Professor Stephen Thomas

Professor of Finance

Bayes Business School, Faculty of Finance

Contact

Visit Stephen Thomas

Room BR6011, Bunhill Row

Postal address

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

About

Overview

Professor of Finance,University of Wales,Swansea,1992-1996
Professor of Financial Markets,University of Southampton,1996-2007
Visiting Professor,ISMA Centre,University of Reading,1996-
Visiting Professor,Queen's,Canada,1986/7
Houblon-Norman Fellow,Bank of England,1990.
Ranked 11th in Europe for Finance Research,JBFA,2005.
Director,Bear Stearns Global Alpha Macro Hedge Fund,London,2005-7
Director,Firecrest Hambro,(Private Client Investment Management),2002-6
Member,Investment Committee,Hasley Investment Management,UK,2009-11
Director,Solent Systematic Investment Strategies,2011-
Prize,Best Paper,Global Finance Conference,Dublin,2005
Prize,Best Market MicroStructure Paper,Mid-West Finance Meetings,Chicago,2006
Member of the SME Business Finance Review Advisory Board,Welsh Assembly Government Business Minister,2013
Member,Academy of Experts,3013-

Qualifications

BSc(Econ) LSE, MSc and Phd (Southampton).

Visiting appointments

  • Visiting Professor, University of Reading, Jun 1996 – present
  • Examiner, CFA UK, London, Investment Management Certificate

Memberships of committees

  • Member, CFA UK,London, Examinations Committee

Languages

Russian.

Expertise

Primary topics

  • Hedge Funds
  • Fund Management
  • Banking
  • Futures & Options
  • Asset Pricing
  • Financial Economics
  • Financial Institutions
  • Financial Markets
  • Derivatives
  • Fixed-Income Investments
  • Bond Markets
  • Capital Markets
  • Finance
  • Asset Valuation
  • Corporate Finance

Research

Research topics

Empirical Modelling of Credit Ratings

Investment Strategies and Asset Pricing

Volatility as an Asset Class

Securitisation and bank credit risk

Research students

1st supervisor

  • Rob Roy, Research Student
  • Richard Mason, Research Student

Attendance: Oct 2007 – Sep 2010, full-time

Thesis title: Bank Risk and Mortgage-Backed Securities

Role: 1st Supervisor

Publications

Books (3)

  1. Buckle, M. and Thomas, S. (2010). IMC Official Training Manual. London: Institute of Investment Management & Research.
  2. Thomas, S. and Buckle, M. (2008). IMC Official Training Manual. London: Institute of Investment Management & Research.
  3. McKenzie, G.W. and Thomas, S.H. (1991). Financial Instability and the International Debt Problem. UK: Springer. ISBN 978-1-349-21730-4.

Chapters (2)

  1. McManus, I., ap Gwilym, O. and Thomas, S. (2011). Dynamic migration between stock portfolios based on dividend yield and firm size. Financial Asset Pricing: Theory, Global Policy and Dynamics (pp. 29–60). ISBN 978-1-61122-803-8.
  2. Thomas, S., ap Gwilym, O. and Mcmanus, I. (2009). Futures market liquidity under floor versus electronic trading. In Morrey, J. and Guyton, A. (Eds.), Liquidity: Dynamics, Risks and Management (pp. 111–138). Nova Science Publishing Inc.

Conference papers and proceedings (11)

