PDF - Amir Amel-Zadeh - CV - Judge Business School

Amir Amel-Zadeh, August 2014
Amir Amel-Zadeh
Finance & Accounting Group
Judge Business School, University of Cambridge
Trumpington Street, CB2 1AG, Phone: +44 1223 766639
Email: [email protected]
Web: http://www.jbs.cam.ac.uk/research/faculty/amelzadeha.html
ACADEMIC APPOINTMENTS
2009 – PRESENT
2012 – PRESENT
2014 – 2016
JUDGE BUSINESS SCHOOL, UNIVERSITY OF CAMBRIDGE
University Lecturer in Finance/ Assistant Professor of Finance
Official Fellow of Clare Hall, University of Cambridge
Cambridge Endowment for Research in Finance (CERF) Fellow
VISITING POSITIONS
2014
2010
2010
2010, 2011
Visiting Scholar, Harvard Business School, Cambridge, MA
Visiting Scholar, NYU Stern School of Business, New York, NY
Visiting Scholar, Columbia Business School, New York, NY
Visiting Professor, University of Bologna, Italy
EDUCATION
2006 – 2009
2005 – 2006
2003 – 2004
2000 – 2005
PhD in Finance, Judge Business School, University of Cambridge
MPhil in Financial Research, Judge Business School, University of
Cambridge
Education Abroad Programme, Haas School of Business,
University of California at Berkeley
Diplom Kaufmann (Univ.), Finance & Accounting, University of
Bayreuth, Germany
HONORS AND AWARDS
2014
2014-2016
2012
2011
2010
2006 – 2009
2006 – 2009
2005
2004
Abacus Best Manuscript Award 2013
Cambridge Endowment for Research in Finance (CERF) Fellow
Clare Hall Fellowship
Cambridge Judge Business School Teaching Award
Recipient of the Salje Medal for excellence of PhD in the Arts,
Humanities & Social Sciences, Clare Hall, University of Cambridge
Gates Cambridge Trust Scholarship
Economic & Social Research Council Scholarship
Cambridge European Trust Award
NSCS Award, University of California, Berkeley
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Amir Amel-Zadeh, August 2014
2003
EAP Scholarship, Haas Business School, UC Berkeley
RESEARCH INTERESTS
Corporate Finance
Empirical corporate finance
Mergers & acquisitions
Capital structure
Behavioural finance
Bank management
Accounting
Capital markets based accounting
research
Accounting disclosure
Fair value accounting
Accounting and regulatory issues of
financial institutions
PUBLISHED AND FORTHCOMING ARTICLES
Amel-Zadeh, A., and Y. Zhang, forthcoming, ‘The Economic Consequences of
Financial Restatements: Evidence from the Market for Corporate Control’. The
Accounting Review.
Amel-Zadeh, A., and G. Meeks (2013), ‘Bank failure, mark-to-market, and the
financial crisis”, Abacus 49 (3), p. 308–339.
Winner of the Abacus Best Manuscript Award 2013
Amel-Zadeh, A. (2011), ‘The return of the size anomaly: Evidence from the German
stock market’, European Financial Management 17 (1), p.145-182.
Dissanaike G. and A. Amel-Zadeh (2007), ‘Venture Capitalists, Business Angels, and
Performance of Entrepreneurial IPOs in the UK and France: A discussion’, Journal of
Business, Finance and Accounting 34, April/May 2007, p.529-540.
BOOK CHAPTERS
Amel-Zadeh, A., and G. Meeks (2014), ‘Fair Value and the Global Financial Crisis:
Traditional Theories Challenged’ in Jones, S. (ed.), Routledge Companion to
Accounting Theory, Routledge (UK), forthcoming.
Amel-Zadeh A. and A. Schreiner (2012), ‘Die Grössenanomalie am deutschen
Aktienmarkt: Rückkehr einer profitablen Arbitragestrategie’ in Frick, R., P.
Gantenbein, P. Reichling (eds.), Asset Management, Bern: Haupt Verlag, p. 199-218.
