Arman Eshraghi, PhD in Finance
Professor
Contact Details
Office: G2202A
Tel: 8590 2493
Email: arman@cityu.edu.mo
Academic Qualifications
Postgraduate Certificate in Academic Practice, University of Edinburgh
Fellow, Higher Education Academy (Advance HE)
PhD in Finance, University of Edinburgh
MBA, Sharif University of Technology
First class with concentration in finance
BSc in Electrical Engineering, Sharif University of Technology
First class with concentration in telecommunications
Biography
Prof. Arman Eshraghi has two decades of academic research, teaching and leadership experience across the UK (Cardiff University, University of Edinburgh and University of Manchester) and visiting fellowships He also has some years of professional experience in the banking sector prior to academia. Prof. Eshraghi is internationally recognised in areas including behavioural finance, financial technology, and corporate finance/governance with publications in leading peer-reviewed journals across finance, accounting and management, including the Review of Financial Studies, Review of Finance, Accounting, Organizations and Society, and the Harvard Business Review. His research has received wide media coverage (including the Financial Times, Forbes, Washington Post, Bloomberg, BBC, Euronews). He is Editor-in-chief of the Global Finance Journal (ABDC ‘A’, Impact Factor: 5.5) and Associate Editor of the British Accounting Review and the European Journal of Finance. As an internationally active scholar, Prof. Eshraghi has delivered 55 invited seminars worldwide, 45 invited keynote addresses and co-chaired 20 international academic conferences including some of the largest finance conferences in Europe. He has served as the founding co-director of Cardiff Fintech Research Group, co-director of Behavioural Finance Association (hosting Europe’s largest conference dedicated to behavioural finance), and has contributed to UK financial policy discussions through Fintech Wales and the UK Government. Prof. Eshraghi is also an award-winning educator across MBA, MSc, and PhD levels. He has taught a diverse range of finance modules across 11 countries and has extensive experience in executive education and public engagement, e.g., a TEDx talk on financial technology with around 250,000 views on YouTube, contributions to finance podcasts and other media engagements.
Teaching Areas
Corporate Finance, Behavioural Finance, Financial Technology, Financial Markets
Research Areas
Behavioural finance, Financial markets, Financial technology, Corporate finance, Sustainable finance
Work Experience
Full-time
2026- Professor of Finance, City University of Macau, China
2018-2025 Chair of Finance and Investment, Cardiff University, UK
2016-2018 Associate Professor of Finance, University of Edinburgh, UK
2013-2016 Assistant Professor of Finance, University of Edinburgh, UK
2012-2013 Postdoctoral Fellow in Finance, University of Edinburgh, UK
Visiting
2025-26 Visiting Scholar (host: Prof. Raghu Rau), Cambridge Judge Business School
2025- Honorary Professor of Finance, Cardiff University, UK
2024 Visiting Scholar (host: Prof. Lauren Cohen), Harvard Business School
2024 Visiting Professor, American University of Sharjah, UAE
2023 Erskine Fellow (host: Prof. Jedrzej Bialkowski), University of Canterbury, NZ
2018 Shimomura Fellow (host: Prof. Jun-ichi Nakamura), Development Bank of Japan
2013-2016 Research Fellow (host: Prof. David Tuckett), University College London
2010-2011 Visiting Doctoral Fellow (full-time), Alliance Manchester Business School
2008-2012 Visiting Doctoral Fellow (part-time), University College London
Editorship
2026- Editor-in-chief, Global Finance Journal (Elsevier, ABDC A, IF: 5.5)
2021-2025 Editor-in-chief, International Review of Economics and Finance (Elsevier, ABDC A, IF: 5.6)
2026- Associate Editor: British Accounting Review (Elsevier, ABDC A*, IF: 9.4)
2025- Associate Editor: European Journal of Finance (Taylor & Francis, ABDC A, IF: 2.2)
2019-2025 Senior Associate Editor, Finance Research Letters (Elsevier, ABDC A, IF: 6.9)
2020-2025 Senior Associate Editor, Global Finance Journal (Elsevier, ABDC A, IF: 5.5)
Special Issue Editor: European Journal of Finance (Taylor & Francis, ABDC A, IF: 2.2)
Special Issue: Fintech and Financial Markets (2024)
Special Issue: Fintech and Risk (2022)
2023- Associate Editor, Economic Modelling (Elsevier, ABDC A, IF: 4.2)
Published Journal Articles
- Atawnah, N., Michael, M., Eshraghi, A., & Zaman, R. (2026). Corporate general counsels and investment efficiency: Novel evidence. Journal of Business Finance and Accounting, 53(1), 578–608.
[ABS 3, ABDC A*] - Eshraghi, A., Liang, W., & Wang, Q. (2026). Real estate investment and asset return dynamics: Evidence from REITs. Journal of Real Estate Finance and Economics.
[ABS 3, ABDC A] - Eshraghi, A., Urquhart, A., & Wang, Q. (2026). Recent advances in financial technology (Editorial). European Journal of Finance.
