progress are monitored by the Programme Director and research committee, and completion rates are monitored at School and University level.

We measure the success of the programme in the numbers of new researchers graduated and their success in establishing themselves in appropriate careers. From 2001-07, we graduated 97 PhDs. A high proportion (75%) go into jobs in industry and commerce, particularly in financial services in the City of London and similar destinations worldwide. Seventeen have gone into academia, including Lancaster, Erasmus, Reading, Massey, Johns Hopkins, Newcastle, Cork, Turin, Cairo, Mexico, U.U.Malaysia, Athens, Rawalpindi and Cass (3), plus other research centres (NIESR, EC). More indirectly, we regard a strong doctoral programme as valuable in attracting new faculty, since it indicates a School that seriously invests in research and faculty support.


Research Assistants and Post-Doctoral Fellows

Completing the picture of our research environment, culture, and support for faculty research is our investment in research assistants and post-doctoral career development. We have invested £900,000 in post-doctoral research. Three-quarters comes from the university’s Strategic Development Fund, the rest from the School. This has provided faculty with 18 person-years of research assistant support, and in most cases two-year contracts for young researchers to develop their research career. Research assistants are assigned to faculty, to stimulate collaborative work. The University Research Fellowships scheme additionally funds 2-year full time appointments for internal or external candidates across the university, allowing schools to develop research staff at an early stage in their career. In 2003, Cass introduced annual postdoctoral fellowships, attached to a research centre. Appointments have been of extremely high calibre, with fellows publishing in leading journals and moving on to permanent positions (Lancaster, NIESR, Cass (3)).

Further external investments come from two RCUK career fellowships in insurance economics and Asian management (£250k), and a Marie Curie training site grant in finance providing £170,000 of funding for young visiting researchers. In addition, the School currently employs 23 contract researchers, including nine senior research fellows submitted. The university fully supports the Concordat on Research Careers and researchers enjoy access to the same facilities and training opportunities as faculty.

Visiting researchers make a substantial contribution to the work of research centres and subject groups, and we are submitting 8 Category C staff.




Independent rankings confirm our strength in finance (2nd in Europe in a Financial Management survey (Chan et al, 2002)). Our doctoral programme has been consistently ranked in the world’s top 25 by the FT. A third of faculty hold positions on journal editorial boards, including fifteen editorships. 24 faculty have received awards or commendations for best papers in journals and conferences, or other kinds of award. 21 have held important offices in academic societies and funding agencies. 20 have played a significant role in conference organisation. Faculty are extremely active in providing consultancy and policy advice, and in appointments to professional bodies. In 2006-07, we had the 2nd highest number of SSRN downloads among non-US schools; while in 2006-07 alone, 19 faculty appeared 86 times on radio and TV providing comment on current business issues, with our research featuring in 500 articles in the national and international press.




Professor Grammenos, OBE, is credited with creating the discipline of Shipping Finance (D.Sc citation), and edited the landmark Handbook of Maritime Economics and Business. He was President of the International Association of Maritime Economists (1998-2002), and elected a Fellow of the Chartered Institute of Bankers in 2004. His research centre is responsible for organising the new biennial Onassis Prize in Shipping, Trade and Finance, worth $250,000, with a panel including two Nobel Prize winners. Stevenson is on the board of directors of the International Real Estate Society since 1999, currently Vice-President and President-elect, and on the board of ERES (1998-2005, 2007-). Chrystal serves on committees for the British Association for the Advancement of Science, the Money Macro Finance Research Group, and is the only UK member of the FMA Education Committee. Saunders is on the nominations committee for the Nobel prize in Economics, and President-elect of the FMA.

Thomas has been ranked 11th in Europe for finance research articles, Clare 15th, and Lasfer 21st (JBFA, 2005). Heffernan’s JBF paper was ranked one of the top 50 published papers in 2002; Kat is ranked by SSRN as the 5th most downloaded author in the world, and had the 2nd highest downloads in a single day; Phylaktis’s JBFA (2005) article is the 6th most requested article. Saunders is ranked as the most prolific author in 16 core finance journals over the last 50 years by the Journal of Finance.

