Arman Eshraghi

Biography

Professor Arman Eshraghi is Chair of Finance and Investment at Cardiff Business School, where he leads the Cardiff Fintech Research Group and the fintech theme at the Digital Transformation Innovation Institute.

He is a Visiting Researcher at the Cambridge University’s Endowment for Research in Finance & a Visiting Scholar at the Cambridge Centre for Alternative Finance.

Professor Eshraghi has held visiting positions at Harvard Business School, University College London, & the Development Bank of Japan Inc.

He has been published in leading journals of finance, accounting, and management & his research has been cited by the Financial Times, Washington Post, Forbes, Bloomberg, BBC, and Euronews.

His research investigates how financial technology, behavioral biases, and human psychology shape the decisions of investors, fund managers, and firms, with a focus on market dynamics, corporate finance, and investment management.

Professor Eshraghi combines interviews, empirical analysis, and interdisciplinary methods to uncover the hidden forces driving markets, from cryptocurrency speculation and AI adoption to fund manager psychology and behavioral anomalies in trading. His work examines how real-world conditions, such as sleep and attention, interact with human decision-making to produce patterns that challenge conventional financial theory.

Publications

Articles

Abbassi, W. et al., 2025. Financial statement readability and firm debt choice. Financial Management (10.1111/fima.70003)

Alharbi, S. et al., 2023. Gambling culture and earnings management: a novel perspective. International Review of Economics and Finance 86 (10.1016/j.iref.2023.03.039)

Altanlar, A. et al., 2023. Opportunism, overconfidence and irrationality: a puzzling triad. International Review of Financial Analysis 88 102643. (10.1016/j.irfa.2023.102643)

Alzayed, N. et al., 2024. Revisiting corporate governance and financial risk-taking. International Journal of Finance and Economics 29 (4), pp.4787-4812. (10.1002/ijfe.2896)

Atawnah, N. et al., 2024. Managerial ability and firm value: A new perspective. Research in International Business and Finance 67 (PartB) 10213. (10.1016/j.ribaf.2023.102133)

Atawnah, N. et al., 2025. Corporate general counsels and investment efficiency: Novel evidence. Journal of Business Finance & Accounting (10.1111/jbfa.70031)

Boubaker, S. , Eshraghi, A. and Liu, Y. 2024. Stock liquidity sidedness and share repurchase. International Review of Financial Analysis 95 (Part B) 103468. (10.1016/j.irfa.2024.103468)

Cheema, A. K. , Eshraghi, A. and Wang, Q. 2023. Macroeconomic news and price synchronicity. Journal of Empirical Finance 73 , pp.390-412. (10.1016/j.jempfin.2023.08.002)

Danbolt, J. , Eshraghi, A. and Lukas, M. 2022. Investment transparency and the disposition effect. European Financial Management 28 (3), pp.834-864. (10.1111/eufm.12329)

Han, X. et al., 2022. Persistence of investor sentiment and market mispricing. Financial Review 57 (3), pp.617-640. (10.1111/fire.12301)

Education

PhD Finance, University of Edinburgh Business School

MBA Business, Sharif University of Technology

BSc Electrical Engineering, Sharif University of Technology

Doctoral Dissertation

Professional Investor Psychology & Investment Performance

Institutions

Cardiff Business School

Cambridge Judge School of Business

University of Edinburgh

Field

Finance

Topics

Behavioral Finance

Cryptocurrencies

Market Hype Cycles

Fund Manager Decision-Making

Fintech

Interdisciplinary Accounting

How Sleep Affects Trading

Eshraghi, A. and Taffler, R. 2015. Heroes and victims: fund manager sensemaking, self-legitimation and storytelling. Accounting and Business Research 45 (6-7), pp.691-714. (10.1080/00014788.2015.1081556)

Jin, L. et al., 2020. Fund manager conviction and investment performance. International Review of Financial Analysis 71 101550. (10.1016/j.irfa.2020.101550)

Liang, W. , Eshraghi, A. and Wang, Q. 2025. Aggregate investment, economic dynamics, and predictability in the U.S. REIT market. Journal of Real Estate Finance and Economics

Liu, A. et al. 2023. Trading patterns in the Bitcoin market. European Journal of Finance (10.1080/1351847X.2023.2241883)

Nguyen, D. , Hagendorff, J. and Eshraghi, A. 2016. Can bank boards prevent misconduct?. Review of Finance 20 (1), pp.1-36. (10.1093/rof/rfv011)

Nguyen, D. D. , Hagendorff, J. and Eshraghi, A. 2018. Does a CEO's cultural heritage affect performance under competitive pressure?. Review of Financial Studies 31 (1), pp.97-141. (10.1093/rfs/hhx046)

Nguyen, D. D. , Hagendorff, J. and Eshraghi, A. 2018. Study: A CEO’s decision making is shaped by whether their parents were immigrants. Harvard Business Review

Nguyen, D. D. L. , Hagendorff, J. and Eshraghi, A. 2015. Which executive characteristics create value in banking? Evidence from appointment announcements. Corporate Governance 23 (2), pp.112-128. (10.1111/corg.12084)

