Selected Recently Published Papers | Bayes Business School

2026

Aftab, M. & Phylaktis, K. (2026). Does Central Bank Transparency Curb Foreign Exchange Vulnerability?. Journal of Money, Credit and Banking, article number jmcb.70073. doi: 10.1111/jmcb.70073
Rashid, A & Aftab, A. (2026). Do microfinance institutions engage in sustainable practices? An application of the textual and TOPSIS approach, Journal of Sustainable Finance & Investment
Albaity, M., Thangavelu, S., Ibrahimy, A.I. Bakather, A. & Aftab, M. (2026). Environmental and innovation indices shape bank profitability in the MENA region. Discov Sustain 7, 724. https://doi.org/10.1007/s43621-026-03033-y
Bahmani-Oskooee, M., Aftab, M. & S Bahmani, S. (2026). Policy uncertainty and the demand for money in Singapore: An asymmetric analysis. Available at: https://doi.org/10.1142/S0217590821500697
Maiani, S., Casu, B., Gallo, A. & Kontonikas, A. (2026). Offshore Financial Centres and Banks' Funding Responses to Liquidity Shocks. Socio-Economic Review.
Bandad, A., Casu, B. & Pellini, E. (2026). Economic Growth and Oil Price Shocks in an Oil-abundant Country: The Case of Azerbaijan. Economia Internazionale.
Beqiri Luma, Z. & Casu, B. (2026). Foreign Bank Entry and Net Interest Margins: Insights from the Rapid Expansion Era in Southeast Europe. Journal of Banking Regulation, 27(3), article number 28. doi: 10.1057/s41261-026-00328-y
Casu, B., Chiaramonte, L. & Doriana, C. (2026). Bank lending, liquidity regulation and unconventional monetary policies in the Eurozone. Journal of Financial Intermediation, 66, article number 101195. doi: 10.1016/j.jfi.2026.101195
Deli, Y., Delis, M., Hasan, I., Politisidis, P. & Saunders, A.. Corporate tax changes and credit costs. Journal of Money, Credit and Banking. Forthcoming.
Antoniou, F., Delis, M., Onegena, S., Tsoumas, C. (2026). Pollution permits and financing costs. Journal of Money, Credit and Banking, 58 (3), 637-679
Fuertes, A-M., Gonzalez-Fernandez, M. & Robles, M-D. (2026). The Financial Transaction Tax in Spain. Journal of International Accounting, Auditing and Taxation,
Fernandez-Perez, A., Fuertes, A-M. & Miffre, J. (2026). Does Speculation in Futures Markets Improve Commodity Hedging Decisions?. Management Science, 72(3), pp. 2525-2544. doi: 10.1287/mnsc.2024.04940
Kutan, A., Feng, L, & Shi, J. (2026). Your fear is (partly) mine: the role of non-VIX volatility in forecasting regional stock market volatility using interpretable machine learning. Journal of International Money and Finance, January 2026
Izzeldin, M., Muradoglu, Y. G., Pappas, V., & Sivaprasad, S. (2026). “Brexit and Its Impact on EU Financial Markets.” International Journal of Finance & Economics 31, no. 4: 4510–4535. https://doi.org/10.1002/ijfe.70149.
Thi Nguyen, L., Matousek, R. & Muradoglu, Y. G. (2026). The effect of bank culture on bank liquidity creation and bank risk, International Review of Financial Analysis, Volume 109, 2026, 104763, ISSN 1057-5219, https://doi.org/10.1016/j.irfa.2025.104763.
Onay, C., & Sisli-Ciamarra, E. (2026). Fintech and financial inclusion: micro-level evidence on access, usage, and demographic disparities across 160 countries. Paper presented at 33th Global Finance Conference, Ponta Delgada, Portugal.
