CURRICULUM VITAE
1. PERSONAL DETAILS
Name:
GEORGE LELEDAKIS
Nationality:
Greek
University Address:
Athens University of Economics & Business
Department of Accounting and Finance
76 Patission Str., 104 34 Αθήνα
Τel.: 210 8203 459
Fax: 210 8228 816
e-mail: gleledak@aueb.gr
2. EDUCATION
a) PhD in Finance, Warwick Business School, University of Warwick, "An
Investigation into the Cross-Sectional Determinants of Expected Stock
Returns in the London Stock Exchange", 1999.
b) MA in Money, Banking and Finance, Management School University of
Sheffield, 1995.
c) BSc in Business Administration, specializing Accounting and Financial
Management, Athens University of Economics & Business, 1992.
3. SCHOLARSHIPS
a) State Scholarships Foundation (ΙΚΥ, Greece), 1996-1999.
b) PhD Program Research Fund, Warwick Business School, 1998-1999.
c) Vardinoyiannion Foundation, 1994-1995.
4. TEACHING AND PROFESSIONAL EXPERIENCE
a) Assistant Professor of Finance, March 2008 - today, Department of
Accounting and Finance, Athens University of Economics & Business.
b)
Lecturer in Finance, July 2002 - February 2008, Department of
Accounting and Finance, Athens University of Economics & Business.
c)
Adjunct lecturer in Finance, September 2001 - June 2002, Department of
Accounting and Finance, Athens University of Economics & Business.
d)
Adjunct Faculty, Hellenic Open University, MSc in Banking, Banks
Strategy Module (TRA 61), September 2001 - July 2005 (4 academic
years).
e)
Researcher, Research and Development Department, Athens Stock
Exchange, February 2001 - July 2002.
f)
Research Fellow, Warwick Business School, May 2000 - January 2001.
Teaching Undergraduate Courses

Analysis and Portfolio Management (Winter. 2001, 2002, 2003,
2004, 2005, 2006 & 2007).

Advanced Corporate Finance (Spring 2004, 2005, 2006, 2007 &
2008).

Financial Planning (Spring 2002 & 2003).

Corporate Finance (Winter 2003).

Investment Management (teaching students Erasmus, Winter 2005).
Teaching Graduate Courses

Investment Portfolio
(MSc in Applied Economics and Finance, Department of Economics,
Athens University of Economics & Business, 2003 & 2004)

Corporate Finance
(MSc in Applied Economics and Strategy, Department
Economics, Athens University of Economics & Business, 2004)

