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Finance

About us

The Finance Research Cluster aims to promote world-leading research in various areas of finance such as corporate finance, quantitative finance, banking, asset pricing, and behavioural and household finance. The cluster members present their research at prestigious international conferences and publish in world-leading journals in finance and financial economics, such as The Review of Financial Studies, The Journal of Finance, and the Journal of Financial Economics. We aim for our research to improve our understanding of the way policymakers and financial institutions operate. Cluster members are regularly involved in consulting with several financial and policy-making institutions, such as UBS London, Fidelity International London, the European Commission, the European Central Bank, the World Bank, and the Bank for International Settlements.

Wards Finance Seminar Series 2024-2025

Named after our prominent alumnus and donor, James Cusator Wards, the Wards Finance Seminar Series invites eminent academics and research leaders from top fields and institutions to present their finance research.

Abstracts and biographies for upcoming seminars can be found on our Research Seminar webpage.

Please note that our seminars are online through Zoom and in person at the University of Glasgow. Seminars are open to all. For further information and to register for individual seminars, please contact the ASBS Seminar Series team.

Wards Finance Seminar Series 2024-2025

Wednesday, 16 October 2024
Dr Yupana Wiwattanakantang, NUS Business School, National University of Singapore

Wednesday, 30 October 2024
Dr Xing Huang, Olin Business School, Washington University

Wednesday, 06 November 2024
Professor Grzegorz Pawlina, Lancaster University

Wednesday, 20 November 2024
Dr Daniele Bianchi, Queen Mary University of London

Wednesday, 04 December 2024
Professor Marc Goergen, IE Business School-IE University

Friday, 17 January 2025
Professor Dimitris Petmezas, Durham University Business School

Wednesday, 29 January 2025
Dr Constantinos Antoniou, University of Warwick

Wednesday, 05 February 2025
Professor Bin Xu, Leeds University Business School

Wednesday, 12 February 2025
Dr Deniz Igan, Bank for International Settlements

Wednesday, 19 February 2025
Dr Veronica Rappoport, LSE

Wednesday, 12 March 2025
Dr Svetlana Bryzgalova, London Business School

Wednesday, 19 March 2025
Dr Janet Gao, Georgetown University

Wednesday, 07 May 2025
Professor George Constantinides, The University of Chicago Booth School of Business

Friday, 23 May 2025
Professor Russ Wermers, University of Maryland

We foster a positive and productive environment for seminars through our Code of conduct.
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Impact and Engagement

Learn more about our projects and activities

Improving financial literacy

The global financial crisis, growing levels of household debt and online financial fraud in the FinTech era have demonstrated the urgent need to improve financial literacy amongst members of the public. Professor Georgios Panos served as Principal Investigator on the EU Horizon 2020-funded PROFIT project. The PROFIT project has sought to promote financial awareness and improve the financial capability of citizens and market participants via the development of the PROFIT Platform. The platform will include resources such as financial educational toolkits and personalised recommendation systems to support financial management. This interdisciplinary project includes experts from accounting, finance, economics, information technology and education, as well as private third-sector institutional partners.

Sustainable data sharing and trading ecosystem

Professor Cathy Chen is collaborating with several University of Glasgow colleagues on an interdisciplinary EPSRC-funded project on 'Privacy-preserving and Secure Data Sharing and Trading Ecosystem for Distributed Wireless IoT Networks’. The so-called ‘PRISTINE’ project aims to establish a sustainable and secure data sharing and trading ecosystem from both technological and social aspects, in which bridging the gap between the two communities is critical. It brings together the complementary strengths of Professor Chen in economics and digital currencies, Dr Lei Zhang (Engineering) in DLT/blockchain and data science, Professor Muhammad Ali Imran (Engineering) in mobile sensor networks and machine learning, and Professor Simon Joss (Urban Studies) in social assessment of technology. Their work will be beneficial to stakeholders in cybersecurity, AI, FinTech, digital economics and networking disciplines by breaking the data monopolisation of the large tech companies.