Degryse, H., De Winne, R., Gresse, C. and Payne, R. (2026). Duplicated Orders, Swift Cancellations, and Fast Market Making in Fragmented Markets. Management Science, 72(8), pp. 7028-7054. doi:10.1287/mnsc.2023.01789
Massacci, D., Sarno, L., Trapani, L. & Vallarino, P. (2026) “A general randomized test for alpha.” Journal of the American Statistical Association (forthcoming)
Aquilina, M., Cincinelli, P. and Urga, G. (2026). Asset price bubbles and systemic risk in Money Market Funds. Journal of Banking & Finance, 192, pp. 107812-107812. doi:10.1016/j.jbankfin.2026.107812

Li, J., Sarno, L. & Zinna, G. (2026) “Skewness risk premia and the cross-section of currency returns.” Journal of Financial and Quantitative Analysis (DOI: 10.1017/S0022109025102123) (published online Sep 2025)
Massacci, D., Sarno, L. & Trapani, L. (2026) “Factor models of asset returns and bear market risk.” Management Science (DOI: 10.1287/mnsc.2023.04276) (published online Nov 2025)

Bauer, M., Schmeling, M. and Schrimpf, A. (2026). Risk Appetite and Monetary Transmission. Federal Reserve Bank of San Francisco, Working Paper Series, 2026(20), pp. 01-65. doi:10.24148/wp2026-20

2025

Phylaktis, K. & Yamani, E. (2025). Foreign currency forecasting in emerging markets: What can stock, and bond markets tell us?. Journal of Empirical Finance, 83, article number 101641. doi: 10.1016/j.jempfin.2025.101641
Banti, C. & Phylaktis, K. (2025). Are Institutional Investors the Culprit of Rising Global House Prices?. Real Estate Economics, 53(2), pp. 210-265. doi: 10.1111/1540-6229.12514
Aftab, M., Ahmed, M., Anifowose, A. D., & Nisa, S. U. (2025). Predicting stock market volatility in emerging markets through currency order flow. Macroeconomics and Finance in Emerging Market Economies, 1–22. Available at: https://doi.org/10.1080/17520843.2025.2532936
Bahmani-Oskooee, M., Aftab, M. and Karamelikli, H. (2025). Russia's Trade With G7 Countries and Asymmetric J-Curve Effect. Aust Econ Pap, 64: 113-120. https://doi.org/10.1111/1467-8454.12381
Ivan, M-D., Banti, C. & Kellard, N., (2025). Liquidity, Monetary Policy and the Commodity Futures Market. Bank of England Staff Working Paper series 1114, Bank of England.
Verma, AK., Bose, U. & Banti, C., (2025). Risky banking: How global financial cycle drives systemic risk through non-core channels, Available at SSRN: http://dx.doi.org/10.2139/ssrn.5295842
Casu, B. & Girardone, C. (2025). From Deregulation to the Twin Transition: Exploring Banking Strategies for Sustainability and Digitalisation. International Journal of Banking, Accounting and Finance, 15(1/2), pp. 139-163. doi: 10.1504/ijbaaf.2025.146546
Ayadi, R., Bongini, P., Casu, B. & Cucinelldi, D. (2025). The origin of financial instability and systemic risk: Do Bank Business Models Matter?. Journal of Financial Stability, 78, article number 101403. doi: 10.1016/j.jfs.2025.101403
Casu, B., Kalotychou, E. & Katsoulis, P. (2025). Stress Testing OTC Derivatives: Clearing Reforms and Market Frictions. Journal of Financial Stability, 77, article number 101388. doi: 10.1016/j.jfs.2025.101388
Casu, B., Gallo, A. & Sarkisyan, A. (2025). Shadow Banking and Non-Bank Financial Intermediation. (4th ed.) In: Berger, A., Molyneux, P. & Wilson, J. (Eds.), The Oxford Handbook of Banking. . Oxford, UK: Oxford University Press.
