Bruce Hearn
Corporate Governance Research & Executive Education
Executive Education & Teaching Experience
Experience & Expertise
Corporate Governance & Entrepreneurial Governance
Founded new taught modules on Corporate Governance in:
2017 & 2018: Aalto University, Mikkeli, Finland [EQUIS, AACSB, AMBA accredited]
2013-2018: Sussex Business School, University of Sussex, UK [EQUIS, AACSB, AMBA accredited]
2010-2011: Leicester Business School, University of Leicester, UK [AACSB, AMBA accredited]
Corporate Finance, Financial Management & Strategy
Founded and/or led taught modules at:
2021-2022: [Accounting & Economics for Decision Makers, Executive MBA-Dubai] School of Management, University of Bradford-in-Dubai, Dubai, UAE [EQUIS, AACSB, AMBA accredited]
2020-2022: [Accounting & Economics for Decision Makers, Distance Learning MBA] School of Management, University of Bradford, UK [EQUIS, AACSB, AMBA accredited]
2015-2016: [Corporate Finance] Aalto University, Mikkeli, Finland [EQUIS, AACSB, AMBA accredited]
2012-2018: [Multinational Financial Management] Sussex Business School, University of Sussex, UK [EQUIS, AACSB, AMBA accredited]
2012-2013: [Banking & Financial Institutions] Sussex Business School, University of Sussex, UK [EQUIS, AACSB, AMBA accredited]
2010-2012: [Financial Management] Leicester Business School, University of Leicester, UK [AACSB, AMBA accredited]
Advanced Research Methods
Delivered advanced postgraduate research methods training as a part of my director of PhD and DBA programs:
2021-2022: [Postgraduate, DBA level] Qualitative & Quantitative Methods; Research Philosophies; Methodology of Inquiry. School of Management, University of Bradford, UK [AACSB, AMBA accredited]
2020: [Postgraduate, PhD level] Qualitative & Quantitative Methods; Research Philosophies; Methodology of Inquiry. Pristina, Kosovo, Former Yugoslav Republic
2018-2020: [Postgraduate, MSc level] Qualitative & Quantitative Methods; Research Philosophies; Methodology of Inquiry. Southampton Business School, University of Southampton, UK [AACSB, AMBA accredited]
2018-2020: [Undergraduate, BSc level] Qualitative & Quantitative Methods; Research Philosophies; Methodology of Inquiry. Southampton Business School, University of Southampton, UK [AACSB, AMBA accredited]
Executive Education & MBA
All short Executive Education courses tailor-made to bespoke client specifications. These involved meeting client first in UK or Dubai. MBA modules are tailored to fit curriculum and audience:
December 2019: [Corporate Governance and Finance for Entrepreneurial Firms] Armenian State University of Economics, Yerevan, Armenia
April 2019: [Management Accounting for Entrepreneurial Firms] Armenian State University of Economics, Yerevan, Armenia
December 2017-January 2018: [Management Accounting for Entrepreneurial Firms] Armenian State University of Economics, Yerevan, Armenia
June 2017: [Financial Management Techniques for Professionals] Sri Lankan Chartered Institute of Accountants, Colombo, Sri Lanka
May 2017: [Entrepreneurial Finance & Governance] Indian Institute of Corporate Governance, Kerala, India
April 2015: [Financial Management for Entrepreneurial Firms] Dunya University, Kabul, South Asia
April 2015: [Management Accounting for Entrepreneurial Firms] Dunya University, Kabul, South Asia
May 2013: [Accounting & Financial Management techniques] Dubai Electricity & Water Authority, Dubai, UAE
Overseas Visiting Courses
Teaching on established courses in overseas visiting positions:
April 2020: [Entrepreneurial Finance & IPOs] IESEG Business School, Paris, France [EQUIS, AACSB, AMBA accredited]
December 2019: [Corporate Governance and Finance for Entrepreneurial Firms] Armenian State University of Economics, Yerevan, Armenia
April 2019: [Management Accounting for Entrepreneurial Firms] Armenian State University of Economics, Yerevan, Armenia
December 2019: [Entrepreneurial Finance & IPOs] IESEG Business School, Lille, France [EQUIS, AACSB, AMBA accredited]
October 2018: [Corporate Governance] Aalto University, Mikkeli, Finland [EQUIS, AACSB, AMBA accredited]
May 2017: [Management Accounting for Entrepreneurial Firms] Boutique private college, Geneva, Switzerland
December 2017-January 2018: [Management Accounting for Entrepreneurial Firms] Armenian State University of Economics, Yerevan, Armenia
October 2017: [Corporate Governance] Aalto University, Mikkeli, Finland [EQUIS, AACSB, AMBA accredited]
May 2017: [Entrepreneurial Finance & Governance] Indian Institute of Corporate Governance, Kerala, India
October 2016: [Corporate Finance] Aalto University, Mikkeli, Finland [EQUIS, AACSB, AMBA accredited]
October 2015: [Corporate Finance] Aalto University, Mikkeli, Finland [EQUIS, AACSB, AMBA accredited]
January 2016: [Financial Management for Entrepreneurial Firms] Dunya University, Kabul, South Asia
January 2016: [Management Accounting for Entrepreneurial Firms] Dunya University, Kabul, South Asia
April 2015: [Financial Management for Entrepreneurial Firms] Dunya University, Kabul, South Asia
April 2015: [Management Accounting for Entrepreneurial Firms] Dunya University, Kabul, South Asia
Distance Learning overseas teaching
Teaching on UK-based degree courses and modules offered to overseas students based in locations worldwide:
