Professor Angela Black
Professor Angela Black

Professor Angela Black




After completing a PhD, my first full time academic appointment began in 1994 with the University of St. Andrews. Thereafter, I joined the University of Aberdeen and was appointed Professor of Finance in 2003. I specialise in teaching business finance, corporate finance, investment analysis, international finance and portfolio analysis; and have taught these subjects on undergraduate, postgraduate and MBA programmes. Currently, I am teaching Corporate Finance on the Scottish Graduate Programme in Economics.

I enjoy working closely with finance professionals and have been a pension trustee and an investment adviser to professional boards; I have also chaired charitable trust committees. My research interests lie in the area of asset pricing, corporate finance and the relationship between stock markets and the "real" economy.

Publications include more than 26 research papers in peer reviewed journals and have I written articles on personal finance for the media. My work has been cited in the Financial Times. Editorial responsibilities include associate editor for the Journal of Banking and Finance, the International Review of Finance and the British Accounting Review.

I have presented papers at many conferences in locations across the world and I have been an external examiner for many universities, including, Manchester, Edinburgh, Newcastle, Dublin, Barcelona, Western Australia and assessor in other roles, such as Chairs in Finance. From, 2005-2008 I was the graduate school director for the college of arts and social sciences and from 2008 to 2012, I was head of the business school.

I am passionate about teaching, learning and research in finance and continually seek methods that promote engagement with students, the profession and the public.


Research Overview

My focus is on the links between financial markets and the real economy and I seek answers to questions about the reasons why prices of assets vary over time. Methodological approaches include time-series and cross-sectional data analysis.  Key words:  asset pricing; econometric analysis; risk aversion; risk premia; discount rates; excess volatility.

Current Research

Current research projects include:

Forecasting rates of return and time varying risk premiums.

Dividend payouts or share repurchases; the impact on pensions.

Investment strategies for non-investors.


Teaching Responsibilities

I coordinate and teach Corporate Finance on the Scottish Graduate Programme in Economics.


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  • Adjustments in the Labor and Real Estate Markets: Estimates of the Time Series Variation in the Natural Vacancy Rate

    Black, A. J., Devaney, S., Hendershott, P. H., MacGregor, B. D.
    Journal of Real Estate Literature
    Contributions to Journals: Articles
  • Adjustments in the Labor and Real Estate Markets: Estimates of the Time Series Variation in the Natural Vacancy Rate

    Black, A. J., Devaney, S. P., Hendershott, P. H., MacGregor, B. D.
    Working Papers and Discussion Papers: Discussion Papers
  • The existence and source of stock return predictability: Evidence from dividend, consumption and output ratios

    McMillan, D., Black, A., Klinkowska, O., McMillan, F.
    Journal of Asset Management, vol. 16, no. 3, pp. 186-208
    Contributions to Journals: Articles
  • Cointegration between stock prices, dividends, output and consumption: Evidence and forecasting ability for 29 markets

    Black, A. J., McMillan, D., McMillan, F.
    Review of Accounting & Finance, vol. 14, no. 1, pp. 81-103
    Contributions to Journals: Articles
  • Forecasting Stock Returns: Do Commodity Prices Help?

    Black, A. J., Klinkowska, O., McMillan, D. G., McMillan, F. J.
    Journal of forecasting, vol. 33, no. 8, pp. 627-639
    Contributions to Journals: Articles
  • The use of teriparatide in the treatment of postmenopausal osteoporosis: experience of using bone markers and bone mineral density to monitor response

    Hollick, R. J., Reid, D. M., Black, A. J.
    Scottish Medical Journal, vol. 58, no. 4, pp. E33-E34
    Contributions to Journals: Abstracts
  • The value premium and economic activity: long run evidence from the United States

    Black, A. J., Mao, B., McMillan, D. G.
    Journal of Asset Management, vol. 10, no. 5, pp. 305-317
    Contributions to Journals: Articles
  • Are international value premiums driven by the same set of fundamentals?

    Black, A. J., Fraser, P., McMillan, D. G.
    International Review of Economics & Finance, vol. 16, no. 1, pp. 113-129
    Contributions to Journals: Articles
  • House Prices, Fundamentals and Bubbles

    Black, A. J., Fraser, P., Hoesli, M. E. R.
    Journal of business finance & accounting, vol. 33, no. 9, pp. 1535-1555
    Contributions to Journals: Articles
  • Asymmetric risk premium in value and growth stocks

    Black, A. J., McMillan, D.
    International Review of Financial Analysis, vol. 15, no. 3, pp. 237-246
    Contributions to Journals: Articles
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Chapters in Books, Reports and Conference Proceedings

Contributions to Journals

Working Papers and Discussion Papers