Fagprofil

Richard Priestley

Instituttleder, Professor - Institutt for finans

Biografi

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Prof. Priestley's research interests cover the areas of asset pricing, dividend policy, and international financial markets. His research has been published in the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Business, Economic Journal, Journal of Financial and Quantitative Analysis, Journal of Empirical Finance, Journal of International Money and Finance, and Economics Letters, amongst others.
 

Publikasjoner

Gomez, Juan Pedro; Priestley, Richard & Zapatero, Fernando (2016)

Labor Income, Relative Wealth Concerns and the Cross Section of Stock Returns

Journal of Financial and Quantitative Analysis, 51(4), s. 1111- 1133. Doi: 10.1017/S002210901600048X

Cooper, Ilan & Priestley, Richard (2016)

The expected returns and valuations of private and public firms

Journal of Financial Economics, 120(1), s. 41- 57. Doi: 10.1016/j.jfineco.2016.01.023

Garrett, I. & Priestley, Richard (2012)

Dividend Growth, Cash Flow and Discount Rate News

Journal of financial and quantitative analysis, 47(5), s. 1003- 1028. Doi: 10.1017/S0022109012000427

The relative predictability of returns and dividends is a central issue since it forms the paradigm to interpret asset price variation. A little studied question is how dividend smoothing, as a choice of corporate policy, affects predictability. We show that, even if dividends are supposed to be predictable without smoothing, dividend smoothing can bury this predictability. Since aggregate dividends are dramatically more smoothed in the postwar period than before, the lack of dividend growth predictability in the postwar period does not necessarily mean that there is no cash flow news in stock price variations; rather, a more plausible interpretation is that dividends are smoothed. Using two alternative measures that are less subject to dividend smoothing -- net payout and earnings -- we reach the consistent conclusion that cash flow news plays a more important role than discount rate news in price variations in the postwar period.

Chen, Long; Da, Zhi & Priestley, Richard (2012)

Dividend Smoothing and Predictability

Management science, 58(10), s. 1834- 1853. Doi: 10.1287/mnsc.1120.1528

Agarwal, Vikas; Gómez, Juan-Pedro & Priestley, Richard (2012)

Management compensation and market timing under portfolio constraints

Journal of Economic Dynamics and Control, 36(10), s. 1600- 1625. Doi: 10.1016/j.jedc.2012.05.006

Cooper, Ilan & Priestley, Richard (2012)

The World Business Cycle and Expected Returns

Review of Finance, 17(3), s. 1029- 1064. Doi: 10.1093/rof/rfs014

Cooper, Ilan & Priestley, Richard (2011)

Real Investment and Risk Dynamics

Journal of Financial Economics, 101(1), s. 182- 205. Doi: 10.1016/j.jfineco.2011.02.002

Gómez, Juan-Pedro; Priestley, Richard & Zapatero, Fernando (2009)

Implications of Keeping-Up-with-the-Joneses Behavior for the Equilibrium Cross Section of Stock Returns: International Evidence

Journal of Finance, 64(6), s. 2703- 273.

Priestley, Richard & Cooper, Ilan (2009)

Time-Varying Risk Premiums and the Output Gap

The Review of financial studies, 22(7), s. 2801- 2833. Doi: 10.1093/rfs/hhn087

Hardouvelis, G.A.; Malliaropulos, D. & Priestley, Richard (2007)

The impact of the EMU on the equity cost of capital

Journal of International Money and Finance, 26(2), s. 305- 327.

Priestley, Richard & Ødegaard, Bernt Arne (2007)

Linear and Nonlinear exchange rate exposure

Journal of International Money and Finance, 26, s. 1016- 1037.

Hardouvelis, G.A.; Malliaropulos, D. & Priestley, Richard (2006)

EMU and European stock market integration

The journal of business, 79(1), s. 365- 392.

The launch of the single currency in Europe in January 1999 was preceded by a period of regulatory harmonization, convergence in bond yields and inflation rates, and strict fiscal policy across the Eurozone countries. We examine whether the 1990s also were characterized by increased stock market integration. The results indicate that, as forward interest differentials benchmarked against Germany and inflation differentials benchmarked against the three best performing states shrank toward zero, stock markets converged toward full integration. The United Kingdom, a country that chose not to enter the Eurozone, shows no such increase in stock market integration.

Priestley, Richard & Ødegaard, Bernt Arne (2004)

Exchange rate regimes and the price of exchange rate risk

Economics Letters, 82, s. 181- 188.

Barr, David G. & Priestley, Richard (2004)

Expected returns, risk, and the integration of international bond markets

Journal of International Money and Finance, 23(1), s. 71- 97.

