Professor Mario Levis

Emeritus Professor of Finance

Bayes Business School, Faculty of Finance

Contact

Visit Mario Levis

Bunhill Row

Postal address

Bayes Business School
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)

  1. Levis, M. and Vismara, S. (Eds.), (2013). Handbook of Research on IPOs. Edward Elgar Publishing. ISBN 978-1-78195-536-9.
  2. Levis, M. (1996). Empirical Issues in Raising Equity Capital. Elsevier Science Ltd. ISBN 978-0-444-82469-1.

Chapters (3)

  1. 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.
  2. 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.
  3. 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)

  1. 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.
  2. Appadu, N., Faelten, A. and Levis, M. (2013). The Poor Man's IPO: Reverse Takeovers in the UK. World Finance Conference Cyprus.
  3. 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.
  4. Levis, M., Helfert, M. and Brady, M. (2008). FORM INPUT VALIDATION An Empirical Study on Irish Corporate Websites.

Journal articles (20)

  1. 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.

    [publisher’s website]

  2. 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.

    [publisher’s website]

  3. 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.
  4. 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.
  5. Levis, M. (2008). Private Equity: The Elusive Asset Class. The Investors Journal, 1(12), pp. 13–16.
  6. Levis, M. and Tessaromatis, N. (2004). Style Rotation Strategies. Journal of Portfolio Management, 30(4), pp. 160–169. doi:10.3905/jpm.2004.160.
  7. 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.
  8. Levis, M. and Liodakis, M. (2001). Contrarian Strategies and Investor Expectations: The U.K. Evidence. Financial Analysts Journal, 57(5), pp. 43–56.
  9. 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.

    [publisher’s website]

  10. 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.
  11. 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.
  12. 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.
  13. 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.
  14. Levis, M. and Thomas, D.C. (1995). New investment trust offerings: behaviour and price performance. Professional Investor, March, pp. 28–30.
  15. 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.
  16. 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.
  17. Levis, M. and Suchar, V. (1994). Capital adequacy guidelines and interest rate swaps. , 22(5), pp. 415–426.
  18. 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.
  19. 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.
  20. Levis, M. (1989). Stock market anomalies: A re-assessment based on the UK evidence. , 13(4-5), pp. 675–696.

Reports (2)

  1. Levis, M. (2008). The London Markets and Private Equity-backed IPOs. London: Cass Business School, City University London.
  2. Levis, M. and Lasfer, M. (1997). The role of leasing in small and medium size firms, private finance initiative and inward investment projects..

Other

  1. Levis, M. (2007). Cass Response to the Walker Disclosure and Transparency in Private Equity: Consultation Document.

Professional activities

Editorial activity (2)

  1. European Financial Management, Member of Editorial Board, 1995 – present.
  2. Journal of Banking and Finance, Member of Editorial Board, 1993 – present.

Media appearances (30)

  1. Get in at the basement, not on the ground floor. (2014) Gulf News (newspaper).
  2. Get in at the basement, not on the ground floor. (2014) Financial Times (newspaper).
  3. (2011) www.altassets.com (website).
  4. Greece to face economic scrutiny. (2010) www.southasianmedia.net (website).
  5. Bloodied buyout firms sit tight for IPO return. (2010) www.iii.co.uk (website).
  6. Bloodied buyout firms sit tight for IPO return. (2010) www.yahoo.com (website).
  7. Windows closing for private equity. (2010) Financial Times (newspaper).
  8. Private equity's wheeler dealers crank back into action. (2009) Guardian (newspaper).
  9. Bombed-out buy-out. (2009) Financial Times (newspaper).
  10. Private equity: bombed-out. (2009) www.ft.com (website).
  11. (2009) Reuters TV (television).
  12. A rare tribute to private equity. (2008) www.silobreaker.com (website).
  13. Private equity-backed firms outperform UK listing peers. (2008) www.efinancialnews.com (website).
  14. Evening Standard, London, Anthony Hilton column. (2008) www.tmcnet.com (website).
  15. Private equity IPOs are top performance. (2008) www.ft.com (website).
  16. Private equity-backed IPOs outperform. (2008) www.privateequityeurope.com (website).
  17. UK private equity-backed IPOs outperform market over 12 months, Cass report. (2008) www.altassets.com (website).
  18. Economic downturn will not stop deal flow. (2008) www.altassets.com (website).
  19. Private equity looks strong in the face of recession. (2008) Portfolio Advisor (website).
  20. (2008) Global Study Magazine (magazine).
  21. European MBAs: the impact of the Bologna Accord on business education across Europe. (2008) www.globalstudymagazine.com (magazine).
  22. Cass to track performance of private equity backed IPOs on London Market. (2007) www.innovations-report.de (website).
  23. Big buyouts go global. (2007) CNNMoney.com (website).
  24. Now it's easier to find out how the City ticks. (2007) The Independent (newspaper).
  25. Cass plans entrepreneurship stream. (2007) Yahoo Finance (website).
  26. Cass plans entrepreneurship stream. (2007) Ft.com (website).
  27. (2007) Kapital (unknown).
  28. Top jobs for top marks. (2006) Times (newspaper).
  29. Demand is rising and the industry is getting ready for implementation of the accord. (2006) Financial Times (newspaper).
  30. While Europe reforms its higher education systems, the UK must not be complacent. (2006) The Independent (newspaper).