(in German)
WORKING PAPERS
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Amir Amel-Zadeh, August 2014
“The benefits and costs of managerial earnings forecasts in mergers and
acquisitions” (with B. Lev and G. Meeks) – Invited for 2nd round review at The
Accounting Review
In this study we provide evidence on the benefits and costs of voluntary earnings
forecasts by bidding firms during acquisitions, shedding light on the motives and
capital market consequences of these voluntary disclosures. Specifically, we find a
higher propensity of forecast disclosure when the acquisition is made with stock and
acquisition synergies difficult to assess by investors. We document that merger
forecasts attenuate the generally negative investor reaction to acquisition
announcements. Furthermore, these forecasts are associated with a higher
likelihood of deal completion, expedited deal closing, and with a lower acquisition
premium. Explaining why not all bidders forecast, we provide evidence on a higher
likelihood of post-merger litigation alleging bidders’ misleading statements.
“Does fair value accounting contribute to procyclical leverage?” (with M. Barth and
W. Landsman) – under review
We describe analytically commercial bank behavior focusing on actions banks take in
response to economic gains and losses on their assets to meet regulatory leverage
requirements. Our analysis shows that absent differences in regulatory risk weights
across assets, leverage cannot be procyclical. We test the analytical description’s
predictions using a sample of US commercial banks, during economic upturns and
downturns, including the recent financial crisis. Although we find a significantly
positive relation between change in leverage and change in assets, this procyclical
relation evaporates when change in each bank’s weighted average regulatory risk
weight is included in the estimating equation. We also find that all changes in
equity, including those arising from fair value accounting, are significantly negatively
related to change in leverage, which is inconsistent with fair value accounting
contributing to procyclical leverage. In addition, we find no evidence of a relation
between change in leverage and the interaction between change in assets arising
from fair value accounting and other changes in assets. Taken together, the
empirical evidence indicates that fair value accounting is not a source of procyclical
leverage. The key conclusion we draw is that bank regulatory requirements,
particularly regulatory leverage determined using regulatory risk-weighted assets,
explain why banks’ leverage can be procyclical, and that fair value accounting does
not.
“Optimal capital structure and growth options in mergers and acquisitions” (with E.
Agliardi and N. Koussis) – under review
We develop and empirically test a dynamic trade-off model for the analysis of the
optimal capital structure in mergers and acquisitions. We examine the role of
financial and operational synergies as well as growth options in explaining leverage
dynamics during acquisitions. Using a sample of US acquisitions we provide evidence
in support of the model. Our findings link leverage changes around the merger and
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Amir Amel-Zadeh, August 2014
shareholder wealth gains to the correlation of cash flows, changes in volatility,
bankruptcy costs and growth options of the merging firms. Specifically, our findings
challenge prior evidence of a negative relationship between growth options and
leverage and instead suggest a U-shaped relationship
“Has accounting regulation secured more valuable goodwill disclosures? (with J.
Faasse, K. Li and G. Meeks)
This study investigates the value relevance of goodwill accounting numbers
disclosed in annual reports in the UK under UK-GAAP and IFRS. We exploit a natural
experiment unique to the UK to explore the link between the adoption of the
impairment-only regime and changes in the value-relevance and timeliness of
goodwill-related accounting amounts. Our results suggest that goodwill impairment,
in contrast to goodwill amortisation, is negatively associated with market values and
that goodwill is value relevant in the year of purchase, but that its value relevance
decays in subsequent years. However, goodwill impairments appear only partially
timely to the market and investors seem to have assigned higher reliability to the
more stringent impairment test under UK GAAP compared to IFRS.
