Business School

Prof Jo Danbolt

Jo Danbolt
  • Professor of Finance (Accounting and Finance)

telephone: 01413306289
email: Jo.Danbolt@glasgow.ac.uk


Research interests

Main: Shareholder wealth effects of domestic and cross-border mergers and acquisitions; Measuring growth opportunities and the impact of growth opportunities on corporate cost of capital; Capital structure and its determinants; Market-based accounting research

Secondary: Capital investment announcements; Corporate governance

Biography

Jo joined Accounting & Finance at Glasgow in 1998 from Heriot-Watt University in Edinburgh where he had been a lecturer for 4 years.  He was promoted to Professor of Finance in 2004, and from 2007 to 2009, Jo was Associate Dean for Academic Services for the Faculty of Law, Business and Social Sciences. Currently he is Head of Subject for Accounting & Finance. He gained a Bachelor of Arts in Business Organisation with First Class Honours in 1990, and a PhD in Finance on cross-border mergers and acquisitions in 1997, both from Heriot-Watt University in Edinburgh. 

Jo undertakes research in the area of empirical finance, and his main research interests are the impact on share prices of mergers and acquisitions, the measurement of growth opportunities, capital structure determinants, and market-based accounting research.  He has published in a number of finance and accounting journals, including European Financial Management, European Journal of Finance, and European Accounting Review, amongst others.

A current funded research project (Carnegie Trust) investigates the impact of cross-border acquisitions on shareholder wealth.  Jo has also previously held research funding from the Carnegie Trust, as well as seedcorn funding from ICAS and the Adam Smith Research Foundation.

Jo is member of several Editorial Boards, including the Qualitative Research in Financial Markets. He frequently reviews papers for a number of leading journals, and he has also reviewed grant proposals for the Economic and Social Research Council (ESRC) as well as Canadian, Dutch and Hong Kong funding councils.  In the last few years he has been external examiner of seven PhD theses, including at the universities of Cambridge, Durham, Edinburgh, Stirling, Napier and Western Australia.

Jump to: 2012 | 2011 | 2008 | 2007 | 2006 | 2004 | 2003 | 2002 | 1995
Number of items: 17.

2012

Ntim, C.G., Opong, K.K. , and Danbolt, J. (2012) The relative value relevance of shareholder versus stakeholder corporate governance disclosure policy reforms in South Africa. Corporate Governance: An International Review, 20 (1). pp. 84-105. ISSN 0964-9410 (doi:10.1111/j.1467-8683.2011.00891.x)

Ntim, Collins, Opong, K. , Danbolt, J. , and Thomas, D.A. (2012) Voluntary corporate governance disclosure by post-apartheid South African corporations. Journal of Applied Accounting Research . ISSN 0967-5426 (In Press)

2011

Danbolt, J., Hirst, I., and Jones, E. (2011) The growth companies puzzle: can growth opportunities measures predict firm growth? European Journal of Finance, 17 (1). pp. 1-25. ISSN 1351-847X (doi:10.1080/13518470903448432)

Ntim, Collins, Opong, K.K. , Danbolt, J. , and Dewotor, F.S. (2011) Testing the weak-form efficiency in African stock markets. Managerial Finance, 37 (3). pp. 195-218. ISSN 0307-4358 (doi:10.1108/03074351111113289)

2008

Hirst, I., Danbolt, J. , and Jones, E. (2008) Required rates of return for corporate investment appraisal in the presence of growth opportunities. European Financial Management, 14 (5). pp. 989-1006. ISSN 1468-036X (doi:10.1111/j.1468-036X.2007.00406.x)

Danbolt, J., and Rees, W. (2008) An experiment in fair value accounting: UK investment vehicles. European Accounting Review, 17 (2). pp. 271-303. ISSN 1468-4497 (doi:10.1080/09638180701819865)

2007

Ntim, C., Opong, K. , and Danbolt, J. (2007) An empirical re-examination of the weak form efficient markets hypothesis of the Ghana stock market using variance-ratios tests. African Finance Journal, 9 (2). pp. 1-25. ISSN 1605-9786

2006

Jetty, J., and Danbolt, J. (2006) FRS 12: an inter-industry study of its impact on share prices. Petroleum Accounting and Financial Management Journal, 25 (3). pp. 1-22. ISSN 1554-2904

2004

Jones, E., and Danbolt, J. (2004) Joint venture investments and the market value of the firm. Applied Financial Economics, 14 (18). pp. 1325-1331. ISSN 0960-3107 (doi:10.1080/09603100412331313569)

Jones, E., Danbolt, J. , and Hirst, I. (2004) Company investment announcements and the market value of the firm. European Journal of Finance, 10 (5). pp. 437-452. ISSN 1351-847X