Consultancy and expertise

Our researchers consult with central banks and private organisations around the world. They have shared their knowledge with stakeholders at the Bank of Italy, Bank of Portugal, Bank of Serbia, Bank for International Settlements and World Bank. If you are interested in collaborating with our researchers, please contact our Connections with Practice Team for further information.

Publications

2024

Lavery, P., Wilson, N. (2024) The performance of private equity portfolio companies during the COVID-19 pandemic. Journal of Corporate Finance, 89, (doi: 10.1016/j.jcorpfin.2024.102641)

Kellard, N. M., Makhlouf, Y., Sarkisyan, A., Vinogradov, D. V. (2024) Women’s empowerment and child mortality. World Development, 183, (doi: 10.1016/j.worlddev.2024.106712)

Dahya, J., Wu, B. (H.T.) (2024) Social capital, syndication, and investment performance: evidence from PE investing in LBOs. International Review of Financial Analysis, 95, (doi: 10.1016/j.irfa.2024.103306)

Movaghari, H., Tsoukas, S., Vagenas-Nanos, E. (2024) Corporate cash policy and double machine learning. International Journal of Finance and Economics, (doi: 10.1002/ijfe.3039)

Karavitis, P., Kazakis, P., Xu, T. (2024) Overconfident CEOs, corporate social responsibility, and tax avoidance: evidence from China. Journal of International Accounting, Auditing and Taxation,

Wang, Z., Zhang, T., Ren, X., Shi, Y. (2024) AI adoption rate and corporate green innovation efficiency: evidence from Chinese energy companies. Energy Economics, 132, (doi: 10.1016/j.eneco.2024.107499)

Guo, H., Hung, C.-H. D., Kontonikas, A., Zeng, Y. (2024) Flight to lottery ahead of FOMC announcements: institutional investors or retail investors? British Journal of Management, 35, pp. 1076-1096. (doi: 10.1111/1467-8551.12755)

Hasan, I., Karavitis, P., Kazakis, P., Leung, W. S. (2024) Corporate social responsibility and profit shifting. European Accounting Review, (doi: 10.1080/09638180.2024.2303971)

Lavery, P., Serena, J.-M., Spaliara, M.-E., Tsoukas, S. (2024) Private equity buyouts and exports: the impact of Brexit on UK firms. British Journal of Management, 35, pp. 364-377. (doi: 10.1111/1467-8551.12716)

Lavery, P., Tsoukalas, J., Wilson, N. (2024) Private equity financing & firm productivity, Working Paper No. 041.

Shi, Y., Zhu, K. (2024) Unraveling the impact of bank loan spread on corporate innovation: evidence from China. Economic Modelling, 130, (doi: 10.1016/j.econmod.2023.106559)

2023

Jia, Z., Li, D., Shi, Y., Xing, L. (2023) Firm-level media coverage, bank loans, and the role of institutional environments. Journal of Corporate Finance, 83, (doi: 10.1016/j.jcorpfin.2023.102491)

Makhlouf, Y., Kellard, N. M., Vinogradov, D. (2023) What moves commodity terms-of-trade? Evidence from 178 countries. Journal of Commodity Markets, 32, (doi: 10.1016/j.jcomm.2023.100359)

Makhlouf, Y., Kellard, N., Vinogradov, D. V. (2023) Banks, financial markets, and income inequality. International Journal of Finance and Economics, (doi: 10.1002/ijfe.2910)

Wilson, N., Lavery, P. (2023) The impact of private equity on exporting activity. Palgrave

Lavery, P., Spaliara, M.-E., Tsoukas, S. (2023) Bank capital requirements and the impact on private equity. Palgrave Macmillan

Li, D., Zhang, Z., Cerrato, M. (2023) Factor investing and currency portfolio management. International Review of Financial Analysis, 87, (doi: 10.1016/j.irfa.2023.102626)

Phalippou, L., Wu, B. (2023) The association between the proportion of Brexiters and COVID-19 death rates in England. Social Science and Medicine, 323, (doi: 10.1016/j.socscimed.2023.115826)

