Professor Hisham Farag

Professor Hisham Farag

The Department of Finance
Professor of Finance
Head of Department of Finance
Founding Director of the Sustainable Financial Innovation Research Centre (SFIC)

Contact details

+44 (0)121 414 3101
+44 (0)121 414 6678
University of Birmingham
B15 2TT


  • BSc Business Administration
  • MSc Finance
  • PhD Business Administration
  • PhD Finance


  • Corporate Finance 
  • Finance for Managers (MBA)
  • Financial Derivatives 
  • Risk Management (MSc)
  • Portfolio Theory and Investment Analysis


Research interests:

  • FinTech
  • Corporate governance.
  • Board structure.
  • Board diversity.
  • Corporate social responsibility.
  • Behavioural finance.

Research grants:

  • Investment Decisions in Hedge Funds? (with Maria Schutte), Funded by Birmingham Business School (2018) - and the University of Dayton Business School –USA (2018)
  • Board of Directors Effectiveness, Funded by Energy Systems Catapult, Innovate UK. (2017-2018)
  • Do the characteristics and affiliations of the Board of Directors influence the riskiness of a Financial Institution? Funded by The Bank of England , (2016-2017)
  • Balancing the Board: Directors’ Skills and Diversity (with Christine Mallin). Funded by the Institute of Chartered Accountants of Scotland (ICAS), (2014-2016)

Other activities

Editorial Boards:

  • Associate Editor of the European Journal of Finance.
  • Associate Editor of Research in International Business and Finance.
  • Associate Editor of the Business Ethics European Review
  • Associate Editor of the African Accounting and Finance Association


Published papers: 

  • Cumming, D.J., Farag, H, Johan, S and McGowan, D (2021). The Digital Credit Divide: Marketplace Lending and Entrepreneurship, Journal of Financial and Quantitative Analysis, forthcoming.
  • Farag, H and Johan, S (2021). How Alternative Finance Informs Central Themes in Corporate Finance, Journal of Corporate Finance, forthcoming.
  • Wang, Y, Farag, H, and Ahmad, W (2021). Corporate Culture and Innovation: A Tale from an Emerging Market, British Journal of Management, forthcoming.
  • Farag, H and DG Dickinson (2020). The Power of Connections: Evidence from Financial Companies, Journal of Corporate Finance, forthcoming.
  • Thapa, C., Rao, S, Farag, H. and Koirala, S. (2020). Access to internal capital, creditor rights and corporate borrowing: Does group affiliation matter? Journal of Corporate Finance, forthcoming.
  • Farag, H. and Mallin, C.A (2019). Monitoring Corporate Boards: Evidence from China", The European Journal of Finance, 25(6), 524-549.
  • Farag, H., Mallin, C.A., and Ow-Yong, K., (2018). Corporate Governance in Islamic Banks: New Insights for Dual Board Structure and Agency Relationships. Journal of International Financial Markets, Institutions & Money, 54, 59-77.
  • Farag, H. and Mallin, C.A (2018). The influence of CEO Demographic Characteristics on Corporate Risk -Taking: Evidence from Chinese IPOs, The EuropeanJournal of Finance, 24(16), 1528-1551.
  • Farag, H., & Mallin, C. (2017). Board diversity and financial fragility: Evidence from European banks. International Review of Financial Analysis49, 98-112.
  • Farag, H. and Mallin, C.A (2016). The Impact of the Dual Board Structure and Board Diversity: Evidence from Chinese Initial Public Offerings (IPOs), Journal of Business Ethics, Volume 139, Issue 2, pp 333–349. Ranked by the Financial Times as one of the 45 global journals.
  • Farag, H., Qing, M., and Mallin, C.A. (2015). The Social, Environmental and Ethical Performance of Chinese Companies: Evidence from the Shanghai Stock Exchange, International Review of Financial Analysis, 42, 53–63.
  • Farag, H., Mallin, C.A., and Ow-Yong, K., (2014), Corporate Social Responsibility and financial performance in Islamic banks, Journal of Economic Behavior & Organization, 103, 21-38. Science Direct's 10 most downloaded Economics articles published since 1 January 2014 by authors based in the UK.
  • Farag, H., Mallin, C.A., and Ow-Yong, K. (2014), Governance, Ownership Structure and Performance of Entrepreneurial IPOs in AIM Companies, Corporate Governance; An International Review, 22, 100-115.
  • Cressy, R. and Farag, H. (2014). Stairway to Heaven or Gateway to Hell: A Competing Hazards Rate Analysis of Delistings on Hong Kong’s GEM, International Review of Financial Analysis, 36, 195-205.
  • Farag, H. and Cressy, R. (2013). Stock market regulation and news dissemination: evidence from an emerging market. The European Journal of Finance, 18:351-368.
  • Cressy, R. and Farag, H. (2012). Do private equity-backed buyouts respond better to financial distress than PLCs?The European Journal of Finance, 18: 239-259.

