Keith Anderson
Senior Lecturer in Accounting and Finance



After my BSc in Mathematical Statistics and Operational Research at Exeter I worked for some years as a systems developer, most recently at Deutsche Bank in Frankfurt.

I then did an MSc in Investment Analysis at Stirling, where I won the Morley Prize as the top academically in my year. For my Finance PhD at the ICMA Centre, Reading University, I showed that different ways of calculating the Price-Earnings ratio could significantly improve investor returns.

I worked as a lecturer at Durham University Business School for two years before moving to York in 2008.

At TYMS as well as teaching and research I am responsible for the School load model and am Chairman of the Griff Fund, the first student-led university investment fund in the UK:

Departmental roles

Joint Head of Accounting and Finance Group



My research interests revolve around making academic finance more useful to investors, for example:

  • Improving company statistics for investors, particularly the price-earnings ratio
  • How investors can profit from the biases revealed by behavioural finance
  • Identifying and measuring stock market bubbles
  • Long-term investment strategies for pensions and Junior ISAs


Full publications list

'Testing for Speculative Bubbles in Asset Markets'. Chapter with C. Brooks and A. Katsaris in 'Handbook of Research Methods and Applications in Empirical Finance' (2013, pp.73-93) by A. Bell, C. Brooks and M. Prokopczuk.

'The Essential P/E', 2012, Harriman House

'Testing for periodically collapsing rational speculative bubbles in US REITs', Journal of Real Estate Portfolio Management, 2011, 17(3): 227-241 (with Chris Brooks and Sotiris Tsolacos).

'Does Improving a Firm’s Environmental Performance Mitigate its Risk?' Business Ethics: A European Review, 2011, 20(2): 192-204 (with Aly Salama and Steve Toms).

'The Transmission of Speculative Bubbles between Sectors of the S&P 500 during the Tech Bubble'. Chapter with C. Brooks and A. Katsaris in 'Financial Contagion: The Viral Threat to the Wealth of Nations' (2011, pp.335-342) by Robert W. Kolb.

'Speculative bubbles in the SandP 500: Was the tech bubble confined to the tech sector?', Journal of Empirical Finance, 2010, 17(3): 345-361 (with C. Brooks and A. Katsaris).

'Extreme Returns from Extreme Value Stocks: Enhancing the Value Premium', Journal of Investing, 2007, 16(1): 69-81 (with C. Brooks).

'Decomposing the Price-Earnings Ratio', Journal of Asset Management, 2006, 6(6): 456-469 (with C. Brooks).

'The Long-Term Price-Earnings Ratio', Journal of Business Finance and Accounting, 2006, 33(7/8): 1063-1086 (with C. Brooks).

'Constructing value by deconstructing the P/E', Professional Investor, 2006, 16(1):22-24 (with C. Brooks).

'Are growing earnings desirable?', Professional Investor, May 2005, 12-16 (with C. Brooks).




 Keith Anderson

The York Management School
University of York
Freboys Lane
York YO10 5GD

Telephone: +44 (0) 1904 325001
Personal website:
Room: MBA/112

Subject Group

Accounting and Finance