Portrait of Professor Anh Tran

Professor Anh Tran

Professor of Finance

Bayes Business School, Faculty of Finance

Contact

Visit Anh Tran

Room BR5029, Bunhill Row

Postal address

Bayes Business School
106 Bunhill Row
London
EC1Y 8TZ
United Kingdom

About

Overview

Professor Anh Luong Tran joined the Faculty of Finance at Bayes Business School (formerly Cass Business School) of City, University of London in August 2010 after completing his PhD from Drexel University in Philadelphia, USA. At Bayes, he is the Academic Director of the M&A Research Centre and the Director of the Business School's summer programme. Professor Tran is a member of the UK Research and Innovation's Talent Panel College, a Fellow of the Gupta Governance Institute, and a Senior Fellow of the UK Higher Education Academy. He is also a founding member, trustee and vice president of the Vietnam Finance Association International.

Professor Tran's research interests are in empirical corporate finance, including mergers and acquisitions, institutional investors, executive compensation, and corporate governance. He has published many research articles in world leading journals including Journal of Financial Economics, Review of Financial Studies, Journal of Accounting and Economics, Journal of Financial and Quantitative Analysis, and Management Science. His research papers have been presented at more than 40 international conferences and 60 university seminars around the world. He has been a co-chair of the annual academic conference in M&A at the Business School since 2015 and acting as a journal editorial board member and a reviewer for many journals and conferences in the field.

Professor Tran received the City University Staff Prize for Outstanding Research, the Business School Staff Prize for Excellent Research Publications, and three times the Business School Excellent Research Publication Awards. His research has been mentioned in various media outlets including the Wall Street Journal, the Financial Times, the Economist, Bloomberg, the New York Times, the Times, Le Monde, Les Echos, Harvard Law Forum, etc. His research findings have informed international organisations and reshaped public policies.

Professor Tran has been teaching corporate finance, mergers and acquisitions, investment, and valuation classes at both MSc and undergraduate levels in accounting, banking and finance degrees, as well as executive education. He also has been supervising dissertations and offering tutorial and pastoral support to students each year. In addition, he has been acting as an external assessor for academic promotion cases, external examiner for degree programmes and for PhD viva exams at many universities around the world.

Qualifications

  • PhD, Drexel University, United States, 2010

Employment

  • Professor of Finance, City, University of London, Aug 2020 – present
  • Reader (Associate Professor) in Finance, City, University of London, Aug 2015 – Jul 2020
  • Senior Lecturer in Finance, City, University of London, Aug 2012 – Jul 2015
  • Lecturer (Assistant Professor) in Finance, City, University of London, Aug 2010 – Jul 2012

Fellowships

  • Senior Fellow, Higher Education Academy (AdvanceHE), 2023 – present
  • UK Research & Innovation (UKRI) Talent Panel College, 2022 – present
  • Fellow, Higher Education Academy (AdvanceHE), 2020 – 2023
  • Fellow, Gupta Governance Institute, 2019 – present

Awards

  • Business School Research Publication Award (2016) .
  • Business School Research Publication Award (2015) .
  • Vietnam Finance Association International Excellence in Research Award (2015) .
  • Business School Staff Prize for excellent research publications (2014) .
  • City University Staff Prize for outstanding achievement in research (2013) .
  • Business School Research Publication Award (2012) .

Expertise

Primary topics

  • Corporate Finance

Additional topics

  • Corporate Governance
  • Financial Institutions
  • Mergers & Acquisitions

Research students

My Nga Luong

Attendance: 2022 – 2027, full-time

Thesis title: Essays in Corporate Finance

Role: 1st Supervisor

Mohan Yang

Attendance: 2021 – present

Thesis title: Special purpose acquisitions

Alberto Ghezzi

Attendance: 2020 – present

Thesis title: Control premium around the world

Michael D’Antuono

Attendance: 2018 – 2023, full-time

Thesis title: Do patent publication practices affect the value of corporate innovation?