WORK IN PROGRESS
“Liquidity risk and bank behaviour” (with D. Li)
“Board composition and mergers and acquisitions” (with S. Petry)
INVITED CONFERENCE & SEMINAR PRESENTATIONS
2014 Financial Accounting and Reporting Section (FARS) Midyear meeting, Houston;
University of North Carolina; Stanford University; Haas Business School,
University of California at Berkeley; Harvard Business School; American
Accounting Association annual meeting, Atlanta (scheduled)
2013 UTS Accounting Symposium, Sydney; Said Business School, University of Oxford;
Wharton, University of Pennsylvania, European Finance Association Meeting,
Cambridge
2012 SMU Accounting Symposium, Singapore, London School of Economics,
University of Southampton, 8th Princeton-Cambridge Meeting, Cambridge,
Financial Engineering and Banking Society conference, London;
2011 7th Princeton-Cambridge Meeting, Princeton , American Accounting Association
(AAA) annual meeting, Denver, Cambridge Finance Seminar Series, Judge
Business School Finance Research Day, Cambridge
2010 Financial Management Association (FMA) annual meeting, New York, American
Accounting Association (AAA) annual meeting, San Francisco, 2nd CambridgePenn Conference on the Economics of Finance, Wharton, University of
Pennsylvania;
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Amir Amel-Zadeh, August 2014
2009 5th Princeton-Cambridge Meeting, Princeton, Darden Business School, University
of Virginia, American Accounting Association (AAA) annual meeting, New York,
(discussant), European Financial Management (EFM) annual meeting, Milan,
European Financial Management Corporate Governance Symposium, Cambridge,
(discussant);
2008 Cambridge Finance Conference: Perspectives on the financial crisis, Cambridge,
Doctoral Conference at Warwick Business School, Warwick, 2007; Trans-Atlantic
Doctoral Conference at London Business School, London; Spring Doctoral
Conference at Judge Business School, Cambridge;
INVITED LECTURES AND KEYNOTES
2012 The Future of Banking Conference, London, Panel discussion on behavioural
finance; Structured Products Europe Conference, London, “The future of
structured products”
2011 Pension Investments Academy, London, “The Efficient Market Theory – Is it
Dead?”
TEACHING EXPERIENCE
Executive Education Programmes
Banking
Custom programmes on financial reporting and risk/ capital management
Accounting and finance
Open programmes on finance & accounting for non-financial managers
Custom programmes for financial services, legal and health care organisations
MBA
Corporate Finance, core course
Master of Finance
Economic Foundations of Finance, core course
Post-graduate/PhD
Core course in Corporate Finance (theoretical and empirical) – new course
developed
Advanced Research Methods in Finance and Accounting – new course developed
(JBS, 2011)
Topics in Empirical Finance (JBS, 2010)
Finance and Accounting (JBS, 2009, 2010, 2011)
PROFESSIONAL SERVICE
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Amir Amel-Zadeh, August 2014
Refereeing
British Accounting Review, Management Science (finance and accounting track),
European Financial Management Journal, AAA Annual Meeting 2014, FARS
Midyear meeting 2014, EFA annual meeting 2013, 2014, Zeitschrift für
betriebswirtschaftliche Forschung (German)
Board membership
Board of Directors, European Financial Management Association, 2010-2013
Session chair
FMA annual meeting, New York 2010; CRASSH conference on the financial crisis,
Cambridge, 2009; EFM annual meeting PhD seminar tutor, Milan, 2009
Discussant
AAA annual meeting, Atlanta 2014, EFA annual meeting, 2013; WhartonTinnbergen-Cambridge seminar, Wharton, 2013; Financial Engineering and
Banking Society conference, London, 2012; FMA annual meeting, New York
2010; AAA annual meeting, Denver 2011, San Francisco 2010, New York 2009;
EFM annual meeting, Milan, 2009; EFM Corporate Governance Symposium,
Cambridge, 2009
UNIVERSITY SERVICE
Board/ panel membership
Board of Examiners, MPhil in Finance and MSO
Appointments Panel for Santander Fellow in Finance 2012/2013
Official Fellow, Clare Hall, University of Cambridge
Lectureship Recruitment Committee Finance and Accounting Group 2010, 2011
Master of Finance Recruitment Panel 2009, 2010, 2011
Social sciences interview panel for the Gates Cambridge Trust 2009
PROFESSIONAL EXPERIENCE
2011 – Present
2011 – Present
2007, 2008
2005
Member of Advisory Board, Pension Investments Academy, UK
Member of Supervisory Board, New Medical Enzymes AG, GER
Lehman Brothers, London, Fixed Income Structured Solutions
PricewaterhouseCoopers, Frankfurt, Valuation & Strategy
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