October 2020 - January 2021: [MBA, Accounting & Economics for Decision Makers] University of Bradford School of Management Executive MBA, Dubai [EQUIS, AACSB, AMBA accredited]
October 2021 - January 2022: [MBA, Accounting & Economics for Decision Makers] University of Bradford School of Management Distance Learning MBA, Worldwide [EQUIS, AACSB, AMBA accredited]
October 2020 - January 2021: [MBA, Accounting & Economics for Decision Makers] University of Bradford School of Management Distance Learning MBA, Worldwide [EQUIS, AACSB, AMBA accredited]
August 2020: [MBA, Finance for International Business] Gulf College, Muscat, Oman
November 2011: [Postgraduate taught degrees] University of Leicester Business School, Caribbean - St Kitts & Nevis, St Lucia, Antigua, Barbados. **Included presentations at Rotary Club, government departments, extensive media, national TV, Radio and broad sheet interviews [AACSB, AMBA accredited]
October 2011: [Postgraduate taught degrees] University of Leicester Business School, Hong Kong [AACSB, AMBA accredited]
September 2011: [Postgraduate taught degrees] University of Leicester Business School, Dubai, UAE [AACSB, AMBA accredited]
February 2011: [Postgraduate taught degrees] University of Leicester Business School, Accra, Ghana, West Africa [AACSB, AMBA accredited]
October 2010: [Postgraduate taught degrees] University of Leicester Business School, Hong Kong [AACSB, AMBA accredited]
June 2010: [Postgraduate taught degrees] University of Leicester Business School, Hong Kong [AACSB, AMBA accredited]
Unlock Emerging Economies Expertise
Professor Bruce Hearn
I have been actively working in international corporate governance research since 2000. Since then I have worked contractually for some of the largest investment banks in the world including France's BNP Paribas, Credit Agricole Capital Markets, UK's HSBC Investment Bank, and Bahrain's Gulf International Bank and world leading private equity and hedge fund Marshall Wace LLP
I obtained my PhD from Kings College London, MSc International Business from Birkbeck, University of London and BSc from University of Edinburgh. My PhD was fully supported by a prestigious grant from the UK's Economic & Social Research Council (ESRC). Since, 2008 I have worked as faculty in Bayes Business School, City University of London, University of Leicester, Bradford and Sussex. I am currently a Full Professor in Governance at University of Southampton, UK.
Currently I am leading a number of exciting major international research projects on corporate governance and development finance including a focus on Africa, the Caribbean offshore centers, Middle East, Japan.
I have teaching experience leading courses and modules from leading universities across the UK, Finland, France, Switzerland, Dubai, Hong Kong, Ghana, across the Caribbean, Afghanistan, India and Sri Lanka. I also design and lead insightful, interactive and engaging executive education short courses overseas in locations such as Dubai (UAE), Sri Lanka, India and Europe
[The photo in the inset is Sapporo's winter snow festival, Hokkaido, Japan]
Professional Industry Experience
1998 - 2010
Contractual senior risk management positions
Crédit Agricole CIB Corporate and Investment Bank
Foreign Exchange Exposure Risk Management - Responsibility for Europe, Middle East& South Africa
2007–2008
Compay website: https://www.ca-cib.com/our-global-markets/europe/united-kingdom
HSBC Investment Bank
Middle Office Risk [third party trading client: Royal London Asset Management]
2006-2007
Company website: https://www.hsbc.com/careers/our-business-areas-and-teams/global-banking-and-markets
The Royal Bank of Scotland PLC
Retail operational & Fraud Risk - Retail banking operations head office between London and Edinburgh
2005 and separately 1998-1999
Company website: https://www.rbs.co.uk/business.html
Marshall Wace Asset Management LLC
Trading Strategy Modelling - Elite Boutique Private Equity & Hedge Fund
2003
Company website: https://www.mwam.com/
Gulf International Bank (Bahrain)
Middle Office Risk Management - coverage of global equities, bonds, foreign exchange, commodities trading desks
2001-2002
Company website: https://www.gib.com/
BNP Paribas Capital Markets
Operational Risk Management covering global equities, debt and derivatives trading and sales desks in London
2000-2001
Company website: https://group.bnpparibas/en/
Published Research Weblinks
Summary of published outputs [February 2022]:
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1 Journal of Business Venturing [ABS 4, FT50 List]
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2 Journal of Corporate Finance [ABS 4]
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3 Journal of World Business [ABS 4]
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15 [ABS 3*] including International Review of Financial Analysis; Journal of International Financial Markets, Institutions & Money, Financial Markets, Institutions and Instruments; Corporate Governance: An International Review; International Business Review; Journal of International Management
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35+ [ABS 2*, 1*] including Emerging Markets Review; Applied Economics; Applied Financial Economics; Transnational Corporations [United Nations journal]; Journal of International Development; South African Journal of Economics; Development Southern Africa......and a wide range of others at an international level