Delis, M. D., Kazakis, P., Zopounidis, C. (2023) Management and takeover decisions. European Journal of Operational Research, 304, pp. 1256-1268. (doi: 10.1016/j.ejor.2022.05.005)

Dong, K., Zhao, J., Ren, X., Shi, Y. (2023) Environmental regulation, human capital, and pollutant emissions: the case of SO2 emissions for China. Journal of Chinese Economic and Business Studies, 21, pp. 111-135. (doi: 10.1080/14765284.2022.2106539)

Lavery, P., Spaliara, M.-E., Tsoukas, S. (2023) Private equity and bank capital requirements: evidence from European firms. British Journal of Management, 34, pp. 390-409. (doi: 10.1111/1467-8551.12593)

Ding, R., Shi, Y., Zhou, H. (2023) Social media coverage and post-earnings announcement drift: evidence from seeking alpha. European Journal of Finance, 29, pp. 207-227. (doi: 10.1080/1351847X.2021.2022508)

2022

Guo, H., Hung, C.-H. D., Kontonikas, A. (2022) The Fed and the stock market: a tale of sentiment states. Journal of International Money and Finance, 128, (doi: 10.1016/j.jimonfin.2022.102707)

Zhou, D., Liu, Y., Ren, X., Yan, C., Shi, Y. (2022) Economic agglomeration and product quality upgrading: evidence from China. Journal of Chinese Economic and Business Studies, 20, pp. 377-395. (doi: 10.1080/14765284.2021.1985933)

Shi, Y., Stasinakis, C., Xu, Y., Yan, C., Zhang, X. (2022) Stock price default boundary: A Black-Cox model approach. International Review of Financial Analysis, 83, (doi: 10.1016/j.irfa.2022.102284)

Shi, Y., Chen, D., Guo, B., Xu, Y., Yan, C. (2022) The information content of CDS implied volatility and associated trading strategies. International Review of Financial Analysis, 83, (doi: 10.1016/j.irfa.2022.102295)

Ren, X., Li, J., Shi, Y. (2022) Can digital economic attention spillover to financial markets? Evidence from the time-varying Granger test. Journal of Digital Economy, 1, pp. 102-116. (doi: 10.1016/j.jdec.2022.11.002)

Yuan, G. X., Yan, C., Zhou, Y., Liu, H., Qian, G., Shi, Y. (2022) Credit risk analysis of Chinese companies by applying the CAFÉ Approach. Springer

Li, D., Shi, Y., Xu, L., Xu, Y., Zhao, Y. (2022) Dynamic asymmetric dependence and portfolio management in cryptocurrency markets. Finance Research Letters, 48, (doi: 10.1016/j.frl.2022.102829)

Shadrina, E. V., Vinogradov, D., Kashin, D. V. (2022) Implicit incentives in green public procurement: Good intentions versus rigid regulations. Ecological Economics, 198, (doi: 10.1016/j.ecolecon.2022.107458)

Pang, Y., Shi, S., Shi, Y., Zhao, Y. (2022) A nonlinear dynamic approach to cash flow forecasting. Review of Quantitative Finance and Accounting, 59, pp. 205-237. (doi: 10.1007/s11156-022-01066-8)

Shi, Y., Stasinakis, C., Xu, Y., Yan, C. (2022) Market co-movement between credit default swap curves and option volatility surfaces. International Review of Financial Analysis, 82, (doi: 10.1016/j.irfa.2022.102192)

Aleksanyan, M., Danbolt, J., Siganos, A., Wu, B. (H.T.) (2022) I only fear when I hear: how media affects insider trading in takeover targets. Journal of Empirical Finance, 67, pp. 318-342. (doi: 10.1016/j.jempfin.2022.04.004)

Yang, J., Guariglia, A., Peng, Y., Shi, Y. (2022) Inventory investment and the choice of financing: does financial development play a role? Journal of Corporate Finance, 74, (doi: 10.1016/j.jcorpfin.2021.102139)

He, Z., Guo, B., Shi, Y., Zhao, Y. (2022) Natural disasters and CSR: Evidence from China. Pacific-Basin Finance Journal, 73, (doi: 10.1016/j.pacfin.2022.101777)

