Dr Nick Tsitsianis

Profile

Roles:

• Programme Director for MSc Accounting and Finance (joint Programme with the School of Economics and Finance)
• Member of the Department of Accounting and Financial Management
• Member of the Accounting and Accountability Research Centre

Biography:

I have a PhD in Labour Economics and Micro econometrics from Brunel University (Department of Economics and Finance). Before joining School of Business and Management I held academic positions at Brunel University (Department of Economics and Finance), University Of Kent at Canterbury (Department of Economics) and University of Hertfordshire Business School (Department of Accounting, Finance and Economics).

Research: My research focuses on analysing firms, financial and accounting performance, corporate governance and individual labour market trends as well as well-being. Recently, I have started to look into carbon emissions and sustainability reporting as well as Big Data Analytics.  My research has been published among others in Critical Perspectives in Accounting, Accounting Forum, Studies in Higher Education, British Journal of Industrial Relations, Journal of Economic Behaviour and Organisation and Economics Letters. I have also managed to published 4 books and 3 book chapters as well as 4 impact reports.

Teaching: My teaching portfolio ranges from labour economics to research methods and from financial and business analysis to accounting (financial and management).  I have also developed and taught two non-credit modules (one for undergraduate students and one for post-graduate students)

Teaching Development: I have contributed two modules (Managerial Economics and Financial Reporting Analysis) to the Global MBA which is hosted by the QMUL.

PhD -Supervision:  I am currently supervising five full-time PhD students, I have recorded eight (8) Doctoral Completions and I have conducted six (8) PhD Vivas as an External Examiner.

External Examiner: Manchester Business School, Brunel Business School, Brunel University Department of Economics and Finance and University of Coventry

Past Academic/Leadership Roles: My administration experience ranged from Director of Student Engagement and Experience, Programme Directorships at UG and PG level and Student Admissions Management.

Teaching

• International Business Analysis (MSc Module) – aligned with the Chartered Institute of Management Accountants (CIMA)
• Management Accounting (MSc Module) – aligned with the Chartered Institute of Management Accountants (CIMA)

Dr Nick Tsitsianis is a Fellow of the Higher Education Academy FHEA) (Recognition No: 32807). He also holds a Post-Graduate Certificate in Education (PGCE).

He has successfully taught numerous Modules ranging from ranges from labour economics to research methods and from financial and business analysis to accounting (financial and management).  He also developed and taught two non-credit modules (one for undergraduate students and one for post-graduate students). Furthermore, he has contributed two modules (Managerial Economics and Financial Reporting Analysis) to the Global MBA (on-line provision only) which is hosted by QMUL.

He won the Poster Competition of the CABS LTSE (Chartered Association of Business Schools - Learning Teaching and Student Experience) 2018 Conference held in April 2018 in Glasgow.

Research

Research Interests:

Dr Tsitsianis  welcomes enquiries from prospective doctoral students with an interest in:

• Greenhouse Gas (GHG) Emissions and their impact corporate valuations and performance
• Corporate Governance
• Corporate Financial Performance
• Big Data Analysis and its impact on firm performance
• Employee/Self-Employed well-being and the impact on labour market attitudes

Publications

Publications

Publications are divided into (i) Refereed Articles, (ii) Books and (iii) Book Chapters