  1. Haberman, S., Chen, A. and Thomas, S. (2017). Why the deferred annuity makes sense - an application of hyperbolic discounting to the annuity puzzle. International Actuarial Association Life Colloquium 23-25 October, Barcelona.
  2. Haberman, S., Chen, A. and Thomas, S. (2017). Why the deferred annuity makes sense. International Actuarial Association Life Colloquium 23-25 October, Barcelona.
  3. Haberman, S., Chen, A. and Thomas, S. (2017). Why the deferred annuity make sense: an application of hyperbolic discounting to the annuity puzzle. International Actuarial Association Life Colloquium 22-23 October, Barcelona.
  4. Chen, A., Haberman, S. and Thomas, S. (2016). Optimal decumulation strategy during retirement with deferred annuities. 51st Actuarial Research Conference (ARC 2016): Strengthening Industry and Academic Collaboration 27-30 July, Minneapolis, USA.
  5. Thomas, S.H. (2011). A Global Momentum Equity Strategy. Momentum Investing London.
  6. Thomas, S.H. (2011). Global Financial and Macro Outlook. Family Office Leadership Summit London.
  7. Thomas, S.H. (2010). Beyond the Financial Crisis. Executive Network lONDON.
  8. Thomas, S.H. (2010). Beyond The Financial Crisis. The Financial Crisis Cairo.
  9. Thomas, S. (2010). Investment Lessons from the Financial Crisis. Nucleus Financial Advisors Platform Birmingham,UK.
  10. Thomas, S.H. (2010). The distinctive nature of hedge funds. An introduction to hedge funds for IFAs lONDON.
  11. Thomas, S.H. (2009). deleveraging. Outlook and key issues for Europes Financial Markets,2010 london.

Journal articles (76)

  1. Thomas, S., Clare, A.D., Smith, P.N. and Seaton, J. (2023). ’The Minimum Acceptable Annual Withdrawal with the Perfect Withdrawal Rate Rule. Journal of Retirement.
  2. Chen, A., Haberman, S. and Thomas, S. (2023). Adaptive Retirement Planning, Sustainable Withdrawals, and Deferred Annuities. The Journal of Retirement, 10(3), pp. 96–119. doi:10.3905/jor.2022.1.118.

    [publisher’s website]

  3. Clare, A., Seaton, J., Smith, P.N. and Thomas, S. (2021). Perfect Withdrawal in a Noisy World: Investing Lessons with and without Annuities while in Drawdown between 2000 and 2019. The Journal of Retirement, 9(1), pp. 9–39. doi:10.3905/jor.2021.1.090.

    [publisher’s website]

  4. Clare, A.D., Seaton, J., Smith, P.N. and Thomas, S.H. (2021). Can sustainable withdrawal rates be enhanced by trend following? International Journal of Finance & Economics, 26(1), pp. 27–41. doi:10.1002/ijfe.1774.

    [publisher’s website]

  5. Clare, A., Glover, S., Seaton, J., Smith, P.N. and Thomas, S. (2020). Measuring Sequence of Returns Risk. The Journal of Retirement, 8(1), pp. 65–79. doi:10.3905/jor.2020.1.066.

    [publisher’s website]

  6. Chen, A., Haberman, S. and Thomas, S. (2020). The implication of the hyperbolic discount model for the annuitisation decisions. Journal of Pension Economics and Finance, 19(3), pp. 372–391. doi:10.1017/s1474747218000343.

    [publisher’s website]

  7. Chen, A., Haberman, S. and Thomas, S. (2019). Cumulative prospect theory and deferred annuities. Review of Behavioral Finance, 11(3), pp. 277–293. doi:10.1108/rbf-10-2017-0102.

    [publisher’s website]

  8. Clare, A., Seaton, J., Smith, P.N. and Thomas, S. (2019). When Growth Beats Value: Applying Momentum Filters to Growth and Value Portfolios. The Journal of Investing, 28(5), pp. 69–84. doi:10.3905/joi.2019.1.086.

    [publisher’s website]

  9. Moss, A., Clare, A., Thomas, S. and Seaton, J. (2017). Can sector-specific REIT strategies outperform a diversified benchmark? Journal of European Real Estate Research, 10(3), pp. 366–383. doi:10.1108/jerer-11-2016-0042.

    [publisher’s website]

  10. Clare, A., Seaton, J., Smith, P.N. and Thomas, S. (2017). Reducing Sequence Risk Using Trend Following and the CAPE Ratio. Financial Analysts Journal, 73(4), pp. 91–103. doi:10.2469/faj.v73.n4.5.

    [publisher’s website]

  11. Moss, A., Clare, A., Seaton, J. and Thomas, S. (2017). The Blended Approach to Real Estate Allocations: Performance Implications of Combining an Exposure to German Spezialfonds with Global Listed Real Estate Securities. Alternative Investment Analysts' Review.
  12. Clare, A., Seaton, J., Smith, P.N. and Thomas, S. (2016). The trend is our friend: Risk parity, momentum and trend following in global asset allocation. Journal of Behavioral and Experimental Finance, 9, pp. 63–80. doi:10.1016/j.jbef.2016.01.002.

