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 56 publication(s)



  • Dedman, E., Jiang, W., & Stark, A. W. (2015). The Value Relevance and Information Content of Cash and Stock Dividends in China. The European Journal of Finance. . Publication link: 05571bba-a47a-4680-8318-df5970e5cdf6



  • Stark, A. W., Kang, J., Holtom, B. C. (Ed.), & Dierdorff, E. C. (Ed.) (2013). Managing Aspirations, Resources, and Cost Structures in Differentiating Constraints. In Disrupt or Be Disrupted: A Blueprint for Change in Management Education. (pp. 95-130). Wiley: Jossey-Bass. . Publication link: e2acf6ba-5fca-45f1-9387-e05c74c3971c





  • Shah, Z., Stark, A., & Akbar, S. (2007). Firm Size, Sector and Market Value of R&D Expenditures. Applied Financial Economics Letters, 4(2). . Publication link: 5e1ff94c-d334-4b3d-b99b-57fe74e7feba


  • Stark, A. (2005). Principal-Agent Analyses and Management Accounting. In The Blackwell Encyclopedia of Management. (pp. 347-353). Oxford: Blackwell Publishing. . Publication link: 621dddc7-cf7b-4533-b83d-12ec8347535a



  • Bessant, J., Birley, S., Cooper, C., Dawson, S., Gennard, J., Gardiner, M., ... Stark, A. (2003). The state of the field in UK management research: Reflections of the Research Assessment Exercise (RAE) panel. British Journal of Management, 14(1), 51-68. . Publication link: 94e3b4d7-78ec-4167-b53b-f07627150d85


  • Howell, S., Stark, A., Newton, D., Paxson, D., Cavus, M., Azevedo-Pereira, J. A., & Patel, K. (2001). Real Options - Evaluating Corporate Investment Opportunities in a Dynamic World. Financial Times Prentice Hall.. Publication link: ac4474d8-ff2d-4c14-9f7e-fb286161bb5c


  • Manson, S., Powell, R., Stark, A., & Thomas, H. M. (2000). Identifying the Sources of Gains From Takeovers. Accounting Forum, 24 (4). . Publication link: 34e0248f-3f3a-4901-8a7d-d8ebf27d94f4
  • Howell, S., Stark, A., Newton, D. P., Paxson, D., & Cavus, M. (2000). Real Options - An Introduction for Executives. Prentice Hall.. Publication link: d3ea39db-f2de-49d8-8922-94201d9b316c


  • Antle, R., Bogetoft, P., & Stark, A. (1999). Selection Among Mutually Exclusive Investments with Managerial Private Information. Contempory Accounting Research, 16 (3). . Publication link: 7ebbdf43-1a41-4624-a15c-1b7a30e43e88


  • Stark, A., & Thomas, H. M. (1998). On the Empirical Relationship Between Market Value and Residual Income in the UK. Management Accounting Research, 9 (4). . Publication link: 13bcf8e0-0736-480d-9205-4abbedf0b7f7


  • Stark, A. W. (1997). The impact of irreversibility, uncertainty and timing options on deprival valuations and the detection of monopoly profits. Accounting and Business Research, 28(1), 40-52. . Publication link: 49060afe-3064-4327-a638-995c0e051a48
  • Stark, A. W. (1997). Linear information dynamics, dividend irrelevance, corporate valuation and the clean surplus relationship. Accounting and Business Research, 27(3), 219-228. . Publication link: 902f52f6-f045-4890-94c1-aadfef204d9c


  • Green, P. J., Stark, A., & Thomas, H. M. (1996). UK Evidence on the Market Valuation of Research and Development Expenditures. Journal of Business Finance and Accounting, 23 (2). . Publication link: 2c9bd1a7-60df-47ca-8587-0b684feadcb3


  • Stark, A. (1994). Some Analytics of Why Conditional IRRs Contain Growth Related Measurement Error. Journal of Business Finance and Accounting, 21(2). . Publication link: 35d899f2-da72-4aa7-b1c1-d452ea65f462


  • Stark, A. (1993). Problems in Measuring the Cash Recovery Rate and Measurement Error in Estimates of the IRR. European Accounting Review, 2(2). . Publication link: 954b24fc-edcf-4c79-a719-923a00e2ef51


