Finance Research Cluster

The Finance Research Cluster (FRC) provides an intellectual forum for finance researchers, cutting across different sub-themes of focus within the broad subject area of finance. Given the frequent crisis scenarios, bank failures, and corporate distress, there is a need for a greater understanding of how people make financial decisions in the current financial environment. FRC recognises itself as a research hub wherein its members conduct theoretical and empirical research that is centred around five research themes:

• Financial decision-making, mergers and acquisitions, and corporate financial behaviour
• International finance and development
• Banking and risk management
• Sustainability and well-being
• Financial Innovation and International Business

The members of FRC have published their work in high-quality journals, including the Journal of Corporate Finance, Management Science, Industrial Relations, British Journal of Industrial Relations, Research Policy, British Journal of Management, European Journal of Operational Research, Journal of International Money and Finance, Journal of Banking and Finance, European Financial Management, and International Review of Financial Analysis, to name a few.

Academic Members

• Deven Bathia
• Brigitte Granville
• Michel Ferreira Cardia Haddad
• Chen Huang
• Georgios Kavetsos
• Povilas Lastauskas
• Zezeng Li
• Zhe Li
• Sushanta Mallick
• Roman Matousek
• Evisa Mitrou
• Gulnur Muradoglu
• Lutao Ning
• Ni Peng
• Chunling Xia
• Stavroula Yfanti
  

PhD Students

• Saad Aftaab
• Fatima Ali
• Jeffery Bondzie
• Han Fan
• Zhihuan Li
• Xianmin Liu
• Loan Nguyen
• Ines Saddi Ep Oueslati
• Huai Qin
• Songyang Wu
• Zixuan Zhu

The research focus of FRC can be broadly categorized into the following themes

• Financial decision-making, mergers and acquisitions, and corporate financial behaviour (Bathia, Kavetsos, Mallick, Muradoglu, Peng, Xia)
• International finance and development (Bathia, Granville, Mallick)
• Banking and risk management (Mallick, Matousek, Muradoglu, Yfanti)
• Sustainability and well-being (Kavetsos, Li, Zezeng)
• Financial Innovation and International Business (Mallick, Ning)

Recent Publications

2023

• Gamage, D., Kavetsos, G., Mallick, S., and Sevilla, A., 2023. Pay transparency intervention and the gender pay gap: Evidence from research-intensive Universities in the UK. British Journal of Industrial Relations (forthcoming).
• Ahamed, M., Luintel, K., and Mallick, S., 2023. Does local knowledge spillover matter for firm productivity? The role of financial access and corporate governance, Research Policy, 52 (8), 104837.
• Douch, M., Edwards, H., and Mallick, S., Productivity debacle in the UK: Do post-Crisis firm cohorts explain the performance puzzle?, British Journal of Management, 34 (3),. 1459-1487. 
• Dutta. N., and Mallick, S., Gender and access to finance: Perceived Constraints of Majority Female-owned Indian Firms, British Journal of Management, 34 (2), 973-996.
• Kumar, A., Mallick, S., Mohanty, M., and Zampolli, F., 2023. Market volatility, monetary policy and the term premium. Oxford Bulletin of Economics and Statistics, 85 (1), 208-237.

• Muradoglu, G., Qin, H., Peng, N. and Xia, C., Investor Attention and Market Reactions to Early Announcements in Mergers and Acquisitions, International Review of Financial Analysis, forthcoming 
• Cinicioglu, E.N., Huyuguzel-Kısla, G., Onder, Muradoglu, G., The Changing Behavior of the European Credit Default Swap Spreads During the Covid-19 Pandemic: A Bayesian Network Analysis, Computational Economics
• Tosun, O.K., Eshraghi, A., Muradoglu, G., Learning Financial Survival from Disasters, Journal of International Financial Markets, Institutions & Money, 85
• Gozluklu, E., Muradoglu, G., Tarim, E.,The American spirit:  The performativity of folk economics in global financial markets, Environment and Planning A: Economy and Space, 

• Izzeldin, M., Muradoglu, G., Pappas, V., Petropoulou, A., Sivaprasad. S., The Impact of the Russian-Ukrainian War on Global Financial Markets”, International Review of Financial Analysis, 2023, 87,102598  
• Levis M., Muradoglu, G. and Vasileva, K., Hedging in Foreign Direct Investments, International Review of Financial Analysis 86, 102503.
• Bathia, D., Demirer, R. Ferer, R., and Raheem, I., 2023, Cross-border capital flows and information spillovers across the equity and currency markets in emerging economies, Journal of International Money and Finance 139, 102948.

• Li, Z., and  Wang, B., 2023. Non-CEO executives' intraorganizational competition incentives and corporate labour investment efficiency. European Financial Management, 1–48. 
• Li, Z., and Cowton, C. J., 2023. Defined benefit pension de-risking strategy: determinants of pension buy-ins. In Accounting Forum 47, 123-145.

• Yfanti, S., Karanasos, M., Zopounidis, C., Christopoulos, A., 2023. Corporate credit risk counter-cyclical interdependence: A systematic analysis of cross-border and cross-sector correlation dynamics. European Journal of Operational Research 304, 813-831.
• Konstantakis, K.N., Michaelides, P.G., Xidonas, P., Yfanti, S., 2023. Carbon emissions and sustainability in Covid-19’s waves: evidence from a two-state dynamic Markov-switching regression (MSR) model. Annals of Operations Research, forthcoming.
• Daglis, T., Yfanti, S., Xidonas, P., Konstantakis, K., Michaelidis, P.G., 2023. Does solar activity affect the price of crude oil? A causality and volatility analysis. Finance Research Letters 55, 103833.
• Haddad, M. F. C., Blazsek, S.; Arestis, P., Fuerst, F., Sheng, H.H., 2023, The two-component Beta-t-QVAR-M-lev: A new forecasting model; with.; Financial Markets and Portfolio Management 37, 379-401.

2024

• Huang, C. & Li, Z. (2024). The Role of Cross-border Alliances in Corporate Social Responsibility: International Evidence. Journal of Financial Research (forthcoming).
• Yfanti, S., Karanasos, M., Wu, J., Vourvachis, P., 2024. Short- and long-run cross-border European sustainability interdependences. Annals of Operations Research, (forthcoming).

Upcoming events

• Does Securitization Mask or Propagate Shocks to Collateral Values? Micro Evidence from Commercial Real Estate, Felipe Neto, Bank of England, 14^th February 2024 (jointly organised with the CGR)
• FRC Workshop, 3^rd April 2024.

Past events

• Navigating Climate Changes: How Do Adaptation Initiatives Affect Corporate Debt Choice? Prof. Sabri Boubaker, EM Normandie Business School, Paris, France, 31^st Jan, 2023.
• The impact of Covid-19 on banking groups balance sheets in the euro area, Prof Georgios Kouretas, Athens University of Economics and Business, Athens, Greece, 25^th Jan 2024
• Investor Technophilia: Market Reactions to Disclosure of Emerging Technologies by Prof. Arman Eshraghi, Cardiff Business School, Cardiff, UK, 7^th December, 2023
• Do non-bank lenders mitigate credit supply shocks? Evidence from a major bank exit, by Dr. Oana Peia, University College Dublin, Dublin, Ireland, 11^th October, 2023
• Government intervention and green innovation in renewable energy, by Associate Professor Md Akhtaruzzaman, from Australian Catholic University, Sydney, Australia, 5^th October, 2023