    [publisher’s website]

  13. Clare, A., Sherman, M.B. and Thomas, S. (2016). Multi-asset class mutual funds: Can they time the market? Evidence from the US, UK and Canada. Research in International Business and Finance, 36, pp. 212–221. doi:10.1016/j.ribaf.2015.09.011.

    [publisher’s website]

  14. Agyei-Ampomah, S., Clare, A., Mason, A. and Thomas, S. (2015). On luck versus skill when performance benchmarks are style-consistent. Journal of Banking & Finance, 59, pp. 127–145. doi:10.1016/j.jbankfin.2015.05.013.

    [publisher’s website]

  15. Moss, A., Clare, A., Thomas, S. and Seaton, J. (2015). Trend Following and Momentum Strategies for Global REITs. Journal of Real Estate Portfolio Management, 21(1), pp. 21–31.
  16. Clare, A., Motson, N.E., Payne, R. and Thomas, S. (2014). Heads We Win, Tails You Lose. Why Don't More Fund Managers Offer Symmetric Performance Fees? SSRN.
  17. Clare, A., Seaton, J., Smith, P.N. and Thomas, S. (2014). Trend following, risk parity and momentum in commodity futures. International Review of Financial Analysis, 31, pp. 1–12. doi:10.1016/j.irfa.2013.10.001.

    [publisher’s website]

  18. CASU, B., CLARE, A., SARKISYAN, A. and THOMAS, S. (2013). Securitization and Bank Performance. Journal of Money, Credit and Banking, 45(8), pp. 1617–1658. doi:10.1111/jmcb.12064.

    [publisher’s website]

  19. Mason, A., McGroarty, F. and Thomas, S. (2013). Complementary or contradictory? Combining returns-based and characteristics-based investment style analysis. Journal of Asset Management, 14(6), pp. 423–438. doi:10.1057/jam.2014.4.

    [publisher’s website]

  20. Clare, A., Seaton, J., Smith, P.N. and Thomas, S. (2013). Breaking into the blackbox: Trend following, stop losses and the frequency of trading – The case of the S&P500. Journal of Asset Management, 14(3), pp. 182–194. doi:10.1057/jam.2013.11.

    [publisher’s website]

  21. Clare, A., Motson, N.E. and Thomas, S. (2013). An Evaluation of Alternative Equity Indices - Part 1: Heuristic and Optimised Weighting Schemes. SSRN.
  22. Thomas, S., Clare, A. and Motson, N.E. (2013). An Evaluation of Alternative Equity Indices - Part 2: Fundamental Weighting Schemes. SSRN.
  23. Allen, B., Chan, K.K., Milne, A. and Thomas, S. (2012). Basel III: Is the cure worse than the disease? International Review of Financial Analysis, 25, pp. 159–166. doi:10.1016/j.irfa.2012.08.004.

    [publisher’s website]

  24. Mason, A., McGroarty, F. and Thomas, S. (2012). Style analysis for diversified US equity funds. Journal of Asset Management, 13(3), pp. 170–185. doi:10.1057/jam.2012.6.

    [publisher’s website]

  25. Gwilym, O.A., Clare, A., Seaton, J. and Thomas, S. (2012). Tactical equity investing across bull and bear markets. Journal of Wealth Management, 14(4), pp. 61–69. doi:10.3905/jwm.2012.14.4.061.
  26. Casu, B., Clare, A., Sarkisyan, A. and Thomas, S. (2011). Does securitization reduce credit risk taking? Empirical evidence from US bank holding companies. The European Journal of Finance, 17(9-10), pp. 769–788. doi:10.1080/1351847x.2010.538526.

    [publisher’s website]

  27. Gwilym, O.A., Clare, A., Seaton, J. and Thomas, S. (2011). Gold stocks, the gold price and market timing. Journal of Derivatives & Hedge Funds, 17(3), pp. 266–278. doi:10.1057/jdhf.2011.16.

