Outputs for REF Assessment (2014 – )

The Importance of Family Firm Trusts in Family Firm Governance (with L Scholes), Entrepreneurship: Theory and Practice, (4*) Volume 38, Issue 6, November 2014, Pages: 1285–1293, 2014 DOI: 10.1111/etap.12124

The Evolution of Private Equity: Corporate Restructuring in the UK, c.1950-2010 (with S Toms and M Wright), Business History (4*), Volume 57 Issue 5, Pages 736-768, 2015

Sovereign Credit Rating and the New EU member States, (with M Kacer and P Ochotnicky) Journal of Credit Risk, Volume 10 Number 4 , 2014

Creation and Destruction’ in Transition Economies: SME Sector in Slovakia (with M Kacer and P Ochotnicky), International Small Business Journal, doi:10.1177/0266242614555877, 2015

The Effect of Internationalization on Modeling Credit Risk for SMEs: Evidence from UK Market (with J Gupta) Journal of International Financial Markets, Institutions & Money, Volume 31, July 2014 pages 397-413

Effects of Alternative Investments on Entrepreneurship, Innovation and Growth, Managerial and Decision Economics Special Issue (Editor, with D Siegel, P Klein and M Wright), Vol 35 Issue 2 p67-72 2014

Financial Restructuring and Recovery in Private Equity Buyouts: The UK Evidence (with M Wright and R Cressy), Venture Capital: An International Journal, Volume 6 Issue 2 Pages 109-129, 2014DOI:10.1080/13691066.2013.863065.

The Value of Operating Cash Flow in Modelling Credit Risk for SME’s (with J Gupta, A Gregoriou and J Healy). Applied Financial Economics Volume 24, Number 9, Pages 649-660

Improving the Bankruptcy Prediction in Micro-entities by using Non-linear Effects and Non-financial Variables (with A Blanco), Czech Journal of Economics and Finance, Volume 65, Issue 2 Pages 144-166, 2015

Outputs for REF Assessment (2008 – 2013)

Buyouts Private Equity and Insolvency Risk (with M Wright), Journal of Business Finance and Accounting, 2013 Vol 40. Issue 7-8 pp. 949-900. doi: 10.1111/jbfa.12042

Private Equity Portfolio Company Performance During The Global Recession (with M Wright, D Siegel and L Scholes) Journal of Corporate Finance, 2012, 18, 193-205 (4*)

Family Business Survival and the Role of Boards (with L Scholes and M Wright), Presented to ‘Entrepreneurship: Theory and Practice’, Special Issue Conference, May 2012. Entrepreneurship Theory and Practice, Volume 37 Issue 6 Pages 1369-1389, 2013 (4*), doi: 10.1111/etap.12071

Company Failure Prediction with Limited Information: Newly Incorporated Companies, (With A Altanlar), Journal of the Operations Research Society, Vol 65 pages 252-264 2013 doi:10.1057/jors.2013.31

Financial Distress and Bankruptcy Prediction amongst Listed Companies using Accounting, Market and Macroeconomic Variables (with Mario Hernandez), International Review of Financial Analysis, Vol 30. Pages 394-419, December 2013 (Most downloaded paper in 2014, top 3 in 2013, 2015)

The Survival of Newly Incorporated Companies and the Impact of Director Characteristics (with A Altanlar and M Wright), International Journal of Small Business, 2014, Vol 32 No 7 pages 733-758 doi:10.1177/0266242613476317

The value of non-financial information in small and medium-sized enterprise risk management (with E Altman and G Sabato), 2010, The Journal of Credit Risk.  Vol 6. No. 2

Reports and Monographs

“The Equity Gap and Knowledge Intensive Firms” with Mike Wright (Imperial College). Report prepared for HM Treasury 2015.

“Past, Present and Future: The Comparative Performance and Sustainability of High Growth Firms in Wales and the UK Regions”, (with Evans, P., Mayer, A. and Ip, B.), Report Prepared for the Economics Division, Welsh Government, February 2013.

   “A Convenient Truth: Private Equity and Portfolio Company Growth” (with Wright, M.), British Venture Capital Association, January 2013.

“Private Equity Portfolio Company Performance Through Time” (with Wright, M.), British Venture Capital Association, March 2012.

