Dr. R. W. Mills

Professor Dr. Roger W. Mills

ACADEMIC QUALIFICATIONS

1. Emeritus Professor, Henley Business School, University of Reading, 2008.

2. Emeritus Professor, Henley Management College, 2008.

3. Master of College, honorary degree awarded by Henley Management College, 2008.

4. Professor Dr. of Business Valuation and Fundamental Analysis – VU University, Amsterdam, 2007 to 2012.

5. Professor of Accounting and Finance – 1988 to 2008.

6. Doctor of Philosophy in Finance (part-time study): Henley Management College/Brunel - The University of West London, 1986.

7. Master of Science, Management Studies by part-time study over 2 years (Course Prize Winner), Henley Management College/Brunel - The University of West London 1982.

8. Certificate in Education, University of London, 1976.

9. Bachelor of Technology (Hons.), Psychology, Sociology, Economics, Brunel - The University of West London 1974.

PROFESSIONAL QUALIFICATIONS

1. Fellow of the Chartered Institute of Management Accountants (FCMA)

2. Fellow of the Institute of Chartered Secretaries and Administrators (FCIS).

3. Fellow of the Association of Corporate Treasurers (FCT).

Roger is a PhD in Finance who can communicate effectively in a number of different European languages, is computer literate and has an extensive experience in academia and business.

Initially educated in Psychology, Sociology and Economics, Roger migrated into accountancy and financial management after a 5-year period as an aircrew officer in the Royal Air Force (RAF). Subsequently, he has held a variety of senior positions in finance and industry as well as establishing a career in academia.

Roger has also been a private equity investor over the last 20 years. Of particular note, he was a founding member and successful investor in a dotcom start-up that achieved an Alternative Investment Market (AIM) listing in London.

To illustrate the breadth of his experience, over the last 30 years Roger undertook many assignments with a significant number focussing upon emerging markets. He has worked in S.E. Asia, China, South America, Middle East, Africa, Russia and Eastern Europe, in addition to Western Europe, the United States and Japan. He can speak or communicate effectively in Spanish, French and Portuguese.

Examples of his work include:

• Executive Managing Director of Global Alliance Inc., Asia’s First Investment Venture Bank

• Acting as Special Adviser to American Appraisal, the largest independent valuation consultancy firm.

• Advising a major international chemicals business on the valuation and establishment of joint ventures in the People’s Republic of China.

• Acting as Professor of Shareholder Value to Price Waterhouse.

• Advising a major global bank’s principal finance team on large (in excess of US$1 billion) acquisition targets and devising appropriate management for value systems for use by senior management within the acquired businesses to facilitate desired exit strategies.

• Advising and directing the implementation of Value Based Management (VBM) in UK, Central European, South American and Asian organisations.

• Advising on the implementation of valuation risk programmes for senior management and high fliers in an international French bank.

• Leading the team and designing the valuation methodology to be applied in the valuation of telecommunications access rights for an Australian power company as part of a State disposal programme.

Last, but not least, Roger has written or contributed to 14 books and authored more than 130 articles. His work in valuation has been the interface between theory and practice, which has been recognised by specialists in the field and he has been commissioned by many organisations to lead workshops and seminars on the valuation of commercial organisations and financial institutes.

BUSINESS

Chief Executive Officer (CEO), Value Focus Group

Organisations for which Roger worked over the last 20 years include:

• Price Waterhouse (Europe)

• Ernst & Young (Spain and Russia)

• Credit Suisse First Boston (UK and Europe)

• Credit Agricole Indosuez - formerly Banque Indosuez (France)

• Lloyds TSB (UK)

• Reuters (UK)

• Den Norske Bank (Norway)

• HSBC (Asia)

• Standard Chartered Bank (Europe)

• Citibank (US)

• Chase Manhattan (Emerging Markets)

• DEG (German Development Bank)

• Glaxo Smith Kline (UK)

• Bass/Six Continents (Europe)

• BDO (Argentina)

• Enron (Columbia)

• Schneider (France)

• Nomura (Japan)

• Global Alliance (Japan)

• GTP (Switzerland)

• Bank Santander (Spain, Columbia and Chile)

• Bank Gesellschaft (Germany)

• Unibank/Nordea (Denmark)

• The Consulting Center For Finance & Investment (Saudi Arabia)

• Optiva Bank (Estonia)

• Fujitsu/ICL plc (UK)

• Powernet (Australia)

• Teledanmark (Denmark)

• Visa International (MENA)

• British Steel (UK)

• British Waterways (UK)

• Ministry of Defence (UK)

• Ministry of Economics (Botswana)

• Hong Kong Housing Authority

• Central Bank (Nigeria)

• Ministry of Economics (Botswana)

• Petronas (Malaysia)

• ABB (Switzerland)

• ALS (Denmark)

• FCMB (Nigeria)

• Office for Telecommunications (OFTEL)/Kingston Communications plc

• Danube Knitwear Ltd (Hungary)

• Institute for Investment Management and Research (IIMR) - now UK Society of Investment Professionals (UKSIP) (UK)

• Cultura Inglesa (Brazil

• Institute of Bankers (Jordan)

Examples of Roger’s work include:

• Executive Managing Director of Global Alliance Inc., Asia’s First Investment Venture Bank

• Advising a major international chemicals business on the valuation and establishment of joint ventures in the People’s Republic of China (see publications).