    [publisher’s website]

  28. McGroarty, F., ap Gwilym, O. and Thomas, S. (2011). Structural changes, bid–ask spread composition and tick size in inter-bank futures trading. The European Journal of Finance, 17(4), pp. 285–306. doi:10.1080/1351847x.2010.481465.

    [publisher’s website]

  29. Clare, A., Gwilym, O.A., Seaton, J. and Thomas, S. (2011). Explaining international equity valuation ratios: The roles of commodity price inflation and relative asset volatilities. Journal of Asset Management, 12(1), pp. 11–29. doi:10.1057/jam.2009.36.

    [publisher’s website]

  30. McGroarty, F., ap Gwilym, O. and Thomas, S. (2010). Market structure and microstructure, in international interest rate futures markets. Research in International Business and Finance, 24(3), pp. 253–266. doi:10.1016/j.ribaf.2009.12.005.

    [publisher’s website]

  31. ap Gwilym, O., Clare, A., Seaton, J. and Thomas, S. (2010). Price and Momentum as Robust Tactical Approaches to Global Equity Investing. The Journal of Investing, 19(3), pp. 80–91. doi:10.3905/joi.2010.19.3.080.

    [publisher’s website]

  32. Casu, B., Sarkisyan, A., Clare, A. and Thomas, S. (2010). Le cartolarizzazioni migliorano la performance delle banche?
    Alcune evidenze empiriche sulle banche commerciali statunitensi.     Bancaria, Special Issue.
  33. Gwilym, O.A., Clare, A.D., Seaton, J. and Thomas, S.H. (2009). Dividends and Momentum. The Journal of Investing, 18(2), pp. 42–49. doi:10.3905/joi.2009.18.2.042.

    [publisher’s website]

  34. McGroarty, F., ap Gwilym, O. and Thomas, S. (2009). The role of private information in return volatility, bid–ask spreads and price levels in the foreign exchange market. Journal of International Financial Markets, Institutions and Money, 19(2), pp. 387–401. doi:10.1016/j.intfin.2008.04.001.

    [publisher’s website]

  35. McManus, I., Gwilym, O.A. and Thomas, S. (2009). Prospective utility and time-varying optimal asset allocation for the UK: 1803-1995. Int. J. of Behavioural Accounting and Finance, 1(2), pp. 95–110.
  36. Ap Gwilym, O., Clare, A., Seaton, J. and Thomas, S. (2009). Consistent dividend growth investment strategies. Journal of Wealth Management, 12(3), pp. 113–124. doi:10.3905/jwm.2009.12.3.113.
  37. Thomas, S., ap Gwilym, O. and Seaton, S. (2008). Very Long Term Equity Investment Strategies: Real Stock Prices and Mean Reversion. Journal of Investing, 17(2), pp. 15–23. doi:10.3905/joi.2008.707214.
  38. Cantor, R., Gwilym, O.A. and Thomas, S.H. (2007). The Use of Credit Ratings in Investment Management in the U.S. and Europe. The Journal of Fixed Income, 17(2), pp. 13–26. doi:10.3905/jfi.2007.695282.

    [publisher’s website]

  39. McGroarty, F., Gwilym, O.A. and Thomas, S. (2007). The Components of Electronic Inter-Dealer Spot FX Bid-Ask Spreads. Journal of Business Finance & Accounting, 0(0), p. 70702033426004. doi:10.1111/j.1468-5957.2007.02051.x.

    [publisher’s website]

  40. Tang, L., Thomas, L.C., Thomas, S. and Bozzetto, J. (2007). It's the economy stupid: modelling financial product purchases. International Journal of Bank Marketing, 25(1), pp. 22–38. doi:10.1108/02652320710722597.

    [publisher’s website]

  41. Thomas, S., ap Gwilym, O. and Mcmanus, I. (2007). Prospective Utility and the Equity Risk Premium. Professional Investor, 17(7), pp. 24–28.
  42. Gwilym, O.A., Seaton, J., Suddason, K. and Thomas, S.H. (2006). Does the Fed Model Travel Well? The Journal of Portfolio Management, 33(1), pp. 68–75. doi:10.3905/jpm.2006.661376.