Karavitis, P., Kazakis, P. (2022) Political sentiment and syndicated loan borrowing costs of multinational enterprises. Journal of International Financial Markets, Institutions and Money, 78, (doi: 10.1016/j.intfin.2022.101537)

Shadrina, E.V., Vinogradov, D. (2022) Public–private partnerships in an economist’s eye: a gleam or a beam? Edward Elgar publishing

Avarucci, M., Zaffaroni, P. (2022) Robust estimation of large panels with factor structures. Journal of the American Statistical Association, (doi: 10.1080/01621459.2022.2050244)

Ren, X., Duan, K., Tao, L., Shi, Y., Yan, C. (2022) Carbon prices forecasting in quantiles. Energy Economics, 108, (doi: 10.1016/j.eneco.2022.105862)

Chaudhry, A. N., Kontonikas, A., Vagenas-Nanos, E. (2022) Social networks and the informational role of financial advisory firms centrality in mergers and acquisitions. British Journal of Management, 33, pp. 958-979. (doi: 10.1111/1467-8551.12477)

Sprenger, C., Lazareva, O. (2022) Corporate governance and investment-cash flow sensitivity: evidence from Russian unlisted firms. Journal of Comparative Economics, 50, pp. 71-100. (doi: 10.1016/j.jce.2021.05.004)

Liu, P., Peng, Y., Shi, Y., Yang, J. (2022) Financial structures, political risk and economic growth. European Journal of Finance, 28, pp. 356-376. (doi: 10.1080/1351847X.2021.1879888)

Zafar, U., Kellard, N., Vinogradov, D. (2022) Multi‐stage optimization filter for trend based short‐term forecasting. Journal of Forecasting, 41, pp. 345-360. (doi: 10.1002/for.2810)

Delis, M. D., Iosifidi, M., Kazakis, P., Ongena, S., Tsionas, M. G. (2022) Management practices and M&A success. Journal of Banking and Finance, 134, (doi: 10.1016/j.jbankfin.2021.106355)

Ren, X., Shi, Y., Jin, C. (2022) Climate policy uncertainty and corporate investment: evidence from the Chinese energy industry. Carbon Neutrality, 1, (doi: 10.1007/s43979-022-00008-6)

2021

Yang, G., Huang, R., Shi, Y., Jia, Z. (2021) Does a CEO's private reputation impede corporate governance? Economic Modelling, 104, (doi: 10.1016/j.econmod.2021.105640)

Vinogradov, D., Makhlouf, Y. (2021) Two faces of financial systems: provision of services versus shock-smoothing. Journal of International Financial Markets, Institutions and Money, 75, (doi: 10.1016/j.intfin.2021.101456)

Lavery, P., Serena, J.-M., Spaliara, M.-E., Tsoukas, S. (2021) Private equity buyouts and firm exports: evidence from UK firms.

Dutordoir, M., Vagenas-Nanos, E., Verwijmeren, P., Wu, B. (2021) A rundown of merger target run-ups. Financial Management, 50, pp. 487-518. (doi: 10.1111/fima.12331)

Vinogradov, D., Makhlouf, Y. (2021) Signaling probabilities in ambiguity: who reacts to vague news? Theory and Decision, 90, pp. 371-404. (doi: 10.1007/s11238-020-09759-z)

Jewell, S., Kazakis, P. (2021) Migration patterns and job satisfaction: evidence from European doctorate holders. Annals of Regional Science, 66, pp. 359-407. (doi: 10.1007/s00168-020-01024-z)

Duan, K., Ren, X., Shi, Y., Mishra, T., Yan, C. (2021) The marginal impacts of energy prices on carbon price variations: evidence from a quantile-on-quantile approach. Energy Economics, 95, (doi: 10.1016/j.eneco.2021.105131)

Aleksanyan, M., Hao, Z., Vagenas-Nanos, E., Verwijmeren, P. (2021) Do state visits affect cross-border mergers and acquisitions? Journal of Corporate Finance, 66, (doi: 10.1016/j.jcorpfin.2020.101800)

