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Professor William Rees

Picture of William Rees

Professor of Financial Analysis

Email: QmlsbC5SZWVzQGVkLmFjLnVr
Phone: +44(0)131 6515244
Room: 2.33


Profile

Background

Bill Rees is Professor of Financial Analysis at the University of Edinburgh Business School. He is also a Fellow of the ICAEW, holds a PhD from the University of Glasgow and an MBA from the University of Liverpool.

Before joining the University of Edinburgh he has worked at the Universities of Newcastle, Strathclyde, Glasgow and most recently Amsterdam where he was Director of the Business School.

Research interest terms

  • Corporate governance

Research interests

Bill's research focuses on:

  • investment analysts and analysis
  • international accounting practices
  • earnings quality
  • firm valuation including the impact of governance
  • dividend policy
  • international diversification
  • exchange rate exposure
  • engagement and ESG

He is the author of Financial Analysis, now in its second edition, and sits on the editorial board of ABR, JBFA, EAR, REFC and BAR. Recent publications have appeared, or are forthcoming, in JBFA, EAR, JSFI and CGIR.

Group membership

PhD Supervision

William is supervising 3 PhD students


Publications

Employee Treatment, Labor Investment Efficiency and Firm Performance

Rees and Cao. (2018). 1-53.
Working paper: Working paper
View / download (open access)

Investor Engagement to Mitigate Climate Change: Evidence from an Experiment with Mid-Cap Companies

Rees and Rodionova. (2017). 1-37.
Working paper: Working paper

Nonfinancial disclosure and analyst forecast accuracy: Evidences from CO2 emission and corporate social responsibility disclosures in the US

Rees and Dal Maso. (2016). 1-50.
Working paper: Working paper
View / download (open access)

The changing market for investment research: The impact of innovations in the payment mechanism on market structure and information flows

Haig and Rees. (2016). 1-50.
Working paper: Working paper

Paying for Research

Haig and Rees. (2015) The Journal of the Chartered Institute for Securities & Investment. 44-45.
Contribution to specialist publication: Article

The Influence of Family Ownership on Corporate Social Responsibility: An International Analysis of Publicly Listed Companies

Rees and Rodionova. (2015) Corporate Governance: an International Review 23 (3). 184-202.
Contribution to journal: Article
View / download (open access)

Earnings Forecasting

Rees. (2014).
Chapter in Book/Report/Conference proceeding: Entry for encyclopedia/dictionary

Problem Families: the Influence of Family Ownership on Environmental, Social and Governance Rankings

Rees and Rodionova. (2014).
Contribution to conference: Paper
View / download (open access)

Do Responsible Investment Indices Improve Corporate Social Responsibility? FTSE4Good's Impact on Environmental Management

Mackenzie, Rees and Rodionova. (2013) Corporate Governance: an International Review 21 (5). 495-512.
Contribution to journal: Article

Dividend Irrelevance and Accounting Models of Value

Rees and Valentincic. (2013) Journal of Business Finance & Accounting 40 (5-6). 646-672.
Contribution to journal: Article
View / download (open access)

Fighting Bribery with Gentle Nudging: the Impact of a Responsible Investment Index on Corporate Anti-Bribery Practices

Mackenzie, Rees and Rodionova. (2013).
Contribution to conference: Paper

Dividend Irrelevance and Accounting Models of Value

Rees and Valentincic. (2012).
Contribution to conference: Paper

The FTSE4Good Effect: Evidence of the Impact of Responsible Investment Indices on Environmental Management

Mackenzie, Rees and Rodionova. (2012).
Contribution to conference: Paper

Engagement for Corporate Responsibility: the Impact of a Responsible Investment Index

Mackenzie, Rees and Rodionova. (2012).
Contribution to conference: Paper

What type of controlling investors impact on which elements of corporate social responsibility?

