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Ian Cooper

Professor of Finance

MA (Cambridge) MBA PhD (North Carolina)

Ian Cooper is Professor of Finance. He currently teaches corporate finance and valuation. He has also held visiting positions at the University of Chicago and Australian Graduate School of Management.

Ian carries out research on corporate finance, valuation, and international finance. His research has appeared in top academic journals such as the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. He disseminates the practical implications of his work through publications in leading practitioner journals such as Journal of Applied Corporate Finance and Oxford Review of Economic Policy, and in published consulting reports.

He has taught across the MBA, EMBA, and Masters in Finance programs, as well as Executive Education. For many years he directed and taught the Corporate Finance Evening and Modular Programs. The quality of his teaching has been recognised by multiple teaching prizes.

Ian has more than 40 years of international consulting experience on valuation, corporate finance, and cost of capital. He has advised companies, financial institutions, regulators, and governments around the world. He has appeared as an expert witness in international tribunals and high courts.

  • Valuation
  • Cost of capital
  • Company financing and capital structure
  • Utility regulation
  • International finance

2023

LBO valuation using flows-to-equity

Cooper I; Nyborg K

In: The Palgrave Encyclopaedia of Private Equity. Hammer B & Cumming D (Eds.), Springer Nature

Optimal Equity Valuation Using Multiples: The Number of Comparable Firms

Cooper I; Lambertides N

European Financial Management 2023 Vol 29:4 p 1025-1053

2022

Country biases in equity portfolios are less pronounced and less irrational than one might think

Boermans M; Cooper I; Sercu P; Vanpee R

SUREF - The European Money and Finance Forum 2022

2020

Cost of capital and valuation in the public and private sectors: tax, risk, and debt capacity

Brealey R A; Cooper I A; Habib M A

Journal of Business Finance and Accounting 2020 Vol 47:1-2 p 163-187

2019

Default risk of swaps

Cooper I; Mello A S

in Crouhy, M, Galai, D & Wiener, Z (eds): Contingency approaches to corporate finance and banking : a World Scientific reference (World Scientific Publishing, forthcoming)

The effect of mergers on US bank risk in the short run and in the long run

Brealey R A; Cooper I A; Kaplanis E

Journal of Banking and Finance 2019 Vol 108 November

2018

A measure of pure home bias

Cooper I A; Sercu P; Vanpee R

Review of Finance 2018 Vol 22:4 p 1469-1514

Consistent valuation of project finance and LBOs using the flows-to-equity method

Cooper I; Nyborg K G

European Financial Management 2018 Vol 24:1 p 34-52

Large dividend increases and leverage

Cooper I; Lambertides N

Journal of Corporate Finance 2018 February Vol 48 p 17-33

2017

Bank loan loss accounting treatments, credit cycles and crash risk

Andreou P C; Cooper I A; Louca C; Philip D

British Accounting Review 2017 Vol 49:5 p 474-492

2016

The behaviour of sentiment-induced share returns: measurement when fundamentals are observable

Brealey R; Cooper I; Kaplanis E

Portfolio Construction, Measurement, and Efficiency: Essays in Honor of Jack Treynor, pp 291-313. Springer International Publishing, 2016

2013

The equity home bias puzzle: A survey

Cooper I; Sercu P; Vanpee R

Foundations and Trends in Finance 2013 Vol 7:4 p 289-416

2012

International propagation of the credit crisis: Implications for bank regulation

Brealey R A; Cooper I A; Kaplanis E

Journal of Applied Corporate Finance 2012 Vol 24:4 p 36-45

2010

Excess comovement in international equity markets: a test using cross-border mergers

Cooper I; Brealey R; Kaplanis E

Review of Financial Studies 2010 April Vol 23:4 p 1718-1740

Optimal passive currency holdings: Equilibrium exchange rate hedging revisited

Cooper I

Social Science Research Network 2010

2009

On tests of the conditional relationship between beta and returns

Cooper I A

Applied Financial Economics 2009 Vol 19:6 p 427-432

2008

Tax-adjusted discount rates with investor taxes and risky debt

Cooper I A; Nyborg K

Financial Management 2008 Summer Vol 37:2 p 365-379

2007

Estimating the cost of risky debt

Cooper I A; Davydenko S

Journal of Applied Corporate Finance 2007 Summer Vol 19:3 p 81-86

Valuing the debt tax shield

Cooper I A; Nyborg K G

Journal of Applied Corporate Finance 2007 Spring Vol 19:2 p 50-59

2006

Value of tax shields IS equal to the present value of tax shields

Cooper I A; Nyborg K

Journal of Financial Economics 2006 Vol 81:1 p 215-225

2003

Home bias in equity portfolios, inflation hedging and international capital market equilibrium

Cooper I A; Kaplanis E C

in International capital markets. vol. 3, Karolyi G A ed., Edward Elgar, 2003

Should companies hold surplus cash?

