Seth Armitage

University of Edinburgh - Accounting and Finance

29 Buccleuch Place

Edinburgh, EH8 9JS

United Kingdom

  • University of Edinburgh - Accounting and Finance

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    • Tel: 44 131 650 3794
SCHOLARLY PAPERS

38

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64

Scholarly Papers (38)

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1.

Corporate Governance Challenges in Emerging Economies

Corporate Governance: An International Review, Forthcoming
Number of pages: 23 Posted: 20 Apr 2017
Seth Armitage, Wenxuan Hou, Subrata Sarkar and Till Talaulicar
University of Edinburgh - Accounting and Finance, University of Edinburgh - Business School, Indira Gandhi Institute of Development Research and University of Erfurt
Downloads 2,375 (13,255)
Citation 8

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CEO Turnover; Corruption; Corporate Governance; Crash Risk; Emerging Markets; Institutional Transition; Managerial Compensation; Principal‐Principal Agency Problems

2.

Heteroscedasticity and Interval Effects in Estimating Beta: UK Evidence

Applied Financial Economics 21, 2011, pp. 1525-38
Number of pages: 39 Posted: 06 Mar 2008 Last Revised: 04 Oct 2014
Seth Armitage and Janusz Brzeszczynski
University of Edinburgh - Accounting and Finance and Newcastle Business School (NBS), Northumbria University, Newcastle upon Tyne, United Kingdom
Downloads 428 (145,836)
Citation 2

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beta estimation, heteroscedasticity, ARCH models, thin trading, interval effects

3.

The Impact of Foreign Bank Penetration on the Domestic Banking Sector: New Evidence from China

European Journal of Finance, Forthcoming
Number of pages: 41 Posted: 07 Aug 2013 Last Revised: 01 Jul 2014
Dan Luo, Yizhe Dong, Seth Armitage and Wenxuan Hou
University of Reading - Henley Business School, University of Edinburgh Business School, University of Edinburgh - Accounting and Finance and University of Edinburgh - Business School
Downloads 375 (169,363)
Citation 1

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foreign bank entry, bank performance, Chinese banking

4.

Does Distance Impede Regulatory Monitoring? Evidence from the Banking Industry

Number of pages: 44 Posted: 17 Jan 2017
Ivan Lim, Jens Hagendorff and Seth Armitage
Durham University, King’s College London - King's Business School and University of Edinburgh - Accounting and Finance
Downloads 309 (209,092)
Citation 1

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5.

CEO Inside Debt Holdings and Risk-Shifting: Evidence from Bank Payout Policies

Number of pages: 45 Posted: 14 Apr 2013 Last Revised: 16 Jan 2017
Abhishek Srivastav, Seth Armitage and Jens Hagendorff
University of Edinburgh - Business School, University of Edinburgh - Accounting and Finance and King’s College London - King's Business School
Downloads 308 (209,831)
Citation 23

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banks, inside debt, CEO incentives, payout, dividends

6.

Corporate Disclosure, Cost of Capital and Reputation: Evidence from Finance Directors

British Accounting Review, Vol. 40, p. 314, 2008
Number of pages: 23 Posted: 14 May 2011
Seth Armitage and Claire Marston
University of Edinburgh - Accounting and Finance and Heriot-Watt University
Downloads 290 (223,666)

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7.

Better Safe than Sorry? CEO Inside Debt and Risk-Taking in Bank Acquisitions

Number of pages: 46 Posted: 15 Oct 2013 Last Revised: 03 Jun 2014
Abhishek Srivastav, Seth Armitage and Jens Hagendorff
University of Edinburgh - Business School, University of Edinburgh - Accounting and Finance and King’s College London - King's Business School
Downloads 261 (249,154)
Citation 3

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banks, inside debt, CEO incentives, default risk, mergers and acquisitions

8.

Is the Fox Guarding the Henhouse? Bankers in the Federal Reserve, Bank Leverage and Risk-shifting

Journal of Corporate Finance, Vol. 58, 2019
Number of pages: 73 Posted: 06 Oct 2015 Last Revised: 25 Apr 2023
Ivan Lim, Jens Hagendorff and Seth Armitage
Durham University, King’s College London - King's Business School and University of Edinburgh - Accounting and Finance
Downloads 224 (289,647)
Citation 12

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Federal Reserve, banks, regulatory connections, risk-shifting, public subsidies

9.

