Maria Michou Headshot

Senior Lecturer in Finance

+44 (0)131 650 8341

Roles and Responsibilities

  • Programme Lead, MA Hons in Accounting and Finance, University of Edinburgh Business School (August 2022–)
  • Deputy Director, PhD Programme, University of Edinburgh Business School (September 2018–July 2020)
  • Co-ordinator, PhD Programme in Accounting and Finance (September 2013–July 2020)
  • Member, Research Degrees Committee (September 2013–July 2020)
  • Member, Postgraduate Discussion Forum (September 2018–July 2020)
  • Co-ordinator, Equality & Diversity, Athena SWAN (April 2015–August 2018)
  • Research champion in Finance and Member, Research Committee (September 2015– August 2017)
  • Non-Professorial Representative to the Senatus (September 2014–August 2017)
  • Programme Director, MSc in Accounting and Finance (2007–2011)
  • Research Seminar Series Organiser, Accounting and Finance Group (2005–2011)
  • Personal Tutor, MSc in Accounting and Finance (2007–2017)
  • Member, Undergraduate Programmes Review Committee (2007–2010)
  • Member, Teaching and Learning Project Committee (2009–2011)

Membership of Societies and Editorial Boards:

  • Member, Accounting and Business Research Editorial Board
  • Member, British Accounting Association
  • Member, European Finance Association


Academic Qualifications

  • 1998–2002: PhD in Finance, University of Exeter
    • (Principal supervisor: Professor Alan Gregory, Second supervisor: Professor Richard D F Harris)
  • 1997–1998: MA in Finance and Investment, University of Exeter


  • 2009–current: Senior Lecturer in Finance**, Business School, University of Edinburgh
  • 2004–2008: Lecturer in Finance*, Business School, University of Edinburgh
  • 2002–2004: Lecturer in Finance*, Manchester Business School, University of Manchester
  • 2001–2002: Teaching Fellow in Finance, Business School, University of Exeter
  • 1998–2001: Graduate Teaching Assistant (throughout my PhD study), Business School, University of Exeter

** Associate Professor
* Assistant Professor

Teaching responsibilities

Undergraduate Level

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

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)

Research Interests

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

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.

Research Fingerprint

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Research Area