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Articles from: May 2011

ICMA Centre’s Tom Markham speaks about football’s £90 million match

Whilst Reading’s sporting entourage were packing the trains to Wembley for the Reading FC against Swansea City playoff final, ICMA Centre’s very own Tom Markham was speaking to Nicki Whiteman on her BBC Radio Berkshire radio show about the economic impact promotion to the Premier League would have.

The playoff final is worth an estimated £90 million, which gives the winner a substantial financial windfall and with Tom’s enthusiasm and knowledge of the beautiful game’s financial side, he was asked to speak intensively on his specialised area.

Tom’s devotion to football is noticeable through the quantity of research he has concluded. His MSc dissertation ?The Plight of Football Clubs as Listed Companies from an Investor’s Viewpoint’ analysed the investment potential and financial of the then seventeen listed British clubs using comprehensive ratio analysis and a bespoke multivariate bankruptcy prediction model.

His MBA dissertation ‘The Valuation and Solvency of Top Tier British Clubs since the Inception of the Premier League. Is the Current Model Sustainable?’ was supervised by football finance expert Professor Tom Cannon, who regularly appears on Sky Sports News.

Tom collected his MBA (FI) with distinction from the University of Liverpool in December 2009. He is currently embarking on a PhD in Football Finance – under the supervision of Professor Adrian Bell and Professor Chris Brooks – at the ICMA Centre.

Find Tom’s interview here at the 1:06:00 mark .

University Cements its Top 20 Place in the Guardian’s University Guide for Business & Management

The University of Reading has been ranked 11th on the Business and Management section - which includes the ICMA Centre – of the Guardian’s University Guide.

The University of Reading has been ranked 32 overall in the 2012 Guardian University Guide , 13 places higher than the previous year.

Vice-Chancellor of the University of Reading Professor Gordon Marshall said: “We are delighted to have moved up in the Guardian league table, as we constantly strive to improve. Our ranking reaffirms the high regard in which our students hold the quality of teaching and research at the University across a broad range of subjects.”

In addition to the news on the Guardian league table, the latest employability data for Reading’s 2010 graduates shows its best result for a decade.

ICMA Centre Doctoral Researcher Heads to Portugal

ICMA Centre PhD student Christos F. Mavrovitis will be presenting a working paper in Portugal this June.
Firstly, Mr. Mavrovitis will be attending the 2011 FMA Annual European Meeting in Porto on June 8 before travelling to Braga for the 2011 EFMA Annual Meeting from June 22.

He will be presenting the working paper ?How Have M&As Changed? Evidence from the Sixth Merger Wave?’, which he has co-authored with ICMA Centre colleague Dr. George Alexandridis and Nickolaos G. Travlos.

Christos’ MSc dissertation focused on Mergers and Acquisitions and the title of his thesis was ?M&As: A Global Study’. This current paper is a contributing factor in his continuation of his doctoral research in the area of Mergers and Acquisitions at the ICMA Centre.

Abstract for How Have M&As Changed? Evidence from the Sixth Merger Wave?

We examine the characteristics of the sixth merger wave that started in 2003 and came to an end approximately in mid-2007. The drivers of this wave lie primarily in the availability of abundant liquidity, in line with neoclassical explanations of merger waves. Acquirers were less overvalued relative to targets and merger proposals comprised higher cash elements. Moreover, the market for corporate control was less competitive, acquirers were less acquisitive, managers displayed less over-optimism and offers involved significantly lower premiums, indicating more cautious and rational acquisition decisions. Strikingly however, deals destroyed at least as much value for acquiring shareholders as in the 1990s.

The paper is available from ssrn.

Suited and Booted

ICMA Centre students got suited and booted for the annual class photographs last week. Amid all the exam stress, the photographs mark the beginning of a season of celebratory events at the Centre.

By the end of the month students will be nearing the end of their exams and they can relax and enjoy the annual ICMA Centre BBQ. Then we have the Centre’s 20th Anniversary Drinks Reception to look forward to in June and graduation in July.

BSc Class of 2011

This is the first BSc cohort who will graduate with the newly titled BSc Finance and Investment Banking.

MSc Class of 2011

We recruited a record number of students this year across eight Masters in Finance programmes.