Fang, Y., Jing, Z., Shi, Y., Zhao, Y. (2021) Financial spillovers and spillbacks: new evidence from China and G7 countries. Economic Modelling, 94, pp. 184-200. (doi: 10.1016/j.econmod.2020.09.022)

Guo, H., Hung, C.-H., Kontonikas, A. (2021) Investor sentiment and the pre-FOMC announcement drift. Finance Research Letters, 38, (doi: 10.1016/j.frl.2020.101443)

Shi, S., Shi, Y. (2021) Bitcoin futures: trade it or ban it? European Journal of Finance, 27, pp. 381-396. (doi: 10.1080/1351847X.2019.1647865)

2020

Kokas, S., Vinogradov, D., Zachariadis, M. (2020) Which banks smooth and at what price? Journal of Corporate Finance, 65, (doi: 10.1016/j.jcorpfin.2019.101509)

Makhlouf, Y., Kellard, N. M., Vinogradov, D. (2020) Finance-inequality nexus: the long and the short of it. Economic Inquiry, 58, pp. 1977-1994. (doi: 10.1111/ecin.12918)

Guidi, M., Sogiakas, V., Vagenas-Nanos, E., Verwijmeren, P. (2020) Spreading the sin: an empirical assessment from corporate takeovers. International Review of Financial Analysis, 71, (doi: 10.1016/j.irfa.2020.101535)

Zhao, N., Shi, Y., Sun, Y., Miao, J. (2020) Aggregate labor market fluctuations under news shocks. Economic Modelling, 90, pp. 397-405. (doi: 10.1016/j.econmod.2019.12.018)

Giudici, G., Milne, A., Vinogradov, D. (2020) Cryptocurrencies: market analysis and perspectives. Journal of Industrial and Business Economics, 47, pp. 1-18. (doi: 10.1007/s40812-019-00138-6)

Xu, L., Gao, H., Shi, Y., Zhao, Y. (2020) The heterogeneous volume-volatility relations in the exchange-traded fund market: evidence from China. Economic Modelling, 85, pp. 400-408. (doi: 10.1016/j.econmod.2019.11.019)

Hu, H., Prokop, J., Shi, Y., Trautwein, H.-M. (2020) The rating spillover from banks to sovereigns: an empirical investigation across the European Union. Journal of International Financial Markets, Institutions and Money, 64, (doi: 10.1016/j.intfin.2019.101161)

Wu, B. (H.T.), MacNeil, I., Chalaczkiewicz-Ladna, K. (2020) "Say on Pay” regulations and director remuneration: evidence from the UK in the past two decades. Journal of Corporate Law Studies, 20, pp. 541-577. (doi: 10.1080/14735970.2020.1754151)

Jia, Z., Shi, Y., Yan, C., Duygun, M. (2020) Bankruptcy prediction with financial systemic risk. European Journal of Finance, 26, pp. 666-690. (doi: 10.1080/1351847X.2019.1656095)

Paisey, C., Paisey, N., Tarbert, H., Wu, B. (H.T.) (2020) Deprivation, social class and social mobility at Big Four and non-Big Four firms. Accounting and Business Research, 50, pp. 61-109. (doi: 10.1080/00014788.2019.1647127)

Gao, H., Shen, Z., Li, Y., Mao, X., Shi, Y. (2020) Institutional investors, real earnings management and cost of equity: Evidence from listed high-tech firms in China. Emerging Markets Finance and Trade, 56, pp. 3490-3506. (doi: 10.1080/1540496x.2019.1650348)

Hung, C.-H. D., Naeem, S., Wei, K.C. J. (2020) Peer firms’ credit rating changes and corporate financing. European Journal of Finance, 26, pp. 41-63. (doi: 10.1080/1351847X.2019.1683874)

Vagenas-Nanos, E. (2020) The benefits of overvaluation: evidence from mergers and acquisitions. Financial Management, 49, pp. 91-133. (doi: 10.1111/fima.12247)

