Professor Serafeim Tsoukas

  • Professor in Corporate Finance and Banking (Accounting & Finance)

telephone: 01413306325
email: Serafeim.Tsoukas@glasgow.ac.uk

Gilbert Scott Building, Room 673

Import to contacts

ORCID iDhttps://orcid.org/0000-0002-6911-639X

Biography

Serafeim Tsoukas joined the Adam Smith Business School in January 2011 and was previously an ESRC postdoctoral fellow at the University of Nottingham. He holds an Economics PhD from the University of Nottingham and further Finance and Economics degrees from the Universities of Nottingham (MSc) and Patras (BSc).

Serafeim has held visiting research positions at the Bank for International Settlements, the Bank of Portugal, the Hong Kong Monetary Authority, the Federal Reserve Bank of San Francisco and Columbia Business School.

Research interests

Serafeim is a member of the Finance research cluster.

Areas of expertise:

  • Corporate finance
  • Bank lending
  • Firm performance
  • Credit risk modelling

Publications

List by: Type | Date

Jump to: 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2008
Number of items: 39.

2024

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

Morgan-Thomas, A. , Tsoukas, S. , Dudau, A. and Gaska, P. (2024) Beyond declarations: Metrics, journal rankings and responsible assessment. Research Policy, (Accepted for Publication)

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

Lavery, P. , Serena, J.-M., Spaliara, M.-E. and Tsoukas, S. (2024) Private equity buyouts and exports: the impact of Brexit on UK firms. British Journal of Management, 35(1), pp. 364-377. (doi: 10.1111/1467-8551.12716)

2023

Lavery, P. , Spaliara, M.-E. and Tsoukas, S. (2023) Bank capital requirements and the impact on private equity. In: Hammer, B. and Cumming, D. (eds.) The Palgrave Encyclopedia of Private Equity. Palgrave Macmillan: Cham. ISBN 9783030387389 (doi: 10.1007/978-3-030-38738-9_64-1)

Sermpinis, G. , Tsoukas, S. and Zhang, Y. (2023) Modelling failure rates with machine-learning models: Evidence from a panel of UK firms. European Financial Management, 29(3), pp. 734-763. (doi: 10.1111/eufm.12369)

Lavery, P. , Spaliara, M.-E. and Tsoukas, S. (2023) Private equity and bank capital requirements: evidence from European firms. British Journal of Management, 34(1), pp. 390-409. (doi: 10.1111/1467-8551.12593)

2022

Serena, J.-M., Spaliara, M.-E. and Tsoukas, S. (2022) International bank credit, nonbank lenders, and access to external financing. Economic Inquiry, 60(3), pp. 1214-1232. (doi: 10.1111/ecin.13078)

2021

Karavitis, P. , Kokas, S. and Tsoukas, S. (2021) Gender board diversity and the cost of bank loans. Journal of Corporate Finance, 71, 101804. (doi: 10.1016/j.jcorpfin.2020.101804)

Mizen, P., Packer, F., Remolona, E. and 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, 102489. (doi: 10.1016/j.jimonfin.2021.102489)

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

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

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

2020

Bose, U., Mallick, S. and Tsoukas, S. (2020) Does easing access to foreign financing matter for firm performance? Journal of Corporate Finance, 64, 101639. (doi: 10.1016/j.jcorpfin.2020.101639)

Serena, J.-M. and Tsoukas, S. (2020) International bank lending and corporate debt structure. Working Paper. Bank for International Settlements.

2019

Bose, U., MacDonald, R. and 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)

Farinha, L., Spaliara, M.-E. and Tsoukas, S. (2019) Bank shocks and firm performance: new evidence from the sovereign debt crisis. Journal of Financial Intermediation, 40, 100818. (doi: 10.1016/j.jfi.2019.01.005)

Sermpinis, G. , Tsoukas, S. and Zhang, P. (2019) What influences a bank’s decision to go public? International Journal of Finance and Economics, 24(4), pp. 1464-1485. (doi: 10.1002/ijfe.1740)

Da Silva Fernandes, F., Kontonikas, A. and 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(3), pp. 617-646. (doi: 10.1111/obes.12278)

2018

Sermpinis, G. , Tsoukas, S. and 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)

Fong, T., Mizen, P. and Tsoukas, S. (2018) A Taste for Dim Sum: Analysing the Financial Diffusion in the New Offshore Renminbi Debt Securities. Working Paper. Hong Kong Institute for Monetary Research.

