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Yuval Millo

Professor of Accounting

and Head of Group


Yuval joined WBS in 2016, having previously held positions at the University of Leicester, LSE and the University of Essex. Yuval is a leading contributor to the field of Social Studies of Finance (SSF). Yuval’s research approach is inherently inter-disciplinary, combining theoretical and methodological elements form accounting, finance and sociology.

Research interests

Yuval’s research seeks to understand the social and technological processes that underpin valuation. To do so, Yuval examines empirically the development of valuation in different settings, among which are social impact, impairment of assets, securities analysts’ practices and algorithmic trading.


• Yuval Millo, with Michael Castelle, Daniel Beunza and David Lubin (2016), “Where do electronic markets come from? Regulation and the transformation of financial exchanges”, forthcoming in Economy and Society

• Yuval Millo, with Jan Simon, Neil Kellard and Ofer Engel (2016) “Close communications: hedge funds, brokers and the emergence of a consensus trade” Journal of Network Theory in Finance 2(1), 1–31 (A practitioner-oriented version of the paper previously published in British Journal of Management).

• Yuval Millo, with Camelia Vasilescu (2016), “Do industrial and geographic diversifications have different effects on earnings management? Evidence from UK Mergers and Acquisitions”, International Review of Financial Analysis: Volume 46, July 2016, Pages 33–45. (

• Yuval Millo, with Christophe Schinckus (forthcoming 2016), “A nuanced perspective on episteme and techne in finance”, International Review of Financial Analysis: Volume 46, July 2016, Pages 124–130. (

• Yuval Millo, with Neil Kellard, Jan Simon and Ofer Engel (2016), “Close Communications: Hedge Funds, Brokers and the Emergence of Herding”, British Journal of Management. (

• Yuval Millo, with Sina Yekini and Tomasz Wisniewski, (2015) “Market Reaction to the Positiveness of Annual Report Narratives", British Accounting Review. (

• Yuval Millo, with Matthew Hall and Emily Barman (2015) “Who and What Really Counts? Stakeholder Prioritization and Accounting for Social Value”, Journal of Management Studies, 52: 907-934.

• Yuval Millo, with Matt Hall and Anette Mikes (2015) “How Do Risk Managers Become Influential? A Field Study of Toolmaking in Two Financial Institutions”, Management Accounting Research, 26:3–22

• Yuval Millo, with Anette Mikes and Matthew Hall (2013) “How Experts Gain Influence”, Harvard Business Review (July-August)

• Yuval Millo, Penelope Tuck and Paul Du Gay (2012) “Making government liquid: Shifts in governance using financialisation as a political device”, Environment and Planning C 30:1083 – 1099.

• Yuval Millo, with Donald Mackenzie, Daniel Buenza and Juan Pablo Pardo-Guerra (2012) "Drilling Through the Allegheny Mountains: The Social Structure of Liquidity in the Age of Automated Trading", Journal of Cultural Economy 5(3): 279-296.
This paper is included in the evidence base of the report by 'The Future of Computer Trading in Financial Markets' project. The project is sponsored by HM Treasury, and led by the Office for Science under the direction of the Government's Chief Scientific Adviser, Professor Sir John Beddington.)

• Yuval Millo, with Joanne Horton and George Serafeim (2012) "Resources or Power? Implications of Social Networks on Compensation and Firm Performance" Journal of Business Finance and Accounting 39(3/4): 399–426.

• Yuval Millo and Donald MacKenzie (2009) “The usefulness of inaccurate models: Towards an understanding of the emergence of financial risk management”, Accounting, Organizations and Society 34: 638–653.

• Yuval Millo and Donald MacKenzie (2009) “The usefulness of inaccurate models: Financial risk management ‘in the wild’”, The Journal of Risk Model Validation 3(1): 23-49.
This is a shorter, practitioner-oriented version of the 2009 AOS paper

• Millo, Y. and Javier Lezaun (2006). "Regulatory experiments: genetically modified crops and financial derivatives on trial." Science and Public Policy 33(3): 179-190.

• Millo, Y. and Boris Holzer (2005) "From Risks to Second-order Dangers in Financial Markets: unintended consequences of risk management systems", New Political Economy, 10, 2: 223-246.

• Millo, Y. Fabian Muniesa, Niki Panourgias and Susan Scott (2005) "Organised Detachment: Clearinghouse Mechanisms in Financial Markets", Information and Organization, 15(3): 229-246.

• MacKenzie, D. and Yuval Millo (2003) "Negotiating a Market, Performing Theory: The Historical Sociology of a Financial Derivatives Exchange", American Journal of Sociology, 109:107-145
A French translation of the above paper appears in “Costruction d’un marché et performation théoretique. Sociologie historique d’une Bourse de produits dérivés financiers”, Réseaux, 122: 15-62, March 2004.


Accounting Group
1.109 Scarman Road
Warwick Business School
University of Warwick

T: +44 (0) 24 765 51379