    [publisher’s website]

  43. McGroarty, F., ap Gwilym, O. and Thomas, S. (2006). Microstructure effects, bid–ask spreads and volatility in the spot foreign exchange market pre and post-EMU. Global Finance Journal, 17(1), pp. 23–49. doi:10.1016/j.gfj.2006.06.004.

    [publisher’s website]

  44. McManus, I.D., ap Gwilym, O. and Thomas, S.H. (2006). Payment history, past returns and the performance of UK zero dividend stocks. Managerial Finance, 32(6), pp. 518–536. doi:10.1108/03074350610666247.

    [publisher’s website]

  45. Bennell, J.A., Crabbe, D., Thomas, S. and Gwilym, O.A. (2006). Modelling sovereign credit ratings: Neural networks versus ordered probit. Expert Systems with Applications, 30(3), pp. 415–425. doi:10.1016/j.eswa.2005.10.002.

    [publisher’s website]

  46. ap Gwilym, O., Seaton, J., Suddason, K. and Thomas, S. (2006). International Evidence on the Payout Ratio, Earnings, Dividends, and Returns. Financial Analysts Journal, 62(1), pp. 36–53. doi:10.2469/faj.v62.n1.4057.

    [publisher’s website]

  47. Thomas, S.H. (2006). Discussion of Short Sales Constraints and Momentum in Stock Returns. Journal of Business Finance and Accounting, 33(3-4), pp. 616–631. doi:10.1111/j.1468-5957.2006.00629.x.
  48. Gwilym, O.A.P., Seaton, J. and Thomas, S.H. (2005). Dividend Yield Investment Strategies, the Payout Ratio and Zero-Dividend Stocks. The Journal of Investing, 14(4), pp. 69–74. doi:10.3905/joi.2005.605284.

    [publisher’s website]

  49. Thomas, L.C., Thomas, S., Tang, L. and Ap Gwilym, O. (2005). Impact of demographic and economic variables on financial policy purchase timing decisions. Journal of the Operational Research Society, 56(9), pp. 1051–1062. doi:10.1057/palgrave.jors.2601981.

    [publisher’s website]

  50. Gwilym, O.A., Mcmanus, I. and Thomas, S. (2005). Fractional versus decimal pricing: Evidence from the UK Long Gilt futures market. Journal of Futures Markets, 25(5), pp. 419–442. doi:10.1002/fut.20149.

    [publisher’s website]

  51. McManus, I., ap Gwilym, O. and Thomas, S. (2004). The Role of Payout Ratio in the Relationship Between Stock Returns and Dividend Yield. Journal of Business Finance and Accounting, 31(9-10), pp. 1355–1387. doi:10.1111/j.0306-686X.2004.00577.x.
  52. Gwilym, O.A.P., Trevino, L. and Thomas, S.H. (2002). Bid-Ask Spreads and the Liquidity of International Bonds. The Journal of Fixed Income, 12(2), pp. 82–91. doi:10.3905/jfi.2002.319327.

    [publisher’s website]

  53. ap Gwilym, O. and Thomas, S. (2002). An empirical comparison of quoted and implied bid–ask spreads on futures contracts. Journal of International Financial Markets, Institutions and Money, 12(1), pp. 81–99. doi:10.1016/s1042-4431(01)00047-6.

    [publisher’s website]

  54. Clare, A., Morgan, G. and Thomas, S. (2002). Direct Evidence of Non-trading on the London Stock Exchange. Journal of Business Finance & Accounting, 29(1&2), pp. 29–53.
  55. Thomas, S. and Trevino, L. (2001). Local versus Foreign Currency Ratings: What Determines Sovereign Transfer Risk? Journal of Fixed Income, 11(1), pp. 65–76. doi:10.3905/jfi.2001.319293.
  56. ap Gwilym, O., Morgan, G. and Thomas, S. (2000). Dividend Stability, Dividend Yield and Stock Returns: UK Evidence. Journal of Business Finance and Accounting, 27(3-4), pp. 261–281. doi:10.1111/1468-5957.00313.
  57. Ap Gwilym, O., Brooks, C., Clare, A. and Thomas, S. (1999). Tests of non-linearity using LIFFE futures transactions price data. The Manchester School, 67(2), pp. 167–186. doi:10.1111/1467-9957.00140.

