Meziane Lasfer

Research and Teaching Interests Applied Corporate Finance: • Dividend Policy: Taxes and dividends, Ex-day price behaviour, Dividends and investments in R&D • Financing: Capital structure, IPOs, SEOs, Leasing • Corporate Restructuring: M&A, Spin-offs, Carve-outs, Divestments, Share repurchases, Corporate recovery Capital Markets: Share prices and news announcements, Insider trading, Institutional trading, Efficiency Corporate Governance: Ownership, Board structure, Compensation

Meziane Lasfer won a scholarship towards a master's degree and followed this up with accounting and corporate finance qualifications from the LSE and University of Bath. He joined the Business School in 1990. He has written extensively on Corporate Finance, Capital Markets and Corporate Governance issues. His research is widely reported in the financial press and was sponsored by the National Association of Pension Funds (NAPF), the Finance Lease Association (FLA) and the Institute of Chartered Accountants in England and Wales (ICAEW), the Chartered Institute of Management Accountants (CIMA) and various companies (e.g., BP, Donaldson’s and Land Securities-Trillium). The outcome of his research is published in top academic journals such as Journal of Finance, Journal of Finance and Quantitative Analysis, Journal of Banking and Finance, Journal of Corporate Finance, Journal of Business Finance and Accounting, Financial Management and European Financial Management. Meziane was the Director of the MSc Finance programme, the PhD programme, and acted as Director of Research. He teaches Corporate Finance, Financial Analysis, Research project Management and Financial Economics to MBA, MSc and PhD students. In addition he taught executives in UK and abroad. His outstanding teaching performance led him to win the first Dean's Prize for Teaching Excellence in 1998, 2003, 2006 and 2008. He was visiting professor at HEC Paris, University Paris Dauphine, and University Paris XII Creteil.

SSRN Publications: http://ssrn.com/author=051800

For latest video on raising capital: http://www.cass.city.ac.uk/media/videos.html

For latest Financial Times contributions: http://search.ft.com/search?queryText=lasfer

Qualifications

• PhD, University of Bath, United Kingdom, Jan 1985 – Jan 1987
• Dip (LSE), London School of Economics and Political Science, United Kingdom, 1981 – 1982
• BSc (ESC), Unknown, unknown

Employment

• Visiting Professor, University of Bologna, 2012 – present
• Visiting Professor, University of Lisbon, 2006 – present
• Visiting Professor, Paris Dauphine University, 2003 – present
• Visiting Professor, Hautes Etudes Commerciales de Paris, 2000 – 2001
• Visiting Professor, Paris 8 University, 1999 – 2003
• Professor of Finance, City, University of London, 1990 – present

Memberships of Professional Organisations

• European Finance Association (EFA), Jan 2000 – present
• American Finance Association (AFA), Jan 1994 – present
• Financial Management Association, Jan 1992 – present

Languages

Arabic (can read), Berber languages (can read, write, speak and understand spoken), English (can read, write, speak, understand spoken and peer review) and French (can read, write, speak, understand spoken and peer review).

Expertise

Primary Topics

• Mergers & Acquisitions
• Venture Capital
• Asset Pricing
• Bankruptcy & Liquidation
• Financial Economics
• Private Equity
• Corporate Governance
• Accounting
• Real Estate Finance
• Capital MarketsFinance
• Asset Valuation
• Corporate Finance

Geographic Areas

• Africa
• Asia - Southeast
• Europe - Western
• Middle East

Research

Over the last three years I focussed on insider trading and carried on working on dividends. In terms of insider trading I looked in the past at the information content of insider trading in seasoned firms (one paper published in a 3 journal). Now I focussed on trading in Initial Public Offerings (IPOs) where the information asymmetry problem is higher (two papers under review in good journals). In terms of dividends I worked on the impact of taxation and governance on dividends across 24 OECD countries. The paper is now published. I intend to extent this analysis further by testing the impact of dividends on mergers and acquisitions (I have one PhD student woirking on the topic), the testing of the catering theory of dividend across markets, and the dividend policy of IPOs (one of my students completed his PhD on the topic and we are writing joint papers). I also worked on share repurchases across Europe (one completed paper under review). I also worked on the market behaviour following large price shocks (one paper published) and I started working on the recovering strategies adopted by financially distressed firms, the delisting strategies of firms from the stock markets, and the impact of size on the firms' capital structure.