Danbolt, J. (2004) Target company cross-border effects in acquisitions into the UK. European Financial Management, 10 (1). pp. 83-108. ISSN 1354-7798 (doi:10.1111/j.1468-036X.2004.00241.x)

Bevan, A.A., and Danbolt, J. (2004) Testing for inconsistencies in the estimation of UK capital structure determinants. Applied Financial Economics, 14 (1). pp. 55-66. ISSN 1466-4305 (doi:10.1080/0960310042000164220)

2003

Jones, E., and Danbolt, J. (2003) R&D project announcements and the impact of ownership structure. Applied Economics Letters, 10 (14). pp. 933-936. ISSN 1350-4851

Bevan, A., and Danbolt, J. (2003) Capital structure in the UK. Eclectic, 15 . pp. 16-21.

2002

Bevan, A.A., and Danbolt, J. (2002) Capital structure and its determinants in the United Kingdom – a decompositional analysis. Applied Financial Economics, 12 (3). pp. 159-170. ISSN 0960-3107 (doi:10.1080/09603100110090073)

Danbolt, J., and Rees, W. (2002) The valuation of European financial firms. Review of Accounting and Finance, 1 (1). pp. 5-24. ISSN 1475-7702

1995

Danbolt, J. (1995) An analysis of gains and losses to shareholders of foreign bidding companies engaged in cross-border acquisitions into the United Kingdom, 1986-1991. European Journal of Finance, 1 (3). pp. 279-309. ISSN 1466-4364 (doi:10.1080/13518479500000021)

This list was generated on Fri May 25 00:49:48 2012 BST.

Interest in research student (PhD) supervision

I currently supervise a number of PhD students undertaking empirical finance research on topics related to my research interest.  My main areas of PhD supervision are related to the shareholder wealth effects of mergers and acquisitions, capital structure determinants and the relationship between corporate governance and firm value.  (I am also involved in the supervision of a PhD on banking, although I am unlikely to accept further research students in this area, as it does not closely relate to my areas of research).

Current PhD students

Ms Lei Chen

Thesis title: A mixed-methods study investigating intangibles in the banking sector.
l.chen.1@research.gla.ac.uk
Co-supervisor: Prof. John Holland
Scholarship: Adam Smith Research Foundation

Ms Shammyla Naeem

Thesis title: The impact of credit rating on the capital structure and debt maturity structure for firms in the UK.  It focuses on examining whether credit rating changes can explain variations in financial structure of non-financial UK firms.
s.naeem.1@research.gla.ac.uk
Co-Supervisor: Dr Antonios Siganos
Scholarship: Glasgow University Postgraduate Scholarship and Overseas Resarch Student Awards Scheme (ORSAS)

Mr Abongeh Akumbom Tunyi

Thesis title: Mergers and Acquisitions
a.tunyi.1@research.gla.ac.uk
Co-supervisor: Dr Antonios Siganos
Scholarship: University of Glasgow Postgraduate Scholarship, Overseas Research Student Awards Scheme (ORSAS)

Undergraduate: International Financial Management

Postgraduate: International Financial Management

Work in progress

Segmental reporting in the UK

This is a joint project with Mark Aleksanyan (University of Glasgow) exploring the impact of the change from UK to International Accounting Standards on the geographic and line of business segment reporting by listed UK companies.  A draft paper entitled "The effect of the transition from SSAP 25 to IAS 14 on segment reporting in the UK", has been presented at the BAA 2009 and EAA 2009 conferences and is available to the public.

The measurement of growth opportunities

This is a joint project with Ian Hirst (Heriot-Watt University, Edinburgh) and Eddie Jones (Edinburgh University).  We analyse the extent to which different proxies and measures for the presence of corporate growth opportunities are associated with future firm growth.  A draft paper entitled "The Growth Companies: Can Growth Opportunities Measures Predict Firm Growth", has been presnted at the BAA 2009 and EFMA 2009 conferences and is available to the public.

Shareholder wealth effects of mergers and acquisitions in the UK

This is a joint project with Gillian Maciver (University of Glasgow), extending my prior work (see publications above) on shareholder wealth effects and its determinants in domestic and cross-border acquisitions in the UK.

A number of my working papers are available from the Social Science Research Network (SSRN): papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=234521

Administration & roles

Internal Roles

  • Head of Accounting & Finance subject group
  • Member of College Appeals Committee
  • Member of the School Postgraduate Committee

External Roles

  • Member of Editorial Board for Qualitative Research in Financial Methods
  • External examiner of Masters in Finance programmes, University of Stirling
  • Member of the Scientific Committee of the EAA 2010 meeting