Alizadeh and Nomikos won best paper in 2002 (Hong Kong) and Most Innovative Paper in 2005 (Cyprus) at the International Association of Maritime Economists conference. Blake won the Faculty of Actuaries in Scotland Prize (2005-06); Isidro won 2nd prize in the 2006 doctoral thesis competition at EDAMBA; Kat won the Roger F. Murray Prize (2003). Livne was a Leverhulme Overseas Visiting Scholar to Stanford (2002). Marsh’s paper on price discovery in credit markets was nominated for the Journal of Finance Smith-Breeden prize. Mouzakis won a best paper prize at the ERES 2003 Conference. Muradoglu won best policy paper prize at the Economic Research Forum (2005). Stevenson was recognised by the International Real Estate Society’s 2006 award for “outstanding achievement in real estate research, education and practice at the international level” (the youngest holder of the award at that time), in addition to several best paper prizes at ERES (2001) and American Real Estate Society conferences (2000, 2001), and a commendation for his 2006 Studies in Economics & Finance article. Thomas has won best papers at the Global Finance Conference, Dublin (2005) and Mid-West Finance Association (2006).

The Faculty’s contribution to financial policy is frequent and extensive. Batchelor advises many international banks on risk management and forecasting (e.g. ICICI). Chrystal was a Senior Advisor at the Bank of England (1997-2001), where he edited the Bank’s working paper series and issues of the Quarterly Bulletin. His 2002 report on the impact of the euro on banking was used by the Treasury in its assessment of euro-zone entry tests. Blake has advised the Office of National Statistics, the National Audit Office, FSA, Government’s Actuary’s Department, HM Treasury, Department of Work and Pensions, Bank of England, and World Bank (among others). (He also holds a patent as co-founder of the LifeMetrics Mortality Index.) Cerny was invited to research on Ageing and Pension Reform for the Japanese Government. Cuthbertson gave written evidence to the Turner Report on pensions. Key led the introduction of new real estate indices in Scandinavia and Canada. Grammenos has advised the governments of Singapore, Syria, Poland, and Greece at the highest level. Heffernan gave invited evidence to the Treasury Committee of Inquiry into Banking (2002), and has alsoadvised the FSA. Marsh consults to Ofex, with wide press coverage. Isidro advises on financial reporting (PAAinE for EFRAG); Lasfer consults to the FSA on insider trading and market efficiency. Milne has consulted to the FSA, OFT, and the national bank of Finland. Phylaktis advises government departments in Cyprus. Saunders is on the Board of Academic Consultants, Federal Reserve Bank of New York, among others. Schaeck advises on IMF working papers. Stevenson and real estate colleagues consult extensively to the profession through published reports (KTI, Guggenheim, Grosvenor plc, INREV, Irish Mortgage Council). Tyrrall has been appointed to DBERR as the government advisor on UK accounting policy, and its EU and UN representative, requiring extensive consultations with the major accounting firms, institutes, industry groups, and government departments. Urga has consulted to the Bank of England, European Central Bank and DTI. Wood advises the central banks of Finland and Austria, consults to the CAA and FSA, and is on the board of Hansa Trust. Zhao is senior advisor to China Xizang Securities, Shanghai.

Batchelor has given keynote presentations at the National Bank of Poland, University of Leipzig, and Forecasting Summit (Orlando), and was a lead speaker for the Queen’s State Visit to Korea; Blake spoke at the 4th City of London Biennial (IMO, 2005), and 3rd Longevity Risk & Capital Markets Solutions Conference, Taiwan (2007); Citron at the United Arab Emirates University; Grammenos at IAME (2002, 2004) and BIMCO (2003, 2005). Heffernan at the Catholic University of Milan; Kat at over 50 international conferences and lectures since 2004; Lasfer to the Henry Stewart Conference Studies, Donaldsons, and Citygroup (Barcelona); Milne on risk management and bank capital regulation to regular seminars of the British Bankers Association, and to seminars in Geneva and Paris; Nomikos at the 7th Annual Dry Freight Derivatives Forum (Athens); Phylaktis to the CFA Institute (Zurich 2006); Staikouras at 2007 BMS Conference; Tyrrall at ACCA conferences (2007) on the Companies Act; Urga invited presentations at the University of Chicago and NYU; Wood to the Swiss National Bank, Icelandic Parliament and CIPFA, and at Oxford to honour Colin Clark.

            Faculty currently edit six academic journals –Batchelor is editor of the International Journal of Forecasting (and of the practitioner journal, Foresight); Cuthbertson is Joint Editor of the Journal of Finance and Economics; Stevenson of the new Journal of European Real Estate Research; Heffernan edits Banks and Bank Systems and China Capital Markets Quarterly. Saunders edits Journal of Banking & Finance.