The Calculation of Returns during Seasoned Equity Offers

European Journal of Finance 13, 2012, pp. 393-417
Number of pages: 39 Posted: 07 Sep 2009 Last Revised: 01 Oct 2014
Seth Armitage
University of Edinburgh - Accounting and Finance
Downloads 219 (295,966)
Citation 1

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Rights issues, open offers, placings, returns, price adjustments

10.

Price Discovery in London’s Upstairs Equity Market

Number of pages: 39 Posted: 31 Jan 2015 Last Revised: 15 May 2015
Seth Armitage and Gbenga Ibikunle
University of Edinburgh - Accounting and Finance and The University of Edinburgh
Downloads 215 (301,191)
Citation 1

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Market microstructure, Price discovery, Upstairs market, Downstairs market

11.

Discount Rates for Long-Term Projects: The Cost of Capital and Social Discount Rate Compared

Number of pages: 30 Posted: 05 Oct 2014
Seth Armitage
University of Edinburgh - Accounting and Finance
Downloads 215 (301,191)

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12.

Institutional Ownership and Investment by Private Companies

Number of pages: 59 Posted: 06 Feb 2022 Last Revised: 06 Feb 2024
Seth Armitage, Ronan Gallagher and Jiaman Xu
University of Edinburgh - Accounting and Finance, University of Edinburgh - Edinburgh Business School and University of Edinburgh - Accounting and Finance Group
Downloads 157 (404,321)

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corporate investment, funding constraints, private companies, private equity, investing institutions

13.

The Evolving Relation Between Dividends and Flexible Payouts: A Different Evolution

Number of pages: 52 Posted: 05 Mar 2019 Last Revised: 28 Sep 2020
Seth Armitage and Ronan Gallagher
University of Edinburgh - Accounting and Finance and University of Edinburgh - Edinburgh Business School
Downloads 143 (431,747)
Citation 2

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Payout Policy, Dividends, Special Dividends, Repurchases

14.

Block Buying and Choice of Issue Method in UK Seasoned Equity Offers

Journal of Business Finance and Accounting 37, 2010, pp. 422-48
Number of pages: 47 Posted: 08 Sep 2009 Last Revised: 01 Oct 2014
Seth Armitage
University of Edinburgh - Accounting and Finance
Downloads 135 (451,987)

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Seasoned equity offer, open offers, placings, rights issues, blockholdings

15.

The Elusive Relation Between Pension Discount Rates and Deficits

Number of pages: 41 Posted: 27 Jan 2020 Last Revised: 11 Feb 2022
Seth Armitage, Ronan Gallagher and Jiaman Xu
University of Edinburgh - Accounting and Finance, University of Edinburgh - Edinburgh Business School and University of Edinburgh - Accounting and Finance Group
Downloads 126 (477,534)

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Defined Benefit, Pension, Discount Rate, Manipulation, Accounting Standards, Window Dressing

16.

Seasoned Equity Offers and Rights Issues: A Review of the Evidence

European Journal of Finance 4, 1998, pp. 29-59
Number of pages: 47 Posted: 06 Nov 2014
Seth Armitage
University of Edinburgh - Accounting and Finance
Downloads 100 (567,716)
Citation 2

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17.

Demand for Dividends: The Case of UK Water Companies

Journal of Business Finance and Accounting 39, 2012, pp. 464-99
Number of pages: 48 Posted: 29 Jan 2011 Last Revised: 30 Sep 2014
Seth Armitage
University of Edinburgh - Accounting and Finance
Downloads 100 (567,716)
Citation 1

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18.

Are Pension Contributions a Threat to Shareholder Payouts?

Number of pages: 46 Posted: 17 Nov 2017 Last Revised: 15 Feb 2019
Seth Armitage and Ronan Gallagher
University of Edinburgh - Accounting and Finance and University of Edinburgh - Edinburgh Business School
Downloads 98 (575,416)
Citation 2

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Defined Benefit, Pension Deficit, Contributions, Dividend Policy, Payout Policy

19.

Liquidity Measures and Cost of Trading in an Illiquid Market.

