Curricu lum Vitae - School of Economics, Finance and Management

Curricu lum Vitae
Name:
Home Address:
Nationality:
IAN GEORGE BULKLEY
29, The Strand, Topsham, Devon, EX30AX
British
Education:
1967-1971 Essex University, BA (2.1) in Economics, June 1971.
1971-1972 Essex University, MA (Distinction) in Economics, September 1972.
1973-1975 University of California, Berkeley. PhD. in Economics awarded in June
1977.
Appointments:
1975-1976 Lecturer in Economics, University of Warwick.
1976-1989 Lecturer in Economics, University of Exeter.
1980-1981 Visiting Assistant Professor, University of British Columbia, Canada.
1984-1985 Visiting Lecturer, University of Bristol.
1986 Visiting Associate Professor, University of British Columbia, Canada.
1989 -1995 Reader in Economics, University of Exeter.
1990 Visiting Reader in Economics, Flinders University of South Australia, Adelaide.
1995-2004 Professor of Economics, University of Exeter.
2004- 2009 Professor of Financial Economics, University of Exeter.
1997-2002 Responsible for teaching Empirical Finance, Masters programme in Finance,
London School of Economics.
2002-2003 Visiting Professor, University of New South Wales, Sydney
2004, 2005 Visiting Professor, University of New South Wales, Sydney
2009- Professor of Financial Economics, University of Bristol
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Publications:
1. Monograph
"Who gains from Deep Ocean Mining: a Simulation of Alternative Regimes to Govern Nodule
Mining", 117 pages, Institute of International Studies, University of California, Berkeley,
1979.
2. Papers
"The Allocation of Property Rights to Minerals on the Ocean Floor", Research in Law and
Economics, Spring, 1981, pp 143-53.
"Personal Saving and Anticipated Inflation", Economic Journal, March 1981, pp 124-135.
"Union Utility Maximisation and Optimal Contracts", in Advances in Labour Economics, ed. J
Treble and G Hutchinson, Croom Helm, 1984 (with Jane Black).
"Evidence of a Correlation Between the Level of Inflation and the Degree of Uncertainty about
Future Inflation" European Economic Review, 1984, pp 212-221.
"Wage-Employment Contracts when there is a Constraint on the Firm's Profit Level in Each
State", Scottish Journal of Political Economy, 1985, Vol. 32, no 3, pp 328-332 (with Jane
Black).
"Were there Unexploited Profit Opportunities on the UK Stock Exchange, 1930-1986" (with
Ian Tonks) in A Reappraisal of the Efficiency of Financial Markets, eds. S.J. Taylor, B.G.
Kingsman and R.M.C. Guimaraes, Springer-Verlag, 1988, pp 433-451.
"The Role of Strategic Information Exchange in a Bargaining Model", Economic Journal, March
1988, pp 50-57 (with Jane Black).
"Insiders and Outsiders and Efficient Asymmetric Information Contracts", Economics Letters,
1989, (with Jane Black), 5 pp.
"A Comment on Shiller's model of the Price-Dividend ratio as a Vector Autoregression", in A
Reappraisal of the Efficiency of Financial Markets, eds. S. J. Taylor, B. G. Kingsman and R.
M. C. Guimaraes, Springer-Verlag, 1988, pp 431-432.
"A Ratio Criterion for Signing the Effect of Increasing Uncertainty", International Economic
Review, 1989, vol. 30, no 1, pp 119-130 (with Jane Black).
"Do Trade Unions Reduce the Job Opportunities of Non-Members" Economic Journal, 1989,
vol. 99, pp 177-186 (with Jane Black).
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"Are UK Stock Prices Excessively Volatile Trading Rules and Variance Bounds Tests",
Economic Journal, 1989, vol. 99, December, pp. 1083-1099, (with Ian Tonks).
"Excess Volatility on the UK Stock Market." Professional Investor, April, 1990, (with Ian
Tonks).
"Cross-Sectional Volatility on the UK Stock Market" Manchester School, vol. LIX supp., June
1991 pp 72-80 (with Ian Tonks).
"The Role of Loyalty Discounts when Consumers are Uncertain of the Value of Repeat
Purchases" International Journal of Industrial Organisation, Vol. 10, March 1992, pp 91-101.
"Does a Trade Union Set a Lower Effort Level than Would be Determined in a Competitive
Labour Market" Bulletin of Economic Research, Vol. 44, No.2, 1992, pp 153-160.
"The Volatility of US Stock Prices" Journal of Financial and Quantitative Analysis, 1992,Vol.
