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Professor Janette Rutterford

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Professor of Financial Management

You can email Professor Janette Rutterford directly; but for media enquiries please contact a member of The Open University's Media Relations team.

Staff profile

See below for Professor Janette Rutterford's:

Biography

Janette is Professor of Financial Management of The Open University Business School. Until recently, she was Head of the Centre for Financial Management and is an active member of the senior staff.  Prior to joining the OU, Janette worked at Credit Lyonnais as a gilts analyst, taught finance at the London School of Economics, and worked in corporate finance at N.M.Rothschild & Sons Limited.

Teaching interests

Janette has been responsible for the creation of a number of key finance courses in the Business School, notably the MBA Financial strategy (B821 and B831) courses, the MSc in International Financial Management, and the undergraduate courses You and your money: personal finance in context (DB123) and Personal Finance in an Uncertain World (DB234).

Janette is also currently supervising two PhD students researching in behavioural finance.

She contributes to the Open2.net blog accompanying the Money Programme - see her views on getting rich in a recession, the cost of being super-rich, the rise of private equity and the cost of divorce.

 

Research interests

Janette's research has centred around corporate finance, investment management, and the history of finance. She has written a number of texts, notably Corporate Finance & Capital Markets, Financial Strategy, and three editions of An Introduction to Stock Exchange Investment.

Janette's academic papers are in the field of performance measurement, equity valuation, pension funds, women and investment, and the history of investment. She was involved in a major ESRC research grant which investigated women's wealth and investment from 1870 to 1930 completed in 2009. Her paper on the history of equity valuation in 2004 was awarded the Basil Yamey prize for the best published paper in Accounting, Business and Financial History in that year. She was co-editor with Professor Josephine Maltby of York University and Professor Anne Laurence of the Open University of a 2009 edited text: Women and their Money, 1700 to 1950 and, with David Green, Josephine Maltby, and Alastair Owens, of a 2011 OUP edited text: Men, Women and Money: Perspectives on Gender, Wealth and Investment 1850-1930. 

Janette's current research is on corporate governance issues, behavioural finance, portfolio diversification, the democratisation of investment in the 20th century, and company new issue prospectuses.

Impact and engagement

Janette is on the editorial board of Accounting History Review.  She acts as referee for a number of journals, in particular Economic History Review and Business History. Until 2009, Janette was a non-executive member of the Strategic Investment Board of the Lord Chancellor's Office of the UK, responsible for monitoring investment of £5bn of investment funds on behalf of individuals.  She has also been a member of a number of government committees, including the Techology Foresight Committee for the financial services sector.  Janette has also advised a number of financial institutions on training of their staff and has been involved in the setting up and marketing to financial institutions of the Foundation Degree in Financial Services of the Open University.

External contributions

Janette was for eight years a non-executive director of Scott Bader plc, a chemical company with a turnover of £100m., owned by its employees.  She was also a pension fund trustee of Scott Bader until 2009.  She has advised a number of pension funds and currently acts as an expert witness in investment-mismanagement cases.

Janette appears frequently on television and radio as an investment expert, and writes for professional magazines and newspapers as well as in academic journals.  

International collaborations

Janette is a visiting professor at the Basque University of Bilbao and ESCP-Europe. She has dual French/British nationality and divides her time between France and the UK.

Areas of expertise

  • stock markets
  • investment
  • pension funds
  • investment history
  • mis-selling
  • women investors

