Professor Martin Walker

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Profile photo of: Professor Martin Walker Email: Show Email Address
Position: Professor of Finance and Accounting
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Academic unit: Accounting and Finance


Professor of Finance and Accounting since 1989

Deputy Director (Research) Manchester Business School, January 2007 to January 2011

Dean of the Faculty of Social Sciences and Law from 2000 to 2003.

Previous positions held include Former Head of Accounting and Finance (1990-1994), Professor of Accounting and Business Computing (Dundee), and Reader in Accounting and Finance at the London School of Economics.

Joint editor of the Journal of Business Finance and Accounting.

Research Interests

Market-based Accounting Research; Financial Communication; Accounting and Finance Applications of Information Economics

Additional Information

Current Teaching: Accounting Theory; Corporate Financial Communication and Valuation; Company Valuation; Advanced Research Seminar; Auditing and Professional Accounting Practice.

Programme involvement

Specialist fields




Publication summary




Showing 61 publication(s)

Journal article

  • Bilinski, P., Lyssimachou, D., and Walker, M. "Target price accuracy: International evidence." Accounting Review 88, no. 3(2013) : 825-851. eScholarID:208106 | DOI:10.2308/accr-50378
  • Alexander Broedel Lopes, Martin Walker. "Asset Revaluations, Future Firm Performance and Firm-Level Corporate Governance Arrangements: New Evidence from Brazil." British Accounting Review(2012) . eScholarID:135378 | DOI:10.1016/
  • Chun Yu Mak, Norman Strong, Martin Walker. "Conditional Earnings Conservatism and Corporate Refocusing Activities." Journal of Accounting Research 49, no. 4(2011) : 1041-1082. eScholarID:135377 | DOI:10.1111/j.1475-679X.2011.00414.x
  • Vasiliki Athanasakou, Norman Strong, Martin Walker. "The Market Reward for Achieving Analyst Earnings Expectations: Does Managing Expectations or Earnings Matter?" Journal of Business Finance & Accounting 38, no. 1-2(2011) . eScholarID:135379 | DOI:10.1111/j.1468-5957.2010.02219.x
  • Martin Walker. "Accounting for varieties of capitalism: The case against a single set of global accounting standards." The British Accounting Review(2010) . eScholarID:84361 | DOI:10.1016/
  • Thomas Scleicher, Ahmed Tahoun, and Martin Walker. "IFRS Adoption in Europe and Investment-Cash Flow Sensitivity: Outsider versus insider economies." The International Journal of Accounting 45(2010) : 143-168. eScholarID:84367 | DOI:10.1016/j.intacc.2010.04.007
  • Vasiliki Athanasakou, Norman Strong, and Martin Walker. "The association between classificatory and inter-temporal smoothing: Evidence from the UK’s FRS 3." The International Journal of Accounting 45(2010) : 224-257. eScholarID:84370 | DOI:10.1016/j.intacc.2010.04.002
  • Demirakos, Efthimios G, Strong, Norman C, and Walker, Martin. "Does Valuation Model Choice Affect Target Price Accuracy?" European Accounting Review 19, no. 1(2010) : 35-72. eScholarID:1g59 | DOI:10.1080/09638180902990630
  • Hans B. Christensen, Edward Lee, and Martin Walker. "Do IFRS Reconciliations Convey Information? The Effect of Debt Contracting." Journal of Accounting Research 47, no. 5(2009) : 1167-1199. eScholarID:84363 | DOI:10.1111/j.1475-679X.2009.00345.x
  • Khaled Hussainey, Martin Walker. "The effects of voluntary disclosure and dividend propensity on prices leading earnings." Accounting and Business Research 39, no. 1(2009) . eScholarID:135396 | DOI:10.1080/00014788.2009.9663348
  • Athanasakou, Vicky E, Strong, Norman C, and Walker, Martin. "Earnings management or forecast guidance to meet analyst expectations." Accounting and Business Research 39(2009) : 3-35. eScholarID:1g1 | DOI:10.1080/00014788.2009.9663347
  • Athanasakou, V., Strong, N., Walker, M. "Classificatory income smoothing: The impact of a change in regime of reporting financial performance." Journal of Accounting and Public Policy 26(2007) : 1-53. eScholarID:1b10385 | DOI:10.1016/j.jaccpubpol.2007.05.002
  • Christensen, Hans B., Lee, E., Walker, M. "Cross-sectional Variation in the Economic Consequences of International Accounting Harmonisation: The Case of Mandatory IFRS Adoption in the UK." International Journal of Accounting 42, no. 4(2007) : 341-379. eScholarID:1b10367 | DOI:10.1016/j.intacc.2007.09.007
  • Choi, Y-S., Lin, S., Walker, M., Young, S. "Disagreement over the persistence of earnings components: Evidence on the properties of management-specific adjustments to GAAP earnings." Review of Accounting Studies 12, no. 4(2007) : 595-622. eScholarID:1b10293 | DOI:10.1007/s11142-007-9048-x
  • Schleicher, T., Hussainey, K., Walker, M. "Loss firm's annual report narratives and share price anticipation of earnings." The British Accounting Review 39, no. 2(2007) : 153-171. eScholarID:1b4647 | DOI:10.1016/
