Dr Christos Mavrovitis (Mavis)

Senior Lecturer in Finance and Accounting
+44 (0)1483 686572
60 MS 02
Mon: 12-13:00; Thu: 14-16:00; Feedback & Consultation hours (by appointment only)


Areas of specialism

Corporate Finance; Mergers and Acquisitions; Corporate Governance

University roles and responsibilities

  • Programme Director of MSc in International Corporate Finance, 2016 - Present
  • Internal Examiner of PhD Theses, 2013 - Present
  • Task force member of the University of Surrey Business and Economics Experiment (USBEE), 2017 - Present
  • Supervisor of MSc students, 2012 - Present
  • Personal Placement Tutor, 2012 - Present
  • Personal Academic Tutor, 2012 - Present

    Previous roles

    Programme Director of MSc in International Financial Management, 2015 - 2017
    Department Website Coordinator, 2012 - 2015
    PGR Summer School Tutor, 2013 - 2015


    Research interests

    Indicators of esteem

    • Referee for the Journal of Corporate Finance

    • Referee for European Financial Management

    • Referee for Corporate Governance: An International Review

    • Referee for the British Accounting Review

    • Referee for European Journal of Finance

    • Referee for International Journal of the Economics of Business

    • Referee for International Journal of Banking, Accounting and Finance

    • Referee for International Review of Financial Analysis

    • Referee for Long Range Planning

    Invited Presentations

    • Queen's Management School, Belfast, Northern Ireland, 2023

    • Rotterdam School of Management (RSM), Erasmus University, Netherlands, 2022

    • Indian Institute of Management Ahmedabad (IIMA), Gujarat, India, 2022

    • Indian Institute of Management Ahmedabad (IIMA), Gujarat, India, 2020

    • Management School, University of Liverpool, Liverpool, UK, 2019

    • Indian Institute of Management Ahmedabad (IIMA), Gujarat, India, 2019

    • School of Business, Management, and Economics, University of Sussex, Sussex, UK, 2017

    • ICMA Centre, University of Reading, Reading, UK, 2017

    • Strathclyde Business School, University of Strathclyde, Glasgow, UK, 2016

    • Adam Smith Business School, University of Glasgow, Glasgow, UK, 2014

    External Examiner

    • Edinburgh Napier University, UK - Validation of accounting and finance UG and PG programmes, 2022
    • University of Hertfordshire, Hertfordshire, UK - BA (Hons) Finance, Accounting, 2015 - 2021


    Postgraduate research supervision




    To view the full list of my publications and working papers please click the links below:


    Most recent publication

    Disentangling Reciprocal Relationships Between R&D Intensity, Profitability, and Capital Market Performance: A Panel VAR Analysis

    Long Range Planning, 2022, 55 (5), 102247

    Research and development (R&D) investments are strategic choices that firms make to create and sustain competitive advantage. Extant literature proposes that firms’ R&D investments and their profitability and capital market performance are reciprocally related. However, the direction of these relationships and their temporal nature are unclear. We take a real options perspective to argue that the long-run firm performance effects of R&D investments are better than their short-term ones, and that the initial level of R&D intensity influences the nature of these relationships. We apply panel vector autoregression (P-VAR) to a sample of 6,623 U.S. firms over the 1990–2020 period in order to test our hypotheses. Our results indicate that increases in R&D intensity have negative effects on profitability in the short term, yet these effects diminish relatively quickly. The effects of increases in R&D intensity on capital market performance are positive and persist over time. Consistent with our predictions, they are contingent on the initial levels of R&D intensity and performance. The findings are fundamentally in line with the real options perspective employed here, yet they add important nuance to our understanding of when, how, and under which conditions R&D investments and firm performance affect one another.