Priestley, Richard (2002)

Calculating the Probability of Failure of the Norwegian Banking Sector

Journal of Multinational Financial Management, 12(1), s. 21- 40.

Priestley, Richard (2001)

Time-varying persistence in expected returns

Journal of Banking & Finance, 25(7), s. 1271- 1286.

Miffre, J. & Priestley, Richard (2000)

Sources of Systematic Risk in Futures and Spot Markets: A Study of Market Integration

Journal of Business Finance & Accounting, 27(7/8), s. 933- 952.

Clare, A.D.; Oozer, M.C., Priestley, Richard & Thomas, S.H. (2000)

Modeling the Risk Premium on Eurodollar Bonds

Journal of Fixed Income, 9(March), s. 61- 73.

Antoniou, A.; Barr, D.G. & Priestley, Richard (2000)

Abnormal Stock Returns and Public Policy: The Case of the UK Privatised Electricity and Water Utilities

International journal of finance and economics, 5, s. 93- 106.

Garrett, I. & Priestley, Richard (2000)

Dividend Behaviour and Dividend Signaling

Journal of financial and quantitative analysis, 35(2), s. 173- 189.

Priestley, Richard & Malliaropulos, D. (1999)

Mean Reversion in S.E. Asian Stock Markets

Journal of Empirical Finance, 6(4), s. 355- 384.

Clare, Andrew & Priestley, Richard (1998)

Evidence in support of the CAPM from three South East Asian stock markets

Ekonomia, 2(2), s. 145- 154.

Priestley, Richard & Clare, A. (1998)

Risk Factors in the Malaysian Stock Market

Pacific-Basin Finance Journal, 6(1-2), s. 103- 114.

Priestley, Richard; Antoniou, A. & Holmes, P. (1998)

The Effects of Stock Index Futures Trading on Stock Index Volatility: An Analysis of the Asymmetric Response of Volatility to News

Journal of futures markets, 18(2), s. 151- 166.

Priestley, Richard; Antoniou, A. & Garrett, I. (1998)

Calculating the Equity Cost of Capital Using the APT: The Impact of the ERM

Journal of International Money and Finance, 17(6), s. 949- 966.

Priestley, Richard; Clare, A. & Thomas, S. (1998)

Reports of Beta's Death are Premature: Evidence from the UK

Journal of Banking & Finance, 22(9), s. 1207- 1229.

Priestley, Richard; Antoniou, A. & Garrett, I. (1998)

Macroeconomic Variables as Common Pervaise Risk Factors and the Empirical Content of the Arbitrage Pricing Theory

Journal of Empirical Finance, 5(3), s. 221- 240.

Cooper, Ilan; Mitrache, Andreea & Priestley, Richard (2017)

A Global Macroeconomic Risk Model for Value, Momentum, and other Asset Classes

[Academic lecture]. Jacob Levy Center conference.

Cooper, Ilan; Priestley, Richard & Mitrache, Andreea (2017)

A Global Macroeconomic Risk Model for Value, Momentum, and other Asset Classes

[Academic lecture]. Financial Intermediation Research Society annual conference.

Cooper, Ilan; Priestley, Richard & Mitrache, Andreea (2017)

A Global Macroeconomic Risk Model for Value, Momentum, and other Asset Classes

[Academic lecture]. NES 25th anniversary conference.

Atanasov, Victoria; Cooper, Ilan, Priestley, Richard & Zhong, Junhua (2016)

The factor structure of time-varying discount rates

[Academic lecture]. 2016 SFS Finance Cavalcade.

Atanasov, Victoria; Cooper, Ilan, Priestley, Richard & Zhong, Junhua (2016)

The factor structure of time-varying discount rates

[Academic lecture]. European Finance Association annual meeting.

Cooper, Ilan & Priestley, Richard (2014)

The Expected Returns and Valuations of Private and Public Firms

[Academic lecture]. Seminar at IE Business School.

Priestley, Richard (2009)

Relative wealth concerns and the cross-section of stock returns

[Academic lecture]. The 2009 Winter Conference on Business Intelligence.

Priestley, Richard (2008)

Real Investment and Stock Returns

[Academic lecture]. 35th EFA Annual Meeting.

Priestley, Richard (2008)

Asset Pricing Implications of Relative Wealth Concerns

[Academic lecture]. 35TH EFA Annual Meeting.

Akademisk grad
År Akademisk institusjon Grad
1995 Brunel University Ph.D.
1995 Brunel University Ph.D.
Arbeidserfaring
År Arbeidsgiver Tittel
2000 - Present BI Norwegian Business School Professor
2007 - 2013 Manchester Business School Visiting Professor
1997 - 2000 BI Norwegian Business School Associate Professor
1994 - 1997 Brunel University Lecturer
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