Newspaper / Magazine
We should celebrate risk reporting, not censure it
Webb R (2016) We should celebrate risk reporting, not censure it. FT Adviser. 21.09.2016.
Book Chapter
Kambouroudis DS (2016) Modeling and Forecasting Stock Market Volatility in Frontier Markets: Evidence from four European and Four African Frontier Markets. In: Andrikopoulos P, Gregoriou N & Kallinterakis V (eds.) Handbook of Frontier Markets: The African, European and Asian Evidence. Amsterdam and New York: Elsevier, pp. 39-54. http://store.elsevier.com/Handbook-of-Frontier-Markets/isbn-9780128037768/
Article
Should the insurance industry be banking on risk escalation for solvency II?
Bryce C, Webb R, Cheevers C, Ring P & Clark G (2016) Should the insurance industry be banking on risk escalation for solvency II?. International Review of Financial Analysis, 46, pp. 131-139. https://doi.org/10.1016/j.irfa.2016.04.014
Newspaper / Magazine
Don’t believe the Brexit prophecies of economic doom
Tabner I (2016) Don’t believe the Brexit prophecies of economic doom. The Conversation. 27.06.2016. https://theconversation.com/dont-believe-the-brexit-prophecies-of-economic-doom-61690
Article
Stock return predictability and market integration: The role of global and local information
McMillan D (2016) Stock return predictability and market integration: The role of global and local information. Cogent Economics and Finance, 4, Art. No.: 1178363. https://doi.org/10.1080/23322039.2016.1178363
Newspaper / Magazine
What a 1960s cartoon cat tells us about the post-crisis mortgage market
Webb R (2016) What a 1960s cartoon cat tells us about the post-crisis mortgage market. The Conversation. 20.05.2016.
Conference Paper (published)
Audit committees and the demand for sustainability reporting assurance
Al-Shaer H & Zaman M (2016) Audit committees and the demand for sustainability reporting assurance. In: Audit & Assurance Conference, Said Business School, Oxford University, 05.05.2016-06.05.2016. Oxford.
Article
Corporate Ownership, Control, and Firm Performance: Evidence from a Nascent and Unregulated Market
Acheson G, Campbell G, Turner JD & Vanteeva N (2016) Corporate Ownership, Control, and Firm Performance: Evidence from a Nascent and Unregulated Market. Journal of Economic History, 76 (1), pp. 1-40. https://doi.org/10.1017/S0022050716000450
Article
Taking notice of risk culture - the regulator’s approach
Ring PJ, Bryce C, McKinney R & Webb R (2016) Taking notice of risk culture - the regulator’s approach. Journal of Risk Research, 19 (3), pp. 364-387. https://doi.org/10.1080/13669877.2014.983944
Research Report
Fair, Balanced and Understandable: Enhancing corporate reporting and assurance?
Fraser I & Lee B (2016) Fair, Balanced and Understandable: Enhancing corporate reporting and assurance?. The Institute of Chartered Accountants of Scotland. https://www.icas.com/technical-resources/fair-balanced-and-understandable-enhancing-corporate-reporting-and-assurance
Article
Abdullah M, Evans L, Fraser I & Tsalavoutas I (2015) IFRS Mandatory disclosures in Malaysia: The influence of family control and the value (ir)relevance of compliance levels. Accounting Forum, 39 (4), pp. 328-348. https://doi.org/10.1016/j.accfor.2015.05.003
Article
The application of business risk audit methodology within non-Big-4 firms
Kutum I, Fraser I & Hussainey K (2015) The application of business risk audit methodology within non-Big-4 firms. Journal of Financial Reporting and Accounting, 13 (2), pp. 226-246. https://doi.org/10.1108/JFRA-03-2014-0015
Article
What drives mandatory and voluntary risk reporting variations across Germany, UK and US?
