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Portrait of Dr Pawel Bilinski

Dr Pawel Bilinski

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Faculty of Finance

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Room BR5088, Bunhill Row

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Postal Address

Cass Business School
106 Bunhill Row
London
EC1Y 8TZ
United Kingdom

Overview

Dr Pawel Bilinski is the Director of the Centre for Financial Analysis and Reporting Research and Course Director of the MSc in Corporate Finance at Cass Business School. Before joining the Accounting Group at Cass Business School, he held posts at Manchester Business School and at Lancaster University Management School.

Pawel's research interests are in the area of accounting and include firm disclosure policies, the properties of analyst research outputs, investment banking relations and empirical corporate finance.

He has published in top accounting and finance journals such as The Accounting Review, Journal of Banking and Finance, Journal of Business Finance and Accounting, Abacus, European Financial Management, and Financial Markets, Institutions, and Instruments. Pawel is Editorial Board Member of the Journal of Business Finance and Accounting, Accounting and Business Research and the Journal of Accounting, Finance and Economics. His research has received funding from the 6th Marie Curie Framework Programme, the Malmsten Foundation, and Manchester Business School.

Pawel has experience teaching accounting (financial and managerial accounting) and finance courses at Executive, MBA, MSc, and undergraduate level in the UK, Hong Kong, Dubai, Shanghai and the Channel Islands and Saudi Arabia. He has invariably received excellent feedback on his engaging and practice-oriented teaching.

Pawel is also actively engaged with the professional community. Most recently, he presented during the Deutsche Bank 2nd Annual Global Quantitative Strategy Conference and at Deutsche Bank Ideas Lab talk.

Qualifications

PhD, MSc and FHEA.

Memberships of Professional Organisations

  1. Academic Membership, American Finance Association, Jun 2014 – present
  2. Academic Membership, European Accounting Association, Nov 2011 – present
  3. Academic Membership, American Accounting Association, Sep 2010 – present

Expertise

Primary Topics

  • Accounting
  • Accounting Standards
  • Capital Markets
  • Corporate Social Responsibility
  • Financial Accounting
  • Management Accounting

Research

My research lies in the area of market-based accounting, which is at the intersection of accounting and finance. The area of main focus is on capital market implications of accounting and analyst behaviour. I led research projects that look at the behaviour of sell-side analysts and the usefulness of their research reports to investors. Financial analysts are among the most important information intermediaries in capital markets and therefore it is important to understand (1) potential conflicts of interest in their research and (2) the investment value and accuracy of analyst research reports.

My research has been covered in media outlets such as The Financial Times and The Guardian, and influential foreign magazines including Manager Magazin, Jeune Dirigeant, and Spiegel.

Research Topics

Conflicts of interest in analyst research: do analysts issue optimistic forecasts to cater to some investors?
Prior research documents that analysts produce less biased forecasts for stocks with high institutional ownership. In this project, we examine whether this result changes depending on the type of institutional investors. Specifically, short-term investors, such as hedge-funds, may welcome optimistic analyst research that leads to temporary overpricing of stocks they hold, as this would allow them to sell their holdings at a higher profit. We propose that analysts cater to short-term investors and issue optimistically biased research for stocks held by short-term investors. This catering behaviour should dominate among analysts unaffiliated with investment banks as they face lower reputational costs by biasing target prices.
Executive compensation in "sin" industries: alcohol, gambling, and tobacco industries
We examine if executives in ‘sin’ industries such as alcohol, gambling, and tobacco, earn a compensation premium for the ‘stigma’ attached to the firms they work for. Specifically, we propose that executives in sin industries bear social costs such as (1) being ostracised by their local community, (2) lower opportunities for these executives to serve as directors on other firms’ boards, particularly at more esteemed firms, and (3) fewer opportunities to find employment after leaving a sin firm. This research serves to highlight the impact that violating social norms has on executive compensation contracts.
Analyst dividend forecasts and their usefulness to investors
Recent finance and accounting studies indicate that dividends are ‘sticky’ and declining in economic importance. If so, there should be little investor demand for analyst dividend estimates and analyst dividend forecasts should simply mirror time-series estimates. However, this prediction contrasts the fact that large data providers such as Bloomberg and Thomson Reuters routinely report analyst dividend forecasts. We examine the recent trend in analysts providing dividend estimates for a sample of 16 countries spanning 2000–2013. The questions examined in the projects include: (1) why do analysts produce dividend forecasts, (2) are analyst dividend estimates more accurate and better aligned with market dividend expectations than time-series estimates (3) do dividend forecasts convey incremental information to the market beyond that contained in other fundamentals, and (4) do dividend estimates help investors interpret the persistence of earnings news.
Name
Xiaochi Ge
Attendance
Sep 2016 – present, full-time
Thesis Title
Three essays on corporate reporting
Role
1st Supervisor
Name
Grant Jones
Attendance
Mar 2015 – present, part-time
Thesis Title
A comparative economic impact stakeholder analysis of the UK insolvency CVA process, as against other UK insolvency processes: a study of the existing regime and a consideration of regime reforms
Role
1st Supervisor
Name
André Silva
Attendance
Sep 2013 – present, full-time
Thesis Title
Essays in Bank Regulation and Supervision
Role
2nd Supervisor

