Contact
- +44 (0)20 7040 8635
- m.levis@city.ac.uk
Postal address
106 Bunhill Row
London
EC1Y 8TZ
United Kingdom
About
Overview
Professor Mario Levis is known for his academic and professional work on IPOs, private equity and equity trading strategies. He has published in these areas in leading academic journals and is the author of a North Holland book on 'Empirical Issues in Raising Equity Capital'. His work has attracted national press coverage and numerous academic citations. He teaches corporate finance and asset management at various postgraduate and executive programmes. Professor Levis has worked as a consultant for a major bank on corporate finance and has also advised a number of leading fund management houses on the formulation of equity trading strategies and portfolio performance attribution. He has served as President of European Financial Management Association and he is on the editorial boards of the Journal of Banking and Finance, European Financial Management and Omega.
Qualifications
BA, MSc and PhD.
Memberships of professional organisations
- Chair of Board of Studies, Association of Corporate Treasurers (ACT), Feb 2008 – present
- Member of Governing Board, International Hellenic University, Jun 2007 – present
Languages
Greek, Modern (1453-).
Expertise
Primary topics
- Asset Pricing
- Asset Valuation
- Capital Markets
- Corporate Finance
- Fund Management
- Private Equity
Research
Research topics
Financial Distress: Private vs Public Firms
Cash Holdings: Private vs Public Firms
1,000 Days in the Life of an IPO
Underwriting Costs for Seasoned Equity Offerings
Research students
Attendance: Oct 2003 – Nov 2007, full-time
Role: 1st Supervisor
Ormala Krishnan
Attendance: Oct 2001 – Jun 2006, part-time
Thesis title: Value versus Growth in the Asian Equity Markets
Role: 1st Supervisor
Lina Anastassopoulou
Attendance: Oct 1999 – May 2007, part-time
Thesis title: Credit Risk Measurement and Modelling
Role: 1st Supervisor
Attendance: Oct 1998 – May 2006, full-time
Role: 1st Supervisor
Panayiota Koulafetis
Attendance: Sep 1997 – Sep 2000, full-time
Thesis title: Asset Pricing in UK
Role: 1st Supervisor
Constantinos Michailides
Attendance: Sep 1996 – Apr 2000, full-time
Thesis title: Timing of IPOs, SEOs and Takeover Bids
Role: 1st Supervisor
Manolis Liodakis
Attendance: Sep 1996 – Jul 1999, full-time
Thesis title: Size and Value Effects in the UK: Evidence, Explanations and Implications for Style Rotation Strategies
Role: 1st Supervisor
Alexander Arauner
Attendance: Sep 1993 – Sep 1996, full-time
Thesis title: The Impact of International Cross-Listing on the Cost of Capital
Role: 1st Supervisor
Marcus Gerbich
Attendance: Sep 1993 – Oct 1996, full-time
Thesis title: The Timing and Performance of IPOs
Role: 1st Supervisor
Ameziane Lasfer
Attendance: Sep 1984 – Sep 1987, full-time
Thesis title: The Effects of Taxation on the Financial Behaviour of the Firm
Role: 1st Supervisor
Michael Glezakos
Attendance: Sep 1982 – Oct 1986, full-time
Thesis title: Firm Specific Factors on Stock Returns
Role: 1st Supervisor
George Diacogiannis
Attendance: Sep 1980 – Sep 1983, full-time
Thesis title: Arbitrage Pricing Model
Role: 1st Supervisor
Publications
Books (2)
- Levis, M. and Vismara, S. (Eds.), (2013). Handbook of Research on IPOs. Edward Elgar Publishing. ISBN 978-1-78195-536-9.
- Levis, M. (1996). Empirical Issues in Raising Equity Capital. Elsevier Science Ltd. ISBN 978-0-444-82469-1.
Chapters (3)
- Appadu, N., Faelten, A. and Levis, M. (2013). Acquisitions, SEOs, divestitures and IPO performance. Handbook of Research on IPOs Edward Elgar Publishing. ISBN 978-1-78195-536-9.