Elshandidy T, Fraser I & Hussainey K (2015) What drives mandatory and voluntary risk reporting variations across Germany, UK and US?. British Accounting Review, 47 (4), pp. 376-394. https://doi.org/10.1016/j.bar.2014.06.001
Article
Fillis I, Lee B & Fraser I (2015) Measuring the cultural value of the Royal Scottish Academy New Contemporaries Exhibition as a platform for emerging artists. Cultural Trends, 24 (3), pp. 245-255. https://doi.org/10.1080/09548963.2015.1066076
Authored Book
Dobie A (2015) Accounting at Durham Cathedral Priory: Management and Control of a Major Ecclesiastical Corporation 1083-1539. Palgrave Studies in the History of Finance. Basingstoke: Palgrave Macmillan. http://www.palgrave.com/us/book/9781137479778; https://doi.org/10.1057/9781137479785
Article
Active Controllers or Wealthy Rentiers?: Large Shareholders in Victorian Public Companies
Acheson G, Campbell G & Turner JD (2015) Active Controllers or Wealthy Rentiers?: Large Shareholders in Victorian Public Companies. Business History Review, 89 (4), pp. 661-691. https://doi.org/10.1017/S0007680515001026
Book Chapter
Corporate Governance and the Growing Role of Women in the Boardroom
Campbell K & Bohdanowicz L (2015) Corporate Governance and the Growing Role of Women in the Boardroom. In: Aluchna M & Aras G (eds.) Transforming Governance: New Values, New Systems in the New Business Environment. Finance, Governance and Sustainability: Challenges to Theory and Practice. Farnham, Surrey: Gower, pp. 121-142. http://www.ashgate.com/isbn/9781472452030
Research Report
Fillis I, Lee B & Fraser I (2015) Measuring the Cultural Value of the Royal Scottish Academy New Contemporaries Exhibition as a Platform for Emerging Artists. Arts and Humanities Research Council.
Article
Framing the Magdalen: sentimental narratives and impression management in charity annual reporting
Evans L & Pierpoint J (2015) Framing the Magdalen: sentimental narratives and impression management in charity annual reporting. Accounting and Business Research, 45 (6-7), pp. 661-690. https://doi.org/10.1080/00014788.2015.1039931
Article
Activism, Arenas and Accounts in Conflicts over Tobacco Control
Thomson I, Dey C & Russell S (2015) Activism, Arenas and Accounts in Conflicts over Tobacco Control. Accounting, Auditing and Accountability Journal, 28 (5), pp. 809-845. https://doi.org/10.1108/AAAJ-08-2013-1439
Website Content
People, risk and the blame game
Webb R (2015) People, risk and the blame game. Changeboard [Blog Post] 20.11.2015. https://www.changeboard.com/article-details/14686/people-risk-and-the-blame-game/
Article
Time-Varying Predictability for Stock Returns, Dividend Growth and Consumption Growth
McMillan D (2015) Time-Varying Predictability for Stock Returns, Dividend Growth and Consumption Growth. International Journal of Finance and Economics, 20 (4), pp. 362-373. https://doi.org/10.1002/ijfe.1522
Article
Corporate Ownership and Control in Victorian Britain
Acheson G, Campbell G, Turner JD & Vanteeva N (2015) Corporate Ownership and Control in Victorian Britain. Economic History Review, 68 (3), pp. 911-936. https://doi.org/10.1111/ehr.12086
Article
Is there an ideal in-sample length for forecasting volatility?
Kambouroudis DS & McMillan DG (2015) Is there an ideal in-sample length for forecasting volatility?. Journal of International Financial Markets, Institutions and Money, 37, pp. 114-137. https://doi.org/10.1016/j.intfin.2015.02.006
Article
Stock market expectations and risk aversion of individual investors
Lee B, Rosenthal L, Veld C & Veld-Merkoulova Y (2015) Stock market expectations and risk aversion of individual investors. International Review of Financial Analysis, 40, pp. 122-131. https://doi.org/10.1016/j.irfa.2015.05.011
Article
Do Fund Managers Herd in Frontier Markets – and Why?
Economou F, Gavriilidis K, Kallinterakis V & Yordanov N (2015) Do Fund Managers Herd in Frontier Markets – and Why?. International Review of Financial Analysis, 40, pp. 76-87. https://doi.org/10.1016/j.irfa.2015.03.017
Article
Electricity Futures Prices in an Emissions Constrained Economy: Evidence from European Power Markets
Daskalakis G, Symeonidis L & Markellos R (2015) Electricity Futures Prices in an Emissions Constrained Economy: Evidence from European Power Markets. Energy Journal, 36 (3), pp. 1-33. https://doi.org/10.5547/01956574.36.3.gdas
Article
Dobie A (2015) The role of the general and provincial chapters in improving and enforcing accounting, financial and management controls in Benedictine monasteries in england 1215-1444. British Accounting Review, 47 (2), pp. 142-158. https://doi.org/10.1016/j.bar.2014.09.003
Article
The Birth of UK Corporation Tax -The Official View
Stopforth D & Goodacre A (2015) The Birth of UK Corporation Tax -The Official View. British Tax Review, 2015 (2), pp. 189-223.