SSRN [Social Science Research Network]
University of Southampton staff profile
Research Publications
Geographic & Subject Areas
International Finance & Asset Pricing
Asset Pricing & Corporate Finance
Hearn, B., Phylaktis, K., & Piesse, J. (2017). The influence of Institutions, Investor Protection and Corporate Block-shareholders in Asset Pricing. Journal of Corporate Finance, 45,122-149 [ABS 4; CNRS 2; ABCD A*]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3103120
Hearn, B. (2016). A comparison of the efficacy of liquidity, momentum, size and book-to-market value factors in equity pricing on a heterogeneous sample: Evidence from Asia. Financial Markets, Institutions and Instruments, 25(4), 253-330 [ABS 3*; CNRS 3; ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2718696
Hearn, B. (2010). Time varying Size and Liquidity effects in South Asian Equity Markets: A study of blue-chip industry stocks. International Review of Financial Analysis, 19: 242-257 [ABS 3*; CNRS 3; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1566252
Japanese corporate governance & financial markets
Hearn, B. (2011). Size and liquidity effects in Japanese regional stock markets. Journal of Japanese and International Economies, 25(2): 157–181 [ABS 2*]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1535401
Middle East & North Africa (MENA)
Corporate Governance
Hearn, B. (2014). Institutional impact on the expropriation of private benefits of control in North Africa. Research in International Business and Finance, 30(1): 1-23 [ABS 2*, CNRS 4, ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4030106
Hearn, B. (2013). The determinants of director remuneration, executive tenure and individual CEO salary disclosure in North African IPO firms. Research in International Business and Finance, 27(1): 162-182 [ABS 2*, CNRS 4, ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4030110
Hearn, B. (2011). The performance and the effects of family control in North African IPOs. International Review of Financial Analysis, 20: 140-151 [ABS 3*; CNRS 3; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1552579
Corporate Finance
Hearn, B., Li, J., Mykhayliv, D., Waqas, M. (2021). Asset pricing in the Middle East's equity markets
Journal of International Financial Markets, Institutions and Money, 72, 101337 [ABS 3*; CNRS 3; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3745203
Hearn, B. (2014). The political institutional and firm governance determinants of liquidity: Evidence from North Africa and the Arab Spring. Journal of International Financial Markets, Institutions & Money, 31, 127-158 [ABS 3*; CNRS 3; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4030111
Hearn, B. (2014). The impact of institutions, ownership structure, business angels, venture capital and lead managers on IPO firm underpricing across North Africa. Journal of Multinational Financial Management, 24, 19-42 [ABS 2*, CNRS 4; ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1615744
Hearn, B., Strange, R., & Piesse, J. (2012). Islamic Finance and Market Segmentation: Implications for the Cost of Capital. International Business Review, 21: 102-113 [ABS 3*; CNRS 2; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1590343
Hearn, B. (2011). The role of the stock market in the provision of Islamic development finance: Evidence from Sudan. Emerging Market Review, 12(4): 338-353 [ABS 2*; CNRS 3; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1302935
Hearn, B. (2010). Costs of Equity in North Africa’s equity markets: an Industrial Sector Study. Emerging Markets Review, 12: 21-46 [ABS 2*; CNRS 3; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1535427
Hearn, B., Strange, R., & Piesse, J. (2009). Overcoming Financing Constraints in an Emerging Islamic Market: Evidence from the Sudan Telecommunications Company. Transnational Corporations, 18(3): 1-26 [ABS 2*]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1300502
Caribbean region & Offshore financial markets
Corporate Governance
Hearn, B., Mohr, A. T., Kaur, J., & Khawar, M. (2022). Nonexecutive director influence on informational asymmetries in Offshore financial centres. Corporate Governance: An International Review, forthcoming [ABS 3*, CNRS 3; ABCD A]
Hearn, B. (2022). The determinants of foreign multinational enterprise firms’ board of governance in Caribbean offshore island economies. Journal of International Management, forthcoming [ABS 3*, CNRS 3; ABCD A]
Entrepreneurial Finance
Hearn, B. (2021). Institutional determinants of bid–ask spreads in Caribbean offshore stock exchanges
Research in International Business and Finance, 58, 101507 [ABS 2*, CNRS 4, ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4030154
International Offshore financial markets
Hearn, B. (2011). Development Strategy in a small offshore equity market: A case study of the Channel Islands. Journal of Economic Studies, 38(1): 30-51 [ABS 2*; ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1302950
Sub Saharan Africa
Corporate Governance
Hearn, B., Strange, R., & Piesse, J. (2017). Social Elites on the Board and Executive Pay in Developing Countries: Evidence from Africa. Journal of World Business, 52(2), 230-243 [ABS 4; CNRS 1; ABCD A*]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4030676
