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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. 15:00
Dr Yupana Wiwattanakantang, NUS Business School, National University of Singapore

Wednesday, 30 October 2024. 15:00
Dr Xing Huang, Olin Business School, Washington University

Wednesday, 06 November 2024. 15:00
Professor Grzegorz Pawlina, Lancaster University

Wednesday, 13 November 2024. 15:00 (Online)
Dr Dmitriy Muravyev, University of Illinois Urbana-Champaign

Wednesday, 20 November 2024. 15:00
Dr Daniele Bianchi, Queen Mary University of London

Friday, 17 January 2025. 15:00
Professor Dimitris Petmezas, Durham University Business School

Wednesday, 29 January 2025. 15:00
Dr Constantinos Antoniou, University of Warwick

Wednesday, 05 February 2025. 15:00
Professor Bin Xu, Leeds University Business School

Wednesday, 12 February 2025. 15:00 CANCELLED
Dr Deniz Igan, Bank for International Settlements

Wednesday, 19 February 2025. 15:00
Dr Veronica Rappoport, LSE

Wednesday, 26 February 2025. 15:00
Dr Shumiao Ouyang, University of Oxford

Wednesday, 12 March 2025. 15:00 CANCELLED
Dr Svetlana Bryzgalova, London Business School

Wednesday, 19 March 2025. 15:00
Dr Janet Gao, Georgetown University

Wednesday, 26 March 2024. 15:00
Professor Marc Goergen, IE Business School-IE University

Wednesday, 07 May 2025. 15:00
Professor George Constantinides, The University of Chicago Booth School of Business

Friday, 16 May 2025. 15:00
Professor Russ Wermers, University of Maryland

Wednesday, 21 May 2025. 15:00
Professor Oleksandr Talavera, University of Birmingham

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

2025

Fang, Y., Chen, C. Y.-H., Jiang, C. (2025) A flight-to-safety from Bitcoin to stock markets: evidence from cyber attacks. International Review of Financial Analysis, 103, (doi: 10.1016/j.irfa.2025.104093)

Ewald, C. O., Kamm, K. (2025) On the impact of biological risk in aquaculture valuation and decision making. Aquaculture, 603, (doi: 10.1016/j.aquaculture.2025.742368)

Panos, G. A. (2025) Household finance and well-being in Greece and Cyprus.

Panos, G. A., Wright, R. E. (2025) Financial teaching and financial understanding amongst young people. Economics Letters, 251, (doi: 10.1016/j.econlet.2025.112309)

Zhang, H., Shi, Y., Han, D., Liu, P., Xu, Y. (2025) The term structure of credit default swap spreads and the cross section of options returns. Journal of Futures Markets, (doi: 10.1002/fut.22582)

Dou, Y., Merkoulova, Y., Wu, B. (2025) Connections with investment banks and their value: evidence from seasoned equity offerings. Journal of Banking and Finance,

Morris, P., Phalippou, L., Wu, B. (2025) How deadly is financial leverage? Evidence from Care Homes during the COVID-19 crisis. Management Science,

Jiang, Z., Shi, Y., Xing, L. (2025) Social connectedness and cross-border mergers and acquisitions. Journal of Empirical Finance, 81, (doi: 10.1016/j.jempfin.2025.101582)

Li, Y., Stasinakis, C., Yeo, W. M., Da Silva Fernandes, F. (2025) Fintech, financial development and banking efficiency: evidence from Chinese commercial banks. European Journal of Finance, (doi: 10.1080/1351847X.2025.2468481)

Zografopoulos, L., Iannino, M. C., Psaradellis, I., Sermpinis, G. (2025) Industry return prediction via interpretable deep learning. European Journal of Operational Research, 321, pp. 257-268. (doi: 10.1016/j.ejor.2024.08.032)

Agarwala, A., Ewald, C. O., Wang, Y. (2025) Optimal income drawdown and investment with longevity basis risk. Scandinavian Actuarial Journal, (doi: 10.1080/03461238.2025.2455056)

