Newcastle University

Research Interests

Robert Hudson is the author of a book on stock market investment, over forty refereed articles in leading international journals and a range of other publications and has presented at many universities and international conferences. He has also directed and chaired an international actuarial conference and is a Fellow of the Institute of Actuaries and a Chartered Mathematician. 

He has extensive business experience in financial services. Before entering the academic world he provided actuarial consulting services to a large number of companies of all sizes and has subsequently directed research projects for a number of ‘Blue Chip’ commercial sponsors.

His main research interests are financial markets, the financial services industry, particularly pensions and insurance, and the financial behaviour of individuals.

Current Work

Financial Markets
• Behavioural and Economic Rationales for Technical Analysis
• Stock Market Microstructure

Financial Services Industry
• Corporate Pension and Employee Benefit Provision
• Mortality hedging
• Annuity purchase

Financial Behaviour of Individuals
• Behavioural bias amongst customers purchasing retail financial services products including banking products and credit insurance.
• Behavioural bias amongst stock market investors.

Esteem Indicators

• External examiner (2005- ) Manchester University Business School, BSc (Hons) Financial Services/Associateship of Institute of Financial Services.

• External examiner (2008- ), University of Kent, FdSc in Financial Markets and Management.

• External examiner (2009- ), Cass Business School, City University, MSc Actuarial Science.

• External examiner (2009- ), Glasgow Caledonian University, BSc (Hons) Finance, Investment and Risk.

• External examiner (2011- ), Keele University, BSc (Hons) Actuarial Science.

• Examiner (2006-2009), Institute of Actuaries, professional exam in Financial Economics (CT8).

• External PhD examiner, School of Management and Business, Aberystwyth University, University of Wales.

• External PhD examiner, Department of Economics and Finance, Brunel University.

• External PhD examiner, Nottingham University Business School.

• External PhD examiner, Manchester Business School.

• Assistant Editor of the British Actuarial Journal.

• Editorial Board Member for the Journal of Financial Regulation and Compliance.

• Editorial Board Member for the International Journal of Behavioural Accounting and Finance.

Referee for:

The British Academy
ESRC (small and large grants)
Journal of Banking and Finance
British Management Journal
Journal of Business Finance and Accounting
Journal of the Royal Statistical Society
Critical Perspectives in Accounting
British Accounting Review
Journal of International Financial Markets, Institutions and Money
Journal of Multinational Financial Management
European Journal of Finance
Service Industries Journal
International Small Business Journal
Review of Financial Economics
Accounting and Finance
Annals of Finance
Bulletin of Economic Research
Economic Modelling
Financial History Review
Critical Perspectives on International Business
Journal of Financial Regulation and Compliance
Journal of Economic Integration
International Journal of Behavioural Accounting and Finance
African Journal of Finance 

My paper with Kevin Keasey “Finance Theory: A house without windows", published in Critical Perspectives on Accounting volume 18 issue 8, was selected by Emerald Management Reviews as one of the 50 best articles published in 2007 in management (out of 15,000 articles in 400 journals) and won an Emerald Management Reviews Citation of Excellence.

My paper with John Ashton "Pricing Credit Insurance: Are Customers Exploited in the Payment Protection Insurance Market?" won a prize for best paper in the 2009 Global Finance Association Conference.

I have acted as guest editor for a special issue of the Journal of Financial Regulation on Compliance on the financial crisis.(Volume 17, Issue 4, November 2009).

My paper with Sara Maioli "A response to Reflections on a Global Financial Crisis", published in Critical Perspectivers on International Business recieved a Emerald Literati Network 2011 Award for Excellence.

Keywords

Financial Services, Actuarial work, Pensions,Insurance. Banking, Retail Finance, Behavioural Finance, Empirical Finance, Market Microstructure.