Hearn, B. (2015). Institutional influences on board composition of international joint venture firms listing on emerging stock exchanges: Evidence from Africa. Journal of World Business, 50(2), 205-219 [ABS 4; CNRS 1; ABCD A*]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4030679
Hearn, B. (2013). The determinants of director remuneration in West African: State versus firm governance measures. Emerging Markets Review, 14: 11-34 [ABS 2*; CNRS 3; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2178073
Hearn, B. (2013). The impact of board governance on director compensation in West African IPO firms. Research in International Business and Finance, 28: 82-104 [ABS 2*, CNRS 4, ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1627463
Hearn, B. (2012). The contrasting effects of board composition and structure on IPO firm underpricing in a developing context. International Review of Financial Analysis, 21: 33-44 [ABS 3*; CNRS 3; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1723837
Hearn, B. (2012). The Governance Implications from Presence of Long Term Foreign Investment Partner in West African IPO Firms. Journal of Transnational Management, 17(3): 169-188 [ABS 2*; ABCD C]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1617992
Hearn, B. (2011). The effects of banking relationship, legal origin, private equity and lead managers on the performance of West African IPO firms. South African Journal of Economics, 79(4): 430-451 [ABS 1*; ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4030683
Hearn, B. (2011). The impact of corporate governance measures on the performance of West African IPO firms. Emerging Market Review, 12: 130-151 [ABS 2*; CNRS 3; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4030684
Entrepreneurial Finance
Hearn, B., & Filatotchev, I. (2019). The impact of private equity ownership and institutions on founder retention as CEO at IPO in emerging economies. Journal of Business Venturing, 34(3), 418-438 [ABS 4; CNRS 1; ABCD A*; FT50 journal list]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4030687
Hearn, B., Oxelheim, L., & Randøy, T. (2018). The institutional determinants of private equity involvement in business groups – The case of Africa. Journal of World Business, 53(2), 118-133 [ABS 4, CNRS 1; ABCD A*]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2668634
Development Finance
Hearn, B., & Piesse, J. (2020). A Reassessment of Stock Market Integration in SADC: the case of Namibia. Development Southern Africa, 37(3), 501-518 [ABS 2*; ABCD C]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1590339
Hearn, B. (2013). The Determinants of IPO Firm prospectus length in Africa. Review of Development Finance, 3(2): 84-98 [ABS 2*]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4030689
Hearn, B. (2013). The institutional determinants of IPO Firm prospectus length in a developing context. Research in International Business and Finance, 27(1): 52-65 [ABS 2*, CNRS 4, ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4030692
Hearn, B. & Piesse, J. (2012). A Reassessment of stock market integration in SADC: the determinants of liquidity and price discovery in Namibia. Applied Financial Economics, 23(2): 123-138 [ABS 2*; CNRS 4; ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2178070
Hearn, B., & Piesse, J. (2010) Barriers to the development of small stock markets: A case study of Swaziland and Mozambique. Journal of International Development, 22: 1018–1037 [ABS 1*; CNRS 3; ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1163962
Hearn, B., & Piesse, J. (2009). Investment Modelling in Southern Africa’s Smallest Equity Markets. Journal for the Study of Economics and Econometrics, 33(1): 1-19 [ABS 1*]
SSRN [downloads]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1286040
Hearn, B., & Piesse, J. (2008). The Costs and Opportunities for Portfolio Diversification in Southern Africa’s Smallest Equity Markets. South African Journal of Economics, 76(3): 399-426 [ABS 1*; ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4030696
Corporate Finance
Hearn, B. (2015). The impact of firm size and liquidity on the cost of external finance in Africa. South African Journal of Economics, 83(1), 1-22 [ABS 1*; ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1366462
Hearn, B. (2014). The liquidity-cost implications from the attraction of regional primary listings: Evidence from West Africa. Research in International Business and Finance, 30(1): 91-110 [ABS 2*, CNRS 4, ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4030699
Hearn, B. (2014). Size and Liquidity Effects in Nigeria: An Industrial Sector Study. Journal of Developing Areas, 48(3), 1-30 [ABS 2*]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1619091
Hearn, B., & Piesse, J. (2013). Firm level governance and institutional determinants of liquidity: Evidence from Sub Saharan Africa. International Review of Financial Analysis, 28: 93-111 [ABS 3*; CNRS 3; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2235160
Hearn, B. (2012). Size and Liquidity Effects in African Frontier Equity Markets. Applied Financial Economics, 22(9): 681-707 [ABS 2*; CNRS 4; ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1535429
Hearn, B., & Piesse, J. (2012). A Test of the Law of One Price: An Examination of Price Integration between Europe and Regional Markets in Africa. Applied Economics, 44(1): 3169–3193 [ABS 2*; CNRS 2; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1329309