Research Topics

• Insider Trading before IPO Lockup Expiry Dates: Evidence from the UK
• Insider Trading and International Cross-Listing
• Does duality destroy value?
• The Impact of Mergers and Acquisitions on Dividends: A Cross-Country Analysis
• Determinants of non-executive remuneration in the UK
• The Recovery Strategies of Financially Distressed Firms

Chapters (3)

• Lasfer, M.A. (2004). On the monitoring role of the board of directors: the case of the adoption of Cadbury recommendations in the UK. Corporate Governance (Advances in Financial Economics) (pp. 287–326). Emerald Group Publishing Limited. ISBN 978-0-7623-1133-0.
• Lasfer, M. and Faccio, M. (2004). Do Occupational Pension Funds Monitor Companies in Which They Hold Large Stakes? In Keasey, K., Thompson, S. and Wright, M. (Eds.), Corporate Governance (International Library of Critical Writings in Economics Series) Edward Elgar Publishing.
• Lasfer, M.A. and Faccio, M. (2002). Institutional Shareholders and Corporate Governance: the Case of UK Pension Funds. In McCahery, J., Moerland, P., Raaijmakers, T. and Renneboog, L. (Eds.), Corporate Governance Regimes: Convergence and Diversity Oxford University Press

Journal Articles (27)