Newspaper / Magazine
Regulators fight for ‘clean’ information
Webb R (2015) Regulators fight for ‘clean’ information. FT Adviser. 29.06.2015.
Newspaper / Magazine
Why falling oil prices should not undermine investment in green energy
de Vries F & Tabner I (2015) Why falling oil prices should not undermine investment in green energy. The Conversation. 12.05.2015. https://theconversation.com/why-falling-oil-prices-should-not-undermine-investment-in-green-energy-36420
Newspaper / Magazine
Budget 2015: how can Tories square welfare cuts with claim to be 'party of social justice'?
Somerville A (2015) Budget 2015: how can Tories square welfare cuts with claim to be 'party of social justice'?. The Conversation. 07.05.2015.
Article
Evans L, Baskerville R & Nara K (2015) Colliding Worlds: Issues Relating to Language Translation in Accounting and Some Lessons from Other Disciplines. Abacus, 51 (1), pp. 1-36. https://doi.org/10.1111/abac.12040
Article
Social engagement and stock market participation
Changwony F, Campbell K & Tabner I (2015) Social engagement and stock market participation. Review of Finance, 19 (1), pp. 317-366. https://doi.org/10.1093/rof/rft059
Article
Choosing Among Alternative Long-Run Event-Study Techniques
Dionysiou D (2015) Choosing Among Alternative Long-Run Event-Study Techniques. Journal of Economic Surveys, 29 (1), pp. 158-198. https://doi.org/10.1111/j.1467-6419.2012.00742.x
Article
Non-parametric estimation of copula parameters: testing for time-varying correlation
Gong J, Wu W, McMillan D & Shi D (2015) Non-parametric estimation of copula parameters: testing for time-varying correlation. Studies in Nonlinear Dynamics and Econometrics, 19 (1), pp. 93-106. https://doi.org/10.1515/snde-2012-0089
Article
Herding Dynamics in Exchange Groups: Evidence from Euronext
Economou F, Gavriilidis K, Goyal A & Kallinterakis V (2015) Herding Dynamics in Exchange Groups: Evidence from Euronext. Journal of International Financial Markets, Institutions and Money, 34, pp. 228-244. https://doi.org/10.1016/j.intfin.2014.11.013
Newspaper / Magazine
Elephant in the room exacts a heavy price
Webb R (2015) Elephant in the room exacts a heavy price. FT Adviser. 19.01.2015.
Newspaper / Magazine
Don't expect queues around the block to buy the Clydesdale and Yorkshire banks
Webb R (2015) Don't expect queues around the block to buy the Clydesdale and Yorkshire banks. The Conversation. 09.01.2015.
Article
Brown T, Smith S, Bhopal R, Kasim A & Summerbell C (2015) Diet and Physical Activity Interventions to Prevent or Treat Obesity in South Asian Children and Adults: A Systematic Review and Meta-Analysis. International Journal of Environmental Research and Public Health, 12 (1), pp. 566-594. https://doi.org/10.3390/ijerph120100566
Article
Webb R (2015) Risk and responsibility. Clinical Career, (4), pp. 96-98.
Article
Changing Bank Income Structure: Evidence from Large UK Banks?
Jaffar K, Mabwe K & Webb R (2014) Changing Bank Income Structure: Evidence from Large UK Banks?. Asian Journal of Finance & Accounting, 6 (2), pp. 195-215. https://doi.org/10.5296/ajfa.v6i2.5975
Article
The Influence of Buy-side Analysts on Mutual Fund Trading
Frey S & Herbst P (2014) The Influence of Buy-side Analysts on Mutual Fund Trading. Journal of Banking and Finance, 49, pp. 442-458. https://doi.org/10.1016/j.jbankfin.2014.01.007
Article
Modelling Time-Variation in the Stock Return-Dividend Yield Predictive Equation
McMillan D (2014) Modelling Time-Variation in the Stock Return-Dividend Yield Predictive Equation. Financial Markets, Institutions and Instruments, 23 (5), pp. 273-302. https://doi.org/10.1111/fmii.12021
Article
Insider employee stock option trading and stock prices
McMillan D, Tavakoli M & McKnight PJ (2014) Insider employee stock option trading and stock prices. European Journal of Finance, 20 (1), pp. 59-79. https://doi.org/10.1080/1351847X.2012.670122
Article
Forecasting Stock Returns: Do Commodities Prices Help?