Hearn, B., Piesse, J., & Strange, R. (2010). Market Liquidity and Stock Size Premia in Emerging Financial Markets: The Implications for Foreign Investment. International Business Review, 19: 489-501 [ABS 3*; CNRS 2; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1163777
Hearn, B., & Piesse, J. (2010). Performance of Size and Liquidity portfolios in West Africa. Applied Financial Economics, 20(13): 1011-1030 [ABS 2*; CNRS 4; ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1342031
Hearn, B., & Piesse, J. (2009). Cost of Equity in African Financial Markets: An Industry Level Analysis. Emerging Markets Review, 11(4): 257-278 [ABS 2*; CNRS 3; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1366845
Hearn, B., & Piesse, J. (2009) An Augmented Capital Asset Pricing Model: Liquidity and Stock Size in African Emerging Financial Markets. African Journal of Finance, Special Edition: 27-57 [ABS 1*]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4030711
Hearn, B. (2009). Liquidity and valuation in East African Securities Markets. South African Journal of Economics, 77(4): 1-24 [ABS 1*; ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1365400
Hearn, B., & Piesse, J. (2005). Integration and the Asymmetric Transmission of Volatility: A Study of Equity Markets in Sub Saharan Africa. South African Journal of Economics, 73(1): 36-53 [ABS 1*; ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1163775
Hearn, B., & Piesse, J. (2002). Equity Market Integration versus Segmentation in Three Dominant Markets of the Southern African Customs Union: Cointegration and Causality Tests. Applied Economics, 34(14): 1711-1722 [ABS 2*; CNRS 2; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1163773
International - Miscellaneous
Thomé, K., Madeiros, J., & Hearn, B. (2017). Institutional distance and the performance of foreign subsidiaries in Brazilian host market. International Journal of Emerging Markets, 12(2), 279-295 [ABS 1*; ABCD B]
Hearn, B., & Man, S-Y. (2011). An Examination of Price Integration between Stock Market and International Crude Oil indices: Evidence from China. Applied Economics Letters, 18(16): 1595-1602 [ABS 1*; CNRS 4; ABCD B]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1724303
Emerging Themes - Islamic & Buddhist
Islamic Finance
Hearn, B., Strange, R., & Piesse, J. (2012). Islamic Finance and Market Segmentation: Implications for the Cost of Capital. International Business Review, 21: 102-113 [ABS 3*; CNRS 2; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1590343
Hearn, B. (2011). The role of the stock market in the provision of Islamic development finance: Evidence from Sudan. Emerging Market Review, 12(4): 338-353 [ABS 2*; CNRS 3; ABCD A]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1302935
Hearn, B., Strange, R., & Piesse, J. (2009). Overcoming Financing Constraints in an Emerging Islamic Market: Evidence from the Sudan Telecommunications Company. Transnational Corporations, 18(3): 1-26 [ABS 2*]
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1300502
Buddhist finance & governance
Hearn, B., & Givel, M. (2010). Stock Market Finance and Gross National Happiness: An Institutional Fit? Evidence from Bhutan. Journal of Bhutan Studies, 22: 1–36
SSRN [download]: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1624824
Cambridge Digital Himalaya [download]: http://www.digitalhimalaya.com/collections/journals/jbs/index.php?selection=42
Centre for Bhutan Studies - Kingdom of Bhutan [download]: https://www.bhutanstudies.org.bt/journal-of-bhutan-studies-volume-22-summer-2010/
International expertise: over 65 Countries visited
Large Research Projects
Outline of large projects undertaken and managed, international collaborations involved, and the extensive travel to and interviews with national stock exchanges.
Japanese Corporate Governance & Finance
Role: Principal Investigator
Teams: Assembled and led collaborative team of 3 world-renowned professors from top academic institutions between UK and Spain
Funding: Universities of Sussex and Southampton internal research funds. Southampton Business School - two successful "Research Development Fund" grants
Inputs: Data collection from extensive travel for interviews with national/offshore stock exchanges of
Japan: Fukuoka stock exchange, Fukuoka, Kyushu [12/2019]
Japan: Tokyo stock exchange, Tokyo [7/2018]
Japan: Sapporo securities exchange, Sapporo, Hokkaido [7/2018]
Japan: Tokyo stock exchange, Tokyo [7/2017]
Japan: Osaka securities exchange, Osaka [7/2017]
Duration: Data collection took 3-4 years from 2015 to 2019
Outputs: Presentation in 2 international conferences of preliminary research papers and submissions to two ABS 4 journals
Caribbean offshore governance, entrepreneurial finance & transparency
Role: Principal Investigator
Team: Assembled and led collaborative teams of 6 world-renowned professors from top academic institutions between UK, Denmark, Sweden
Funding: Executive Education consultancy teaching proceeds from Sri Lanka, India, South Asia. University of Sussex Business School and Southampton Business School - two successful "Research Development Fund" grant. Universities of Sussex and Southampton internal annual faculty research funds.