Journal Articles (19)

  1. Silva, A. and Bilinski, P. (2015). Intended Use of Proceeds, Underwriter Quality and the Long-run Performance of SEOs in the UK. Journal of Business Finance and Accounting, 42(9-10), pp. 1282–1309. doi:10.1111/jbfa.12171.
  2. Ohlson, J.A. and Bilinski, P. (2015). Risk versus anomaly: A new methodology applied to accruals. Accounting Review, 90(5), pp. 2057–2077. doi:10.2308/accr-50984.
  3. Bilinski, P. and Mohamed, A. (2015). The signaling effect of durations between equity and debt issues. Financial Markets, Institutions and Instruments, 24(2-3), pp. 159–190. doi:10.1111/fmii.12027.
  4. Silva, A. and Bilinski, P. (2014). Prospectus Disclosure and the Long-Run Performance of Seasoned Equity Issuers in the UK. SSRN Electronic Journal . doi:10.2139/ssrn.2437983.
  5. Bilinski, P., Cumming, D.J. and Hass, L.H. (2014). Do Sell-Side Analysts and Hedge Funds Collude? SSRN Electronic Journal . doi:10.2139/ssrn.2517927.
  6. Bilinski, P. (2014). Do analysts disclose cash flow forecasts with earnings estimates when earnings quality is low? Journal of Business Finance and Accounting, 41(3-4), pp. 401–434. doi:10.1111/jbfa.12056.
  7. Bilinski, P. and Lyssimachou, D. (2014). Risk Interpretation of the CAPM's Beta: Evidence from a New Research Method. Abacus, 50(2), pp. 203–226. doi:10.1111/abac.12028.
  8. Bilinski, P. and Strong, N. (2013). Managers' private information, investor underreaction and long-run SEO performance. European Financial Management, 19(5), pp. 956–990. doi:10.1111/j.1468-036X.2011.00616.x.
  9. Bilinski, P., Lyssimachou, D. and Walker, M. (2013). Target price accuracy: International evidence. Accounting Review, 88(3), pp. 825–851. doi:10.2308/accr-50378.
  10. Bilinski, P. and Lyssimachou, D. (2013). The Risk Interpretation of the CAPM's Beta: Evidence from a New Research Method. SSRN Electronic Journal . doi:10.2139/ssrn.2308905.
  11. Bilinski, P. (2013). Earnings Quality and the Joint Issue of Analyst Earnings and Cash Flow Forecasts. SSRN Electronic Journal . doi:10.2139/ssrn.2202886.
  12. Bilinski, P. and Lyssimachou, D. (2013). Beta Works! A New Risk Testing Method Applied to Market Beta. SSRN Electronic Journal . doi:10.2139/ssrn.2212091.
  13. Bilinski, P., Liu, W. and Strong, N. (2012). Does liquidity risk explain low firm performance following seasoned equity offerings? Journal of Banking and Finance, 36(10), pp. 2770–2785. doi:10.1016/j.jbankfin.2012.07.009.
  14. Ohlson, J.A. and Bilinski, P. (2012). Risk vs. Anomaly: A New Methodology Applied to Accruals. SSRN Electronic Journal . doi:10.2139/ssrn.2441058.
  15. Pawel, B. and Mohamed, A. (2012). Durations between Equity and Debt Issues and Their Effect on the Offering Announcement Returns. SSRN Electronic Journal . doi:10.2139/ssrn.2140194.
  16. Bilinski, P. and Mohamed, A. (2012). What Factors Determine the Time between Seasoned Equity and Debt Issues: A Duration Analysis. SSRN Electronic Journal . doi:10.2139/ssrn.2054374.
  17. Bilinski, P., Lyssimachou, D. and Walker, M. (2011). Target Price Accuracy: International Evidence. SSRN Electronic Journal . doi:10.2139/ssrn.1915082.
  18. Bilinski, P. (2011). Does Firm Reporting Quality and Analyst Forecasting Skill Influence the Analyst Choice to Issue Revenue Forecasts? SSRN Electronic Journal . doi:10.2139/ssrn.1969390.
  19. Bilinski, P., Strong, N.C. and Walker, M. (2010). Strategic Disclosure, Analyst Behavior and Equity Flotation Costs. SSRN Electronic Journal . doi:10.2139/ssrn.1569647.