[ABS 3, ABDC A] - Abbassi, W., Nasr, H., Boubaker, S., & Eshraghi, A. (2025). Financial statement readability and firm debt choice. Financial Management.
[ABS 3, ABDC A] - Cheema, A., Eshraghi, A., & Wang, Q. (2024). Macroeconomic news and Monday synchronicity. Journal of Empirical Finance, 77, 101487.
[ABS 3, ABDC A] - Tosun, O. K., Eshraghi, A., & Vigne, S. (2024). The financial cost/benefit of a political stand: Evidence from the Russia-Ukraine war. Journal of International Money and Finance, 147, 103124.
[ABS 3, ABDC A] - Boubaker, S., Eshraghi, A., & Liu, Y. (2024). Stock liquidity sidedness and share repurchase. International Review of Financial Analysis, 95, 103468.
[ABS 3, ABDC A] - Atawnah, N., Eshraghi, A., & Baghdadi, G. A. (2024). Managerial ability and firm value: A new perspective. Research in International Business and Finance, 67, 102144.
[ABS 2, ABDC A] - Liu, A., Jahanshahloo, H., Chen, J., & Eshraghi, A. (2023). Trading patterns in the Bitcoin market. European Journal of Finance.
[ABS 3, ABDC A] - Altanlar, A., Amini, S., Holmes, P., & Eshraghi, A. (2023). Opportunism, overconfidence and irrationality: A puzzling triad. International Review of Financial Analysis, 88, 102643.
[ABS 3, ABDC A] - Tosun, O. K., Eshraghi, A., & Muradoglu, G. (2023). Learning financial survival from disasters. Journal of International Financial Markets, Institutions and Money, 85, 101778.
[ABS 3, ABDC A] - Alzayed, N., Eskandari, R., Eshraghi, A., & Yazdifar, H. (2023). Revisiting corporate governance and financial risk-taking. International Journal of Finance & Economics.
[ABS 3, ABDC B] - Alharbi, S., Atawnah, N., Ali, J., & Eshraghi, A. (2023). Gambling culture and earnings management: A novel perspective. International Review of Economics and Finance, 86, 552–570.
[ABS 2, ABDC A] - Han, X., Sakkas, N., Danbolt, J., & Eshraghi, A. (2022). Persistence of investor sentiment and market mispricing. Financial Review, 57(4), 785–811.
[ABS 3, ABDC A] - Tosun, O. K., Jin, L., Taffler, R., & Eshraghi, A. (2022). Fund manager skill: Selling matters more! Review of Quantitative Finance and Accounting, 59(3), 969–994.
[ABS 3, ABDC A] - Tosun, O. K., & Eshraghi, A. (2022). Corporate decisions in times of war: Evidence from the Russia-Ukraine conflict. Finance Research Letters, 48, 102920.
[ABS 2, ABDC A] - Orihara, M., & Eshraghi, A. (2022). Corporate governance compliance and herding. International Review of Financial Analysis, 80, 102029.
[ABS 3, ABDC A] - Tosun, O. K., Eshraghi, A., & Muradoglu, G. (2021). Staring death in the face: Financial impact of corporate exposure to prior disasters. British Journal of Management, 32(4), 1179–1196.
[ABS 4, ABDC A, FT50] - Lukas, M., Eshraghi, A., & Danbolt, J. (2021). Investment transparency and the disposition effect. European Financial Management, 27(5), 844–864.
[ABS 3, ABDC A] - Jin, L., Taffler, R., Eshraghi, A., & Tosun, O. K. (2020). Fund manager conviction and investment performance. International Review of Financial Analysis, 71, 101489.
[ABS 3, ABDC A] - Nguyen, D., Hagendorff, J., & Eshraghi, A. (2019). A CEO’s decision-making is shaped by whether their parents were immigrants. Harvard Business Review.
[ABS 3, ABDC A, FT50] - Nguyen, D., Hagendorff, J., & Eshraghi, A. (2018). Does CEO cultural heritage affect performance under competitive pressure? Review of Financial Studies, 31(1), 97–141.
[ABS 4, ABDC A, FT50**] - Taffler, R., Spence, C., & Eshraghi, A. (2017). Emotional economic man: Calculation and anxiety in fund management. Accounting, Organizations and Society, 61, 53–67.
[ABS 4, ABDC A, FT50**] - Nguyen, D., Hagendorff, J., & Eshraghi, A. (2015). Can bank boards prevent misconduct? Review of Finance, 19(4), 1497–1552.
[ABS 4, ABDC A, FT50 / Lead Article / Best Paper Finalist*] - Eshraghi, A., & Taffler, R. (2015). Heroes and victims: Fund manager sense-making, self-legitimation and storytelling. Accounting and Business Research, 45(6-7), 691–714.
[ABS 3, ABDC A / Best Paper Award] - Nguyen, D., Hagendorff, J., & Eshraghi, A. (2014). Which executive characteristics create value in banking? Corporate Governance: An International Review, 22(3), 236–260.
[ABS 3, ABDC A] - Eshraghi, A., & Taffler, R. (2012). Hedge funds and unconscious fantasy. Accounting, Auditing & Accountability Journal, 25(8), 1244–1265.
