Dr Dimitrios Gounopoulos

Biography

Prior to joining the Surrey Business School, University of Surrey, Dimitrios worked for University of Manchester (Manchester Business School). He has also worked on several private companies and government consulting projects related with electronics and telecommunications. He obtained degrees in Electrical and Electronic Engineering from Universities of Bradford and Leeds. In addition he holds an MBA from Leeds University Business School and a PhD from Manchester Business School - University of Manchester. Finally he holds a Postgraduate Certificate in Academic Practice from the University of Surrey.

Dimitrios main research interest lies in the areas of Corporate Finance and International Accounting. He specializes on Initial Public Offerings (IPOs) and he is known for his continuous research involvement on this field. Dimitrios research also address issues in Bonds Structure, Corporate Governance, Executive Compensation and Earnings Management.  His work has attracted the interest of the markets and as a result of this he was honoured with a Gong Ceremony by the Oldest Stock Exchange in the world, the NYSE – Euronext Amsterdam. Further to this distinction he was invited to deliver a speech in Amsterdam Stock Exchange on the ‘Global development of IPOs Research’.  His presentation was well attended by market makers and bankers and attracted the interest of the media as he was interviewed by the main Dutch Television Network, RTL.

Dr Gounopoulos has published extensively in highly ranked international journals including the European Financial Management, Annals of Tourism Research, International Review of Financial Analysis etc. His research has been presented on various highly rated US and European conferences including the prestigious American Accounting Association Annual Conference. Special moment has been the best paper award he received by the International Association of Maritime Economist (IAME2009). He has been invited on research seminars by several institutions, in the UK and Europe. His recognition among the UK academic society appears from the fact that he has been invited 4 times as PhD External Examiner by four different UK Institutions (overall he has examined 10 PhD Thesis). He serves as an ad-hoc referee in several academic journals and is the Associate Editor of the International Journal of Behavioral Accounting and Finance.

In collaboration with a colleague Dimitrios has received a generous Research Grant on Energy Economics by the Dutch Government. In addition he received a small grant to research the first IPO ever listed in the world (maritime company VOC was listed in 1602).  This involvement intrigued him to explore IPOs on various historical perspectives by expanding in other stock markets. This experience is valuable on his role an independent Initial Public Offerings advisor. Dr Gounopoulos is a visiting-academic in several Business Schools teaching in MBA and MSc programmes. He is an independent Initial Public Offerings advisor and has strong links with markets including London and Amsterdam Stock Exchanges. 

Gong Ceremony Video (27th of May 2011) Honoured by NYSE Euronext Amsterdam can be seen here

Research Interests

Finance: Initial Public Offerings (IPOs); Seasoned Equity Offerings (SEOs), Corporate Governance; Executive Compensation; Bond Issues; Emerging Capital Markets; Dividend Policy; Capital Structure;

Accounting: International Accounting Issues; Earnings Management; IFRS;

Tourism: Forecasting of Arrivals

Research Student Supervisions (Completions)

Ahmad Abdellatif (Senior Lecturer in the University of Cairo)
Corporate Governance Mechanisms and Asymmetric Information: An application to the UK Capital Market

Research Student Supervisions (in Progress)

Mohammed Shabeeb:  Corporate governance and pay-for-performance (Doctoral Level, Completion Stage)

Aggeliki Samara: The quality of value relevance of financial statements and related disclosures under IAS12: Income Taxes (Doctoral Level, Completion Stage)

Zhan Zhe: Corporate Governance and Earnings Management in China (Doctoral Level, 3rd Year)
Isidora Metallidou: Target firm managerial overconfidence and M&As (Doctoral Level, 3rd Year)

Antonis Kallias: (Doctoral Level, 1st Year)

Kostadinos Kallias: CEO's and Executing Compensation around Initial Public Offerings (Doctoral Level, 1st Year)

- 10 Dissertations (MBA & MSc Level)

Refereeing (Academic Journals)

Abacus
Annals of Tourism Research
Applied Economics
Applied Financial Economics
British Journal of Management
Critical Perspectives in Accounting
Emerging Markets, Finance and Trade
International Journal of Accounting
International Review of Financial Analysis
Multinational Finance Journal
Research in International Business and Finance
Research of Quantitative Finance and Accounting
Small Business Economics
Transportation Research Part E: Logistics and Transportation Review 

Refereeing (Books)

Assigned by European Accounting Association 

1) Ending the Management Illusion: How to Drive Business Results Using the principles of Behavioral Finance, By Hersh Shefrin, McGraw Hill, 2013

2) Behavioral Corporate Finance, McGraw Hill By Hersh Shefrin, 2013 

Research Collaborations

Dr Gounopoulos has strong collaboration with Vrije University of Amsterdam on projects looking Energy Efficiency. 

