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The Centre for the Analysis of Investment Risk (CAIR)

Established in 2005, the Centre for the Analysis of Investment Risk (CAIR) undertakes research of relevance to stakeholders impacted by the risks associated with financial investment. Our findings stimulate academic debate and provide institutional investors, policy makers and corporate leaders with insights and analysis that informs their investment decision making.

Our research is featured in world-leading academic journals including, the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Accounting, Organisation and Society and Management Science.

CAIR provides a focal point for researchers working across the accounting and finance disciplines, straddling several fields of research expertise. From corporate finance to auditing and risk management, corporate governance to asset pricing and investment analysis, financial reporting to communication and regulation, CAIR is a forum for developing interdisciplinary research. This is evident in recent initiatives, such as the recent project: ‘Reconfiguring Institutional Investment and Corporate Governance’ which highlights that different skills sets and knowledge are essential for understanding the true meaning of indexes and standards and the associated investment risks.

CAIR currently has a particular research focus on environmental, social and governance investment megatrends which aligns with The University of Manchester's research beacon of global inequalities. For example, our research on gender and the positive influence it can have on companies and investments, and our work on integrated reporting and environmental, social and governance (ESG) disclosure for real-world benefit.

We work with a range of practitioners, policymakers and regulators. From global asset management companies to auditors, civil servants and politicians to corporate governance specialists, trade associations to ESG analysts and company secretaries.

Distinguished Achievements

Our research outputs inform policy, regulatory and legal debate with evidence being submitted to relevant parliamentary and government inquiries, including the 2019 independent review into the quality and effectiveness of audit (Brydon) and the Business, Energy and Industrial Strategy Select Committee Future of Audit inquiry.

We also actively engage and host events with regulators, such as the Competitions and Markets Authority during their Statutory Audit Market study and the Financial Reporting Council during their 2018 revision of the UK Corporate Governance code.

Our research activity is notable for its international coverage and relevance, reaching out to address a wide range of accounting and finance issues in both developed and developing nation contexts.

Research themes

CAIR brings together researchers whose research work is organised around a group of flexible and inter-related thematic clusters.

  • Auditing and performance evaluation of institutional investors (e.g. hedge, mutual and pension funds)
  • IPOs, venture capital and the provision of project finance
  • The role of investment analysts in the financial system
  • Financial communication, earnings reporting and investor relations
  • Corporate auditing, governance and firm performance
  • Corporate credit risk and financial distress
  • Corporate risk management practice and asset pricing
  • Cross-border corporate restructuring
  • Market integration, the financial infrastructure and investment risk in emerging markets
  • Volatility, contagion and global macroeconomic risks
  • Disclosure, harmonisation and the regulation of international investment activity


Our line-up of distinguished international speakers over the years includes Bob Herz (Chairman of the Financial Accounting Standards Board), Mary Barth (IASB and Stanford), Dame Mary Keegan (former Head of the Accounting Standards Board and Government Financial Management), Sacha Sadan (Director of Corporate Governance at Legal & General Investment Management), Professor George Serafeim (Harvard), Professor Christian Leuz (Chicago). Regular events include:

In 2007 CAIR initiated and subsequently sponsors an annual Alliance Manchester Business School accounting conference with the London School of Economics (since 2009) and Lancaster University Management School (since 2013). First held in 2007, the conference convenes leading practitioners and academics to analyse issues such as the risks and benefits of international accounting standard harmonisation, the role of corporate financial analysts in financial reporting, the channels by which accounting information effects real economic activity.

CAIR annual Corporate Finance conferences series launched in 2008, and is now co-sponsored with partners from the universities of Bristol (since 2012), Exeter (2017) and Lancaster (2015).

Since 2017, CAIR has been the main sponsor of the Corporate Finance and Asset Pricing Symposium at the British Accounting and Finance Association annual conference.

CAIR members

Paolo Quattrone CAIR Director, Professor of Accounting Governance and Society
Ning Gao CAIR Deputy Director, Senior Lecturer in Finance
Alice Liang Xu CAIR Deputy Director, Lecturer in Accounting
Aleksey Kolokolov Lecturer in Finance
Alex Taylor Lecturer in Finance
Alexandros Kostakis Honorary Professor
Alice Liang Xu CAIR Deputy Director, Lecturer in Accounting
Amedeo De Cesari Senior Lecturer in Finance
Andrew Stark Coutts Professor of Accounting and Finance
Anna Samsonova-Taddei Professor of Accounting
Anne Stafford Professor of Accounting
Arif Khurshed Professor of Finance
Brahim Saadouni Professor of Accounting & Finance
Brendan O'dwyer Professor of Accounting
Cheng Zeng Senior Lecturer in Accounting
Christopher Humphrey Professor of Accounting
ChunLei Yang Senior Lecturer in Accounting
Edward Lee Professor of Accounting and Finance
Eirini Konstantinidi Lecturer in Finance
Georgios Voulgaris Senior Lecturer in Accounting
Hening Liu Professor of Finance
Ian Garrett Professor of Finance
Javed Siddiqui Senior Lecturer in Accounting
Kevin Aretz Professor of Finance
Konstantinos Stathopoulos Professor of Accounting and Finance
Maria Marchica Professor of Finance
Marie Dutordoir Professor of Finance
Martin Walker Emeritus Professor of Finance and Accounting
Ning Gao CAIR Deputy Director, Senior Lecturer in Finance
Olga Kolokolova Senior Lecturer in Finance
Pam Stapleton Professor of Accounting
Paolo Quattrone CAIR Director, Professor of Accounting Governance and Society
Roberto Mura Professor of Finance
Sarah Zhang Lecturer in Finance
Ser-Huang Poon Professor of Finance
Stefan Petry Lecturer in Finance
Stuart Hyde Professor of Finance
Stuart W Turley Professor of Accounting
Susanne Espenlaub Professor of Accounting and Finance
Thomas Schleicher Lecturer in Accounting and Finance
Viet Dang Professor of Finance
Wei Jiang Senior Lecturer in Accounting
Yan Qiu Lecturer in Accounting
Yifan Li Lecturer in Finance
Yoichi Otsubo Lecturer in Finance