University of Bath School of Management University of Bath School of Management

Professor Michael B Adams

Professor Michael B Adams

telephone +44 (0)1225 385685
email Michael B Adams


Leading Refereed Journal Papers


Job Title:

Professor in Strategic Risk Management

Affiliated Research Centre:

Centre for Business, Organisations and Society (CBOS)

Centre for Strategic Risk and Insurance (CSRI)


Accounting, Finance & Law

Key Research Interests:

Interface between risk management and strategic finance; corporate governance and risk; accounting issues in insurance; historical development of insurance markets; economic efficiency and structure in insurance markets.

Research Interests

Mike Adams is Professor of Strategic Risk Management and Director of the Research Centre in Strategic Risk at the University of Bath. Formerly he held academic positions at the Universities of Swansea, Glasgow, and Massey (New Zealand), and professional accountancy positions in the private and public sectors. He has published papers in over 60 academic journals and is thrice winner of the Geneva Association/Shin Foundation Research Excellence Award. Professor Adams has also raised research funds of over £300,000 from public and private sector sources since 2008.

In 2011 Professor Adams was awarded the Kenneth J Black Jr Distinguished Service Award for services to the International Insurance Society (IIS). He is the UK Ambassador for the IIS, and member of the Worshipful Company of Insurers and the Willis Research Network. He maintains strong research ties with academic colleagues at the Centre for Risk and Insurance Studies (CRIS), University of Nottingham and the Chinese Accounting, Finance and Business Research Unit (CAFBRU), at Cardiff Business School.

Professor Adams is also an international research fellow at the Chinese Center for Social Security and Insurance Research (CCSSIR), Peking University, China, the Handelsbanken-Wallander Research Fellow at the Department of Economic History, Umeå University, Sweden, and visiting Professor at the International Center for Insurance Regulation (ICIR), Goethe University of Frankfurt, Germany.

In addition, he has been appointed as consultant for several financial institutions both in the UK and overseas and employed as an expert witness in commercial insurance legal cases. Professor Adams is also Associate Editor of the British Accounting Review, the flagship academic journal of the British Accounting and Finance Association (BAFA).

He is also on the editorial board of the Geneva Papers: Issues and Practice.


Leading Refereed Journal Papers

Veprauskaite, E. and Adams, M.B. (2018), The leverage and reinsurance effects on loss reserves in the United Kingdom’s (UK) property-casualty insurance industry, Accounting and Business Research, Vol. 48, in press.

Adams, M., Andersson, L-F., Eriksson, L., Lindmark, M. and Veprauskaite, E. (2018), Managing policy lapse risk in Sweden’s life insurance market between 1915 and 1947, Business History, Vol 59, in press.

Adams, M.B. and Jiang, W, forthcoming. Do financial experts on the board matter? An empirical test from the United Kingdom's non-life insurance industry, Journal of Accounting, Auditing and Finance, DOI:10.1177/014855X.

Adams, M.B & Jiang, W, forthcoming. Do Chief Executives affect the financial performance of risk-trading firms? Evidence from the UK insurance industry. British Journal of Management. DOI:10.111/1045-3172.

Adams, M.B., Hoejmose, S. & Kastrinaki, Z. 2017. Corporate philanthropy and risk management: An investigation of reinsurance and charitable giving in insurance firms. Business Ethics Quarterly, 27 (1): pp. 1-37. DOI: 10.1017/beg.2016.94.

Adams, M. B. & Jiang, W. 2016. Do outside directors influence the performance of risk-trading firms? Evidence from the United Kingdom’s (UK) insurance industry. Journal of Banking and Finance, 64: 36-51. DOI: 10.1016/j.bankfin.2016

Upreti, V. & Adams, M. B. 2015. The strategic role of reinsurance in the United Kingdom's (UK) non-life insurance market. Journal of Banking and Finance, 61: 206-219, DOI: 10.1016/j.jbankfin.2015.09.010.

Adams, M. B., Andersson, L. F., Hardwick, P., & Lindmark, M. 2014.Firm size and growth in Sweden's life insurance market between 1855 and 1947: A test of Gibrat's law. Business History, 56(6): 956-974, DOI: 10.1080/00076791.2013.848341.

Abdul Kader, H., Adams, M., Hardwick, P., & Kwon, W. J. 2014. Cost efficiency and board composition under different takaful insurance business models. International Review of Financial Analysis, 32(1): 60-70, DOI: 10.1016/j.irfa.2013.02.002.

