Professor Michael Bowe

Back | New Search | Download VCard | View tabbed content | View all content (for printing)

Profile photo of: Professor Michael Bowe Email: Show Email Address
Position: Professor of International Finance
Academic unit: Accounting and Finance


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).

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 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.

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, 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:

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

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.

Programme involvement

Specialist fields




Publication summary




Showing 41 publication(s)


  • Bowe, M., Kolokolova, O., & Michalski, M. (2016). Systemic Risk, Interbank Market Contagion, and the Lender of Last Resort Function. In • BIS Irving Fisher Committee Workshop on "Combining micro and macro statistical data for the financial stability analysis", co-organised with the Central Bank of Poland in Warsaw, (December 2015) •F.E.B.S. annual conference, Malaga, Spain (June 2016). • Money, Macro and Finance Group, 48th annual conference, Bath, UK (Sept. 2016). • Southern Finance Association annual conference, San Destin, Florida, USA (November 2016), accepted.. Publication link: aab88fa8-049c-44b2-aec8-87c95088059b


  • Bowe, M., Deji-Olowe, A., & Hyde, S. (2015). Analysing the Order Submission Strategy of Investors in a Limit Order Market. In British Accounting and Finance Association (BAFA) Annual Conference, Manchester, UK, (March 2015).. Publication link: 9de6a374-ba13-4f02-97f8-85cc46e3030e


  • Bowe, M., Golesorkhi, S., & Yamin, M. (2014). Explaining equity shares in international joint ventures: Combining the influence of asset characteristics, culture and institutional differences. Research in International Business and Finance, 31, 212-233. DOI: 10.1016/j.ribaf.2013.06.008. Publication link: 35f74520-878e-44c3-8eb0-99fd62ae7f29
  • Bowe, M., Suban, R., & Yamin, M. (2014). Bargaining Power and MNC Subsidiary Financing. In • Annual Conference of the Academy of International Business – UK&I chapter, York, UK (March 2014). • Annual Conference of the Multinational Finance Society, Prague, Czech Republic (June 2014). • 40th Annual Conference of the European International Business Academy, Uppsala, Sweden (December 2014)... Publication link: e97b0a9d-c075-47c2-89e6-dcee6db9eaec


  • Bowe, M., Suban, R., & Yamin, M. (2013). The Use of Financial Contracting Arrangements to Constrain Rent-Seeking Behaviour of Managers of Subsidiary Firms. In • 38th Annual Conference of the European International Business Academy, Brighton, UK (December 2012), • Annual Conference of the Academy of International Business – UK&I chapter, Birmingham, UK (March 2013). • Eastern Finance Association annual conference, St Pete Beach, Florida, USA (April 2013). • Annual Conference of the Multinational Finance Society, Izmir, Turkey (June 2013). • Annual Conference of the Academy of International Business, Istanbul, Turkey (July 2013). • 12th Vaasa Conference on International Business, Vaasa, Finland (August 2013).. Publication link: b4e122a8-a9ae-4ce9-bf87-73e84cb079be


  • Bowe, M., Deji-Olowe, A., & Hyde, S. (2012). Price Discovery and Profitability: Analysis of Broker Activity on a Nascent Market. In •Midwest Finance Association annual conference, New Orleans, Louisiana (February 2012).•Eastern Finance Association annual conference, Boston, Mass. (April 2012)... Publication link: bb3d16ae-6ab6-4009-9e73-eee61790a08e
  • Bowe, M., Golesorkhi, S., & Yamin, M. (2012). Regional Influences on the equity share ownership of foreign partners in International Joint Ventures. In •Annual Conference of the Academy of International Business – UK&I chapter, Liverpool, UK, (March 2012). •38th Annual Conference of the European International Business Academy, Brighton, UK, (December 2012). •Annual Conference of the Academy of International Business, Vancouver, Canada, (June 2014)... Publication link: 9f3a3dc3-6cdf-4efe-a25d-024dd2cf2233


  • Bowe, M., Klimavicience, A., & Taylor, A. (2011). The Relationship between Sovereign Credit Rating Announcements and Credit Default Swap Yields. In Eastern Finance Association annual conference, Savannah, Georgia, USA (April 2011)... Publication link: 57ac58a5-6d27-46aa-9b07-35c4639fdbda
  • Bowe, M., Hyde, S., & Johnson, I. (2011). Price Discovery in the Absence of Trading: Insights from the Malta Stock Exchange Pre-opening Period. In •Eastern Finance Association annual conference, Savannah, Georgia, USA. (April, 2011) •Emerging Markets Finance conference, Cass Business School, UK (May 2011).•Financial Management Association annual conference, Denver, USA. (October 2011)... Publication link: 1f45037e-21c3-40bc-8af7-46a7adac1d21
  • Bowe, M., & Wu, Y. (2011). Information Disclosure, Depositor Discipline and the Growth of Bank Deposits in China. In International Finance and Banking Society conference on “Financial Intermediation, Competition and Risk”, University of Rome III, (June/July 2011)... Publication link: 17bf145a-2d33-4e8f-8d11-87c685440d95


  • Bowe, M., Hyde, S., & Johnson, I. (2010). Order Submission, Revision and Cancellation Aggressiveness during the Market Preopening Period. In •4th EMG/ESRC Workshop on the Microstructure of Financial Markets, Emerging Markets Group, Cass Business School, UK (May 2010).•FMA (Europe) Conference, Hamburg, Germany. (June 2010).•European Financial Management Association Conference, Aarhus, Denmark (June 2010).•Financial Management Association annual conference, New York, USA. (October 2010).•Eastern Finance Association annual conference, Savannah, Georgia, USA (April 2011).. Publication link: cbe0d813-bc19-4761-a3cc-608686b23816


