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.
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.
CAIR brings together researchers whose research work is organised around a group of flexible and inter-related thematic clusters.
Institutional Investment Risk
- 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 Investment Risk
- Corporate auditing, governance and firm performance
- Corporate credit risk and financial distress
- Corporate risk management practice and asset pricing
Global Investment Risk
- 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
Latest Accounting and Finance news
Thursday, July 2, 2020
COVID-19 has demonstrated that businesses need to develop robust risk management strategies. But climate change and ensuing natural environmental disasters arguably pose even greater risks to business operations and supply chains, says Brendan O’Dwyer. >>
Thursday, April 23, 2020
In 2019, Alliance MBS launched an exciting exchange agreement with Renmin University of China (RUC) in Beijing. This collaboration has enabled two PhD researchers, Yao Wang and Qun Wang, to spend a year in the School’s accounting and finance division. >>
Friday, March 20, 2020
Environmental, Social and Governance (ESG) standards are having an increasing impact on financial markets. During a recent lecture at Alliance MBS by Sacha Sadan, Director of Corporate Governance at Legal and General Investment Management, academics also shared their work on the subject. >>
Wednesday, March 11, 2020
The recent publication of the independent Brydon review into the quality and effectiveness of the UK audit market followed a period of intense political and economic debate over the future of the industry. Academics from our Accounting and Finance division have played a major role in contributing to this debate in recent times, and here we highlight their contributions. >>
Friday, February 28, 2020
This week 14 organisations from countries including the United States, the UK, Germany, and Japan (and representing more than 2.5 million accountants worldwide) signed a call to action in response to climate change. >>
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:
AMBS/LSE/LUMS Annual Financial Accounting Conference
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.
Corporate Finance Conference
BAFA Corporate Finance and Asset Pricing Symposium
|Aleksey Kolokolov||Lecturer in Finance|
|Alex Taylor||Lecturer in Finance|
|Alexandros Kostakis||Honorary Professor|
|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|
|Liang Xu||Lecturer in Accounting|
|Maria Marchica||Professor of Finance|
|Marie Dutordoir||Professor of Finance|
|Martin Walker||Emeritus Professor of Finance and Accounting|
|Ning Gao||Senior Lecturer in Finance|
|Olga Kolokolova||Senior Lecturer in Finance|
|Pam Stapleton||Professor of Accounting|
|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|
"The core objective of CAIR is to combine rigorous academic inquiry with the professional needs of private and corporate investors in both the domestic and international financial market environments."