Nunes, M., Gerding, E., McGroarty, F., Niranjan, M., Sermpinis, G. (2025) Deep learning for bond yield forecasting: the LSTM-LagLasso. International Journal of Finance and Economics,

Makhlouf, Y., Kellard, N., Vinogradov, D. V. (2025) Banks, financial markets, and income inequality. International Journal of Finance and Economics, 30, pp. 117-133. (doi: 10.1002/ijfe.2910)

Rossovski, J., Lucey, B., Helbing, P. (2025) Determinants of IPO overpricing. British Journal of Management, 36, pp. 383-399. (doi: 10.1111/1467-8551.12858)

Movaghari, H., Sermpinis, G. (2025) Heterogeneous impact of cost of carry on corporate money demand. European Financial Management, 31, pp. 400-426. (doi: 10.1111/eufm.12507)

2024

Chen, M., Dutordoir, M., Strong, N. C. (2024) Cash-rich seasoned equity issuers. European Journal of Finance, (doi: 10.1080/1351847X.2024.2445284)

Garbarino, N., Guin, B., Lee, J. (2024) The effect of subsidized flood insurance on real estate markets. Journal of Risk and Insurance, 91, pp. 991-1024. (doi: 10.1111/jori.12491)

Morgan-Thomas, A., Tsoukas, S., Dudau, A., Gaska, P. (2024) Beyond declarations: metrics, journal rankings and responsible assessment. Research Policy, 53, (doi: 10.1016/j.respol.2024.105093)

Lavery, P., Spaliara, M.-E., Goerg, H. (2024) Private equity buyouts & firm exporting in crisis periods: Exploring a new channel. Journal of Corporate Finance, 89, (doi: 10.1016/j.jcorpfin.2024.102686)

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)

Ewald, C. O., Li, Y. (2024) The role of news sentiment in salmon price prediction using deep learning. Journal of Commodity Markets, 36, (doi: 10.1016/j.jcomm.2024.100438)

Cleverley, F., Diaz-Rainey, I., Helbing, P., Zhang, R. (2024) Green versus gray initial public offerings: ownership, withdrawal, and post-IPO performance. Energy Journal, (doi: 10.1177/01956574241281585)

Feng, X., von Mettenheim, H.-J., Sermpinis, G., Stasinakis, C. (2024) Sustainable portfolio construction via machine learning: ESG, SDG, and sentiment. European Financial Management, (doi: 10.1111/eufm.12531)

Helbing, P., Lucey, B. M. (2024) A success dressed as a failure? Evidence from post‐IPO withdrawal outcomes in Europe. European Financial Management, 30, pp. 2682-2716. (doi: 10.1111/eufm.12487)

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)

Wei, M., Kyriakou, I., Sermpinis, G., Stasinakis, C. (2024) Cryptocurrencies and Lucky Factors: the value of technical and fundamental analysis. International Journal of Finance and Economics, 29, pp. 4073-4104. (doi: 10.1002/ijfe.2863)

Movaghari, H., Serletis, A., Sermpinis, G. (2024) Money demand stability: new evidence from transfer entropy. International Economics, 179, (doi: 10.1016/j.inteco.2024.100524)

Ewald, C.-O., Huang, C., Ren, Y. (2024) On the effects of physical climate risks on the Chinese energy sector. Journal of Risk and Financial Management, 17, (doi: 10.3390/jrfm17100458)

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)

Baskaya, S., Gutierrez, J., Serena, J.-M., Tsoukas, S. (2024) Bank supervision and non-performing loan cleansing. (doi: 10.53479/37596)

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)

Rossovski, J., Lucey, B., Helbing, P. (2024) The long-term performance of overpriced and underpriced initial public offerings. Review of Corporate Finance,

Sun, X., Stasinakis, C., Sermpinis, G. (2024) Decentralization illusion in decentralized finance: evidence from tokenized voting in MakerDAO polls. Journal of Financial Stability, 73, (doi: 10.1016/j.jfs.2024.101286)

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,

Fernandes, F. d. S., Guariglia, A., Kontonikas, A., Tsoukas, S. (2024) Why do firms extend trade credit? The role of inventories. International Journal of Finance and Economics, (doi: 10.1002/ijfe.2975)