(I) PUBLICATIONS: REFEREED ARTICLES

• N. Tsitsianis, L. Ferri, R. Spanò and G. Theodosopoulos (2023) “University education and entrepreneurial intentions of European students: insights into the Theory of Planned Behaviour complemented by skills”, Studies in Higher Education. Published online. https://doi.org/10.1080/03075079.2023.2272161 - My input: data collection, data analysis, development of hypotheses, discussion of the results. https://www.tandfonline.com/doi/full/10.1080/03075079.2023.2272161
• N. Tsitsianis, M.S.H. Kasbar, A., Triantafylli, and C. Haslam (2022), "An empirical evaluation of the impact of agency conflicts on the association between corporate governance and firm financial performance", Journal of Applied Accounting Research, Vol. 24, Issue 2, pp. 235-259. My input: development of hypotheses, discussion of the results. https://www.emerald.com/insight/content/doi/10.1108/JAAR-09-2021-0247/full/html
• N. Tsitsianis, E. Mitrou and S. Shinde (2023) “An Empirical Investigation of Big Data Analytics: The Financial Performance of Users versus Vendors”, International Journal of Economics and Management Engineering , Vol:17, Issue 3, pp. 179-191. My input: development of hypotheses, discussion of the results. https://publications.waset.org/10013027/an-empirical-investigation-of-big-data-analytics-the-financial-performance-of-users-versus-vendors
• N. Tsitsianis, G. Muradoglu and A., Wouassom (2022) "Global momentum: The Optimal Trading Approach", Journal of Behavioural and Experimental Finance, Vol. 36, 100756, pp. 1-18. My input: data analysis, development of hypotheses, discussion of the results. https://www.sciencedirect.com/science/article/abs/pii/S2214635022000788
• N. Tsitsianis, T. Andersson, C. Haslam, J. Malamatenios and G. Lehman (2018) “Accounting for Decarbonisation and Reducing Capital at Risk in the S&P500”, Accounting Forum, Vol. 42, Issue 1, pp. 119-129. My input: data collection, data analysis, development of hypotheses, discussion of the results. https://www.sciencedirect.com/science/article/abs/pii/S0155998218300127
• N. Tsitsianis, C. Haslam, E. Lee and G. Theodosopoulos (2018) “Accounting For Voluntary Hospices In England: A Business Model Perspective” – Critical Perspectives in Accounting, Vol. 54, pp. 27-40. My input: data collection, data analysis, development of hypotheses, discussion of the results. https://www.sciencedirect.com/science/article/pii/S1045235417301028?casa_token=KVMFYhgSucUAAAAA:_b0_aVbMJnHFq14GeIzv5Cu8jH2pmiSas7H5JGGHPVY4qnou7IS63ca3GHNNG9dgRXlflntr
• N. Tsitsianis, T. Andersson, C. Haslam, R. Hoinaru and P. Gleadle (2016) “Stress Testing the International Financial Reporting Standards (IFRS): Accounting for Stability and the Public Good in a Financialised World” - Accounting, Economics and Law: A Convivium, Vol. 6, Issue 2, pp. 93-118. My input: data collection, data analysis, discussion of the results. https://www.degruyter.com/document/doi/10.1515/ael-2015-0006/html
• N. Tsitsianis, T. Andersson, C. Haslam, P. Gleadle (2015) “Real Estate Investment Trusts (REITS): A New Business Model in the FTSE100” - Accounting Forum. Vol. 39, Issue 4, pp. 239–248. My input: data collection, data analysis, discussion of the results. https://www.tandfonline.com/doi/full/10.1016/j.accfor.2015.10.003?casa_token=FHVWaKf7sLoAAAAA%3AeXji4d_lm7JWZS2D7RGIUNgvigiTWup2S7XcYShJBHU4Zql_osOrdrK0rSn-TPBxYRF3YimNqns
• N. Tsitsianis, T. Andersson, C. Haslam, P. Gleadle (2015) “Accounting for Business Models: Increasing the Visibility of Stakeholders” Journal of Business Models , Vol. 3, Issue 1, pp. 62-80. My input: data collection, data analysis, discussion of the results. https://journalofbusinessmodels.com/media/1044/vol-3-no-1-pp-62-80.pdf
• N. Tsitsianis, J. Choudrie, S. Grey and C. Haslam (2011) “Identifying the Adopters and Non-Adopters of Broadband amongst Silver Surfers: Using the BHPS” - Electronic Government, An International Journal, Vol. 8, Issue 1, pp. 40-58. My input: data collection, data analysis, development of hypotheses, discussion of the results. https://www.inderscienceonline.com/doi/abs/10.1504/EG.2011.037696
• N. Tsitsianis, T. Andersson C. Haslam and P. Gleadle (2010) “Bio-Pharma: A Financialized Business Model” - Critical Perspectives on Accounting, Vol. 21, pp. 631-641. My input: data collection, data analysis, discussion of the results. https://www.sciencedirect.com/science/article/pii/S1045235410001231?casa_token=3YCKfYVpsgEAAAAA:O4faNNa5PZX1cT6qUG3jd-oGZ55g2teB_zIpdVts9K-Qg2CEe5Ay7RRgKpG-PYqC0-MBepDt
• N. Tsitsianis, T. Andersson, C. Haslam, E. Lee and G. Katechos (2010) “Corporate Strategy Financialized: Conjuncture, Arbitrage and Earnings Capacity in the S&P500” - Accounting Forum, Vol. 34, Issues 3-4, pp. 211-221. My input: data collection, data analysis, development of hypotheses, discussion of the results. https://www.sciencedirect.com/science/article/abs/pii/S0155998210000293
• N. Tsitsianis, J. Choudrie and S. Grey (2010) “Evaluating the Digital Divide: The Silver Surfer’s Perspective”, Electronic Government, an International Journal, Vol. 7, Issue 2, pp. 148-167. My input: data collection, data analysis, development of hypotheses, discussion of the results. https://www.inderscienceonline.com/doi/abs/10.1504/EG.2010.030925