Orihara, M. and Eshraghi, A. 2022. Corporate governance compliance and herding. International Review of Financial Analysis 80 102029. (10.1016/j.irfa.2022.102029)

Taffler, R. J. , Spence, C. and Eshraghi, A. 2017. Emotional economic man: Calculation and anxiety in fund management. Accounting, Organizations and Society 61 , pp.53-67. (10.1016/j.aos.2017.07.003)

Tosun, O. and Eshraghi, A. 2022. Corporate decisions in times of war: Evidence from the Russia-Ukraine Conflict. Finance Research Letters 48 102920. (10.1016/j.frl.2022.102920)

Tosun, O. K. , Eshraghi, A. and Muradoglu, G. 2023. Learning financial survival from disasters. Journal of International Financial Markets, Institutions and Money 85 101778. (10.1016/j.intfin.2023.101778)

Tosun, O. K. , Eshraghi, A. and Muradoglu, G. 2021. Staring death in the face: the financial impact of corporate exposure to prior disasters. British Journal of Management 32 (4), pp.1284-1301. (10.1111/1467-8551.12539)

Tosun, O. K. , Eshraghi, A. and Vigne, S. 2024. Firms entangled in geopolitical conflicts: Evidence from the Russia – Ukraine war. Journal of International Money and Finance 147 103137. (10.1016/j.jimonfin.2024.103137)

Tosun, O. K. et al. 2022. Fund manager skill: selling matters more!. Review of Quantitative Finance and Accounting 59 (3), pp.969-994. (10.1007/s11156-022-01065-9)

Book sections

Eshraghi, A. 2023. Approaches to cryptocurrency valuation. In: Baker, H. K. et al., The Emerald Handbook on Cryptoassets: Investment Opportunities and Challenges. Emerald. , pp.171-184. (10.1108/978-1-80455-320-620221012)

Eshraghi, A. 2014. Fund manager overconfidence and investment narratives. In: Hart, R. P. ed. Communication and Language Analysis in the Corporate World. IGI Global. , pp.1-20.

Eshraghi, A. and Taffler, R. 2014. Emotional finance and fiduciary responsibility. In: Hawley, J. P. et al., Cambridge Handbook of Institutional Investment and Fiduciary Duty. Cambridge: Cambridge University Press. , pp.254-264.

Nguyen, D. D. , Hagendorff, J. and Eshraghi, A. 2020. Misconduct in banking: Governance and the board of directors. In: Alexander, C. and Cumming, D. eds. Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation. Wiley. , pp.307-326.

Nguyen, D. D. , Hagendorff, J. and Eshraghi, A. 2016. Value effects of bank executives. In: Rossi, S. P. S. and Malavasi, R. eds. Financial Crisis, Bank Behaviour and Credit Crunch. Contributions to Economics Springer

Taffler, R. and Eshraghi, A. 2018. Hedge funds as phantastic objects: a psychoanalytic perspective on financial innovations. In: Garvey, P. and Long, K. eds. The Klein Tradition: Lines of Development. Abingdon, UK: Routledge. , pp.391-410.

Tosun, O. K. and Eshraghi, A. 2025. Financial market implications of corporate exposure to prior disasters. In: Apergis, N. ed. Encyclopedia of Monetary Policy, Financial Markets and Banking. Elsevier. , pp.56-61. (10.1016/B978-0-44-313776-1.00336-6)

Courses Taught

  • Financial Technology and Behaviour (MSc)

  • Finance and Investment (MSc/MBA)

  • Corporate Finance (MBA)

  • Behavioural Finance (MSc)

  • Equity Valuation (MSc)

  • Investment Management (MSc)

  • Digital Transformation, Organizations and Society (MBA)

  • Advanced Topics in Finance and Accounting (PhD)

Honors & Awards

Research and Research Leadership

Nominated, Celebrating Excellence Awards, Cardiff University, 2023

Selected, Cardiff Professorial Leadership Programme, 2022

Shortlisted (three times), Fintech Awards Wales, 2021-23

Scottish Crucible Fellowship, 2018

Shimomura Fellowship, Development Bank of Japan, 2018

Sustained Excellence Award, University of Edinburgh, 2017

Finalist, Scottish Financial Enterprise Rising Star Award sponsored by EY, 2017

Best Paper Award Finalist, Financial Management Association European Conference, Venice, 2015

Best Paper Award, International Review of Financial Analysis Conference on Gold, 2015

Best Paper Award (twice), Behavioural Finance Working Group Conference, London, 2014-15

Highly Commended PhD Research, European Foundation for Management Development, 2014

Young Scholar Award for Research in Financial Discourse, European Financial Group, 2014

Highly Commended, Emerald Literati Award for Research Excellence, 2013

Teaching and Education

Nominated, Celebrating Excellence Awards, Cardiff University, 2023

Best Teaching Innovation Award, University of Edinburgh Business School, 2018

Selected in the University of Edinburgh Teaching Excellence Poster Campaign, 2017-18

Best Course Award, University of Edinburgh Business School, 2016

Inspirational Teaching Award, University of Edinburgh Business School, 2015

Nominated 14 times, University of Edinburgh Annual Teaching Awards, 2012-18

Best Postgraduate Tutor, Manchester Business School, 2010