Delis, M., Iosifidi, M. (2025). Determinants of global loan pricing: Creditor rights or country size?. Journal of Financial Stability, 78, 101396
Delis, F., Delis, M., Luc Laeven, L. & Ongena, S. (2025). Global evidence on profit shifting within firms and across time. Journal of Accounting and Economics, 79 (2-3), 101744
Delis, M., Galariotis, E., Iosifidi, M., & Ongena, S.(2025). Corporate taxes and entrepreneurs' income: A credit channel. Journal of Corporate Finance, 93, 102805
Delis, M., Fringuellotti, F., & Ongena, S. (2025). Credit and entrepreneurs’ income. Journal of Financial Intermediation, 63, 101161
Fernandez-Perez, A., Fuertes, A-M., Miffre, J. & Zhao, N. (2025). Newswire Tone-Overlay Commodity Portfolios. Journal of Banking & Finance, 178, article number 107501. doi: 10.1016/j.jbankfin.2025.107501
de Almeida, D., Fuertes, A-M. & Hotta, L. K. (2025). Out-of-Sample Predictability of the Equity Risk Premium. Mathematics, 13(2), article number 257. doi: 10.3390/math13020257
Kano, M., Muradoğlu, Y. G., & Olukuru, J. (2025). Disposition effect in group versus individual investors: Evidence from Kenyan stock exchange. Review of Financial Economics, 43, 192–212. https://doi.org/10.1002/rfe.1229
Wang, L. and Urga, G. (2025). Optimal N-state endogenous Markov-switching model for currency liquidity timing. Journal of Economic Dynamics and Control, 177, pp. 105137-105137. doi:10.1016/j.jedc.2025.105137
Hizmeri, R., Izzeldin, M. and Urga, G. (2025). Identifying the underlying components of high-frequency data: Pure vs jump diffusion processes. Journal of Empirical Finance, 81, pp. 101594-101594. doi:10.1016/j.jempfin.2025.101594
Coppola, A., Urga, G. and Varaldo, A. (2025). Asset class liquidity risk indicators. Timing the risk in the European and US equity and bond markets. Journal of Financial Stability, 76, pp. 101369-101369. doi:10.1016/j.jfs.2024.101369
Yan, C., Lian, Y., Xu, X. and Chen, C.-C. (2025) ‘Share pledge lending, monetary policy, and shadow banking nexus’, Pacific-Basin Finance Journal, 92, article 102772. Available at: https://doi.org/10.1016/j.pacfin.2025.102772
Wu, W., Jin, L., Chen, C.-C., Fang, J. and Yan, C. (2025) ‘Structural monetary policy, corporate behavior, and pay gap: Evidence from SMEs in China’, Pacific-Basin Finance Journal, 90, article 102643. Available at: https://doi.org/10.1016/j.pacfin.2024.102643

Hou, A.J., Sarno, L. & Ye, X. (2025) “The trade imbalance network and currency returns.” Journal of Financial Economics, 172: 104112 (DOI: 10.1016/j.jfineco.2025.104112)
Schmeling, M. and Wagner, C. (2025). Does Central Bank Tone Move Asset Prices? Journal of Financial and Quantitative Analysis, 60(1), pp. 36-67. doi:10.1017/s0022109024000073

2024

Bailey, W., Muradoglu, Y. G., Onay, C. & Phylaktis, K. (2024). Foreign investors, firm level productivity, and European economic integration. Journal of Corporate Finance, 85, article number 102564. doi: 10.1016/j.jcorpfin.2024.102564
Phylaktis, K., & Aftab, M. (2024). "Chapter 14: Financial integration and exchange market pressure". In Handbook of Financial Integration. Cheltenham, UK: Edward Elgar Publishing. Retrieved Oct 12, 2026, from https://doi.org/10.4337/9781803926377.00022
Aftab, M., Shehzadi, S. & Qureshi, F. (2024). "Does economic policy uncertainty matter for a firm's leverage and speed of adjustment?". Asia-Pacific Journal of Business Administration, Vol. 16 No. 5 pp. 1241–1258, doi: https://doi.org/10.1108/APJBA-10-2022-0452
Aftab, M., Naeem, M., Tahir, M., & Ismail, I. (2024). "Does uncertainty promote exchange rate volatility? Global evidence". Studies in Economics and Finance, Vol. 41 No. 1 pp. 177–191, doi: https://doi.org/10.1108/SEF-12-2022-0579
Banti, C. & Bose, U., (2024). Shifts in Global Credit and Corporate Access to Finance. Journal of Financial Stability. 74, 100853-100853
Banti, C. & Bose, Udichibarna, (2024). The Rise of Regional Financial Cycle and Domestic Credit Markets in Asia. Available at SSRN: http://dx.doi.org/10.2139/ssrn.5000601
Manac, R., Banti, C. & Kellard, N., (2024). How does standardization affect OTC markets in the long term? Evidence from the Small Bang reform in the CDS market. Journal of International Financial Markets, Institutions and Money. 96 (October 2024), 102043-102043