of
Principles of Corporate Governance
(MSc in Accounting and Finance, Department of Accounting and
Finance Athens University of Economics & Business, 2005 FT, 2006
PT & FT, 2007 FT & PT, 2008 FT)
5. PUBLICATIONS
1. “Are Two Factors Enough? The U.K. Evidence”, Financial Analysts
Journal, vol. 57, no 6 (November/December), pp. 96-105, (2001), with Ian
Davidson
2. “Cross-Sectional Estimation of Stock Returns in Small Markets: The Case
of the Athens Stock Exchange”, Applied Financial Economics, vol. 13, pp.
413-426, (2003), with Ian Davidson and George Karathanassis.
3. ”Structural Changes in Expected Stock Returns Relationships: Evidence
from ASE”, Journal of Business Finance and Accounting, vol. 33, no 9 &
10, pp. 1610-1628, (2006), with Elias Tzavalis and Evangelos Karanikas.
4. “Stock Split in a Neutral Transaction Cost Environment: Evidence from
the Athens Stock Exchange”, Journal of Multinational Financial
Management, (2008), forthcoming, with George Papaioannou, Nickolaos
Travlos and Nickolaos Tsangarakis.
5. “Tobin’s q and the Cross Sectional Variation of Stock Returns: Evidence
from the London Stock Exchange”, under revision, (2008), with Ian
Davidson and John Okunev. Also Working Paper, 156/2002, Banking
Centre Research Papers, Loughborough University.
6.
“Does Firm Size Predict Stock Returns? Evidence from the London
Stock Exchange”, under revision, (2008), with Ian Davidson and Jeremy
Smith. Also Working Paper, http://ssrn.com/abstract=492283.
7. ”The Sensitivity of European Bank Stock Returns to Firm-Specific
Factors”, under review, (2008), with Christos Staikouras.
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8. “Market Reaction to Changes in the FTSE/ATHEX Indices”, under review,
(2008).
9. “An Investigation on the Cross - Sectional Returns Predictability”, under
review, (2008), with Ian Davidson and George Farfaras.
10. “The Persistence of a Tobin’s q Effect in the Cross Sectional Analysis of
Stock Returns: Evidence from the London Stock Exchange”, Working
Paper, Financial Options Research Center, University of Warwick,
(2001), with Ian Davidson and John Okunev. This is the original version
of article 5.
Article in Collective Volume
1. “Cross-Sectional Estimation of Stock Returns in Small Markets: The Case
of the Athens Stock Exchange”, In Quantitative Methods in Finance, A.
Refenes ed., Athens, Dardanos, (2005), with Ian Davidson and G.
Karathanassis.
Presentations in Conferences
1. “The Persistence of a Tobin’s q Effect in the Cross Sectional Analysis of
Stock Returns: Evidence from the London Stock Exchange”, British
Accounting Association Conference, University of Stirling, Stirling,
September 1998.
2. “The Relationship between Stock Returns and Tobin’s q: Tobin’s q
Effect”, European Finance Association Doctoral Seminar, INSEAD,
Fontainebleau, France, August 1998.
3. “Another Look at the Cross-Section of Expected Stock Returns: Evidence
from the London Stock Exchange”, British Accounting Association
Doctoral Colloquium, University of Lancaster, January 1998.
4. “Does Firm Size Predict Stock Returns? Evidence from the London Stock
Exchange”, Hellenic Finance and Accounting Association Conference,
Athens University of Economics and Business, Athens, November 2003.
5. “Does Firm Size Predict Stock Returns? Evidence from the London Stock
Exchange”, European Financial Management Association Conference,
University of Basel, Basel, Switzerland, July 2004.
6. “Stock Splits on the Athens Stock Exchange”, Multinational Finance
Society Conference, Istanbul, Turkey, July 2004.
7. “Stock Splits on the Athens Stock Exchange”, Financial Management
Association Conference, New Orleans, USA, October 2004.
8. “Tobin’s q and the Cross Sectional Variation of Stock Returns: Evidence
from the London Stock Exchange”, Hellenic Finance and Accounting
Association Conference, Athens University, Athens, December 2004.
9. “The Stock Return Predictability of the European Banking Sector”,
European Financial Management Association Conference, Milan, Italy,
July 2005.
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10. “The Stock Return Predictability of the European Banking Sector”,
Multinational Finance Society Conference, Athens, Greece, July 2005.
11. ”Market Reaction to Changes in the FTSE/ATHEX Indices”, Hellenic
Finance and Accounting Association Conference, University of
Macedonia, Thessaloniki, December 2006.
12. “The Sensitivity of European Bank Stock Returns to Firm-Specific
Factors”, Hellenic Finance and Accounting Association Conference,
University of Patras, Patra, December 2007.
Work in Progress
1. “On the Robustness of the Firm-Specific Variables in Cross-Sectional
Regressions”.
2. “The Relationship between Board Structure and Firm Performance“.
3. “The Firm Size Effect and the Economic Cycle“.
4. “The Conditional Relation between Beta and Returns“.
5. “The Stock Market Reaction to the Stock Options Plans“.
6. “Insider Ownership and
Announcement Effects“.
Signals:
Evidence
from
Stock
Split
Citations
“Are Two Factors Enough? The U.K. Evidence”, Financial Analysts Journal,
vol. 57, no 6 (November/December), pp. 96-105, (2001).
1. Laubscher, E.R., (2002), A Review of the Theory of and Evidence on the
Use of the Capital Asset Pricing Model to Estimate Expected Share
Returns, Meditari Accountancy Research, vol. 10, pp. 131-146.
2. Dimson, E., S. Nagel and G. Quigley, (2003), Capturing the value
Premium in the United Kingdom, Financial Analysts Journal, vol. 57, no 6
(November/December), pp. 35-45.
3. Gwilym, O., J. Seaton and S. Thomas, (2004), Dividend Cuts, Firm
Profitability and Financial Characteristics, Working Paper, University of
Southampton.