Forthcoming in: Journal of Emerging Market Finance
Number of pages: 46 Posted: 27 Sep 2014
Seth Armitage, Janusz Brzeszczynski and Anna Serdyuk
University of Edinburgh - Accounting and Finance, Newcastle Business School (NBS), Northumbria University, Newcastle upon Tyne, United Kingdom and University of Edinburgh
Downloads 93 (595,200)

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liquidity, cost of trading, emerging stock market, market microstructure, Ukraine

20.

Value-Based Performance Measurement: Further Explanation

Journal of Performance Measurement 13, Winter 2008-09, pp. 58-74
Number of pages: 22 Posted: 05 Oct 2014
Seth Armitage and Gordon Bagot
University of Edinburgh - Accounting and Finance and University of Strathclyde
Downloads 92 (599,135)
Citation 2

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21.

The Cost of Trading from the Fund Manager's Perspective

Number of pages: 34 Posted: 10 Sep 2016
Seth Armitage, James Clunie and Gbenga Ibikunle
University of Edinburgh - Accounting and Finance, Jupiter Asset Management Ltd. and The University of Edinburgh
Downloads 82 (642,442)

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22.

Law, Endowment and Inequality in Access to Finance

Finance Research Letters, Forthcoming
Number of pages: 27 Posted: 09 Jun 2019 Last Revised: 07 Jan 2020
Seth Armitage, Wenxuan Hou, Xianda Liu and Wang Cong
University of Edinburgh - Accounting and Finance, University of Edinburgh - Business School, University of Edinburgh, Business School and affiliation not provided to SSRN
Downloads 80 (651,805)

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capital concentration, endowment, external financing, financial development, investor protection, inequality, law

23.

Leverage and Financing Choices: Firm-Specific Longitudinal Evidence

Number of pages: 48 Posted: 07 Nov 2017
Seth Armitage and Angelica Gonzalez
University of Edinburgh - Accounting and Finance and University of Edinburgh
Downloads 74 (680,806)

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leverage; share issues; repurchases; special dividends; financial flexibility

24.

Is an Investing Institution One Shareholder or a Collection of Funds?

Corporate Governance: An International Review, 2016
Number of pages: 62 Posted: 18 Oct 2014 Last Revised: 24 Feb 2016
Seth Armitage, Alistair Haig and Lynn Hodgkinson
University of Edinburgh - Accounting and Finance, Franklin Templeton and Bangor Business School
Downloads 73 (686,067)

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Institutional investors; blockholdings; ownership concentration; shareholder co-ordination; measures of disagreement

25.

Are the Discounts in Seasoned Equity Offers Due to Inelastic Demand?

Journal of Business Finance and Accounting 41, 2014, pp. 743-72
Number of pages: 50 Posted: 01 Oct 2014 Last Revised: 28 Mar 2016
Seth Armitage, Dionysia Dionysiou and Angelica Gonzalez
University of Edinburgh - Accounting and Finance, University of Stirling and University of Edinburgh
Downloads 69 (707,401)

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seasoned equity offer; discount; inelastic demand; open offer; placing

26.

Discounts in Placing Pre-Renounced Shares in Rights Issues

Journal of Business Finance & Accounting, Vol. 34, pp. 1345-1369, 2007
Number of pages: 42 Posted: 14 May 2011
Seth Armitage
University of Edinburgh - Accounting and Finance
Downloads 67 (718,513)

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rights issues, open offers, private placings, offer-price discounts, long-run abnormal returns

27.

Incorporating Financing-Related Determinants of Value in the Discounted Cash Flow Model

Journal of Economic Surveys 22, 2008, pp. 274-98
Number of pages: 41 Posted: 18 Oct 2014
Seth Armitage
University of Edinburgh - Accounting and Finance
Downloads 66 (724,379)

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Discounted cash flow; financing effects; project valuation

28.

The Market Value of UK Dividends from Shares with Differing Entitlements

Journal of Business Finance and Accounting 33, Jan/Mar 2006, pp. 220-44
Number of pages: 37 Posted: 18 Oct 2014
Seth Armitage, Lynn Hodgkinson and Graham Partington
University of Edinburgh - Accounting and Finance, Bangor Business School and University of Sydney - School of Business - Finance Discipline
Downloads 54 (800,924)

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Dividend value, personal taxes, market microstructure, ex-dividend day method

29.