- Levis, M. (1996). Alternative International Equity Offering Methods and their Impact on Liquidity. In Levis, M. (Ed.), Empirical Issues in Raising Equity Capital (Advances in Finance, Investment and Banking) (pp. 357–378). North-Holland. ISBN 978-0-444-82469-1.
- Levis, M. (1993). Management of interest rate swaps under the new capital adequacy guidelines. In Flavell Richard, (Ed.), Modelling Reality and Personal Modelling Heidelberg: Physica-Verlag. ISBN 3-7908-0682-X.
Conference papers and proceedings (4)
- Appadu, N., Faelten, A. and Levis, M. (2014). Reverse Takeovers: The Other Side of the Poor Man’s IPO. European Financial Management Association 2014 Annual Meetings 25-28 June, Rome.
- Appadu, N., Faelten, A. and Levis, M. (2013). The Poor Man's IPO: Reverse Takeovers in the UK. World Finance Conference Cyprus.
- Appadu, N., Faelten, A. and Levis, M. (2012). The First 1000 Days in the Life of an IPO. Financial Management Association (FMA) European Conference 6-8 July, Istanbul, Turkey.
- Levis, M., Helfert, M. and Brady, M. (2008). FORM INPUT VALIDATION An Empirical Study on Irish Corporate Websites.
Journal articles (20)
- Levis, M., Muradoǧlu, Y.G. and Vasileva, K. (2016). Home bias persistence in foreign direct investments. The European Journal of Finance, 22(8-9), pp. 782–802. doi:10.1080/1351847x.2015.1019640.
- Levis, M., Meoli, M. and Migliorati, K. (2014). The rise of UK Seasoned Equity Offerings (SEOs) fees during the financial crisis: The role of institutional shareholders and underwriters. Journal of Banking & Finance, 48, pp. 13–28. doi:10.1016/j.jbankfin.2014.04.034.
- Levis, M. (2011). The Performance of Private Equity-Backed IPOs. Financial Management, 40(1), pp. 253–277. doi:10.1111/j.1755-053X.2010.01141.x.
- Levis, M. and Anagnostopoulou, S.C. (2008). R&D and performance persistence: Evidence from the United Kingdom. International Journal of Accounting, 43(3), pp. 293–320. doi:10.1016/j.intacc.2008.06.004.
- Levis, M. (2008). Private Equity: The Elusive Asset Class. The Investors Journal, 1(12), pp. 13–16.
- Levis, M. and Tessaromatis, N. (2004). Style Rotation Strategies. Journal of Portfolio Management, 30(4), pp. 160–169. doi:10.3905/jpm.2004.160.
- Levis, M. (2002). The Record on Small Companies: A Review of the Evidence. Journal of Asset Management, 2(4), pp. 368–397. doi:10.1057/palgrave.jam.2240059.
- Levis, M. and Liodakis, M. (2001). Contrarian Strategies and Investor Expectations: The U.K. Evidence. Financial Analysts Journal, 57(5), pp. 43–56.
- Levis, M. and Liodakis, M. (1999). The Profitability of Style Rotation Strategies in the United Kingdom. The Journal of Portfolio Management, 26(1), pp. 73–86. doi:10.3905/jpm.1999.319770.
- Levis, M., Gerbich, M. and Venmore Rowland, P. (1999). Property Investment and Property Development Firm Performance Around Initial Public Offerings and Rights Offerings: U.K. Evidence. Journal of Real Estate and Finance and Economics, 18(2), pp. 207–238. doi:10.1023/A:1007770709679.
- Lasfer, M.A. and Levis, M. (1998). The Determinants of the Leasing Decision of Small and Large Companies. European Financial Management, 4(2), pp. 159–184.
- Levis, M. (1995). Seasoned equity offerings and the short-and long-run performance of initial public offerings in the UK. European Financial Management, 1(2), pp. 125–146. doi:10.1111/j.1468-036X.1995.tb00012.x.
- Levis, M. and Thomas, D.C. (1995). Investment trust IPOs: Issuing behaviour and price performance. Journal of Banking and Finance, 19(8), pp. 1437–1458. doi:10.1016/0378-4266(94)00108-F.
- Levis, M. and Thomas, D.C. (1995). New investment trust offerings: behaviour and price performance. Professional Investor, March, pp. 28–30.
