Staff Profile

Professor Duxbury is an international expert in the areas of experimental and behavioral finance.  He publishes in world-leading, internationally excellent, academic journals, including Management Science, Organizational Behavior and Human Decision Processes, British Journal of Management, and Journal of Banking and Finance, along with Journal of Empirical Finance, European Journal of Finance, Journal of International Financial Markets Institutions and Money, International Review of Financial Analysis, Review of Quantitative Finance and Accounting, Journal of Economic Behavior and Organization, Economics Letters, Accounting and Business Research and British Accounting Review.  His interdisciplinary work is published in international journals across disciplines, including Journal of Economic Psychology, Legal Studies and Sustainability.  He is the author of two invited review papers in the Review of Behavioral Finance, a research monograph on repeated financial decision making and presents regularly at international conferences.

Professor Duxbury's research is recognised internationally (he was awarded a Citation of Excellence by Emerald Management Reviews for one of the top 50 papers worldwide in 2008) and has informed research by the Federal Reserve Bank of New York and Whitehouse discussions.  He is named in the House of Lords inquiry into the use of behaviour change interventions as a means of achieving government policy goals (Behaviour Change, Evidence Session No. 3, 16-11-2010) in the context of behaviour change expertise in the UK.

Professor Duxbury's expertise has been sought by the Department for Work and Pensions (DWP) in relation to personal accounts and auto-enrolment and by the Personal Accounts Delivery Authority (PADA) and the National Employment Savings Trust (NEST) in relation to attitudes to loss in pensions.  He provided academic insight to Aviva's "Save Smarter" campaign, see also:

• Spectator - Invisible spending
• News release - Pain of paying
• News release - Heads in the saving sands

Funded work for the Money Advice Service lead to the publication of a report in September 2017 - Financial Rules of Thumb: A Review of the Evidence and Its Implications - available on the MAS website here.  Prior to publication the report informed a March 2017 Financial Advice Working Group report prepared for HM Treasury and the Financial Conduct Authority - Rules of Thumb and Nudges: Improving the financial well-being of UK consumers - available on the FCA website here.  For easy insight and an overview of the evidence see the news story here. 

In an academic-industry research collaboration funded by the National Westminster Bank (NatWest), Professor Duxbury is investigating the behavioral drivers of UK individuals' intentions to use cash. The research has far-reaching implications for the cash processing industry in particular, and the banking sector more generally, along with wide-ranging policy implications associated with the world-wide trend towards cashless societies.  The behavioral insights support the view that cash plays an important budgetary role for many in society, including, but not limited to, those consumers with low levels of financial literacy.  The importance of trait habitual behavior in consumer payment method intention suggests some sections of society will likely resist payment method innovation, though evidence in relation to exogenous shocks supports the view that payment intention habits are susceptible to change.

Professor Duxbury is a Co-I in the UKRI GCRF Living Deltas Hub, an international, interdisciplinary research project working with delta-dwellers and policy makers to develop solutions that can help better realise the UN Sustainable Development Goals (SDGs) in delta-specific contexts.  He applies his behavioural expertise to better understand financial and economic behaviour in the context of deltas. 

Professor Duxbury is an invited member of the Behavioural Finance Working Group and a member of the editorial board of the Review of Behavioral Finance.  He has a long standing affiliation with the Centre for Decision Research, University of Leeds, where was Visiting Professor (2013-2019).  He founded the Behavioural Research in Finance (BRiF) group at Newcastle, now a theme in the wider Accounting & Finance Research Community here, for which he is Research Community Lead.

Bibliographic links

Google Scholar: https://scholar.google.co.uk/citations?user=3InoDA0AAAAJ&hl=en&oi=ao

ResearchGate: https://www.researchgate.net/profile/Darren_Duxbury

ORCID ID: http://orcid.org/0000-0002-7285-8474

Scopus Author ID: 55916769900

Research interests:

My research is concerned with the study of financial behaviour, from both an empirical and experimental perspective, encompassing individual, household and corporate behaviours over a broad range of financial decisions, including investing, saving, debt, pensions and strategic investment decisions.  I aim to provide a deeper understanding of why individuals make the financial decisions they do.

My research expertise is in the complementary areas of experimental and behavioural finance, to which I apply insights from the decision research and psychology literatures. 

 Areas of application and recent projects include:

• How reference points impact on individual and corporate decisions.
• How cultural differences impact on individual and corporate decisions.
• How emotions impact on economic and financial decisions.
• How prior outcomes impact on economic and financial decisions, including investor trading behavior, stock selection and portfolio composition, and escalation of commitment (sunk cost effect).
• Financial asset allocation decisions, including retirement saving and annuity decisions.
• Mental accounting effects in individual decision-making.
• Perceptions of financial risk and volatility.
• Perceptions and expectations of price changes.
• Strategic investment decisions.
• Experimental financial markets.

