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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53

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98

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 2,003 (14,055)
Citation 6

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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 415 (122,349)
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 359 (144,052)
Citation 1

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foreign bank entry, bank performance, Chinese banking

4.

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 283 (185,277)
Citation 18

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banks, inside debt, CEO incentives, payout, dividends

5.

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 268 (195,768)
Citation 1

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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 254 (206,602)

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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 237 (220,954)
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 204 (254,489)
Citation 8

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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 202 (256,808)
Citation 1

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

10.

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 193 (268,791)

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11.

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 155 (323,274)
Citation 1

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Market microstructure, Price discovery, Upstairs market, Downstairs market

12.

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 127 (378,077)

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

13.

Institutional Ownership and Investment by Private Companies

Number of pages: 64 Posted: 06 Feb 2022 Last Revised: 24 Jun 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 109 (425,894)

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

14.

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 107 (428,691)
Citation 1

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Payout Policy, Dividends, Special Dividends, Repurchases

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 103 (440,462)

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

16.

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 83 (505,640)

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

17.

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 78 (524,624)
Citation 1

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

18.

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 73 (544,874)

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19.

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 72 (549,052)

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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 71 (553,200)
Citation 2

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21.

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 66 (575,131)
Citation 1

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22.

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 64 (584,275)

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

23.

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 61 (598,447)

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

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 61 (598,447)

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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 54 (634,378)

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

26.

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 53 (645,454)

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Discounted cash flow; financing effects; project valuation

27.

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 49 (662,213)

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

28.

Timing Matters: Further Evidence on Motives for Repurchases and Special Dividends

Number of pages: 49 Posted: 13 Mar 2023
Seth Armitage, Ronan Gallagher and Pia Helbing
University of Edinburgh - Accounting and Finance, University of Edinburgh - Edinburgh Business School and The University of Edinburgh
Downloads 43 (698,942)

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Share repurchases, special dividends, market timing, EPS, share-based pay

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 42 (705,392)

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

30.

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 41 (712,169)

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

31.

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 37 (739,821)

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

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 34 (761,671)

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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 30 (792,758)

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34.

The Direct Costs of UK Rights Issues and Open Offers

Downloads 29 (800,788)

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 29 (824,404)
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

35.

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 28 (817,040)

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

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 27 (817,040)

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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 20 (879,742)

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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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