Dr George Alexandridis
Dr George Alexandridis
- Associate Professor
- Head of Pre-Experience Postgraduate Programmes
- Programme Director, MSc International Shipping and Finance
Profile & Expertise
George is an Associate Professor of Finance at the ICMA Centre. He is also the Head of Pre-Experience Postgraduate Programmes at Henley Business School leading the portfolio of Finance, Management, Real Estate, Accounting and Informatics Masters programmes. George is also the founder and Programme Director of the MSc International Shipping and Finance while he has previously served as Postgraduate Programme Area Director at the ICMA Centre. 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. George has established collaborations with Universities abroad as well as relationships with a number of organisations in the wider finance and maritime shipping sectors. George also acts as an independent investment advisor while 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. He 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, Financial Management and Transportation Research. His research is also frequently presented in major finance and transportation conferences around the globe and has won a number of international awards. George acts as a referee for academic journals including Corporate Finance, Financial Management, Journal of Banking and Finance, the European Journal of Finance and Transportation Research and also serves as a member of several conference Programme Committees.
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 Area Director he has introduced a number of education and career development innovations aiming at enhancing the practical approach of the programmes and the students’ career prospects.
- Mergers and Acquisitions
- Corporate Finance
- Maritime Trade
- Shipping Investments
Key publications, books, research & papers
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Shipping risk management practice revisited: a new portfolio approach
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.
Does firing a CEO pay off?
We examine whether involuntary CEO replacements pay off by improving firm prospects. We find CEO successors’ acquisition investments to be associated with significantly higher shareholder gains relative to their predecessors and the average CEO. This improvement in post-turnover acquisition performance appears to be a function of board independence, hedge fund ownership, and the new CEO’s relative experience. CEO successors also create sizeable shareholder value by reversing prior investments through asset disposals and discontinuing operations and by employing more efficient investment strategies. Our evidence suggests that firing a CEO pays off.
A survey of shipping finance research: setting the future research agenda
Financing shipping related investment projects has always been a focal area of debate and research within the international maritime industry since access to funding can determine the competitiveness of a capital-intensive business as well as its success or failure under adverse market conditions. This paper provides, for the first time, a comprehensive and structured survey of all published research in the area of shipping finance and investment. The review spans approximately four decades (1979-2018) of empirical evidence, including 162 studies published in 48 scholarly journals, complemented with select books and book chapters. The study provides a bibliometric analysis and comprehensive synthesis of existing research offering an invaluable source of information for both the academic community and business practice, shaping the future research agenda in shipping finance and investment.
Value creation from M&As: new evidence
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.
Economic information transmissions and liquidity between shipping markets: new evidence from freight derivatives
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.
Mergers and acquisitions in shipping
Deal size, acquisition premia and shareholder gains
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.
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 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.
Gains from mergers and acquisitions around the World: new evidence
Belief asymmetry and gains from acquisitions
Divergence of opinion and post-acquisition performance
Valuation effects of short sale constraints: the case of corporate takeovers