Consultancy

We can offer research and consultancy services in a number of different areas including:

• Regulatory and Policy Research
• Risk Management
• Investment Management and Trading Strategies
• Commodities, Energy and Shipping
• Real Estate Finance

Does the Stock Market Penalise Fast-Growing Firms?

Chris Brooks was commissioned by Eurofins Scientific to examine in detail the link between accounting measures of a firm’s success and its share price performance, employing data from French companies.

A key finding was a negative relationship between the growth rates of earnings, sales, and total assets, and the following year’s stock returns. However, the report showed that the eventual rewards for investors who fund acquisitions and development can be substantial when share undervaluations are reversed.

Looked After Children – Black and Minority Ethnic Children

Charles Sutcliffe (together with Kish Bhatti-Sinclair and Cathy Taylor) were asked by Wandsworth Borough Council to report on the over-representation of black and minority ethnic children being looked after by Wandsworth Childrens Services.This was accomplished by analyzing data on children in the care system accompanied by a literature review.

The Performance Effects of Index Composition Changes: Empirical Evidence from the Listed Real Estate Sector

Chris Brooks, Konstantina Kappou, Simon Stevenson, and Charles Ward were funded by theEuropean Public Real Estate Association to examine the impact of changes in the composition of real estate stock indices, considering companies both joining and leaving the indices.

Commission de Surveillance du Secteur Financier (CSSF), Luxembourg

“The liquidity of Mittal Steel, (Alfonso Dufour, John Board & Stephen Wells). A team from the ICMA Centre was commissioned to examine and report on two aspects relating to the London Stock Exchange’s AIM Market:

• Any differential in returns between comparable companies on the AIM market and those on the Official List (Main) market
• Any impact on the trading of TSX-listed Canadian companies that have been admitted to the LSE’s AIM market

A False Perception? The relative riskiness of AIM and listed stocks

(John Board, Alfonso Dufour, Charles Sutcliffe & Stephen Wells)

The purpose of this research was to examine the truth behind the perception that the AIM market was systematically more risky than the Official List (OL) market in comparable stocks.

The research comprised three elements – an interview program, a literature review and an extensive empirical analysis using 5 years of high frequency trading data.

Task Force to Modernize Securities Legislation in Canada, The Impact of AIM and Other Secondary Markets on Market Efficiency and Valuation, (Charles Sutcliffe, John Board, Alfonso Dufour and Stephen Wells)

Società per il Mercato dei Titoli di Stato S.p.A. (EuroMTS), UK, “Management of the new MTS Time Series Database” (a three year contract – Alfonso Dufour, Frank Skinner)

Società per il Mercato dei Titoli di Stato S.p.A. (MTS), Italy, “The Design of a New European bond market database”, (Alfonso Dufour, Frank Skinner)

ECMI, Spain, “Building a competitive European financial market”, (Alfonso Dufour, Ryan Davies and Brian-Scott-Quinn)

Developing a Corporate Bond Market and Associated Derivatives Market in China: A Study of Opportunities and Challenges, FOA and UK Trade & Industry (John Board, Stephen Wells, Richard Britton and Paul Lejot)

Review of the evidence and issues relating to the performance of the SETSmm system and the impact of extending SETSmm, London Stock Exchange (John Board, Stephen Wells)

Competition for London’s Markets from the Middle-East , Corporation of London, completion , [John Board, B Scott-Quinn and S Wells]

The Indian Corporate Bond market, Corporation of London, [John Board and Stephen Wells]

A Review of and Commentary upon Academic Research Related to Banking Competition, Barclays [Chris Brooks and Con Keating]

Can Profitable Trading Rules be developed from Investment Bestsellers? Institute for Quantitative Investment Research [Chris Brooks and Charles Ward]