Role: External Supervisor

Liangrong Chunyu

Attendance: 2016 – 2022, full-time

Thesis title: Essays in Labour and Finance

Role: 1st Supervisor

Siyang Tian

Attendance: 2014 – 2018, full-time

Thesis title: Essays in Empirical Corporate Finance

Role: 1st Supervisor

Publications

Journal articles (10)

  1. Fich, E., Starks, L. and Tran, A. (2024). Target Firm Advertising and Firm Value. Management Science, forthcoming.
  2. Fich, E., Parrino, R. and Tran, A.L. (2023). When and How Are Rule 10b5-1 Plans Used for Insider Stock Sales? Journal of Financial Economics, 149(1), pp. 1–26. doi:10.1016/j.jfineco.2023.04.009.
  3. Fich, E.M., Harford, J. and Tran, A.L. (2023). Disloyal managers and shareholders’ wealth. Review of Financial Studies, 36(5), pp. 1837–1888. doi:10.1093/rfs/hhac070.
  4. Keswani, A., Tran, A.L. and Volpin, P. (2021). Institutional Debtholder Governance. Journal of Financial and Quantitative Analysis, 56(6), pp. 2103–2135. doi:10.1017/S0022109020000630.
  5. Blouin, J., Fich, E.M., Rice, E. and Tran, A.L. (2021). Corporate Tax Cuts, Merger Activity, and Shareholder Wealth. Journal of Accounting and Economics, 71(1). doi:10.1016/j.jacceco.2020.101315.
  6. Keswani, A., Stolin, D. and Tran, A.L. (2017). Frenemies: How do financial firms vote on their own kind? Management Science, 63(3), pp. 631–654. doi:10.1287/mnsc.2015.2314.
  7. Fich, E., Rice, E. and Tran, A. (2016). Contractual revisions in compensation: evidence from merger bonuses to target CEOs. Journal of Accounting and Economics, 61(2-3), pp. 338–368. doi:10.1016/j.jacceco.2015.12.002.
  8. Fich, E., Harford, J. and Tran, A. (2015). Motivated monitors: the importance of institutional investors’ portfolio weights. Journal of Financial Economics, 118(1), pp. 21–48. doi:10.1016/j.jfineco.2015.06.014.
  9. Fich, E.M., Tran, A.L. and Walkling, R.A. (2013). On the importance of golden parachutes. Journal of Financial and Quantitative Analysis, 48(6), pp. 1717–1753. doi:10.1017/S002210901300063X.
  10. Fich, E.M., Cai, J. and Tran, A.L. (2011). Stock option grants to target CEOs during private merger negotiations. Journal of Financial Economics, 101(2), pp. 413–430. doi:10.1016/j.jfineco.2011.03.010.

Education

Module leader

Financial Management (2010-2017) BSc Year 3
Corporate Finance (2018-2020) BSc Year 3
Corporate Finance and Valuation (2020-present) BSc Year 2
Finance and Investment (2010-2021) MSc
Corporate Finance and Valuation (2010-2022) MSc
Principles of Finance and Valuation (2022-present) MSc
Contemporary Issues in Corporate Finance and Investment Valuation (2023-present) MSc
Mergers and Acquisitions (2015-present) Summer School
Corporate Finance (2020-present) EMBA
Applied Corporate Finance (2022-present) EMBA

Administrative roles

Senate working group member (2023)
University Presidential Sprint team member (2022)
Member of the future of business education working group (2021)
Faculty recruiting committee member (2021-present)
Course Director of Summer School (2019-present)
City University Recruitment Interview Panel Member: City Law School and Business School (2017-present)
University Library Committee Member (2016-2020)
Academic Director of Mergers and Acquisitions Research Centre (2015-present)
Academic misconduct panel member (2013)

Ph.D. Viva external examiner

Chunling Xia (University of Warwick, 2015)
Nguyet Nguyen (University of Kent, 2016)
Thai Nguyen (University of East London, 2018)
Tri Nguyen (University of East London, 2019)
Nghi Dinh Le (Open University HCMC, 2019)
Thomas To (University of Sydney, 2019)
Siti Farida (University of Warwick, 2021)
Sayla Siddiqui (Australian National University, 2022)

Ph.D. Viva internal examiner

Mesut Tastan (2012)
Valeria Vitkova (2012)
Emmanuel Pezier (2018)
Chiara De Amicis (2022)
Xiaoke Ye (2022)

External examiner for degrees

University of East London (2013-2017)
University of West London (2021-2025)

Other activities

External assessor for academic promotion (2020-present)
External assessor for periodic degree review (2021-present)

Professional activities

Editorial activity (3)

  1. European Journal of Finance, Associate editor, 2020 – present.
  2. Corporate Governance: An International Review, Editorial board member, 2019 – present.
  3. Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science, Journal of Corporate Finance, Journal of Banking and Finance, Journal of Empirical Finance, European Financial Management, European Journal of Finance, Financial Review, International Review of Financial Analysis, Journal of Accounting, Auditing and Finance, Managerial Finance, Emerging Market Finance and Trade, Referee.

