Professor Andrew Stark

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Position: Coutts Professor of Accounting and Finance
Academic unit: Accounting and Finance


Andrew Stark is currently the Coutts Professor of Accounting and Finance at Manchester Business School, having held prior faculty positions at Yale School of Management (visiting), and the universities of Essex, Ulster, Maryland and Manchester. He joined the School on 1 January 1996. He was given the British Accounting Association Distinguished Academic Award in 2003. He is currently one of the editors of the Journal of Business Finance and Accounting and is a past joint-editor of the British Accounting Review. He is a past chairperson of the British Accounting Association. He is a member of 2008 Research Assessment Exercise Main Panel I and is the chairperson of Sub-Panel 35 (Accounting and Finance), having previously been on the Research Assessment Exercise Panels for Accounting and Finance in 1996 and 2001 and for Business and Management in 2001. He was chairperson of the Quality Assurance Agency Subject Benchmarking Group for accountancy.

Research Interests

His current research interests include the estimation of accounting-based, cross-sectional, valuation models (including the value relevance of research and development expenditures, and other expenditures (e.g., advertising) on intangible assets); accounting-based anomalies; the impact of real options' concepts on management accounting and control systems; the use of principal-agent analyses to analyse optimal investment decision-making in a variety of contexts; and empirical asset pricing. He has published numerous papers in these areas in refereed research journals.

Additional Information

Capital Budgeting/Investment Appraisal; the Market for Corporate Control; Corporate Valuation Models; the Relationship between Accounting Disclosures and Stock Market Returns; Principal-Agent Analyses of Accounting

Programme involvement

Specialist fields




Publication summary




Showing 57 publication(s)

Authored book

  • Howell, S., Stark, A., D P Newton, Paxson, D A., Cavus, M., Azevedo-Pereira, J, Patel, K. Real Options - Evaluating Corporate Investment Opportunities in a Dynamic World. Financial Times: Prentice Hall, 2001. eScholarID:4b2428
  • Howell, S., Stark, A., D P Newton, Paxson, D A., Cavus, M. Real Options - An Introduction for Executives. Prentice Hall, 2000. eScholarID:4b2429

Book contribution

  • Jikyeong Kang and Andrew W Stark. "Managing Aspirations, Resources, and Cost Structures in Differentiating Constraints." In Disrupt or Be Disrupted: A Blueprint for Change in Management Education, ed. Brooks C Holtom and Erich C Dierdorff, 95-130.Wiley: Jossey-Bass, 2013. eScholarID:202381
  • Antle, R, Bogetoft, P, Stark, A. "Incentive Problems and Investment Timing Options." In Essays in Accounting Theory in Honor of Joel S Demski, ed. Antle, R., Liang, P.J., Gjesdal, F, Springer, 2007. eScholarID:3b5130
  • Stark, Andrew. "Principal-Agent Analyses and Management Accounting." In The Blackwell Encyclopedia of Management, 347-353. Oxford: Blackwell Publishing, 2005. eScholarID:3g12