2017

Tsoukalas, J. , Tsoukas, S. and Guariglia, A. (2017) To what extent are savings-cash flow sensitivities informative to test for capital market imperfections? Review of Finance, 21(3), pp. 1251-1285. (doi: 10.1093/rof/rfw043)

Spaliara, M. E. and 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)

2016

Guariglia, A., Spaliara, M. E. and 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(4), pp. 576-594. (doi: 10.1111/obes.12120)

Byrne, J. P., Spaliara, M. E. and Tsoukas, S. (2016) Firm survival, uncertainty and financial frictions: is there a financial uncertainty accelerator? Economic Inquiry, 54(1), pp. 375-390. (doi: 10.1111/ecin.12240)

2015

Bose, U., MacDonald, R. and Tsoukas, S. (2015) Education and the local equity bias around the world. Journal of International Financial Markets, Institutions and Money, 39, pp. 65-88. (doi: 10.1016/j.intfin.2015.06.002)

Mizen, P. and Tsoukas, S. (2015) Exploring Determinants of Firms’ Participation in the New Offshore Renminbi Debt Securities Market. Working Paper. Hong Kong Institute for Monetary Research.

Mizen, P., Packer, F., Remolona, E. and Tsoukas, S. (2015) Capital structure and the issuance of corporate bonds emerging Asia. In: Azis, I. and Shin, H. S. (eds.) Global Shock, Risks, and Asian Financial Reform. Edward Elgar: Cheltenham. ISBN 9781783477937

2014

Tsoukas, S. and Spaliara, M.E. (2014) Market implied ratings and financing constraints: evidence from US firms. Journal of Business Finance and Accounting, 41(1-2), pp. 242-269. (doi: 10.1111/jbfa.12062)

Mizen, P. and Tsoukas, S. (2014) What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia. Oxford Economic Papers, 66(1), pp. 227-253. (doi: 10.1093/oep/gpt005)

2013

Spaliara, M.E. and Tsoukas, S. (2013) What matters for corporate failures in Asia? Exploring the role of firm-specific characteristics during the Asian crisis. Structural Change and Economic Dynamics, 26, pp. 83-96. (doi: 10.1016/j.strueco.2012.12.002)

2012

Guariglia, A., Tsoukalas, J. and Tsoukas, S. (2012) Investment, irreversibility, and financing constraints: Evidence from a panel of transition economies. Economics Letters, 117(3), pp. 582-584. (doi: 10.1016/j.econlet.2012.07.031)

Mizen, P., Packer, F., Remolona, E. and Tsoukas, S. (2012) Why do firms issue abroad? Lessons from onshore and offshore corporate bond finance in Asian emerging markets. Working Paper. Bank for International Settlements.

Mizen, P. and Tsoukas, S. (2012) The response of the external finance premium in Asian corporate bond markets to financial characteristics, financial constraints and two financial crises. Journal of Banking and Finance, 36(11), pp. 3048-3059. (doi: 10.1016/j.jbankfin.2012.07.005)

Mizen, P. and Tsoukas, S. (2012) Forecasting US bond default ratings allowing for previous and initial state dependence in an ordered probit model. International Journal of Forecasting, 28(1), pp. 273-287. (doi: 10.1016/j.ijforecast.2011.07.005)

2011

Tsoukas, S. (2011) Firm survival and financial development: evidence from a panel of emerging Asian economies. Journal of Banking and Finance, 35(7), pp. 1736-1752. (doi: 10.1016/j.jbankfin.2010.12.008)

2010

Mizen, P. and Tsoukas, S. (2010) What Effect has Bond Market Development in Emerging Asia had on the Issuance of Corporate Bonds? Working Paper. Hong Kong Institute for Monetary Research.

Spaliara, M.E. and Tsoukas, S. (2010) The Role of Bond Finance in Firms’ Survival During the Asian Crisis. Working Paper. Hong Kong Institute for Monetary Research.

2008

Mizen, P. and Tsoukas, S. (2008) Evidence on the External Finance Premium from the US and Emerging Asian Corporate Bond Markets. Working Paper. Hong Kong Institute for Monetary Research.

This list was generated on Wed Nov 20 20:57:30 2024 GMT.
Number of items: 39.