• Acting as Professor of Shareholder Value to Price Waterhouse.

• Advising a major global bank’s principal finance team on large (in excess of US$1 billion) acquisition targets and devising appropriate management for value systems for use by senior management within the acquired businesses to facilitate desired exit strategies.

• Advising and directing the implementation of Value Based Management (VBM) in UK, Central European, South American and Asian organisations.

• Advising on the implementation of valuation risk programmes for senior management and high fliers in an international French bank.

• Leading the team and designing the valuation methodology to be applied in the valuation of telecommunications access rights for an Australian power company as part of a State disposal programme.

ACADEMIC

• Professor of Business Valuation and Fundamental Analysis, Free University, Amsterdam, since 1st September 2007.

• Professor of Finance and Accounting at Henley Management College – 1986 to 31st October 2007.

• Head of Accounting and Finance Faculty at Henley Management College - 1995 to 2005.

• Subject Area Leader - Managing Financial Resources and Business Finance – 1983 to 2003.

• Director of Henley Brazil – 1996 to 1999.

• Director of Studies for the Henley-based MBA Programme - 1st April 1989 to 30th April 1995.

• Director of Studies, Brunel-based Programmes – April 1983 to December 1987.

ASSOCIATESHIPS

• Special Adviser to American Appraisal from 2004 to 2006

• Swiss Banking School, University of Zurich from 2001 to 2005

• Free University in Amsterdam from 2001 to 2005

• Consulting Professor of Shareholder Value to Price Waterhouse from 1997 to 2001

• CFA (US HQ) Speaker 2004 onwards

• DDF- Den Danske Finansanalytikerforening (DSIP - The Danish Society of Investment Professionals) 2000 to 2002

OTHER MANAGEMENT ENGAGEMENTS

• Non-Executive Chairman, Oxford Business Consulting Ltd (Thailand), since 2004

• Director Reiseido SL (Spain), since 2003

• Executive Managing Director of Global Alliance Inc., Asia’s First Investment Venture Bank, since 2002

• Non-executive Director, Go Eq SL (Spain), since 2002

• Non-executive Director, Just Results PLC; Freecom.net, Systems Union from 1995 to 1999.*

• Non-executive Director, Mars Business Associates Ltd, 1987 to 2007.

* Stock Exchange listed

RESEARCH

1. With Blacker, K., Weinstein, W. L.., An investigation into the issues concerning people risk within the Newcastle Building Society, 2003.

2. With Peksyk, M., The Application of Strategic Value Analysis in the Polish Market, 2001.

3. Cost Accounting Practices for Batch Manufacturing - a major research project undertaken in conjunction with the Manufacturing Systems Department of Brunel - The University of West London, 1997.

4. With Santos, R., The Application of Strategic Value Analysis in the Brazilian Market, 1996.

5. With Yongqin Cao. Accounting and financial reporting in China, 1996.

6. With Chen, Gordon. Evaluating International Joint Ventures Using Strategic Value Analysis, 1995.

7. Use of Shareholder Value Analysis in Evaluating Merger and Acquisitions by Large UK Companies - a project funded by Chartered Institute of Management Accountants, 1995.

8. Financial Aspects of Corporate Governance - An Internal and Management Audit Perspective - a project funded by the Institute of Chartered Accountants in England and Wales, 1995.

9. With Syamal K Gosh, The Application of Strategic Value Analysis in Privatisation Decisions, 1993.

10. Post completion auditing of capital projects - research initiated and sponsored by the Chartered Institute of Management Accountants, 1991

11. Cost allocation within telecommunications - a major research project jointly funded by the Office For Telecommunications (OFTEL) and Kingston Communications PLC, 1988.

12. Influences upon capital budgeting decisions exerted by senior central and divisional management in large UK companies, 1986

13. The use of cost accounting information in pricing decisions within UK manufacturing and service companies, 1986.

PUBLICATIONS

Books/Chapters in Books

1. Mills, Roger W., 2007. Financial Statement Analysis and Corporate Finance, Books 1 and 2, Value Focus Publishing.

2. Mills, Roger W., 2007. Corporate Finance – A Managerial Perspective, Value Focus Publishing.

3. Mills, Roger W. with Print, Carole, F. 2006. Business Finance and Accounting, Value Focus Publishing.

4. Mills, Roger W. with Print, Carole, F. 2006. Managerial Finance, Shareholder Value and Value Based Management. Value Focus Publishing.

5. Robertson, J. and Mills, Roger W. 2000. Accounting Principles for Non-Accounting Students. Mars Business Associates Ltd.

6. Mills, Roger W. with Print, Carole, F. and Rowbotham, Sean A. 1999. Managerial Finance, Shareholder Value and Value Based Management. Mars Business Associates Ltd.

7. Mills, Roger W., Robertson, John with Print, Carole, F. and Rowbotham, Sean A. 1999. Fundamentals of Managerial Accounting and Finance. Mars Business Associates Ltd.

