Professor Ranadeva Jayasekera
Professor in Accounting, Trinity Business School
Biography
Ranadeva Jayasekera holds a first-class honours BA (Mathematics and Physics) from the University of Colombo and a PhD in Accounting & Finance from the University of Cambridge. He is a professionally qualified accountant with the Chartered Institute of Management Accountants (CIMA) and has served at a senor capacity in three (Deloitte, Ernst & Young, PwC) of the Big Four global accounting firms in London, Auckland and Colombo.
He is currently an Associate Professor in Accounting and Finance at the Trinity Business School and an Associate in Finance at the Judge Business School, Cambridge, and is a former faculty member of the University of Southampton (UK). He also serves as a Visiting Professor at Poznan Economics University (Poland) and Linkoping University (Sweden).
He is widely published with over 25 publications in highly ranked international refereed journals on the broader role played by financial markets and economic agents on the creation of information asymmetry that effects positive and negative outcomes to the society. He has been awarded research grants in excess of £150,000 and is currently conducting research with the Asian Development Bank in the areas of Environment, Social and Governance (ESG)/climate change.
Ranadeva has lectured at undergraduate, postgraduate and executive education levels, and has won numerous awards (e.g., British Chevening Scholarship, Cambridge Commonwealth Trust Award, Trinity Research excellence award, Trinity teaching excellence award) for scholarly research and teaching.
He contributes to the curriculum revision process of the Institute of Chartered Accountants of Sri Lanka and is an officer of the British Accounting & Finance Association, Financial Markets and Institutions Special Interest Group.
Publications and Further Research Outputs
Peer-Reviewed Publications
Dissanaike, G., Jayasekera, R. and Meeks, G, Why do unsuccessful companies survive? US airlines, aircraft leasing and GE, 2000-‐2008, Business History Review , 2021
Lindman, S., Tuvhag, T., Jayasekera, R., Uddin, G.S. and Troster, V., Market Impact on financial market integration: Cross-quantilogram analysis of the global impact of the euro, Journal of Empirical Finance, 2019
Ranadeva Jayasekera, Prediction of company failure: Past, present and promising directions for the future, International Review of Financial Analysis, Volume 55, 2018, p196 - 208
Dissanaike, G., Faasse, J. and Jayasekera, R., , What do equity issuances signal? A study of equity issuances in the UK before and during the financial crisis, Journal of International Money and Finance, (49), 2014, p358-385
Stelios Bekiros, Amanda Dahlström, Oskar Ege, Ranadeva Jayasekera ,Gazi Salah Uddin , A Tale Of Two Shocks: The Dynamics Of International Real Estate Markets, International Journal Of Finance & Economics, 2019 Journal Article, International Journal of Finance and Economics, 2019
Ranadeva Jayasekera, The Dance of Illusive Perception, 2021
Ranadeva Jayasekera, The dance of illusive Perception, 2020
Christoffer Wadström, Emanuel Wittberg, Gazi Salah Uddin, Ranadeva Jayasekera, Role Of Renewable Energy On Industrial Output In Canada, Energy Economics, 2019
Choudhry, T., Jayasekera, R. and Kling, G.., "The global financial crisis and the European single market: The end of integration?.", Journal of International Money and Finance , 49, 2014, p191 - 196
Choudhry, Taufiq, and Ranadeva Jayasekera, Comparison of efficiency characteristics between the banking sectors of US and UK during the global financial crisis of 2007-2011, International Review of Financial Analysis, 25 , 2012, p106 - 116
Effectiveness of viral marketing via social networking sites in, editor(s)Papadopoulou, P., Kanellis, P. and Martakos, D. , Social Computing Theory And Practice: Interdisciplinary Approaches, 2011, ppdoi:10.4018/978-1-61692-904-6 , [Papadopoulos, T. and Jayasekera, R. ]
Nnadi, M. and Jayasekasekera, R , Accounting, Pearson publications, 2014
Khoja, Layla, Maxwell Chipulu, and Ranadeva Jayasekera, Analysing corporate insolvency in the Gulf Cooperation Council using logistic regression and multidimensional scaling, Review of Quantitative Finance and Accounting, 2016, p483-518
Choudhry, T. and Jayasekera, R., Level of efficiency in the UK equity market: empirical study of the effects of the global financial crisis, Review of Quantitative Finance and Accounting, 2015, p213-242
Choudhry, T. and Jayasekera, R., Market efficiency during the global financial crisis: Empirical evidence from European banks, Journal of International Money and Finance, 2014, p299-318
Choudhry, T. and Jayasekera, R., Returns and volatility spillover in the European banking industry during global financial crisis: Flight to perceived quality or contagion?., International Review of Financial Analysis, 2014, p36-45
Gillaizeau Marc, Ranadeva Jayasekera, Ahmad Maaitah, Tapas Mishra, Mamata Parhi, and Evgeniia Volokitina, Giver and the receiver: Understanding spillover effects and predictive power in cross-market Bitcoin prices, International Review of Financial Analysis, 2019