Postgraduate Teaching

MSc Financial Derivatives
MSc Financial Theory and Corporate Policy
MSc Risk and Insurance

• Ashton JK, Hudson R. Interest rate clustering in UK financial services markets. Journal of Banking and Finance 2008, 32(7), 1393-1403.
• Keasey K, Hudson R. Finance Theory: A House Without Windows. Critical Perspectives on Accounting 2007, 18(8), 932-951.
• Chong R, Hudson R, Keasey K, Littler K. Pre-Holiday Effects: International Evidence on the Decline and Reversal of a Stock Market Anomaly. Journal of International Money and Finance 2007, 24(8), 1226-1236.
• Atanasova CV, Hudson RS. Technical trading rules and calendar anomalies: Are they the same phenomena?. Economics Letters 2010, 106(2), 128-130.
• Amini S, Hudson R, Keasey K. Stock return predictability despite low autocorrelation. Economics Letters 2010, 108(1), 101-103.
• Cai C, Hillier D, Hudson R, Keasey K. Trading Frictions and Market Structure: An Empirical Analysis. Journal of Business Finance & Accounting 2008, 35(3), 563-579.
• Hudson R, Maioli S. A Response to “Reflections on a Global financial Crisis”. Critical Perspectives on International Business 2010, 6(1), 53-71.
• Ashton JK, Gerrard B, Hudson R. Do national soccer results really impact on the stock market?. Applied Economics 2011, 43(26), 3709-3717.
• Amini S, Keasey K, Hudson R. The equity funding of smaller growing companies and regional stock exchanges. International Small Business Journal 2010,OnlineFirst .
• Phua V, Chan H, Faff R, Hudson R. The Influence of Time, Seasonality and Market State on Momentum: Insights from the Australian Stock Market. Applied Financial Economics 2010,20 20 1547-1563.
• Hudson RS, Atanasova CV. Equity Returns at the Turn of the Month: Further Confirmation and Insights. Financial Analysts Journal 2009, 65(4), 14-16.
• Robinson A, Hudson R. From Fringe to Mainstream? A portrait of Employee Benefit Provision in Britain. In: Vartiainen, M., Antoni, C.H., Baeten, X., Hakonen, N., Lucas, R., Thierry, H, ed. Reward Management: Facts and Trends in Europe. Lenerich: Pabst Science Publishers, 2008, pp.211-229.
• Hudson R. Has Regulation killed off the Defined Benefit Scheme as a Cost Effective tool for Human Resource Management?. Journal of Financial Regulation and Compliance 2008, 16(3), 220-229.
• Shiwakoti RK, Keasey K, Hudson R. The Comparative Performance of UK Mutual Building Societies and Stock Retail Banks: Further Evidence. Accounting & Finance 2008, 48(2), 319-336.
• Hudson R. Longevity Risk: A New Global Market. Journal of Risk Management in Financial Institutions 2007, 1(1), 74 - 89.
• Hudson R. Mortality Prediction and Unisex Annuity Rates. Journal of Financial Regulation and Compliance 2007, 15(2), 166-179.
• Summers B, Duxbury D, Hudson R, Keasey K. As time goes by: An investigation of how asset allocation varies with investor age. Economics Letters 2006, 91(2), 210-214.
• Hagendorff J, Hudson R, Keasey K. Electronic Trading Platforms and the Cost-effective Distribution of Open Market Option (OMO) Pension Annuities. International Journal of Information Management 2006,26 3 187-195.
• Hudson R. The Mortality Risk of Pensions – Methods of Control and Policy Implications. Journal of Financial Regulation and Compliance 2006,14 4 363-374.
• Shiwakoti RK, Hudson R, Short H. A study of the initial returns and the aftermarket performance of inital public offerings of demutualized building societies in the UK. Applied Economic Letters 2005, 12(7), 403-409.
• Ironfield-Smith C, Duxbury D, Hudson R, Keasey K, Summers B. Consumer Debt in the UK: Attitudes and Implications. Journal of Financial Regulation and Compliance 2005,13 2 132-141.
• Duxbury D, Hudson R, Keasey KB, Summers B. Should Actions Speak Louder Than Words? Individuals’ Attitudes and Behavior in Asset Allocation Choice. Economics Letters 2005,89 1 107-111.