  • Stark, A., Thomas, H. M., & Watson, I. D. (1992). On the Practical Importance of Measurement Error in Conditional IRRs. Journal of Business Finance and Accounting, 19(3). . Publication link: 3a7b8680-aae5-42f1-a136-83d225984c88
  • Cohen, S., Loeb, M. P., & Stark, A. (1992). Separating Controllable Performance From Non-Controllable Performance: the Case of Optimal Procurement Contracting. Management Accounting Research, 3(4). . Publication link: 9b6ebc09-2f0b-45c3-86e7-ebbd432fa56d


  • Stark, A. (1991). Simple Resource Allocation Rules: a Note on a Generalisation. Journal of Business Finance and Accounting, 20(3). . Publication link: 26d02886-a59b-4741-93ce-edf0850a80b9
  • Griner, E. H., & Stark, A. W. (1991). On the properties of measurement error in cash-recovery-rate-based estimates of economic performance. Journal of Accounting and Public Policy, 10(3), 207-223. . Publication link: f321d0d1-7a70-49bf-add0-6866981c4cd9


  • Gordon, L. A., Loeb, M. P., & Stark, A. (1990). Capital Budgeting and the Value of Information. Management Accounting Research, 1(1). . Publication link: 6cf448e4-842b-4af7-a24e-4c8405f8c461


  • Gordon, L. A., & Stark, A. (1989). Accounting and Economic Rates of Return: a Note on Depreciation and Other Accruals. Journal of Business Finance and Accounting, 16(3). . Publication link: 09ba84b3-4b1d-46b2-b91f-0418aa13a7b1
  • Stark, A. (1989). On Testing the Assumptions Underlying the Cash Recovery Rate Approach to the Estimation of Economic Performance. Accounting and Business Research, 19(75). . Publication link: 8a5e21cc-7d34-4666-ad95-c286ba385f74
  • Stark, A. W. (1989). A note on the aggregation properties of hotelling depreciation. British Accounting Review, 21(1), 69-76. . Publication link: c80e367b-60ea-4dde-98c3-aeddec3b964d


  • Griner, E. H., & Stark, A. W. (1988). Cash recovery rates, accounting rates of return, and the estimation of economic performance. Journal of Accounting and Public Policy, 7(4), 293-311. . Publication link: 2673881f-5581-47b1-8fd3-d03903fa6e81


  • Stark, A. W. (1987). Some thoughts on "A cost-benefit analysis of accounting for inflation". Journal of Accounting and Public Policy, 6(3), 209-217. . Publication link: d2448b16-df1b-423c-aba6-942ba90f3e83
  • Lee, T. A., & Stark, A. (1987). Ijiri's Cash Flow Accounting and Capital Budgeting. Accounting and Business Research, 17(66). . Publication link: 465f0a98-9524-41af-825f-46bda6475c04


  • Hall, G., & Stark, A. W. (1986). Bankruptcy risk and the effects of conservative policy for 1979-81. International Journal of Industrial Organization, 4(3), 317-332. . Publication link: c117ea26-d300-4ef2-8623-cd11352f0961


  • Stark, A. W. (1985). Inventories, credit transactions, and the marginal effective tax rate. Journal of Accounting and Public Policy, 4(3), 225-231. . Publication link: 41b3946a-43cc-40b9-b744-85a3a7afd7f5


  • Stark, A. (1984). Uncertain Input Prices, Profit Risk and the Rate-of-Return Regulated Firm - Comment. Land Economics, 60(4). . Publication link: 10d39e92-77ce-45fe-9a04-a9bd31e8216f
  • Lee, T. A., & Stark, A. (1984). A Cash Flow Analysis of Government Supported Enterprises. Journal of Business Finance and Accounting, 11(1). . Publication link: 0e03fe74-6944-42b3-93a2-6aaf99f576ab


  • Stark, A. W. (1982). Estimating the internal rate of return from accounting data-a note. Oxford Economic Papers, 34(3), 520-525. . Publication link: 7aba62f8-f68a-4d7b-9671-a894246729a8