Rees and Rodionova. (2012) Journal of Sustainable Finance and Investment. 1-27.
Contribution to journal: Article
View / download (open access)

Testing for conditional conservatism - or not

Rees. (2011).
Contribution to conference: Paper

Investor Influence on Firms’ Environmental, Social and Governance Performance

Rees. (2011).
Working paper: Working paper
View / download (open access)

Corporate Social Responsibility and the Open Society

Rees and Mackenzie. (2011).
Contribution to conference: Working paper

Corporate Social Responsibility and the Open Society

Rees and Mackenzie. (2011).
Working paper: Paper
View / download (open access)

Dividend Irrelevance and Accounting Models of Value

Rees and Valentincic. (2011).
Working paper: Working paper

Change for Good: the Effect of FTSE4Good Index on Environmental Management

Mackenzie, Rees and Rodionova. (2011).
Contribution to conference: Paper
View / download (open access)

Mechanistic Forecasts of Earning versus Analysts Forecasts

Rees and Valentincic, A. (2009).
Contribution to conference: Paper

Modigliani and Miller Irrelevance and Accounting Models

Rees. (2009).
Contribution to conference: Paper

Discussion of Economic Determinants of Conditional Conservatism

Rees, W. (2009) Journal of Business Finance & Accounting 36. 373-383.
Contribution to journal: Article

Dividend Irrelevance in Fair Value Accounting: UK Investment Vehicles

Rees and Danbolt, J. (2008).
Contribution to conference: Paper

Estimating Cost of Capital

Rees and Valentincic, A. (2008).
Contribution to conference: Paper

An Experiment in Fair Value Accounting: UK Investment Vehicles

Danbolt and Rees. (2008) European Accounting Review 17 (2). 271-303.
Contribution to journal: Article
View / download (open access)

An experiment in Fair Value Accounting: UK Investment Vehicles

Rees and Danbolt, J. (2007).
Contribution to conference: Paper

Exchange Rate Exposure Among European Firms: Evidence from France, Germany and the UK

Rees and Unni, S. (2006) Accounting and Finance. 479-497.
Contribution to journal: Article

Discussion of the Pricing of Dividends in Equity Valuation

Rees. (2005) Journal of Business Finance & Accounting 32. 471-485.
Contribution to journal: Article

The Adoption of IAS in Europe: Introduction

Rees and Giner, B. (2005) European Accounting Review 14. 95-99.
Contribution to journal: Article

Discussion of the Timeliness of Income Recognition by European Companies: An Analysis of Institutional and Market Complexity

Rees. (2004) Journal of Business Finance & Accounting 31. 149-166.
Contribution to journal: Article

Private Disclosure in the Spanish Capital Market: Evidence from Financial Analysts and Investor Relations Directors

Rees and Larran, M. (2003) Revista Espanola de Financiacion y Contabilidad.
Contribution to journal: Article

The Valuation of European Financial Firms

Danbolt and Rees. (2002) Review of Accounting and Finance. 5-24.
Contribution to journal: Article
View / download (open access)

The Valuation of Financial Firms in Europe

Rees. (2002) Review of Accounting and Finance 1. 5-24.
Contribution to journal: Article

A Comparative Analysis of Earnings Forecasts in Europe

Rees, Capstaff, J. and Paudyal, K. (2001) Journal of Business Finance & Accounting 28. 531-562.
Contribution to journal: Article

The Asymmetric Recognition of Good and Bad News in France, Germany and the UK

Rees and Giner, B. (2001) Journal of Business Finance & Accounting 28. 1285-1331.
Contribution to journal: Article

A Valuation Based Analysis of the Spanish Accounting Reforms

Rees and Giner. (1999) Journal of Management and Governance 3.
Contribution to journal: Article

The Relative Forecast Accuracy of U.K. Brokers

Rees, Capstaff and Paudyal. (1999) Accounting and Business Research 30 (1).
Contribution to journal: Article

Influences on the Value Relevance of Equity and Net Income in the U.K.