Events/conferences (3)

  1. Annual Mergers and Acquisitions Research Centre Conference (2016-present). (Conference) Organising Committee.
  2. Conference presentations.
    Description: Research invited for presentation at the following conferences:
    - American Finance Association: Denver (2011), Philadelphia (2014), Philadelphia (2018); Chicago (2021);
    - European Finance Association: Bergen (2009), Lugano (2014);
    - Society for Financial Studies Cavalcade: Yale University (2018);
    - Financial Intermediation Research Society: Quebec (2014);
    - National Tax Association: Philadelphia (2017);
    - Financial Management Association: Dallas (2008), Prague (2008), Reno (2009), New York (2010), Luxembourg (2013), Chicago (2013), Tokyo (2014), Maastricht (2014), Lisbon (2017), Cyprus (2021);
    - European Financial Management: Rome (2014), Athens (2017), Strathclyde (2019), Leeds (2021);
    - Eastern Finance Association: Philadelphia (2006), St Petersburg (2008), Washington DC (2009), Miami (2010), Boston (2012), New Orleans (2015);
    - Eastern Economic Association: Philadelphia (2010);
    - Midwest Finance Association: Chicago (2013);
    - Annual Weinberg Center for Corporate Governance Conference (2021);
    - Annual Conference on Empirical Legal Studies: USC Law School (2009), Washington University School of Law (2015);
    - Annual Finance Down Under Conference: Melbourne (2010);
    - AFFI/Eurofidai Paris Finance Annual Meetings (2008);
    - Annual IESE/AEFIN Finance: Madrid (2008, 2009);
    - SFA Finance Forum: Segovia (2013), Zaragoza (2014);
    - Paris Financial Management Meeting (2014);
    - Vietnam International Conference in Finance: Ho Chi Minh City (2015, 2016, 2018, 2019);
    - Center for Corporate Governance Research Conference at the Norwegian School of Management BI (2008, 2019);
    - European Center for Corporate Control Studies (2014);
    - Research Conference in recognition of Larry Y. Dann at the University of Oregon (2010);
    - Research Conference focused on Institutional Investors and the Asset Management Industry at the University of Oregon (2013);
    - Michigan State FCU Conference on Institutions and Investments (2013);
    - U.S. Department of Justice, Washington DC (2010)
  3. Seminar presentations.
    Description: Research invited for presentation at the following seminars:
    - University of Sussex (2023);
    - University of Bristol, University of Cambridge (2022);
    - Tsinghua University, Toulouse Business School, ESCP Europe, Colegio Universitario de Estudios Financieros Corporate Finance Webinar, University of Hawaii (2021);
    - Drexel University, Tilburg University, University of Washington (2020);
    - Cardiff University, Erasmus University, Ivey Business School, University of Liverpool, University of Strathclyde, University of Tonronto, VU Amsterdam (2019);
    - Hong Kong University of Science and Technology, Indiana University, University of Hong Kong (2018)
    - Loughborough University, Open University, University of Exeter, University of New South Wales (2017);
    - Aalto University, Baylor University, Nova School of Business and Economics, Open University, Otto Beisheim School of Management, University of Connecticut, University of Kansas, University of Manchester, University of New South Wales, University of Surrey, Vienna University of Economics and Business (2016);
    - Ben Gurion University, Mississippi State University, University of Economics and Law, University of Kansas, University of Reading, Villanova University (2015);
    - Claremont McKenna College, IE Business School, University of Alabama, University of Texas Austin (2014);
    - City University of Hong Kong, IE Business School, Texas Christian University, Universidad Carlos III, University of Bristol, University of Cambridge, University of Exeter, University of Surrey, University of Zurich (2013);
    - SKEMA Business School, University of Manchester, University of Nottingham, University of Reading (2012);
    - Imperial College, University of Brisbane, University of New South Wales, University of South Florida (2011);
    - Business School, Erasmus University, ESCP Europe, Fordham University, IESEG School of Management, Indiana University, Sacred Heart University, Syracuse University, Vlerick Leuven Gent Management School (2010);
    - University of Miami (2008)