Khoja, Layla, Maxwell Chipulu, Ranadeva Jayasekera, Analysis of financial distress cross countries: Using macroeconomic, industrial indicators and accounting data., International Review of Financial Analysis, 2019
Nnadi, M., Surichamorn, V., Jayasekera, R., Belghitar, Y., , Empirical analysis of debt maturity, cash holdings and firm investment in developing economies, International Journal of Finance & Economics, 2020
Andersson, E., Hoque, M., Rahman, L., Uddin, G., Jayasekera, R.,, ESG investment: What do we learn from its interaction with stock, currency and commodity markets?, International Journal of Finance & Economics, 2020
Choudhry, T., Dissanaike, G., Jayasekera, R., Kang, W., Nandi, M., , Loss Sensitive Investors and Positively Biased Analysts in Hong Kong Stock Market., Review of Quantitative Finance and Accounting , 2021
Vithana, K., Jayasekera, R., Choudhry, T., & Baruch, Y. , Human Capital resource as cost or investment: A market-based analysis, The International Journal of Human Resource Management, 2021
Uddin, G. S., Yahya, M., Bekiros, S., Jayasekera, R., & Kling, G. , Systematic risk in the biopharmaceutical sector: a multiscale approach, Annals of Operations Research, 2021
K Baltas, R Jayasekera, GS Uddin, T Papadopoulos, The role of resource orchestration in humanitarian operations: a COVID-19 case in the US healthcare, Annals of Operations Research, 2022
Finance Research Letters, Elsevier, [eds.], 2016
Joshua Aizenman, Gazi Salah Uddin, Tianqi Luo, Ranadeva Jayasekera, Donghyun Park, Effect of Macroprudential Policies on Sovereign Bond Markets: Evidence from the ASEAN-4 Countries, National Bureau of Economic Research, 2022
Gazi Salah Uddin, Ranadeva Jayasekera, Donghyun Park, Tianqi Luo, Shu Tian, Go green or stay black: Bond market dynamics in Asia, International Review of Financial Analysis, 2022
GS Uddin, T Luo, M Yahya, R Jayasekera, ML Rahman, Y Okhrin, Risk network of global energy markets, Energy Economics, 2023
M Yahya, T Luo, GS Uddin, D Park, G Tian, R Jayasekera, Asymmetric Spillovers in ASEAN Bond Markets, Asian Development Bank Economics Working Paper Series, 2023
V Forsström, K Lind, RM Sousa, GS Uddin, R Jayasekera, Making sense of uncertainty: An application to the Scandinavian banking sector, International Journal of Finance & Economics, 2023
Non-Peer-Reviewed Publications
Dissanaike, G., Jayasekera, R. and Meeks, G, (2021), 'GE's grip on airlines' [pdf], UK, University of Cambridge
Ranadeva Jayasekera, efficiency as a source of wealth of nations, Keynote speach, 2015 in Wroclaw Poland, 2015
Ranadeva Jayasekera, Commercial Applications of Ratio Analysis, University of Cambridge, 2020
Ranadeva Jayasekera & Gerhard Kling, Theory of the Firm, University of Cambridge, 2014
Research Expertise
Description
My research, which is aligned with international, national and Trinity strategic priorities, addresses the critical question of the role played by financial markets and economic agents on the creation of information asymmetry that effects positive and negative outcomes to the society. In particular, my recent research that draws together the disciplines of accounting, finance and law and aims to provide an explanation as to why in certain instances unsuccessful companies survive for prolong periods, defying the doctrine of economic natural selection. The paper appeared in the Business History Review, a very well regarded, Harvard edited ABS 4 ranked journal. I was a senior author in this paper. I also published a string of ABS 3 papers on the impact of the global financial Crisis on market efficiency. These papers help to gain an understanding on the price discovery process during volatile periods, highlighting arbitrage oppertunities while outlining policy implications. Especially my work on European single markets and market integration has become very relevant with the advent of Brexit. I have published 18 ABS, 3-star publications, 1 ABS 4 to date, including a sole authored paper. My work has received over 260 citations in respected journals and currently score a value of 11 and 12 in the h-index and the i-10 index respectively . I was recently appointed as an honorary associate in Finance at the Judge Business School, university of Cambridge as an acknowledgement of my contributions to the field. Going forward, extending my ABS 4 paper on the perverse influence of dominant firms, my follow-up work feeds to the recent studies from Harvard University on the 'Age of Surveillance Capitalism'. Another promising area is to apply a model that is based on an academically rigours methodology to measure wealth perception which I (along with my co-authors) developed recently. I am also looking at building on the ABS 3 publications I hold in the clean energy/ESG space, and am looking at developing new financial instruments to enable equitable risk shearing to enable flow of capital to the clean energy sector.Projects
- Title
- Go Green or Stay Black: Bond Market Dynamics in Asia
- Summary