Shi, Y., Paramati, S. R., Ren, X. (2020) The growth of carbon markets in Asia: the potential challenges for future development. ADBI

Guo, B., Shi, Y., Xu, Y. (2020) Volatility information difference between CDS, options, and the cross section of options returns. Quantitative Finance, 20, pp. 2025-2036. (doi: 10.1080/14697688.2020.1814018)

2019

Yan, D., Kong, Y., Ye, B., Shi, Y., Zeng, X. (2019) Spatial variation of energy efficiency based on a Super-Slack-Based Measure: Evidence from 104 resource-based cities. Journal of Cleaner Production, 240, (doi: 10.1016/j.jclepro.2019.117669)

Lamla, M. J., Vinogradov, D. V. (2019) Central bank announcements: big news for little people? Journal of Monetary Economics, 108, pp. 21-38. (doi: 10.1016/j.jmoneco.2019.08.014)

Paramati, S. R., Shi, Y., Zhao, Y. (2019) Environmental Challenges and Sustainable Economic Development in the People's Republic of China: The Role of Renewable Energy across Provinces. ADBI Working Paper 1050.

Sprenger, C., Todorović, S. (2019) Corporate Governance of the Largest Russian Banks. BOFIT Policy Brief 2019 No. 3. SSRN,

Yan, D., Kong, Y., Ren, X., Shi, Y., Chiang, S. (2019) The determinants of urban sustainability in Chinese resource-based cities: A panel quantile regression approach. Science of the Total Environment, 686, pp. 1210-1219. (doi: 10.1016/j.scitotenv.2019.05.386)

Jaud, M., Kukenova, M., Strieborny, M. (2019) Finance and export survival: the case of the MENA region and sub-Saharan Africa. MIT Press

Ren, X., Lu, Z., Cheng, C., Shi, Y., Shen, J. (2019) On dynamic linkages of the state natural gas markets in the USA: evidence from an empirical spatio-temporal network quantile analysis. Energy Economics, 80, pp. 234-252. (doi: 10.1016/j.eneco.2019.01.001)

Guo, J. (M.), Li, X., Cisternas Seeger, N., Vagenas-Nanos, E. (2019) Social connections, reference point and acquisition premium. British Accounting Review, 51, pp. 46-71. (doi: 10.1016/j.bar.2018.07.001)

Sprenger, C. (2019) Limited demand, limited supply: corporate governance and sustainability in Russia. Cambridge University Press

Kazakis, P. (2019) On the nexus between innovation, productivity and migration of US university graduates. Spatial Economic Analysis, 14, pp. 465-485. (doi: 10.1080/17421772.2019.1636127)

Shi, Y., Zhang, H., Xu, Y., Zhao, Y. (2019) The term structure of option-implied volatility and future realized volatility. Emerging Markets Finance and Trade, 55, pp. 2997-3022. (doi: 10.1080/1540496X.2019.1612360)

2018

Vinogradov, D., Shadrina, E., Doroshenko, M. (2018) KIBS for public needs. Economia e Politica Industriale, 45, pp. 443-473. (doi: 10.1007/s40812-018-0106-0)

Cheng, C., Ren, X., Wang, Z., Shi, Y. (2018) The impacts of non-fossil energy, economic growth, energy consumption, and oil price on carbon intensity: evidence from a panel quantile regression analysis of EU 28. Sustainability, 10, (doi: 10.3390/su10114067)

Bakshi, G., Cerrato, M., Crosby, J. (2018) Implications of incomplete markets for international economies. Review of Financial Studies, 31, pp. 4017-4062. (doi: 10.1093/rfs/hhx120)

Wu, B. H.T., Mazur, M. (2018) Managerial incentives and investment policy in family firms: evidence from a structural analysis. Journal of Small Business Management, 56, pp. 618-657. (doi: 10.1111/jsbm.12308)

Kutan, A. M., Shi, Y., Wei, M., Zhao, Y. (2018) Does the introduction of index futures stabilize stock markets? Further evidence from emerging markets. International Review of Economics and Finance, 57, pp. 183-197. (doi: 10.1016/j.iref.2018.01.003)

