Seth Armitage

Seth Armitage is a Professor of Finance and Director of UG Programmes at the University of Edinburgh Business School. He has also served as Director of the MSc in Finance (2007-11) and Head of the Accounting and Finance Group (2010-15). Previously, he worked as a lecturer in finance at Edinburgh (1989-2002) and as Head of the Department of Accounting and Finance at Heriot-Watt University (2002-07).

• Education: PhD in Finance (University of Edinburgh, 1995), MPhil in Philosophy of Mind (University of St Andrews, 1984), BA in Politics, Philosophy, and Economics (Jesus College, Oxford, 1983).

Seth’s research focuses on corporate finance, including payout policy, seasoned equity offers, cost of capital, bank lending to companies, bank governance, and mutual financial institutions. Recent projects investigate topics like flexible payouts in the UK, pension contributions’ impact on dividends, and bank CEO remuneration’s effects on risk-taking. His work bridges theoretical finance with practical applications in financial institutions and capital markets.

His publications span areas such as corporate governance, institutional ownership, cash flow analysis, and financial crisis impacts. He has contributed to journals like the British Accounting Review and Journal of Money, Credit and Banking. Seth is an Associate Editor at the European Journal of Finance and author of The Cost of Capital: Intermediate Theory (Cambridge University Press, 2005).