  • Barnes E., Walker, M. "The Seasoned-Equity Issues of UK Firms: market reaction and issuance method choice." Journal of Business Finance and Accounting 33, no. 1-2(2006) : 45-78. eScholarID:1b9797 | DOI:10.1111/j.1468-5957.2006.01354.x
  • Walker, M. "Commentary on Differences in the valuation of Earnings and Book value: Regulation Effects or Industry Effects?" The International Journal of Accounting 40, no. 4(2005) : 391-393. eScholarID:1b9796 | DOI:10.1016/j.intacc.2005.06.003
  • Stathopoulos, K., Espenlaub, S., Walker, M. "The Compensation of UK Executive Directors: Lots of Carrots but are there any Sticks?" Competition and Change 9, no. 1(2005) : 89-105. eScholarID:1b9362 | DOI:10.1179/102452905X38669
  • Walker, M. "Discussion of Are Economically Significant Stock Returns and Trading Volumes Driven by Firm-specific News Releases?" Journal of Business Finance & Accounting 31 (1-2)(2004) : 83-86. eScholarID:1b8149 | DOI:10.1111/j.0306-686X.2004.0d02.x
  • Walker, M. "On the Nature and Rationality of Analysts' Forecasts under Earnings Conservatism." British Accounting Review 36(1)(2004) : 45-77. eScholarID:1b8127 | DOI:10.1016/
  • Walker, M. "Recovering Accounting: An Economic Perspective." Critical Perspectives on Accounting 15 (4-5)(2004) : 519-527. eScholarID:1b8062 | DOI:10.1016/S1045-2354(03)00042-X
  • Konstantinos Stathopoulos, Susanne Espenlaub, Martin Walker. "UK Executive Compensation Practices: new economy vs old economy." Journal of Management Accounting Research 16(2004) : 57-92. eScholarID:1b9148 | DOI:10.2308/jmar.2004.16.1.57
  • Demirakos, E.G., Strong, N.C., Walker, M. "What valuation models do analysts use?" Accounting Horizons 18, no. 4(2004) : 221. eScholarID:1b9149 | DOI:10.2308/acch.2004.18.4.221
  • Walker, M., Louvan, E. "The Determinants of Voluntary Disclosure of Adjusted Earnings Per Share Measures by UK Companies." Accounting and Business Research 33(4)(2003) : 295-309. eScholarID:1b8128 | DOI:10.1080/00014788.2003.9729655
  • Walker, M., Wang, P. "Towards an Understanding of Profitability Analysis within the Residual Income Valuation Framework." Accounting and Business Research 33(2003) : 235-246. eScholarID:1b8063 | DOI:10.1080/00014788.2003.9729648
  • Walker, M., Cuello de Oro Diego J. "Reaccion Bursatil a Los Anuncios de Gastos Corporitivos en Investigacion y Desarrolo." Economía Industrial 348(2002) : 155-162. eScholarID:1b9795
  • Walker, M. "Civil Law Versus Criminal Law Remedies For Insider Trading: The Case For The Plaintiff." Critical Perspectives on Accounting 11 (1)(2000) : 105-110. eScholarID:1b7827 | DOI:10.1006/cpac.1999.0375
  • Walker, M., Lin, S. "FRS3 Earnings, Headline Earnings and Accounts Based Valuation Models." Accounting and Business Research 30(2000) : 299-306. eScholarID:1b8006
  • Ghicas, D. C., Iriotis, N., Papadaki, A., Walker, M. "Fundamental Analysis and the Valuation of IPOs in the Construction Industry." The International Journal of Accounting 35 (2)(2000) : 227-241. eScholarID:1b7826 | DOI:10.1016/S0020-7063(00)00047-9
  • Walker, M. "International Differences in the Timing, Conservatism, and Classification of Earnings." Journal of Accounting Research 37(2000) : 53-87. eScholarID:1b7855
  • Walker, M., Al-Debiea , M. "Fundamental Information Analysis: An Extension and UK Evidence." The British Accounting Review 31 (3)(1999) : 261-280. eScholarID:1b7854 | DOI:10.1006/bare.1999.0101
  • Walker, M. "Management Accounting and the Economics of Internal Organisation: A Review Essay." 9(1998) : 21-30. eScholarID:1b7858
  • Bromwich, M., Walker, M. "Residual Income Past and Future." Management Accounting Research 9 (4)(1998) : 391-419. eScholarID:1b7851 | DOI:10.1006/mare.1998.0091
  • Walker, M. "Clean Surplus Accounting Models and Market Based Accounting Research: A Review." Accounting and Business Research 27(1997) : 341-355. eScholarID:1b7796
  • Walker, M. "Discussion of Models of Capital Investments with Private Information and Incentives: a Selective Review." 24(1997) : 909-913. eScholarID:1b7857
  • Walker, M. "Information Disclosure to Employees and Rational Expectations: A Game Theoretic Perspective." Journal of Business Finance and Accounting 24, 9(1997) : 1421-1432. eScholarID:1b7797 | DOI:10.1111/1468-5957.t01-1-00171
  • Southworth Alan, Walker, M. "Biotechnology: Can the UK Sustain in Competitive Position?" Management Accounting: Magazine for Chartered Management Accountants 74(1996) : 22-26. eScholarID:1b7846
  • Walker, M. "Foreword." 232(1996) : 155-158. eScholarID:1b7877
  • Hu, D., Skerratt, L, Strong, N., Walker, M. "Post-earnings announcement drift: some preliminary evidence for the UK." Accounting and Business Research 26(1996) : 283-293. eScholarID:1b7798
  • Walker, M. "Preliminary Evidence on the Association Between Abnormal Returns and Changes in Capital Expenditure for US and UK Companies." 1(1996) : 145-165. eScholarID:1b7848