• Bokhari J, Cai C, Hudson R, Keasey K. The predictive ability and profitability of technical trading rules: does company size matter?. Economics Letters 2005, 86(1), 21-27.
• Summers B, Hudson R, Griffiths E. Back to the Future: An Empirical Investigation into the Validity of Stock Index Models Over Time. Applied Financial Economics 2004,14 3 209-214.
• Cai C, Hudson R, Keasey K. Intra Day Bid-Ask Spreads, Trading Volume and Volatility. In:The UK Stock Market Almanac 2005 . Petersfield: Harriman House Publishing, 2004.
• Cai C, Hudson R, Keasey K. Intra Day Bid-Ask Spreads, Trading Volume and Volatility: Recent Empirical Evidence from the London Stock Exchange. Journal of Business Finance and Accounting 2004, 31(5-6), 647-767.
• Hudson R, Littler K. The Impact of Depolarisation on E-Commerce Development in the Distribution of Regulated Financial Products. International Journal of Information Management 2004,24 4 283-293.
• Hayes J, Allinson CW, Hudson R, Keasey K. Further Reflections on the Nature of Intuition – Analysis and the Construct Validity of the Cognitive Style Index. Journal of Occupational and Organizational Psychology 2003, 76(2), 269-278.
• Ashton J, Gerrard B, Hudson R. The Economic Impact of National Sporting Success: Evidence from the London Stock Exchange. Applied Economics Letters 2003, 10(12), 783-785.
• Littler K, Hudson R. The Impact of Regulatory Change on Retail Product Distribution. Journal of Financial Regulation and Compliance 2003, 11(1), 71-80.
• Cai C, Hudson R, Keasey K. Trading Frequency and the Compass Rose. Applied Economic Letters 2003, 10(8), 511-517.
• Keasey K, Hudson R. Non-Executive Directors and the Higgs Consultation Paper – ‘Review of the Role and Effectiveness of Non-Executive Directors'. Journal of Financial Regulation and Compliance 2002, 10(4), 361-371.
• Hudson R, Keasey K, Littler K. Why Investors should be Cautious of the Academic Approach to Testing for Stock Market Anomalies. Applied Financial Economics 2002, 12(9), 681-686.
• Hudson R., Keasey K., Littler K. The Risk and Return of UK Equities following Price Innovations: a case of market inefficiency?. Applied Financial Economics 2001, 11, 187-196.
• Aisthorpe P, Hudson R, Keasey K, Littler K. A New Approach to Linking Strategy Formulation and Strategy Implementation: An Example from the UK Banking Sector. International Journal of Information Management 2000, 20(6), 411-428.
• Hudson R, Keasey K, Littler K. Share Dealing on the Web: A Comprehensive Review of Design Specifications Across the Globe. International Journal of Information Management 2000, 20(1), 3-16.
• Wang E, Hudson R, Keasey K. Tick Size and the Compass Rose: Further Insights. Economics Letters 2000, 68(2), 119-125.
• Hudson R., Dempsey M.,, Keasey K., Littler K. Time Diversification: An Essay in the Need to Revisit Finance Theory!. Critical Perspectives in Accounting 1999, 10(4), 501-519.
• Hudson R., Dempsey M., Keasey K. Share Prices Under Tory and Labour Governments in the UK Post 1945. Applied Financial Economics 1998, 8, 389-400.
• Keasey K., Hudson R., Littler K. The Intelligent Guide to Stock Market Investment. John Wiley, 1998.
• Hudson R., Keasey K', Littler K. Retail Financial Services Regulation Since The Financial Services Act 1986. The Review of Policy Issues 1997, 3(2), 23-35.
• Hudson R., Keasey K., Littler K. The Manifest Failure of the Financial Services Act : A Reply to Hinchliffe. The Review of Policy Issues 1997, 3(2), 49-53.
• Dempsey M., Hudson R., Keasey K., Littler K. On the Risk of Stocks in the Long Run: A Resolution to the Debate?. Financial Analysts Journal 1996, 52(5), 57-62.
• Hudson R., Keasey K., Littler K. The Future of Compliance in Retail Financial Services. Journal of Financial Regulation and Compliance 1996, 4(3), 215-226.
• Hudson R., Dempsey M., Keasey K. A note on the weak form efficiency of capital markets: The application of simple technical trading rules to UK stock prices - 1935 to 1994. Journal of Banking & Finance 1995, 20, 1121-1132.