            Faculty play an editorial role on many other journals. Alizadeh is on the editorial board of Maritime Policy and Management; Blake on Pensions; Cerny on Review of Derivatives Research; Chrystal on the Review of Financial Economics; Citron on British Accounting Review and Journal of Commercial Biotechnology; Fuertes is associate editor, Frontiers in Economics and Finance and Journal of Time Series Econometrics; Grammenos is on theInternational Journal of Maritime Economics; Kat on the Journal of Alternative Investments, Journal of Derivatives, and Journal of Wealth Management; Lasfer on JBFA and Multinational Finance Journal; Muradoglu is co-editor of Comparative Economic Studies, and on Emerging Markets Finance and Trade and Finance Letters; Phylaktis on six journals, including Journal of International Money and Finance, Emerging Markets Review and Financial Review; Staikouras is on five boards, including Frontiers in Finance & Economics, Accounting & Finance, and Review of Futures Markets; Thomas on JBFA; Tyrall on the Institute of Economic Affairs; Urga on Empirical Economics, and Wood on six journals, including the Journal of European Political Economy, Journal of Financial Regulation, and Greek Economic Review.  

Faculty have edited special issues of the Manchester School (Chrystal), JBF (Milne), JIMF (Phylaktis), Journal of Econometrics and Journal of Business and Economic Statistics (Urga). Wood is regularly invited to contribute to distinguished festschrifts. Capie has been commissioned to write the latest volume of the official history of the Bank of England.

Many hold visiting professorships and senior research appointments – including Batchelor (ESCP-EAP, CESifo Univ. of Munich, and British University in Dubai), Blake (Financial Markets Group and UBS Pensions Research Centre LSE), Cuthbertson (Univ. of Bordeaux), Grammenos (Antwerp), Heffernan (Rotmans Business School), Lasfer (HEC, University Paris XII, University Paris Dauphine, University of Bergamo), Marsh (CERF Cambridge), Milne (Bank of Finland), Thomas (ICMA Reading); Urga (University of Bergamo), Wood (Queen Mary and Westfield, and University of Auckland); Zhao (Renmin University). Schaeck was an ECB Lamfalussy Fellow in 2007 and visiting scholar to the IMF.

            Faculty provide leadership and participation in conference organisation, aside of the many recent events hosted at Cass itself. Casu was joint organiser DEA 4th International Symposium, Aston (2004). Grammenos is Chairman of the prestigious City of London biennial. Heffernan organised the 2005 Wolpertinger Conference for University Teachers in Banking and Finance at Cass. Lasfer has served on conference boards for the EFA (2002-05), and since 2000 for the US FMA, EFMA, and French Finance Association. Marsh was chair of the organising committee for the 1st, 2nd, 3rd annual ‘Conferences on Financial Innovation’ at Cambridge. Milne is co-organiser of the LSE Financial Regulation Seminar. Muradoglu organised the 2004 Multinational Finance Conference. Phylaktis is on the MFA Board. Raonic is on the scientific committee of the EAA (2008). Staikouras has served on conference organising committees for the EFMA and FMA in Europe, USA, and Asia (2004-07). Stevenson was twice programme and conference chair at ERES (2005, 2007). Wood co-chairs the London Financial Regulation Seminar at the LSE, and was joint organiser of the Bundesbank conference on central bank design.

            Finally, faculty review regularly for a range of research funding bodies, including the ESRC, EPSRC, AHRB; Research Council of Canada (Blake, Muradoglu, Phylaktis, Urga); Academy of Finland (Phylaktis); and for professional bodies such as the Institute of Actuaries (Blake), American Accounting Association (Livne), ACCA Financial Reporting Committee (Tyrall), UKSIP (Thomas), and ERCIM (Fuertes). Faculty are also used extensively to advise on professorial appointments.


Actuarial Science

Haberman holds many honours for his work in actuarial science (including recognition as one of the nine most influential contributors to the subject). He is a Fellow of the Institute of Actuaries, the Royal Statistical Society, the Institute of Mathematics and its Applications, and an invited member of the New York Academy of Sciences. He is also an Honorary Fellow of the Italian Society of Actuaries and the Assurance Medical Society, and member of the Board for Actuarial Standards. His work in improving the Ogden Tables is widely recognised. He was a member of the External Advisory Panel to the Morris Review of the UK Actuarial Profession, and is a member of ABI Research Advisory Board and CIMA Pensions Advisory Group. In addition to the ESRC and EPSRC, he reviews for research councils in Australia, Belgium, Israel, Italy, Korea, Netherlands and Taiwan.

