Nottingham University Business School
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Dr Amrit Judge

BA (Hons), MSc, PhD
Associate Professor in Finance

Division: Finance, Risk and Banking
Centre/Institute: China Research Group
Tel: +44 (0) 115 9515259
Location: B39 (South Building, Jubilee Campus)

Amrit Judge is an Associate Professor of Finance in the Business School. His research interests centre on risk management for non-financial corporations, the use of derivatives by firms, the impact of derivatives on firms' value and risk, hedging methods, corporate risk taking incentives, measuring exchange rate risk, capital structure, credit ratings, access to finance, corporate bond markets and credit market conditions.

Amrit has published several articles in international academic journals on the subject of corporate risk management, the value effects of using derivatives, methods of risk management, stock and derivatives market efficiency, capital structure, credit ratings and access to finance. He has presented his research at international academic conferences and practitioner conferences. Amrit has been an invited speaker at several industry based conferences such as the Association of Corporate Treasurers Annual Conference, the Asset & Liability Management Association Conference and the Standard & Poor's Highly Leveraged conference. Amrit has given research presentations at the Bank of England, Standard & Poor's, Moody's, Swiss National Bank, Department for Business, Innovation and Skills/Treasury, Deloitte LLP and Citibank.

Amrit has taught postgraduate courses on risk management, derivatives, corporate finance, fixed income securities and international finance at Middlesex University Business School, Cass Business School and University de Santiago de Compostela.

Research Interests
Corporate risk management practices and the use of derivatives; Measuring foreign currency and interest rate risk for non-financial firms; How firms hedge foreign currency and interest rate risks;
The impact of financial derivatives on firm default, exchange rate and equity risk; Value effects of risk management; Access to finance; The effect of credit ratings on capital structure; The role of credit ratings in facilitating debt funding disintermediation.

Administrative Roles
Co-ordinator of Financial Minds Speaker Series
Director of MBA Programmes
I am module convenor of the following modules:


Contemporary Issues in Mangement (N14E87)
Management Project (Business Analysis Project) (N14B17)
Management Project (Business Analysis Project) (N14E85)
Management Research Project (N14B16)
Management Research Project (N14E86)


Fixed Interest Investment (N14208)

Details of all modules can be found on MyNottingham

Current Research Activities
Amrit is currently involved in a research project examining the link between the use of derivatives and default probabilities, the cost of debt, cost of equity and firm value for a large a sample of EU firms. He is also investigating the role of credit ratings in facilitating access to capital market debt and the process of debt funding disintermediation for a large sample of European, Asian, Latin American and North American firms.
I am currently supervising the following Research Students:

Huai Qin
Ngoc Anh Pham
Phi Long Tran

Publications prior to 2005

Publications prior to 2005

Journal Articles

Clark, E.; Judge, A. (2003), "Risk Management Disclosure Practices of UK Non Financial Firms After FRS13", Finance Letters, Vol.1, pp. 57-60.

Publications from 2005 to the present day

Journal Articles

Ahmed, S., Judge, A., Mahmud, S. E. (2018), "Does derivatives use reduce the cost of equity?", International Review of Financial Analysis, Vol.60, 1-16.

Finavker, Vikram;Judge, A. (2016), "Under The Weight of Numbers", The Treasurer, Vol.July/August 2016, pp. 38-39.

Judge, A. (2016), "A Smoother Ride", The Treasurer, Vol.May 2016, pp.48-49.

Reancharoen, T.; Judge, A. (2014), "An empirical examination of the lead-lag relationship between spot and futures market: Evidence from Thailand", Pacific-Basin Finance Journal, Vol.29, pp. 335-358.

Korzhenitskaya, A.; Judge, A. (2013), "Banking on Bonds", The Treasurer, pp. 28-29.

Korzhenitskaya, A.; Judge, A. (2013), "Beating The Squeeze", The Treasurer, pp. 32-33.

Korzhenitskaya, A.; Judge, A. (2012), "Credit market conditions and the impact of access to the public debt market on corporate leverage", International Review of Financial Analysis, Vol.25, pp. 28-63.

Chit, M.; Judge, A. (2011), "Non-linear effect of exchange rate volatility on export and the role of financial sector development: Evidence from the emerging East Asian economies", International Review of Applied Economics, Vol.25 (1), pp. 107-119.

Clark, E.; Judge, A. (2009), "Foreign Currency Derivatives versus Foreign Currency Debt and the Hedging Premium", European Financial Management, Vol.15 (3), pp. 606-642.

Belghitar, Y.; Clark, E.; Judge, A. (2008), "The Value Effects of Foreign Currency and Interest Rate Hedging: The UK Evidence", International Journal of Business, Vol.13 (1), pp. 43-60.

Clark, E.; Judge, A. (2008), "The Determinants of Foreign Currency Hedging: Does Foreign Currency Debt Induce a Bias?", European Financial Management, Vol.14 (3), pp. 445-469.

Judge, A. (2006), "The Determinants of Foreign Currency Hedging by UK Non-Financial Firms", Multinational Finance Journal, Vol.10 (1-2), pp. 1-41.

Judge, A. (2006), "Why and How UK Firms Hedge", European Financial Management, Vol.12 (3), pp. 407-441.

Clark, E.; Judge, A. (2005), "The Motives For Corporate Hedging: The UK Evidence", Research in Economics, Vol.1 (1), pp. 57-78.

Chapters in Books

Emanuel, J.; Munnik, D.W.; Judge, A. (2010), "International Risk Management", in Willem Erik Westerman, Jeltje Meer-Kooistra (ed) nternational Management Accounting and Control,, McGraw-Hill International.

Judge, A. (2007), "Why Do Firms Hedge: A Review of the Evidence", in John McCombie and Carlos Rodriguez Gonzalez (ed) Issues in Finance and Monetary Policy, Palgrave Publishing Co. Ltd, The.



Nottingham University Business School

Jubilee Campus

telephone: +44 (0) 115 846 6602
fax: +44 (0) 115 846 6667