Adam Smith Business School

Professor Mark Aleksanyan

  • Professor of Accounting and Finance (Accounting & Finance)

email: Mark.Aleksanyan@glasgow.ac.uk

Room 516, Adam Smith Business School, 2 Discovery Place, Glasgow, G11 6EY

Import to contacts

ORCID iDhttps://orcid.org/0000-0001-7826-1452

Biography

Mark joined the University of Glasgow in September 2004, following his role as a lecturer at Leeds Metropolitan University Business School. He earned his undergraduate degree (with distinction) in Mathematical Economics from Yerevan State University of Economy in 1997. He completed his postgraduate studies with an MPhil in International Finance in 2000 and received his PhD in Accounting and Finance in 2004, both from the University of Glasgow.

Before embarking on his academic career, from 1996 to 1999, Mark held various positions, including financial analyst at a financial services firm, economist at the Ministry of Finance and Economy of Armenia, and assistant to the Prime Minister of Armenia.

Mark's research has been published in journals such as Contemporary Accounting Research, Journal of Corporate Finance, Accounting, Auditing & Accountability Journal, European Accounting Review, and Accounting and Business Research. He has also co-authored a book on equity valuation and research reports for professional bodies.

His current research interests are focused on examining the interrelationships between key capital market actors, such as sell-side analysts, asset managers, investor relations officers, corporate brokers, and how their practices and roles are impacted by generative AI. Additionally, Mark's long-term research interests encompass equity valuation, investment analysis, and corporate reporting.

From 2022 to 2025, Mark served as the Associate Head of the Accounting and Finance subject group at the University of Glasgow.

Research interests

Mark is a member of the Accounting research cluster.

Areas of expertise:

  • Information processing and decision-making
  • Financial market actors
  • Equity valuation
  • Empirical accounting
  • Corporate reporting and disclosures

Publications

List by: Type | Date

Jump to: 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2019 | 2018 | 2015 | 2014 | 2013 | 2009 | 2006
Number of items: 17.

2026

Seretis, Evangelos ORCID logoORCID: https://orcid.org/0009-0009-3798-8028, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Tsalavoutas, Ioannis ORCID logoORCID: https://orcid.org/0000-0002-4043-3156 (2026) Analyst forecast errors and dispersion before and after mandatory Solvency II implementation. Journal of International Financial Markets, Institutions and Money, 109, 102289. (doi: 10.1016/j.intfin.2026.102289)

2025

Lee, Kenneth, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Abhayawansa, Subhash (2025) “Fix one problem, create another?”: MiFID II and the hidden costs of regulating markets. Journal of Financial Transformation, 61, pp. 106-115.

Abhayawansa, Subhash, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Lee, Kenneth (2025) Disruption in the market for information: MiFID II and investor relations. European Accounting Review, 34(3), pp. 1147-1171. (doi: 10.1080/09638180.2024.2338513)

2024

Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452, Lee, Kenneth, Meitner, Matthias and Pande, Neil (2024) The Valuation Book: How to Value Businesses and Shares – an Introductory Guide for Investors, Managers and More. Harriman House. ISBN 9780857199492

2023

Lee, Kenneth, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452, Harris, Elaine and Manochin, Melina (2023) Throwing in the towel: what happens when analysts’ recommendations go wrong? Contemporary Accounting Research, 40(3), pp. 1576-1604. (doi: 10.1111/1911-3846.12875)

2022

Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452, Abhayawansa, Subhash and Tsalavoutas, Yannis ORCID logoORCID: https://orcid.org/0000-0002-4043-3156 (2022) Guest editorial. Sustainability Accounting, Management and Policy Journal, 13(6), pp. 1253-1260. (doi: 10.1108/SAMPJ-11-2022-538)

Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452, Danbolt, Jo, Siganos, Antonios ORCID logoORCID: https://orcid.org/0000-0002-8792-9263 and Wu, Betty (H.T.) ORCID logoORCID: https://orcid.org/0000-0002-5153-4964 (2022) I only fear when I hear: how media affects insider trading in takeover targets. Journal of Empirical Finance, 67, pp. 318-342. (doi: 10.1016/j.jempfin.2022.04.004)

Abhayawansa, Subhash, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452, Lee, Kenneth and Tsalavoutas, Ioannis ORCID logoORCID: https://orcid.org/0000-0002-4043-3156 (2022) Usefulness of Real-time Information: Views of Professional Investors and Analysts. Project Report. Institute of Chartered Accountants of Scotland (ICAS).