8. Mills, Roger W., Shareholder Value Analysis – Its Use in Measuring Value Creation, FMAC 1999 Theme Booklet, IFAC, April 1999

9. Mills, Roger W. 1998. The Dynamics of Shareholder Value: The Principles and Practice of Strategic Value Analysis. Mars Business Associates Ltd. (also published in Japanese and Polish)

10. Mills, Roger W. 1998. Understanding and Using Shareholder Value Analysis. In Ambrosini, V., with Johnson, G. and Scholes, K. (Eds.) Exploring Techniques of Analysis and Evaluation in Strategic Management, pp 229-244, Prentice Hall.

11. Mills, Roger W. 1997. Internal Control Practices within Large UK Companies. In Keasey, Kevin and Wright, Mike (eds.) Corporate Governance: Responsibilities, Risks and Remuneration, Wiley & Sons

12. Mills, Roger W. 1994. Strategic Value Analysis. Mars Business Associates Ltd.

13. Mills, Roger W. and Stiles, J. 1994. Finance for the General Manager. Henley-McGraw Hill series.

14. Mills, Roger W. and Robertson, J.D.A. 1990. Fundamentals of Management Accounting and Finance. Mars Business Associates, (first published in 1990 - adopted by over 20 MBA courses as core reading material).

Journal Articles

1. With Favato G., Mariani P., Capone A., Pelagatti M., et al., 2007), ASSET (Age/Sex Standardised Estimates of Treatment): A Research Model to Improve the Governance of Prescribing Funds in Italy. PLoS ONE 2(7): e592. doi:10.1371/journal.pone.0000592

2. Mills, Roger W., Favato, G. and Weinstein, W.L, 2006, Using Scenario Thinking to Make it Relevant to Managers: A Case Study Illustration, Journal of General Management, Vol. 31, No. 3, Spring, pp. 49 -74.

3. Mills, Roger, W., 2005, Real Options, Journal of General Management - Manager Update, Vol. 17, No. 1, pp 1-11,

4. Mills, Roger W., 2005, Is there a pensions crisis? Journal of General Management - Manager Update, Vol. 17, No.1, pp 1-12.

5. Mills, Roger W., 2005, Financial reporting and financial economics draw closer, Journal of General Management - Manager Update, Vol. 16, No. 4, pp 5-15.

6. Weinstein, W.L., Blacker, K.B., Mills, Roger W., 2005, Can your Board Really cope with risk?” IFAC Articles of Merit, August, pp. 48-52

7. Mills, Roger W., 2005, Assessing Growth Estimates in IPO Valuations -A Case Study, Journal of Applied Corporate Finance, Winter, Vol. 17, No. 1, pp

73-78.

8. Mills, Roger W., 2005, Brand Valuation, Journal of General Management - Manager Update, Vol. 16, No.3 pp 5-12

9. Mills, Roger W., 2004, Eurozone and the Development of the Corporate Debt

Market, Journal of General Management - Manager Update, Winter, Vol. 16, No. 2, pp 5-13.

10. Mills, Roger W., 2004, Accounting, Finance and Executive Compensation,

Journal of General Management - Manager Update, Autumn, Vol. 16, Ed.1, pp 2-11.

11. Blacker, K., Mills, R.W., Weinstein, W.L., September 2004 “People Risk and those ‘porous walls’’, Finance and Management, ICAEW, Issue 114

12. Mills, Roger W., 2004, Behavioural Finance, Journal of General Management - Manager Update, Summer, Vol. 15, No. 4, pp. 35-46

13. Mills, Roger W., 2004 Mergers and Acquisitions: Recovery in M & A Activity?, Journal of General Management - Manager Update, Spring, Vol. 15, No. 3, pp 35-46.

14. Mills, Roger W., 2003 Country Risk and the Cost of Capital., Journal of General Management - Manager Update, Winter, Vol. 15 No 2, pp 36-46.

15. Mills, Roger W., 2003 Value Based Management (VBM) – Time to refine or time to move on?, Journal of General Management - Manager Update, Autumn Vol. 15 No. 1 pp 33-46.

16. Mills, Roger W., 2003 Raising Equity Finance, Journal of General Management - Manager Update, Summer Vol. 14 No. 4, pp 36-46.

17. Mills, Roger W., 2003 Developments in e-Finance and e-Banking, Journal of General Management - Manager Update, Spring, Vol. 14 No. 3, pp 35-45

18. Mills, Roger W., 2002 Finance and the Revolution in Corporate Risk Management, Journal of General Management - Manager Update, Winter, Vol. 14, No. 2, pp 36

19. Mills, Roger W., 2002, Stock Returns and the Cost of Equity, Journal of General Management - Manager Update, Autumn, Vol. 14, No. 1, pp. 36-46.

20. Mills, Roger W., 2002 Life After Enron, Journal of General Management - Manager Update, Summer, Vol. 13, No. 4, pp 35-46.

21. Mills, Roger W., 2002 Mergers and Acquisitions, Journal of General Management - Manager Update, Spring, Vol. 13, No. 3, pp 32-42.

22. Mills, Roger W., 2001 Intangible Assets, Intellectual Capital and Financial Reporting, Journal of General Management - Manager Update, Winter, Vol. 13, No. 2 pp 34-46.