Do Bureaucratic Checks Improve Firm Value? Evidence from a Natural Experiment

Number of pages: 31 Posted: 27 May 2020
Jiafu An, Seth Armitage, Wenxuan Hou and Xianda Liu
Lingnan University, University of Edinburgh - Accounting and Finance, University of Edinburgh - Business School and University of Edinburgh, Business School
Downloads 52 (815,396)

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Bureaucratic Checks, China, Anti-Corruption, Natural Experiment, Firm Value

30.

Competition and Debt Conservatism

Number of pages: 70 Posted: 03 Dec 2024 Last Revised: 11 Feb 2025
Seth Armitage and Woon Sau Leung
University of Edinburgh - Accounting and Finance and University of Southampton - Southampton Business School
Downloads 50 (830,501)

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Zero Leverage Puzzle, Competition, Competition Law Index, Financial Constraints, Financial Flexibility JEL Classification: K21, Managerial Quiet Life

31.

Are There Arbitrage Gaps in the UK Gilt Strips Market?

Journal of Banking and Finance 36, 2012, pp. 3080-90
Number of pages: 41 Posted: 01 Oct 2014
Seth Armitage, Shanti Chakravarty, Lynn Hodgkinson and Jo Wells
University of Edinburgh - Accounting and Finance, Bangor Business School, Bangor Business School and Bangor University - Bangor University
Downloads 50 (830,501)

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Gilt; Arbitrage; Anomalies; Law of one price; Market microstructure

32.

Mutuality for Football Clubs? Lessons from the Financial Sector

Studies in Economics and Finance 22, 2004, pp. 26-41
Number of pages: 19 Posted: 06 Nov 2014
Andrew Adams and Seth Armitage
University of Edinburgh; Business School and University of Edinburgh - Accounting and Finance
Downloads 44 (879,500)

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33.

What Has the Manager Done for Me? A Value-Based Solution to the Measurement of Fund Performance in Relation to a Benchmark

Journal of Performance Measurement 9, 2004, pp. 19-34
Number of pages: 27 Posted: 05 Oct 2014
Gordon Bagot and Seth Armitage
University of Strathclyde and University of Edinburgh - Accounting and Finance
Downloads 42 (897,037)

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34.

Do Checks on Bureaucrats Improve Firm Value? Evidence from a Natural Experiment

Accounting and Finance, Forthcoming
Number of pages: 34 Posted: 29 Sep 2020
Jiafu An, Seth Armitage, Wenxuan Hou and Xianda Liu
Lingnan University, University of Edinburgh - Accounting and Finance, University of Edinburgh - Business School and University of Edinburgh, Business School
Downloads 39 (924,486)

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Bureaucratic Checks, China, Anti-Corruption, Natural Experiment, Firm Value

35.

The Direct Costs of UK Rights Issues and Open Offers

Downloads 37 (943,807)
Citation 1

The Direct Costs of UK Rights Issues and Open Offers

European Financial Management 6, 2000, pp. 57-68
Number of pages: 25 Posted: 06 Nov 2014
Seth Armitage
University of Edinburgh - Accounting and Finance
Downloads 37 (968,018)
Citation 1

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rights issues; open offers; direct costs

The Direct Costs of UK Rights Issues and Open Offers

Posted: 29 May 2000
Seth Armitage
University of Edinburgh - Accounting and Finance

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Rights Issues, Open Offers, Direct Costs

36.

Returns after Personal Tax on UK Equity and Gilts, 1919-98

European Journal of Finance 10, 2004, pp. 23-43
Number of pages: 28 Posted: 06 Nov 2014
Seth Armitage
University of Edinburgh - Accounting and Finance
Downloads 34 (973,838)
Citation 2

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personal tax; equity risk premium; long term returns

37.

Do Underwriters Certify Value? Evidence from UK Rights Issues and Open Offers

Journal of Business Finance and Accounting 29, 2002, pp. 1239-73
Number of pages: 41 Posted: 06 Nov 2014
Seth Armitage
University of Edinburgh - Accounting and Finance
Downloads 30 (1,016,506)

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rights issues, open offers, underwriting, discount, certification

38.

The Cost of Bank Loans in Relation to Bonds Swapped into a Floating Rate

J. OF EUROPEAN FINANCIAL MANAGEMENT, Vol. 2 No. 2, July 1996
Posted: 27 Jun 1998
Seth Armitage
University of Edinburgh - Accounting and Finance

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