2021

Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452, Hao, Zhiwei, Vagenas-Nanos, Evangelos ORCID logoORCID: https://orcid.org/0000-0002-2159-2186 and Verwijmeren, Patrick ORCID logoORCID: https://orcid.org/0000-0002-1437-0665 (2021) Do state visits affect cross-border mergers and acquisitions? Journal of Corporate Finance, 66, 101800. (doi: 10.1016/j.jcorpfin.2020.101800)

2019

Spence, Crawford, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452, Millo, Yuval, Imam, Shahed and Abhayawansa, Subhash (2019) Earning the 'write to speak': sell-side analysts and their struggle to be heard. Contemporary Accounting Research, 36(4), pp. 2635-2662. (doi: 10.1111/1911-3846.12496)

2018

Abhayawansa, Subhash, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Cuganesan, Suresh (2018) Conceptualisation of intellectual capital in analysts’ narratives: a performative view. Accounting, Auditing and Accountability Journal, 31(3), pp. 950-969. (doi: 10.1108/AAAJ-03-2017-2873)

2015

Abhayawansa, Subhash, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Bahtsevangolou, John (2015) The use of intellectual capital information by sell-side analysts in company valuation. Accounting and Business Research, 45(3), pp. 279-306. (doi: 10.1080/00014788.2014.1002445)

Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Danbolt, Jo (2015) Segment reporting: is IFRS 8 really better? Accounting in Europe, 12(1), pp. 37-60. (doi: 10.1080/17449480.2015.1027239)

2014

Rutledge, Robert W., Karim, Khondkar E., Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Wu, Chenlong (2014) An examination of the relationship between corporate social responsibility and financial performance: the case of Chinese state-owned enterprises. In: Freedman, Martin and Jaggi, Bikki (eds.) Accounting for the Environment: More Talk and Little Progress. Series: Advances in Environmental Accounting and Management (5). Emerald Group Publishing Ltd., pp. 1-22. ISBN 9781781903032

2013

Aleksanyan, M. ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Karim, K. (2013) Searching for value relevance of book value and earnings: a case of premium vs. discount firms. Review of Quantitative Finance and Accounting, 41(3), pp. 489-511. (doi: 10.1007/s11156-012-0318-8)

2009

Aleksanyan, M. (2009) Does the information environment affect the value relevance of financial statement data? Applied Economics Letters, 16(8), pp. 835-839. (doi: 10.1080/13504850701221972)

2006

Aleksanyan, M (2006) Value relevance of book value, retained earnings and dividends: premium vs discount firms. Journal of Accounting and Finance, 5, pp. 27-49.

This list was generated on Sun Jul 19 12:16:10 2026 BST.
Jump to: Articles | Books | Book Sections | Research Reports or Papers
Number of items: 17.

Articles

Seretis, Evangelos ORCID logoORCID: https://orcid.org/0009-0009-3798-8028, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Tsalavoutas, Ioannis ORCID logoORCID: https://orcid.org/0000-0002-4043-3156 (2026) Analyst forecast errors and dispersion before and after mandatory Solvency II implementation. Journal of International Financial Markets, Institutions and Money, 109, 102289. (doi: 10.1016/j.intfin.2026.102289)

Lee, Kenneth, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Abhayawansa, Subhash (2025) “Fix one problem, create another?”: MiFID II and the hidden costs of regulating markets. Journal of Financial Transformation, 61, pp. 106-115.

Abhayawansa, Subhash, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Lee, Kenneth (2025) Disruption in the market for information: MiFID II and investor relations. European Accounting Review, 34(3), pp. 1147-1171. (doi: 10.1080/09638180.2024.2338513)

Lee, Kenneth, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452, Harris, Elaine and Manochin, Melina (2023) Throwing in the towel: what happens when analysts’ recommendations go wrong? Contemporary Accounting Research, 40(3), pp. 1576-1604. (doi: 10.1111/1911-3846.12875)

Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452, Abhayawansa, Subhash and Tsalavoutas, Yannis ORCID logoORCID: https://orcid.org/0000-0002-4043-3156 (2022) Guest editorial. Sustainability Accounting, Management and Policy Journal, 13(6), pp. 1253-1260. (doi: 10.1108/SAMPJ-11-2022-538)

Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452, Danbolt, Jo, Siganos, Antonios ORCID logoORCID: https://orcid.org/0000-0002-8792-9263 and Wu, Betty (H.T.) ORCID logoORCID: https://orcid.org/0000-0002-5153-4964 (2022) I only fear when I hear: how media affects insider trading in takeover targets. Journal of Empirical Finance, 67, pp. 318-342. (doi: 10.1016/j.jempfin.2022.04.004)

Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452, Hao, Zhiwei, Vagenas-Nanos, Evangelos ORCID logoORCID: https://orcid.org/0000-0002-2159-2186 and Verwijmeren, Patrick ORCID logoORCID: https://orcid.org/0000-0002-1437-0665 (2021) Do state visits affect cross-border mergers and acquisitions? Journal of Corporate Finance, 66, 101800. (doi: 10.1016/j.jcorpfin.2020.101800)