Black A, Klinkowska O, McMillan D & McMillan F (2014) Forecasting Stock Returns: Do Commodities Prices Help?. Journal of Forecasting, 33 (8), pp. 627-639. https://doi.org/10.1002/for.2314
Article
Timing, Earnings Management and Over-reaction Around Pure Placings
Dionysiou D (2014) Timing, Earnings Management and Over-reaction Around Pure Placings. European Journal of Finance, 21 (8), pp. 646-671. https://doi.org/10.1080/1351847X.2013.833128
Article
Value Relevance of IFRS Mandatory Disclosure Requirements
Tsalavoutas I & Dionysiou D (2014) Value Relevance of IFRS Mandatory Disclosure Requirements. Journal of Applied Accounting Research, 15 (1), pp. 22-42. https://doi.org/10.1108/JAAR-03-2013-0021
Article
McMillan D (2014) Stock Return, Dividend Growth and Consumption Growth Predictability Across Markets and Time: Implications for stock price movement. International Review of Financial Analysis, 35, pp. 90-101. https://doi.org/10.1016/j.irfa.2014.07.011
Article
Premiums, Discounts and Feedback Trading: Evidence from Emerging Markets' ETFs
Charteris A, Chau F, Gavriilidis K & Kallinterakis V (2014) Premiums, Discounts and Feedback Trading: Evidence from Emerging Markets' ETFs. International Review of Financial Analysis, 35, pp. 80-89. https://doi.org/10.1016/j.irfa.2014.07.010
Article
Measuring mutual fund herding - A structural approach
Frey S, Herbst P & Walter A (2014) Measuring mutual fund herding - A structural approach. Journal of International Financial Markets, Institutions and Money, 32, pp. 219-239. https://doi.org/10.1016/j.intfin.2014.05.006
Article
The forecasting accuracy of implied volatility from ECX carbon options
Viteva S, Veld-Merkoulova Y & Campbell K (2014) The forecasting accuracy of implied volatility from ECX carbon options. Energy Economics, 45, pp. 475-484. https://doi.org/10.1016/j.eneco.2014.08.005
Article
Guidolin M, Hyde S, McMillan D & Ono S (2014) Does The Macroeconomy Predict UK Asset Returns In A Nonlinear Fashion? Comprehensive Out-Of-Sample Evidence. Oxford Bulletin of Economics and Statistics, 76 (4), pp. 510-535. https://doi.org/10.1111/obes.12035
Newspaper / Magazine
Bank bonuses just encourage greedy or dishonest staff
Webb R (2014) Bank bonuses just encourage greedy or dishonest staff. The Conversation. 26.08.2014.
Article
Webb R (2014) Risk management in banking. Chartered Banker Magazine.
Article
Pension confusion, uncertainty and trust in Scotland: An empirical analysis
Webb R, Watson D, Ring P & Bryce C (2014) Pension confusion, uncertainty and trust in Scotland: An empirical analysis. Journal of Social Policy, 43 (3), pp. 595-613. https://doi.org/10.1017/S0047279414000051
Article
Are the Discounts in Seasoned Equity Offers Due to Inelastic Demand?
Armitage S, Dionysiou D & Gonzalez A (2014) Are the Discounts in Seasoned Equity Offers Due to Inelastic Demand?. Journal of Business Finance and Accounting, 41 (5-6), pp. 743-772. https://doi.org/10.1111/jbfa.12074
Book Chapter
Who Speaks for the River? Exploring Biodiversity Accounting using an Arena Approach
Dey C & Russell S (2014) Who Speaks for the River? Exploring Biodiversity Accounting using an Arena Approach. In: Jones M (ed.) Accounting for Biodiversity. London: Routledge, pp. 245-266. http://www.routledge.com/books/details/9780415630641/
Article
Webb R (2014) Breaking up is hard to do. Chartered Banker Magazine.
