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