[ABS 3, ABDC A / Lead Article / Excellence Award*]
Research Grants
- GW4 Building Research Communities Programme, £5000, Co-investigator, 2024
Topic: GW4 Fintech Research Network - Welsh Government Super Sprint Research: £27,600, Co-investigator, 2022
Topic: Typology of Bitcoin Traders - Cardiff University ‘Innovation for All’: £19,205, Co-investigator, 2022
Topic: Building Capability in Challenge-Oriented Innovation for Cardiff Capital Region - Scottish Crucible: £4,000, Co-investigator, 2018-19
Topic: Scottish Index of Multiple Deprivation: A Behavioral Economic Analysis - Royal Society of Edinburgh: £2,800, Co-investigator, 2018-19
Topic: A Multidisciplinary Application for Financial Fraud Detection - Carnegie Trust: £4,800, Principal investigator, 2016-17
Topic: Fund Manager Psychology and Investment Performance - University of Edinburgh Principal’s Award: £14,500, Principal investigator, 2015-18
Topic: Transforming Finance Education Using Trading Simulation Platforms
Awards & Distinctions
Research and Engagement
2024-25 Chair of Professorial Committee, British Accounting and Finance Association
2023 Nominated, Celebrating Excellence Awards (research), Cardiff University
2022-23 Wiley Top-cited Article, The Financial Review
2022 Selected, Cardiff Professorial Leadership Programme
2021-23 Shortlisted (three times), Fintech Awards Wales
2018 Selected, Scottish Crucible Fellowship Programme
2017 Sustained Excellence Award, University of Edinburgh
2017 Finalist, Scottish Financial Enterprise Rising Star Award
2025 Best Paper Award, New Zealand Finance Colloquium
2016 Best Paper Award Finalist, Financial Management Association Conference, Venice
2015 Best Paper Award, International Review of Financial Analysis Conference, Hamburg
2014-15 Best Paper Award (twice), Behavioural Finance Working Group Conference, London
2014 Highly Commended PhD Research, European Foundation for Management Development
2014 Young Scholar Award for Research in Financial Discourse, European Financial Group
2013 Highly Commended, Emerald Awards for Research Excellence
Teaching
2023-25 Nominated, Celebrating Excellence Awards (teaching), Cardiff University
2025 Shortlisted (Best Fintech programme), Fintech Awards Wales
2018 Best Teaching Innovation Award, University of Edinburgh
2016 Best Course Award, University of Edinburgh
2015 Inspirational Teaching Award, University of Edinburgh
2012-18 Nominated (8 times), University of Edinburgh Annual Teaching Awards
2010 Best Postgraduate Tutor, Alliance Manchester Business School
Media Coverage
2025 “Gen Z and Financial Services”, Financial Times
2025 “Watching Netflix makes stocks go down”, Financial Times (FT Alphaville)
2025 “Reflections on the US-China Tariff War”, LBC News (live interview)
2024 “The secretive world of McKinsey’s $48 billion hedge fund”, The Times
2024 “A guide to saving for your child’s financial future”, Euronews
2023 “Reflections on UK Global Investment Summit”, LBC News (live interview)
2023 “IMF outlook on UK economy”, Capital/Heart Radio (recorded interview)
2022 “Reactions to the mini-budget”, Capital/Heart Radio (recorded interview)
2022 “Bank of England response to the mini-budget”, LBC News (live interview)
2022 “Financial impact of Russian sanctions”, Asharq - Bloomberg (live interview)
2022 “The new IMF global economic outlook”, Asharq - Bloomberg (live interview)
2021 “What banking will look like in 10 years”, The Next Web
2021 “Junior bankers and long working hours”, GB News (live interview)
2020 “Neurofinance and why some people make money more easily”, BBC World
2020 “Tech unlocks the door to corporate fundraising”, Financial Times
2018 “New study links a CEO’s cultural heritage with corporate performance”, Forbes
2018 “A CEO’s decision making is shaped by immigration”, Harvard Business Review
2018 “Dealing with big egos in the office”, Financial Times
2018 “Bank performance and the cultural DNA”, Harvard Law School Governance Forum
2018 “High active share may lead to poorer returns”, Financial Times
2018 “Brainiac: Banking on immigrants”, Boston Globe
2017 “Cultural heritage and corporate performance”, BBC Radio
2017 “Cultural heritage affects bank performance under competition”, Vox EU
2016 “When bank boards get too cozy, expect misconduct”, Vox EU
2013 “Alan Greenspan’s tone of voice moved gold prices”, Financial Times
2013 “It’s not what Fed chairmen say, it’s the way they say it”, Washington Post
2013 “How Alan Greenspan’s ‘tone’ moved gold and silver”, Globe and Mail
2013 “No 1997 Asian Crisis Return as China Trembles”, Bloomberg
2012 “Beware the dangers of overinflated egos”, Financial Times
2019 TEDx Talk, Fintech and the Future of Finance, Cardiff, (230,000+ views on YouTube)