Dr George Alexandridis

'Dr George Alexandridis

Dr George Alexandridis

  • Associate Professor
  • Postgraduate Programme Area Director
  • Director, MSc International Shipping and Finance

Contact details

Profile & Expertise

George is an Associate Professor at the ICMA Centre. He is also the Centre’s Programme Area Director for Postgraduate programmes as well as the founder and Programme Director of the MSc in International Shipping and Finance and co-founder of the MSc Accounting and Finance and the MSc in Economics and Finance joint programmes. His broad area of expertise is in Corporate Finance, including Mergers and Acquisitions, while he also specialises in the area of Shipping Finance and Investment.

Prior to joining the Centre in 2009 he was a Lecturer and deputy director of MSc in Finance Programmes at Durham Business School. He has also acted as an independent M&A advisor and worked as an investment analyst. George has established collaborations with Universities abroad as well as relationships with a number of organisations in the finance and maritime shipping sectors. He frequently appears as a commentator on financial and political issues on national television and in the press including BBC World, BBC News, Bloomberg, The Daily Telegraph, LeMonde and The Times. George is an affiliate member of the Chartered Institute of Securities and Investment (CISI) and a fellow of the Higher Education Academy (HEA). He holds a BSc in Business Finance and Economics and an MA in Economics and Finance from University of East Anglia and an MSc in International Money, Finance and Investment and a PhD in Finance from Durham University.

George’s research focuses primarily on mergers and acquisitions, CEO turnover and shipping finance and has been published extensively in leading international journals including the Journal of Corporate Finance and Financial Management. His research is also frequently presented in a number of conferences in Europe, the US and Asia. George acts as a referee for several academic journals including Corporate Finance, Financial Management, Journal of Banking and Finance, the European Journal of Finance and Transportation Review and he also serves as Programme Committee member for European Financial Management Association conferences.

George’s teaching is on corporate finance, mergers and acquisitions and international maritime trade at post-graduate level while he also develops and delivers executive courses for corporate clients. As part of his roles as module convenor and programme Director he has developed and introduced a number of teaching, learning and career development innovations aiming to enrich the practical component of the courses at the ICMA Centre and enhance the programme participants’ career prospects.

Specialisms

  • Mergers and Acquisitions
  • Corporate Finance
  • Maritime Trade
  • Shipping Investments

Key publications, books, research & papers

Article

Value creation from M&As: new evidence

Alexandridis, G. , Antypas, N. and Travlos, N. (2017) Value creation from M&As: new evidence. Journal of Corporate Finance, 45. pp. 632-650. ISSN 0929-1199 doi: https://doi.org/10.1016/j.jcorpfin.2017.05.010

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M&A deals create more value for acquiring firm shareholders post-2009 than ever before. Public acquisitions fuel positive and statistically significant abnormal returns for acquirers while stock-for-stock deals no longer destroy value. Mega deals, priced at least $500mil, typically associated with more pronounced agency problems, investor scrutiny and media attention, seem to be driving the documented upturn. Acquiring shareholders now gain $62mil around the announcement of such deals; a $325 mil gain improvement compared to 1990-2009. The corresponding synergistic gains have also catapulted to more than $542mil pointing to overall value creation from M&As on a large scale. Our results are robust to different measures and controls and appear to be linked with profound improvements in the quality of corporate governance among acquiring firms in the aftermath of the 2009 financial crisis.