Research student supervision

Publications

Journal papers
Rutterford, J  (2012)  'The shareholder voice: British and American accents, 1890-1965', Enterprise & Society, vol. 13, issue 1, pp. 120-153. Abstract
Rutterford, J  (2011)  ''Propositions put forward by quite honest men’: company prospectuses and their contents, 1856 to 1940', Business History, vol. 53, issue 6, pp. 866-899. Abstract
Rutterford, JM, Green, DR, Maltby, J, Owens, A  (2011)  'Who comprised the nation of shareholders? Gender and investment in Great Britain, c. 1870–1935', Gender and investment c. 1870 to 1935, Economic History ReviewThe Economic History Review, vol. 64, issue 1, pp. 157-187. Abstract
Rutterford, JM  (2010)  'Gross or net: the impact of taxation on the history of equity valuation?', Accounting History, vol. 15, issue 1, pp. 41-64.
Rutterford, JM  (2009)  'The financial crisis and its impact on trusts and trustees', Trusts and Trustees, vol. 15, issue 2, pp. 104-108. Abstract
Rutterford, JM  (2009)  'Learning from one another's mistakes: investment trusts in the UK and the US, 1868 to 1940', Financial History Review, vol. 16, issue 2, pp. 157-181.
Rutterford, JM  (2009)  'Learning from one another's mistakes: investment trusts in the UK and US, 1868 - 1940', Financial History Review, vol. 16, issue 2, pp. 157-181. Abstract
Green, DR, Owens, A, Maltby, J, Rutterford, JM  (2009)  'Lives in the balance? Gender, age and assets in late-nineteenth-century England and Wales', Continuity and Change, vol. 24, issue 2, pp. 307-335. Abstract
Rutterford, JM, Maltby, J, Green, DR, Owens, A  (2009)  'Research shareholding and investment in England and Wales: approaches, sources and methods', Accounting History, vol. 14, issue 3, pp. 269-292. Abstract
Rutterford, JM, Maltby, J  (2007)  'The nesting instinct": women investors and risk in England, 1700-1930', Accounting History, vol. 12, issue 3, pp. 305-327.
Rutterford, JM, Maltby, J  (2006)  'Frank must marry money": men, women and property in Trollope's novels', Accounting Historians Journal, vol. 33, issue 2, pp. 301-231.
Rutterford, JM  (2006)  'The merchant banker, the broker and the company chairman: a new issue case study', Onzièmes Journées d’Histoire de la Comptabilité et du Management, Bordeaux, MarchAccounting, Business and Financial History, vol. 16, issue 1, pp. 45-68. Abstract
Maltby, J, Rutterford, JM  (2006)  ''She possessed her own fortune': women investors from the late nineteenth century to the early twentieth century', Business History, vol. 48, issue 2, Routledge, pp. 220-253. Abstract
Rutterford, JM, Maltby, J  (2006)  ''The Widow, the clergyman and the reckless': women investors in England, 1830- 1914', Feminist Economics, vol. 12, issue 1-2, Routledge, pp. 111-138. Abstract
Rutterford, JM  (2004)  'From dividend yield to discounted cash flow: a history of UK and US equity valuation techniques', Accounting, Business and Financial History, vol. 14, issue 2, Routledge, pp. 115-149. Abstract
Rutterford, JM  (1996)  'Discussion of convertible debt financing: an empirical analysis', Journal of Business Finance and Accounting, vol. 23, issue 2, pp. 335-338. Abstract
Books
Green, David R., Rutterford, Janette M., Maltby, Josephine, Owens, Alastair (eds)  (2011)  'Men, Women and Money: perspective on gender, wealth, and investment 1850-1930', Oxford, Oxford University Press.
Green, David R., Maltby, Josephine, Owens, Alastair, Rutterford, Janette (eds)  (2011)  'Men, Women and Money: Perspectives on Gender, Wealth and Investment, 1850-1930', Oxford, Oxford University Press. Abstract
Laurence, Anne E., Maltby, Josephine, Rutterford, Janette M. (eds)  (2009)  'Women and their money 1700-1950: Essays on women and finance', London, Routledge. Abstract
