Mike Bowe is Professor of International Finance and a former Head of the Division of Accounting and Finance 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, Mike was a faculty member of the Economics department at Simon Fraser University in Canada for nine years prior to his appointment at Manchester.
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 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- to date: Dean's International Advisory Board and Professor of Finance, University of Vaasa, Finland
- 1993-2015: 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
- 1988-2000: 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
- 1986-1989: 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 Economics Association, Eastern Finance Association, European International Business Association and the Academy of International Business. In 1997 he became a Fellow of the Chartered Institute of Bankers (Institute of Financial Services, ifs).
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 and the process of information transmission across financial markets. He has also published work relating to financial risk management in international business and in investment appraisal using real options. Selected recent publications (since 2001 only) are listed under the publications tab.
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, 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 and Alliance Manchester Business School Scholarship and Graduate Teaching Assistantship awards. Please see the Postgraduate Opportunities tab for further details.
Current PhD Students
Current Doctoral students and Research Area
- Tinashe Bvirindi (Alliance MBS GTA Award), 2013-to date: Quantitative easing and corporate bond issuance
- Efthymios Rizopoulos (ESRC DTC Scholar with Advanced Quantitative Methods enhancement), 2014-to date: Invariance in equity markets
- Marcin Michalski (University of Manchester President's Doctoral Scholar, 2014: ESRC DTC Scholar with Advanced Quantitative Methods enhancement from Oct 2015), 2014-to date: Regulating systemic risk in Banking
- Nataliia Osina (Alliance MBS GTA Scholarship), 2015-to date: International Capital Flows and Macroprudential Oversight
Former PhD Students
Former Doctoral students, Research Area and Employment following Graduation
- Robert Suban, 2008-2014 (part-time): The Financing of MNE subsidiaries (Lecturer, University of Malta, Malta)
- Iljin Sung (Alliance MBS GTA Award), 2010-2014: Empirical estimation of market microstructure models with latent variables (Postdoctoral researcher, 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)
- 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)
- Hande Ayadin, 2004-2008: Credit risk in Turkish banking (Lecturer, METU, Turkey)
- Yuliang Wu, 2003-2007: Market discipline in Chinese banking (Lecturer, Queen’s University Belfast, UK)
- Sougand Golesorkhi, 2000-2007 (part-time): International joint ventures (Senior Lecturer, Manchester Metropolitan University, UK)
- Adrian Stokes (British Commonwealth Scholar), 2002-2005: Information transmission in international financial markets (Chief Strategist, Scotia Group, Jamaica)
- 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 (part-time): Exchange rate risk management (Chief Analyst Macro/Oil, Nordea Bank, Norway)
- Stephanos Zarkos, 1996-1999: Essays in Real Options (Assistant Professor, ALBA, Greece)
- Nikolaos Mylonidis, (ESRC Scholar), 1996-1999: Essays in EU market integration (Associate Professor of Economics, University of Ioannina, Greece)
- Joseph Ooi Thian Leong, (British Commonwealth Scholar), 1996-1999: Real estate finance (Associate Professor of Real Estate Finance, National University of Singapore, Singapore)
- Ralph Zurbrugg, 1995-1998: Volatility transmission in financial markets (Professor of Finance, University of Adelaide, Australia)
PhD Finance Training Programme
PhD Finance Training Programme
The first year doctoral training programme in Finance consists of the following courses:
• BMAN80301 Advanced Finance Theory
• BMAN80281 Advanced Finance Research Seminar I
• Techniques Elective / Additional Research Training
• BMAN80312 Advanced Corporate Finance
• BMAN80292 Advanced Finance Research Seminar II
• Techniques Elective / Additional Research Training
Semester I and II
• Pilot Research paper
Prospective PhD Students
I welcome applications from high calibre, prospective PhD students who wish to explore issues dealing with topics relating to my current areas of research interest.
Such areas include: market microstructure, analysis of information transmission across financial markets, empirical asset pricing in international finance, especially in emerging markets.
Applicants should have a first class or very high upper second class honours undergraduate degree and a distinction performance (≥ 70%) at Masters level in a closely related subject area.
Applicants should also have a strong background in Financial Econometrics. Knowledge of software packages such as EViews, Stata, Matlab, Gauss or RATS is an advantage.
Please contact me informally via email if you wish to discuss potential supervision.
Please note: Details of available funding are provided on the AMBS funding page. The funding round usually takes place in February/March each year.
Application procedures for the PhD programme in Accounting and Finance at AMBS are available from the AMBS PGR page.