Course Directorship

- 2015 - present, PhD in Accounting Programme, Coordinator
- 2015 - 2016, BSc Accounting and Finance, Director
- 2014 - present, Centre for Financial Analysis and Reporting Research (CeFARR), Cass Business School, Director

Editorial Activities (17)

  1. Accounting and Business Research, Member of Editorial Board, 2016 – present.
  2. Corporate Governance: An International Review, Referee, 2016 – present.
  3. Emerging Markets Finance and Trade, Referee, 2016 – present.
  4. Review of Accounting Studies, Referee, 2016 – present.
  5. Accounting and Business Research, Referee, 2015 – present.
  6. European Accounting Review, Referee, 2015 – present.
  7. European Financial Management, Referee, 2015 – present.
  8. European Journal of Operational Research, Referee, 2015 – present.
  9. International Journal of Corporate Governance, Referee, 2015 – present.
  10. International Review of Economics and Finance, Referee, 2015 – present.
  11. Journal of Business Finance and Accounting, Member of Editorial Board, 2015 – present.
  12. Abacus, Referee, 2015 – present.
  13. Journal of Accounting, Finance and Economics, Associate Editor, 2014 – present.
  14. Journal of Accounting, Auditing and Finance, Referee, 2014 – present.
  15. Journal of Accounting, Finance and Economics, Referee, 2014 – present.
  16. Journal of Banking and Finance, Referee, 2014 – present.
  17. Journal of Business Finance and Accounting, Referee, 2009 – present.

Events/Conferences (35)