Rutterford, JM, Davison, M  (2007)  'An Introduction to Stock Exchange Investment, 3rd edition', Palgrave Macmillan.
Rutterford, Janette M., Upton, Martin, Kodwani, Devendra (eds)  (2006)  'Financial Strategy: adding stakeholder value, 2nd edition', Chichester, John Wiley and Sons Ltd.
Rutterford, Janette M., Upton, Martin, Kodwani, Devendra (eds)  (2006)  'Financial Strategy (2nd Edition)', Chichester, UK, John Wiley and Sons Ltd. Abstract
Rutterford, JM, Gregory, A  (1999)  'The Cost of Capital in the UK: a comparison of the perceptions of industry and the city', London, Chartered Institute of Management Accountants.
Rutterford, Janette M. (ed)  (1998)  'Financial Strategy: adding stakeholder value', John Wiley and Sons Ltd.
Rutterford, JM  (1997)  'Corporate Finance & Capital Markets', John Wiley and Sons.
Rutterford, JM  (1994)  'The Dividend Puzzle, Technical Focus, No. 3', London, Institute of Chartered Accountants in England and Wales.
Rutterford, JM  (1993)  'An Introduction to Stock Exchange Investment, 2nd edition', Palgrave Macmillan.
Rutterford, JM, Wheatcroft, RH, Aczuel, M  (1993)  'Treasury Management', Blackwell Publishers.
Rutterford, Janette M., Montgomerie, R. R. (eds)  (1992)  'Handbook of UK Corporate Finance, 2nd edition', Butterworths Law.
Rutterford, JM  (1989)  'Defining Banking in the 21st Century: the text of an inaugural lecture delivered at the Open University on 24 October 1989', Open University.
Rutterford, Janette M., Carter, D., Smith, M. (eds)  (1987)  'Handbook of UK Corporate Finance', Butterworths Law.
Rutterford, JM  (1983)  'Introduction to Stock Exchange Investment', Palgrave Macmillan.
Book chapters
Maltby, J, Rutterford, J  (2012)  'Gender and Finance', Oxford Handbook of the Sociology of Finance, Oxford, Oxford Univesity Press.
Rutterford, J  (2012)  'Valuing equities in the UK and the US: fashions and trends', Handbook of Research on Stock Market Gloablization, Cheltenham, Edward Elgar, pp. 116-136. Abstract
Maltby, J, Rutterford, J, Green, DR, Ainscough, S, Van Mourik, C  (2011)  'The evidence for 'democratization' of share ownership in Great Britain in the early twentieth century', Men, Women and Money: Perspectives on Gender, Wealth and Investment 1850-1930, Oxford, Oxford University Press, pp. 184-206. Abstract
Green, DR, Owens, A, Maltby, J, Rutterford, J  (2011)  'Men, women and money: an introduction', Men, Women and Money: Perspectives on Gender, Wealth and Investment, 1850- 1930, Oxford, Oxford University Press, pp. 1-30. Abstract
Lowe, J, Rutterford, J  (2011)  'Savings and investments', Personal Finance (2nd edition), Basingstoke/Milton Keynes, UK, Palgrave Macmillan/The Open University, pp. 174-228. Abstract
Rutterford, JM  (2010)  'The company prospectus: marketing shares on the London Stock Exchange, 1855 to 1940', Histoire des Entreprises du Transport: Evolutions Comptables et Managériales, Paris, France, L'Harmattan. Abstract
Rutterford, JM  (2010)  'Finance and financial institutions', Routledge Companion to Accounting History, Abingdon, UK, Routledge. Abstract
Rutterford, JM  (2010)  'Risk-return strategies', Personal Investments in an Uncertain World, Hampshire, UK, Palgrave McMillan. Abstract
Laurence, AE, Maltby, J, Rutterford, JM  (2009)  'Introduction', Women and Their Money 1700-1950: Essays on Women in Finance, Routledge.
Rutterford, JM  (2009)  'Women and wealth in fiction in the long nineteenth century 1800-1914', Women and Their Money 1700-1950: Essays on Women and Finance, Abingdon, UK, Routledge. Abstract
Rutterford, JM  (2007)  'The Merchant Banker, the Broker and the Company Chairman: the Thames Iron new issue', Shipbuilding and Ships on the Thames, London, Greenwich Industrial History Society.