Article
Confusion, uncertainty and pensions
Webb R (2014) Confusion, uncertainty and pensions. PMI News.
Book Chapter
Dey C & Gibbon J (2014) External Accounts. In: Bebbington J, Unerman J & O'Dwyer B (eds.) Sustainability Accounting and Accountability. 2nd ed. New York: Routledge, pp. 108-123. http://www.routledge.com/books/details/9780415695589/
Article
Campbell K & Tabner I (2014) Bonding and the agency risk premium: An analysis of migrations between the AIM and the Official List of the London Stock Exchange. Journal of International Financial Markets, Institutions and Money, 30 (1), pp. 1-20. https://doi.org/10.1016/j.intfin.2014.01.004
Research Report
Tsalavoutas I, Andre P & Dionysiou D (2014) Worldwide application of IFRS 3, IAS 38 and IAS 36, related disclosures, and determinants of non-compliance. Association of Chartered Certified Accountants (ACCA) ACCA Research Report, 134. Certified Accountants Educational Trust. http://www.accaglobal.com/content/dam/acca/global/PDF-technical/financial-reporting/rr-134-001.pdf
Article
The Credit Crunch and Insider Training
Tavakoli M, McMillan D & McKnight PJ (2014) The Credit Crunch and Insider Training. Financial Markets, Institutions and Instruments, 23 (2), pp. 71-100. https://doi.org/10.1111/fmii.12015
Article
Wealth effects of convertible-bond and warrant-bond offerings: a meta-analysis
Abdul Rahim N, Goodacre A & Veld C (2014) Wealth effects of convertible-bond and warrant-bond offerings: a meta-analysis. European Journal of Finance, 20 (4), pp. 380-398. https://doi.org/10.1080/1351847X.2012.712920
Preprint / Working Paper
Rising and Volatile Food Prices: Are Index Fund Investors to Blame?
Prokopczuk M, Symeonidis L & Verlaat T (2014) Rising and Volatile Food Prices: Are Index Fund Investors to Blame?. http://dx.doi.org/10.2139/ssrn.2450397
Article
House price data: Who can we trust?
Webb R (2014) House price data: Who can we trust?. Property Professional Magazine.
Article
Elshandidy T, Fraser I & Hussainey K (2013) Aggregated, voluntary, and mandatory risk disclosure incentives: Evidence from UK FTSE all-share companies. International Review of Financial Analysis, 30, pp. 320-333. https://doi.org/10.1016/j.irfa.2013.07.010
Article
Balancing on a Tightrope: customer Relational Capital, Value Creation and Disclosure
Beattie V, Roslender R & Smith SJ (2013) Balancing on a Tightrope: customer Relational Capital, Value Creation and Disclosure. Financial Reporting, 2013 (3-4), pp. 19-52. https://doi.org/10.3280/FR2013-003003
Article
Value Creation and Business Models: Refocusing the Intellectual Capital Debate
Beattie V & Smith SJ (2013) Value Creation and Business Models: Refocusing the Intellectual Capital Debate. British Accounting Review, 45 (4), pp. 243-254. https://doi.org/10.1016/j.bar.2013.06.001
Preprint / Working Paper
The economic drivers of commodity market volatility
Symeonidis L & Prokopczuk M (2013) The economic drivers of commodity market volatility. Working Paper.
Commentary
Taking a 'Parallax View' of What We Now Know about CSEAR?
Dey C (2013) Taking a 'Parallax View' of What We Now Know about CSEAR?. Commentary on: Correa and Laine, 2013, 'Struggling Against Like-Minded Conformity to Enliven SEAR: A Call for Passion', Social and Environmental Accountability Journal 33 (3): 134-144. Social and Environmental Accountability Journal, 33 (2), pp. 149-152. https://doi.org/10.1080/0969160X.2013.840541
Conference Paper (published)
Minhas S, Poria S, Hussain A & Hussainey K (2013) A review of artificial intelligence and biologically inspired computational approaches to solving issues in narrative financial disclosure. In: Liu D, Alippi C, Zhao D & Hussain A (eds.) Advances in Brain Inspired Cognitive Systems: 6th International Conference, BICS 2013, Beijing, China, June 9-11, 2013. Proceedings. Lecture Notes in Computer Science, 7888. 6th International Conference on Brain Inspired Cognitive Systems, BICS 2013, Beijing, China, 09.06.2013-11.06.2013. Berlin Heidelberg: Springer, pp. 317-327. http://link.springer.com/chapter/10.1007/978-3-642-38786-9_36#; https://doi.org/10.1007/978-3-642-38786-9_36
Preprint / Working Paper
The Information Content of Carbon Options
Campbell K, Viteva S & Veld-Merkoulova YV (2013) The Information Content of Carbon Options.