Articles

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

Morgan-Thomas, A. , Tsoukas, S. , Dudau, A. and Gaska, P. (2024) Beyond declarations: Metrics, journal rankings and responsible assessment. Research Policy, (Accepted for Publication)

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

Lavery, P. , Serena, J.-M., Spaliara, M.-E. and Tsoukas, S. (2024) Private equity buyouts and exports: the impact of Brexit on UK firms. British Journal of Management, 35(1), pp. 364-377. (doi: 10.1111/1467-8551.12716)

Sermpinis, G. , Tsoukas, S. and Zhang, Y. (2023) Modelling failure rates with machine-learning models: Evidence from a panel of UK firms. European Financial Management, 29(3), pp. 734-763. (doi: 10.1111/eufm.12369)

Lavery, P. , Spaliara, M.-E. and Tsoukas, S. (2023) Private equity and bank capital requirements: evidence from European firms. British Journal of Management, 34(1), pp. 390-409. (doi: 10.1111/1467-8551.12593)

Serena, J.-M., Spaliara, M.-E. and Tsoukas, S. (2022) International bank credit, nonbank lenders, and access to external financing. Economic Inquiry, 60(3), pp. 1214-1232. (doi: 10.1111/ecin.13078)

Karavitis, P. , Kokas, S. and Tsoukas, S. (2021) Gender board diversity and the cost of bank loans. Journal of Corporate Finance, 71, 101804. (doi: 10.1016/j.jcorpfin.2020.101804)

Mizen, P., Packer, F., Remolona, E. and 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, 102489. (doi: 10.1016/j.jimonfin.2021.102489)

Bose, U., Mallick, S. and Tsoukas, S. (2020) Does easing access to foreign financing matter for firm performance? Journal of Corporate Finance, 64, 101639. (doi: 10.1016/j.jcorpfin.2020.101639)

Bose, U., MacDonald, R. and 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)

Farinha, L., Spaliara, M.-E. and Tsoukas, S. (2019) Bank shocks and firm performance: new evidence from the sovereign debt crisis. Journal of Financial Intermediation, 40, 100818. (doi: 10.1016/j.jfi.2019.01.005)

Sermpinis, G. , Tsoukas, S. and Zhang, P. (2019) What influences a bank’s decision to go public? International Journal of Finance and Economics, 24(4), pp. 1464-1485. (doi: 10.1002/ijfe.1740)

Da Silva Fernandes, F., Kontonikas, A. and 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(3), pp. 617-646. (doi: 10.1111/obes.12278)

Sermpinis, G. , Tsoukas, S. and 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)

Tsoukalas, J. , Tsoukas, S. and Guariglia, A. (2017) To what extent are savings-cash flow sensitivities informative to test for capital market imperfections? Review of Finance, 21(3), pp. 1251-1285. (doi: 10.1093/rof/rfw043)

Spaliara, M. E. and 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)

Guariglia, A., Spaliara, M. E. and 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(4), pp. 576-594. (doi: 10.1111/obes.12120)

Byrne, J. P., Spaliara, M. E. and Tsoukas, S. (2016) Firm survival, uncertainty and financial frictions: is there a financial uncertainty accelerator? Economic Inquiry, 54(1), pp. 375-390. (doi: 10.1111/ecin.12240)

Bose, U., MacDonald, R. and Tsoukas, S. (2015) Education and the local equity bias around the world. Journal of International Financial Markets, Institutions and Money, 39, pp. 65-88. (doi: 10.1016/j.intfin.2015.06.002)

Tsoukas, S. and Spaliara, M.E. (2014) Market implied ratings and financing constraints: evidence from US firms. Journal of Business Finance and Accounting, 41(1-2), pp. 242-269. (doi: 10.1111/jbfa.12062)

Mizen, P. and Tsoukas, S. (2014) What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia. Oxford Economic Papers, 66(1), pp. 227-253. (doi: 10.1093/oep/gpt005)

Spaliara, M.E. and Tsoukas, S. (2013) What matters for corporate failures in Asia? Exploring the role of firm-specific characteristics during the Asian crisis. Structural Change and Economic Dynamics, 26, pp. 83-96. (doi: 10.1016/j.strueco.2012.12.002)

Guariglia, A., Tsoukalas, J. and Tsoukas, S. (2012) Investment, irreversibility, and financing constraints: Evidence from a panel of transition economies. Economics Letters, 117(3), pp. 582-584. (doi: 10.1016/j.econlet.2012.07.031)

Mizen, P. and Tsoukas, S. (2012) The response of the external finance premium in Asian corporate bond markets to financial characteristics, financial constraints and two financial crises. Journal of Banking and Finance, 36(11), pp. 3048-3059. (doi: 10.1016/j.jbankfin.2012.07.005)