27, No. 3, pp 365-382. (with I. Tonks)
"A Cross-Section Test of the Present Value Model Using U.S. Stock Price Data" Economics
Letters, vol.42, 1993, pp 373-377. (with J. Board and I. Tonks)
“Econometric Models Can be Used to Identify Underpriced Shares”, Manchester School, 1995,
vol. LXIII, pp 103-111. (with N. Taylor)
“A Cross-Section Test of the Present Value Model” Journal of Empirical Finance, 1996, Vol. 2,
pp 295-306. (with N. Taylor).
“Seniority Wages can be Explained as an Insurance Against Future Income Uncertainty”,
Southern Economic Journal, 1996, Vol. 62 710-722. (with G. D. Myles)
“Trade Unions, Efficiency Wages, and Shirking”, Oxford Economic Papers, 1996, Vol. 48, pp
75-88. (with G.D. Myles)
“Bargaining over Effort”, European Journal of Political Economy, 1997, vol. 13,2, pp 375-384.
(with G.D. Myles)
“Irrational Analysts’ Expectations as a Cause of Excess Volatility in Stock Prices” Economic
Journal, 1997, vol. 107, pp 359-371. (with R.D.F. Harris)
“A Comment on Goerke “ Oxford Economic Papers, 1998. (with G.D. Myles)
“Individually Rational Union Membership” European Journal of Political Economy, 2001, vol.
17, pp117-137, (with G.D. Myles).
“On The Membership of Decision Making Committees” Public Choice, 2001, vol.106, pp1-22.
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(with G.D. Myles and B. Pearson).
“Why Does Book-to-Market Value of Equity Forecast Cross-Section Stock Returns”,
International Review of Financial Analysis , 2004, 13, 153-160. (with R.D.F. Harris and R.
Herrerias)
“Does the Precision of News Affect Market Underreaction: Evidence from Returns Following
Two Classes of Profit Warnings” European Journal of Financial Management, 2005, pp 603-
624. (with R. Herrerias)
“Can the Cross-Sectional Variation in Expected Stock Returns Explain Momentum” Journal of
Financial and Quantitative Analysis, August 2009, pp 777-794.(with V. Nawosah)
“Revisiting the Campbell-Shiller tests of the Expectations Hypothesis for the Term Structure”
Journal of Banking and Finance, forthcoming 2011 (with R.D.F. Harris and V. Nawosah)
“Structural Breaks, Parameter Uncertainty and Term Structure Puzzles” Journal of Financial
Economics, forthcoming 2011 (with P. Giordani)
Work in Progress:
“Non-linearities in Stock Returns: Evidence from Duration Dependence Tests” Currently under
review, submitted January 2010, Journal of Financial Markets. (with V. Nawosah)
“How does the Precision of News Affect Trading Volume Evidence from Volume Following
Profit Warnings” 2nd invited resubmission in preparation, Journal of Business Finance and
Accounting (with I. Krassas)
“Tests of Behavioural Finance Models using Expectations Data Inferred from the Term Structure
of Interest Rates” Manuscript in preparation, (with R.D.F. Harris and V. Nawosah)
PhD. Students:
Recent PhD graduates: R. Herrerias (Abnormal returns following Profit Warnings, 2004);
V.Nawosah (Tests of Efficient Markets using Individual Stock Data, 2005); Y.Ionnidis ( The
Impact of Disclosure Precision on Trading Volume, 2007).
Currently I have three PhD students working on: “Is the Value Premium a Reward to Risk or an
Anomaly”; “ Forecasting returns from dividend models” ; “Testing for bubbles using
company level data”
Awards:
E.S.R.C. Award of £60,000, 1994-1996, to support a project entitled: “Testing the relationship
between stock market prices and the present discounted value of future dividends”. I was the
Principal Applicant for award which was received jointly with D. de Meza and G. Shea.
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E.S.R.C. Award of £106,000 2004-2006 to support a project entitled: “Tests and Development
of Behavioural Finance Models in the Bond Market”. I was the Principal Applicant for award
which was received jointly with R.D.F. Harris.
Administrative duties:
Head, Department of Economics, 1997-2000
School Director of Research, 2006-
Strategic responsibility for research students in School, 2008-
Other Activities:
External Examiner: Keele, 1995-1999; Bristol, 1996-2000; Essex, 2001-2006; Queen Mary
College, 2004-2007; Edinburgh, 2008-; Bath, 2009- .
ESRC Virtual College Assessor of small grant applications, 2004- .
External Assessor on the 2009 review of the Department of Finance, London School of
Economics.
Consultancy:
Department of Trade and Industry, 2005 ( Report prepared on the role that real option valuations
might make in public sector investment appraisal)
HM Treasury, 2001 (Member of committee that determined the appropriate discount rate for
public sector investment projects).
Government Office, 2002 (Member of committee that developed a policy for government loans
to public sector employees).
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