Ewald, C. O., Nolan, C. (2024) On the adaptation of the Lagrange formalism to continuous time stochastic optimal control: a Lagrange-chow redux. Journal of Economic Dynamics and Control, 162, (doi: 10.1016/j.jedc.2024.104855)

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)

Da Silva Fernandes, F., Sermpinis, G., Stasinakis, C., Zhao, Y. (2024) Corporate social responsibility and firm survival: evidence from Chinese listed firms. British Journal of Management, 35, pp. 1014-1039. (doi: 10.1111/1467-8551.12750)

Buchner, A., Helbing, P., Mohamed, A., Yoon, H. (D.) (2024) Historical military conflict and cross‐border VC performance: the role of ownership control. British Journal of Management, 35, pp. 992-1013. (doi: 10.1111/1467-8551.12749)

Hsu, P.-H., Kyriakou, I., Ma, T., Sermpinis, G. (2024) Mutual funds’ conditional performance free of data snooping bias. Journal of Financial and Quantitative Analysis, (doi: 10.1017/S0022109024000097)

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)

Burnside, C., Cerrato, M., Zhang, Z. (2024) Foreign exchange order flow as a risk factor. Journal of Financial and Quantitative Analysis,

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)

Agarwal, A., Ewald, C.-O., Wang, Y. (2023) Hedging longevity risk in defined contribution pension schemes. Computational Management Science, 20, (doi: 10.1007/s10287-023-00440-8)

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)

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

Wei, M., Sermpinis, G., Stasinakis, C. (2023) Forecasting and trading Bitcoin with machine learning techniques and a hybrid volatility/sentiment leverage. Journal of Forecasting, 42, pp. 852-871. (doi: 10.1002/for.2922)

Sermpinis, G., Tsoukas, S., Zhang, Y. (2023) Modelling failure rates with machine-learning models: Evidence from a panel of UK firms. European Financial Management, 29, pp. 734-763. (doi: 10.1111/eufm.12369)

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)

Ewald, C.-O., Wu, Y., Zhang, A. (2023) Pricing Asian options with stochastic convenience yield and jumps. Quantitative Finance, 23, pp. 677-692. (doi: 10.1080/14697688.2022.2160799)

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)

Tzora, V. A., Philippas, N. D., Panos, G. A. (2023) The financial capability of 15-year-olds in Greece. Economics Letters, 225, (doi: 10.1016/j.econlet.2023.111044)

Nguyen, D. K., Sermpinis, G., Stasinakis, C. (2023) Big data, artificial intelligence, and machine learning: a transformative symbiosis in favour of financial technology. European Financial Management, 29, pp. 517-548. (doi: 10.1111/eufm.12365)

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)

Psaradellis, I., Laws, J., Pantelous, A. A., Sermpinis, G. (2023) Technical analysis, spread trading, and data snooping control. International Journal of Forecasting, 39, pp. 178-191. (doi: 10.1016/j.ijforecast.2021.10.002)

Heleno Faro, J., Santos, A. (2023) Updating variational (Bewley) preferences. Economic Theory, 75, pp. 207-228. (doi: 10.1007/s00199-021-01397-y)

Kontoliou, I., Veloutsou, C., Panos, G. (2023) Re-approaching Brand-centric Groups: Definitions, Forms, and Terminology Issues.

2022

Li, W., Paraschiv, F., Sermpinis, G. (2022) A data-driven explainable case-based reasoning approach for financial risk detection. Quantitative Finance, 22, pp. 2257-2274. (doi: 10.1080/14697688.2022.2118071)

Ewald, C.-O., Haugom, E., Lien, G., Størdal, S., Wu, Y. (2022) Trading time seasonality in commodity futures: an opportunity for arbitrage in the natural gas and crude oil markets? Energy Economics, 115, (doi: 10.1016/j.eneco.2022.106324)

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)

Danisewicz, P., Lee, C. H., Schaeck, K. (2022) Private deposit insurance, deposit flows, bank lending, and moral hazard. Journal of Financial Intermediation, 52, (doi: 10.1016/j.jfi.2022.100967)

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)

Garbarino, N., Guin, B., Lee, J. (2022) The effects of subsidised flood insurance on real estate markets. Staff Working Paper No. 995.

