Michael Bowe

Michael Bowe

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Personal profile


Mike Bowe is Professor of International Finance and a former Head of the Division of Accounting and Finance and member of the Senior Executive Committee at Alliance Manchester Business School. Mike joined the faculty at Manchester in 1993, and has previously served as Head of both the Finance and Business Economics subject area groups at the University. A graduate of Oxford University, prior to his appointment at Manchester, Mike was a faculty member of the Economics department at Simon Fraser University in Canada and a Research Associate at Columbia University in the USA.

Mike is the Founding Director of the Centre for the Analysis of Investment Risk (CAIR). CAIR was launched in 2005 with funding provided by a consortium of major international banking and financial services institutions. It is the main Research Centre for the Division of Accounting and Finance.

Mike has extensive international teaching and research experience, including the following contracted visiting appointments:

  • 2012 - 2022: Dean's International Advisory Board and Professor of Finance, University of Vaasa, Finland
  • 1993 - 2019: Bank of Valletta Professor of International Banking and Finance, University of Malta
  • 2003: Professor of Economics, Kyiv-Mohyla Institute, National University of the Ukraine
  • 1999: Professor of Finance, Goizueta Business School, Emory University, USA
  • 1988 - 2001: Professor of International Finance, Helsinki School of Economics and Business Administration, now Aalto University, Finland
  • 1996: Professor of International Finance, University of Vienna, Austria
  • 1992 - 1993: Fellow, National University of Singapore
  • 1983 - 1985: Research Associate, Columbia University, USA

Mike's knowledge transfer contributions and academic consulting experience lie in the area of international finance and derivatives markets. He has participated in projects with the World Bank, Canadian International Development Agency, Government of British Columbia, Union Bank of Finland Ltd., Den Danske Bank, Kansallis-Osake-Pankki, Bank of Valletta and the Malta Stock Exchange, among others. He is a member of the following professional societies: Royal Economic Society, American Finance Association, American Economics Association, Eastern Finance Association and the Financial Management Association. In 1997 he became a Fellow of the Chartered Institute of Bankers (Institute of Financial Services, ifs).

Research interests

Mike's research interests encompass the full spectrum of activity in international financial markets, incorporating: sovereign and private debt markets; analysis of capital market integration; market microstructure. He is currently working in areas relating to the impact of macroprudential and financial market regulation on both financial institutions and the real economy. Selected recent publications (since 2001 only) are listed under the publications tab.

Other research

Research Funding

Mike's collaborative research activity has been recognised and supported through research funding totalling more than GBP 1.75 million awarded by several agencies including: ESRC; the Nuffield Foundation; the Social Science and Humanities Research Council of Canada; the EU ACE-Phare Scheme; the Soros Foundation; the Certified General Accountants Association of Canada; the EC Marie Curie Foundation, and the Center for the Study of Futures Markets at Columbia University Business School, USA. His Ph.D students have received awards from external funding agencies such as the ESRC, the Commonwealth Scholarship Commission, the China Scholarship Council (CSC), UK Government ORS awards and the EC Marie Curie Foundation. Other students have received doctoral funding support from the University of Manchester President's Scholarship fund, as well as Alliance Manchester Business School Scholarships and Graduate Teaching Assistantship awards.

Supervision information

Current PhD Students

Current Doctoral students and Research Area

  • As an Emeritus Professor I will no longer be acting as the primary supervisor for Doctoral Students.

Supervision information

Former PhD Students

Former Doctoral students, Research Area and subsequent Employment (current position if known)