- Levis, M. and Kazantzis, C. (1995). Price support and initial public offerings: evidence from the Athens Stock Exchange. Research in International Business and Finance, 12, pp. 185–202.
- Gerbich, M., Levis, M. and Venmore Rowland, P. (1995). Property initial public offerings: regulations, costs and price reactions. Journal of Property Finance, 6(1), pp. 38–54. doi:10.1108/09588689510088177.
- Levis, M. and Suchar, V. (1994). Capital adequacy guidelines and interest rate swaps. , 22(5), pp. 415–426.
- LEVIS, M. (1993). THE LONG-RUN PERFORMANCE OF INITIAL PUBLIC OFFERINGS - THE UK EXPERIENCE 1980-1988. FINANCIAL MANAGEMENT, 22(1), pp. 28–41. doi:10.2307/3665963.
- Levis, M. (1990). The Winner's Curse Problem, Interest Costs and the Underpricing of Initial Public Offerings. The Economic Journal, 100(399), pp. 76–89.
- Levis, M. (1989). Stock market anomalies: A re-assessment based on the UK evidence. , 13(4-5), pp. 675–696.
Reports (2)
- Levis, M. (2008). The London Markets and Private Equity-backed IPOs. London: Cass Business School, City University London.
- Levis, M. and Lasfer, M. (1997). The role of leasing in small and medium size firms, private finance initiative and inward investment projects..
Other
- Levis, M. (2007). Cass Response to the Walker Disclosure and Transparency in Private Equity: Consultation Document.
Professional activities
Editorial activity (2)
- European Financial Management, Member of Editorial Board, 1995 – present.
- Journal of Banking and Finance, Member of Editorial Board, 1993 – present.
Media appearances (30)
- Get in at the basement, not on the ground floor. (2014) Gulf News (newspaper).
- Get in at the basement, not on the ground floor. (2014) Financial Times (newspaper).
- (2011) www.altassets.com (website).
- Greece to face economic scrutiny. (2010) www.southasianmedia.net (website).
- Bloodied buyout firms sit tight for IPO return. (2010) www.iii.co.uk (website).
- Bloodied buyout firms sit tight for IPO return. (2010) www.yahoo.com (website).
- Windows closing for private equity. (2010) Financial Times (newspaper).
- Private equity's wheeler dealers crank back into action. (2009) Guardian (newspaper).
- Bombed-out buy-out. (2009) Financial Times (newspaper).
- Private equity: bombed-out. (2009) www.ft.com (website).
- (2009) Reuters TV (television).
- A rare tribute to private equity. (2008) www.silobreaker.com (website).
- Private equity-backed firms outperform UK listing peers. (2008) www.efinancialnews.com (website).
- Evening Standard, London, Anthony Hilton column. (2008) www.tmcnet.com (website).
- Private equity IPOs are top performance. (2008) www.ft.com (website).
- Private equity-backed IPOs outperform. (2008) www.privateequityeurope.com (website).
- UK private equity-backed IPOs outperform market over 12 months, Cass report. (2008) www.altassets.com (website).
- Economic downturn will not stop deal flow. (2008) www.altassets.com (website).
- Private equity looks strong in the face of recession. (2008) Portfolio Advisor (website).
- (2008) Global Study Magazine (magazine).
- European MBAs: the impact of the Bologna Accord on business education across Europe. (2008) www.globalstudymagazine.com (magazine).
- Cass to track performance of private equity backed IPOs on London Market. (2007) www.innovations-report.de (website).
- Big buyouts go global. (2007) CNNMoney.com (website).
- Now it's easier to find out how the City ticks. (2007) The Independent (newspaper).
- Cass plans entrepreneurship stream. (2007) Yahoo Finance (website).
- Cass plans entrepreneurship stream. (2007) Ft.com (website).
- (2007) Kapital (unknown).
- Top jobs for top marks. (2006) Times (newspaper).
- Demand is rising and the industry is getting ready for implementation of the accord. (2006) Financial Times (newspaper).
- While Europe reforms its higher education systems, the UK must not be complacent. (2006) The Independent (newspaper).