Seth Armitage

University of Edinburgh

29 Buccleuch Place

Edinburgh, EH8 9JS

United Kingdom

SCHOLARLY PAPERS

34

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CITATIONS
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43

Scholarly Papers (34)

1.

Corporate Governance Challenges in Emerging Economies

Corporate Governance: An International Review, Forthcoming
Number of pages: 23 Posted: 20 Apr 2017
University of Edinburgh, University of Edinburgh - Business School, Indira Gandhi Institute of Development Research and University of Erfurt
Downloads 354 (81,861)
Citation 2

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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 and Newcastle Business School (NBS), Northumbria University, Newcastle upon Tyne, United Kingdom
Downloads 335 (87,207)

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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 and University of Edinburgh - Business School
Downloads 311 (94,734)

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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 and University of Edinburgh - Business School
Downloads 253 (117,944)

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banks, inside debt, CEO incentives, payout, dividends

5.

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 and University of Edinburgh - Business School
Downloads 207 (143,656)

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

6.

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
Downloads 175 (167,478)

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

7.

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 and Heriot-Watt University
Downloads 174 (168,330)
Citation 5

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8.

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
Leeds University Business School, University of Edinburgh - Business School and University of Edinburgh
Downloads 157 (183,934)

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9.

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

Number of pages: 73 Posted: 06 Oct 2015 Last Revised: 07 May 2019
Ivan Lim, Jens Hagendorff and Seth Armitage
Leeds University Business School, University of Edinburgh - Business School and University of Edinburgh
Downloads 157 (183,934)

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

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
Downloads 121 (226,413)

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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
Downloads 107 (248,916)
Citation 2

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

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

Journal of Business Finance & Accounting, Vol. 37, Issue 3-4, pp. 422-448, April/May 2010
Number of pages: 27 Posted: 12 May 2010
Seth Armitage
University of Edinburgh
Downloads 2 (650,813)
Citation 2
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12.

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, Newcastle Business School (NBS), Northumbria University, Newcastle upon Tyne, United Kingdom and University of Edinburgh
Downloads 63 (340,385)

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

13.

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, Jupiter Asset Management Ltd. and University of Edinburgh
Downloads 54 (366,893)

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14.
Downloads 52 (373,062)
Citation 1

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
Downloads 51 (382,515)
Citation 1

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Demand for Dividends: The Case of UK Water Companies

Journal of Business Finance & Accounting, Vol. 39, Issue 3‐4, pp. 464-499, 2012
Number of pages: 36 Posted: 21 Apr 2012
Seth Armitage
University of Edinburgh
Downloads 1 (664,576)
Citation 1
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dividend policy, gearing policy, catering theory, water companies, regulation

15.

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 and University of Edinburgh
Downloads 50 (379,532)

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Market microstructure, Price discovery, Upstairs market, Downstairs market

16.

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, University of Edinburgh Business School and Bangor Business School
Downloads 49 (382,767)

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

17.

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
Downloads 47 (389,670)
Citation 8

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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
Downloads 32 (458,414)
Citation 3

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

Discounts in Placing Pre-Renounced Shares in Rights Issues

Journal of Business Finance & Accounting, Vol. 34, No. 7-8, pp. 1345-1369, September/October 2007
Number of pages: 25 Posted: 15 Oct 2007
Seth Armitage
University of Edinburgh
Downloads 12 (578,163)
Citation 3
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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
Downloads 34 (449,227)

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Discounted cash flow; financing effects; project valuation

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

Journal of Economic Surveys, Vol. 22, Issue 2, pp. 274-298, April 2008
Number of pages: 25 Posted: 12 Mar 2008
Seth Armitage
University of Edinburgh
Downloads 5 (624,590)
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20.

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 and University of Edinburgh - Edinburgh Business School
Downloads 34 (438,873)

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

21.

Leverage and Financing Choices: Firm-Specific Longitudinal Evidence

Number of pages: 48 Posted: 07 Nov 2017
Seth Armitage and Angelica Gonzalez
University of Edinburgh and University of Edinburgh
Downloads 34 (438,873)

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

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
University of Edinburgh, University of Stirling and University of Edinburgh
Downloads 28 (478,993)

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

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

Journal of Business Finance & Accounting, Vol. 41, Issue 5-6, pp. 743-772, 2014
Number of pages: 30 Posted: 26 Jul 2014
University of Edinburgh, University of Stirling and University of Edinburgh
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seasoned equity offer, discount, inelastic demand, open offer, placing

23.

The Evolving Relation Between Dividends and Repurchases: A Different Evolution

Number of pages: 52 Posted: 05 Mar 2019 Last Revised: 17 Apr 2019
Seth Armitage and Ronan Gallagher
University of Edinburgh and University of Edinburgh - Edinburgh Business School
Downloads 24 (487,279)

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Payout Policy, Dividends, Special Dividends, Repurchases

24.

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
University of Edinburgh, Bangor Business School, Bangor Business School and University of Wales System - Bangor University
Downloads 19 (515,269)

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

25.

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, Bangor Business School and University of Sydney - School of Business - Finance Discipline
Downloads 18 (520,973)
Citation 5

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

26.

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 and University of Strathclyde
Downloads 18 (520,973)

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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
Downloads 14 (565,108)
Citation 6

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rights issues; open offers; direct costs

The Direct Costs of UK Rights Issues and Open Offers

European Financial Management, Vol. 6, Issue 1, March 2000
Posted: 29 May 2000
Seth Armitage
University of Edinburgh

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Rights Issues, Open Offers, Direct Costs

28.

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
Downloads 11 (561,473)
Citation 1

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personal tax; equity risk premium; long term returns

29.

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
Downloads 10 (567,412)
Citation 10

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rights issues, open offers, underwriting, discount, certification

30.

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
Downloads 9 (573,349)

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31.

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
Downloads 9 (573,349)

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32.

Law, Endowment and Inequality in Access to Finance

Number of pages: 20
Seth Armitage, Wenxuan Hou, Xianda Liu and Wang Cong
University of Edinburgh, University of Edinburgh - Business School, University of Edinburgh, Business School, Students and affiliation not provided to SSRN
Downloads 1

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

33.

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

Corporate Governance: An International Review, Vol. 25, Issue 1, pp. 20-40, 2017
Number of pages: 21 Posted: 07 Jan 2017
Seth Armitage, Alistair Haig and Lynn Hodgkinson
University of Edinburgh, University of Edinburgh Business School and Bangor Business School
Downloads 0 (650,323)
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Corporate Governance, Institutional Investors, Blockholdings, Ownership Concentration, Shareholder Coordination, Measures of Agreement

34.

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

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