- This project presents a picture of the risk spillover relationship of green & black bonds in Asia. In normal situations and the long-term horizon, green bonds and black bonds have similar impacts with each other, with a slight predominance of black bonds. From the dynamic connectedness results, the sample period is classified into three stages. The first stage is a period with equal role of green and black bonds from Jan 2018 to Feb 2020, which is regarded as a normal situation of the bond market. The second stage is the unbalanced period with a turning point of the Covid-19, with the increased gap of the connectedness exported by green and black bonds. The third stage is the recovery period after Oct 2020, with the role of green and black bonds recovered slowly to the equal status. In addition, the green-to-black connectedness in longer term witnesses faster and stronger recovery, which suggests that the long-term influences of green bonds are relatively stable than the short-term influences. Moreover, the paper tests the effects of the same issuer. Our analysis shows that there are strong connections among bonds in the Philippines that are issued by the same institution. However, the same issuer is not a sufficient condition for a strong connectedness. Furthermore, our analysis in China, reveals that the green policy will firstly cause the change of green bonds price and then spillover the impact to conventional markets. Through the study of the drivers of connectedness dynamics in four directions (green-to-green, black-to-black, green-to-black, black-to-green), we present empirical findings that are crucial for investors and policymakers in risk management, hedging strategy, and green investment acceleration. Value $ 5000
- Funding Agency
- Asian Development Bank
- Date From
- Oct 2021
- Date To
- Dec 2021
- Title
- "Earnings Management and stock performance
- Summary
- Grant for Study of "Earnings Management and stock performance" by the National Science Centre, The value of the grant in excess of 130,000 Euro
- Funding Agency
- The National Science Centre, Poland
- Title
- Pump Priming grant
- Summary
- Grant by the University of Southampton (2011) for the study of NGO accountability Value of grant -£ 3000
- Funding Agency
- University of Southampton
- Title
- Constraints to the SME sector in the UK
- Summary
- Joint recipient of a grant by Santander for research on growth constraints to the SME sector in the UK (2012) - Value of Grant - £ 25000
- Funding Agency
- Santander
- Title
- The study of the effects of new regulations on the banking system in UK and how mathematical models need to be adapted
- Summary
- oint recipient of a grant from the Strategic Interdisciplinary Research Development Fund for The study of the effects of new regulations on the banking system in UK and how mathematical models need to be adapted Value of grant - £ 10000
- Funding Agency
- University of Southampton
- Title
- Financial Innovation in clean energy
- Summary
- Development of financial instruments in the clean energy markets
- Funding Agency
- Asian Development Bank
- Title
- : Enhance AsianBondsOnline as the Primary Bond Information Platform in ASEAN+3
- Funding Agency
- Asian Development Bank
Recognition
Representations
Visiting Professor of Finance - Poznan University of Economics
Jayasekera, L.I.R. (2012), Comparison of Efficiency Characteristics of the European banking sector during the Global Financial Crisis of 2007-2012; 4th International Finance and Banking Society conference, Valencia , Spain
Jayasekera, Ranadeva and Soobaroyen, Teerooven (2012) The interplay between NGO accountability and 'development': A case study. AOS Workshop on Accounting, Non-governmental Organizations and Civil Society, London, GB
Jayasekera, L.I.R. (2012), -"Analysis of the Role of General Electric in the US Airline Industry; A Possible Capital Market Mutation in Response to the Anomalies of Chapter 11?", Multinational Finance Conference, Krakow, Poland
Jayasekera, L.I.R. (2010) "Real options application to liquidity risk management", Deloitte & Touche, London
Jayasekera, L.I.R. (2011) Small can be Vulnerable : Failure Prediction of unlisted firms SIBR conference; Bangkok; Thailand
Jayasekera, L.I.R. (2012), "Financial Flexibility and the Theory of Capital Structure", World Finance Conference, Rio de Janeiro,Brazil
Delivered an executive education customised training course for Kuwait Investment Authority
University of Aberdeen (Postgraduate, 2021 to date), SOAS University of London (Postgraduate, 2021 to date) University of Greenwich (undergraduate, masters International and MBA programmes). University of Mauritius (from 2106)
Awards and Honours
Teaching Excellence Award
Research Scholarship-University of Cambridge
Keynote speaker - "efficiency as a source of wealth of nations" Conference 2015 in Wroclaw Poland.
Finalist - Finance Student of the Year Award -Institute of Financial Accountants (IFA), UK
British Chevening Shell Centenary Scholarship
Ceylon Chemical Industries Gold Medal Award-University of Colombo
BSc (Hons) Mathematics and Physics (First Class)
Memberships
Associate Member of the Chartered Institute of Management Accountants (ACMA)
Associate Member of the Chartered Global Management Accountant (AICPA)