Veprauskaite, E., & Adams, M. 2013. Do powerful Chief Executives influence the financial performance of UK firms? British Accounting Review, 45(3): 229-241, DOI: 10.101016/;bar.2013.06.004.

Jiang, W., Adams, M. B., & Jia-Upreti, J. 2012. Does managerial entrenchment motivate the insurance decision? International Review of Financial Analysis, 24(1): 117-128, DOI: 10.1016/j.irfa.2012.08.009.

Zou H., Adams, M. B., & Xiao, J. Z. 2012. Does board independence matter in corporate insurance hedging? Journal of Financial Research, 35(3): 451-469, DOI: 10.1111/j.1475-6803.2012.01319.

Adams, M., Anderson, L-F., Lindmark, M. & Veprauskaite, E. 2012. Competing models of organizational form: Risk management strategies and underwriing performance in the Swedish fire insurance market between 1903 and 1939 . Journal of Economic History, 72(4): 990-1014, DOI: 10.1017/S002205712000666.

Adams, M. B., Zou, H. & Chen, L. 2011. Chief executive officer incentives, monitoring, and corporate risk management: Evidence from insurance use. Journal of Risk and Insurance, 78(3): 551-582, DOI: 10.1111/j.1539-6975.2011.01409.x.

Adams, M. B., Andersson, L. F., Jia, J. Y., & Lindmark, M. 2011. Mutuality as a control for information asymmetry: A historical analysis of the claims experience of mutual and stock fire insurance companies in Sweden 1889-1939. Business History, 53(7): 1074 -1091, DOI: 10.1080/00076791.2011.618233.

Hardwick, P., Adams, M. B., & Zou, H. 2011. Board Characteristics and Profit Efficiency in the United Kingdom Life Insurance Industry. Journal of Business Finance and Accounting, 38(7-8): 987-1015, DOI: 10.1111/j.1539-6975.2011.01-409.x.

Jia, J. Y., Adams, M. B. & Buckle, M. J. 2011. The strategic use of insurance in the Chinese corporate sector. European Journal of Finance, 17(7-8): 675-694, DOI: 10.1080/1351847X.2011.554281.

Abdul Kader, H., Adams, M. B., & Mouritidis, K. 2010. Testing for trade-offs in the reinsurance decision of United Kingdom (UK) life insurance firms. Journal of Accounting, Auditing and Finance, 25(3): 491-522, DOI: 10.1007/s10490-009-9190z.

Abdul Kader, H., Adams, M. B., Andersson, L. F., & Lindmark, M. 2010. The Determinants of reinsurance in the Swedish property fire insurance market during the inter-war years 1919-1939. Business History, 52(2): 268-284, DOI: 10.1080/00076791003610683.

► older publications

Zou, H., & Adams, M. B. 2008. Debt capacity, cost of debt and corporate insurance. Journal of Financial and Quantitative Analysis , 42(2): 433-466, DOI: 10.1017/S0022109000003586.

Zou, H. & Adams, M. B. 2008. Corporate ownership, equity risk and returns in the People's Republic of China. Journal of International Business Studies, 39(7): 1149-1168, DOI: 10.1057/palgrave.jibs.8400394.

Adams, M. B., Hardwick, P. & Zou, H. 2008. Reinsurance and corporate taxation in the UK life insurance industry. Journal of Banking and Finance , 32(1): 101-115, DOI: 10.1016/j.jbankfin.2007.09.006.

Ahmed, K., Hossain, M., & Adams, M. B. 2006. The effects of board composition and board size on the informativeness of annual accounting earnings. Corporate Governance: An International Review, 14(5): 418-431, DOI: 10.1111/j.1467-8683.2006.00515.x.

Adams, M. B., & Zou, H. 2006. The corporate purchase of property insurance: Evidence from the People's Republic of China. Journal of Financial Intermediation , 15(2): 165-196, DOI: 10.1016/j.jfi.2004.06.007.

Adams, M. B., & Hardwick, P. 2003. Actuarial surplus management in United Kingdom life insurance firms. Journal of Business Finance and Accounting, 30(5): 891-904, DOI: 10.1111/1468-5957.05505.

Adams, M. B., Burton, B., & Hardwick, P. 2003. The determinants of credit ratings in the United Kingdom insurance industry. Journal of Business Finance and Accounting , 30(3-4): 539-572, DOI: 10.1111/1468-5957.00007.

Khaled, M., Adams, M. B., & Pickford, M. 2001. Estimates of scale and scope economies in the New Zealand Life Insurance Industry. The Manchester School, 69(3): 327-349, DOI: 10.1111/1467-9957.00251.