• N. Tsitsianis, G. M. Caporale, Y. Georgellis and Y. P. Yin (2009) "Income and Happiness Across Europe: Do Reference Values Matter?" Journal of Economic Psychology, Vol. 30, Issue 1, pp. 42-51. My input: data collection, data analysis, development of hypotheses, discussion of the results. https://www.sciencedirect.com/science/article/pii/S0167487008000809?casa_token=ROxDxodcc3QAAAAA:yXQmrmRUDdLDaO4iQcUKo6WJ6Ije_Lz9P9xMo9gzF0Y-HxqxJmibOhAMi_L3yAwhlj3c2UEI 
• N. Tsitsianis, Y. Georgellis and Y. P. Yin (2009) “Personal Values as Mitigating Factors in the Link between Income and Life Satisfaction: Evidence from the European Social Survey”, Social Indicators Research, Vol. 91, Issue 3, pp. 329-344. My input: data collection, data analysis, development of hypotheses, discussion of the results. https://link.springer.com/article/10.1007/s11205-008-9344-2
• N. Tsitsianis, Y. Georgellis, A. Gregoriou and J. Healy (2008) "Unemployment and Life Satisfaction: A Non-linear Adaptation Process", International Journal of Manpower. Vol. 29, Issue 7, pp. 668-680. My input: data collection, data analysis, development of hypotheses, discussion of the results. https://www.emerald.com/insight/content/doi/10.1108/01437720810908956/full/html?queryID=26%2F5413641
• N. Tsitsianis, Y. Georgellis, J. Sessions (2008) “Social Capital and Windfalls: Empirical Evidence”, Economics Letters, Vol. 99, pp. 521-525. https://www.sciencedirect.com/science/article/pii/S0165176507003680?casa_token=SmCvTg49ChgAAAAA:ZgIEAr8n-QLJ9LnNUo52VR1NkwXgwnFUVNXSm6ko20KrXmqLcGI0n_htHkpDIWZnt-1ZfuFY
• N. Tsitsianis, Y. Georgellis, A. Gregoriou (2008), “Adaptation towards Reference Values: A Non-linear Perspective”, Journal of Economic Behaviour & Organization, Vol. 67, pp. 768-781. My input: data collection, data analysis, development of hypotheses, discussion of the results. https://www.sciencedirect.com/science/article/pii/S0167268107001710?casa_token=eUrwbdadDEgAAAAA:0J1MDiTZVptwFWld3r6Fs6XmFKQZi3E8s2UDaN-EjC_fPckw1Pkx21diVu8Jfv-8Fk25Fthp
• N. Tsitsianis, T. Andersson, C. Haslam and E. Lee (2008) “Financialization Directing Strategy”, Accounting Forum, Vol. 31, Issue 4, pp. 261-275. My input: data collection, data analysis, development of hypotheses, discussion of the results. https://www.sciencedirect.com/science/article/pii/S0155998208000525?casa_token=StXsC7OgwYcAAAAA:9jBE4O-dvqbnqnCKCzL6BCyS0kgX31kHv3Mn6I6-1b4GlstQjc1Hyh3bGq5zs8bqs0Ynmv1c
• N. Tsitsianis, T. Andersson, C. Haslam and E. Lee (2007), “Financialized Accounts: Share Buy-Backs, Mark to Market and Holding the Financial Line in the S&P 500”, Accounting Forum, Vol. 31, Issue 2, pp. 165-178. My input: data collection, data analysis, development of hypotheses, discussion of the results. https://www.sciencedirect.com/science/article/pii/S0155998206000779?casa_token=tw2r_2BbDRMAAAAA:Vlt6u3WfqcBCchMpwnBCNwNsBua4l4ah27fLUxMkB0zwprSkCztvr80KN5ogmmRYt-Rwj5z2
• N. Tsitsianis, T. Andersson, C. Haslam and E. Lee (2007), “Financialized Accounts: A Stakeholder Account of Cash Distribution in the S&P 500 (1990–2005)”, Accounting Forum, Vol. 31, Issue 3, pp. 217-232. My input: data collection, data analysis, discussion of the results. https://www.tandfonline.com/doi/full/10.1016/j.accfor.2007.06.002?casa_token=tfJOPS0Cgt4AAAAA%3A2fqKj9Q0YVy9dcaJxlroLrdp_GSJEYiwGGp3dX5M_6QaHXgFZekXIXxNlQuJU17U2CkgbgpVxUg
• N. Tsitsianis, Y. Georgellis and J. Sessions (2007) “Pecuniary and Non-Pecuniary Aspects of Self-Employment Survival”, Quarterly Review of Economics and Finance, Vol. 47, Issue 1, pp. 94-112. My input: data collection, data analysis, development of hypotheses, discussion of the results. https://www.sciencedirect.com/science/article/pii/S1062976906001220?casa_token=LRdtIwEq-QYAAAAA:z5nvUtk18xB9rfkvlgsbyWpQdca_wp3Z7ZSwQoNyrPvZk6d9yas-fRvbmKOShFffU4tYiH_x
• N. Tsitsianis, Y. Georgellis, J. Sessions (2005) “Self-Employment and Small Business Dynamics: A Review of the Literature” Economic Issues, Vol. 10, Issue 2, pp. 51-70. My input: meta-analysis of the literature review. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=921029
• N. Tsitsianis and F. Green (2005) “Can the Changing Nature of Jobs Account for National Trends in Job Satisfaction?”, British Journal of Industrial Relations, Vol. 43, Issue 3, pp. 401-429. My input: data collection, data analysis, development of hypotheses, discussion of the results. https://onlinelibrary.wiley.com/doi/10.1111/j.1467-8543.2005.00362.x
• N. Tsitsianis, Y. Georgellis and J. Sessions (2005) “Windfalls, Wealth, and the Transition to Self-Employment”, Small Business Economics Journal, Vol. 25, pp. 407-428. My input: data collection, data analysis, development of hypotheses, discussion of the results. https://link.springer.com/article/10.1007/s11187-004-6477-9
• N. Tsitsianis, A. Gregoriou and A. Kontonikas (2004) “Does the Day of the Week Effect Persist Once Transaction Costs Have Been Accounted for? Evidence from the UK”, Applied Financial Economics, Vol. 14, Issue 3, pp. 115-120. My input: data collection, data analysis, development of hypotheses, discussion of the results. https://www.tandfonline.com/doi/full/10.1080/0960310042000187388?casa_token=CfOlfoGTyVwAAAAA%3Ax2FKvQzad782PiIn5ywBKxf95zHl736RftBKW77RcqR0LSDdZcWtY7_ra0PnnihK9SY4qmUQ9KM

