Dr Richard Fairchild
BA (Hons), MSc, Ph.D
Job Title: Lecturer in Corporate Finance.
Subject Group: Accounting and Finance.
Key Research Interests: Behavioural Corporate Finance; Venture Capital Contracting and Performance; Applications of Game-theoretic tools to Corporate Finance Decision-Making; the effects of agency problems and asymmetric information on corporate capital structure.
I have recently become associate member of the Aston Centre for Research in Experimental Finance (ACREF). I am a member of the SAFE (Seminars in Accounting and Finance) research network. I have recently been appointed as editor-in-chief for the International Journal of Behavioural Accounting and Finance, which is launching in 2008.
My current research interests include: application of game theoretical tools to strategic corporate finance; capital structure and the effects of agency problems, signalling, and product market competition; venture capitalism, bargaining, and the incorporation of behavioural effects into the double-sided moral hazard problem affecting financial contracts and performance; behavioural corporate finance.
I am interested in supervising students in all areas of corporate finance (eg, investment appraisal, capital structure, and dividend policy decisions), with particular focus on managerial incentives, behavioural and emotional corporate finance. A further research area that I am keen to supervise is venture capital and private equity. I particularly welcomes applicants with an interest in both theoretical and empirical approaches.
Recent Publications 2001 to date
Yalabik B, Fairchild R (2011). Customer, regulatory, and competitive pressure as drivers of environmental innovation International Journal of Production Economics 131(2):519-527 DOI:10.1016/j.ijpe.2011.01.020
Guney Y, Ling L & Fairchild R (2010). The relationship between product market competition and capital structure in Chinese Listed Firms. International Review of Financial Analysis. 20(1):41-51. DOI:10.1016/j.irfa.2010.10.003
Fairchild R (2009). An Entrepreneur’s choice of venture capitalist or angel-financing: a behavioural game-theoretic approach. Journal of Business Venturing. 26(3):359-374. DOI:10.1016/j.jbusvent.2009.09.003
Fairchild R (2008). Behavioural corporate finance existing research and future directions. International Journal of Behavioural Accounting and Finance 1(4):277-293. DOI:10.1504/IJBAF.2010.032843
Fairchild R (2008). The manufacturing sectors environmental motives: a game-theoretic analysis. Journal of Business Ethics. 79(3):333-344 DOI:10.1007/s10551-007-9401-9
Fairchild R, Guney Y & Kailan C (2007). Debt maturity structure of Chinese companies. Pacific-Basin Finance Journal. 16(3):268-297. DOI:10.1016/j.pacfin.2007.06.001
Fairchild R (2006). Investor protection, share repurchases, irrationality and agency conflicts: the implications for corporate governance. Corporate Ownership and Control, 4(1).
Fairchild R (2006). The effect of the legal system and empathy in venture capital contracting: theory and evidence. VC Experts Website.
Fairchild R (2006). When do share repurchases increase shareholder wealth? Journal of Applied Finance. DOI: N/A
Fairchild R (2005)a. Behavioural finance in a principal-agent model of capital budgeting. ICFAI. Journal of Behavioural Finance. 2(1)
Fairchild R (2005)b. The effect of managerial overconfidence, asymmetric information, and moral hazard on capital structure decisions. ICFAI Journal of Behavioural Finance. 2(4).
Fairchild R & Zhang G (2005)c. Investor irrationality and optimal open-market share repurchasing. ICFAI Journal of Behavioural Finance 2(3).
Fairchild R (2004). Financial contracting between managers and venture capitalists - the role of value-added services, reputation seeking and bargaining power. Journal of Financial Research. 27(4):481-495 DOI: 10.1111/j.1475-6803.2004.00104.x
Fairchild R (2003). Conflicts between managers and investors over the optimal financial contract. International Journal of Business and Economics. 2(3).
Fairchild R (2003). Dividend smoothing and optimal re-investment. Managerial Finance. 29(11):35-48.
Fairchild R (2002). Financial risk management: is it a value-adding activity? Balance Sheet. 10(4): 22-25. DOI: 10.1108/09657960210450754
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