 Other published papers in peer reviewed journals:

  • Farag, H. (2015). The Influence of Price Limits on Overreaction in Emerging Markets: Evidence from the Egyptian Stock Market, The Quarterly Review of Economics and Finance, 58, 190-199.
  • Farag, H. (2015). Long-term Overreaction, Regulatory Policies and Stock Market Anomalies: Evidence from Egypt, Journal of Emerging Market Finance. 14(2) 112–139.
  • Bubakri, S. and  Farag, H. (2015). Short-Term Overreaction to Specific Events: Evidence from an Emerging Market. Research in International Business and Finance, 35, 153–165.
  • Farag, H. (2014). Investor overreaction and unobservable portfolios: evidence from an emerging market, Applied Financial Economics, 24, (20), pp 1313-1322.
  • Wright, M., Wilson, N., and Farag, H (2014), Financial Restructuring and Recovery in Private Equity Buyouts: The UK Evidence, Venture Capital: An International Journal of Entrepreneurial Finance, 16, (2), pp109-129.
  • Farag, H. (2014). The effectiveness of competing regulatory regimes: Evidence from an emerging market, Global Finance Journal, 25, (2), pp 136-147. Best paper award of the Global Finance Conference, California, USA.
  • Farag, H. (2013). Price Limit Bands, Asymmetric Volatility and Stock Market Anomalies: Evidence from Emerging Markets, Global Finance Journal, 24, pp85-97.
  • Cressy, R. and Farag, H. (2011). Do size and unobservable company factors explain stock price reversals? Journal of Economics and Finance, 35: 1-21.
  • Farag, H., and R. Cressy. (2011). Do regulatory policies affect the flow of information in emerging markets? Research in International Business and Finance 25: 238–54.
  • Farag, H. and Cressy, R. (2010). Do unobservable factors explain the disposition effect in emerging stock markets? Applied Financial Economics, 20: 1173–1183.

Edited Books, chapters, Research Monograph and Professional Reports: 

  • Mallin, C.A. and Farag, H. (2017). Balancing the Board: Directors’ Skills and Diversity. Research Monograph  Funded by The Institute of Chartered Accountants of Scotland (ICAS). ISBN:978-1-909-883-28-4
  • Farag, H.  (2015). Corporate Governance in Islamic Financial Institutions: What have we learnt? Handbook on Corporate Governance in Financial Institutions, Edward Elgar Publishing.
  • Farag, H. and Mallin, C.A. (2015). Corporate Governance and Diversity in Chinese Banks, Developments in Chinese Entrepreneurship and Sustainable Entrepreneurship in China Palgrave Macmillan, US.
  • Farag, H. (2015), Corporate Governance and Corporate Social Responsibility of Banks, World Scientific Publishers.
  • Cressy, R. and Farag, H. (2012). Do Buyouts respond better to financial distress than PLCs? Book title: Entrepreneurship, Finance, Governance and Ethics, Springer (2012).