23. Mills, Roger W., 2001 Fuzje i prezejecia, Controlling I Rachunkowosc Zarzadcza, Vol. 12, pp 36-39.

24. Mills, Roger W., 2001 Operational Risk, Journal of General Management - Manager Update, Autumn, Vol. 13, No. 1, pp.34-46.

25. Mills, Roger W., 2001 Ryzyko I wartosc, Controlling I Rachunkowosc Zarzadcza, Vol. 10, pp 34-38.

26. Mills, Roger W., 2001 Wartosc rzeczywista a wycena przedsiewziec internetowych, Controlling I Rachunkowosc Zarzadcza, Vol. 8, pp 33-34.

27. Mills, Roger W., 2001 Socially Responsible Investing, Journal of General Management - Manager Update, Summer, Vol. 12, No. 4, pp.33-44.

28. Mills, Roger W., 2001 Wartosc rzeczywista a wycena przedsiewziec internetowych, Controlling I Rachunkowosc Zarzadcza, Vol. 7, pp 23-24.

29. Mills, Roger., 2001, Economic Value Added (EVA®) Eclectic, published by Banking and Finance Faculty of the Institute of Financial Services, Issue 6 Autumn, pp 4-9.

30. Mills, Roger W., 2001Wartosc rzeczywista a wycena przedsiewziec internetowych, Controlling I Rachunkowosc Zarzadcza, Vol. 6, pp 33-34.

31. Mills, Roger W., Weinstein, W., “Zarzadzanie Wartoscia, Firmy – jak pogodzic interesy udzialowcуw i pozostalych interesariuszy?” Controlling I Rachunkowosc Zarzadcza, 5, 2001, pp 26-31.

32. Mills, Roger W., 2001, Developments in Estimating the Cost of Capital, Journal of General Management - Manager Update, Spring, Vol. 12, No. 3, pp. 35-46.

33. Mills, Roger W., 2000, Reflections on Economic Value Added (EVA®), Journal of General Management - Manager Update, Winter, Vol. 12, No.2, pp. 33-45.

34. Mills, Roger W., 2000, Developments in Cost and Management Accounting, Journal of General Management - Manager Update, Autumn, Vol. 2, No. 1, pp. 30-40.

35. Mills, Roger W., 2000, Risk and Value, Journal of General Management - Manager Update, Summer, Vol. 11, No. 4, pp. 30-41.

36. Mills, Roger W., Weinstein, W., 2000, Beyond Shareholder Value – Reconciling the Shareholder and Stakeholder Perspectives, Journal of General Management, Spring. Vol.25, No. 3, pp.82-93

37. Mills, Roger, W., 2000 Valuing Internet Businesses; What is the Intrinsic Value of a Share?, Journal of General Management - Manager Update, Autumn,Vol. 11, No.3, pp. 31-41.

38. Mills, Roger W., 1999 Cost Management, Journal of General Management - Manager Update, Vol. 11, No. 2, Winter, pp. 37-46

39. Mills, Roger W., 1999 Mergers and Acquisitions, Journal of General Management - Manager Update, Vol. 11, No.1, Autumn, pp. 31-41.

40. Mills, Roger W. and Oldman, A., 1999, Abandoning traditional budgeting, Management Accounting, November, Vol. 77, No. 10, p26.

41. Mills, Roger W. 1999 Is Shareholder Value Dead? Journal of General Management - Manager Update, Vol. 10, No.4, Summer, pp.34-35.

42. Mills, Roger W., Bellis-Jones, Robin, Oldman, A. 1999 Trends in Cost Management Practice, Management Accounting, Vol. 77, Issue 7, pp. 28-30.

43. Mills, Roger W. 1999 The Cost of Capital, Journal of General Management - Manager Update, Vol. 10, No. 3, Spring, pp.32-43.

44. Mills, Roger W. and Sawers, A., 1999 (Critique) How Sloan Built cars and value at General Motors, Financial Director, June, pp. 28-32.

45. Mills, Roger W. and Print, Carole 1999 The True Value of Business, Henley Manager, Issue 2, Summer, pp.6-7.

46. Mills, Roger W. 1998. Strategic Value Analysis, Economic and Financial Computing, Winter, pp.153-198.

47. Mills, Roger W. 1998. Value-Based Management. ICA Accountants’ Digest, Issue 008

48. Mills, Roger W. Rowbotham, S. and Robertson, J. 1998. Using Economic Profit in Assessing Business Performance. Management Accounting, November, Vol. 76, Issue 10; pp 34-38

49. Mills, Roger W. 1998. Shareholder Value Analysis in Acquisition and Divestment Decisions by Large UK companies. Management Accounting, February, Vol. 76, Issue 2, pp 38-40.

50. Mills, Roger W. 1998 How do you value a start-up company? – The flotation of OrangeTM. Long Range Planning. Vol. 31 No. 1, June, pp 446-454.

51. Mills, Roger W. 1998. European Economic and Monetary Union, Journal of General Management - Manager Update, Vol. 10 No. 2, Winter, pp. 36-46.

52. Mills, Roger W. 1998. Winners & Losers – Capital Allocation: Investment Decisions, Acquisitions & Restructuring. Vol. 10, Issue 1, Autumn, pp 32-44

53. Mills, Roger W. 1998. Developments in Emerging Markets - Financing and Risk Management. Journal of General Management - Manager Update. Volume 9 No. 4, Summer, pp 35-46.

