Dr Arman Eshraghi

BEng, PGCert, MBA, PhD, FHEA

Picture of Arman Eshraghi

Senior Lecturer in Finance and Accounting and Director, MSc Finance & Investment

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


Roles and responsibilities

  • Representative to the University of Edinburgh Senate
  • Director of MSc Finance and Investment
  • Member of the Centre for Accounting and Society
  • Member of the Business School Rankings Committee
  • Member of Scotland Financial Services High Level Strategy Project


Arman is a Senior Lecturer (Associate Professor) in Finance and Accounting at the University of Edinburgh. He is a Fellow of the UK Higher Education Academy, and has held visiting positions at Manchester Business School and University College London. He joined Edinburgh as a postdoctoral researcher following the completion of his PhD in 2012, and was promoted to Lecturer in 2013 and to Senior Lecturer in 2016. He holds BEng (Electrical) and MBA with distinction from Sharif University in Tehran, and PhD in Finance from the University of Edinburgh. Prior to academia, Arman was a management consultant for several years in the banking, automotive 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 the Review of Financial Studies; the 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 research has also been recognised by the EFMD Outstanding Doctoral Research Award, the Emerald Award for Excellence, the BSI Young Scholar Research Award and several best paper commendations. He is currently editing a Special Issue for the Review of Behavioral Finance ‚Äčon the topic of financial sentiment.

Arman has given invited seminars at various universities globally including Texas at Austin, Maastricht, Aarhus, Laval, Algarve, Heriot-Watt, Leipzig and Stirling. He also engages with a range of organisations in the finance sector to offer bespoke research and training solutions. 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 been nominated 12 times in the past five years for the University of Edinburgh Annual Teaching Awards. He recently won School-wide prizes for Best Overall Satisfaction and Best Inspirational Teaching. His current and past teaching include Behavioural FinanceEquity ValuationInvestment Management, Psychology of Investing and Core Finance at MSc, MBA and EMBA levels.

Arman 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 Advances in Behavioural Finance and Decision Making which has been delivered in the UK and overseas to British, Indian and Chinese firms.

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

Spence, Taffler 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

Value Effects of Bank Executives

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

The Golden Touch of Federal Reserve Chairmen

Eshraghi and Hagendorff. (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)