    [publisher’s website]

  58. ap Gwilym, O., Clare, A. and Thomas, S. (1998). Price clustering and bid-ask spreads in international bond futures. Journal of International Financial Markets, Institutions and Money, 8(3-4), pp. 377–391. doi:10.1016/s1042-4431(98)00045-6.

    [publisher’s website]

  59. Gwilym, O.A., Buckle, M., Clare, A.D. and Thomas, S.H. (1998). The Transaction-by-Transaction Adjustment of Interest Rate and Equity Index Futures Markets to Macroeconomic Announcements. The Journal of Derivatives, 6(2), pp. 7–17. doi:10.3905/jod.6.2.7.

    [publisher’s website]

  60. Gwilym, O.A., Clare, A. and Thomas, S. (1998). The bid-ask spread on stock index options: An ordered probit analysis. Journal of Futures Markets, 18(4), pp. 467–485. doi:10.1002/(sici)1096-9934(199806)18:43.0.co;2-r.

    [publisher’s website]

  61. Morgan, G. and Thomas, S. (1998). Taxes, dividend yields and returns in the UK equity market. , 22(4), pp. 405–423.
  62. Buckle, M., Gwilym, O.A., Thomas, S.H. and Woodhams, M.S. (1998). Intraday Empirical Regularities in Interest Rate and Equity Index Futures Markets, and the Effect of Macroeconomic Announcements. Journal of Business Finance and Accounting, 25(7-8), pp. 921–944. doi:10.1111/1468-5957.00219.
  63. Gwilym, O.A. and Thomas, S. (1998). The Influence of Electronic Trading on Bid-Ask Spreads: New Evidence from European Bond Futures. Journal of Fixed Income, 8(1), pp. 7–20. doi:10.3905/jfi.1998.408234.
  64. Gwilym, O.A., Clare, A. and Thomas, S. (1998). Extreme price clustering in the London equity index futures and options markets. Journal of Banking and Finance, 22, pp. 1193–1206.
  65. Clare, A., Priestley, R. and Thomas, S.H. (1998). Reports of beta's death are premature: Evidence from the UK. Journal of Banking and Finance, 22, pp. 1207–1229.
  66. Clare, A., O'Brien, R. and Thomas, S. (1998). Macroeconomic Shocks and the Domestic CAPM: Evidence from the UK Stockmarket. International Journal of Finance and Economics, 3, pp. 111–126.
  67. Clare, A., Priestly, R. and Thomas, S. (1997). Is Beta dead? The role of alternative estimation methods. Applied Economics Letters, 4, pp. 559–562.
  68. Clare, A., Priestley, R. and Thomas, S. (1997). The Robustness of the APT to Alternative Estimators. Journal of Business Finance and Accounting, 24(5), pp. 645–655. doi:10.1111/1468-5957.00126.
  69. Gwilym, O.A.P., Buckle, M., Foord, T. and Thomas, S.H. (1996). The Intraday Behavior of European Bond Futures. The Journal of Fixed Income, 6(2), pp. 49–66. doi:10.3905/jfi.1996.408179.

    [publisher’s website]

  70. Clare, A., O'Brien, R., Smith, P.N. and Thomas, S. (1996). Global macroeconomic shocks, time-varying covariances and tests of the international CAPM. Applied Economic Letters, 3, pp. 109–114.
  71. Clare, A., Smith, P.N. and Thomas, S. (1993). Predicting UK stock returns and robust tests of mean variance efficiency. .
  72. Clare, A. and Thomas, S. (1992). Winners and losers: UK evidence for the overreaction hypothesis. .
  73. McKenzie, G. and Thomas, S. (1983). Liquidity, credit creation and international banking : An econometric investigation. , 7(4), pp. 467–480.
  74. Turk, A., Switala, E.D. and Thomas, S.H. (1980). Suprathreshold odlor measurements by dynamic olfactometry: Principles and practice. Journal of the Air Pollution Control Association, 30(12), pp. 1289–1294. doi:10.1080/00022470.1980.10465183.
  75. Clare, A., Seaton, J., Smith, P.N. and Thomas, S. Size Matters: Tail Risk, Momentum and Trend Following in International Equity Portfolios. SSRN Electronic Journal. doi:10.2139/ssrn.2520075.