(II) PUBLICATIONS   - BOOKS

• Iovino and N. Tsitsianis (2019) “Changes In European Energy Markets: What the Evidence Tells Us”, Emerald (ISBN-13 ‎ 978-1839091100) – 192 pages. My input: data collection, data analysis, discussion of the results. https://www.emerald.com/insight/publication/doi/10.1108/9781839091070
• Arcidiacono, F. Barbera, A. Bowman, J. Buchanan, S. Busso, J. Dagnes, J. Earle, E. Engelen, P. Folkman, J. Froud, C. Haslam, S. Johal, I. Rees Jones, D. Minervini, M. Moran, F. Mostaccio, G. Pauli, L. Plank, A. Salento, F. Spina, N. Tsitsianis and K. Williams (2018) “Foundational Economy: The Infrastructure of Everyday Life” Manchester University Press,  ISBN: 978-1-5261-3400-4 – 208 pages. My input: data collection, data analysis, discussion of the results. https://www.researchgate.net/publication/323780333_The_Foundational_economy_The_infrastructure_of_everyday_life
• Bowman, I. Ertürk, P. Folkman, J. Froud, C. Haslam, S. Johal, A. Leaver, M. Moran, N. Tsitsianis and K. Williams (2015) “What a Waste, Outsourcing and How it Goes Wrong”, Manchester University Press, ISBN: 978-0-7190-9953-3. – 120 pages. My input: data collection, data analysis, discussion of the results. https://manchesteruniversitypress.co.uk/9780719099533/
• Andersson, C. Haslam, N. Tsitsianis and Y.P. Yin (2013):  “Business Models Redefined: Strategies for a Financialized World”, Routledge. 978-0-4156-7440-9 – 242 pages. My input: data collection, data analysis, discussion of the results. https://www.taylorfrancis.com/books/mono/10.4324/9780203112502/redefining-business-models-colin-haslam-tord-andersson-nicholas-tsitsianis-ya-ping-yin 

