Maria Michou

• Cohort Lead, UG Programmes in Accounting and Finance: MA Hons in Accounting and Finance, MA Hons in Accounting and Business, MA Hons in Finance and Business  (July 2025 -)
• Programme Lead, MA Hons in Accounting and Finance (August 2022 - June 2025) 
• Member, UEBS Education Committee (August 2022 - )
• Deputy Director, UEBS PhD Programme and Member, UEBS Postgraduate Discussion Forum (September 2018 - July 2020)
• Co-ordinator, PhD Programme in Accounting and Finance and Member, UEBS Research Degrees Committee (September 2013 - July 2020)
• Co-ordinator, Equality & Diversity at UEBS and Co-Lead of the Athena SWAN Bronze Award project (April 2015 - August 2018)
• Research champion of the Finance sub-group and Member, UEBS Research Committee (September 2015 -  August 2017)
• Non-Professorial Representative to the Senatus (September 2014 - August 2017)
• Programme Director & Programme Champion, MSc in Accounting and Finance and Member, UEBS Postgraduate Discussion Forum (2007 - 2011)
• Programme Champion, MA Hons in Accounting and Finance (2008)
• Research Seminar Series Organiser, Accounting and Finance Group (2005 - 2011)
• Personal Tutor, MSc in Accounting and Finance (2007 - 2017)
• Member, UEBS Undergraduate Programmes Review Committee (2007 - 2010)
• Member, Teaching and Learning Project Committee (2009 - 2011)

External Roles:

• External Examiner, Bayes Business School, City, University of London (UG Programmes in Accounting and Finance, 2019-2024)
• External Examiner, Business School / XFi Centre for Finance and Investment, University of Exeter (MSc Courses in Finance, 2019-2024)
• External Examiner, Business School / XFi Centre for Finance and Investment, University of Exeter (BSc in Finance - UG Apprenticeship Degrees, 2019-2024)
• External Examiner, School of Accounting and Finance, University of Bristol (UG Programmes in Accounting and Finance, 2016-2021)
• External Examiner, Business School, University of Newcastle (UG Programmes in Accounting and Finance 2013-2016)
• External Examiner, Kingston University, (Franchise programmes in Greece, MBA, MA, MSc, 2007-2011)

• PhD in Finance (First supervisor: Professor Alan Gregory, Second supervisor: Professor Richard DF Harris)
• MA in Finance and Investment
• BA (Hons) in Accounting and Finance

Maria is a Senior Lecturer in Finance at the University of Edinburgh Business School. She previously held a Lectureship position in Finance in the School of Accounting and Finance at the University of Manchester (Alliance Manchester Business School) and a Teaching Fellow in Finance and a Graduate Teaching assistant positions in the Business School, at the University of Exeter.  She holds a PhD in Finance and an MA in Finance and Investment from the University of Exeter, as well as a BA (Hons) in Accounting and Finance. She is also a Fellow of the Higher Education Academy (FHEA).

Maria 's work has been published in journals such as the Journal of Business, Finance and Accounting, the British Accounting Review, the European Journal of Finance.

Awards:

College of Arts, Humanities and Social Sciences (CAHSS):

• Winner, The Inspiring Colleague Award - People of CAHSS Awards 2024, University of Edinburgh

University of Edinburgh Business School (UBES)Teaching Awards: 

• Winner, Excellence in Teaching Award 2025, Best Large Course, University of Edinburgh Business School
• Winner, Excellence in Teaching Award 2025, Feedback on Assessments, University of Edinburgh Business School
• Winner, Excellence in Teaching Award 2023, Best Feedback, University of Edinburgh Business School
• Winner, Excellence in Teaching Award 2016, Best Large Course, University of Edinburgh Business School

Edinburgh University Students Association (EUSA) Teaching Awards:

Edinburgh University Students Association (EUSA) Teaching Awards 2024, 2025, long-listed for:

• Supervisor of the Year
• Teacher of the Year (CAHSS)
• Outstanding course of the Year

Teaching responsibilities

Undergraduate Level (current teaching):

• Behavioural Finance and Market Efficiency (Honours elective, 3rd and 4th year students, 20 credits)
• Financial Statement Analysis and Valuation (Honours elective, 4th year students, 20 credits)
• Introduction to Financial Markets (Core course, 1st year students in MA Accounting and Finance, MA in Business and Finance, MA in Economics with Finance, 20 credits)
• UG Dissertations Adviser

In the past, I designed and I have been the Course Organiser and Instructor at UEBS of the courses below (all 20 credits):

• Corporate Finance  (UG Honours elective course, 4th year students, 2004-2007)
• Analysis of Corporate Financial Information (PGT core course, 2008 - 2010)
• Behavioural Finance and Market Anomalies (PGT elective course, 2005 - 2011)
• Foundations of Finance Theory (PGT core course,  2008 - 2020)
• Postgraduate Dissertation Adviser (2004-2012)

1. Market Anomalies

• There have been scores of studies that have documented long-term historical anomalies in the stock market that seem to contradict the efficient market hypothesis. While the existence of these anomalies is well accepted, the question of whether investors can exploit them to earn superior returns in the future is subject to debate. Extensive cross sectional studies have been conducted to examine the relationship between some firm specific variables and stock returns. My research investigates effects, other than beta, used to explain variations in stock returns with particular emphasis on the explanation of value/growth puzzle, liquidity risk and the accruals anomaly. The value/growth puzzle research is notable as the first comprehensive study in this area; it adds significantly to the literature on value strategies and more broadly to the literature on the efficiency of the UK stock market.
  • An Analysis of Contrarian Investment strategies in the UK
  • Contrarian Investment and Macroeconomic Risk: UK Evidence
  • Value Spread as Predictor of Stock Returns: UK Evidence
  • Net Equity Issuance in the UK
  • A Review of Capital Market Anomalies in the UK

2. Empirical Asset Pricing

• An Empirical Review of the Fama and French Model in the UK
• On the Information Content of Fama and French Factors in the UK
• Industry portfolios and Macroeconomic News

3. Cost of Equity Capital

• Industry Cost of Equity Capital in the UK

PhD students completed

• Dr Hang Zhou, Early Career Fellow in Finance, University of Edinburgh Business School (1st supervisor–jointly with Professor Seth Armitage)
• Dr Yue Liu, Lecturer in Finance, University of Edinburgh Business School (2nd supervisor–jointly with Professor Richard Taffler)
• Dr Tao Qhizi, Associate Professor Southwestern University of Finance and Economics: Chengdu, Sichuan, China (2nd supervisor–jointly with Professor Paul Andre)
• Dr Sulaiman Mouselli, Dean of the Faculty of Business Administration Arab International University, Damascus (2nd supervisor–jointly with Professor Andrew Stark)

Prospective  PhD Applicants

I am interested in supervising high calibre PhD students and encourage applications from those with an interest in any research area that overlaps with my research interests:

• Capital Market Anomalies (Value/Momentum, Post-Earnings Announcement Drift, Accruals, Net Equity Issuance Anomaly)
• Empirical Asset Pricing
• Empirical Corporate Finance (IPO's)
• Behavioural Corporate Finance
• Market Based Accounting Research 

Applicants should have preferably a distinction performance (>70%) at a Masters level with a distinction mark on dissertation.
Applicants should have a good quantitative background and knowledge of software packages such as Stata and SAS.