  • Lijie Yu (China Scholarship Council-University of Manchester Joint Doctoral Scholarship), 2018-2023: Financial Market Regulation and Hedge Funds (Lecturer, Strathclyde Business School, University of Strathclyde, UK)
  • Abdulrahman Alfarhoud (Alliance MBS GTA Scholarship and Kuwait Government Scholarship), 2018-2022: Implications for Market Quality of Dark Pool Trading Activity (Assistant Professor of Finance at PAAET, Kuwait)
  • Francisco Pinto Avalos (Alliance MBS GTA Scholarship and CONICYT Scholarship (Chile)), 2017- 2021: Price Pressures in Foreign Exchange Markets (Central Bank of Chile and Lecturer, Cardiff University, UK)
  • Craig Geoffrey, 2015-2021: Essays on measurement of information impounding in equities (Assistant Professor (Teaching stream), Rotman School of Management, University of Toronto, Canada), DBA graduate.
  • Nataliia Osina (Alliance MBS GTA Scholarship), 2015-2018: International Capital Flows and Macroprudential Oversight (Senior Lecturer, Anglia Ruskin University, UK)
  • Efthymios Rizopoulos (University of Manchester President's Doctoral Scholar; ESRC DTC Scholar with Advanced Quantitative Methods enhancement), 2014-2018: Market Microstructure Invariance in the FTSE 100 (Associate, RegTech and SupTech (Innovation Division), Financial Conduct Authority, London, UK)
  • Marcin Michalski (University of Manchester President's Doctoral Scholar; ESRC DTC Scholar with Advanced Quantitative Methods enhancement), 2014-2018: Macrofinancial Policies and Bank Regulations (Analyst, Debt Capital Markets, Sumitomo Mitsui Bank, Frankfurt, Germany)
  • Tinashe Bvirindi (Alliance MBS GTA Award), 2013-2017: Bank Loan Supply, Quantitative Easing and Corporate Bond Issuance (Lecturer, Coventry University, UK)
  • Haojun Chen, 2011-2016 (part-time): Three Essays in Financial Market Predictability (Financial Consultant, Toronto, Canada) DBA graduate
  • Iljin Sung (Alliance MBS GTA Award), 2010-2014: Empirical estimation of market microstructure models with latent variables (Research Associate, Alliance MBS, UK)
  • Adeola Deji-Olowe (Alliance MBS GTA Award), 2009-2014: Investor class trades and price discovery (Head, Group Asset and Liability Management, Access Bank Plc, Nigeria)
  • Robert Suban, 2008-2014 (part-time): The Financing of MNE subsidiaries (Head, Department of Banking and Finance, University of Malta, Malta)
  • Waseem Larik (HEC Govt of Pakistan Scholar), 2008-2012: Determinants of split corporate credit ratings (Manager, Risk Modeling and Analytics, Bank of Montreal, Canada)
  • Ike Johnson (British Commonwealth Scholar), 2007-2010: Microstructure of the market pre-opening period (Assistant VP, Business Analytics and Product Development, Scotia Investments, Jamaica)
  • Asta Klimaviciene (EC Marie Curie Fellow), 2005-2009: Sovereign Credit Risk (Associate Professor, ISM Management School, Lithuania)
  • Lavern McFarlane (British Commonwealth Scholar), 2005-2008: The role of time in market microstructure models (Senior Economist, Central Bank of Jamaica, Jamaica)
  • Hande Ayadin, 2004-2008: Credit risk in Turkish banking (Departmental Assistant Chair, METU, Ankara, Turkey)
  • Yuliang Wu, 2003-2007: Market discipline in Chinese banking (Professor of Finance, University of Bradford, UK)
  • Adrian Stokes (British Commonwealth Scholar), 2002-2005: Information transmission in international financial markets (Chief Strategist, Scotia Group, Jamaica)
  • Sougand Golesorkhi, 2000-2007 (part-time): International joint ventures (Associate Professor, University of Agder, Norway)
  • Khelifa Mazouz, 2000-2003: Volatility transmission in financial markets (Professor of Finance, Cardiff University, UK)
  • Daniela Domuta (ORS Scholar), 1998-2001: Information transmission in international financial markets (Lecturer, Alliance MBS, University of Manchester, UK )
  • Marie Thérèse Camilleri-Gilson (ifs Scholar), 1998-2001: Exchange rate regimes (Senior Economist, IMF, Washington DC, USA)
  • Thina Saltvedt, 1996-2001: Exchange rate risk management (Senior Advisor, Sustainable Finance, Nordea Markets, Nordea Bank, Norway)
  • Stephanos Zarkos, 1996-1999: Essays in Real Options (Professor of Finance and Associate Dean of Academic Programs, ALBA, Greece)
  • Nikolaos Mylonidis, (ESRC Scholar), 1996-1999: Essays in EU market integration (Professor of Economics, University of Ioannina, Greece)
  • Joseph Ooi Thian Leong, (British Commonwealth Scholar), 1996-1999: Real estate finance (Professor of Real Estate Finance and Vice Dean (Academic), School of Design and Environment, National University of Singapore, Singapore)
  • Ralf Zurbrugg, 1995-1998: Volatility transmission in financial markets (Professor of Finance, University of Adelaide, Australia)

Supervision information

Prospective PhD Students

Please note that as an Emeritus Professor I will no longer be acting as primary supervisor for new doctoral students.

Doctoral applicants in finance should have the equivalent of a first class or very high upper second class honours undergraduate degree and a distinction performance at Masters level in a closely related subject area. They also need to have a strong background in both finance theory and financial econometrics. Practical experience with basic econometric and statistical software packages such as EViews and Stata is necessary, while proficiency in the use of either Matlab, Gauss, Python or R is also a significant advantage.

Application procedures for the PhD programme in Accounting and Finance at AMBS and details of available scholarship funding are provided on the AMBS PGR page. All major funding allocation decisions are usually made between February and April each year. Please visit https://www.mbs.ac.uk/study/phd/

Supervision information

PhD Finance Training Programme

PhD Finance Training Programme
The doctoral training programme in Finance currently consists of the following courses taken in year 1:

Semester I
• BMAN80301 Advanced Finance Theory
• BMAN80281 Advanced Finance Research Seminar I
• Techniques Elective / Additional Research Training
Semester II
• BMAN80312 Advanced Corporate Finance
• BMAN80292 Advanced Finance Research Seminar II
• Techniques Elective / Additional Research Training
Semester I and II
• Pilot Research paper

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 10 - Reduced Inequalities

External positions

Panel of Academic Advisers, Commonwealth Scholarship Commission in the United Kingdom

1 Jan 201731 Dec 2025

Research Beacons, Institutes and Platforms

  • Digital Futures


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Collaborations and top research areas from the last five years

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