Gerrard was chairman of the statistical computing section of the Royal Statistical Society (2001-03). Glass is an EPSRC panel member. Verrall is an Honorary Fellow of the Institute of Actuaries. In 2003, the contribution of Cass Faculty of Actuarial Science was recognised with a special ‘Award of Honour’ by the Worshipful Company of Actuaries. 

Gerrard and Haberman won the US Society of Actuaries’ Edward Lew Memorial Prize in 2006 for their NAAJ article; Cowell and co-authors won the 2002 DeGroot Prize for their book Probabilistic Networks and Expert Systems; Verrall’s 2002 BAJpaper was highly commended; his End of Award Report for his ESRC ‘Ogden tables’ project was judged “outstanding”; and he has a forthcoming “read” paper in the RSS’ Series A journal. Glass has received a Fellowship from the Operational Research Society.

Cowell has developed patented software (FSS-IBD) with the UK Forensic Science Service to analyse DNA for paternity disputes, which will be sold worldwide. Nielsen’s creation of Time Pension and Market Pension products has revolutionised the Dutch pension market (IME, 2006).

Faculty research has considerable impact on policy and practice through its close relationships with the profession. This is matched by regular consultancy and advice to firms, consultancies (Watson Wyatt), and government. Recent policy impact includes Mayhew and Rickayzen’s work on long-term care provision, featured extensively in the national and specialist press, which helped scope a Cabinet Strategy Unit project, and Parsons’ business insurance study for the EC. 

Ballotta is on the board of Business Research; Cowell is associate editor of the Bayesian Analysis Journal; Haberman is a founding joint editor of the Journal of Pension Economics and Finance, associate editor of the Journal of Actuarial Practice and Pensions, and a member of the editorial board of Decisions in Economics and Finance; Parsons is editor of the Journal of Insurance Research and Practice; Rickayzen is on the British Actuarial Journal; and Verrall is associate editor of the North American Actuarial Journal, IME and Annals of Actuarial Science.

Ballotta is keynote speaker at the 2008 Actuarial and Financial Mathematics Conference (Brussels). Cowell was co-organiser of the 10th and 11th International Workshops on Artificial Intelligence and Statistics (2005, 2007). Glass has been an invited researcher to Hong Kong. Haberman receives frequent invitations as a keynote speaker - ISFA Colloquium (Lyons, 2001), AMESES (Verona, 2002), IWAP (Connecticut, 2006), ASMDA (Crete, 2007). Verrall is on the Mathematics Panel for the Science Foundation of Ireland, and is scientific director for the Swiss Association of Actuaries’ 21st International Summer School.



Balogun was an AIM Ghoshal Fellow, Hendry is an AIM Fellow, and Rowley an AIM International Study Fellow. Lanzolla is a Fellow of the Italian National Research Council. Palmer is a Fellow of the Institute of Auditors and of the Royal Society of Health.

Harrow is on the executive of the Voluntary Action History Society; Hendry (with Balogun and Filatotchev) is on the Council of the Society for the Advancement of Management Studies, and the EFMD’s Entrepreneurship, Innovation and Small Business Council (2001-04); Nakajima is a council member of the Society for Advanced Legal Studies; Palmer is a member of the Education Committee of the CFDG, and chair of the Royal Society of Health in 2003/04; Rowley is on the advisory board of the European Management Institute; Selim is a non-executive director of the Management Board of the Department of Constitutional Affairs, and of DEFRA’s Rural Payments Agency; Sims and Filatochev are members of the British Academy of Management Council.

Hendry was a member of the ESRC Genomics Research Forum Selection Panel, and in 2002 was commissioned by the ESRC to write a paper for its review of biotechnology research. In 2005, he was scientific adviser to the EU project, OASI; has reviewed projects for the NSF and Netherlands Organisation for Scientific Research; and is the social science member on the EPSRC SUPERGEN High Level Group. Holtham was on the panel of the ESRC e-Society programme; Menachof on the Logistics Research Network Advisory Committee; and Sodhi is on the Global Strategy Committee of the Production Operations Management Society.