Ewald, C.-O., Haugom, E., Lien, G., Song, P., Størdal, S. (2022) Riding the Nordic German power-spread: the Einar Aas experiment. Energy Journal, 43, (doi: 10.5547/01956574.43.5.cewa)

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)

Bastianello, L., Heleno Faro, J., Santos, A. (2022) Dynamically consistent objective and subjective rationality. Economic Theory, 74, pp. 477-504. (doi: 10.1007/s00199-022-01437-1)

Andreev, B., Sermpinis, G., Stasinakis, C. (2022) Modelling financial markets during times of extreme volatility: evidence from the GameStop short squeeze. Forecasting, 4, pp. 654-673. (doi: 10.3390/forecast4030035)

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)

Petropoulos, F. et al. (2022) Forecasting: theory and practice. International Journal of Forecasting, 38, pp. 705-871. (doi: 10.1016/j.ijforecast.2021.11.001)

Serena, J.-M., Spaliara, M.-E., Tsoukas, S. (2022) International bank credit, nonbank lenders, and access to external financing. Economic Inquiry, 60, pp. 1214-1232. (doi: 10.1111/ecin.13078)

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)

Chen, J., Ewald, C., Ouyang, R., Westgaard, S., Xiao, X. (2022) Pricing commodity futures and determining risk premia in a three factor model with stochastic volatility: the case of Brent crude oil. Annals of Operations Research, 313, pp. 29-46. (doi: 10.1007/s10479-021-04198-7)

Chen, C. Y.-H., Härdle, W. K., Klochkov, Y. (2022) SONIC: SOcial Network analysis with Influencers and Communities. Journal of Econometrics, 228, pp. 177-220. (doi: 10.1016/j.jeconom.2021.02.008)

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)

Ewald, C.-O., Haugom, E., Kanthan, L., Lien, G., Salehi, P., Størdal, S. (2022) Salmon futures and the Fish Pool market in the context of the CAPM and a three-factor model. Aquaculture Economics and Management, 26, pp. 171-191. (doi: 10.1080/13657305.2021.1958105)

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)

Chen, C. Y.-H., Okhrin, Y., Wang, T. (2022) Monitoring network changes in social media. Journal of Business and Economic Statistics, 42, pp. 391-406. (doi: 10.1080/07350015.2021.2016425)

Ewald, C. O., Taub, B. (2022) Real options, risk aversion and markets: A corporate finance perspective. Journal of Corporate Finance, 72, (doi: 10.1016/j.jcorpfin.2022.102164)

Li, Y., Stasinakis, C., Yeo, W. M. (2022) A hybrid XGBoost-MLP model for credit risk assessment on Digital Supply Chain Finance. Forecasting, 4, pp. 184-207. (doi: 10.3390/forecast4010011)

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)

Chen, C. Y.-H., Fengler, M. R., Härdle, W. K., Liu, Y. (2022) Media-expressed tone, option characteristics, and stock return predictability. Journal of Economic Dynamics and Control, 134, (doi: 10.1016/j.jedc.2021.104290)

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

Karavitis, P., Kokas, S., Tsoukas, S. (2021) Gender board diversity and the cost of bank loans. Journal of Corporate Finance, 71, (doi: 10.1016/j.jcorpfin.2020.101804)

Mizen, P., Packer, F., Remolona, E., Tsoukas, S. (2021) Original sin in corporate finance: new evidence from Asian bond issuers in onshore and offshore markets. Journal of International Money and Finance, 119, (doi: 10.1016/j.jimonfin.2021.102489)

Ewald, C., Zou, Y. (2021) Stochastic volatility: a tale of co-jumps, non-normality, GMM and high frequency data. Journal of Empirical Finance, 64, pp. 37-52. (doi: 10.1016/j.jempfin.2021.08.006)