(III) PUBLICATIONS: BOOK CHAPTERS

• Haslam, A. Leaver and N. Tsitsianis (2022) Book Chapter in “Public Utilities” in Global Wealth Chain. Asset Strategies in the World Economy . Oxford University Press, ISBN 978-0-19-883237-9 - 316 Pages. My input: data collection, data analysis, discussion of the results. https://academic.oup.com/book/43064/chapter-abstract/361495111?redirectedFrom=fulltext
• Tsitsianis, C. Haslam and G. Katechos (2017). “Stress Testing the Adoption of Fair Value Accounting (FVA): Fragility and Instability in Financialized Firms”. In R. Roslender (Ed.), The Routledge Companion to Critical Accounting - Routledge Companions in Business, Management and Accounting - 435 pages.  Routledge. My input: data collection, data analysis, discussion of the results. https://www.semanticscholar.org/paper/Financialization-%3A-Stress-testing-the-adoption-of-Katechos-Tsitsianis/04bff9947a6f002f5c176e28c7d64d3bfcb3a742
• Tsitsianis, T. Andersson, C. Haslam and E. Lee (2008), “A Financialized Account of Corporate Governance” in Strange, R and Jackson G., (eds), ‘Corporate Governance and International Business’, Vol.15. AIB-UKI and Palgrave Macmillan – 312 pages. My input: data collection, data analysis, discussion of the results. https://link.springer.com/chapter/10.1057/9780230285743_13

Supervision

CURRENT PHD SUPERVISION

• September 2019 – Expected Completion Date November 2025: Anna Elia. Thesis Title: “The Determinants of Adopting Integrated Reporting for Publicly-listed Firms.”. Anna Elia was awarded a full sponsorship from her current employer (University of Hertfordshire Business School) – The PhD Candidate had two years of interruptions due to maternity leave.
• September 2020 – Expected Completion Date December 2024: Supriya Shinde. Thesis Title “The determinants and the outcomes of  adopting Big Data Analysis”. Supriya Shinde was awarded a full Queen Mary Studentship following interviews and the submission of the School Nomination Form.
• January 2021 – Expected Completion Date April 2025: Bushra Alangary. Thesis Title “The determinants and the outcomes of XBRL adoption in Saudi Arabia” Bushra Alangary was awarded a full scholarship from her own country (Saudi Arabia).
• September 2022 – Expected Completion Date September 2026: Yang Zou. Thesis Title “How different Corporate Governance systems in China affect the Chinese firms financial performance”. Yang was awarded a full Queen Mary Studentship following interviews and the submission of the School Nomination Form.
• September 2022 – Expected Completion Date September 2026: Zhihuan Li. Thesis Title: “Block-Holders and the Decision to Voluntary delisting in the USA”.