Media appearance

  1. Press coverage of research. .
    1. CNBC, “Should CEOs’ buyout options be a securities violation?” (24 Sep 2009)
    2. Wall Street Journal, “Option grants draw scrutiny” (Front page headline, 12 Oct 2009)
    3. CNBC, “Do unscheduled options to CEOs during merger talks create perverse incentives?” (12 Oct 2009)
    4. San Francisco Chronicle “Mr. President, could I ask you something?” (15 Oct 2009)
    5. New York Times, “Take my company, please…” (13 Jan 2011)
    6. Bloomberg, “U.S. chiefs set for big payoffs sell more cheaply, study says” (13 Jan 2011)
    7. Times, “Golden parachutes cost investors dear” (14 Jan 2011)
    8. Mergers & Acquisitions, “Study: Golden parachutes cheat shareholders” (14 Jan 2011)
    9. News Banques, “Parachute doré et acquisition” (3 Mar 2011)
    10. Actusite, “Les parachutes dorés pèsent sur la performance des patrons” (3 Mar 2011)
    11. Agence Option Finance, “+10% pour un dirigeant sur le départ égale -5% pour la société” (3 Mar 2011)
    12. Le Monde, “Salariés, actionnaires: même combat?” (6 Mar 2011)
    13. Les Echos, “Les parachutes dorés peuvent nuire aux actionnaires” (7 Mar 2011)
    14. Financial Times, “Bereichern sich CEOs auf kosten der aktionäre?” (13 Apr 2011)
    15. Economist, “Rip-cord economics: Pay-offs for the boss need to be better designed” (14 Jan 2012)
    16. Chronicle Herald, “Golden parachutes seem to be rusting” (15 Jan 2012)
    17. US News, “Can huge CEO golden parachutes hurt you” (14 Nov 2012)
    18. Newswise, “CEOs get merger bonus when selling firms cheaply” (5 Feb 2013)
    19. Financial News, “Do CEO merger bonuses reduce takeover premiums?” (7 Feb 2013)
    20. Fox Business, “The value in merger bonuses” (15 Feb 2013)
    21. Private Equity Findings, “SPACs: Treasure troves or time bombs” (11 Feb 2014)
    22. Le Monde, “Vous reprendrez bien un peu de bonus, mon cher…” (25 Feb 2015)
    23. Valuewalk, “Timing stock trades for personal gain by CEOs” (30 Sep 2015)
    24. Financial Times, “Fund houses favour rivals at annual general meetings” (24 Apr 2016)
    25. Fund Strategy, “Hermes criticises Schroders’ corporate governance breach” (26 Apr 2016)
    26. Financial Times, “Asset manager bonuses are not the real problem” (28 Aug 2016)
    27. Economia, “Conflicts of interest undermine shareholder voting” (8 Sep 2016)
    28. IgnitesEurope, “Does asset management have a corporate culture problem” (4 Oct 2016)
    29. Pacific Standard, “Will golden parachutes ever pop?” (27 Feb 2014)
    30. AmericanProspect, “Merge, bail, and make out like a bandit” (26 Apr 2017)
    31. DrexelNow, “Bonuses important to protecting shareholder wealth of acquired companies” (24 May 2017)
    32. Drexel News Blog, “Corporate tax cuts impact amount and quality of merger activity” (20 Jun 2017)
    33. Reward Chronicle, “The cost to shareholders of paying CEO merger bonuses” (20 Jul 2019)
    34. Financial Times, "AT&T executives were paid $9m for controversial Time Warner deal” (27 May 2021)
    35. US Securities and Exchange Commission, “Proposed rule: Rule 10b5-1 and Insider Trading” (13 Jan 2022)
    36. Phys.org Science X, “Corporate duty waivers limit organic company growth and innovation, with R&D investment falling by nearly one fifth” (16 Nov 2022)
    37. Presse Agence, “Les effets de la réduction des responsabilités fiduciaires des dirigeants d’entreprise” (21 Nov 2022)
    38. Finyear, “Renoncer aux obligations fiduciaires par les dirigeants limite la croissance et l’innovation internes des entreprises” (21 Nov 2022)
    39. La Bulle des Entrepreneurs, “Les effets de la réduction des responsabilités fiduciaires des dirigeants d’entreprise” (21 Nov 2022)
    40. US Securities and Exchange Commission, “Final rule: Rule 10b5-1 and Insider Trading” (14 Dec 2022)
    41. Havard Law Forum, “Disloyal Managers and Shareholders’ Wealth” (30 May 2023)
    42. Havard Law Forum, “How Effective Is SEC Rule 10b5-1 In Deterring Insider Trading?” (22 Jun 2023)