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)

Ewald, C., Zou, Y. (2021) Analytic formulas for futures and options for a linear quadratic jump diffusion model with seasonal stochastic volatility and convenience yield: do fish jump? European Journal of Operational Research, 294, pp. 801-815. (doi: 10.1016/j.ejor.2021.02.004)

Hassanniakalager, A., Sermpinis, G., Stasinakis, C. (2021) Trading the foreign exchange market with technical analysis and Bayesian statistics. Journal of Empirical Finance, 63, pp. 230-251. (doi: 10.1016/j.jempfin.2021.07.006)

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)

(2021) Financial Literacy and Responsible Finance in the FinTech Era: Capabilities and Challenges.

Panos, G. A., Kromydas, T., Osborne, M., Wright, R. E. (2021) Is literacy a multi-dimensional concept? Some empirical evidence. Routledge

Sermpinis, G., Hassanniakalager, A., Stasinakis, C., Psaradellis, I. (2021) Technical analysis profitability and persistence: a discrete false discovery approach on MSCI indices. Journal of International Financial Markets, Institutions and Money, 73, (doi: 10.1016/j.intfin.2021.101353)

Lavery, P., Serena, J.-M., Spaliara, M. E., Tsoukas, S. (2021) Private Equity Buyouts, Credit Constraints, and Firm Exports.

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)

Sermpinis, G., Karathanasopoulos, A., Rosillo, R., de la Fuente, D. (2021) Neural networks in financial trading. Annals of Operations Research, 297, pp. 293-308. (doi: 10.1007/s10479-019-03144-y)

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)

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)

Mihoci, A., Haerdle, W., Chen, C. Y.-H. (2021) TERES: tail event risk expectile based shortfall. Quantitative Finance, 21, pp. 449-460. (doi: 10.1080/14697688.2020.1786151)

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)

Mihoci, A., Althof, M., Chen, C. Y.-H., Härdle, W. K. (2020) FRM financial risk meter. Emerald

Bose, U., Mallick, S., Tsoukas, S. (2020) Does easing access to foreign financing matter for firm performance? Journal of Corporate Finance, 64, (doi: 10.1016/j.jcorpfin.2020.101639)

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)

Nasekin, S., Chen, C. Y.-H. (2020) Deep learning-based cryptocurrency sentiment construction. Digital Finance, 2, pp. 39-67. (doi: 10.1007/s42521-020-00018-y)

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)

Hassanniakalager, A., Sermpinis, G., Stasinakis, C., Verousis, T. (2020) A conditional fuzzy inference approach in forecasting. European Journal of Operational Research, 283, pp. 196-216. (doi: 10.1016/j.ejor.2019.11.006)

Hou, A. J., Wang, W., Chen, C. Y.-H., Härdle, W. K. (2020) Pricing cryptocurrency options. Journal of Financial Econometrics, 18, pp. 250-279. (doi: 10.1093/jjfinec/nbaa006)

Serena, J.-M., Tsoukas, S. (2020) International bank lending and corporate debt structure.

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)

Panos, G. A., Wilson, J. O.S. (2020) Financial literacy and responsible finance in the FinTech era: capabilities and challenges. European Journal of Finance, 26, pp. 297-301. (doi: 10.1080/1351847X.2020.1717569)

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)

Qian, Y., Härdle, W., Chen, C. Y.-H. (2020) Modelling industry interdependency dynamics in a network context. Studies in Economics and Finance, 37, pp. 50-70. (doi: 10.1108/SEF-07-2019-0272)

Chen, C. Y.-H., Nasekin, S. (2020) Quantifying systemic risk with factor copulas. European Journal of Finance, 26, pp. 1926-1947. (doi: 10.1080/1351847X.2020.1828961)

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.