54. Mills, Roger W. 1998. Developments in International Accounting – Financial Reporting differences in the European Union (EU) Journal of General Management - Manager Update, Vol. 9 No.3, Spring, pp 33-44.

55. Mills, Roger W. 1997 Modern Financial Theory – How Useful? Journal of General Management - Manager Update, Vol. 9, No. 2. Winter, pp 32-45.

56. Mills, Roger W. 1997. Competitive Advantage Period. Journal of General Management - Manager Update, Vol. 9 No. 1, Autumn, pp 32-42.

57. Mills, Roger W. 1997. The Options Approach. Journal of General Management - Manager Update, Vol. 8 No. 4, Summer, pp 32-42.

58. Mills, Roger W. 1997. How to put your Company under the Microscope. Contract Journal 14th May, pp 18-19.

59. Mills, Roger W. 1997 Lyonnaise des Eaux/Northumbrian Water - O takeover frances na industria das aguas. Case Studies, Revista Brasileira de Management, Jan/Feb, pp 54-70.

60. Mills, Roger W. 1997 Underwriting nas estradas da Malasia. Case Studies, Revista Brasileira de Management, Jan/Feb, pp 54-70.

61. Mills, Roger W. 1997 Shareholder Value Analysis. ICAEW Technical Focus, September, Issue 11.

62. Mills, Roger W. 1997. Valuing in Emerging Markets. Guide to Asian Corporate Finance and Treasury, pp 30-32.

63. Mills, Roger W. 1997. International Accounting Standards - The Need for an Interpreter. Journal of General Management - Manager Update, Vol. 8 No. 3, Spring, pp 34-45

64. Mills, Roger W. and Weinstein, Bill. 1996. Calculating Shareholder Value in a Turbulent Environment. Long Range Planning, Vol. 29 No. 1, pp 76-83.

65. Mills, Roger W. and Chen, Gordon. 1996. Evaluating International Joint Ventures Using Strategic Value Analysis. Long Range Planning, Vol.. 29 No. 4, pp 552-561.

66. Mills, Roger W. 1996. Gap between Corporate Finance Research and Practitioners’ Needs. Journal of General Management - Manager Update, Vol. 8 No. 2, Winter, pp 33-44.

67. Mills, Roger W. 1996. The future of the finance function and the finance specialist. Journal of General Management - Manager Update, Vol. 8 No.1, Autumn, pp 33-45.

68. Mills, Roger W. 1996. Corporate Finance over 25 years. Journal of General Management - Manager Update, Vol. 7 No. 4, Summer, pp 33-46.

69. Mills, Roger, W. 1996. The Capital Asset Pricing Model. Journal of General Management - Manager Update, Vol. 7 , No. 3, Spring, pp 35-44.

70. Mills, Roger and Chen, Gordon. 1996. Evaluating Chinese Joint Venture Opportunities Using Strategic Value Analysis. Journal of General Management, Vol. 21 No. 4, Summer, pp 31-44.

71. Mills, Roger W., and Yongqin Cao. 1996. Accounting and financial reporting in China. Management Accounting, January, pp 26-28.

72. Mills, Roger W. 1996. Orange PCS - International Case. Case Studies, Revista Brasileira de Management, Ano 1, Numero 0, pp. 66-82.

73. Mills, Roger W. 1995. Strategic Value Analysis: Linking Finance And Strategy. Management Accounting, April.

74. Mills, Roger W. and Print, C. 1995. Strategic Value Analysis. Management Accounting, February.

75. Mills, Roger, W., 1995. Mergers and Acquisitions; A Surge in M & A Activity. Journal of General Management - Manager Update, Vol. 7, No. 2, Winter, pp 36-46.

76. Mills, Roger, W., 1995. Accounting and Finance Strategic Issues. Journal of General Management - Manager Update, Vol. 7, No. 1, Autumn, pp 35-46

77. Mills, Roger W., 1995. The Financial Aspects of Corporate Governance. Journal of General Management - Manager Update. Vol. 6, No. 4, Summer, pp. 32-46.

78. Mills, Roger W., 1995. Developments in the theory and practice of Capital Investments: Current Usage of Capital Investment Appraisal Techniques. Journal of General Management - Manager Update, Vol. 6, No. 3, Spring, pp.34-46.

79. Mills, Roger W. and David Parker. 1994. Multinational Financial Strategy, ACCA Open Learning Workbook 4, Paper 14, Financial Strategy. The Chartered Association of Certified Accountants

80. Mills, Roger W., David Parker, Richard Regal and David Harvey. 1994. The Enterprise and Its Constituent Businesses, ACCA Open Learning Workbook 4, Paper 14, Financial Strategy, The Chartered Association of Certified Accountants.

81. Bear R., Mills, Roger W., Schmid Felix. 1994. Product costing in advanced technical environments. Management Accounting. Vol. 72, No. 11, December, pp 20-22.

82. With Dimech Debono, J., Dimech Debono, V. 1994. Euro Disney: A Mickey Mouse Project? European Management Journal, Vol. 12 No. 3, September, pp 306-314.

