News and research

Recent research-based events

The Global Women’s Leadership Programme was pleased to present an event sharing some of the excellent research from Bayes on women on corporate boards in April 2022. “Women on Corporate Boards: Why Boards need women, and the career path to get there” featured Professor Barbara Casu, Dr Sonia Falconieri and Dr Hans Frankort. Watch the Women on Corporate Boards event here.


The Business School has a number of faculty members working to develop the conversation on gender-balanced leadership.

Female-led deals still achieving lower announcement returns

Acquisitions led by female CEOs or companies with at least 30 per cent female representation at board level are still achieving lower announcement returns than those led by males and male-dominated boardrooms, despire performing better overall. This new report for SS&C Intralinks into the role of gender diversity in the M&A market.

Gender Diversity and Dealmaking

March 2022, Dr Valeriya Vitkova, Senior Research Fellow at the Bayes M&A Research Centre (MARC), is the lead researcher on “Gender Diversity and Dealmaking 2022” - an analysis of the impact of female CEOs and board-level gender diversity on M&A. This research was commissioned by SS&C Intralinks (a cloud-based financial technology provider) and it shows how gender-diverse leadership during the pandemic delivered superior post-M&A performance and why women CEOs still face greater challenges than their male counterparts. This analysis is an update to the earlier report published in 2020 by the MARC in collaboration with SS&C Intralinks.

Enforcing gender quotas increases boardroom diversity and quality

July, 2020, This research from Dr Sonia Falconieri studied the boards of companies across a 14-year period – and found that that companies forced to comply with gender diversity regulations have significantly higher female representation on their board of directors. Another study looking at the ‘quality’ of the boards under gender quota guidelines showed no deterioration in cases of high diversity, and in several cases improved where quotas were mandatory.

Read the full article on the impact of gender quotas.

Gender Diversity and M&A Outcomes

February, 2020 Research from Scott Moeller at the M&A Research Centre at The Business School and SS&C Intralinks (a cloud-based financial technology provider) addresses how female board-level representation affects corporate deal making. While gender-balanced boards are well-received externally, there is still much to be done before female CEOs are accurately perceived and valued by the markets and wider stakeholders.

Read the full report on gender diversity at CEO and board-level.

Gender-diverse boardrooms reduce bank misconduct penalties by $7.48m per year, study finds

December, 2019 Greater female representation in the boardroom attracts fewer fines from authorities in misconduct cases, says this research from authors including Barbara Casu Lukac and Dr Angela Gallo. Analysis uncovered data suggesting that banks with strong diversity at the top were more compliant and tended to avoid the same level of financial punishment compared to those with male-dominated boardrooms, with significant equivalent savings of $7.48 million per year. The full research on gender-divsrse boardrooms is published here.


See all of the latest news about the Bayes Global Women's Leadership project.

Bayes Business School welcome Sir Philip Hampton and Denise Wilson OBE of The Hampton-Alexander Review to Bunhill Row for a discussion on the importance of gender equity on boards.

“We need to have talent equally distributed – it’s good for business to have the best people and that should include women.  We have learned the lesson from the financial crisis when boards were stuffed with men.  Diversity is important for rich debate and boards need people who will ask difficult questions.”

Read the full story, The importance of gender equality on FTSE.