Stock Market Driven Acquisitions versus the Q Theory of Takeovers - The UK Evidence

Prior to taking up this position he held professorial positions at both University of Wales, Aberystwyth, and University of Glasgow. In addition to his position at Exeter, he is a full panel member of the Competition Commission and is also a non executive director of Exeter Enterprises Ltd. His research interests cover two broad areas: (a) ?market anomalies?, including the risk and returns to ?value? investing strategies, the performance of firms involved in merger and acquisition activity, and returns to strategies based around directors? share trading in their own firms; and (b) fund performance evaluation and style orientation, including work on pension fund performance and the performance of ?ethical? unit trusts compared to their conventional counter-parts. His consulting experience includes acting as advisor to one of the largest accounting firms on company valuation, advising HM Treasury, and consulting for fund managers on investment strategies and asset allocation strategies. His work at the Competition Commission has involved being a panel member on a number of inquiries include a regulatory inquiry into airport pricing, market inquiries into domestic bulk liquid petroleum gas and the UK grocery market, and merger inquiries relating to the GUS/Littlewoods mail order operations and the takeover bids for the London Stock Exchange by Euronext and Deutsche Börse. In addition, he has acted as a consultant to other inquiries including the mobile telephone and storecards inquiries.