  1. CeFARR conference on “Modern corporate communication: Impact, effectiveness and importance to investors”. (Conference) Cass Business School, UK (2016). Chair, Session/Day Chair and Organising Committee.
  2. 39th European Accounting Association congress. (Conference) Maastricht, The Netherlands (2016). Organising Committee.
  3. Essex Business School Internal seminar. (Seminar) Essex Business School, University of Essex (2016). Invited speaker.
    Paper: Analyst dividend forecasts and their usefulness to investors: international evidence
    Author: Bilinski P
    Co-authors: M. Bradshaw
  4. Paper development conference in association with Journal of International Business Studies Special Issue. (Conference) Cass Business School (2016). Invited speaker.
    Paper: Paper discussant
    Author: Bilinski P
  5. 39th Annual Congress of the European Accounting Association. (Conference) Maastricht, The Netherlands (2016). Invited speaker.
    Paper: How accounting firms compete for financial advisory roles in the M&A market?
    Author: Bilinski P
    Co-authors: A. Yim
  6. 38th European Accounting Association congress. (Conference) Glasgow, UK (2015). Organising Committee.
  7. Université de Neuchâtel, Switzerland internal seminar. (Seminar) Université de Neuchâtel, Switzerland (2015). Invited speaker.
    Paper: Strategic distortions in analyst target prices in the presence of short-term institutional investors
    Author: Bilinski P
    Co-authors: Cumming, D., Hass, L., Stathopoulos, K., Walker, M
  8. Financial Accounting Symposium, Cambridge Judge Business School. (Conference) Cambridge Judge Business School, UK (2015). Invited speaker.
    Paper: Paper discussant
    Author: Bilinski P
  9. American Accounting Association Annual Meeting. (Conference) Chicago, US (2015). Invited speaker.
    Paper: Analyst Dividend Forecasts and their Usefulness to Investors: International Evidence
    Author: Bilinski P
    Co-authors: M. Bradshaw
  10. 2015 Midyear Meeting of the Financial Accounting and Reporting Section (FARS). (Conference) Nashville, Tennessee, US (2015). Invited speaker.
    Paper: International Evidence on the Accuracy, Sophistication and Information Content of Analyst Dividend Forecasts
    Author: Bilinski P
  11. Deutsche Bank Ideas Lab. (Workshop) London (2014). Invited speaker.
    Paper: Investment profits: compensation for risk or successful arbitrage
    Author: Bilinski P
  12. Deutsche Bank 2nd Annual Global Quantitative Strategy Conference. (Conference) London (2014). Invited speaker.
    Paper: The usefulness of analyst forecasts to investors
    Author: Bilinski P
  13. American Accounting Association Annual Meeting. (Conference) Atlanta, US (2014). Invited speaker.
    Paper: Risk vs. Anomaly: A New Methodology Applied to Accruals
    Author: Bilinski P.
    Co-authors: Ohlson, J.
  14. AAA Financial Accounting and Reporting Section Midyear Meeting (USA). (Conference) Houston, US (2014). Invited speaker.
    Paper: Do Analysts Disclose Cash Flow Forecasts with Earnings Estimates when Earnings Quality is Low
    Author: Bilinski P
  15. 50th British Accounting and Finance Association Annual Meeting. (Conference) (2014). Invited speaker.
    Paper: Earnings quality and the joint issuance of analyst earnings and revenue forecasts
    Author: Bilinski P
  16. 25th Annual Conference on Financial Economics and Accounting (paper acceptance rate of 7.8%). (Conference) Georgia State University, US (2014). Invited speaker.
    Paper: International Evidence on the Accuracy, Sophistication and Information Content of Analyst Dividend Forecasts
    Author: Bilinski P
  17. Warwick Business School. (Seminar) Warwick Business School (2013). Invited speaker.
    Paper: Risk vs. Anomaly: A New Methodology Applied to Accruals
    Author: Bilinski P
    Co-authors: James Ohlson
  18. JBFA Capital Markets Conference. (Conference) USA (2013). Invited speaker.
    Paper: Do analysts disclose their cash flow forecasts with earnings estimates when earnings quality is low?
    Author: Bilinski P
  19. European Financial Management Association Conference. (Conference) Barcelona, Spain (2013). Invited speaker.
    Paper: Earnings Quality and the Joint Issuance of Analyst Earnings and Revenue Forecasts
    Author: Bilinski P