“Private Equity Performance During Recession” (with Wright, M. and Scholes, L.), British Venture Capital Association, March 2011.

“Equity Gap in the UK Venture Capital Industry”, (with Wright, M.), Report for the National Endowment for Science, Technology and Arts (NESTA), June 2011.

   “The Performance and Characteristics of Family Firms in the UK, 2006-2011”, (with Wright, M. and Scholes, L.), Institute for Family Business, February 2011.

“A Longitudinal Analysis of Business Performance, Financial Health and Growth Potential of SMEs in Wales”, (with Evans, P. and Altanlar, A.), Welsh Assembly, February 2010.

“Private Equity and Insolvency”, (with Wright, M. and Cressey, R.), British Venture Capital Association, March 2010.

“An Investigation into Payment Trends and Behaviour 1997-2007”, Policy Report published by BIS, 2008.

Recent Conference Presentations

  “The Survival of New Companies and Founding Director Characteristics”, International Small Business Conference (ISBE), Dublin, November 2012.

“Private Equity Performance Through Time”, Paper presented to the Private Equity Forum, HEC, Paris June 4-5, 2012.

“Heterogeneity, Complexity and Performance in Family Firms” (with Scholes, L. and Wright, M.), Presented to ‘Entrepreneurship: Theory and Practice’, Special Issue Conference, University of Alberta, Edmonton, May 2012.

  “Private Equity Portfolio Company Performance During The Global Recession” (with Wright, M. Siegel, D. and Scholes, L.), Special Issue Conference, JCF, New York, May 2011.

“Private Equity, Buyouts, Leverage and Failure”

Paper presented at ESSEC conference, Paris, June 2011

Paper presented at a London Business School conference ‘Private Equity at the Cross Roads’ Conference on 05/06/2009

“Credit Crisis and Lending Decisions in the UK”, Leeds Financial Services Initiative Conference, Ventura, Leeds, March 2009.

“Non-Financial Information and SME Risk Assessment” (with Altman, E.),

Paper presented at the Risk Management Conference, Venice, June 2009;

Paper presented at the European Financial Management Association Conference, Milan, July 2009;

Paper presented at the ‘Credit Scoring and Control Conference X1’ Edinburgh, August 2009;

Paper presented at the Financial Management Association Conference, Reno Nevada (October)

 “Failure Prediction for Non-Listed Companies”, Seminar, University of Innsbruck, February 2009.

“Key note Speeches on Private Equity and Company Risk”, ‘Die Welt’ Conference on Private Equity, Frankfurt, January 2009.


“Origins of the Financial Crisis”, University of Economics, Bratislava, November 2009.

“Corporate Insolvency Risk Models”, CCR- i Conference, London October 2009.

“Director Characteristics and the Risks of New Companies”, CCR- i Conference, London October 2010.

“A Longitudinal Analysis of Business Performance, Financial Health and Growth Potential of SMEs in Wales”, (with Evans, P. and Altanlar, A.), Paper presented to Regional Studies Association Annual International Conference, Regional Responses and Global Shifts: Actors, Institutions and Organisations” May 2010, Pécs, Southern Hungary.

“Corporate Insolvency Risk in the UK: Micro and Macro Models”, Presentation to Bank of England Financial Stability and Risk Division, April 2010.

“Gender Specific Attitudes to Risk: Evidence from Corporate Insolvency”, Presentation to the Women-in-Insurance Network,Surrey, January 2010.

“Ownership, Governance and Insolvency Risk”, CCR- i Conference, London, October 2010.

 “Private Equity Portfolio Performance During the Global Recession”, JCF Special Issue Conference on the Financial and Real Effects of Alternative Investments, New York, May 2011.

Appointments and Impact Evidence

▪ 2008–2009 Member of Government Expert Working Group on the Sharing of Consumer Credit Information

▪ 2010 Panel Member Independent Commission on Banking Public Forum, Leeds

▪ 2012 Appointed to the “expert economists’ sub-panel of the ‘Breedon Task Force’ which was commissioned by the government to “examine structural and behavioural barriers to the development of  alternative debt markets in the UK” in advance of the 2012 Budget

▪ 2015 Report on the Equity Gap and Knowledge Intensive Firms” presented to the HM Treasury and European Commission in support of the Enterprise Investment Scheme and Venture Capital Trusts request for state aid approval.

