Amedeo De Cesari

Amedeo De Cesari

Dr

 https://orcid.org/0000-0002-6938-452X

Personal profile

Biography

I am a Full Professor in Finance in the Accounting and Finance Division of the Alliance Manchester Business School that I joined as a Lecturer in Finance in September 2014. I previously held appointments as a Lecturer at Aston Business School (2008-2014) and at Manchester Business School (2007-2008).

In 2008, I was awarded a PhD in Finance from Manchester Business School. In my PhD thesis, I examined the determinants of Italian open market stock repurchases and the effects of these transactions on several measures of market quality. I also obtained an MSc in Finance from the University of Essex (Colchester, the United Kingdom) and a BA in Business Management from Universita’ Politecnica delle Marche (Ancona, Italy).

Most of my research lies in the areas of corporate finance, corporate governance and innovation with a particular focus on dividend payments, stock repurchases, acquisitions, executive compensation and initial public offerings. My research papers have been published in influential international journals such as Management Science, the Journal of Corporate Finance, the Journal of Money, Credit and Banking and the Journal of Banking and Finance.

I have acted as ad-hoc reviewer for several reputable journals including Management Science, the Journal of Corporate Finance, the Journal of Banking and Finance and the Journal of Business, Finance and Accounting.

Over the years, I have taught both Undergraduate and Postgraduate (including MBA) courses in Finance, Corporate Finance and Derivatives. 

Research interests

In my research, I study significant corporate transactions such as payments of cash dividends, repurchases of own stock, acquisitions and initial public offerings. I investigate whether the compensation provided to executives may incentivise them to take suboptimal decisions to the detriment of shareholders. I also am interested in studying how changes in regulations may influence corporate transactions. Another area of research interest is corporate innovation and I study whether and how stock market investors react to takeovers of innovative firms. 
Specific research topics:
- Effects of stock repurchases on market liquidity;
- Timing of repurchase transactions;
- Payout policy and agency costs;
- Executive incentives and payout policy;
- Retail investor attention and the valuation of initial public offerings;
- Stock price informativeness and dividend changes;
- Stock market reactions to acquisitions of innovative firms.
I am interested in supervising PhD students in research areas that are related to my research interests.

Other research

Current working papers

De Cesari, A., Marinelli, N., Sonika, R., 2023, “The timing of stock repurchases: Do well—connected CEOs help or harm?”. 

Feng, Y., De Cesari, A., Stathopoulos, K., 2023, “Outside employment opportunities and tournament incentives”.

Cai, X., De Cesari, A., Gao, N., 2023, “Technology update exposure and the cost of equity capital”.

De Cesari, A., Hao, M., Khurshed, A., 2023, “Investor sentiment and the demand for dividends”. 

De Cesari, A., Hao, M., Khurshed, A., 2023, “Dividend changes, reference points and stock market reactions”. 

More information on my research studies can be found through my SSRN page and my Google Scholar profile.

Recent conferences

Feng, Y., De Cesari, A., Stathopoulos, K., 2023, "Outside employment opportunities and tournament incentives", China International Risk Forum, Shanghai, China. 

Feng, Y., De Cesari, A., Stathopoulos, K., 2023, “Outside employment opportunities and tournament incentives”, American Law & Economics Association, Boston, USA. 

De Cesari, A., Hao, M., Khurshed, A., 2022, “Dividend demand and investor sentiment”, Behavioural Finance Working Group, London, UK. 

De Cesari, A., Marinelli, N., Sonika, R., 2021, “The timing of stock repurchases: Do well—connected CEOs help or harm?”, Financial Management Association, Denver, USA. 

De Cesari, A., Marinelli, N., Sonika, R., 2021, “The timing of stock repurchases: Do well—connected CEOs help or harm?”, European Financial Management Association, Leeds, UK. 

Cai, X., De Cesari, A., Gao, N., Peng, N., 2019, “Acquisitions and technology value revision”, Paris December Finance Meeting (EUROFIDAI), Paris, France.

Andriosopoulos, D., De Cesari, A., Stathopoulos, K., 2019, “Excess corporate payouts and financial distress risk”, UIBE Conference of Concurrent Issues in Finance and Accounting, Beijing, China. 

Cai, X., De Cesari, A., Gao, N., Peng, N., 2019, "Acquisitions and technology value revisions", European Financial management Association, Ponta Delgada, Portugal.

Dang, V.A., De Cesari, A., Phan, H.V., 2018, “Employment protection and share repurchases: Evidence from Wrongful Discharge Laws”, Paris December Finance Meeting (EUROFIDAI), Paris, France.

Dang, V.A., De Cesari, A., Phan, H.V., 2018, “Employment protection and share repurchases: Evidence from Wrongful Discharge Laws”, European Financial Management Association, Milan, Italy.

Andriosopoulos, D., De Cesari, A., Stathopoulos K., 2018, “Overpayment, financial distress, and investor horizons”, Annual Conference of the French Finance Association (AFFI),  Paris, France.

Research seminar presentations

Cai, X., De Cesari, A., Gao, N., Peng, N., "Acquisitions and technology value revision", King's College London. (2019)

Cai, X., De Cesari, A., Gao, N., Peng, N., “Acquisitions and technology value revision”, University of Bath. (2019)

Dang, V.A., De Cesari, A., Phan, H.V., “Employment protection and share repurchases: Evidence from Wrongful Discharge Laws”, Bangor University. (2019)

Dang, V.A., De Cesari, A., Phan, H.V., “Employment protection and share repurchases: Evidence from Wrongful Discharge Laws”, University of Surrey. (2018)

Dang, V.A., De Cesari, A., Phan, H.V., “Employment protection and share repurchases: Evidence from Wrongful Discharge Laws”, WHU – Otto Beisheim School of Management. (2018)

Andriosopoulos, D., De Cesari, A., Stathopoulos, 2017, “Overpayment, financial distress, and investor horizons”, University of Exeter

Andriosopoulos, D., De Cesari, A., Stathopoulos, “Overpayment, financial distress, and investor horizons”, Swansea University. (2016)

Andriosopoulos, D., De Cesari, A., Stathopoulos, “Overpayment, financial distress, and investor horizons”, University of Strathclyde. (2015)

De Cesari, A., Espenlaub, A., Khurshed, A., Simkovic, M., 2010, “The effects of ownership and stock liquidity on the timing of repurchase transactions”, University of Manchester

De Cesari, A., Espenlaub, S., Khurshed, A., “Stock repurchases and treasury share sales: Do they stabilize price and enhance liquidity?”, University of Warwick. (2007)

Other teaching information

Teaching activity

I teach on the following courses:

- Corporate Finance (MSc);
- Advanced Corporate Finance (Undergraduate level 3).

Expertise related to UN Sustainable Development Goals

In 2015, UN member states agreed to 17 global Sustainable Development Goals (SDGs) to end poverty, protect the planet and ensure prosperity for all. This person’s work contributes towards the following SDG(s):

  • SDG 8 - Decent Work and Economic Growth
  • SDG 9 - Industry, Innovation, and Infrastructure
  • SDG 10 - Reduced Inequalities
  • SDG 17 - Partnerships for the Goals

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