Bangor Business School

Professor Stuart McLeay

Division of Financial Studies

Building & Room No: Room 202, Hen Goleg

Telephone No: 01248 38 2180

Email address:


Director of Research

Professor Stuart McLeay is a qualified chartered accountant who has lived and worked in Germany, France and Italy, having more than ten years experience with the European Investment Bank, Price Waterhouse and other international firms in the financial sector. He was previously at Lancaster Management School, where he completed his PhD at the International Centre for Research in Accounting. He has held the post of visiting professor at the University of Sydney, Copenhagen Business School, the University of Frankfurt, the University of Siena, La Trobe University Melbourne and the University of Technology Sydney. He was previously research fellow at Warwick Business School's Institute for Management Development and the University of Bath's Centre for European Industrial Studies and an ESRC visiting research fellow at the University of Augsburg in Germany and Hautes Etudes Commerciales in France. He is currently involved in the coordination of European doctoral training networks, and his research interests are in accounting, banking and finance. Professor Stuart McLeay is also the Chair of the Trustees of Bangor University Pension and Assurance Fund.


Roles within Bangor Business School

  • Director of Research
  • Chair of the Research Committee
  • Professor of Financial Analysis


Qualifications/Memberships of professional bodies

  • MSc Management
  • PhD Statistical Modelling of Financial Indicators
  • FCA Fellow of the Institute of Chartered Accountants in England and Wales


Research interests in accounting, banking and finance: - financial markets, financial analysis, financial reporting, accounting regulation, statistical modelling and comparative international research.


Key Publications:

  • (with M. Stevenson), Modelling the longitudinal properties of financial ratios, Applied Financial Economics, forthcoming 2008, paper presented at the "50 Years Econometrics conference", Econometrics Institute, Erasmus, Rotterdam.
  • Fair value and the conceptual framework, Abacus, Vol. 44 (2), June 2008, pp. 137-138 (Abacus Forum Issue Guest Editorial).
  • International financial analysis, in C.W. Nobes and R.H. Parker (eds), Comparative International Accounting, Financial Times/Prentice Hall, Tenth Edition, 2008, pp. 457-480.
  • (with C. Dargenidou and  I. Raonic), Ownership, investor protection and earnings expectations, Journal of Business Finance and Accounting, Vol. 34 (1-2), January 2007, 247-268.
  • (with A. Jaafar), Country effects and sector effects on the harmonization of accounting policy choice, Abacus, Vol. 43 (2), June 2007, 156-189.
  • (with C. Dargenidou and I. Raonic), Expected earnings growth and the cost of capital: an analysis of accounting regime change in the European financial market, Abacus, Vol. 42 (3-4), September 2006, 388-414.
  • (with H. Daske and G. Gebhardt), The distribution of earning relative to targets in the European Union, Accounting and Business Research, Vol.36 (3), January 2006, 137-168.
  • (with C. Grambovas), Corporate value, corporate earnings and exchange rates: an analysis of the Eurozone, The Irish Accounting Review, Vol.12 , Spring, 2006, 65-83.
  • (with I. Jindrichovska), Accounting for good news and accounting for bad news: some empirical evidence from the Czech Republic, European Accounting Review, Vol.14 (3), 2005, 635-655.
  • The effect of earnings management on the asymmetric timeliness of earnings, Journal of Business Finance and Accounting, Vol.32 (3-4), 2005, 727-735.
  • (with I.  Asimakopoulos and I. Raonic), The asymmetric timeliness of earnings: evidence from interlisted firms in Europe,  Journal of Business Finance and Accounting, Vol. 31 (1-2),  January 2004, 115-147.
  • (with D. Merkl), Drafting accounting law: an analysis of lobbying behaviour in the context of institutionalised interest representation, in A. Hopwood, C. Leuz and D. Pfaff, The Politics of Accounting Regualtion, Oxford University Press, 2004, 317-346.
  • Locating accounting in its national context: the case of Italy, European Accounting Review, Vol.12 (3), 2004, 583-588.
  • (with D. Trigueiros), Proportionate growth and the theoretical foundations of financial ratios, Abacus, October 2002, pp. 297-316.
  • (with R. Di Pietra and A. Riccaboni), 'La regolazione del bilancio di esercizio: modelli teorici ed esperienza Italiana' , Rivista dei Dottori Commercialisti, Vol. 52, No. 6, 2001, 901-936.


Research Students Supervisor:

  1. Azlan Ali - Corporate Governance: Impact Study on Malaysian Capital Market
  2. Norhayati Haron - Corporate Governance and Earnings Quality
  3. Wasfi Al Troudi - Dividend policy


Undergraduate Teaching:

  • ASB 3208 - Financial Statement Analysis

Postgraduate Teaching:

  • ASB  4403 - International Financial Markets
  • ASB 4406 - Financial Analysis


Visiting appointments:   

University of Sydney (2004-2007), University of Siena (2001-2007) and International Centre for Research in Accounting, University of Lancaster (from 2006).

Policy Advice:

An ongoing member of the Academic Panel of the Accounting Standards Board.

Journal Editorials:

Guest editor of a double issue edition of Abacus on ‘International Financial Reporting’ (September/December 2006), following the Abacus Forum organised in Sydney (December 2005); guest editor of Abacus on ‘Fair Value Accounting’ (forthcoming 2008), following the Abacus Forum organised in Siena (September 2007).

Editorial Board Membership:

Journal of Management and Governance, Journal of Business Finance and Accounting, Abacus, British Accounting Review, Revista Espa ola de Financiacion y Contabilidad

Research Assessors:

International expert on the Economics and Statistics Panel for the Italian Research Assessment Exercise in 2005, has acted as assessor of ESRC fellowship applications and Leverhulme research applications, and has reviewed ESRC final reports and grant applications.

PhD Examinations:

Manchester, Lancaster, Warwick, LSE, Imperial, Surrey, Sydney; international expert on the European doctorate panel in Valencia, Madrid

Keynote addresses, and other prestigious guest presentations:

Keynote speaker – Spanish Accounting Association annual conference, Madrid (2006); invited guest speaker – Pacioli Society, Sydney

Organisation of conferences, learned societies and consortia:

Co-ordinated the Framework 5 HARMONIA research training network, and he is a member of the FP6/INTACCT co-ordinating team at the International Centre for Research in Accounting at Lancaster University, and has organised EIASM Advanced Workshops on Capital Markets (Valencia, 2002, 2006)

Other indicators of the impact of research:

Research on financial analysis is described by JBFA (2004,p.583) as ‘the foundations on which other authors have endeavoured to build’, thus providing evidence of a significant contribution to the field. 

An invited discussant on market-based research to the JBFA Capital Markets Special Issue (2005), and at the ESRC Conference on Transition to International Accounting Standards in Manchester (2007), and invited contributor of an article on the corporate valuation and the introduction of the euro in a celebratory edition of the Irish Accounting Review (2006) for the European Accounting Association conference in Dublin


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