Journal article

  • Jiang, Wei, Soares, Nuno, and Stark, Andrew W. "Loss Persistence and Returns in the UK." Accounting and Business Research(2016) . eScholarID:264662 | DOI:10.1080/00014788.2015.1048768
  • Dedman, Elisabeth, Jiang, Wei, and Stark, Andrew W. "The Value Relevance and Information Content of Cash and Stock Dividends in China." The European Journal of Finance(2015) . eScholarID:230655
  • Michou, Maria, Mouselli, Sulaiman, and Stark, Andrew. "On the Differences in Measuring SMB and HML in the UK - Do They Matter?" The British Accounting Review 46, no. 3(2014) : 281-294. eScholarID:220792 | DOI:
  • Wei Jiang; Andrew W Stark. "Dividends, Research and Development Expenditures, and the Value Relevance of Book Value for UK Loss-Making Firms." The British Accounting Review 45, no. 2(2013) : 112-124. eScholarID:170518 | DOI:10.1016/
  • Yun Shen and Andrew W Stark. "Evaluating the Effectiveness of Model Specification and Estimation Approaches for Empirical Accounting-Based Valuation Models." Accounting and Business Research 43, no. 6(2013) : 660-682. eScholarID:205980
  • S Akbar, S Z A Shah, A W Stark. "The Value Relevance of Cash Flows, Current Accruals and Non-Current Accruals in the UK." International Review of Financial Analysis 20, no. 5(2011) : 311-319. eScholarID:127283 | DOI:10.1016/j.irfa.2011.06.005
  • E.Dedman, S.Mouselli, Y.Shen, A.W.Stark. "Accounting, Intangible Assets, Stock Market Activity, and Measurement and Disclosure Policy - Views From the UK." Abacus 45, no. 3(2009) : 312-341. eScholarID:75306 | DOI:10.1111/j.1467-6281.2009.00291.x
  • L S Liu, Stark, A. "Relative Performance Evaluation in Board Cash Compensation: UK Empirical Evidence." British Accounting Review 41, no. 1(2009) : 21-30. eScholarID:1b5144 | DOI:10.1016/
  • N.Soares, A.W Stark. "The Accruals Anomaly: Can Implementable Portfolio Strategies Be Developed That Are Pofitable Net of Transactions Costs in the UK?" Accounting and Business Research 39, no. 4(2009) : 321-25. eScholarID:75305 | DOI:10.1080/00014788.2009.9663371
  • Gadad, Abdul-Magid, Stark, Andrew, and Thomas, Hardy M. "Divestitures: Wealth Transfers or Real Economic Gains?" Applied Financial Economics 19, no. 13(2009) : 1073-1081. eScholarID:1g184 | DOI:10.1080/09603100701335440
  • Shah, Syed Zulfiqar Ali, Stark, Andrew, and Akbar, Saeed. "The Value Relevance of Major Media Advertising Expenditures: Some U.K. evidence." The International Journal of Accounting 44, no. 2(2009) : 187-206. eScholarID:1g122 | DOI:10.1016/j.intacc.2009.03.004
  • Stark, A. "Intangibles and Research - an Overview With a Specific Focus on the UK." Accounting and Business Research 38, no. 3(2008) : 275-285. eScholarID:1b4961 | DOI:10.1080/00014788.2008.9663340
  • Z Shah, Stark, A., S Akbar. "Firm Size, Sector and Market Value of R&D Expenditures." Applied Financial Economics Letters 4(2)(2007) : 87-91. eScholarID:1b4962
  • Powell, R, Stark, A. "Does Operating Performance Increase Post-Takeover for UK Takeovers? A Comparison of Performance Measures and Benchmarks." Journal of Corporate Finance 11(1&2)(2005) : 293-317. eScholarID:1b9345 | DOI:10.1016/j.jcorpfin.2003.06.001
  • Stark, A. "Estimating Economic Performance from Accounting Data - a Review and Synthesis." British Accounting Review 36(4)(2004) : 321-343. eScholarID:1b9952 | DOI:10.1016/
  • Akbar S., Stark, A. "Deflators, Net Shareholder Cash Flows, Dividends, Capital Contributions and Estimated Models of Corporate Valuation." Journal of Business Finance and Accounting 30(9&10)(2003) : 1211-1233. eScholarID:1b8564 | DOI:10.1111/j.0306-686X.2003.05514.x
  • Akbar S, Stark, A. "Discussion of Scale and the Scale Effect in Market-Based Accounting Research." Journal of Business Finance and Accounting 30 (1&2)(2003) : 57-72. eScholarID:1b8561
  • Al-Horani A, Pope P F, Stark, A. "Research and Development Activity and Expected Returns in the United Kingdom." European Finance Review (now Review of Finance) 7 (1)(2003) : 27-46. eScholarID:1b8562
  • Bessant J, McGee J, Pidd M, Rowley G, Saunders J, Stark, A., Birley S, Cooper C, Dawson S, Gardiner J, Gennard J, Gray A, Jones P, Mayer C. "The State of the Field in UK Management Research: reflections of the research assessment exercise (RAE) panel." British Journal of Management 14(1)(2003) : 51-68. eScholarID:1b8563
  • Antle R., Bogetoft P., Stark, A. "Information Systems, Incentives and the Timing of Investments." Journal of Accounting and Public Policy 20(4&5)(2001) : 267-294. eScholarID:1b8560 | DOI:10.1016/S0278-4254(01)00038-2
  • Manson S, Powell R, Stark, A., Thomas H M. "Identifying the Sources of Gains From Takeovers." Accounting Forum 24 (4)(2000) : 319-343. eScholarID:1b8549
  • Stark, A. "Real Options (Dis)Investment Decision-Making and Accounting Measures of Performance." Journal of Business Finance and Accounting 27 (3&4)(2000) : 313-331. eScholarID:1b8555
  • Antle R, Bogetoft P, Stark, A. "Selection Among Mutually Exclusive Investments with Managerial Private Information." Contempory Accounting Research 16 (3)(1999) : 397-418. eScholarID:1b8550