Bose, U., MacDonald, R., Tsoukas, S. (2019) Policy initiatives and firms' access to external finance: evidence from a panel of emerging Asian economies. Journal of Corporate Finance, 59, pp. 162-184. (doi: 10.1016/j.jcorpfin.2016.09.008)

Da Silva Fernandes, F., Stasinakis, C., Zekaite, Z. (2019) Forecasting government bond spreads with heuristic models: evidence from the Eurozone periphery. Annals of Operations Research, 282, pp. 87-118. (doi: 10.1007/s10479-018-2808-0)

Ewald, C.-O., Zhang, A., Zong, Z. (2019) On the calibration of the Schwartz two-factor model to WTI crude oil options and the extended Kalman Filter. Annals of Operations Research, 282, pp. 119-130. (doi: 10.1007/s10479-018-2770-x)

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)

Farinha, L., Spaliara, M.-E., Tsoukas, S. (2019) Bank shocks and firm performance: new evidence from the sovereign debt crisis. Journal of Financial Intermediation, 40, (doi: 10.1016/j.jfi.2019.01.005)

Zhao, Y., Stasinakis, C., Sermpinis, G., Da Silva Fernandes, F. (2019) Revisiting Fama-French factors’ predictability with Bayesian modelling and copula-based portfolio optimization. International Journal of Finance and Economics, 24, pp. 1443-1463. (doi: 10.1002/ijfe.1742)

Sermpinis, G., Tsoukas, S., Zhang, P. (2019) What influences a bank’s decision to go public? International Journal of Finance and Economics, 24, pp. 1464-1485. (doi: 10.1002/ijfe.1740)

Da Silva Fernandes, F., Kontonikas, A., Tsoukas, S. (2019) On the real effect of financial pressure: evidence from firm-level employment during the euro-area crisis. Oxford Bulletin of Economics and Statistics, 81, pp. 617-646. (doi: 10.1111/obes.12278)

Helbing, P., Lucey, B. M., Vigne, S. A. (2019) The determinants of IPO withdrawal – Evidence from Europe. Journal of Corporate Finance, 56, pp. 415-436. (doi: 10.1016/j.jcorpfin.2019.03.001)

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)

Chen, C. Y.-H., Hafner, C. M. (2019) Sentiment-induced bubbles in the cryptocurrency market. Journal of Risk and Financial Management, 12, (doi: 10.3390/jrfm12020053)

Helbing, P. (2019) A review on IPO withdrawal. International Review of Financial Analysis, 62, pp. 200-208. (doi: 10.1016/j.irfa.2018.09.001)

Chen, C. Y.-H., Härdle, W. K., Okhrin, Y. (2019) Tail event driven networks of SIFIs. Journal of Econometrics, 208, pp. 282-298. (doi: 10.1016/j.jeconom.2018.09.016)

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)

Xu, X., Chen, C. Y.-H., Härdle, W. K. (2019) Dynamic credit default swap curves in a network topology. Quantitative Finance, 19, pp. 1705-1726. (doi: 10.1080/14697688.2019.1585560)

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)

Psaradellis, I., Laws, J., Pantelous, A. A., Sermpinis, G. (2019) Performance of technical trading rules: evidence from the crude oil market. European Journal of Finance, 25, pp. 1793-1815. (doi: 10.1080/1351847X.2018.1552172)

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)

Chen, J., Ewald, C., Kutan, A. M. (2019) Time-dependent volatility in futures contract options. Investment Analysts Journal, 48, pp. 30-41. (doi: 10.1080/10293523.2018.1560114)

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)

Chen, L., Kromydas, T., Panos, G. (2018) Financial Institutions, Financial Literacy and Financial Capability: Insights from Interviews with Managers of Responsible Banking and Financial Institutions.

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)

Sermpinis, G., Tsoukas, S., Zhang, P. (2018) Modelling market implied ratings using LASSO variable selection techniques. Journal of Empirical Finance, 48, pp. 19-35. (doi: 10.1016/j.jempfin.2018.05.001)

Chen, C. Y.-H., Chiang, T. C., Härdle, W. K. (2018) Downside risk and stock returns in the G7 countries: An empirical analysis of their long-run and short-run dynamics. Journal of Banking and Finance, 93, pp. 21-32. (doi: 10.1016/j.jbankfin.2018.05.012)

Panos, G., Yang, Y. (2018) Job flows, returns to skill, and rent-sharing at the dawn of the new millennium: A firm-level inquiry from the BRICS. International Journal of Language, Translation and Intercultural Communication, 7, pp. 64-99. (doi: 10.12681/ijltic.17402)

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)

Fong, T., Mizen, P., Tsoukas, S. (2018) A Taste for Dim Sum: Analysing the Financial Diffusion in the New Offshore Renminbi Debt Securities.