Casu, B., Chiaramonte, L., Croci, E. & Filomeni, S. (2024). Access to Credit in a Market Downturn. Journal of Financial Services Research, 66(2), pp. 143-169. doi: 10.1007/s10693-022-00388-x
Delis, M., Iftekhar Hasan, I., Thomas To, T., & Eliza Wu, E. (2024). The bright side of bank lobbying: Evidence from the corproate loan market. Journal of Corporate Finance, 86 (102591)
Delis, M., De Greiff, K., Iosifidi, M., & Ongena, S. (2024). Being stranded with fossil fuel reserves? Climate policy risk and the pricing of bank loans. Financial Markets, Institutions and Instruments, 33 (3), 211-348
Delis, M., Kokas, S., & Kontonikas, A. (2024). Reserves regulation and the risk-taking channel. Journal of Corporate Finance, 89 (102689)
Andreadis, E., Chatzikonstantinou, E., Kalotychou, E., Louca, C., & Makridis, C. (2024). The Local Effects of Artificial Intelligence Labor Investments: Evidence from the Municipal Bond Market. Available at SSRN: https://ssrn.com/abstract=4987037 or http://dx.doi.org/10.2139/ssrn.4987037
Delvaux, Joe (2024). Essays on Emerging Market and Frontier Market Bonds. (Unpublished Doctoral thesis, City, University of London)
Marsh, I., Judge, A., and Py, E. (2024) Stock Market Liberalization and the Cost of Equity Capital of Firms: Evidence from China's Stock Connect Scheme. Available at SSRN: https://ssrn.com/abstract=5459561 or http://dx.doi.org/10.2139/ssrn.5459561
Bailey, W., Muradoglu, Y. G., Onay, C. & Phylaktis, K. (2024). Foreign investors, firm level productivity, and European economic integration. Journal of Corporate Finance, 85, article number 102564. doi: 10.1016/j.jcorpfin.2024.102564
Kamuriwo, D. S., Muradoglu, Y. G., Sivaprasad, S. & Malki, I. (2024). Stock returns, industry concentration and firm expenditure decisions, Journal of Economics and Business, Volume 131, 2024, 106195, ISSN 0148-6195, https://doi.org/10.1016/j.jeconbus.2024.106195.
Cosic, H. & Muradoglu, Y. G. (2024) Optimism in property markets, Quarterly Journal of Finance, Volume 14, Issue 2, 2440002.
Thi Nguyen, L., Matousek, R. & Muradoglu, Y. G. (2024). Bank capital, liquidity creation and the moderating role of bank culture: An investigation using a machine learning approach, Journal of Financial Stability, Volume 72, 2024, 101265, ISSN 1572-3089, https://doi.org/10.1016/j.jfs.2024.101265.
Bathia, D., Muradoglu, Y. G. & Rukaiyat, Y. (2024). Strategic Risk Taking, Executive Compensation and Financial Performance. Available at: http://dx.doi.org/10.2139/ssrn.4776530
Cinicioglu, E.N., Huyugüzel Kışla, G., Muradoglu, Y. G., & Önder, A.Ö. (2024). The Changing Behavior of the European Credit Default Swap Spreads During the Covid-19 Pandemic: A Bayesian Network Analysis. Comput Econ 63, 1213–1254 (2024). https://doi.org/10.1007/s10614-023-10489-x
Muradoglu, Y. G., Peng, N., Qin, H. & Xia, C. (2024). Investor attention and market reactions to early announcements in mergers and acquisitions, International Review of Financial Analysis, Volume 91, 2024, 102993, ISSN 1057-5219, https://doi.org/10.1016/j.irfa.2023.102993.
Kano, M. I., Muradoglu, Y. G. & Olukuru, J. (2024). Risk-Taking Behavior and Effects of Framing in Group and Individual Decisions: Evidence from Chamas and Student Subjects in Kenya. In: Tsounis, N., Vlachvei, A. (eds) Applied Economic Research and Trends. ICOAE 2023. Springer Proceedings in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-031-49105-4_27
Ozturkkal, B., Onay, C., Yildirim, C., Strat, V. A., Radev, D., Penev, G., Pele, D. T., Chinie, C., Grosu, F., Darie, F. C., Mare, C., Damian, V., & Coita, I. (2025). Regional Fintech Report for Türkiye, Romania, and Bulgaria. In J. Osterrieder, I. F. Coita, & A. Dzurovski (Eds.), Transparency in FinTech: Exploring Technological Advances, Regulation, and Societal Impact with Case Studies (pp. 199–225). (Palgrave Studies in Financial Services Technology). Palgrave Macmillan. https://doi.org/10.1007/978-3-032-03523-3_8
Onay, C., Ozturkkal, B., & Yildirim, C. (2025). Turkiye Fintech Arastirmasi. KPMG Turkiye.