Inputs: Data collection from extensive travel for interviews with national/offshore stock exchanges of
Caribbean region
The Bahamas: BISX, Bahamas International stock exchange, Nassau [11/2016]
Cayman Islands: CSX, Cayman stock exchange, Georgetown [05/2019]
Bermuda: BSX, Bermuda stock exchange, Hamilton [05/2019]
Bermuda: BSX, Bermuda stock exchange, Hamilton [11/2016]
Trinidad & Tobago: TTSE, Trinidad & Tobago Stock Exchange, Port of Spain [7/2016]
Barbados: BSE, Barbados stock exchange, Bridgetown [7/2016]
Jamaica: JSE, Jamaica stock exchange, Kingston [7/2016]
Trinidad & Tobago: Scarborough financial centre, Tobago [6/2016]
Trinidad & Tobago: TTSE, Trinidad & Tobago Stock Exchange, Port of Spain [6/2016]
St Kitts & Nevis: Eastern Caribbean Securities Exchange, Basseterre, St Kitts [11/2011]
St Kitts & Nevis: Nevis financial district, Nevis [11/2011]
Barbados: BSE, Barbados stock exchange, Bridgetown [11/2011]
St Lucia: Castres financial district, Castres, St Lucia [11/2011]
Other Offshore
Gibraltar: Offshore financial centre, Gibraltar [9/2021]
Guernsey, International Stock Exchange, St Peter Port, Channel Islands [8/2021]
Gibraltar: Offshore financial centre, Gibraltar [4/2014]
Data: Led acquisition of individual firm annual reports and annual financial statements from each individual Caribbean national stock exchange, national regulatory agency and individual firms for: 179 Caribbean listed firms for 17 years per firm (from 2000 to 2017)
Duration: Data collection took 3-4 years from 2015 to 2019
Database construction took 6 months, of highly intensive work (7 days per week)
Outputs: Presentation in 5 international conferences of preliminary research papers including Academy of International Business (AIB) and Financial Management Association (FMA)
Under submission: 9 research papers with ABS 3/4/4* journals
African corporate governance & entrepreneurial finance
Role: Principal Investigator
Team: Assembled and led collaborative teams of 7 world-renowned professors from top academic institutions in UK, Denmark, Sweden, Norway
Funding: ESRC (UK's Economic & Social Research Council) doctoral studentship grant. HSBC investment bank, Credit Agricole CIB Capital markets external contracting proceeds. Executive Education consultancy teaching proceeds from Dubai and Finland. University of Sussex Business School successful "Research Development Fund" grant. University of Sussex internal annual faculty research support funds.
Inputs: Data collection from extensive travel for interviews with national stock exchanges of:
North Africa
Algeria: Bourse d’Alger, Algiers city [8/2017]
Morocco: Bourse de Casablanca, Casablanca [3/2008]
Egypt: EGX Egyptian exchange Cairo floor, Cairo [2/2008]
Egypt: EGX Egyptian exchange Alexandria floor, Alexandria [2/2008]
Tunisia: Bourse de Tunis, Tunis [1/2008]
West Africa
Ghana: GSE, Ghana stock exchange, Osu, Accra [7/2013]
Ghana: GSE, Ghana stock exchange, Osu, Accra [3/2011]
Mali (Sahara): Societe de Gestion Intermediere, Bamako [12/2008]
Ghana: GSE, Ghana stock exchange, Osu, Accra [12/2008]
Cote d’Ivoire: Bourse Regionale des Valuers Mobilieres [12/2008]
Ghana: GSE, Ghana stock exchange, Osu, Accra [12/2007]
Cote d’Ivoire: Bourse Regionale des Valuers Mobilieres [2/2007]
Ghana: GSE, Ghana stock exchange, Osu, Accra [7/2006]
Nigeria: Nigerian stock exchange, Lagos [7/2006]
East Africa
Kenya: NSE, Nairobi stock exchange, Nairobi [7/2007]
Uganda: USE Uganda Securities Exchange, Kampala [6/2007]
Southern Africa
Mozambique: BVM, Bolsa de Valores de Maputo, Maputo [7/2008]
Zambia: LuSE, Lusaka stock exchange, Lusaka [7/2008]
South Africa: Cape Town financial district [7/2008]
Mozambique: BVM, Bolsa de Valores de Maputo, Maputo [7/2007]
Botswana: BSE, Botswana stock exchange, Gabarone [7/2007]
Namibia: NSX, Namibian stock exchange, Windhoek [7/2001]
South Africa: Cape Town financial district [7/2001]
Outputs: Presented over 20 international conference presentations of preliminary research papers at: Academy of International Business (AIB), Financial Management Association (FMA), Asian Finance Association
Published over 20 research papers including:
- 1 Journal of Business Venturing [FT50 rankings list],
- 3 Journal of World Business [ABS 4],
- 2 International Review of Financial Analysis [ABS 3*],
- Journal of Multinational Financial Management [ABS 2*],
- Emerging Markets Review [ABS 2*]
Outputs: Most highly cited author in the world in business and finance on Africa (SSRN)
Middle East and North Africa (MENA) firm governance and financing
Role: Principal Investigator
Team: Currently assembling teams comprising 8 internationally renowned professors from top academic institutions worldwide
Funding: University of Sussex Business School - three successful "Research Development Fund" bids. University of Sussex annual faculty research funds. Executive Education consultancy teaching proceeds from India, Sri Lanka, South Asia, Finland, France, Switzerland.