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)

Fernandes, F. D. S., Stasinakis, C., Bardarova, V. (2018) Two-stage DEA-Truncated Regression: Application in banking efficiency and financial development. Expert Systems with Applications, 96, pp. 284-301. (doi: 10.1016/j.eswa.2017.12.010)

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)

Ewald, C.-O., Yor, M. (2018) On peacocks and lyrebirds: Australian options, Brownian bridges, and the average of sub-martingales. Mathematical Finance, 28, pp. 536-549. (doi: 10.1111/mafi.12144)

Verousis, T., Perotti, P., Sermpinis, G. (2018) One size fits all? High frequency trading, tick size changes and the implications for exchanges: market quality and market structure considerations. Review of Quantitative Finance and Accounting, 50, pp. 353-392. (doi: 10.1007/s11156-017-0632-2)

Tu, A. H., Chen, C. Y.-H. (2018) A factor-based approach of bond portfolio value-at-risk: the informational roles of macroeconomic and financial stress factors. Journal of Empirical Finance, 45, pp. 243-268. (doi: 10.1016/j.jempfin.2017.11.010)

Lucey, B.M., Vigne, S.A., Ballester, L., Barbopoulos, L., Brzeszczynski, J., Carchano, O., Dimic, N., Fernandez, V., Gogolin, F., González-Urteaga, J.W., Goodell, J.W., Helbing, P., Piljak, V., Sevic, A., Sheng, X., Stafylas, D., Urquhart, A., Versteeg, R., Vu, A.N., Wolfe, S., Yarovaya, L., Zaghini, A. (2018) Future directions in international financial integration research - A crowdsourced perspective. International Review of Financial Analysis, 55, pp. 35-49. (doi: 10.1016/j.irfa.2017.10.008)

Panos, G., Bouzanis, C., Kromydas, T., Ravenko, A., Mireles-Chavez, V., Katmada, A., Hanecak, P. (2018) Interactive Technologies Towards Collaborative Learning.

Karkkainen, T., Panos, G. A., Broby, D., Bracciali, A. (2018) On the educational curriculum in finance and technology. Springer

Katmada, A., Satsiou, A., Kompatsiaris, I., Pragidis, I., Tsintzos, P., Revenko, A., Panos, G. (2018) Privacy and Personalisation Services.

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

Sermpinis, G., Stasinakis, C., Hassanniakalager, A. (2017) Reverse adaptive krill herd locally weighted support vector regression for forecasting and trading exchange traded funds. European Journal of Operational Research, 263, pp. 540-558. (doi: 10.1016/j.ejor.2017.06.019)

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)

Lu, M.-J., Chen, C. Y.-H., Härdle, W. K. (2017) Copula-based factor model for credit risk analysis. Review of Quantitative Finance and Accounting, 49, pp. 949-971. (doi: 10.1007/s11156-016-0613-x)

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)

Ewald, C.-O., Ouyang, R. (2017) An analysis of the fish pool market in the context of seasonality and stochastic convenience yield. Marine Resource Economics, 32, pp. 431-449. (doi: 10.1086/693375)

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)

Bouzanis, C., Panos, G. (2017) Greece, Financialization and the EU: The Political Economy of Debt and Destruction, By: Vassilis K. Fouskas and Constantine Dimoulas, Palgrave Macmillan July 2013. Journal of General Management, 42, pp. 92-95. (doi: 10.1177/0306307017703001)

Chen, J., Ewald, C.-O. (2017) Pricing commodity futures options in the Schwartz multi factor model with stochastic volatility: An asymptotic method. International Review of Financial Analysis, 52, pp. 144-151. (doi: 10.1016/j.irfa.2017.05.002)