Li, J., Sarno, L. & Zinna, G. (2024) “Risks and risk premia in the US treasury market.” Journal of Economic Dynamics and Control, 158: 10478 (DOI: 10.1016/j.jedc.2023.104788)
Cincinelli, P., Tsolacos, S. and Urga, G. (2024). Price exuberance episodes in private real estate. Journal of Financial Stability, 74, pp. 101300-101300. doi:10.1016/j.jfs.2024.101300
Cincinelli, P., Pellini, E. and Urga, G. (2024). Is there an optimal level of leverage? The case of banks and non-bank institutions in Europe. International Review of Financial Analysis, 94, pp. 103323-103323. doi:10.1016/j.irfa.2024.103323
Urga, G. and Wang, F. (2024). Estimation and inference for high dimensional factor model with regime switching. Journal of Econometrics, 241(2), pp. 105752-105752. doi:10.1016/j.jeconom.2024.105752
Akgun, O., Pirotte, A., Urga, G. and Yang, Z. (2024). Equal predictive ability tests based on panel data with applications to OECD and IMF forecasts. International Journal of Forecasting, 40(1), pp. 202-228. doi:10.1016/j.ijforecast.2023.02.001
Chen, S., Cumming, D., Liu, X., Ma, H. and Yan, C. (2024) ‘Alumni network centrality and competitive aggressiveness’, British Journal of Management, 36(1), pp. 1–30. Available at: https://doi.org/10.1111/1467-8551.12849
Fulop, A., Li, J., Liu, H. and Yan, C. (2024) ‘Estimating and testing long-run risk models: International evidence’, Management Science, 71(4), pp. 3517–3536. Available at: https://doi.org/10.1287/mnsc.2022.04054
Ho, K.-C., Gu, Y., Yan, C. and Gozgor, G. (2024) ‘Peer effects in the online peer-to-peer lending market: Ex-ante selection and ex-post learning’, International Review of Financial Analysis, 92, article 103056. Available at: https://doi.org/10.1016/j.irfa.2023.103056
Ho, K.-C., Yan, C., Gozgor, G. and Gu, Y. (2024) ‘Energy related public environmental concerns and intra-firm pay gap in polluting enterprises: Evidence from China’, Energy Economics, 130, article 107320. Available at: https://doi.org/10.1016/j.eneco.2024.107320
Kong, X., Yan, C. and Ho, K.-C. (2024) ‘The impact of climate change on credit cycles: Evidence from China’s bond market’, Technological Forecasting and Social Change, 206, article 123490. Available at: https://doi.org/10.1016/j.techfore.2024.123490
Menkveld, A.J., Dreber, A., Verousis, A., Yan, C. et al. (2024) ‘Nonstandard errors’, The Journal of Finance, 79(3), pp. 2339–2390. Available at: https://doi.org/10.1111/jofi.13337
Ren, X., An, Y., Jin, C. and Yan, C. (2024) ‘Weathering the policy storm: How climate strategy volatility shapes corporate total factor productivity’, Energy Economics, 134, article 107553. Available at: https://doi.org/10.1016/j.eneco.2024.107553
Wang, S., Yan, C. and Zhao, Y. (2024) ‘Technological peer pressure and corporate sustainability’, Energy Economics, 130, article 107257. Available at: https://doi.org/10.1016/j.eneco.2023.107257
Zhang, X., Kim, M., Yan, C. and Zhao, Y. (2024) ‘Default dependence in the insurance and banking sectors: A copula approach’, Journal of International Financial Markets, Institutions and Money, 91, article 101911. Available at: https://doi.org/10.1016/j.intfin.2023.101911

Menkveld, A.J., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., Neusuess, S., Razen, M., Weitzel, U., Sarno, L. et al (2024) “Non-standard errors.” Journal of Finance, 79(3): 2339-2390 (DOI: 10.1111/jofi.13337)
Nucero, F., Sarno, L. & Zinna, G. (2024) “Currency risk premia redux.” Review of Financial Studies, 37(2): 356-408 (DOI: 10.1093/rfs/hhad049)
Kerssenfischer, M. and Schmeling, M. (2024). What moves markets? Journal of Monetary Economics, 145. doi:10.1016/j.jmoneco.2024.103560

2023

Aftab, M. & Ahsan, M. (2023). "Does Central Bank Transparency Deter the Exchange Rate Volatility? New Evidence from Asian Emerging Markets." Journal of Central Banking Theory and Practice, vol. 12, no. 2, Central Bank of Montenegro, 2023, pp. 133-163. https://doi.org/10.2478/jcbtp-2023-0017.