PhD COMPLETIONS

• September 2019 – November 2023: David Ririmasse (successfully defended his Viva in November 2023 (minor corrections). Thesis Title: “Carbon Asset Risks. An Empirical and Econometrics Approach”. David Ririmasse was awarded a full Queen Mary Studentship following interviews and the submission of the School Nomination Form.
• September 2015 – October 2020: Mario Charles Abela. Thesis Title: “Business Model Corporate Reporting: Rediscovering Accountability”. Dr Abela passed his Viva (Thu 14 October 2020) and the outcome was “Ph.D. Award – Minor Corrections”. Dr Abela received his PhD from QMUL.
• September 2016 – September 2019. Mohammed Kasbar. Thesis Title: “The Role of Corporate Governance and Financial Metrics on Firms Performance. An Empirical and Econometrics Approach”. Mohammed passed his Viva (Friday 15 November 2019) and the outcome was “Ph.D. Award – Minor Corrections”. Dr Kasbar received his PhD from QMUL.
• September 2013 – March 2016: Grigorios Theodosopoulos: Thesis Title: “The Business Model and the Financial Viability of the Hospices in England: An Accounting Perspective”.  Dr Theodosopoulos passed his Viva (Thursday 05 May 2016) and the outcome was “Ph.D. Award – No Corrections”. Dr Theodosopoulos received his PhD from QMUL.
• September 2013 – October 2016: Alain Wouassom: Thesis Title: “Contrarian and Momentum Portfolio Strategies: Global Evidence”. Dr Wouassom passed his Viva (Friday 25 November 2016) and the outcome was “Ph.D. Award – Minor Corrections”. Dr Wouassom received his PhD from QMUL.
• September 2011 – February 2017 (Part Time PhD) Matthew Cadbury: Thesis Title: “An Investigation of Trade Policy and Growth through the Mechanism of Market Access and Specialisation”. Dr Cadbury passed his Viva (Wednesday 29 March 2017) and the outcome was “Ph.D. Award – Minor Corrections”. Dr Cadbury received his PhD from University of Hertfordshire.
• September 2009 – September 2014: John Malamatenios: “Accounting for Carbon Footprint in the FTSE100: Culture, Commitment and Credibility”. Dr Malamatenios passed his Viva (Friday 21 November 2014) and the outcome was “Ph.D. Award – Minor Corrections”. Dr Malamatenios received his PhD from QMUL.
• September 2009 – March 2013: Amit Vyas: “The Impact of Web 2.0 on Different Socio-economic Groups”. Dr Cadbury passed his Viva (Friday 14 June 2013) and the outcome was “Ph.D. Award - No Corrections”. Dr Vyas received his PhD from University of Hertfordshire.

Public Engagement

• Assessing the impact of shareholder primacy and value extraction: performance and financial resilience in the FTSE350 (2020)
  • Murphy, A. Leave and C. Haslam and N. Tsitsianis in Productivity Insights Network (an ESRC-funded network).
  • The same report was published by TaxResearch Network, Copenhagen Business School and  University of Sheffield.
• Stress testing outsourcing companies used by the uk government (2018)
  • Haslam and N Tsitsianis
  • The below report was submitted to the British Parliament regarding the Sourcing of Public Services: Lessons to Be Learned From the Collapse of Carillion. An Inquiry
  • http://data.parliament.uk/writtenevidence/committeeevidence.svc/evidencedocument/public-administration-and-constitutional-affairs-committee/sourcing-public-services-lessons-to-be-learned-from-the-collapse-of-carillion/written/81521.html 
•  Public administration and constitutional affairs committee (2018)
  • Froud, C. Haslam, S. Johal, N. Tsitsianis and K. Williams
  • The below report was submitted to the UK2070 Commission. The UK2070 Commission is an independent inquiry into city and regional inequalities in the UK. Chaired by Lord Kerslake, it has been set up to conduct a review of the policy and spatial issues related to the UK’s long-term city and regional development.  “Foundational Liveability: Rethinking Territorial Inequality”
  • https://foundationaleconomycom.files.wordpress.com/2018/12/foundational-livability-wp-no-5-fe-collective.pdf
• Sustaining UK Bio-Pharma: Innovation, Re-invention and Capital at Risk”
  • Haslam, P. Gleadle and N. Tsitsianis (2011),
  • Published by Institute of Chartered Accountants Scotland (ICAS)
  • http://icas.org.uk/haslam

PROFESSIONAL / INDUSTRIAL REPORTS

• MTI Industries and Nabarro Lawyers. “FTSE AIM 2007: Where Now For Technology? C Haslam and N Tsitsianis provided the data collection, data analysis and corporate recommendations on a report commissioned by MTI Industries and Nabarro Lawyers. The report was published and launched at London Stock Exchange March 2007
• MTI Industries and Nabarro Lawyers. “FTSE AIM: 2006 A Watershed Year?” C Haslam and N Tsitsianis provided the data collection, data analysis and corporate recommendations on a report commissioned by MTI Industries and Nabarro Lawyers. The report was published and launched at London Stock Exchange March 2008