Dr George Alexandridis

Dr George Alexandridis

Postgraduate Programme Area Director, Director, MSc International Shipping and Finance

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Article

Shipping risk management practice revisited: a new portfolio approach

Alexandridis, G. , Sahoo, S., Song, D.-W. and Visvikis, I. (2017) Shipping risk management practice revisited: a new portfolio approach. Transportation Research Part A. ISSN 0965-8564 doi: https://doi.org/10.1016/j.tra.2017.11.014 (In Press)

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The international shipping industry is susceptible to heightened market volatility manifested in significant freight rate fluctuations and thus diversifying and hedging the associated risks have become central to shipping business practice.Building on the extant literature on shipping freight derivatives, this study develops a portfolio-based methodological framework aiming to improve freight rate risk management. The study also offers, for the first time, evidence of the hedging performance of the recently developed container freight futures market. Our approach utilizes portfolios of container, dry bulk and tanker freight futures along with corresponding portfolios of physical freight rates in order to improve the efficacy of risk diversification for shipping market practitioners. The empirical findings uncovered in this study have important implications for overall business, commercial, and hedging strategies in the shipping industry, while they can ultimately lead to a more liquid and efficient freight futures market.

Dr George Alexandridis

Dr George Alexandridis

Postgraduate Programme Area Director, Director, MSc International Shipping and Finance

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Article

Economic information transmissions and liquidity between shipping markets: new evidence from freight derivatives

Alexandridis, G. , Visvikis, I. and Sahoo, S. (2017) Economic information transmissions and liquidity between shipping markets: new evidence from freight derivatives. Transportation Research Part E: Logistics and Transportation Review, 98. pp. 82-104. ISSN 1366-5545 doi: https://doi.org/10.1016/j.tre.2016.12.007

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Economic return and volatility spillovers of derivatives markets on a number of assets have been extensively examined in the general economics literature. However, there are only a limited number of studies that investigate such interactions between freight rates and the freight futures, and no studies that also consider potential linkages with freight options. This study fills this gap by investigating the economic spillovers between time-charter rates, freight futures and freight options prices in the dry-bulk sector of the international shipping industry. Empirical results indicate the existence of significant information transmission in both returns and volatilities between the three related markets, which we attribute to varying trading activity and market liquidity. The results also point out that, consistent with theory, the freight futures market informationally leads the freight rate market, though surprisingly, freight options lag behind both futures and physical freight rates. The documented three-way economic interactions between the related markets can be used to enhance budget planning and risk management strategies, potentially attract more investors, and thus, improve the liquidity of the freight derivatives market.

Dr George Alexandridis

Dr George Alexandridis

Postgraduate Programme Area Director, Director, MSc International Shipping and Finance

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Book or Report Section

Mergers and acquisitions in shipping

Alexandridis, G. and Singh, M. (2016) Mergers and acquisitions in shipping. In: Kavussanos, M. G. and Visvikis, I. D. (eds.) The International Handbook of Shipping Finance: Theory and Practice. Palgrave Macmillan, London. ISBN 9781137465450 (In Press)

Dr George Alexandridis

Dr George Alexandridis

Postgraduate Programme Area Director, Director, MSc International Shipping and Finance

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Article

Deal size, acquisition premia and shareholder gains

Alexandridis, G. , Fuller, K., Terhaar, L. and Travlos, N. (2013) Deal size, acquisition premia and shareholder gains. Journal of Corporate Finance, 20. pp. 1-13. ISSN 0929-1199 doi: https://doi.org/10.1016/j.jcorpfin.2012.10.006

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This study examines the contradictory predictions regarding the association between the premium paid in acquisitions and deal size. We document a robust negative relation between offer premia and target size, indicating that acquirers tend to pay less for large firms, not more. We also find that the overpayment potential is lower in acquisitions of large targets. Yet, they still destroy more value for acquirers around deal announcements, implying that target size may proxy, among others, for the unobserved complexity inherent in large deals. We provide evidence in favor of this interpretation.

Dr George Alexandridis

Dr George Alexandridis

Postgraduate Programme Area Director, Director, MSc International Shipping and Finance

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Article

How have M&As changed? Evidence from the sixth merger wave

Alexandridis, G. , Mavrovitis, C. F. and Travlos, N. G. (2012) How have M&As changed? Evidence from the sixth merger wave. European Journal of Finance, 18 (8). pp. 663-688. ISSN 1466-4364 doi: https://doi.org/10.1080/1351847X.2011.628401

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We examine the characteristics of the sixth merger wave that started in 2003 and came to an end approximately in late 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.