4. Gwilym, O., J. Seaton and S. Thomas, (2004), Sustained Profitability,
Financial Characteristics, Dividends and Distress, Working Paper,
University of Wales.
5. Aga, M. and B. Kocaman, (2006), An Empirical Investigation of the
Relationship Between Inflation, P/E Ratios and Stock Price Behaviors
Using a New Series Called Index-20 for Istanbul Stock Exchange,
International Research Journal of Finance and Economics, vol. 6, pp.
133-165.
6. Gharghori, P., S. Stryjkowski and M. Veeraraghavan, (2007), Value
Versus Growth: Australian Evidence, Working Paper, Monash University.
Available at SSRN: http://ssrn.com/abstract=984382.
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“Cross-Sectional Estimation of Stock Returns in Small Markets: The Case of
the Athens Stock Exchange”, Applied Financial Economics, vol. 13, pp. 413426, (2003).
7. Laubscher, E.R., (2002), A Review of the Theory of and Evidence on the
Use of the Capital Asset Pricing Model to Estimate Expected Share
Returns, Meditari Accountancy Research, vol. 10, pp. 131-146.
8. Liow, K., and Y. Gong, (2004), Stock Returns and Volatility in Securitised
Real Estate: Some International Evidence, Working Paper, National
University of Singapore.
9. Αποστολόπουλος, Ι., (2004), Ειδικά Θέματα Χρηματοδοτικής Διοικήσεως:
Μέθοδοι – Εργαλεία - Εφαρμογές, Εκδόσεις Αθ. Σταμούλης, Αθήνα.
10. Bilinski, P. and D. Lyssimachou, (2004), Validating the Fama and French
three factor model: The case of Stockholm Stock Exchange 1982-2002,
Working Paper, Goteborg University.
11. Forbes, W., L. Skerratt and G. Yiannopoulos, (2005), Is Post-Earnings
Announcement Drift Chosen by Managers? Evidence from Greece,
Working Paper, Loughborough University.
12. Borys, M., (2006), Cost of Capital Estimation in Poland, Working Paper,
Charles University.
13. Diamandis, P., A. Drakos and A. Volis, (2007), The Impact of Stock
Incremental Information on the Volatility of the Athens Stock Exchange,
Applied Financial Economics, vol. 17, pp. 413-424.
14. Jareno, F., (2008), Spanish Stock Market Sensitivity to Real Interest and
Inflation Rates: An Extension of the Stone Two-Factor Model with Factors
of the Fama and French Tree-Factor Model, Applied Economics,
Forthcoming.
”Structural Changes in Expected Stock Returns Relationships: Evidence from
ASE”, Journal of Business Finance and Accounting, vol. 33, no 9 & 10, pp.
1610-1628, (2006).
15. Caramanis, C. and C. Spathis, (2006), Auditee and Audit Firm
Characteristics as Determinants of Audit Qualifications, Managerial
Auditing Journal, vol. 21, pp. 905-920.
“Does Firm Size Predict Stock Returns? Evidence from the London Stock
Exchange”, Working Paper, http://ssrn.com/abstract=492283.
16. Becker-Blease, J., F. Kaen and H. Baumann, (2005), An Investigation of
the Small Firm Effect Using Accounting Measures of Profitability: Does it
Exist? Working Paper, University of New Hampshire, USA.
17. Lee, J., (2006), The Differing Effects of Firm Size and Industry
Membership on Profitability, Working Paper, Columbia University, USA.
18. Abu-Tapanjeh, A., (2006), An Empirical Study of Firm Structure and
Profitability Relationship: The Case of Jordan, Journal of Economics and
Administrative Sciences, vol. 22, pp. 41-59.
“Tobin’s q and the Cross Sectional Variation of Stock Returns: Evidence from
the London Stock Exchange”, Working Paper, 156/2002, Banking Centre
Research Papers, Loughborough University.
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19. Laubscher, E.R., (2002), A Review of the Theory of and Evidence on the
Use of the Capital Asset Pricing Model to Estimate Expected Share
Returns, Meditari Accountancy Research, vol. 10, pp. 131-146.
“Stock Split in a Neutral Transaction Cost Environment: Evidence from the
Athens Stock Exchange”.
20. Adaoglu, C. and A. Lasfer, (2006), The Market Valuation of Bonus Issues
in a Closely Held Market, Working Paper, Cass Business School, City
University.
21. Yague, J., J.C. Gomez-Sala and F. Poveda-Fuentes, (2007), Stock Split,
Signaling and Earnings Management: Evidence from the Spanish Market,
Working Paper, University of Murcia, Spain.
6. OTHER ACADEMIC AND RESEARCH ACTIVITIES
Ad hoc Referee for International Scientific Journals
 Financial Review
 Applied Economics
 International Journal of Accounting
 Applied Financial Economics
 International Review of Economics & Finance
 South-Eastern Europe Journal of Economics
Participation in International Scientific Associations
 Member of the American Finance Association
 Member of the European Finance Association
 Member of the European Financial Management Association
 Member of the Multinational Finance Society
 Member of the Hellenic Finance and Accounting Association
Examination / Supervision of PhD and MSc Theses

Examination of PhD theses (3 students).

Supervision of research as a member of 3-member supervisory
committee (4 PhD students).

42 students supervised for their MSc dissertations.
Administrative Activity
 Member of the University Senate as representative of the Department
of Accounting and Finance, 2005-06.
 Responsible for the coordination of the examinations programme,
2002, 2003 & 2004.
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 Member of the transferring students committee, 2002-2003.
 Member of the computer centre Committee, as representative of the
Department of Accounting and Finance, 2003, 2004 & 2005.
Participation in Research Projects

Researcher. Title of the project: «Study of Market Structure,
Effectiveness and Efficiency of the European Banking System»,
Pythagoras: Strengthening research teams at universities. Head
Researcher: Christos Staikouras.
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