Dr Arman Eshraghi

BEng, PGCert, MBA, PhD, FHEA

Picture of Arman Eshraghi

Senior Lecturer in Finance and Accounting and Director, MSc Finance

Email: QXJtYW4uRXNocmFnaGlAZWQuYWMudWs=
Phone: +44(0)131 6504311
Room: 2.30


Roles and responsibilities

University of Edinburgh

  • Director of MSc Finance
  • Representative to the Senatus Academicus
  • Member of the Centre for Accounting and Society
  • Member of Edinburgh Futures Institute

​External Affiliations

  • Fellow of the UK Higher Education Academy
  • Member of Scotland Financial Services Strategy Project
  • Fellow of the Centre for Study of Decision-Making Uncertainty, UCL
  • External Examiner at the Open University


Arman is a Senior Lecturer (Associate Professor) in Finance and Accounting at the University of Edinburgh, and previously held visiting positions at Manchester Business School and University College London. He joined Edinburgh as a postdoctoral researcher in 2011, and was promoted to Assistant Professor in 2012 and Associate Professor in 2016. He holds BEng (Electrical) and MBA with distinction from Sharif University in Tehran, and PhD in Finance from Edinburgh. Prior to academia, Arman was a management consultant for several years in the banking and telecom sectors. 

His research interests encompass behavioural finance, interdisciplinary accounting, investment management, corporate governance, banking and fintech. Arman has published in top journals in both finance and accounting including Review of Financial Studies; Review of FinanceCorporate Governance: International ReviewAccounting, Organizations and Society; Accounting, Auditing and Accountability; and Accounting and Business Research. His research is featured in the Financial TimesWashington PostBloomberg, Globe and Mail, Scotsman and Metro among others, and has contributed to handbooks published by Cambridge University PressWiley and Springer. Arman’s work has been recognised by the EFMD Outstanding Doctoral Research Award, the Emerald Award for Excellence, the BSI Young Scholar Research Award, several best paper commendations, and more recently by the University of Edinburgh Sustained Excellence Award and nomination for the Scottish Financial Enterprise Rising Star Award.

Arman has given invited seminars at various universities globally including Texas at Austin, Maastricht, Aarhus, Laval, Algarve, Heriot-Watt, Leipzig, Stirling and upcoming seminars at Seoul, SKKU, San Diego State, Glasgow, Bangor and Newcastle. Beyond academia, he engages with a range of organisations in the finance sector to offer bespoke research and training. He has been invited to speak at the Federal Reserve Bank in New York, the Centre for European Economic Research in Mannheim, the CFA Institute in London, the National Institute of Securities Markets in Mumbai, and the German Society of Investment Professionals in Frankfurt.

Being highly passionate about teaching, Arman has won teaching awards for Best Teaching Innovation in 2017, and Best Course and Best Inspirational Teaching in 2015 as well as 12 award nominations in the past five years. His current and past teaching include Behavioural FinanceEquity ValuationInvestment Management, Psychology of Investing and Corporate Finance at MSc, MBA and EMBA levels. Arman also has an active interest in executive education and public engagement, and has taught a range of executive courses in Edinburgh, Manchester, Tehran and Mumbai. He has designed a two-day masterclass on Behavioural Finance and Decision Making which has been delivered in the UK and overseas to a number of British, American, Indian and Chinese firms and public sector organisations.

Research interests

  • Behavioural Finance
  • Interdisciplinary Accounting
  • Corporate Governance
  • Investment Management
  • Banking
  • Fintech

Group membership

PhD Supervision

Arman is supervising 3 PhD students


Hedge Funds as phantastic objects: A psychoanalytic perspective on financial innovations

Eshraghi and Taffler. (2018).
Chapter in Book/Report/Conference proceeding: Chapter (peer-reviewed)

Emotional economic man: Calculation and Anxiety Management in Investment Decision Making

Taffler, Spence and Eshraghi. (2017) Accounting, Organizations and Society.
Contribution to journal: Article

Does CEO cultural heritage affect performance under competitive pressure?

Nguyen, Hagendorff and Eshraghi. (2017) Review of Financial Studies. 1-57.
Contribution to journal: Article

Can Social Media Sentiment Predict Market Returns? Evidence from StockTwits

Promwichit, Eshraghi and Gallagher. (2017).
Working paper: Working paper

Transparency and the Disposition Effect: Evidence from Social Trading Platforms

Lukas, Eshraghi and Danbolt. (2017).
Working paper: Working paper

Fund Manager Overconfidence and Investment Performance: Evidence from Mutual Funds

Eshraghi and Taffler. (2016).
Working paper: Working paper

Value Effects of Bank Executives

Nguyen, D., Hagendorff and Eshraghi. (2016).
Chapter in Book/Report/Conference proceeding: Chapter (peer-reviewed)

Hedge Funds as Objects of Luxury and Desire: The Hedonic and Symbolic Nature of Complex Financial Products

Eshraghi, Taffler and Wang. (2016).
Working paper: Working paper

Can Bank Boards Prevent Misconduct?

Nguyen, Hagendorff and Eshraghi. (2015) Review of Finance.
Contribution to journal: Article
View / download (open access)

Which Executive Characteristics Create Value in Banking? Evidence from Appointment Announcements

Nguyen, Hagendorff and Eshraghi. (2015) Corporate Governance: an International Review 23 (2). 112-128.
Contribution to journal: Article
View / download (open access)

Heroes and Victims: Fund Manager Sense-making, Self-legitimation and Storytelling

Eshraghi and Taffler. (2015) Accounting and Business Research.
Contribution to journal: Article
View / download (open access)

Fund Manager Overconfidence and Investment Narratives

Eshraghi. (2014). 1-20.
Chapter in Book/Report/Conference proceeding: Chapter (peer-reviewed)
View / download (open access)

Institutional Investors, Beneficiaries and Emotional Finance

Eshraghi and Taffler. (2013).
Chapter in Book/Report/Conference proceeding: Chapter (peer-reviewed)

Hedge Funds and Unconscious Fantasy

Eshraghi and Taffler. (2012) Accounting, Auditing & Accountability Journal 25 (8). 1244-1265.
Contribution to journal: Article
View / download (open access)