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.

Joint Project with FTI Consulting

Dr Pawel Bilinski joined FTI Consulting in evaluating the impact firm communication on social media has on investors and analysts. Using data from FTI’s Social Divided reports, which look at FTSE100 firms use of Twitter, YouTube and Instagram to communicate half- and full-year results, he finds that:

  • Posts on Twitter increase price reaction to earnings news.
  • Twitter is particularly useful to boost the impact of small positive earnings news and reduce negative price reaction to small negative earnings news
  • Firms can increase impact of social media posts by posting a number of times during the results period and stimulating engagement
  • Where a company has a significant number of retail investors, just being present on social media increases price reaction to results announcements, with an average gain of 4.1% irrespective of the news content.
  • Retail investors are more likely to increase holdings in firms that communicate on social media after earnings announcements. These results are consistent with retail investors perceiving social communication as a signal of commitment to transparency
  • Positive news is more likely to be communicated on social media than negative news  and therefore can say that companies use social media in a strategic way to communicate with investors
  • Analysts are more likely to upgrade a firm that communicates earnings results on Twitter in a 30-day period after earnings announcement.
  • Read more about CeFARR's joint project with FTI consulting.

Visit CeFARR

Research Fellow position

The centre invites applications for a 3-year Research Fellow appointment. The Fellow will work jointly with the Centre to develop cutting-edge research in the areas of financial disclosures, corporate communication, sell-side analyst research and other topics covered by the Centre. You must have a PhD in the relevant research area.

More details are available here

CeFARR invites applications from academics for visits of between one month to six months (in certain circumstances, a visit can last longer). Your visit will include an option to attend research seminars and meet with Bayes Business School researchers.

We accept visiting researchers: visiting scholars (academic staff at a UK or an overseas institution).

To apply for a visit, please send your CV and a plan of visit (the starting date for the visit, duration, and a visit plan) to cefarr@city.ac.uk
Please also check the Visiting Scholar Guidelines and the Application Form. Researchers working on a project with CeFARR staff will be given a priority in securing a visiting spot.

Researchers who visited CeFARR:

  • 2023: Dr Cheng Zeng, Hong Kong Polytechnic University
  • 2023: Dr Ewa Feder-Sempach, University of Lodz
  • 2020: Dr Kamilah Ahmad, UTHM
  • 2015: Dr Giovani Landi, Institutions University of Naples
  • 2014: Dr Jiri Novak, Charles University Prague

Please direct all queries to cefarr@city.ac.uk.

Global Quantitative Strategy Conference

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

Accountancy in the Digital Age - online event

Wednesday, September 22nd, 12.00 – 1.00pm (BST)

CeFARR director Dr Pawel Bilinski will be on the panel for this online discussion alongside David Brightman, Anders Liu-Lindberg, Shamus Rae and Rhymer Rigby. They'll be discussing what modern accounting means for business', looking at best practice and asking what the future holds.

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