  • Bowe, M., Golesorkhi, S., & Yamin, M. (2009). Asset characteristics and equity share ownership in cross-border and domestic alliances. In 35th EIBA Conference, Valencia, Spain... Publication link: 2e4bd3c2-6050-4adb-a44a-cdf58dd18643
  • Bowe, M., Hyde, S., & Johnson, I. (2009). Determining the Intensity of Buy and Sell Limit Order Submissions: A Look at the Market Preopening Period. In •3rd EMG/ESRC Workshop on the Microstructure of Financial Markets, Emerging Markets Group, Cass Business School, UK (May 2009): •Financial Management Association annual conference, Reno, Nevada, USA. (October 2009); •South-western Finance Association annual conference, Dallas, Texas, USA. (March 2010): •Eastern Finance Association annual conference, Miami, USA, (April 2010)... Publication link: a8c20ffc-23ef-4e10-a544-85583966ceeb


  • Bowe, M., Hyde, S. J., & McFarlane, L. (2008). Duration, trading volume and the price impact of trades in an emerging futures market. In •Midwest Finance Association conference, San Antonio, Texas, 2008: •Eastern Finance Association conference, St Pete Beach, Florida, 2008:.. Publication link: 8d262395-6604-405f-9f43-55d2832014cf
  • Bowe, M., & Rugman, A. (Ed.) (2008). International Financial Management and Multinational Enterprises. In The Oxford Handbook of International Business, 2nd edition. (2nd ed., pp. 557-590). Oxford: Oxford University Press. . Publication link: 3f2c46b9-71c2-4330-9b48-0350b664f17c


  • Bowe, M., & Golesorkhi, S. (2007). Strategic Assets, Financial Contracting and Equity Share Contributions in International Joint Ventures. In 33rd Annual EIBA Conference, Catania, Italy... Publication link: 885b1eab-7937-4428-be2f-52c11cdccc4b


  • Bowe, M., & Wu, Y. (2006). Market Discipline and the Management of Bank Capital: Emerging Market evidence from the Chinese Financial Sector. In EMG/ESRC workshop on Transition Economies, Cass Business School. •Revised version presented at International Conference on "Global trends in the Efficiency and Risk Management of Financial Services and the Financial Crisis" hosted by the University of Leicester School of Management (November 2009)... Publication link: c1cb96ad-4e98-45fe-a10a-639a00fce53a


  • Bowe, M., & Yamin, M. (2005). Who Controls the Purse Strings? The Role of Financial Contracting Arrangements in Controlling MNC Subsidiary Rent Seeking. In 31st EIBA Conference, Oslo, Norway... Publication link: 835ecb71-b1fb-40b4-9cb8-953a22e218c2


  • Vonatsos, K., & Bowe, M. (2004). Contingent Claim Valuation, Game Theory and the Pricing of Credit Risk. In 3rd CREDIT Conference, Venice, Italy.. Publication link: a070e718-2de5-4c1f-b997-198b35ae2274


  • Bowe, M., Ghauri, P. (Ed.), & Oxelheim, L. (Ed.) (2003). Capital Market Developments and the race for FDI in the EU. In European Union and the Race for Foreign Direct Investment in Europe. Oxford: Elsevier/Pergamon. . Publication link: a843f32b-8b42-4927-b765-3ea1ae6846ee
  • Bowe, M. (2003). Capital Market Integration, Foreign Direct Investment and MNE Capital Structure in the European Union: A Critical Perspective. In 29th Annual EIBA Conference, Copenhagen, Denmark... Publication link: be7f9590-8a51-4492-83f7-1a8563db0d78


  • Bowe, M., & Zarkos, S. (2002). Decision Rules for Allocating a Limiting Factor Across Products in a Stochastic Production Environment: a real options approach. In EFMA Annual Conference, London, UK... Publication link: a45bcb81-188b-419c-90d6-bf358faf18d5


  • Bowe, M., Dean, J., Rugman, A. (Ed.), & Brewer, T. (Ed.) (2001). International Financial Management and Multinational Enterprises. In The Oxford Handbook of International Business. Oxford University Press. . Publication link: 2ff9c52b-194f-4a1e-bd26-11568744d4e9
  • Bowe, M., Domuta, D-S., & Maher, D. (2001). Market segmentation and noise trading: an application to the Asian crisis. In • Royal Economic Society, Annual Meetings, Durham, UK: • Annual ASSA/AFA/ITFA Conference, New Orleans, USA... Publication link: 58fb7311-a736-46ec-9159-6d5874a08108
  • Bowe, M., & Saltvedt, T. (2001). Currency Invoicing Practices and Exchange Rate Pass-through: evidence from the Norwegian fishing industry. In 27th EIBA Conference, Paris, France... Publication link: eb10c989-d647-46c3-b62a-80574d98d7d7
  • Bowe, M., & Jobome, G. (2001). Fraudulent Activity in Financial Institutions and Optimal Incentive Structures for Managing Operational Risk. Bank of Valletta Review, 24, 1-19. . Publication link: cbcab508-ab33-4e02-ac65-a0a6bd607103
  • Bowe, M., & Hall, M. J. B. (2001). A Comparison of Capital Standards and Proprietary Surveillance as Mechanisms for Regulating Financial Market Risk in the EU. In The Regulation and Supervision of Banks, volume III in the series “The International Library of Critical Writings in Economics.”. Cheltenham: Edward Elgar. . Publication link: bc5db8c7-b984-4a2c-bfcc-24a430cf3a3f