Rutterford, JM  (2007)  'Savings and investments', Personal Finance, Chichester, John Wiley & Sons Ltd, pp. 169-222. Abstract
Rutterford, JM  (2007)  'Thames Iron: history of a new issue', Owen, JR (ed.) Shipbuilding and Ships on the Thames: Proceedings of a Third Symposium, held on 18 February 2006 at Greenwich Maritime Institute, Old Royal Naval College, Greenwich.
Rutterford, JM  (2006)  'Adding value through financing: section overview', Financial Strategy: adding stakeholder value, 2nd edition, Chichester, John Wiley & Sons Ltd, pp. 121-124. Abstract
Rutterford, JM  (2006)  'Adding value through investment; section overview', Financial Strategy: adding stakeholder value, 2nd edition, Chichester, John Wiley & Sons Ltd, pp. 59-61. Abstract
Upton, M  (2006)  'Learning to live with fixed rate mortgages: an evolutionary approach to risk management', Financial Strategy (2nd Edition), UK, Wiley, pp. 285-301.
Rutterford, JM  (2006)  'Trends in finance theory: section overview', Financial Strategy: adding stakeholder value, 2nd edition, Chichester, John Wiley & Sons Ltd, pp. 1-3. Abstract
Rutterford, JM  (2006)  'The World was their oyster: international diversification pre-World War I', Financial Strategy (2nd Edition), Chichester, UK, John Wiley & Sons Ltd, pp. 01/05/24.
Rutterford, JM  (2000)  'EVA® and the cost of capital', Arnold, G and Davies, M (eds) Shareholder Value Techniques: a critique of theory and practice, Wiley Press, pp. 135-150.
Rutterford, JM  (1998)  'Finance tools', Rutterford, J (ed.) Financial Strategy, Milton Keynes, Open University Business School.
Rutterford, JM, Fitzgerald, MD  (1992)  'International options markets', Hodges, S (ed.) Options: Recent Advances in Theory and Practice Volume 2, Manchester University Press.
Rutterford, JM  (1990)  'Corporate finance in an international context', Director's Guide to Corporate Finance, Institute of Directors.
Rutterford, JM  (1988)  'An international perspective on the capital structure puzzle', Stern, JM and Chew, DH (eds) New Developments in International Finance, Blackwell Publishers.
Conference papers
Richards, D, Fenton-O'Creevy, MP, Rutterford, JM  (2011)  'Do stop losses work? The disposition effect, stop losses and investor demographics', Behavioural Finance and Economic Psychology: Recent Developments, Cass Business School, 7-8 April.
Rutterford, JM  (2010)  'The place to be seen? Annual general meetings in the UK 1890 to 1965', Journees de l'Histoire du Comptabilite et du Management, Paris, France.
Rutterford, JM  (2010)  'Portfolio diversification in practice: evidence from 1870 to 1902 in England and Wales', 22nd Annual Conference on Accounting, Business and Financial History, Cardiff, Wales.
Rutterford, JM  (2010)  'The role of women in ethical and philanthropic stock market investment', BAVS (British Association of Victorian Studies) Tenth Anniversary Conference: Victorian Forms & Formations, Glasgow.
Green, DR, Rutterford, JM  (2009)  'Spreading the net: distance, shareholding and the geography of risk in England and Wales 1870-1935', Economic History Society Annual Conference, University of Warwick. Abstract
Rutterford, JM  (2008)  'The rise of the small investors in the US and the UK, 1900 to 1960', Business History after Chandler, Association of Business Historians Annual Conference, University of Birmingham.
Rutterford, JM  (2008)  'The rise of the small investors in the US and the UK, 1900 to 1960', European Business History Association, Bergen, Norway.
Rutterford, JM  (2008)  'The rise of the small investors in the US and the UK, 1900 to 1960', Business History after Chandler, Association of Business Historians Annual Conference, University of Birmingham, UK.
