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.
PhD, MSc and FHEA.
Memberships of Professional Organisations
- Academic Membership, American Finance Association, Jun 2014 – present
- Academic Membership, European Accounting Association, Nov 2011 – present
- Academic Membership, American Accounting Association, Sep 2010 – present
- Accounting Standards
- Capital Markets
- Corporate Social Responsibility
- Financial Accounting
- Management Accounting
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.
- 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.
- 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