Rees. (1999) Managerial Finance 25 (12).
Contribution to journal: Article

Un Análysis Empírico de los Pronósticos de los Analistas Financieros en el Caso Español

Rees and Larran. (1999) Revista Espanola de Financiacion y Contabilidad 28 (101).
Contribution to journal: Article

Regularities in Equity Price Responses to Earnings Announcements in Spain

Rees and Arcas. (1999) European Accounting Review 1999.
Contribution to journal: Article

International Diversification and Firm Value.

Rees and Garrod. (1998) Journal of Business Finance & Accounting 25 (9/10).
Contribution to journal: Article

The Early Adoption of Consolidated Accounting in Spain

Rees and Mora. (1998) European Accounting Review 7 (4).
Contribution to journal: Article

Evaluación de los Pronósticos de Beneficiós Efectuados por los Analistas Financieros: Una Revisión de la Literatura

Rees and Larran. (1998) Actualidad Financiera 3 (6).
Contribution to journal: Article

Analysts’ Forecasts of German Firms’ Earnings: a Comparative Analysis

Rees, Capstaff and Paudyal. (1998) Journal of International Financial Management and Accounting 9 (2).
Contribution to journal: Article

The Arrival Rate of Initial Public Offers in the UK

Rees. (1997) European Financial Management.
Contribution to journal: Article

The Impact of Debt, Dividends and Investment on Valuation Models

Rees. (1997) Journal of Business Finance & Accounting 24 (7/8).
Contribution to journal: Article

The Impact of Open Market Equity Repurchases on UK Equity Prices

Rees. (1996) The European Journal of Finance 2.
Contribution to journal: Article

Looking at the bright side of life

Rees, Paudyal and Capstaff. (1996) Professional Investor.
Contribution to journal: Article

Un Análisis Empírico Sobre la Práctica de la Consolidación Contable en las Empresas Españolas

Rees and Mora. (1996) Revista Espanola de Financiacion y Contabilidad 25 (86).
Contribution to journal: Article

The Accuracy and Rationality of U.K. Analysts’ Forecasts of Earnings

Rees, Paudyal and Capstaff. (1995) Journal of Business Finance & Accounting 22 (1).
Contribution to journal: Article

Financial Analysis

Rees. (1995).
Book/Report: Book

Initial Public Offerings in the U.K

Rees and Byrne. (1994).
Working paper: Working paper

Quantitative NonFinancial Information and Income Measures: the Case of Long Term Contracts.

Rees and Sutcliffe. (1994) Journal of Business Finance & Accounting 21 (3).
Contribution to journal: Article

The Time Series Behaviour of Initial Returns on U.K. IPOs.

Rees and Byrne. (1994) Journal of International Financial Markets, Institutions, and Money 4 (3/4).
Contribution to journal: Article

International Differences in GAAP and the Pricing of Earnings.

Rees and Pope. (1993) Journal of International Financial Management and Accounting 4 (3).
Contribution to journal: Article

Mathematical Modelling and Stochastic Simulation of Accounting Alternatives

Rees and Sutcliffe. (1993) Journal of Business Finance & Accounting 20 (3).
Contribution to journal: Article

The Information Content of the Company Meeting Programme of the Society of Investment Analysts of the United Kingdom:

Rees, Yadav and Walmsley. (1992) Journal of Business Finance & Accounting 19 (4).
Contribution to journal: Article

Measuring the Incremental Information Content of Accounting Signals: Use of Singular Value Decomposition: A Note

Rees, Sutcliffe and Board. (1992) Journal of Business Finance & Accounting 19 (3).
Contribution to journal: Article

Financial Analysis

Rees. (1990).
Book/Report: Book

Ex Ante Testing of Accounting Standards Using Stochastic Models

Rees and Sutcliffe. (1989) Accounting and Business Research 75.
Contribution to journal: Article