Mizen, P. and Tsoukas, S. (2012) Forecasting US bond default ratings allowing for previous and initial state dependence in an ordered probit model. International Journal of Forecasting, 28(1), pp. 273-287. (doi: 10.1016/j.ijforecast.2011.07.005)

Tsoukas, S. (2011) Firm survival and financial development: evidence from a panel of emerging Asian economies. Journal of Banking and Finance, 35(7), pp. 1736-1752. (doi: 10.1016/j.jbankfin.2010.12.008)

Book Sections

Lavery, P. , Spaliara, M.-E. and Tsoukas, S. (2023) Bank capital requirements and the impact on private equity. In: Hammer, B. and Cumming, D. (eds.) The Palgrave Encyclopedia of Private Equity. Palgrave Macmillan: Cham. ISBN 9783030387389 (doi: 10.1007/978-3-030-38738-9_64-1)

Mizen, P., Packer, F., Remolona, E. and Tsoukas, S. (2015) Capital structure and the issuance of corporate bonds emerging Asia. In: Azis, I. and Shin, H. S. (eds.) Global Shock, Risks, and Asian Financial Reform. Edward Elgar: Cheltenham. ISBN 9781783477937

Research Reports or Papers

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

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

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

Serena, J.-M. and Tsoukas, S. (2020) International bank lending and corporate debt structure. Working Paper. Bank for International Settlements.

Fong, T., Mizen, P. and Tsoukas, S. (2018) A Taste for Dim Sum: Analysing the Financial Diffusion in the New Offshore Renminbi Debt Securities. Working Paper. Hong Kong Institute for Monetary Research.

Mizen, P. and Tsoukas, S. (2015) Exploring Determinants of Firms’ Participation in the New Offshore Renminbi Debt Securities Market. Working Paper. Hong Kong Institute for Monetary Research.

Mizen, P., Packer, F., Remolona, E. and Tsoukas, S. (2012) Why do firms issue abroad? Lessons from onshore and offshore corporate bond finance in Asian emerging markets. Working Paper. Bank for International Settlements.

Mizen, P. and Tsoukas, S. (2010) What Effect has Bond Market Development in Emerging Asia had on the Issuance of Corporate Bonds? Working Paper. Hong Kong Institute for Monetary Research.

Spaliara, M.E. and Tsoukas, S. (2010) The Role of Bond Finance in Firms’ Survival During the Asian Crisis. Working Paper. Hong Kong Institute for Monetary Research.

Mizen, P. and Tsoukas, S. (2008) Evidence on the External Finance Premium from the US and Emerging Asian Corporate Bond Markets. Working Paper. Hong Kong Institute for Monetary Research.

This list was generated on Wed Nov 20 20:57:30 2024 GMT.

Grants

  • SIRE - Early Career Engagement Grant, August 2013
  • Adam Smith Research Foundation - Asian bond markets, December 2012
  • Carnegie Trust - Research Grant, October 2011
  • BESTS - University of Nottingham, November 2010
  • Universitas 21 - Visiting fellowship, October 2010
  • Fitch Ratings - Market Implied Ratings, January 2008
  • ESRC - New Directions in the Economics of Finance, Postdoctoral Fellowship, October 2008

Supervision

Current supervision

  • Mouna, Niswatil
    Three Essays on Digital Economy and Tax Avoidance
  • Soni, Rajni
    “The Impact of Imputation tax system on the tax avoidance level of firms”.
  • Wei, Xiaoqin
    CEO overconfidence and IPO survival
  • Yudha, Graha
    Essays on the Corporate Banking and Finance

Teaching

Current lecturing

  • International Banking and Financial Markets (MSc), University of Glasgow
  • Financial Management in Banking (MSc)

Previous lecturing/tutoring

  • 2011-2016: Corporate Finance and Investment (MSc), University of Glasgow
  • 2011-2016: Modern Theory of Banking and Finance (MSc), University of Glasgow
  • 2008-2010: Financial Econometrics (MSc), University of Nottingham
  • 2007-2008: Financial Economics, Applied Economics, University of Newcastle
  • 2004-2007: Macroeconomic Theory, Introductory Econometrics, Quantitative Methods, University of Nottingham

Additional information

CV: Serafeim Tsoukas

  • Finance Cluster co-lead
  • Associate Editor, Economic Modelling
  • External examiner for the MSc programmes at the University of Bath
  • External appointment and promotion committee for the University of Essex