• Hahn, P.D. and Lasfer, M. (2016). Impact of foreign directors on board meeting frequency. International Review of Financial Analysis, 46, pp. 295–308. doi:10.1016/j.irfa.2015.11.004.
• Boubaker, S., Derouiche, I. and Lasfer, M. (2015). Geographic location, excess control rights, and cash holdings. International Review of Financial Analysis, 42, pp. 24–37. doi:10.1016/j.irfa.2014.07.008.
• Andriosopoulos, D. and Lasfer, M. (2015). The market valuation of share repurchases in Europe. Journal of Banking and Finance, 55, pp. 327–339. doi:10.1016/j.jbankfin.2014.04.017.
• Kashefi Pour, E. and Lasfer, M. (2013). Why do companies delist voluntarily from the stock market? Journal of Banking & Finance, 37(12), pp. 4850–4860. doi:10.1016/j.jbankfin.2013.08.022.
• Hoque, H. and Lasfer, M. (2013). Directors' Dealing and Post-IPO Performance. European Financial Management . doi:10.1111/j.1468-036X.2013.12013.x.
• Alzahrani, M. and Lasfer, M. (2012). Investor protection, taxation, and dividends. Journal of Corporate Finance, 18(4), pp. 745–762. doi:10.1016/j.jcorpfin.2012.06.003.
• Lasfer, M., Xiaowen Lin, S. and Muradoglu, G. (2012). Optimism in foreign investors. Review of Behavioural Finance, 4(1), pp. 8–27. doi:10.1108/19405971211261083.
• Hahn, P.D. and Lasfer, M. (2011). The compensation of non-executive directors: Rationale, form, and findings. Journal of Management and Governance, 15(4), pp. 589–601. doi:10.1007/s10997-010-9134-5.
• Adaoglu, C. and Lasfer, M. (2011). Why Do Companies Pay Stock Dividends? The Case of Bonus Distributions in an Inflationary Environment. Journal of Business Finance & Accounting, 38(5-6), pp. 601–627. doi:10.1111/j.1468-5957.2011.02233.x.
• Korczak, A., Korczak, P. and Lasfer, M. (2010). To Trade or Not to Trade: The Strategic Trading of Insiders around News Announcements. Journal of Business Finance & Accounting, 37(3-4), pp. 369–407. doi:10.1111/j.1468-5957.2010.02185.x.
• Lasfer, M. (2008). Taxes and ex-day returns: Evidence from Germany and the U.K. National Tax Journal, 61(4 PART 1), pp. 721–742.
• Lasfer, M. (2007). On the financial drivers and implications of leasing real estate assets. Journal of Corporate Real Estate, 9(2), pp. 72–96. doi:10.1108/14630010710828090.
• Gajewski, J.-.F., Ginglinger, E. and Lasfer, M. (2007). Why do companies include warrants in seasoned equity offerings? Journal of Corporate Finance, 13(1), pp. 25–42. doi:10.1016/j.jcorpfin.2006.05.001.
• Lasfer, M. and Bozcuk, A. (2007). Changes in Block Ownership in the London Stock Exchange. International Journal of Business, 13(Winter), pp. 85–99.
• Lasfer, M.A. (2006). The interrelationship between managerial ownership and board structure. JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 33(7-8), pp. 1006–1033. doi:10.1111/j.1468-5957.2006.00600.x.
• Lasfer, M.A. (2006). Discussion of Separation of Ownership from Control and Acquiring Firm Performance: The Case of Family Ownership in Canada. Journal of Business Finance and Accounting, 33(3-4), pp. 544–549. doi:10.1111/j.1468-5957.2006.00632.x.
• Bozcuk, A. and Lasfer, M.A. (2005). The information content of institutional trades on the London stock exchange. Journal of Financial and Quantitative Analysis, 40(3), pp. 621–644.
• Lasfer, M. and Morzaria, K. (2004). United Kingdom: Bidder's attitude determines M&A success. International Financial Law Review (IFLR), The IFLR Guide to Mergers and Acquisitions 2004(April Supplement), pp. 187–189.
• Lasfer, M.A., Melnik, A. and Thomas, D.C. (2003). Short-term reaction of stock markets in stressful circumstances. Journal of Banking and Finance, 27(10), pp. 1959–1977. doi:10.1016/S0378-4266(02)00313-8.
• Faccio, M. and Lasfer, M.A. (2000). Do occupational pension funds monitor companies in which they hold large stakes? Journal of Corporate Finance, 6(1), pp. 71–110.
• Lasfer, M.A. and Levis, M. (1998). The Determinants of the Leasing Decision of Small and Large Companies. European Financial Management, 4(2), pp. 159–184. doi:10.1111/1468-036X.00062.
• Lasfer, M.A. (1997). On the motivation for paying scrip dividends. Financial Management, 26(1), pp. 62–80.
• Lasfer, M.A. (1997). Scrip Dividends: the Management's View. European Financial Management, 3(2), pp. 237–249.
• Lasfer, M.A., Sudarsanam, P.S. and Taffler, R.J. (1996). Financial distress, asset sales, and lender monitoring. Financial Management, 25(3), pp. 57–66.
• Lasfer, M.A. (1996). Taxes and dividends: The UK evidence. Journal of Banking and Finance, 20(3), pp. 455–472. doi:10.1016/0378-4266(95)00012-7.
• LASFER, M.A.M.E.Z.I.A.N.E. (1995). Ex-Day Behavior: Tax or Short-Term Trading Effects. The Journal of Finance, 50(3), pp. 875–897. doi:10.1111/j.1540-6261.1995.tb04040.x.
• Lasfer, M.A. (1995). Agency costs, taxes and debt: The UK evidence. European Financial Management, 1(3), pp. 265–285.

Course Directorship

• 2006 - 2008, MSc Finance, Director
• 1996 - 2001, hD Programme, Director

Editorial Activities (11)

• Journal of Corporate Finance, Referee, 2009 – present.
• Journal of Business Finance and Accounting, Referee, 2007 – present.
• Revue des Sciences Commerciales et de Gestion, Associate Editor, 2006 – present.
• International Journal of Accounting and Finance (IJAF), Associate Editor, 2006 – present.
• La Revue du Financier, Associate Editor, 2006 – present.
• Journal of Political Economy, Referee, 2005 – present.
• Emerging Markets Letters, Associate Editor, 2004 – present.
• Journal of Business Finance and Accounting, Associate Editor, 2003 – present.
• Corporate Governance International Review, Referee, 2000 – present.
• Multinational Finance Journal, Associate Editor, 2000 – present.
• Journal of Banking and Finance, Referee, 1994 – present.