 PhD supervision:

If you are interested in research in the areas of experimental and behavioral accounting/ economics/ finance, either in relation to the specific research topics above or more broadly, and you meet the PhD entry criteria of Newcastle University Business School, please email me your CV and research proposal.

 Professional activities:

• Associate Editor for:  Review of Behavioral Finance
• Member of Editorial Board for:  International Journal of Behavioural Accounting and Finance
• Member of Organising Committee for: 2017 Behavioural Finance Working Group Conference, Queen Mary University London, England, 12-13 June, 2017
• Member of Organising Committee for:  International Association for Research in Economic Psychology/The Society for the Advancement of Behavioral Economics – Workshop on Economic Psychology: New Methods and Findings, University of Bolton, England, 25-26 March, 2010
• Invited member of:  Behavioural Finance Working Group
• Reviewer for:  American Economic Review, Econometrica, Review of Economic Studies, Economic Journal, Journal of Economic Behavior and Organization, Journal of Economic Psychology, Managerial and Decision Economics,Scandinavian Journal of Economics, Decision Analysis, Review of Behavioral Finance, International Journal of Behavioural Accounting and Finance, Accounting and Business Research, British Accounting Review, Journal of Pension Economics and Finance, Journal of Financial Counseling and Planning, Journal of Behavioral and Experimental Economics, and International Journal of Forecasting.
• Project rapporteur and a grant proposal referee for the ESRC
• Grant proposal reviewer for Social Sciences and Humanities Research Council of Canada (SSHRC)
• Research proposal reviewer for Athens University of Economics and Business

Awards and academic recognition:

• 2008 Journal of Economic Psychology paper awarded a Citation of Excellence award as one of the top 50 papers of 2008 (from 15,000 reviewed) by Emerald Management Reviews
• 2007 Finance Letters paper listed on SSRN's Top Ten download list 2008-2012
• 2005 Journal of Economic Psychology paper listed in the Top25 Hottest Articles on ScienceDirect.com for the journal. 

Keywords:

• Behavioral finance (behavioural finance)
• Experimental finance
• Behavioural Research in Finance (BRiF)
• Investor behavior (investor behaviour)
• Prior outcomes; sunk costs; escalation of commitment
• Emotions
• Reference points

Professor Duxbury has over 25 years teaching experience across the accounting and finance disciplines. He delivers ACC3003 Issues in Behavioural Finance, an exemplar of research-led teaching, in which he brings his research expertise to the fore.