Example Press Coverage

Research on Buy-Outs and Private Equity

Fortune;Debunking Private Equity’s Debt ‘Problem‘”, 27/11/2012

Financial Times (Lex); “PE and Insolvency”,  03/05/2010

Yorkshire Post; Buyout Failures and Private Equity“, 08/04/2010

Financial Times; Private Equity and Insolvency“, 08/04/2010

BVCA Responds to Report, 08/04/2010

Economist;Private Equity Risk“, 09/07/2009

▪ Reported in New York Times; “No Better, or Worse”, 07/07/2009

▪ Reported in Financial Times; “Private Equity Deals are Not Riskier”, 05/07/2009

▪ Reported in Die Welt; 21/01/2009

Research on Governance and Gender

Sunday Times;Women in Emerging Economies“, 14/03/2010

Daily Mail;Women Bosses“, 07/12/2009

Financial Times; Top 50 Business Women“, 25/09/2009

The Guardian;Women Directors“, 15/09/2009

▪ Reported in The Times;Women in the Boardroom Help Companies Succeed“, 19/03/2009

The Times;Women in the Boardroom and Insolvency Risk“, 19/03/2009

Feature Article in “Edge – Institute of Leadership and Management” Magazine

▪ ‘Balancing the Board’ Pages 36-41, July 2009.

Feature Article in ‘Professional Manager’ – The Chartered Institute of Management Magazine, October, 2009.

Keynote speech in Thessaloniki, March 2011

Research Cited in the ‘Davies Report’ 2011

Research on Trade Credit and Payment Behaviour

Financial Times “Mediation and technology focus on scourge of late payments” (08/06/2015)

Financial Time RBS Offers Businesses way to save by paying suppliers early”, 12/10/2014

Financial Times; Late Payment and Small Business“, 03/09/2009

Yorkshire Post;Britain’s Under-Siege Economy” , 18/08/2009

Financial Times; Rise in Legal Action on Unpaid Bills, 02/12/08

Financial Times;Payment League“, 22/11/08

The Observer; If Recession Doesn’t Get you, Bombed-out Banks and Overdue Invoices Will“, 26/10/2008

The Economist;Accounts not Receivable“, 04/09/2008

Research on Insolvency Risk and Forecasting

Financial Times; CNBC; Small Business Failures: How to Learn From Them“, 25/11/2012

▪ Reported in the Daily Telegraph;Business Failures Surge“, 05/02/2009

▪ Reported in the Yorkshire Post;The Science of Business: Rise in Debt Cases is a Distress Signal“, 27/01/2009

▪ Reported in the Financial Times;Rise in Legal Action on Unpaid Bills“, 02/12/2008

▪ Reported in Yorkshire Post;Insolvencies ‘to rise 20pc’ as Number of Court Cases Over Unpaid Bills Soars“, 16/06/2008

 Daily Telegraph; Small Companies Face Cash Squeeze“, 28/03/2008

Financial Times; Forecast of Rise in Company Insolvency Cases“, 02/01/2008

▪ Reported in the Guardian; “Job Losses”, 19th January 20;


“The Determinants of Trade Credit Demand: Survey Evidence and Empirical Analysis” (with Paul, S.), Journal of Accounting, Business and Management, Vol.14, pp.96-116, 2007

“Trade Credit Supply: An Empirical Investigation of Company Level Data”, (with Paul, S.),Journal of Accounting, Business and Management, Vol.13, 2006

“Value Gains on Flotation and IPO Underpricing”, (with Hill, P.), Journal of Business Finance and Accounting , Vol.33, Issue 9-10, pp.1435-1459, 2006

“Participation and Productivity: A Stochastic Frontier Approach”, (with Robinson, A.), Economic and Industrial Democracy, Vol.27, No.4, pp.609-636, 2006

46. Employee Financial Participation and Productivity: An Empirical Reappraisal. (With A Robinson) British Journal of Industrial Relations, 44(1), 31-50. doi:1111/j.1467-8543.2006.00486.x

“The Separation of Ownership from Control and the Modelling of Directors Pay Decisions in UK SMEs: an empirical analysis”, (with Watson, R.), Small Business Economics, Vol.24, pp.465-476, 2005

