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Gordon Gemmill

Emeritus Professor of Finance

BSc (London), MA (Michigan State), MSc (Reading), PhD (Michigan State)

Research Interests

Credit risk and the pricing of bonds

Behavioural finance and investment decisions

Liquidity and market microstructure


At Cass Business School from 1997 to 2004 (now visiting professor), then at Warwick Business School full-time until 2008.


Methodology of social science (PhD in Finance)

Selected publications

G. Gemmill and A. Keswani, ‘Downside risk and the size of credit spreads’, Journal of Banking and Finance, accepted for publication, 2010.

J. An, G. Gemmill and D.C. Thomas, ‘The agency effect of repurchases on closed-end funds’, European Financial Management, forthcoming, 2010.

D. Diaz and G.Gemmill, ‘What drives credit risk in emerging markets? The roles of country fundamentals and market co-movements’, Journal of International Money and Finance, 25 (2006), 476-502.

G. Gemmill and D.C. Thomas, ‘The impact of corporate governance on closed-end funds’, European Financial Management, 12 (2006), 725-746.

G. Gemmill and D.C. Thomas, ‘Noise trading, costly arbitrage and asset pricing: evidence from closed-end funds’, Journal of Finance, 57 (2002), 2571-2594.

Working papers (also available at

G. Gemmill and Y. Yang, ‘The equity-smile and credit-spread puzzles: are they one and the same?’, March 2010.

P. Ekkayokkaya and G. Gemmill, ‘Why are convertible bonds called late: is it notice period or the risk of financial distress?’, February 2010.

G. Gemmill and D.C. Thomas, ‘The behaviour of discounts on closed-end mutual funds in the UK and US’, March 2010.

P. Ekkayokkaya, G. Gemmill and K.Koufopoulos, ‘Callable and non-callable convertible bonds: theory and evidence’, February 2010.

G. Gemmill, ‘Catering for dividends by stripping mutual-fund portfolios’, September 2005.

G. Gemmill, ‘Testing Merton’s model for credit spreads on zero-coupon bonds’, August 2002.

Curriculum vitae



Gordon Gemmill
Room B2.22
Finance Group
Warwick Business School
University of Warwick