Aftab, M., Haq, IU. & Albaity, M. (2023). "The COVID-19 pandemic, economic policy uncertainty and the hedging role of cryptocurrencies: a global perspective". China Finance Review International, Vol. 13 No. 3 pp. 471–508, doi: https://doi.org/10.1108/CFRI-06-2022-0108
Aftab, M., Bahmani-Oskooee, M. & Karamelikli, H. (2023). Do currency manipulations hurt US bilateral trade balance?. Eurasian Econ Rev 13, 127–144 (2023). https://doi.org/10.1007/s40822-023-00225-z
Qureshi S., Aftab, M. & Hegerty, S. (2023). "The interdependence of foreign exchange vulnerability in emerging markets". Asia-Pacific Journal of Business Administration, Vol. 15 No. 2 pp. 203–224, doi: https://doi.org/10.1108/APJBA-10-2021-0518
Banti, C., Biddle, G. & Jona, J., (2023). Does a Liability of Foreignness in Liquidity Apply to US IPOs?. Accounting and Business Research. 54 (4), 423-456
Ayadi, R., Bongini, P., Casu, B. & Cucinelli, D. (2023). Bank Business Models in MENA and African Countries: The Relevance of Contextual Variables. Review of Corporate Finance, 3(3), pp. 329-359. doi: 10.1561/114.00000043
Casu, B., Gallo, A., Kalotychou, E. & Sarkisyan, A. (2023). Bank Misconduct, Board Diversity and CEO Turnover. Review of Corporate Finance, 3(1-2), pp. 149-174. doi: 10.1561/114.00000038
Delis, M., Dioikitopoulos, E., & Ongena, S. (2023). Population diversity and financial risk-taking. Journal of Banking and Finance, 151 (June), 106852
Delis, M., Hasan, I., Iosifidi, M., & Tsoumas, C. (2023). Economic preferences for risk-taking and financing costs. Journal of Corporate Finance, 102423 (80), 102423
Delis, M., Galariotis, E., Iosifidi, M., & Monne, J. (2023). Poverty and seeking bank advice: Evidence from a survey experiment. Journal of Financial Stability, 67 (101156)
Delis, M., Iosifidi, M., & Tasiou, M., (2023). Efficiency of government policy during the COVID-19 pandemic. Annals of Operations Research, 328 (May), 1287-1312
Delis, M., Kazakis, P., & Zopounidis, C. (2023). Management and takeover decisions. European Journal of Operational Research, 304 (3), 1256-1268
Fuertes, A-M. & Zhao, N. (2023). A Bayesian perspective on commodity style integration. Journal of Commodity Markets, 30, article number 100328. doi: 10.1016/j.jcomm.2023.100328
Fernandez-Perez, A., Fuertes, A-M. & Miffre, J. (2023). The Negative Pricing of the May 2020 WTI Contract. The Energy Journal, 44(1), pp. 119-142. doi: 10.5547/01956574.44.1.afer
Khan, H. & Kutan, A. (2023). Banking sector competition and firms’ financial constraints: Firm-Level evidence from developing economies. Journal of International Financial Markets, Institutions and Money, Volume 88, October 2023, 101848.
Gajewski, P. & Kutan, A. (2023). COVID-19 Pandemic and Enterprise Financial Performance: Aggregate, Regional, and Sectoral Evidence from Poland. Eastern European Economics, 2023, 61(5), 491–516.