  20. American Accounting Association Annual Meeting. (Conference) Anaheim, US (2013). Invited speaker.
    Paper: Earnings quality and the joint issuance of analyst earnings and revenue forecasts
    Author: Bilinski P
    Co-authors: Eames, M.
  21. 26th Australasian Finance and Banking Conference. (Conference) Sydney, Australia (2013). Invited speaker.
    Paper: The Risk Interpretation of the CAPM’s Beta: Evidence from a New Research Method
    Author: Bilinski P
    Co-authors: Danielle Lyssimachou
  22. Invited Seminar Speaker. (Seminar) EGP-University of Porto Business School, Portugal (2012). Invited speaker.
    Paper: Target Price Accuracy: International Evidence
    Author: Bilinski P
    Co-authors: Lyssimachou, D., and Walker, M.
  23. Internal seminar. (Seminar) Manchester Business School, UK (2012). Invited speaker.
    Paper: Target Price Accuracy: International Evidence
    Author: Bilinski P
    Co-authors: Lyssimachou, D., and Walker, M.
  24. 6th MBS/LSE Conference (UK). (Conference) Manchester (2012). Invited speaker.
    Paper: Target Price Accuracy: International Evidence
    Author: Bilinski P
    Co-authors: Lyssimachou, D., and Walker, M.
  25. 35th Annual Congress of the European Accounting Association. (Conference) Ljubljana, Slovenia (2012). Invited speaker.
    Paper: Earnings quality and the joint issuance of analyst earnings and revenue forecasts
    Author: Bilinski P
  26. Internal seminar. (Seminar) Lancaster University Management School, UK (2011). Invited speaker.
    Paper: Managers’ Private Information, Investor Underreaction and Long-Run SEO Performance
    Author: Bilinski P
    Co-authors: Strong, N.
  27. Internal seminar. (Seminar) School of Business, Economics and Law, University of Gothenburg (2011). Invited speaker.
    Paper: Managers’ Private Information, Investor Underreaction and Long-Run SEO Performance
    Author: Bilinski P
    Co-authors: Strong, N
  28. Financial Management Association. (Conference) (2011). Invited speaker.
    Paper: Managers’ Private Information, Investor Underreaction and Long-Run SEO Performance
    Author: Bilinski P
    Co-authors: Strong, N.
  29. Financial Management Association European Conference. (Conference) (2011). Invited speaker.
    Paper: Managers’ Private Information, Investor Underreaction and Long-Run SEO Performance
    Author: Bilinski P
    Co-authors: Strong, N.
  30. 34th Annual Congress of the European Accounting Association. (Conference) (2011). Invited speaker.
    Paper: Target Price Accuracy: International Evidence
    Author: Bilinski P
    Co-authors: Lyssimachou, D., and Walker, M.
  31. Midwest Finance Association Conference. (Conference) (2010). Invited speaker.
    Paper: Does Liquidity Risk Explain Low Firm Performance Following Seasoned Equity Offerings?
    Author: Bilinski P
    Co-authors: Liu, W., and Strong, N.
  32. Eastern Finance Association Conference. (Conference) (2010). Invited speaker.
    Paper: Does Liquidity Risk Explain Low Firm Performance Following Seasoned Equity Offerings?
    Author: Bilinski P
    Co-authors: Liu, W., and Strong, N
  33. XVII Finance Forum of the Spanish Finance Association. (Conference) (2009). Invited speaker.
    Paper: Does Liquidity Risk Explain Low Firm Performance Following Seasoned Equity Offerings?
    Author: Bilinski P
    Co-authors: Liu, W., and Strong, N
  34. Financial Management Association European Conference. (Conference) (2008). Invited speaker.
    Paper: Does Liquidity Risk Explain Low Firm Performance Following Seasoned Equity Offerings?
    Author: Bilinski P
    Co-authors: Liu, W., and Strong, N.
  35. European Financial Management Association Conference. (Conference) (2008). Invited speaker.
    Paper: Does Liquidity Risk Explain Low Firm Performance Following Seasoned Equity Offerings?
    Author: Bilinski P
    Co-authors: Liu, W., and Strong, N.

Media Appearances (5)

  1. "The world's biggest accounting scandals". (2015) The Guardian (newspaper).
  2. "Un dirigeant gagne-t-il mieux sa vie dans l'industrie du péché?". (2015) Jeune Dirigeant.
  3. "Image mies, Bezahlung grandios". (2015) Spiegel (magazine).
  4. "Je größer der Schaden, desto höher das Gehalt". (2015) Manager Magazin.
  5. "Aim expands on a flurry of activity after members hit 1,100". (2014) The Financial Times (newspaper).