Spence, Crawford, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452, Millo, Yuval, Imam, Shahed and Abhayawansa, Subhash (2019) Earning the 'write to speak': sell-side analysts and their struggle to be heard. Contemporary Accounting Research, 36(4), pp. 2635-2662. (doi: 10.1111/1911-3846.12496)

Abhayawansa, Subhash, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Cuganesan, Suresh (2018) Conceptualisation of intellectual capital in analysts’ narratives: a performative view. Accounting, Auditing and Accountability Journal, 31(3), pp. 950-969. (doi: 10.1108/AAAJ-03-2017-2873)

Abhayawansa, Subhash, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Bahtsevangolou, John (2015) The use of intellectual capital information by sell-side analysts in company valuation. Accounting and Business Research, 45(3), pp. 279-306. (doi: 10.1080/00014788.2014.1002445)

Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Danbolt, Jo (2015) Segment reporting: is IFRS 8 really better? Accounting in Europe, 12(1), pp. 37-60. (doi: 10.1080/17449480.2015.1027239)

Aleksanyan, M. ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Karim, K. (2013) Searching for value relevance of book value and earnings: a case of premium vs. discount firms. Review of Quantitative Finance and Accounting, 41(3), pp. 489-511. (doi: 10.1007/s11156-012-0318-8)

Aleksanyan, M. (2009) Does the information environment affect the value relevance of financial statement data? Applied Economics Letters, 16(8), pp. 835-839. (doi: 10.1080/13504850701221972)

Aleksanyan, M (2006) Value relevance of book value, retained earnings and dividends: premium vs discount firms. Journal of Accounting and Finance, 5, pp. 27-49.

Books

Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452, Lee, Kenneth, Meitner, Matthias and Pande, Neil (2024) The Valuation Book: How to Value Businesses and Shares – an Introductory Guide for Investors, Managers and More. Harriman House. ISBN 9780857199492

Book Sections

Rutledge, Robert W., Karim, Khondkar E., Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452 and Wu, Chenlong (2014) An examination of the relationship between corporate social responsibility and financial performance: the case of Chinese state-owned enterprises. In: Freedman, Martin and Jaggi, Bikki (eds.) Accounting for the Environment: More Talk and Little Progress. Series: Advances in Environmental Accounting and Management (5). Emerald Group Publishing Ltd., pp. 1-22. ISBN 9781781903032

Research Reports or Papers

Abhayawansa, Subhash, Aleksanyan, Mark ORCID logoORCID: https://orcid.org/0000-0001-7826-1452, Lee, Kenneth and Tsalavoutas, Ioannis ORCID logoORCID: https://orcid.org/0000-0002-4043-3156 (2022) Usefulness of Real-time Information: Views of Professional Investors and Analysts. Project Report. Institute of Chartered Accountants of Scotland (ICAS).

This list was generated on Sun Jul 19 12:16:10 2026 BST.

Grants

2026. IAAER–KPMG Research Opportunities – Round 9. Principal investigator. Project title: How AI technology is transforming investors’ and analysts’ use of corporate-reported information: implications for standard setters and preparers. (with S.Abhayawansa, K.Lee and C. Spence). $20,000

2019. ICAS. Principal investigator. Project title: Usefulness of real-time information: views of professional investors and analysts. (with S.Abhayawansa, K.Lee and I.Tsalavoutas). £17,200

2018. Foreign and Commonwealth Office Programme. £82,973

Supervision

Mark is interested in supervising projects that examine:

• Information processing, decision-making, and relationships among various types of capital market actors, including financial analysts, financial intermediaries, asset managers and company management, using qualitative, quantitative, and mixed research methods.
• The impact of technology (including generative AI) and regulations on the practices of capital market actors and financial information intermediaries, employing both qualitative and quantitative research methods.
• Corporate reporting and market-based accounting research.

Current doctoral supervision

  • Awad, Ali Abdul Aziz Mohammed
    Earnings Management and Managerial Behaviour in the Banking Sector: motivations, applications, consequences, and fintech impact
  • Liu, Chen
    Manager characteristics and narrative disclosure quality

Teaching

Courses taught

  • Financial Analysis & Equity Valuation (MSc)
  • Financial Statement Analysis & Valuation (BSc Honours)
  • PhD masterclass (selected topics)

Previously taught

  • International Corporate Finance (MSc)
  • International Capital Markets (MSc)
  • International Financial Analysis (MBA)

Additional information

Research in progress

  • Technology and Generative AI in the practice of Investor Relations
  • Impact of AI on the practice of asset managers and financial analysts
  • Corporate brokers and the field of investment advice
  • Navigating financial and non-financial information: investor perspective
  • Management guidance and analyst consensus

Profile photo of Dr Mark Aleksanyan, Senior Lecturer (Accounting & Finance)