83. With Syamal, K. Gosh. 1994. The Role of Strategic Value Analysis in European Privatisation Decisions. European Management Journal, Vol.12 No. 2, June.

84. Mills, Roger W. 1994. Hedging Derivatives and Risk Management. Journal of General Management - Manager Update, Vol. 6 No. 2, Winter, pp 35-46.

85. Mills Roger W. 1994. Developments in Management Accounting. Journal of General Management - Manager Update, Vol. 6 No. 1, Autumn, pp 35-46.

86. Mills, Roger W. 1994. Emerging Markets and Privatisation, Journal of General Management - Manager Update, Vol. 5 No. 4, Summer, pp 36-46.

87. Mills, Roger W. 1994. Shareholder Value - Alternative Approaches. Journal of General Management - Manager Update, Vol. 5 No.3, Spring, pp 37-47.

88. Mills, Roger W. 1993. The Financial Aspects of Corporate Governance and the New Era of the Audit. Journal of General Management - Manager Update. Vol. 5 No. 2, Winter, pp 32-43.

89. Mills Roger, W. 1993. Is Financial Theory Relevant? Journal of General Management - Manager Update. Vol. 5, No. 1, Autumn, pp 33-46.

90. Mills Roger W. and Kennedy, A. 1993. Post Completion Audits and Company Style and Strategy. Management Accounting, December, pp 26-30.

91. Mills, Roger W. and Kennedy, A. 1993. Experiences in operating a post-audit system. Management Accounting, November, pp 26-28.

92. Mills, Roger W. and Kennedy, A. 1993. Post Completion Auditing In Practice. Management Accounting, October, pp 22-25.

93. Mills Roger, W. 1993. Auditing and Shareholder Risk. Journal of General Management - Manager Update. Vol. 4, No. 4, Summer, pp 33-46.

94. Mills, Roger W. 1993. A time of change in financial reporting. Journal of General Management - Manager Update. Vol. 4, No. 3, Spring, pp 33-46.

95. With Syamal, K. Gosh. 1993. The Role of Shareholder Value Analysis in Corporate Acquisition Decisions. Indian Journal of Accounting. Vol. XXIV, December, pp 53 – 62.

96. Mills, Roger W., 1993. Strategic Value Management: Towards a finance framework for developing the General Manager. Journal of General Management. Vol. 18, No.4, Summer, pp 34-56

97. Mills, Roger W. 1992. Are Management Buy-outs a Passing Fad? Journal of General Management - Manager Update, Vol. 4, No. 2,Winter, pp 34-45.

98. Mills, Roger W. 1992. The Effects of Board Composition on Company Performance. Journal of General Management - Manager Update, Vol. 4, No. 1, Autumn, pp 31-43.

99. Mills, Roger W., Robertson, J. and Ward, T. 1992. Why Financial Economics Is Vital In Measuring Business Value. Management Accounting, January, pp 39-42.

100. Mills, Roger W. 1992. Strategic financial analysis. Treasury Today, Vol. 2. No. 12, pp 18-19

101. Mills, Roger W., Storrie M. 1992. Strategic financial analysis – 2. Treasury Today, Vol. 3, No. 2, pp 16-19.

102. Mills, Roger W., Storrie, M. 1992 Strategic financial analysis – 3 Treasury Today, Vol. 3, No. 3, pp 15-17.

103. Mills, Roger W. 1992. Cash: The Key Driver of Shareholder Value. The Treasurer, April, pp 7-12.

104. Mills, Roger, W., 1992. The Value of Financial Information and Accounting for the Environment. Journal of General Management - Manager Update. Vol. 3, No. 4, Summer, pp. 32-44.

105. Mills, Roger, W., 1992. How important is the cost of capital? Journal of General Management - Manager Update. Vol. 3, No. 3, Spring, pp. 29-46.

106. Mills, Roger W. and Robertson, J. 1991. Measuring and Managing Strategic Value. Management Accounting, November, pp 50-53.

107. Mills, Roger W. and Robertson J. 1991. The uses and abuses of corporate prediction models. Management Accounting, October, pp 20-22.

108. Mills, Roger W. and Robertson, J. 1991. A Test for Argenti’s Failure Model - A Reply. Management Accounting, September, pp 40-42.

109. Mills, Roger W., 1991, Managing Risk and Costs. Journal of General Management - Manager Update. Vol. 3, No.2, Winter, pp 36-46.

110. Mills, Roger W., 1991, How Managers Think About Costs, Journal of General Management - Manager Update, Vol. 3, No. 1, Autumn, pp 35-46

111. Mills, Roger W., 1991. Short Termism: The Problems of UK Financial Reporting and its Systematic Reform. Journal of General Management - Manager Update. Vol. 2, No. 4, Summer, pp 35-48.

112. Mills, Roger W., 1991. Accounting in the European Community. Journal of General Management - Manager Update. Vol. 2, No. 3, Spring, pp 32-41.

113. Mills, Roger W. and Cave, M. 1990. Cost Accounting in Regulated Industry. Management Accounting, December, pp 34.

114. Mills, Roger W, 1990. Corporate Reporting and Financial Analysis. Journal of General Management - Manager Update. Vol. 2, No. 2, Winter, pp 33-44.

