
Dr Christos Mavrovitis (Mavis)
About
Biography
Christos is a Senior Lecturer of Finance and has been in the Surrey Business School since 2012. He graduated from the University of Athens with a BSc degree in Economics and holds an MSc degree from Durham Business School in the field of Corporate Finance. He completed his PhD in the area of Corporate Finance and, more specifically, in Mergers and Acquisitions (M&As) at the Henley Business School (ICMA Centre) in the University of Reading. Christos is also the Programme Director of the MSc in International Corporate Finance and a Senior Fellow of the Higher Education Academy.
His main research interests lie in merger waves, CEO turnovers, CEO overconfidence, asset sales, and CEO acquisitiveness and their impact on shareholder value creation. His research is presented every year in North American and European Conferences and his most current work was published in the Long Range Planning. Christos currently teaches finance related modules in the PhD, MSc, and BSc programmes.
Areas of specialism
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
News
In the media
ResearchResearch interests
Mergers and Acquisitions; Merger Waves; CEO Turnovers; CEO Overconfidence; Corporate Governance; Asset Sales
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
Research interests
Mergers and Acquisitions; Merger Waves; CEO Turnovers; CEO Overconfidence; Corporate Governance; Asset Sales
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
Supervision
Postgraduate research supervision
PhD Students
Tung Duy Nguyen: University of Surrey (completed - 2021)
Soheila Malekpour: University of Surrey (completed - 2019)
Tianjiao Yuan: University of Reading (completed - 2017)
Nathan McNamee: University of Surrey (completed - 2016)
PGR Summer School Tutor, 2013 - 2015
Teaching
Current modules
- Corporate Finance (MSc)
- Finance (PhD, contributor)
- Topics in Finance (BSc)
Previous modules
- Portfolio Management (MSc)
- Corporate Finance (BSc)
- Microeconomics (BSc)
Teaching Awards
- 2013-14 Annual Award for Teaching Excellence in Finance and Accounting
- 2012-13 Top 20 Teachers in the Faculty of Business, Economics, and Law
- 2012-13 Annual Award for Teaching Excellence in Finance and Accounting
Students' Evaluation 2021-22
91% in Corporate Finance
100% in Topics in Finance
Publications
Highlights
To view the full list of my publications and working papers please click the links below:
Most recent publication
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.