He is also involved in the area of Shipping Finance in collaboration with Department of Maritime Studies, University of Piraeus

Publications

(since 2008)

1) Gounopoulos, Dimitrios, Molyneux Phil, Staikouras Sotiris, Wilson, John and Zhao, Gang (2013) 'Exchange rate risk and the equity performance of financial intermediaries'. International Review of Financial Analysis, forthcoming. (3* ABS)

doi: 10.1016/j.irfa.2012.04.001

2) Drobetz, Wolfgang, Gounopoulos, Dimitrios, Merikas Andreas and Schroder, Henning (2013) 'Capital Structure in Shipping Industry', Transportation Research Part E: Logistics and Transportation Review (Impact Factor 1.629), forthcoming. (3* ABS)

http://www.sciencedirect.com/science/journal/13665545

3) Gounopoulos, Dimitrios, Petmezas, Dimitris and Santamaria, Daniel (2012) 'Forecasting Tourist Arrivals in Greece and the Impact of Macroeconomic Shocks from the Countries of Tourists’ Origin'. Annals of Tourism Research, 39 (2), pp. 641-666. (4* ABS)

doi: 10.1016/j.annals.2011.09.001

Full text is available at: http://epubs.surrey.ac.uk/153962/

4) Thomadakis, Stavros, Nounis, Christos and Gounopoulos, Dimitrios (2012) 'Long-term Performance of Greek IPOs'.  European Financial Management, Vol 18 (1), pp 117-141. (3* ABS)

doi: 10.1111/j.1468-036X.2010.00546.x

5) Gounopoulos, Dimitrios, Merikas, Andreas, Merika and Anna, Triantafyllou, Anna (2012) 'Explaining house price changes in Greece', Applied Financial Economics, 22 (7), pp. 549-561. (2* ABS)

doi: 10.1080/09603107.2011.619494
Full text is available at: http://epubs.surrey.ac.uk/153408/

6) Gounopoulos Dimitrios and Polemis Dionysis. (2012) 'Prediction of distress and identification of potential M&As Targets in the UK'. Managerial Finance, Vol 38 (11), pp 1085-1104. (1* ABS)

doi: 10.1108/03074351211266801

7) Gounopoulos, Dimitrios (2011) 'Associations Between Management Forecast Accuracy and Pricing of IPOs in Athens Stock Exchange'. Multinational Finance Journal, 15 (3/4), pp. 235-272. (2* ABS)

http://www.mfsociety.org/page.php?pageID=112

Full text is available at: http://epubs.surrey.ac.uk/154487/

8) Merikas, Andreas, Gounopoulos, Dimitrios and Karli Chrysoula (2010) 'Market performance of US-listed Shipping IPOs'. Journal of Maritime Economics and Logistics (Impact Factor 0.902), 12 (1), pp. 36-64.

doi: 10.1057/mel.2009.18
Full text is available at: http://epubs.surrey.ac.uk/154534/ 

9) Merikas, Andreas, Gounopoulos, Dimitrios, Nounis Christos. (2009) 'Global shipping IPOs performance'. Maritime Policy and Management (Impact Factor 0.743), 36 (6), pp. 481-505.

doi: 10.1080/03088830903346053 
Full text is available at: http://epubs.surrey.ac.uk/154536/

10) Dorsman, Andre and Gounopoulos, Dimitrios (2008) 'Controlling Working Capital in Multinational Enterprises'. Journal of Corporate Treasury Management, 2 (2), pp. 152-159.

11) Gounopoulos, Dimitrios, Nounis, Christos and Stylianides, Paris (2007) 'The Short and Long term performance of Initial Public Offerings in the Cyprus Stock Exchange'. Journal of Financial Decision Making 4 (1), pp 33-51.

Book Chapters (Peer-Refereed)

1) 'Development in financial markets and the performance of German IPOs with J. Hoebelt, in Levis, M. and Vismara, S. eds (2013), 'Handbook on research in IPOs', Edward Elgar Publishing. 

web here

2) ‘Cash flow planning and working capital management’ with A. Dorsman, in Van der Meer, J., and Westerman, W. eds (2010), ‘International Management Accounting and Control’.