Rutterford, JM  (2008)  'The rise of the small investors in the US and the UK, 1900 to 1960', Association of Business Historians Conference, Bergen, Norway.
Rutterford, JM, Maltby, J, Owens, A  (2008)  'The sleeping partners? Women shareholders in England and Wales, 1870-1935', Economic History Society Annual Conference, University of Nottingham, UK.
Rutterford, JM, Maltby, J  (2008)  ''That wide-eyed sceptical curiosity that makes women so formidable': Women's investment behaviour before and after the First World War'', 7th European Social Science History Conference, University of Lisbon, Portugal. Abstract
Rutterford, JM, Maltby, J, Owens, A  (2008)  'Women investors in England and Wales: a class of their own?', Business History Conference, Sacramento, USA.
Rutterford, JM  (2007)  'The company prospectus: marketing shares on the London Stock Exchange', Association of Business Historians Conference, Wolverhampton, April.
Rutterford, JM  (2006)  'Gross or net? The role of taxation in the history of equity valuation', World Congress of Accounting Historians (WCAH), Nantes, July.
Rutterford, JM  (2006)  'Learning from one's mistakes? Managing risk in the mutual fund industry, 1868-1940', International Conference, Long-term Perspectives on Institutions, Business and Finance, What have we Learned from the Past?, University of Antwerp, October.
Rutterford, JM  (2006)  'That wide-eyed sceptical curiosity that makes women so formidable. Developments in women's investment behaviour 1900-1939', International European Historians Congress, Helsinki, August.
Rutterford, JM  (2003)  'Equity valuation: 1820-1970', Accounting, Business and Financial History Conference, Cardiff, September.
Rutterford, JM  (1989)  'The future of option pricing models', SOFFEX Conference, Interlaken, January.
Rutterford, JM  (1988)  'Valuation of convertible gilts', Karlsruhe University Finance Conference.
Rutterford, JM  (1985)  'The effects of corporate and personal tax changes on UK corporate debt-equity ratios 1930 to 1980', European Finance Association Conference, Berne, Switzerland, August.
Other
Rutterford, JM  (2009)  'Hedge funds - do they deserve to survive?', issue 26/02/10, Blog for the BBC's The Bottom Line.
Rutterford, JM  (2009)  'Hints on how to invest', issue 08/07/10, Blog for The BBC's The Money Programme.
Rutterford, JM  (2009)  'How much attention should companies pay to their share price?', issue 20/03/10, Blog for the BBC's The Bottom Line.
Rutterford, JM  (2009)  'Planning for the upturn', issue 06/03/10, Blog for the BBC's The Bottom Line.
Rutterford, JM  (2009)  'What is selling short?', issue 18/02/10, Blog for the BBC's The Money Programme.
Rutterford, JM  (2008)  'The hidden cost of home ownership', issue 12/11/10, Blog for the BBC's The Money Programme.
Rutterford, JM, O'Sullivan, TJ  (2008)  'Money & Management podcast', issue 30/10/10, Podcast for the BBC's The Money Programme.
Rutterford, JM  (2008)  'Rich in recession', issue 05/06/10, Blog for the BBC's The Money Programme.
Rutterford, JM  (2007)  'Private equity - who’s paying for their profits?', issue 05/06/10, Blog for the BBC's The Money Programme.
Rutterford, JM  (2007)  'The rich get richer across the globe', issue 26/11/10, Blog for the BBC's The Money Programme.
Rutterford, JM  (2006)  'What’s mine is yours', issue 26/10/10, Blog for the BBC's The Money Programme.
Rutterford, JM  (2006)  'Women of substance', issue 25/01/10, Open2net article for the BBC's Money Programme.
Rutterford, JM  (2005)  'Penalised for caring?', issue 25/11/10, Blog for the BBC's The Money Programme.