Inputs: Data collection from extensive travel for interviews with national stock exchanges of
North Africa/Maghreb
Morocco: Marrakech financial district, Marrakech [4/2019]
Algeria: Bourse d’Alger, Algiers city [8/2017]
Morocco: Fez and Tangier financial districts [4/2014]
Morocco: Bourse de Casablanca, Casablanca [10/2012]
Morocco: Marrakech financial district, Marrakech [10/2012]
Morocco: Bourse de Casablanca, Casablanca [3/2008]
Egypt: EGX Egyptian exchange Cairo floor, Cairo [2/2008]
Egypt: EGX Egyptian exchange Alexandria floor, Alexandria [2/2008]
Tunisia: Bourse de Tunis, Tunis [1/2008]
Levant & Turkey
Lebanon: Beirut stock exchange, Beirut [4/2017]
Jordan: Amman stock exchange, Amman [4/2017]
Turkey: Istanbul financial centre [12/2015]
Turkey: Istanbul stock exchange [7/2013]
Arabian Gulf and region
UAE: Dubai financial centre, Dubai [4/2018]
Kuwait: Kuwait stock exchange, Kuwait [4/2018]
UAE: ADX Abu Dhabi securities exchange, Abu Dhabi [1/2018]
UAE: Dubai financial centre, Dubai [1/2018]
UAE: Dubai financial centre, Dubai [10/2017]
UAE: Dubai financial centre, Dubai [9/2017]
UAE: ADX Abu Dhabi securities exchange, Abu Dhabi [7/2017]
UAE: Dubai financial centre, Dubai [7/2017]
UAE: ADX Abu Dhabi stock exchange, Abu Dhabi [4/2017]
UAE: Dubai financial centre, Dubai [4/2017]
Bahrain: Bahrain exchange, financial harbour, Bahrain [1/2017]
UAE: ADX Abu Dhabi securities exchange, Abu Dhabi [12/2016]
UAE: Dubai financial market, Dubai [12/2016]
UAE: Dubai financial market, Dubai [9/2016]
UAE: Dubai financial market, Dubai [8/2016]
Afghanistan: Da Afghanistan Bank, Kabul [8/2016]
Kuwait: Kuwait stock exchange, Kuwait [3/2016]
Qatar: Qatar stock exchange, Doha [3/2016]
UAE: Dubai financial market, Dubai [3/2016]
Afghanistan: Da Afghanistan Bank, Kabul [1/2016]
UAE: Dubai financial market, Dubai [5/2015]
Qatar: Qatar stock exchange, Doha [5/2015]
Afghanistan: Da Afghanistan Bank, Kabul [4/2015]
UAE: Dubai financial centre, Dubai [5/2013]
Oman: Muscat securities exchange, Ruwi, Muscat []9/2011]
UAE: Dubai financial centre, Dubai [9/2011]
UAE: Dubai financial centre, Dubai [12/2009]
Coverage: Algeria, Abu Dhabi, Bahrain, Dubai, Egypt, Iraq, Jordan, Kuwait, Lebanon, Morocco, Nasdaq Dubai, Oman, Palestinian West Bank; Qatar, Saudi Arabia, Sudan, Syria, Tunisia
Data: Led acquisition of individual firm annual reports and annual financial statements from each individual national stock exchange, national regulatory agency and individual firms for: 1,250 listed firms for 7 years per firm (from 2010 to 2017)
Output: Work so far to provide basis for further large grant applications
Worldwide & Asian firm governance and financing
Role: Principal Investigator
Team: Assembled a team of 3 internationally renowned professors from top academic institutions in UK
Funding: HSBC investment bank, Credit Agricole CIB capital markets proceeds from external contractual consultancy. University of Sussex Business School successful "Research Development Fund" bids. Executive Education consultancy teaching proceeds from Dubai, UAE.