Dr George Alexandridis

Dr George Alexandridis

Postgraduate Programme Area Director, Director, MSc International Shipping and Finance

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Article

Gains from mergers and acquisitions around the World: new evidence

Alexandridis, G. , Petmezas, D. and Travlos, N.G. (2010) Gains from mergers and acquisitions around the World: new evidence. Financial Management, 39 (4). pp. 1671-1695. ISSN 1755-053X doi: https://doi.org/10.1111/j.1755-053X.2010.01126.x

Dr George Alexandridis

Dr George Alexandridis

Postgraduate Programme Area Director, Director, MSc International Shipping and Finance

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Article

Belief asymmetry and gains from acquisitions

Alexandridis, G. , Antoniou, A. and Zhao, H. (2008) Belief asymmetry and gains from acquisitions. Journal of Multinational Financial Management, 18 (5). pp. 443-460. ISSN 1042-444X doi: https://doi.org/10.1016/j.mulfin.2007.11.003

Dr George Alexandridis

Dr George Alexandridis

Postgraduate Programme Area Director, Director, MSc International Shipping and Finance

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Article

Divergence of opinion and post-acquisition performance

Alexandridis, G. , Antoniou, A. and Petmezas, D. (2007) Divergence of opinion and post-acquisition performance. Journal of Business Finance and Accounting, 34 (3-4). pp. 439-460. ISSN 1468-5957 doi: https://doi.org/10.1111/j.1468-5957.2007.02043.x

Dr George Alexandridis

Dr George Alexandridis

Postgraduate Programme Area Director, Director, MSc International Shipping and Finance

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Article

Valuation effects of short sale constraints: the case of corporate takeovers

Alexandridis, G. , Antoniou, A. and Zhao, H. (2006) Valuation effects of short sale constraints: the case of corporate takeovers. European Financial Management, 12 (5). pp. 747-762. ISSN 1468-036X doi: https://doi.org/10.1111/j.1468-036X.2006.00275.x

Dr George Alexandridis

Dr George Alexandridis

Postgraduate Programme Area Director, Director, MSc International Shipping and Finance

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Events

Our faculty regularly attend a wide range of events across the globe to share their research and expertise, as well as meeting new students. Use the map below to find past and upcoming events in your region.

Taught modules

Corporate Finance and Investment Banking

The main aim of the module is to provide a rigorous grounding of the theory and practice of corporate finance and more specifically the long-term financial management decisions of the firm pertaining to investments, financing and payout and how they affect its value. It deals with how corporations…

The main aim of the module is to provide a rigorous grounding of the theory and practice of corporate finance and more specifically the long-term financial management decisions of the firm pertaining to investments, financing and payout and how they affect its value. It deals with how corporations…

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International Maritime Trade

This module is the building block of the programme's maritime component in Term 1. The focus is on the global patterns in international trade, the characteristics of the main commodities carried by sea, and the geography of maritime trade (including main producers, exporting/importing countries and…

This module is the building block of the programme's maritime component in Term 1. The focus is on the global patterns in international trade, the characteristics of the main commodities carried by sea, and the geography of maritime trade (including main producers, exporting/importing countries and…

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Work Placement and Project

This module gives students the opportunity to pursue a work placement with an external organisation broadly related to the general sphere of their degree studies. The aim of the module is to allow participants to gain work experience in a career path of interest, develop a wide range of…

This module gives students the opportunity to pursue a work placement with an external organisation broadly related to the general sphere of their degree studies. The aim of the module is to allow participants to gain work experience in a career path of interest, develop a wide range of…

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News & Media Appearances

Our faculty feature in radio, tv and newspaper segments across the globe using their research and expertise to comment on current events. Find the latest media appearances using the filters below.

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