3) 'Flipping activity in fixed offer price mechanism’, in Gregoriou, C. eds (2005), ‘Initial Public Offerings’, Elsevier publications, New York, Chapter 11, pp 187-209. Foreword by (A. Ljungqvist) – peer reviewed

doi: 10.1016/B978-075067975-6.50014-1

Papers Under Review

‘Price Cap Effect in the Performance of Greek IPOs’, 2013, (with Stavros Thomadakis, Andreas Merikas and Christos Nounis)

'Gold Sovereign Debt Crises and the Performance of IPOs’ 2013, (with Andre Dorsman) 

'Accuracy of Earnings Management of Global Maritime IPOs', 2013, (with Wolfgang Drobetz, Andreas Merikas, Anna Merika)

‘Governance Quality and Information Alignment' 2013 (with Ahmed Abdelattif and Frank Skinner) 

'Regulatory Change, Earnings Management and the Long Run Performance of IPOs'

Working Papers

‘Listings vs IPOs', (with Stavros Thomadakis, Christos Nounis and Michalis Riginos)

‘Financial contracting and re-rating experience, the cases of whole make, clawback and other wise ordinary callable bonds’, (2013), (with Lawrence Booth, Frank Skinner)

‘Governance Quality and Information Alignment' with (Ahmed Abdelattif and Frank Skinner) 

'Management Earnings Forecasts before and after IFRS adoption: Evidence from Australian IPOs' (2013) (with Michael Firth and Jannis Pulm)

‘Mandatory vs Voluntary Management Earning Forecasts’ (2013), (with Frank Skinner) 

Conference Publications

'Do currency markets affects the equity returns of financial institutions'
(1) Financial Management (FM), Atlanta, U.S. 2012

'Management Earnings Forecasts before and after IFRS adoption: Evidence from Australian IPOs'
(2) European Accounting Association (EAA), Slovenia, Ljubljana, 2012
(3) European Financial Management (EFMA), Barcelona, Spain, 2012

‘Global Shipping freight rates and their associated derivatives’
(4) Eastern Finance Association (EFA), Savannah, Georgia, USA, 2011

‘IPO underpricing above a century period’
(5) Multinational Finance Society (MFS), Rome, Italy, 2011

'Mandatory vs Voluntary Management Earning Forecasts'
(6) American Accounting Association (AAA), San Francisco, USA, 2010

(7) European Accounting Association (EAA), Istanbul, Turkey, 2010

(8) Financial Management Association (FMA), Hamburg, Germany, 2010

(9) British Accounting and Finance Association (BAFA), Manchester, U.K., 2011

'Performance of Dutch IPOs'
(10) Multinational Finance Society (MFS), Barcelona, Spain, 2010

(11) Financial Management Association (FMA), Hamburg, Germany, 2010

'Governance Quality and Information Alignment'
(12) Multinational Finance Society (MFS), Barcelona, Spain, 2010

‘Financial Contracting and Re-rating experience, the cases of whole make, clawback and other wise ordinary callable bonds’
(13) Financial Management Association (FMA), Reno, Nevada, USA, 2009

(14) European Financial Management Association (EFMA), Milan, Italy, 2009

(15) Multinational Finance Society (MFS), Rethymnon, Greece, 2009

(16) Midwest Finance Association, Las Vegas, USA, 2010

‘Global Shipping IPOs Performance’
(17) International Association of Maritime Economists (IAME), Copenhagen, Denmark, 2009Best Paper Award

(18) Multinational Finance Society (MFS), Rethymnon, Greece, 2009

‘Performance of U.S. Listed Shipping IPOs’
(19) International Conference of Applied Business & Economics (ICABE), Kavala, Greece, 2009

‘Price Cap Effect in the Performance of Greek IPO’s’
(20) European Financial Management Association (EFMA), Athens, Greece, 2008

(21) Financial Management Association (FMA), Prague, Czech Republic, 2008

(22) Global Finance Association (GFA), Hangzhou, China, 2008

(23) Hellenic Accounting & Finance Association (HFAA), Thessaloniki, Greece, 2009

‘Long Term Performance of Greek IPOs: Evidence from Athens Stock Exchange’
(24) European Financial Management Association (EFMA), Athens, Greece, 2008

(25) Multinational Finance Society Conference (MFS), Edinburgh, UK, 2006

‘Cash Flow Planning and Working Capital Management’
(26) Multinational Finance Society (MFS), Thessaloniki, Greece, 2007

‘The Short and Long term Performance of Initial Pubic Offerings in the Cyprus Stock Exchange’
(27) European Financial Management Association (EFMA), Vienna, Austria, 2007

(28) Hellenic Accounting & Finance Association (HFAA), Thessaloniki, Greece, 2006

‘Flipping Activity in Fixed Offer Price Mechanism Allocated IPOs’
(29) European Financial Management Association (EFMA), Madrid, Spain, 2006

