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Shahed Imam

Associate Professor of Accounting

MPhil, PhD (Judge Business School, University of Cambridge)

Shahed completed PhD on analysts' use of accounting information from Judge Business School, the University of Cambridge in 2005. His main research interest is in analysts' decision-making process. He is also interested in narrative reporting, equity valuation, financial reporting and corporate governance topics.

His research has been published in leading accounting journals including Accounting and Business Research, Accounting, Auditing and Accountability Journal, Contemporary Accounting Research, European Accounting Review and The Accounting Review. He is an editorial board member of Accounting and Business Research journal and one of the editors of the current edition of Wiley Encyclopedia of Management (Accounting). His research was funded by Cambridge Commonwealth Trust, WBS Research development fund and ICAS-EFRAG. His paper on financial analysts in Accounting, Auditing and Accountability Journal received highly commended paper recognition.

Shahed is a recipient of outstanding teacher award in recognition of excellent teaching in post-graduate (MBA, MSc), and Undergraduate programmes since 2007. Shahed has also been nominated for WBS outstanding contribution to teaching CORE award 2018-19 and 2019-20. He served as the deputy head of Accounting group, academic director for MSAF, Executive MBA programme and doctoral programme coordinator.

Research Interests

Financial analysts, Equity valuation and capital market.

Current Teaching

Financial Statement Analysis and Security Valuation (UG)

Financial Reporting & Statement Analysis (MSc Accounting and Finance)

Financial Analysis (MBA: Warwick and Shard, London)


Joint editor of Wiley Encyclopaedia in Management (Accounting) (

Editorial board member- Accounting and Business Research

External examiner: King's College, London (2018-); Newcastle Business School (2013-16): University of London International programme (2012-2017)

NIE for several modules

Selected Publications:
  • Cascino, S., Clatworthy, M., García Osma, B., Gassen, J., and Imam, S. (2021). The usefulness of financial accounting information: Evidence from the field. 96 (6): 73-102. The Accounting Review. Draft available at:
  • Spence, C., Aleksanyan, M., Millo, Y., Imam, S., and Abhayawansa, S. (2019). Earning the ‘write to speak’: sell-side analysts and their struggle to be heard. Contemporary Accounting Research.
  • Bhardwaj, A. and Imam, S. (2019). The tone and readability of the media during the financial crisis: Evidence from pre-IPO media coverage. International Review of Financial Analysis. 63, p. 40-48.
  • Imam, S and Spence, C. (2016). Context, not predictions: A field study of financial analysts, Accounting, Auditing and Accountability Journal, 29 (2), p. 226-247. (Mary Parker Follett Award: Highly commended AAAJ Awards for Excellence - 2017:
  • Cascino, S., Clatworthy, M., Garcia, B., Gassen, J., Imam, S. and Jeanjean, T. (2016). Professional Investors and the Decision Usefulness of Financial Reporting, March, ICAS/EFRAG. (Funded by ICAS/EFRAG)
  • Cascino, S., Clatworthy, M., Garcia, B., Gassen, J., Imam, S. and Jeanjean, T. (2014). Who uses financial reports and for what purposes: Evidence from capital providers, Accounting in Europe, 11 (2), p. 185-209.
  • Cascino, S., Clatworthy, M., Garcia, B., Gassen, J., Imam, S. and Jeanjean, T. (2013). The use of information by capital providers, ICAS-EFRAG monograph. (Funded by ICAS/EFRAG)
  • Imam, S, Chan, J and Shah, Z, (2013). Equity valuation models and target price accuracy, International Review of Financial Analysis, p. 9-19.
  • Barker, R and Imam, S, (2008). Analysts' perceptions of earnings quality, Accounting and Business Research, 38 (4), p. 313-329.
  • Imam, S, Barker, R and Clubb, C, (2008). The use of valuation models by UK Investment analysts, European Accounting Review, 17 (3), p. 503-535.
Other publications:
  • Kheng, L.T., Imam, S., and Babu, M . (2019). Analysts and financial crisis. Strategic Change.
  • Cascino, S., Clatworthy, M., García Osma, B., Gassen, J, Imam, S., and Jeanjean, T. (2016). ‘Different strokes for different objectives’. CA Magazine, February.
  • Barker, R and Imam, S, (2014). Earnings and dividend information: Survey evidence, Wiley Encyclopedia (Accounting).
  • Cascino, S., Clatworthy, M., García Osma, B., Gassen, J., Imam, S., and Jeanjean, T. (2013). ‘Different perspectives’. CA Magazine, vol 117.
  • Imam, S, Barker, R and Clubb, C. (2010). 'Equity valuation models and analysts', Professional Investor, CFA.
  • Imam, S. (2005). ‘A survey of European investor relations‘. Book review, The British Accounting Review.
  • Barker, R. and Imam, S. (2005). Earnings, Dividends, and Valuation, Blackwell Encyclopaedia in Management-Accounting p. 158-161.
  • Imam, S. (2004). 'Dividend Yield and Price-Earnings ratio: A further look', The International Journal of Accounting and Business Society, 12 (1), 60-67.
  • Imam, S., Ahmed, Z., Khan, S. (2001). ‘Association of audit delay and audit firm’s international link’. Managerial Auditing Journal, Vol-16 (3).
  • Imam, S. (2000). ‘Corporate social performance reporting in Bangladesh’. Managerial Auditing Journal, Vol-15 (3).
  • Imam, S. (1999). ‘Environmental reporting in Bangladesh’, Social and Environmental Accounting Journal, CSEAR, University of Glasgow.
Working papers:
  • Ahn, J.A., Imam, S. and Shah, Z. (2021). Business group affiliation and misreporting.
  • Imam, S. and Yu, S. (2020). Valuation model choices and target price accuracy.
  • Imam, S., Lane, D., Kapita, A and Voulgaris, G. (2020). Analysts and allegation of fraud.
PhD supervision:
  • Suaniza Mamat (2012) The Role of Accounting in Supply Chains. Completed.
  • Jae Hwan Ahn (2018): Ownership Structure and Accounting Fraud. Completed. Placement: Lancaster School of Management.
  • David Onakanmi (2022/23): Corporate Governance and Earnings Quality.


Accounting Group
Room: 1.111 Scarman Road
Warwick Business School
University of Warwick

T: +44 (0) 24 7652 2842