Finance at Leeds
The Finance Division at Leeds blends a rich legacy of excellence with a bold vision for the future of global finance. Led by a distinguished faculty of leading scholars and educators, the division is driving innovative research at the intersection of markets, technology, and society. From fintech and AI to sustainable investing and global regulatory systems, Leeds finance experts tackle the most urgent challenges shaping today’s financial landscape.
Through a culture rooted in integrity and impact, Leeds prepares the next generation of finance leaders to think analytically, act responsibly and lead with confidence in a rapidly evolving world.
Research Themes
Finance Theory
Real Estate Finance and Urban Economics
Labor Finance
Asset Management
19
Tenure/Tenure-Track Faculty
Journal of Finance
Michael Gropper
Additional author: Camelia Kuhnen
Jan. 30, 2025. Volume 80, Issue 2
Using administrative data for 63,000 individuals across 2,500,000 person-month observations, we find that wealthier individuals have better life insurance coverage, controlling for the value of the asset insured, namely, the consumption needs of dependents. This positive wealth-insurance correlation, which is surprising given the prevailing view that wealth substitutes for insurance, persists after allowing for wealth-related differences in risk or bequest preferences, pricing, background risk, education, employment, or liquidity constraints. Our findings call for further investigation of this wealth-coverage correlation but support theories emphasizing the consumption-smoothing role of insurance across not only states of the world, but also time.
Journal of Financial Economics
Christophe Spaenjers
Additional author: Eva Steiner
Dec. 2024, Vol. 162, 103930
Abstract: Using granular data on U.S. hotel investments over the past two decades, we show that industry-specialist PE firms achieve higher net income from operations and higher capital gains from sale than generalist PE firms for comparable properties. Those results are driven by specialists implementing more and larger cost savings without compromising revenues. Fundamentally, specialists utilize their hotel-specific operating expertise to produce superior performance outcomes. We show that specialists across investment sectors possess deeper industry-specific operating expertise. Our results suggest that specialist PE firms can compete with their generalist rivals by leveraging such expertise in a chosen market niche.
Journal of Financial Economics
Simona Abis
Additional author: Anton Lines
Dec. 2024, Vol. 162, 103948
Abstract: What characteristics of mutual funds do investors care about? In addition to performance and fees, we show that investors exhibit a clear preference for managers who adhere to the strategies they describe in their prospectuses. Capital flows respond negatively when funds diverge from the average holdings of their text-based strategy peer groups, but positively when they outperform those peer averages. We identify this effect using a novel instrumental variables approach, and show that funds face a delicate trade-off between keeping their promises and outperforming their peers who make similar promises.
Review of Financial Studies
Emily A. Gallagher
Additional author: John M Dooley
Sep. 2024, Vol. 37 Issue 9, p2779-2816
Abstract: Little is known about the motivations and outcomes of sellers in remunerated markets for human materials. We exploit dramatic growth in the U.S. blood plasma industry to shed light on the sellers of plasma. Sellers tend to be young and liquidity-constrained with low incomes and limited access to traditional credit. Plasma centers absorb demand for nontraditional credit. After a plasma center opens nearby, demand for payday loans falls by over 13% among young borrowers. Meanwhile, foot traffic increases by over 4% at nearby stores, suggesting that constrained households use plasma markets to smooth consumption without appealing to high-cost debt.
Burridge Center for Finance - Center of Excellence
Serving as an engine for intellectual discourse, Burridge Center for Finance elevates research scholarship and connects Leeds faculty with the global academic community. The center offers an outlet for academic inquiry while connecting students and the global finance community to deliver excellence across teaching and scholarship.
- The Colorado Finance Summit: A premier, boutique academic conference held annually in Vail, Colorado. The summit brings together top scholars from leading global institutions for intensive paper presentations, in-depth discussant feedback on early-stage research, and a dedicated workshop session for top job-market candidates.
- Finance Seminar Series: Sponsored by the Burridge Center, this weekly series brings leading finance researchers from top institutions across the globe to present working papers, foster collaborative dialogue, and engage with Leeds faculty and PhD candidates.
- Research & Methodological Pedagogy: Supporting continuous scholarly development and integrating sophisticated analytical and quantitative approaches into doctoral training and advanced academic curricula.
Through these scholarly networks, the Finance Division and the Burridge Center remain committed to advancing the frontier of financial knowledge and shaping the next generation of academic leaders.