• Wang W, Su C, Duxbury D. The conditional impact of investor sentiment in global stock markets: A two-channel examination. Journal of Banking and Finance 2022, 138, 106458.
• Aldohni AK, Duxbury D. Regulating High-Cost Short-Term Credit in the UK: Is there Scope for ‘Libertarian Paternalism’ Based Regulatory Provisions?. Legal Studies 2022, 42(2), 246-270.
• Wang W, Duxbury D. Institutional Investor Sentiment and the Mean-Variance Relationship: Global Evidence. Journal of Economic Behavior and Organization 2021, 191, 415-441.
• Wang W, Su C, Duxbury D. Investor Sentiment and Stock Returns: Global Evidence. Journal of Empirical Finance 2021, 63, 365-391.
• Boumda B, Duxbury D, Ortiz C, Vicente L. Do socially responsible investment funds sell losses and ride gains? The disposition effect in SRI funds. Sustainability 2021, 13(15), 8142.
• Riley C, Summers B, Duxbury D. Capital Gains Overhang with a Dynamic Reference Point. Management Science 2020, 66(10), 4726-4745.
• Kashefi-Pour E, Amini S, Uddin M, Duxbury D. Does Cultural Difference Affect Investment Cash flow Sensitivity? Evidence from OECD Countries. British Journal of Management 2020, 31(3), 636-658.
• Duxbury D, Gärling T, Gamble A, Klass V. How Emotions Influence Behavior in Financial Markets: A Conceptual Analysis and Emotion-based Account of Buy-Sell Preferences. The European Journal of Finance 2020, 26(14), 1417-1438.
• Ranyard R, McNair S, Nicolini G, Duxbury D. An Item Response Theory Approach to Constructing and Evaluating Brief and In-depth Financial Literacy Scales. Journal of Consumer Affairs 2020, 54(3), 1121-1156.
• Duxbury D, Verousis T. Cash vs Non-Cash Payment Methods: Attitudes and Intentions. Newcastle University/Essex University, 2019.
• Duxbury D, Summers B. On perceptions of financial volatility in price sequences. The European Journal of Finance 2018, 24(7-8), 521-543.
• Duxbury D, Yao S. Are Investors Consistent in their Trading Strategies? An Examination of Individual Investor-Level Data. International Review of Financial Analysis 2017, 52, 77-87.
• Whittle R, Duxbury D, Werner K, Simister J. Financial Rules of Thumb: A Review of the Evidence and Its Implications. Money Advice Service, 2017.
• Duxbury D. Behavioral finance: insights from experiments II: biases, moods and emotions. Review of Behavioral Finance 2015, 7(2), 151-175.
• Duxbury D. Behavioral finance: insights from experiments I: theory and financial markets. Review of Behavioral Finance 2015, 7(1), 78-96.
• Duxbury D, Hudson R, Keasey K, Yang Z, Yao S. Do the disposition and house money effects coexist? A reconciliation of two behavioral biases using individual investor-level data. Journal of International Financial Markets, Institutions and Money 2015, 34, 55-68.
• Duxbury D, Hudson R, Keasey K, Yang Z, Yao S. How prior realized outcomes affect portfolio decisions. Review of Quantitative Finance and Accounting 2013, 41(4), 611-629.
• Duxbury D, Summers B, Hudson R, Keasey K. How people evaluate defined contribution, annuity-based pension arrangements: A behavioral exploration. Journal of Economic Psychology 2013, 34, 256-269.
• Summers B, Duxbury D. Decision-dependent emotions and behavioral anomalies. Organizational Behavior and Human Decision Processes 2012, 118(2), 226-238.
• Duxbury D. Sunk costs and sunk benefits: A re-examination of re-investment decisions. British Accounting Review 2012, 44(3), 144-156.
• Ranyard R, Bonini N, Del Missier F, Duxbury D, Summers B. Perceptions and Expectations of Price Changes and Inflation: A Review and Conceptual Framework. Journal of Economic Psychology 2008, 29(4), 378-400.
• Cai C, Duxbury D, Keasey K. A New Test of Signaling Theory. Finance Letters 2007, 5(2), 1-5.
• Duxbury D, Moizer P, WanMohamed W. The Effects of the PricewaterhouseCoopers Merger on the UK Market for Audit Services. Managerial Auditing Journal 2007, 22(2), 121-138.
• 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.
• Duxbury D, Hudson R, Keasey K, Summers B. Should Actions Speak Louder Than Words? Individuals' Attitudes and Behavior in Asset Allocation Choice. Economics Letters 2005, 89(1), 107-111.
• Duxbury D, Keasey K, Zhang H, Chow S. Mental accounting and decision making: Evidence under reverse conditions where money is spent for time saved. Journal of Economic Psychology 2005, 26(4), 567-580.
• Duxbury D. Experimental Evidence on Trading Behaviour, Market Efficiency and Price Formation in Double Auctions with Unknown Trading Duration. Managerial and Decision Economics 2005, 26(8), 475-497.
• 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.
• Ironfield-Smith C, Duxbury D, Keasey K, Summers B. Informed Choice for Pensions – Overcoming the Data Integration Challenge. Journal of Financial Regulation and Compliance 2005, 13(3), 260-267.
• Duxbury D, Summers B. Financial Risk Perception: Are individuals variance averse or loss averse?. Economics Letters 2004, 84(1), 21-28.
• Short H, Keasey K, Duxbury D. Capital Structure, Management Ownership and Large External Shareholders: A UK Analysis. International Journal of the Economics of Business 2002, 9(3), 373-396.
• Duxbury D. The Effect of Trading Period Duration on Market Performance in Experimental Financial Markets. In: Andersson, F. and Holm, H, ed. Experimental Economics: Financial Markets, Auctions, and Decision Making. Interviews and Contributions from the 20th Arne Ryde Symposium. Kluwer Academic Publishers, 2002, pp.127-157.
• Keasey K, Moon P, Duxbury D. Performance Measurement and the Use of League Tables: Some experimental evidence of dysfunctional consequences. Accounting and Business Research 2000, 30(4), 275-286.
• Moon P, Keasey K, Duxbury D. Mental Accounting and Decision Making: The relationship between relative and absolute savings. Journal of Economic Behavior and Organization 1999, 38, 145-153.
• Duxbury D, Keasey K. Repeated Financial Decisions: An Experimental Analysis. John Wiley and Sons, 1999.
• Duxbury D. A Pilot Exploration of Random Period Duration in Experimental Financial Markets: A treatment variable?. Managerial and Decision Economics 1997, 18, 309-327.
• Duxbury D. Experimental Asset Markets within Finance. Journal of Economic Surveys 1995, 9(4), 331-371.