Cooper I A

Institute of Chartered Financial Analysts of India Reader, 2003

2002

Open and shut case for portfolio diversification

Cooper I A

in Pickford J ed., Mastering investment: your single-source guide to becoming a master of investment, p 179-185, Financial Times/Prentice Hall/Pearson Education, 2001

2001

Using project finance to fund infrastructure investments

Brealey R A; Cooper I A; Habib M A

in Chew D H ed., The new corporate finance: where theory meets practice. 3rd ed., p 367-384, McGraw Hill, 2001

2000

Discussion of models of securities versus banks

Cooper I A

Economic Notes 2000 Vol 3 p 75-78

Financing of large scale engineering projects

Brealey R A; Cooper I A; Habib M A

In Bickerstaffe G ed., High risk, uncertain returns: the game of project venturing, MIT Press, 2000

Home bias in equity portfolios: causes and consequences for investment policy

Cooper I A; Kaplanis E C

In Brean D J S and Hull J eds., Advisor's guide to financial research, Rogers, 2000

Partially segmented international capital markets and international capital budgeting

Cooper I A; Kaplanis E C

Journal of International Money and Finance 2000 Vol 19 p 309-329

1999

Corporate hedging: the relevance of contract specifications and banking relationships

Cooper I A; Mello A S

European Finance Review 1999 Vol 2:2 p 1-29

Discussion of control of credit risk collateralization using quasi-variational inequalities

Cooper I A

in Proceedings of the CBOT Research Symposium, 1999

What is the international dimension of international finance?

Cooper I A; Brealey R A; Kaplanis E C

European Finance Review 1999 Vol 3:1 p 103-119

1998

Coupling backward induction with Monte Carlo simulations: a fast Fourier transform (FFT) approach

Cooper I A; Rebonato R

Applied Mathematical Finance 1998 Vol 5:2 p 1-11

1997

Buddy, can you swap a dime?

Cooper I A

in Bickerstaffe G ed., Mastering management, Financial Times/Pitman, 1997

Futures and swaps: the world's fastest growing markets

Cooper I A

in Bickerstaffe G ed., Mastering finance, Financial Times/Pitman, 1997

Impact of global orientation on the cost of capital

Cooper I A

in Network charges from 1997, British Telecommunications plc, 1997

Investment appraisal in the public sector

Cooper I A; Brealey R A; Habib M

Oxford Review of Economic Policy 1997 Vol 13:4 p 12-18

Valuation in the public and private sectors: tax, risk, and the cost of capital

Cooper I A; Brealey R A; Habib M A

Oxford Review of Economic Policy 1997 Vol 13:4 p 12-28

1996

Alternative estimates of BT's beta and a comparison with the estimate used by Oftel

Cooper I A

In Pricing of telecommunications services from 1997, British Telecommunications plc, 1996

Arithmetic versus geometric mean estimators: setting discount rates for capital budgeting

Cooper I A

European Financial Management 1996 July Vol 2:2 p 157-167

Consistent treatment of imputation tax in the weighted average cost of capital

Cooper I A

In Pricing of telecommunications services from 1997, British Telecommunications plc, 1996

Default risk and derivative products

Cooper I A; Martin M

Applied Mathematical Finance 1996 Vol 3:1 p 53-74

Limitations of simple two-factor interest rate models

Cooper I A; Rebonato R

Journal of Financial Engineering 1996 Vol 5:1 p 1-16

Using project finance to fund infrastructure investments

Brealey R A; Cooper I A; Habib M A

Journal of Applied Corporate Finance 1996 Fall Vol 9:3 p 25-38

1995

Home bias in equity portfolios and the cost of capital for multinational firms

Cooper I A; Kaplanis E C

Journal of Applied Corporate Finance 1995 Fall Vol 8:3 p 95-102

1994

Home bias in equity portfolios, inflation hedging and international capital market equilibrium

Cooper I A; Kaplanis E C

Review of Financial Studies 1994 Spring Vol 7:1 p 45-60

Implications of the home bias in equity portfolios

Cooper I A; Kaplanis E C

Business Strategy Review 1994 Summer Vol 5:2 p 41-53

1991

Default risk of swaps

Cooper I A; Mello A S

Journal of Finance 1991 June Vol 46:2 p 597-620

1990

Determinates of successful instruments

Cooper I A; Hodges S

In Hodges S ed., Options: recent advances in theory and practice, p 33-46, Manchester University Press, 1990