115. Mills, Roger W., 1990. Buyouts, Buy Ins and Shareholder Value. Journal of General Management - Manager Update. Vol. 2, No. 1, Autumn, pp 33-46.

116. Mills, Roger W. 1990. Valuing Human Resources. Journal of General Management - Manager Update, Vol. 1 No. 4, Summer, pp 29-35.

117. Mills, Roger W. and Kennedy, A. 1990, Post-completion Audit Guide. Management Accounting, July/August, pp 37.

118. Mills, Roger W. and Cave, M. 1990. Overhead cost allocation in service organisations. Management Accounting, June, pp 36-37.

119. Mills, Roger W. 1990. Shareholder Value Analysis and Key Value Drivers. Management Accounting, April, pp 30-33.

120. Mills, Roger W. 1990. The Resurgence of Cost Accounting. Journal of General Management - Manager Update, Vol.1 No. 3, Spring, pp 28-34.

121. Mills, Roger W. 1990. Strategic Financial Management and Shareholder Value Analysis. Management Accounting, March, pp 36-38.

122. With Cave, M., Trotter, S., Lever, K. 1990. Cost Allocation and Regulatory Pricing in Telecommunications; A UK case study. Telecommunications Policy, December, pp 505-520.

123. Mills, Roger W. and Cave, Martin. 1990. Cost Allocation in Regulated Industries, Public Finance Foundation, CRI Regulatory Brief No. 3.

124. Mills, Roger W., Kennedy, Alison, J. 1990. The Post Completion Audit of Capital Expenditure Projects. Management Accounting Guideline. Chartered Institute of Management Accountants (CIMA), December.

125. Mills, Roger W., 1989. Evaluating financial information about European companies. Journal of General Management - Manager Update, Vol. 1, No. 2, Winter, pp 27-35.

126. Mills, Roger W. 1989. Accounting Regulation versus Managerial Influence. Journal of General Management - Manager Update, Vol. 1 No. 1, Autumn, pp 25-31.

127. Mills, Roger W., Cave, M., Lever, K. and Trotter, S. 1989. Cost Allocation and Regulatory Pricing in Telecommunications. Discussion Papers in Economics No. 8908, Brunel - The University of West London, November.

128. Mills, Roger W. 1988. Measuring the Use of Capital Budgeting Techniques with the Postal Questionnaire; A UK Perspective. Interfaces, September-October, pp 81-87.

129. Mills, Roger W. 1988. Capital Budgeting - The State of the Art. Long Range Planning, Vol. 21 No.4, August, pp 76-81.

130. Mills, Roger W. and Robertson, J. 1988. Company Failure or Company Health?- Techniques for Measuring Company Health. Long Range Planning, Vol. 21 No. 2, April, pp70-77.

131. Mills Roger W. and Sweeting, C. 1988. Pricing decisions in practice: how are they made in UK manufacturing and service companies?. The Chartered Institute of Management Accountants, Occasional Paper Series.

132. Mills, Roger W. 1988. Pricing Decisions in UK Manufacturing and Service Companies. Management Accounting, November, pp 38-39.

133. Mills, Roger W. and Kennedy, J.A. 1988. Post Auditing and Project Control: a question of semantics? Management Accounting, November, pp 53-54.

134. Mills, Roger W. and Kennedy, J.A. 1988. Post completion audit: luxury or necessity? Management Accounting, pp 38-39.

135. Mills, Roger W. and Robertson, J., 1988. Company Failure or Company Health? - Techniques for Measuring Company Health. Long Range Planning, Vol. 21 No. 2, April, pp 70-77.

136. Mills, Roger W. 1988. Capital Budgeting Techniques used in the UK and the USA. Management Accounting, pp 26-27.

137. Mills, Roger W. and Herbert, P.J.A. 1987. Corporate and Divisional Influences in Capital Budgeting. The Chartered Institute of Management Accountants, Occasional Paper Series.

138. Mills, Roger W. 1982. The Contribution Approach to Performance Evaluation. Accountancy, August, pp 122-124.

Discussion Papers

1. Weinstein, W.L., Mills, Roger W., Economic Scenarios, Risk and Value: the UK Commercial Insurance Industry (HCVI HDP No. 11, December 2005)

2. Favato, G., Mills, R.W. and Weinstein, W.L., Real Option Taxonomies and their implications for management practice (HCVI HDP No. 10, October 2005)

3. Mills, R.W., Peksyk, M., Weinstein, W.L., Sharpening the Tools of Country Risk Analysis (HCVI HDP No. 9, July 2005)

4. Mills, Roger, W., Testing IPO Pricing – Two Contrasting Telecomm Illustrations (HCVI HDP, No. 7, June 2005).

5. Favato, G., Mills, R.W., Weinstein, W., April 2004. Parametric Cost Analysis of Late-stage Pharmaceutical Development – Reducing Risk in Go/No Go Decisions (HCVI HDP No.6)

6. Blacker, K., Weinstein, W.L., Mills, R.W., January 2004, “People risk and organisational culture: a case study”, (HCVI HDP No. 5)

7. Mills, R.W., Print, C.F.P., Weinstein, and W.L., August 2003, Value Based Management: Approaching a dead end or a promising future? (HCVI HDP No. 4)