Yan, D., Lei, Y., Shi, Y., Zhu, Q., Li, L., Zhang, Z. (2018) Evolution of the spatiotemporal pattern of PM2.5 concentrations in China – a case study from the Beijing-Tianjin-Hebei region. Atmospheric Environment, 183, pp. 225-233. (doi: 10.1016/j.atmosenv.2018.03.041)

Jaud, M., Kukenova, M., Strieborny, M. (2018) Finance, comparative advantage, and resource allocation. Review of Finance, 22, pp. 1011-1061. (doi: 10.1093/rof/rfx047)

Zhao, Y., Stasinakis, C., Sermpinis, G., Shi, Y. (2018) Neural network copula portfolio optimization for exchange traded funds. Quantitative Finance, 18, pp. 761-775. (doi: 10.1080/14697688.2017.1414505)

Hung, C.-H. D., Jiang, Y., Liu, F. H., Tu, H. (2018) Competition or manipulation? An empirical evidence of determinants of the earnings persistence of the U.S. banks. Journal of Banking and Finance, 88, pp. 442-454. (doi: 10.1016/j.jbankfin.2018.01.010)

Vinogradov, D., Shadrina, E. (2018) Public-private partnerships as collaborative projects: testing the theory on cases from EU and Russia. International Journal of Public Administration, 41, pp. 446-459. (doi: 10.1080/01900692.2018.1426012)

2017

Caporale, G. M., Cerrato, M., Zhang, X. (2017) Analysing the determinants of insolvency risk for general insurance firms in the UK. Journal of Banking and Finance, 84, pp. 107-122. (doi: 10.1016/j.jbankfin.2017.07.011)

Park, J. S., Shi, Y. (2017) Hedging and speculative pressures and the transition of the spot-futures relationship in energy and metal markets. International Review of Financial Analysis, 54, pp. 176-191. (doi: 10.1016/j.irfa.2016.12.001)

Kazakis, P., Faggian, A. (2017) Mobility, education and labor market outcomes for U.S. graduates: Is selectivity important? Annals of Regional Science, 59, pp. 731-758. (doi: 10.1007/s00168-016-0773-6)

Kammas, P., Kazakis, P., Sarantides, V. (2017) The effect of culture on fiscal redistribution: Evidence based on genetic, epidemiological and linguistic data. Economics Letters, 160, pp. 95-99. (doi: 10.1016/j.econlet.2017.08.029)

Hung, C.-H. D., Jiang, Y., Liu, F. H., Tu, H., Wang, S. (2017) Bank political connections and performance in China. Journal of Financial Stability, 32, pp. 57-69. (doi: 10.1016/j.jfs.2017.09.003)

Cerrato, M., Crosby, J., Kim, M., Zhao, Y. (2017) The joint credit risk of UK global-systemically important banks. Journal of Futures Markets, 37, pp. 964-988. (doi: 10.1002/fut.21855)

Andrikopoulos, P., Vagenas-Nanos, E. (2017) Special issue of the Review of Behavioral Finance guest editors’ introduction. Review of Behavioral Finance, 9, pp. 102-104. (doi: 10.1108/rbf-05-2017-0043)

Hung, C.-H. D., Banerjee, A., Meng, Q. (2017) Corporate financing and anticipated credit rating changes. Review of Quantitative Finance and Accounting, 48, pp. 893-915. (doi: 10.1007/s11156-016-0571-3)

Siganos, A., Vagenas-Nanos, E., Verwijmeren, P. (2017) Divergence of sentiment and stock market trading. Journal of Banking and Finance, 78, pp. 130-141. (doi: 10.1016/j.jbankfin.2017.02.005)

Makhlouf, Y., Kellard, N. M., Vinogradov, D. (2017) Child mortality, commodity price volatility and the resource curse. Social Science and Medicine, 178, pp. 144-156. (doi: 10.1016/j.socscimed.2017.01.063)