Baden-Fuller won the ECCH 2003 prize for the best case study on finance;

De Menezes’ 2003 paper was one of the top 20 among 2000 articles for the Rosabeth Moss Kanter Award for Excellence in Work-Family research; Empson’s End of Award Report for her ESRC ‘governance of professional service firms’ was judged “outstanding”; Filatochev’s 2006 Journal of Management Studies article won an Emerald citation award. Hendry (with Harborne and Brown) won the best paper award at the 33rd EISB conference, 2003, for their paper on disruptive innovation, and with Nadeem best paper in Women in Management Review in 2003; Menachof won best paper at the 2007 Logistics Research Network annual conference. Mitchell with Hennig-Thurau won best paper awards at the AMA conference in 2001, 2002 and 2005. Hennig-Thurau is only the third European ‘International Fellow of the DeSantis Center for Motion Picture Industry Studies’.

Faculty edit seven journals. Baden-Fuller is editor of Long Range Planning; Menachof of the International Journal of Logistics; Rowley of the Asia Pacific Business Review; and Nakajima general editor of the International Journal of Disclosure and Governance, editor of The Company Lawyer, and deputy editor of the Journal of Financial Crime and Journal of Money Laundering. She has also guest-edited special issues of ISMO and the Journal of the Institute of Economic Affairs. Sodhi is editor of Interfaces and INFORMS OnLine.

In addition, Baden-Fuller is on the board of SMJ; Balogun is an associate editor of BJM and on the editorial board of AMJ, Organisation Studies, and LRP; Empson is on Organisation Studies; Hendry is on BJM; Lampel is on Organisation Studies, BJM and the Journal of Management and Governance; Mitchell is an associate editor for the International Journal of Management Reviews, and on six other boards, including BJM; Rowley is on Human Resource Management, IJHRM, and Personnel Review; Sims on Management Learning (and previously editor); Sodhi is an associate editor for Management Science and the Journal of Applied Math and Decision Sciences, on the boards of POMJ and Journal of International Trade and Logistics, and software editor of OR/MS Today; Souitaris is on EMJ, International Journal of Entrepreneurship and Innovation Management, and International Journal of Management and Enterprise Development.

Baden-Fuller is a visiting scholar at Wharton and Stern; Balogun is a visiting fellow at Simon Fraser; Bhalla at University of Winnipeg; De Menezes at Said and HEC Lausanne; Harrow at the University of Cincinnati; Souitaris was awarded a Gate2Growth scholarship to the University of Ghent in 2005; Mitchell is a visiting professor at the University of Vienna; Rowley at Korea University and AIT Thailand.

Baden-Fuller, Balogun, Durand, Lampel and Lanzolla have organised regular conference streams at EGOS; Empson was on the Research Committee of the OMT Division of AoM (2002-05); Haksoz was on the organising committee for the 4th International Supply Chain Management conference (Toronto, 2006); De Menezes co-organized the International Institute of Forecasters conference on energy markets in Rio de Janeiro (2007); Lampel is editing special issues for JMS and Organisation Science; Lanzolla organised workshops at the Academy of Management (2005); Menachof organised the Annual Logistics Research Network in 2003; Nakajima is director of the annual Cambridge International Symposium on Economic Crime, and gave a 2007 keynote address; Selim was chair of the European Conference on Internal Audit and Corporate Governance (2001, 2004, 2005) and the 2006 conference organiser; Zaleska chaired an international panel symposium at the 2005 European International Business Academy (Oslo).

CENTIVE faculty provided input to the PM Strategy Unit’s review of innovation (2004). Nakajima is called on extensively for advice on money laundering (FSA, ACPO, BBA, Society for Advanced Legal Studies), and for keynote addresses (LSE Asia Forum, Bangkok, 2005). In 2005, Palmer gave expert evidence to the European Parliament on financial regulations for NGOs, and on charity governance to the Law Society. He is also a charity advisor to UBS and the Unity Trust Bank, and a member of the Charity Commission’s SORP committee. Mitchell is an expert advisor to the OFT; Rowley has consulted to the Korea Labour Institute, Korea Research Foundation, Hyundai, LG and other Korean firms; Souitaris to IBM, Telenor, Emirates Airlines, and smaller technology firms. Sodhi is on the Technology Advisory Board of i2 Technologies, Dallas.

Balogun is a regular keynote speaker at Civil Service workshops and seminars. Mitchell gave the keynote address at the VISA International conference; Palmer at NCVO (2006), CFDG and ACEVO conferences, and the EU conference on Sustainability in Higher Education (2006); Selim at the UK government’s internal auditors conference (2004) and DCMS (2005); and Sodhi was chair and keynote speaker at the Supply Chain Risk Conference, Berlin (2007).