(30) British Accounting Association Conference (BAA), Portsmouth, UK, 2006

(31) Australasian Finance and Banking Conference (AFBC), Sydney, Australia, 2005

‘Bookbuilding vs. Fixed Offer Price Mechanism: Evidence from Athens Stock Exchange’
(32) Hawaii International Conference in Business (HICB), Waikiki, Hawaii, 2005

(33) Multinational Finance Society (MFS), Athens, Greece, 2005

(34) Global Finance Association (GFA), Ireland, Dublin, 2005

Teaching

Current
Accounting  
International Financial Reporting (MSc)

Finance
Corporate Finance (BSc)

Previous
Accounting  
Accounting and Control (BSc)
Company Financial Reporting (BSc)
Financial Accounting (BSc)
Management Accounting (BSc)
Managerial Accounting (BSc)

Finance
 

Business Finance (BSc)
Shipping Finance (MSc)
Risk Management (BSc)
Research Methods (MSc)
Financial Analysis (BSc)
Business Control (BSc)
Computing for Business (BSc)
Financial Management (BSc)
Investment Analysis and Portfolio Management (BSc)
Financial Derivatives (BSc)

Departmental Duties

1) Programme Director of the MSc in Accounting and Finance, 2012 - now. 

2) Founder and Program Designer of the BSc in Accounting and Finance, launched in 2007. He has been its first leader until the graduation of the first cohort in July 2010.

3) Organiser of Research Seminars in Surrey Business School.

4) Ernst & Young Award Founder for Best BSc in Accounting and Finance Student.

5) Established and kept co-operation between CIMA and the University of Surrey.

6) He has represented University of Surrey in British Council Exhibitions and MBA Fairs around the world.

7) Personal Placement Tutor.

8) Responsible for Staff-Student Exchange Programme with Free (Vrije) University of Amsterdam and the University of Piraeus, 

9) Supervisor of PhD, MSc Projects (Postgraduate), Examiner in Doctoral Thesis.

10) Students Recruitment Advisor (Undergraduate, Postgraduate)

Consultancy 

Initial Public Offerings Consultancy (International)

ROMGAZ - Largest Company in Romania (Turnover: 1 billion Euros, Profit: 200 million Euros)

Course delivered and consultancy services through its IPO.

(Close collaboration with Underwriter: Goldman and Sachs)

Affiliations

MEMBERSHIPS/FELLOWSHIPS

American Accounting Association (AAA)

British Accounting & Finance Association (BAFA)

Eastern Finance Association (EFA)

European Accounting Association (EAA)

European Finance Association (EFA)

European Financial Management Association (EFMA)

Financial Management Association (FMA)

Hellenic Finance and Accounting Association (HFAA)

Higher Education Academy Fellow

Midwest Finance Association (MFA)

Multinational Finance Society (MFS)

Guest Speaker

NYSE-Euronext Amsterdam (27th of May 2011). Gong Ceremony 'in honour' of the Guest Speaker.

NYSE-Euronext Amsterdam (5th of June 2012). 'VOC: The First IPO in the World'

Research Seminars / Speaker (after invitation)

Research Seminar, University of Cardiff, Cardiff Business School, Cardiff, UK

Research Seminar, University of Middlesex, Middlesex Business School, Hendon, UK

Research Seminar, University of Surrey, Surrey Business School, Guildford, UK

Research Seminar, University of Piraeus, Department of Economics, Piraeus, Greece

Research Seminar, Athens University of Economics and Business, Department of Accounting and Finance, Athens, Greece

Speaker, 2nd Shipping Investment & Asset Management, Piraeus, Greece

Research Seminar, Vrije University of Amsterdam, Department of Economics, Amsterdam, Netherlands

Research Seminar, University of Birmingham, Birmingham Business School, Birmingham, UK

External Examiner / External Duties

University of Nottingham, Nottingham University Business School, Nottingham, UK – External Examiner in Undergraduate Courses, 2012 - present

University of Bradford, Management School, Bradford, UK – External Examiner in Postgraduate Courses, 2012-present

University of Kingston, Kingston Business School, London, UK – External Examiner in Postgraduate Courses, 2008-2011

University of Southampton, School of Management, Southampton, UK

PhD Examinations (Eleven Times)

Five times External Examiner in PhD Theses

1) University of Nottingham - Nottingham University Business School, UK, 2012, 2013

2) University of Durham - Durham Business School, UK, 2011

3) University of Kingston - Kingston Business School, 2011

4) University of Bradford - Management School, 2012

Six times Internal Examiner in PhD Theses

Editorial Boards

Dr. Gounopoulos is Associate Editor of the International Journal of Behavioural Accounting and Finance