“Disequilibrium in the UK Corporate Loan Market”, (with Atanasova, C.V.) Journal of Banking and Finance, Vol.28, Issue 3, pp.595-614, 2004

       “Borrowing Constraints and the Demand for Trade Credit: Evidence from Panel Data”, (with Atanasova,     C.V.), Managerial and Decision Economics, Vol.24, Issue 6-7, 2003

“An Examination of the Factors Associated with Bank Switching in the UK Small Firm Sector”, (with Howorth, C. and

Peel, M. J.), Small Business Economics, Vol.20, No.4, pp.305-317, 2003

“Trade Credit and Customer Relationships”, (with Summers, B.),

Managerial and Decision Economics, Vol.24, Issue 6-7, 2003

“Small Firm Finance: An Empirical Investigation of the Pecking Order Hypothesis”, (with Watson, R.), 
        Journal of Business Finance and Accounting, Vol.29, 2002

“Trade Credit Terms Offered by Small Firms: An Empirical Investigation” (with Summers, B.),

Journal of Business Finance and Accounting, Vol.29, No.4, 2002

“An Empirical Investigation of Trade Credit Demand”, (with Summers, B.),

 International Journal of the Economics of Business, Vol.9, No.2, pp.257-270, 2002

38. Corporate Failure Rates and the Impact of the 1986 Insolvency Act: An Econometric Analaysis. (Wilson, N., & Liu, J. 2002). Managerial Finance, 28(6), 61-71.

37. Do Organisational Routines in Manufacturing Inform Contracting Choices Distribution. (Wilson, N., & Zhang, H. 2002). Management Decision, 40(1/2), 50-57.

Specific Human Capital and Partial Employee Ownership: A Transaction Cost Analysis. (Robinson, A. M., Wilson, N., & Zhang, H) Advances in the Economic Analysis of Participatory and Labor-Managed Firms, 7, 211-226.

35. An Empirical Investigation of Trade Credit Demand. (Summers, B. A., & Wilson, N. 2001). International Journal of the Economics of Business, 9(2), 257-270.

“Trade Credit Management and the Decision to Use Factoring”, (with Summers, B.), 
        Journal of Business Finance and Accounting, Vol.27, No.1, 2000

“Late Payment and Credit Management in the Small Firm Sector: Some Empirical Evidence”, (with Peel, M. J. and Howorth, C.), International Journal of Small Business, Vol.18, No.2, 2000

“Predicting Corporate Failure and Payment Behaviour” (with Summers, B. and Hope, R. S.),International Journal of the Economics of Business, Vol.7, No.3, pp.333-346, 2000

“Late Payment and the Small Firm: An Examination of Case Studies”, (with Howorth, C.), 
Journal of Small Business and Enterprise Development, Vol.5, No.4, 1999

“Trade Credit: A Strategic Tool?”, The Journal of Risk Finance, Vol.7, No.3, 1999

“Using Neural Networks for Credit Risk Management”, (with Summers, B.), 
         Journal of Credit Management, Issue 1, pp.4-10, 1998

“The Longer Term Effects of Management-Led Buy-Outs” (with Wright, M. andHuman, K.) Journal of Entrepreneurial and Small Business Finance, , Vol.5, No:1, pp213-223, 1998

“Small Business Start-ups: Success Factors and Support Implications” (with Watson, K. and Hogarth-Scott, S.) International Journal of Entrepreneurial Behaviour and Research, Vol.4, No.3, pp217-238, 1998

“The Perception and Effects of ‘Ownership’ in Employee Buy-Outs: Some Empirical Evidence” (with Pendleton, A. and Wright, M.), British Journal of Industrial Relations, Vol.36, No.1, p99-123, 1998

“Profit-Sharing in OECD Countries: A Review and Some Evidence” (with Estrin, S., Perotin, V. and Robinson, A.), 
 Business Strategy Review, Vol.8, Issue 4, pp.27-32, 1997

“Working Capital and Capital Budgeting Practices in the Small Firm Sector” (with Peel, M. J.) International Small Business Journal, Vol.14, No.2, Issue 54, pp.52-68, 1996

“Employee Participation and Corporate Governance in Employee-Owned Firms”, (with Pendleton, A. et al), 
         Work, Employment and Society , Vol.10, No.2, pp.205-226, 1996