Chen, C. Y.-H., Chiang, T. C. (2017) Surprises, sentiments, and the expectations hypothesis of the term structure of interest rates. Review of Quantitative Finance and Accounting, 49, pp. 1-28. (doi: 10.1007/s11156-016-0584-y)

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)

Tsoukalas, J., Tsoukas, S., Guariglia, A. (2017) To what extent are savings-cash flow sensitivities informative to test for capital market imperfections? Review of Finance, 21, pp. 1251-1285. (doi: 10.1093/rof/rfw043)

Sermpinis, G., Stasinakis, C., Rosillo, R., de la Fuente, D. (2017) European exchange trading funds trading with locally weighted support vector regression. European Journal of Operational Research, 258, pp. 372-384. (doi: 10.1016/j.ejor.2016.09.005)

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)

Ewald, C.-O., Zhang, A. (2017) On the effects of changing mortality patterns on investment, labour and consumption under uncertainty. Insurance: Mathematics and Economics, 73, pp. 105-115. (doi: 10.1016/j.insmatheco.2017.01.008)

Ewald, C.-O., Geißler, J. (2017) Optimal contracts for central bankers: calls on inflation. Applied Mathematics and Computation, 292, pp. 57-62. (doi: 10.1016/j.amc.2016.07.011)

Spaliara, M. E., Tsoukas, S. (2017) Corporate failures and the denomination of corporate bonds: Evidence from emerging Asian economies over two financial crises. Journal of International Financial Markets, Institutions and Money, 46, pp. 84-97. (doi: 10.1016/j.intfin.2016.08.005)

Ewald, C.-O., Ouyang, R., Siu, T. K. (2017) On the market consistent valuation of fish farms: using the real option approach and salmon futures. American Journal of Agricultural Economics, 99, pp. 207-224. (doi: 10.1093/ajae/aaw052)

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)

Panos, G., Bouzanis, C., Kromydas, T., Gkrimmotsis, K., Akubelem, N. O. (2017) Assessment of Users' Literacy Level.

Panos, G., Kromydas, T., Bouzanis, C., Gkrimmotsis, K., Akubelem, N. O., Satsiou, A., Katmada, A., Sarigiannidis, P. (2017) Integrated Financial Education Toolkit.

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

Stasinakis, C., Sermpinis, G., Psaradellis, I., Verousis, T. (2016) Krill herd support vector regression and heterogeneous autoregressive leverage: evidence from forecasting and trading commodities. Quantitative Finance, 16, pp. 1901-1915. (doi: 10.1080/14697688.2016.1211800)

Psaradellis, I., Sermpinis, G. (2016) Modelling and trading the U.S. implied volatility indices: evidence from the VIX, VXN and VXD indices. International Journal of Forecasting, 32, pp. 1268-1283. (doi: 10.1016/j.ijforecast.2016.05.004)

Chen, C. Y.-H., Chiang, T. C. (2016) Empirical analysis of the intertemporal relationship between downside risk and expected returns: evidence from time-varying transition probability models. European Financial Management, 22, pp. 749-796. (doi: 10.1111/eufm.12079)

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)

Demirgüç-Kunt, A., Klapper, L., Panos, G. A. (2016) Determinants of saving for old age around the world. Oxford University Press

Satsiou, A., Revenko, A., Praggidis, I., Karapistoli, E., Panos, G., Bouzanis, C., Kompatsiaris, I. (2016) Semantic Technology for Financial Awareness.

Ewald, C.-O., Nawar, R., Ouyang, R., Siu, T. K. (2016) The market for salmon futures: an empirical analysis of fish pool using the Schwartz multifactor model. Quantitative Finance, 16, pp. 1823-1842. (doi: 10.1080/14697688.2016.1211792)

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

Guariglia, A., Spaliara, M. E., Tsoukas, S. (2016) To what extent does the interest burden affect firm survival? Evidence from a panel of UK firms during the recent financial crisis. Oxford Bulletin of Economics and Statistics, 78, pp. 576-594. (doi: 10.1111/obes.12120)

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)

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