Article
The relationship between temperature and CO2 emissions: evidence from a short and very long dataset
McMillan D & Wohar ME (2013) The relationship between temperature and CO2 emissions: evidence from a short and very long dataset. Applied Economics, 45 (26), pp. 3683-3690. https://doi.org/10.1080/00036846.2012.729955
Book Chapter
Commentary: A role for the compulsory study of literature in accounting education
Fraser I & Evans L (2013) Commentary: A role for the compulsory study of literature in accounting education. In: Sangster A & Wilson R (eds.) Liberalising the Accounting Curriculum in University Education. London: Routledge.
Article
Operational risk escalation: An empirical analysis of UK call centres
Bryce C, Cheevers C & Webb R (2013) Operational risk escalation: An empirical analysis of UK call centres. International Review of Financial Analysis, 30, pp. 298-307. https://doi.org/10.1016/j.irfa.2013.05.002
Article
We’re (mostly) banking on growth
Webb R (2013) We’re (mostly) banking on growth. Chartered Banker Magazine.
Authored Book
Economics Express: Financial Markets and Institutions
Webb R & Brahma S (2013) Economics Express: Financial Markets and Institutions. Harlow, United Kingdom: Pearson.
Other
IFRS - Will the global accounting experiment succeed?
Coles C (2013) IFRS - Will the global accounting experiment succeed?. Aspire, (13), pp. 24-25.
Article
Alternative bankruptcy prediction models using option-pricing theory
Charitou A, Dionysiou D, Lambertides N & Trigeorgis L (2013) Alternative bankruptcy prediction models using option-pricing theory. Journal of Banking and Finance, 37 (7), pp. 2329-2341. https://doi.org/10.1016/j.jbankfin.2013.01.020
Article
A panel analysis of the stock returndividend yield relation: Predicting returns and dividend growth
McMillan D & Wohar ME (2013) A panel analysis of the stock returndividend yield relation: Predicting returns and dividend growth. Manchester School, 81 (3), pp. 386-400. https://doi.org/10.1111/j.1467-9957.2011.02281.x
Article
Consumption and stock prices: Evidence from a small international panel
McMillan D (2013) Consumption and stock prices: Evidence from a small international panel. Journal of Macroeconomics, 36, pp. 76-88. https://doi.org/10.1016/j.jmacro.2013.01.007
Preprint / Working Paper
Electricity Futures Prices in an Emissions Constrained Economy: Evidence from European Power Markets
Daskalakis G, Symeonidis L & Markellos R (2013) Electricity Futures Prices in an Emissions Constrained Economy: Evidence from European Power Markets. SSRN Accepted Papers Series. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2435485
Conference Paper (published)
Corporate Governance Monitoring Effects on Corporate Environmental Responsibility
Al-Shaer H (2013) Corporate Governance Monitoring Effects on Corporate Environmental Responsibility. In: EAA Annual Congress, Paris, France, 06.05.2013-08.05.2013.
Article
Time varying stock return predictability: Evidence from US sectors
Guidolin M, McMillan D & Wohar ME (2013) Time varying stock return predictability: Evidence from US sectors. Finance Research Letters, 10 (1), pp. 34-40. https://doi.org/10.1016/j.frl.2012.07.002
Preprint / Working Paper
Executive Compensation and the Cost of Debt
Kabir R, Li H & Veld-Merkoulova YV (2013) Executive Compensation and the Cost of Debt. SSRN Working Paper Series, 1537318. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1537318
Preprint / Working Paper
Do Happy People Make Optimistic Investors?
Kaplanski G, Levy H, Veld C & Veld-Merkoulova YV (2013) Do Happy People Make Optimistic Investors?. SSRN Working Paper Series, 2009319. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009319