Cerrato, M., Crosby, J., Kim, M., Zhao, Y. (2017) Relation between higher order comoments and dependence structure of equity portfolio. Journal of Empirical Finance, 40, pp. 101-120. (doi: 10.1016/j.jempfin.2016.11.007)

Black, E. L., Guo, J., Hu, N., Vagenas-Nanos, E. (2017) Uncertainty triggers overreaction: evidence from corporate takeovers. European Journal of Finance, 23, pp. 1362-1389. (doi: 10.1080/1351847X.2016.1202296)

2016

Mazur, M., Wu, B. H.-T. (2016) Founding family firms, CEO incentive pay, and dual agency problems. Journal of Small Business Management, 54, pp. 1099-1125. (doi: 10.1111/jsbm.12237)

Vagenas-Nanos, E. (2016) Mergers and acquisitions in frontier markets: a comparative analysis. Elsevier

Strieborny, M., Kukenova, M. (2016) Investment in relationship-specific assets: does finance matter? Review of Finance, 20, pp. 1487-1515. (doi: 10.1093/rof/rfv049)

Philip, D., Shi, Y. (2016) Optimal hedging in carbon emission markets using Markov regime switching models. Journal of International Financial Markets, Institutions and Money, 43, pp. 1-15. (doi: 10.1016/j.intfin.2016.03.003)

Eichberger, J., Vinogradov, D. (2016) Efficiency of Lowest-Unmatched Price Auctions. Economics Letters, 141, pp. 98-102. (doi: 10.1016/j.econlet.2016.02.012)

Banerjee, A., Hung, C.-H. D., Lo, K. L. (2016) An anatomy of credit risk transfer between sovereign and financials in the Eurozone Crisis. Journal of International Financial Markets, Institutions and Money, 41, pp. 102-120. (doi: 10.1016/j.intfin.2015.12.007)

Vinogradov, D., Shadrina, E. (2016) Public-Private Partnerships as Collaborative Projects: Testing the Theory on Cases from EU and Russia.

2015

Eichberger, J., Vinogradov, D. (2015) Lowest-Unmatched Price Auctions. International Journal of Industrial Organization, 43, pp. 1-17. (doi: 10.1016/j.ijindorg.2015.07.004)

Cerrato, M., Kim, H., MacDonald, R. (2015) Microstructure order flow: statistical and economic evaluation of nonlinear forecasts. Journal of International Financial Markets, Institutions and Money, 39, pp. 40-52. (doi: 10.1016/j.intfin.2015.05.010)

Makhlouf, Y., Kellard, N. M., Vinogradov, D. (2015) Trade openness, export diversification, and political regimes. Economics Letters, 136, pp. 25-27. (doi: 10.1016/j.econlet.2015.08.031)

Danbolt, J., Siganos, A., Vagenas-Nanos, E. (2015) Investor sentiment and bidder announcement abnormal returns. Journal of Corporate Finance, 33, pp. 164-179. (doi: 10.1016/j.jcorpfin.2015.06.003)

Jaud, M., Kukenova, M., Strieborny, M. (2015) Financial development and sustainable exports: evidence from firm-product data. World Economy, 38, pp. 1090-1114. (doi: 10.1111/twec.12224)

Philip, D., Shi, Y. (2015) Impact of allowance submissions in European carbon emission markets. International Review of Financial Analysis, 40, pp. 27-37. (doi: 10.1016/j.irfa.2015.05.004)

Chau, F., Kuo, J.-M., Shi, Y. (2015) Arbitrage opportunities and feedback trading in emissions and energy markets. Journal of International Financial Markets, Institutions and Money, 36, pp. 130-147. (doi: 10.1016/j.intfin.2015.02.002)

Cerrato, M., Kalyoncu, H., Hassan Naqvi, N., Tsoukis, C. (2015) Current accounts in the long run and the intertemporal approach: a panel data investigation. World Economy, 38, pp. 340-359. (doi: 10.1111/twec.12152)

Hung, C.-H. D., Chen, Q., Fang, V. (2015) Non-tradable share reform, liquidity and stock returns in China. International Review of Finance, 15, pp. 27-54. (doi: 10.1111/irfi.12043)