  • Stark, A., H M Thomas. "On the Empirical Relationship Between Market Value and Residual Income in the UK." Management Accounting Research 9 (4)(1998) : 445-460. eScholarID:1b8558
  • Stark, A. "Linear Information Dynamics, Dividend Irrelevance, Corporate Valuation and the Clean Surplus Relationship." Accounting and Business Research 27 (3)(1997) : 219-228. eScholarID:1b8547
  • Stark, A. "The Impact of Irreversibility, Uncertainty and Timing Options on Deprival Valuations and the Detection of Monopoly Profits." Accounting and Business Research 28(1)(1997) : 40-52. eScholarID:1b8548
  • Green P J, Stark, A., Thomas H M. "UK Evidence on the Market Valuation of Research and Development Expenditures." Journal of Business Finance and Accounting 23 (2)(1996) : 191-216. eScholarID:1b8556
  • Stark, A. "Some Analytics of Why Conditional IRRs Contain Growth Related Measurement Error." Journal of Business Finance and Accounting 21(2)(1994) : 219-230. eScholarID:1b8554
  • Stark, A. "Problems in Measuring the Cash Recovery Rate and Measurement Error in Estimates of the IRR." European Accounting Review 2(2)(1993) : 199-218. eScholarID:1b8551
  • M Connolly, Stark, A. "Accountability and Privatisation in Northern Ireland." Public Administration 70(3)(1992) : 369-385. eScholarID:1b4812
  • Stark, A., Thomas H M, Watson I D. "On the Practical Importance of Measurement Error in Conditional IRRs." Journal of Business Finance and Accounting 19(3)(1992) : 407-424. eScholarID:1b8552
  • S Cohen, M P Loeb, Stark, A. "Separating Controllable Performance From Non-Controllable Performance: the Case of Optimal Procurement Contracting." Management Accounting Research 3(4)(1992) : 291-306. eScholarID:1b4813
  • Griner E H, Stark, A. "On the Properties of Measurement Error in Cash Recovery Rate Based Estimates of Economic Performance." Journal of Accounting and Public Policy 10(3)(1991) : 207-223. eScholarID:1b8553
  • Stark, A. "Simple Resource Allocation Rules: a Note on a Generalisation." Journal of Business Finance and Accounting 20(3)(1991) : 411-416. eScholarID:1b4814
  • Gordon L A, Loeb M P, Stark, A. "Capital Budgeting and the Value of Information." Management Accounting Research 1(1)(1990) : 21-35. eScholarID:1b8559
  • Stark, A. "Irreversibility and the Capital Budgeting Process." Management Accounting Research 1(3)(1990) : 167-180. eScholarID:1b8557
  • Stark, A. "A Note on the Aggregation Properties of Hotelling Depreciation." British Accounting Review 21(1)(1989) : 69-76. eScholarID:1b4810
  • L A Gordon, Stark, A. "Accounting and Economic Rates of Return: a Note on Depreciation and Other Accruals." Journal of Business Finance and Accounting 16(3)(1989) : 425-432. eScholarID:1b4809
  • Stark, A. "On Testing the Assumptions Underlying the Cash Recovery Rate Approach to the Estimation of Economic Performance." Accounting and Business Research 19(75)(1989) : 277-285. eScholarID:1b4811
  • E H Griner, Stark, A. "Cash Recovery Rates, Accounting Rates of Return, and the Estimation of Economic Performance." Journal of Accounting and Public Policy 7(4)(1988) : 293-311. eScholarID:1b4808
  • T A Lee, Stark, A. "Ijiri's Cash Flow Accounting and Capital Budgeting." Accounting and Business Research 17(66)(1987) : 125-131. eScholarID:1b4806
  • Stark, A. "On the Observability of the Cash Recovery Rate." Journal of Business Finance and Accounting 11(1)(1987) : 99-108. eScholarID:1b4805
  • Stark, A. "Some Thoughts on 'A Cost-Benefit Analysis of Accounting for Inflation'." Journal of Accounting and Public Policy 6(3)(1987) : 209-217. eScholarID:1b4807
  • G Hall, Stark, A. "Bankruptcy Risk and the Effects of Conservative Policy for 1979-81." International Journal of Industrial Organisation 4(1986) : 317-332. eScholarID:1b8293
  • Stark, A. "More on the Discounting of Residual Income." Abacus 22(1)(1986) : 20-28. eScholarID:1b4804
  • Stark, A. "Inventories, Credit Transactions and the Marginal Effective Tax Rate." Journal of Accounting and Public Policy 4(3)(1985) : 225-231. eScholarID:1b4802
  • T A Lee, Stark, A. "A Cash Flow Analysis of Government Supported Enterprises." Journal of Business Finance and Accounting 11(1)(1984) : 1-11. eScholarID:1b4799
  • Stark, A. "Uncertain Input Prices, Profit Risk and the Rate-of-Return Regulated Firm - Comment." Land Economics 60(4)(1984) : 404-407. eScholarID:1b4800
  • Stark, A. "Estimating the Internal Rate of Return From Accounting Data - a Note." Oxford Economic Papers 34(3)(1982) : 520-525. eScholarID:1b4797
  • G H Lawson, Stark, A. "Equity Values and Inflation: Dividends and Debt Financing." Lloyd's Bank Review(1981) : 40-54. eScholarID:1b4815
  • G H Lawson, Stark, A. "Equity Values and Inflation: a Rejoinder." Lloyd's Bank Review(1981) : 39-43. eScholarID:1b4816
  • G H Lawson, Stark, A. "The Concept of Profit for Fund Raising." Accounting and Business Research 6(21)(1975) : 21-41. eScholarID:1b4795