8. Mills, R., Dahlhoff, J. (July 2003) Competitive Advantage Period (CAP) analysis: Looking at Share Price and Firm Value from a Different Perspective (HCVI HDP No. 3)

9. Weinstein, W., Blacker, K.B., Mills, R.W. (March 2003) Risk Management for non-executive directors: crating a culture of cautious innovation (HCVI HDP No. 2)

10. Mills, R.W., Weinstein, W., Blacker, K.B., Ewers, D., Print, C.F. (June 2003) Delivering Performance Improvement: Issues and Approaches. (HCVI HDP No. 1)

Working Papers

1. Blacker, K, Mills, R.W., Weinstein, B., People Risk in the Financial Services, HWP 0403.

2. Oldman, A., Mills Roger W. 1998. A Theoretical Foundation for the Concept of Value-based Costing (VBC): A critical support tool to Value-based Management (VBM) HWP 9808, Henley Management College.

3. Mills Roger, W., Madani, H., and Affleck- Graves, J. 1997. The Information Content of Earnings and Cash Flows: Evidence from the UK Industrial Sector, HWP 9714. Henley Management College.

4. Mills, Roger W., DeBono, James, DeBono Victoria, Ewers, D., Parker. D. and Print, C. 1996. The use of Shareholder Value Analysis in acquisition and divestment decisions by large UK companies, HWP 9641, Henley Management College.

5. Oldman, A., Mills Roger W. 1996. Emergent Trends in Cost Management Systems: Theory and Practice, HWP 9636, Henley Management College.

6. Al-Saleh Nadhem, Mills Roger, W. 1996. Capital Budgeting Practices in Medium and Small Sized British Companies, HWP 9625 Henley Management College.

7. Mills, Roger W. and Turner, R. 1994. Projects for Shareholder Value. HWP 9426, Henley Management College.

8. Mills, Roger W., Robertson, J. and Ward, T. 1992. Shareholder Value Analysis: Why Financial Economics is Vital in Measuring and Managing Business Value. HWP 9201, Henley Management College.

9. Mills, Roger W. 1992. How Important is the Cost of Capital? HWP 9204, Henley Management College.

Handbooks

1. Mills, Roger W. Strategic Planning, chapter in Financial Management Manual update series published by Accountancy Books

2. Mills, Roger W., Cost Accounting, chapter in Practical Financial Management, update series published by GEE Publishing Ltd.

3. Mills, Roger W., Print, Carole F., Ewers, D., Editors, Handbook of Cost Management, published by GEE Publishing Ltd.

MBA Workbooks

1. Mills, Roger W., Print Carole F., Ewers, D., Parker, D, HMC Workbooks, Managing Financial Resources Modules 1-4 (2000)

2. Strategic Direction Workbook: Finance – Strategic Financial Analysis, Prepared by the Accounting and Finance Faculty – Professor Roger Mills, Dr, Carole Print and Dr David Ewers with contributions from Marcin Peksyk and David Parker. (2001)

Reports

1. Blacker, K.B., Mills, Roger. W., Weinstein, W.L., (2003) People risk: an investigation based on the Newcastle Building Society. The research examined People Risk, in Financial Services, which is recognised as a cause of operational risk along with other causes such as failed systems and processes. A case study approach, based on the Newcastle Building Society, was adopted so as to gain a deeper and broader understanding of how people risk was being managed. The funding was provided by a research grant awarded to the HCVI by Henley Management College.

2. The use of Shareholder Value Analysis in acquisition and divestment decisions by large UK companies. (1998) With James and Victoria DeBono, David Ewers, David Parker and Carole Print. Research sponsored by the Chartered Institute of Management Accountants (CIMA), into the use of Shareholder Value Analysis (SVA) and other valuation techniques used by large UK companies in valuing businesses for acquisition or divestment.

3. Bear, R., Schmid, F. and Mills, Roger W. (1997). Cost Management System Design: Developing a pilot model using an activity-oriented approach, The Chartered Institute of Management Accountants.

4. Product costing in an advanced technology environment.(1997). Joint research project funded by the Engineering and Physical Sciences Research Council, which was undertaken in conjunction with Brunel University Department of Manufacturing and Engineering Systems.

5. Mills, Roger W. (1996). The Use of Shareholder Value Analysis in Acquisition and Divestment Decisions by Large UK Companies. Research Monograph, Mars Business Associates Ltd

6. An Investigation of Internal Control Practices Within Large UK Companies. With James and Victoria DeBono (1996). Research sponsored by the Institute of Chartered Accountants in England Wales (ICAEW) into internal control practices within large UK companies.

LANGUAGES

Spanish (as a consequence of assignments in Spain and South America spanning 15 years)

Portuguese (as a consequence of lengthy assignments in Brazil)

French (as consequence of 12 years as an advisor to a major French bank)

German (basic – learnt in the Royal Air Force and some exposure with German clients)

Japanese (a basic language understanding and limited spoken ability achieved by 42 years involvement with Karate)

INTERESTS

Roger is currently Chief Instructor and Chairman of the British Shito Ryu Karate Association (BSKA), 8th Dan (Kyoshi).

The British Shito-Ryu Karate Association (BSKA) was set up in 1974 by Roger and is a not-for-profit organisation that is managed by an Executive Committee.