    [publisher’s website]

  76. Clare, A.D., Seaton, J., Smith, P.N. and Thomas, S.H. Can Sustainable Withdrawal Rates Be Enhanced by Trend Following? SSRN Electronic Journal. doi:10.2139/ssrn.3019089.

    [publisher’s website]

Reports (5)

  1. Clare, A.D. and Thomas, S. (2011). Monetary and Fiscal Policy. Charlottesville, USA: CFA Institute.
  2. Clare, A., ap Gwilym, O., Seaton, J. and Thomas, S. (2009). Price and Momentum as Robust Tactical Approaches to Global Equity Investing. Cass Business School.
  3. Clare, A., ap Gwilym, O., Seaton, J. and Thomas, S. (2008). Consistent Dividend Growth Investment Strategies. Cass Business School.
  4. Clare, A., ap Gwilym, O., Seaton, J. and Thomas, S. (2008). Dividends and Momentum. Cass Business School.
  5. Clare, A., ap Gwilym, O., Seaton, J. and Thomas, S. (2008). Dividends Resumption, Future Profitabilty and Stock Returns. Cass Business School.

Scholarly editions (3)

  1. Trevino, L. and Thomas, S. (2000). Systematic Differences in the Determinants of Foreign Currency Sovereign Ratings by Rating Agency.
  2. Trevino, L. and Thomas, S. (2000). The Statistical Determinants of Local Currency Sovereign Ratings.
  3. Dale, R., McKenzie, G. and Thomas, S. (1995). The Harmonisation of European Market Directives.

Education

Course Directorship

- 2009 - present, Executive MBA, Director

Professional activities

Editorial activity

  1. Journal of Business Finance and Accounting, Member of Editorial Board, 1996 – present.

Events/conferences (11)

  1. Money Marketing Pensions' New World. (Conference) Manchester (2015). Invited speaker.
    Paper: Sequencing:making the known unknown less unknown
    Author: Thomas S H
  2. Money Marketing Pensions' New World. (Conference) London (2015). Invited speaker.
    Paper: Sequencing:making the known unknown less unknown
    Author: Thomas S H
  3. Money Marketing Pensions' New World. (Conference) London (2015). Invited speaker.
    Paper: Sequencing:making the known unknown less unknown
    Author: Thomas S H
  4. Public Lecture - Irish Financial Planning Insitute. (Public lecture) Dublin (2015). Invited speaker.
    Paper: Sequencing:making the known unknown less unknown
    Author: Thomas S H
  5. Momentum Investing. (Public lecture) London (2011). Invited speaker.
    Paper: A Global Momentum Equity Strategy
    Author: Thomas S H
  6. Family Office Leadership Summit. (Conference) London (2011). Invited speaker.
    Paper: Global Financial and Macro Outlook
    Author: Thomas S H
  7. The Financial Crisis. (Public lecture) Cairo (2010). Invited speaker.
    Paper: Beyond The Financial Crisis
    Author: Thomas S H
  8. Executive Network. (Public lecture) London (2010). Invited speaker.
    Paper: Beyond the Financial Crisis
    Author: Thomas S H
  9. Nucleus Financial Advisors Platform. (Conference) Birmingham,UK (2010). Invited speaker.
    Paper: Investment Lessons from the Financial Crisis
    Author: Thomas Steve
  10. An introduction to hedge funds for IFAs. (Conference) London (2010). Invited speaker.
    Paper: The distinctive nature of hedge funds
    Author: Thomas S H
  11. Outlook and key issues for Europes Financial Markets,2010. (Conference) London (2009). Invited speaker.
    Paper: deleveraging
    Author: Thomas s h

Media appearances (30)

  1. Far from the lobbyist crowd. (2014) Financial Times Print Edition (Asia) (newspaper).
  2. Far from the lobbyist crowd. (2014) Financial Times (newspaper).
  3. Why part-time executive study doesn't have to mean sacrifices. (2014) City AM (newspaper).
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