What we do

The Centre for Financial Analysis and Reporting Research (CeFARR) works in collaboration with practitioners to develop cutting-edge research, tailored consulting and specialised training in the areas of corporate communication, corporate disclosure, audit, financial reporting, security valuation, and financial intermediation. The type of research, consulting and training we address and offer include:

Corporate disclosure

  • Which communication channels are most valuable and cost-efficient to firms and investors?
  • Are current disclosure practices meeting the needs of outside stakeholders, such as equity investors and creditors?
  • Are there benefits to more frequent corporate disclosure?


  • How to optimise working with your auditor?
  • Can an audit firm act as a superior corporate adviser to an acquisition compared to an investment bank?

Financial Intermediation

  • How and what to communicate to sell-side financial analysts?
  • How to read and get the most of financial analyst reports?
  • Which investment strategies based on analyst reports are profitable?

Security Valuation

  • How accounting rules distort the way financial performance is presented in annual statements? Can this explain the poor performance of China?
  • Can you beat the market? Profitable investment strategies that investors ignore.

Our team is at the forefront of modern accounting and capital markets research and we actively engage with the practitioner community via conference presentations, research and consulting work, and bespoke training.

To illustrate, in October 2014, Dr Pawel Bilinski presented his research on "The Usefulness of Analyst Forecasts to Investors" at the 2nd Annual Global Quantitative Strategy Conference.

Watch our Cass talk below in which Dr Pawel Bilinski offers advice based on his research into how to distinguish between good and bad secondary share issues.