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Arman Eshraghi

Economics & Finance

Arman Eshraghi

Chair of Finance and Investment, Cardiff Business School

Professor Arman Eshraghi is Chair of Finance and Investment at Cardiff Business School, where he leads the Cardiff Fintech Research Group and the fintech theme at the Digital Transformation Innovation Institute.

He is a Visiting Researcher at the Cambridge University’s Endowment for Research in Finance & a Visiting Scholar at the Cambridge Centre for Alternative Finance.

Professor Eshraghi has held visiting positions at Harvard Business School, University College London, & the Development Bank of Japan Inc.

He has been published in leading journals of finance, accounting, and management & his research has been cited by the Financial Times, Washington Post, Forbes, Bloomberg, BBC, and Euronews.

His research investigates how financial technology, behavioral biases, and human psychology shape the decisions of investors, fund managers, and firms, with a focus on market dynamics, corporate finance, and investment management.

Professor Eshraghi combines interviews, empirical analysis, and interdisciplinary methods to uncover the hidden forces driving markets, from cryptocurrency speculation and AI adoption to fund manager psychology and behavioral anomalies in trading. His work examines how real-world conditions, such as sleep and attention, interact with human decision-making to produce patterns that challenge conventional financial theory.

Doctoral Dissertation: Professional Investor Psychology & Investment Performance.

Courses Taught: Financial Technology and Behaviour (MSc); Finance and Investment (MSc/MBA); Corporate Finance (MBA); Behavioural Finance (MSc); Equity Valuation (MSc); Investment Management (MSc); Digital Transformation, Organizations and Society (MBA); Advanced Topics in Finance and Accounting (PhD).

Research and Research Leadership: Nominated, Celebrating Excellence Awards, Cardiff University, 2023; Selected, Cardiff Professorial Leadership Programme, 2022; Shortlisted (three times), Fintech Awards Wales, 2021-23; Scottish Crucible Fellowship, 2018; Shimomura Fellowship, Development Bank of Japan, 2018; Sustained Excellence Award, University of Edinburgh, 2017; Finalist, Scottish Financial Enterprise Rising Star Award sponsored by EY, 2017; Best Paper Award Finalist, Financial Management Association European Conference, Venice, 2015; Best Paper Award, International Review of Financial Analysis Conference on Gold, 2015; Best Paper Award (twice), Behavioural Finance Working Group Conference, London, 2014-15; Highly Commended PhD Research, European Foundation for Management Development, 2014; Young Scholar Award for Research in Financial Discourse, European Financial Group, 2014; Highly Commended, Emerald Literati Award for Research Excellence, 2013.

Education
PhD Finance, University of Edinburgh Business School · MBA Business, Sharif University of Technology · BSc Electrical Engineering, Sharif University of Technology
Topics
Finance · Behavioral Finance · Cryptocurrencies · Market Hype Cycles · Fund Manager Decision-Making · Fintech · Interdisciplinary Accounting · How Sleep Affects Trading · Liu

In the Encyclopedia1

Selected publications24

  1. 2025Abbassi, W. et al., 2025. Financial statement readability and firm debt choice. Financial Management (10.1111/fima.70003)
  2. 2025Atawnah, N. et al., 2025. Corporate general counsels and investment efficiency: Novel evidence. Journal of Business Finance & Accounting (10.1111/jbfa.70031)
  3. 2025Tosun, O. K. and Eshraghi, A. 2025. Financial market implications of corporate exposure to prior disasters. In: Apergis, N. ed. Encyclopedia of Monetary Policy, Financial Markets and Banking. Elsevier. , pp.56-61. (10.1016/B978-0-44-313776-1.00336-6)
  4. 2024Alzayed, N. et al., 2024. Revisiting corporate governance and financial risk-taking. International Journal of Finance and Economics 29 (4), pp.4787-4812. (10.1002/ijfe.2896)
  5. 2024Boubaker, S. , Eshraghi, A. and Liu, Y. 2024. Stock liquidity sidedness and share repurchase. International Review of Financial Analysis 95 (Part B) 103468. (10.1016/j.irfa.2024.103468)
  6. 2023Alharbi, S. et al., 2023. Gambling culture and earnings management: a novel perspective. International Review of Economics and Finance 86 (10.1016/j.iref.2023.03.039)
  7. 2023Altanlar, A. et al., 2023. Opportunism, overconfidence and irrationality: a puzzling triad. International Review of Financial Analysis 88 102643. (10.1016/j.irfa.2023.102643)
  8. 2023Atawnah, N. et al., 2024. Managerial ability and firm value: A new perspective. Research in International Business and Finance 67 (PartB) 10213. (10.1016/j.ribaf.2023.102133)
  9. 2023Cheema, A. K. , Eshraghi, A. and Wang, Q. 2023. Macroeconomic news and price synchronicity. Journal of Empirical Finance 73 , pp.390-412. (10.1016/j.jempfin.2023.08.002)
  10. 2023Eshraghi, A. 2023. Approaches to cryptocurrency valuation. In: Baker, H. K. et al., The Emerald Handbook on Cryptoassets: Investment Opportunities and Challenges. Emerald. , pp.171-184. (10.1108/978-1-80455-320-620221012)
  11. 2023Nominated, Celebrating Excellence Awards, Cardiff University, 2023
  12. 2022Danbolt, J. , Eshraghi, A. and Lukas, M. 2022. Investment transparency and the disposition effect. European Financial Management 28 (3), pp.834-864. (10.1111/eufm.12329)
  13. 2022Han, X. et al., 2022. Persistence of investor sentiment and market mispricing. Financial Review 57 (3), pp.617-640. (10.1111/fire.12301)
  14. 2020Nguyen, D. D. , Hagendorff, J. and Eshraghi, A. 2020. Misconduct in banking: Governance and the board of directors. In: Alexander, C. and Cumming, D. eds. Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation. Wiley. , pp.307-326.
  15. 2018Taffler, R. and Eshraghi, A. 2018. Hedge funds as phantastic objects: a psychoanalytic perspective on financial innovations. In: Garvey, P. and Long, K. eds. The Klein Tradition: Lines of Development. Abingdon, UK: Routledge. , pp.391-410.
  16. 2018Best Teaching Innovation Award, University of Edinburgh Business School, 2018
  17. 2017Selected in the University of Edinburgh Teaching Excellence Poster Campaign, 2017-18
  18. 2016Nguyen, D. D. , Hagendorff, J. and Eshraghi, A. 2016. Value effects of bank executives. In: Rossi, S. P. S. and Malavasi, R. eds. Financial Crisis, Bank Behaviour and Credit Crunch. Contributions to Economics Springer
  19. 2016Best Course Award, University of Edinburgh Business School, 2016
  20. 2015Inspirational Teaching Award, University of Edinburgh Business School, 2015
  21. 2014Eshraghi, A. 2014. Fund manager overconfidence and investment narratives. In: Hart, R. P. ed. Communication and Language Analysis in the Corporate World. IGI Global. , pp.1-20.
  22. 2014Eshraghi, A. and Taffler, R. 2014. Emotional finance and fiduciary responsibility. In: Hawley, J. P. et al., Cambridge Handbook of Institutional Investment and Fiduciary Duty. Cambridge: Cambridge University Press. , pp.254-264.
  23. 2012Nominated 14 times, University of Edinburgh Annual Teaching Awards, 2012-18
  24. 2010Best Postgraduate Tutor, Manchester Business School, 2010

Positions & affiliations3

  • Cardiff Business School
  • Cambridge Judge School of Business
  • University of Edinburgh