“Do Small Businesses Have to Practice Marketing to Survive and Grow?”, (with Hogarth-Scott, S. and Watson, K.),Marketing Intelligence and Planning, Vol.14, No.1, pp.5-17, 1996

“An Analysis of Management Buy-out Failures” (with Wright, M., Robbie, K. and Ennew, C.), 
        Managerial and Decision Economics, Vol.17, pp.57-70, 1996

“Neural Network Simulation and the Prediction of Corporate Outcomes: Some Empirical Findings”, (with Chong, K. S. and Peel, M. J.), International Journal of the Economics of Business, Vol.2, No.1, pp.31-50, 1995

“The Impact of ESOPs on Employee Participation and Industrial Democracy”, (with Pendleton, A., Robinson, A. and McDonald, J.), Human Resource Management Journal, Vol.5, No.4, pp.44-46, 1995

“Does Employee Ownership Weaken Trade Unions? Recent Evidence from the UK Bus Industry”, (with Pendleton, A., Robinson, A. and McDonald, J.), Economic and Industrial Democracy, Vol.16, pp.577-605, 1995

“Forecasting International Tourism Flows Using Quarterly Data”, (With Witt, C. and Witt, S.), Annals of Tourism Research, Vol.21, No.3, 1994

“Restructuring and Failure in Buy-outs and Buy-ins”, (with Wright, M. and Robbie, K.), Business Strategy Review, Issue 2, Vol.5, pp.21-40, 1994

“Advertising, Barriers to Entry and Competition Policy”, (with Pass, C. and Sturgess, B.), Journal of Product and 
  Brand Management, Vol.3, No.3, 1994

“Emerging Forms of Organisation and Ownership in Europe”, (with Mirza, H.), International Business Review, Vol.2, No.3, pp.221-222, 1993

“Comparative Performance of Cooperative and Private Companies: An Empirical Investigation”, (with Robinson, A.),International Business Review, Vol.2, No.3, pp.281-296, 1993

“The Impact on Absenteeism and Quits of Profit-Sharing and Other Forms of Employee Participation”, (with Peel, M. J.), 
 Industrial and Labor Relations Review, Vol.44, No.3, (18 pages), 1991

“Unionisation, Wages and Productivity: Some UK Evidence”, (with Cable, J. R.), Applied Economics, Vol.23, pp.219-227, 1991

“The Impact of Profit-Sharing, Voice and Participation on Labour Absenteeism” (with  Peel, M. J.), International Journal 
of Manpower, Vol.11, No.7, pp.17-25, 1990

“Profit-Sharing and Productivity: Some Further Evidence”, (with Cable, J. R.), 
       Economic Journal, vol.100, No.399, pp.550-63, 1990

“Quit Rates, the Impact of Participation Profit-Sharing and Unionisation: Empirical Evidence from UK Engineering Firms”

(with Cable, J. R. and Peel, M. J.), British Journal of Industrial Relations, vol.28, No.2, pp.197-213, 1990

“Profit-Sharing and Productivity: An Analysis of UK Engineering Firms”, (with Cable, J. R.), 
       Economic Journal, vol.99, No.396, pp.366-76, 1989

“Some Evidence on Discriminating between Failing and Distressed Acquired Firms in the UK Corporate Sector”, (With Peel, M. J.),

Managerial and Decision Economics, Vol.10, No.3, pp.209-221, 1989

“Modelling the Effects of Advertising: Some Methodological Issues” (with Hooley, G. J.), 
       Journal of the Market Research Society, Vol.30, No.1, pp.45-58, 1988

“Modelling the Effects of Advertising: Further Methodological Issues”, (with Hooley, G.J.) 
       Journal of the Market Research Society, Vol.30, No.2, 1988

“Advertising Expenditure and Aggregate Consumption in Britain and West Germany: An Analysis of Causality”,Managerial and Decision Economics, Vol.5, No.4, pp.290-306, 1984

“Forecasting Advertising Expenditure”, (with Sturgess, B. T.), 
        International Journal of Advertising, Vol.2, pp.301-316, 1983

“Worker Cooperatives and the Promotion of Cooperative Development in Britain”, (with Coyne, J.), 
        Industrial Relations Journal,  pp.30-45, March 1981