Gishan Dissanaike

Adam Smith Professor of Corporate Governance
Director of the MPhil in Finance Programme
Director of Studies in Management Studies at Trinity College
Fellow of Hughes Hall

BA (University of Peradeniya, Sri Lanka), MPhil, PhD (University of Cambridge)

Research interests

Stock markets and their role in corporate governance; the efficiency of stock markets; contrarian portfolio strategies; behavioural finance.

Corporate finance and governance: management turnover, capital structure, and emerging markets finance.

Subject group: Finance

Professional experience

Professor Dissanaike is a financial economist and holds the Adam Smith Professorship of Corporate Governance at the University. Prior to being promoted to a Chair, Gishan was a University Lecturer, Senior Lecturer, and then Reader at the University. He has previously held an ESRC Research Fellowship and an Academic Fellowship of the Institute of Chartered Accountants of England & Wales. Professor Dissanaike has also held a visiting faculty appointment at Cornell University.

Gishan has been consulted by a number of international corporations, investment banks, and regulatory agencies. He previously worked for Banque Indosuez (now Crédit Agrigole Indosuez).

Gishan was the co-chair of the 2009 European Financial Management Association Symposium on Corporate Governance and Control. He is on the editorial boards of several journals, and a member of the Cambridge Corporate Governance Network (CCGN).

Awards & honours

• Finalist of the European Corporate Governance Institute Clinical Papers Competition, co-sponsored by the Journal of Financial Economics (JFE) and Swedish Center for Business and Policy Studies (SNS), 2004
• Pilkington Prize for Excellence in Teaching, University of Cambridge, 2002
• Iddo Sarnat Prize, awarded by the Journal of Banking and Finance and the European Finance Association, 1995
• Research Studentship for Economics, Trinity College, Cambridge, 1989-1992
• Overseas Research Studentship (ORS), 1989-1992
• P.D. Khan Gold Medal for the best performance in Economics, University of Peradeniya, 1986
• Arts Faculty Scholarship for the best performance in the Arts Faculty, University of Peradeniya, 1986
• Ryde Gold Medal, Trinity College, Kandy, 1982

Selected publications

Here are a selection of Gishan Dissanaike''s publications. Please see the "Selected publications" tab above for a more comprehensive list.

Dissanaike, G., Faasse, J. and Jayasekera, R. (2014) "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(B): 358-285 (DOI: 10.1016/j.jimonfin.2014.05.010)

Dissanaike, G. and Lim, K.H. (2010) "The sophisticated and the simple: the profitability of contrarian strategies." European Financial Management, 16(2): 229-255 (DOI: 10.1111/j.1468-036X.2008.00466.x)
Also available via the Social Science Research Network website

Dissanaike, G. and Markar, I. (2009) "Corporate financing in East Asia before the 1997 crash." Journal of International Business Studies, 40(6): 990-1004 (DOI: doi:10.1057/jibs.2009.13)
Also available via the Social Science Research Network website (longer version)

Dissanaike, G. (2002) "Does the size effect explain the UK winner-loser effect?" Journal of Business Finance and Accounting, 29(1-2): 139-154

Dissanaike, G. (1997) "Do stock market investors overreact?" Journal of Business Finance and Accounting, 24(1): 27-49

Dissanaike, G. (1996) "Are stock price reversals really asymmetric? A note." Journal of Banking and Finance, 20(1): 189-201

Journal articles

Dissanaike, G. (1994) "On the computation of returns in tests of the stock market overreaction hypothesis." Journal of Banking and Finance, 18(6): 1083-1094 (DOI: 10.1016/0378-4266(94)00061-1)

Dissanaike, G. (1996) "Are stock price reversals really asymmetric? A note." Journal of Banking and Finance, 20(1): 189-201

Dissanaike, G. (1997) "Do stock market investors overreact?" Journal of Business Finance and Accounting, 24(1): 27-49

Dissanaike, G. (1998) "Do stockmarket ''losers'' win more than ''winners'' lose?" Applied Economics Letters, 5(3): 143-146

Dissanaike, G. (1999) "Long-term stock price reversals in the UK: evidence from regression tests." British Accounting Review, 31(4): 373-385 (DOI: 10.1006/bare.1999.0115)

Dissanaike, G. (2002) "Does the size effect explain the UK winner-loser effect?" Journal of Business Finance and Accounting, 29(1-2): 139-154

Dissanaike, G. and Le Fur, A. (2003) "On the use of the Log CAR measure in event studies." Journal of Business Finance and Accounting, 30(7/8): 1165-1170 (available online in another format: see "Working Papers" section below)

Dissanaike, G. and Amel-Zadeh, A. (2007) "Venture capitalists, business angels, and performance of entrepreneurial IPOs in the UK and France: a discussion." Journal of Business Finance and Accounting, 34(3/4): 529-540

Dissanaike, G. and Markar, I. (2009) "Corporate financing in East Asia before the 1997 crash." Journal of International Business Studies, 40(6): 990-1004 (DOI: doi:10.1057/jibs.2009.13)
Also available via the Social Science Research Network website (longer version)

Dissanaike, G. and Lim, K.H. (2010) "The sophisticated and the simple: the profitability of contrarian strategies." European Financial Management, 16(2): 229-255 (DOI: 10.1111/j.1468-036X.2008.00466.x)
Also available via the Social Science Research Network website

Dissanaike, G. and Szilagyi, P.G. (2010) "Corporate governance and control: introduction." European Financial Management, 16(5): 710-711 (DOI: 10.1111/j.1468-036X.2010.00575.x)

Dissanaike, G., Faasse, J. and Jayasekera, R. (2014) "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(B): 358-285 (DOI: 10.1016/j.jimonfin.2014.05.010)

Dissanaike, G. and Lim, K.-H. (2015) "Detecting and quantifying insider trading and stock manipulation in Asian markets." Asian Economic Papers, 14(3): 1-20 (DOI: 10.1162/ASEP_a_00368)

Conference papers

Dissanaike, G. and Lim, K.H. (2005) "The sophisticated and the simple: the profitability of contrarian strategies." In: American Accounting Association 2005 Annual Meeting, 7-10 August 2005, San Francisco, CA.

Working papers

Dissanaike, G. (1994) "Do stockmarket investors overreact? The UK evidence." Applied Economics Department, Cambridge University, Discussion Papers in Accounting and Finance (AF) No.8

Dissanaike, G. (1996) "Long-term stock price reversals in the UK: evidence from regression tests." Applied Economics Department, Cambridge University, Discussion Papers in Accounting and Finance No.1996/24

Dissanaike, G. (2000) "Does the size effect subsume the UK ''winner-loser'' effect?" Judge Institute of Management, Cambridge University, Research Paper No.2000/6

Dissanaike, G. and Le Fur, A. (2000) "On the use of the Log CAR measure in event studies." Judge Institute of Management, Cambridge University, Research Paper No.2000/8

Lambrecht, B., Dissanaike, G. and Saragga-Seabra, A. (2001) "Differentiating debt target from non-target firms: an empirical study on corporate capital structure." Judge Institute of Management, Cambridge University, Research Paper no.2001/18

Dissanaike, G. and Wang, S. (2003) "A critical examination of orthogonal regression." Social Science Research Network, Electronic Paper No.407560

Dissanaike, G. and Papazian, A.V. (2004) "Management turnover in stock market winners and losers: a clinical investigation." European Corporate Governance Institute, Working Paper Series in Finance No.2004/61

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