1989

Corporate liabilities and options

Cooper I A

Australian Corporate Treasurer, 1989 August

Financial revolution

Cooper I A

in Aliber R ed., The handbook of international financial management, Dow-Jones Irwin, 1989

Stock index futures: the case for markets in baskets of securities

Cooper I A; Mello A S

Advances in Futures and Options Research 1989 Vol 4 p 23-38

1988

Default spreads in the fixed and floating interest rate markets: a contingent claims approach

Cooper I A; Mello A

Advances in Futures and Options Research 1988 Vol 3 p 269-289

Repackaging perpetual FRN's

Cooper I A

Journal of International Securities Markets 1988 Spring p 55-60

The mechanics of interest rate options

Cooper I A

(in) Management of Interest Rate Risk, edited by B. Antl, Euromoney, 1988, pp 179-188

Treasury performance measurement

Cooper I A; Franks J

in Stern J M and Chew D eds., New developments in international finance, Blackwell 1988

1987

New financial instruments: an overview

Cooper I A

(in) New Financial Instruments, ed. I Cooper, The Chartered Institute of Bankers, 1987 (The Gilbart Lectures on Banking), pp 1-29

Treasury performance measurement

Cooper I A; Franks J

Midland Corporate Finance Journal 1987 Vol 4:4

1986

Costs to crossborder investment and international equity market equilibrium

Cooper I A; Kaplanis E

(in) Recent developments in corporate finance, edited by J Edwards, J Franks, C Mayer and S Schaefer, Cambridge University Press, 1986, pp 209-240

Innovations: new market instruments

Cooper I A

Oxford Review of Economic Policy 1986 Vol 2:4 p 1-17

Relative price changes and financial decisions

Cooper I A

Gower Financial Management Handbook 3rd Edition ed. P. Vale, Gower Press, 1986, pp 67-78

1985

Currency option prices

Cooper I A

The Treasurer 1985 May p 9-14

1983

Capital project planning

Cooper I A; Runton T; Broyles J

in Financial Management Handbook, Gower Press, 1983, Part II, pp 21-47

Inflation and financial decisions,

Cooper I A

(in) Financial Management Handbook, Gower Press, 1983, Part III, pp 49-65

Interaction of financing and investment decisions when the firm has unused tax credits

Cooper I A; Franks J

Journal of Finance 1983 Vol 38:2 p 571-583

1982

Asset mix and future performance

Cooper I A

(in) ISIS Bulletin, Laurie Millbank and Co, April 1982, pp 55- 57

New ideas in investment philosophy: the asset mix decision

Cooper I A; Brealey R A

(in) Pension Funds and their Advisors, A P Financial Registers, 1982, pp 85-92

1981

Venture capital investment

Cooper I A; Carleton W T

(in) Readings in Strategy for Corporate Investment, edited by F Derkindern and R Crum, 1981, Pitman Publishing, Marshfield, Mass

1980

Growth opportunities and real investment decisions

Cooper I A; Broyles J

(in) Risk, Capital Costs and Project Financing Decisions, edited by F Derkindern and R Crum, Martinus Nijhoff, 1980, pp 107-118

1979

Dynamics of borrower lender interaction: partitioning the payoff in venture capital investment

Cooper I A; Carleton W T

Journal of Finance 1979 Vol 34:2 p 517-529

1978

Steadman realty company

Cooper I A; Levin R

(in) Business Policy edited by A. Strickland, 1978, pp 240-256

1977

Asset values, interest rate changes and duration

Cooper I A

Journal of Financial and Quantitative Analysis 1977 December p 701-723

1976

Estimation and uses of the term structure of interest rates

Cooper I A; Carleton W T

Journal of Finance 1976 Vol 31:4 p 1067-1083

2018

Setting the horizon value using DCF-based methods: teaching note

Cooper I A

Social Sciences Research Network

Valuation in the public and private sectors: tax, risk, debt capacity, and the cost of capital

Brealey R A; Cooper I A; Habib M A

Swiss Finance Institute Research Paper

2017

The effect of mergers on US bank risk in the short run and in the long run

Brealey R; Cooper I; Kaplanis E

Social Sciences Research Network

2016

Estimating sustainable normalized operating free cash flow

Cooper I A

Social Sciences Research Network

1989

New financial instruments

Cooper I A; Bain A; Donaldson J; Price L

Chartered Institute of Bankers, 1989


Teaching portfolio

Our teaching offering is updated annually. Faculty and programme material are subject to change.