Inputs: Data collection from extensive travel for interviews with national stock exchanges of
West Asia
Armenia: NASDAQ OMX Armenia, Yerevan, Armenia [1/2018]
Armenia: NASDAQ OMX Armenia, Yerevan, Armenia [12/2017]
South Asia
Sri Lanka: Colombo financial district, Colombo [6/2017]
India: Cochin (Kochi) financial centre, Kerala [5/2017]
India: BSE, Bombay stock exchange, Mumbai [7/2015]
India: NSE, National stock exchange, Mumbai [7/2015]
India: Benguluru (Bangalore) financial district, Benguluru [7/2015]
East Asia
South Korea: KRX Korean stock exchange, Seoul [7/2017]
China: Shanghai stock exchange, Shanghai [10/2011]
South East Asia
Philippines: PSE, Philippines stock exchange, Makati, Manila [12/2017]
Thailand: SET, Stock exchange of Thailand, Bangkok [12/2017]
Thailand: SET, Stock exchange of Thailand, Bangkok [9/2015]
Thailand: SET, Stock exchange of Thailand, Bangkok [1/2015]
Philippines: PSE, Philippines stock exchange, Makati, Manila [12/2014]
Thailand: SET, Stock exchange of Thailand, Bangkok [12/2014]
Philippines: PSE, Philippines stock exchange, Makati, Manila [12/2013]
Singapore: Singapore stock exchange, Singapore [12/2013]
Cambodia: Cambodia Stock Exchange, Phnom Penh [5/2013]
Thailand: SET, Stock exchange of Thailand, Bangkok [5/2013]
Laos: LSX, Lao securities exchange, Vientiane, PDR Laos [12/2011]
Thailand: SET, Stock exchange of Thailand, Bangkok [12/2011]
Hong Kong SDR: HKX, Hong Kong stock exchange [10/2011]
Thailand: SET, Stock exchange of Thailand, Bangkok [7/2011]
Philippines: PSE, Philippines stock exchange, Makati, Manila [1/2011]
Philippines: PSE, Philippines stock exchange, Makati, Manila [7/2010]
Philippines: Manila stock exchange, Manila [7/2010]
Hong Kong SDR: HKX, Hong Kong stock exchange [7/2010]
Macau SDR: Macau financial district [7/2010]
Vietnam: Ho Chi Minh Stock Exchange, Ho Chi Minh City [7/2010]
Vietnam: Hanoi Stock Exchange, Hanoi [7/2010]
Thailand: SET, Stock exchange of Thailand, Bangkok [12/2009]
Singapore: Singapore stock exchange, Singapore [4/2009]
Thailand: SET, Stock exchange of Thailand, Bangkok [4/2009]
Latin America
Brazil: BOVESPA, Sao Paolo exchange, Sao Paolo [11/2015]
Brazil: Bolsa de Valores de Rio de Janeiro, Rio de Janeiro [6/2010]
Brazil: Bolsa de Valores de Rio de Janeiro, Rio de Janeiro [5/2008]
Brazil: BOVESPA, Bolsa de Valores de Sao Paolo, Sao Paolo [5/2008]
Europe
Estonia: Nasdaq Baltic, Talinn, Estonia [12/2021]
Finland: Helsinki financial district, Helsinki [12/2021]
Gibraltar: Offshore financial centre, Gibraltar [9/2021]
Guernsey, Channel Islands [8/2021]
Finland: Helsinki financial district, Helsinki [10/2017]
Austria: Wiener Börse, Vienna [6/2017]
Slovakia: Bratislava financial district, Bratislava [6/2017]
Switzerland: Geneva financial district, Geneva [5/2017]
Switzerland: Geneva financial district, Geneva [2/2017]
Switzerland: Geneva financial district, Geneva [1/2017]
Finland: Helsinki financial district, Helsinki [10/2016]
Montenegro: Tivat & Budva financial districts [8/2016]
Finland: Helsinki financial district, Helsinki [8/2016]
Finland: Helsinki financial district, Helsinki [10/2015]
Finland: Helsinki financial district, Helsinki [8/2015]
Spain: Bolsa de Barcelona, Barcelona, Catalonia [6/2014]
Gibraltar: Offshore financial centre, Gibraltar [4/2014]
UK: London stock exchange, London [6/2009]
North America
Canada: Quebec financial district, Quebec [7/2014]
Canada: Montreal stock exchange, Montreal [7/2014]
Canada: Toronto financial district, Toronto [7/2014]
Canada: Vancouver financial district, Vancouver [7/2014]
Data: Secondary market financial data obtained from Bloomberg and Datastream/Eikon and augmented with additional intimate understanding of each market
Output: Several international conference presentations at Academy of International Business and Asian Finance Association
Journal Publications: (1) Financial Markets, Institutions and Instruments [ABS: 3*], (2) International Review of Financial Analysis [ABS 3*], Journal of Financial Markets, Institutions & Money [ABS 3*] and (4) Journal of Corporate Finance [ABS 4]