Conference contribution

  • Stathopoulos, K., Espenlaub, S., Walker, M. 2007. Agency theory versus managerial ownership theories: understanding the non-linear relationship between managerial incentives and firm risk. In 2007 Financial Management Association European Conference. eScholarID:2b448
  • Stathopoulos, K., Espenlaub, S., Walker, M. 2006. Agency theory versus managerial ownership theories: understanding the non-linear relationship between managerial incentives and firm risk. In 29th Annual Congress of the European Accounting Association. eScholarID:2b453
  • Dr Khaled Hussainey, Hussainey, K., Walker, M. 2006. Quantitative Disclosures and the Returns-Earnings Relation: The Effect of the Sectors Growth Prospects. In British Accounting Association Annual Conference at Portsmouth University. eScholarID:2b557
  • Dr Khaled Hussainey, Hussainey, K., Walker, M. 2006. The Use of Forward-looking Key Performance Indicators by Financial Analysts: Evidence from High versus Low Growth Industries. In Financial Reporting and Business Communication Research 10th Annual Conference, Cardiff Business School. eScholarID:2b558
  • Walker, M., Espenlaub, S., Stathopoulos, K. 2005. How Does Management Compensation Respond to Exceptional Performance?. In 4th Annual Conference of the Hellenic Finance and Accounting Association. eScholarID:2b2997
  • Walker, M., Espenlaub, S., Stathopoulos, K. 2004. How Does Management Compensation Respond to Exceptional Performance?. In Controlling and Rewarding Managers, Institute for Political and Economic Governance. eScholarID:2b3001
  • Dr Khaled Hussainey, Hussainey, K., Schleicher, T., Walker, M. 2004. The Effect of Firm Disclosure on Prices Leading Earnings for Loss-Making Firms. In Corporate Information Disclosure and News Management Conference at Exeter University. eScholarID:2b555
  • Walker, M., Espenlaub, S., Stathopoulos, K. 2003. UK Executive Compensation Practices: new economy vs old economy. In European Financial Management Association 2003 Annual Meeting. eScholarID:2b2999
  • Walker, M., Espenlaub, S., Stathopoulos, K. 2002. UK Executive Compensation Practices: new economy vs. old economy. In 1st Performance and Reward Conference. eScholarID:2b2342
  • Stathopoulos, K., Espenlaub, S., Walker, M. 2001. UK Executive Compensation Practices: New Economy vs. Old Economy. In 2nd International Conference of the British Accounting Association (Special Interest Group on Corporate Governance). eScholarID:2b2880


  • Vasiliki Athanasakou, Young-Soo Choi, Stephen Lin, Martin Walker, and Stephen Young. 2008. Understanding the Earnings Reporting Practices of UK Firms and their interactions with Analysts’ Earnings Forecasts. (Briefing). eScholarID:26922
  • Walker, Martin, Edward Lee, and Hans Christensen. 2008. Mandating IFRS: Its Impact on the Cost of Equity Capital in Europe, ACCA Research Report 105. London: ACCA. eScholarID:5g7
  • Lee, E., Walker, M., Christensen, H. 2006. The Cost of Capital in Europe: An Empirical Analysis and the Preliminary Impact of International Accounting Harmonisation, ACCA Research Report 94. London: ACCA. eScholarID:5b737
  • Walker, M. 2001. Corporate Financial Disclosure and Analyst Forecasting Activity: Preliminary Evidence for the UK. eScholarID:5b410
  • Walker, M. 1997. The Economics of Corporate Financial Communication. London: Certified Accountants Educational Trust. eScholarID:5b412


  • Walker, M., Espenlaub, S., Strivens, M. The Determinants of Institutional Investors with Large Block Holdings. 2006.
  • Walker, M., Espenlaub, S., Strivens, M. The Influence of Institutional Investors Over CEO Remuneration. 2006.
  • Walker, M., Espenlaub, S., Strivens, M. The Influence of Institutional Investors Over CEO Turnover. 2006.
  • Dr Khaled Hussainey, Hussainey, K., Walker, M. What Drives the Forward-Looking Content of Sell-Side Analysts' Reports?.
  • George Iatridis, Dr Khaled Hussainey, Hussainey, K., Walker, M. The Timeliness of Goodwill Impairments.
  • Walker, M., Schleicher, T. Financial Performance and Forward-Looking Trading Statements in the Annual Report.