Seth Armitage Headshot

Professor of Finance

+44 (0)131 650 3794


Seth joined the University of Edinburgh as a lecturer in finance in 1989, having previously worked as a credit analyst and lending officer for two merchant banks. He has since taught a wide range of finance courses on undergraduate, MBA and MSc programmes, and for companies.

In 2002 he moved to Heriot-Watt University, where he established an MSc in Finance and became Head of Department of Accounting and Finance. He rejoined Edinburgh University in 2007. His current teaching and research interests are mainly in corporate finance. He holds a BA in Politics, Philosophy and Economics (Oxford), an MPhil in Philosophy of Mind (St Andrews), and a PhD in Finance (Edinburgh).

He is an associate editor of European Journal of Finance, and the author of The Cost of Capital: Intermediate Theory (Cambridge University Press, 2005). Seth is interested in supervising PhD students in corporate finance.

Research Taxonomy

Research Interests

Seth's research and teaching are mainly in corporate finance, including seasoned equity offers, the cost of capital, leverage and dividend policy. He also conducts research concerning banking and asset management. Recent projects include:

  • the impact of pension contributions on company dividends
  • flexible payouts: the role of special dividends and repurchases in the UK
  • a comparison of the cost of capital and social discount rate
  • reasons for leverage-changing decisions over time
  • the impact of bank CEO remuneration on the bank's dividends and risk-taking
  • the cost of executing orders from a fund manager, in collaboration with Jupiter Asset Management
  • the extent to which individual funds within a given asset-management group coordinate their trading in investee companies.

Research Area

Publication Type Actions