Liu, J., Marsh, I., & Xiao, Y. (2023). Cybercrime and the cross-section of equity returns. Available at: http://dx. doi.org/10.2139/ssrn 4299599
Gozluklu, A., Muradoglu, Y. G. & Tarim, E. (2023). ‘The American spirit: The performativity of folk economics in global financial markets’, Environment and Planning A: Economy and Space, 55(8), pp. 1906–1927. Available at: https://doi.org/10.1177/0308518X231169738
Izzeldin, M., Muradoglu, Y. G., Pappas, V., Petropoulou, A. and Sivaprasad, S. (2023). ‘The impact of the Russian-Ukrainian war on global financial markets’, International Review of Financial Analysis, 87, article 102598. Available at: https://doi.org/10.1016/j.irfa.2023.102598
Levis, M., Muradoglu, Y. G. and Vasileva, K. (2023). ‘Herding in foreign direct investment’, International Review of Financial Analysis, 86, article 102503. Available at: https://doi.org/10.1016/j.irfa.2023.102503
Tosun, O.K., Eshraghi, A. and Muradoglu, Y. G. (2023). ‘Learning financial survival from disasters’, Journal of International Financial Markets, Institutions and Money, 85, article 101778. Available at: https://doi.org/10.1016/j.intfin.2023.101778
Weinstein, E. & Muradoglu, Y. G. (2023). "Who Wil Run Their Bank?," IADI Sponsored Papers 3, International Association of Deposit Insurers.
Liu, X., Muradoglu, Y. G. & Peng, N. (2023) Green innovation and cross-border M&As: evidence from China. In: 2023 FMA Annual Meeting, 11th - 14th October 2023, Sheraton Grand Chicago Riverwalk Hotel, Chicago. (Unpublished)
Onay, C., Aydin, G., & Kohen, S. (2023). Overcoming resistance barriers in mobile banking through financial literacy. International Journal of Mobile Communications, 21(3). https://doi.org/10.1504/IJMC.2023.10052701
Fratzscher, M., Heidland, T., Menkhoff, L., Sarno, L. and Schmeling, M. (2023) “Foreign exchange intervention: a new database.” International Monetary Fund Economic Review, 71(4): 852-884 (DOI: 10.1057/s41308-022-00190-8)
Hillebrand, E., Mikkelsen, J.G., Spreng, L. and Urga, G. (2023). Exchange rates and macroeconomic fundamentals: Evidence of instabilities from time‐varying factor loadings. Journal of Applied Econometrics, 38(6), pp. 857-877. doi:10.1002/jae.2984
Leong, S.H. and Urga, G. (2023). A practical multivariate approach to testing volatility spillover. Journal of Economic Dynamics and Control, 153, pp. 104694-104694. doi:10.1016/j.jedc.2023.104694
Spreng, L. and Urga, G. (2023). Combining p-values for Multivariate Predictive Ability Testing. Journal of Business & Economic Statistics, 41(3), pp. 765-777. doi:10.1080/07350015.2022.2067545
Chen, C.-C., Ho, K.-C., Yan, C., Yeh, C.-Y. and Yu, M.-T. (2023) ‘Does ambiguity matter for corporate debt financing? Theory and evidence’, Journal of Corporate Finance, 80, article 102425. Available at: https://doi.org/10.1016/j.jcorpfin.2023.102425
Cheng, T., Yan, C. and Yan, Y. (2023) ‘De facto time-varying indices-based benchmarks for mutual fund returns’, Journal of Financial Research, 46(2), pp. 469–496. Available at: https://doi.org/10.1111/jfir.12318
Duan, K., Liu, Y., Yan, C. and Huang, Y. (2023) ‘Differences in carbon risk spillovers with green versus traditional assets: Evidence from a full distributional analysis’, Energy Economics, 127, article 107049. Available at: https://doi.org/10.1016/j.eneco.2023.107049
Fang, M., Njangang, H., Padhan, H., Simo, C. and Yan, C. (2023) ‘Social media and energy justice: A global evidence’, Energy Economics, 125, article 106886. Available at: https://doi.org/10.1016/j.eneco.2023.106886
Ho, K.-C., Chen, Y., Ye, D. and Yan, C. (2023) ‘Now is the time: The impact of linguistic time reference on corporate default risk’, The International Journal of Accounting, 58(4). Available at: https://doi.org/10.1142/S1094406023500105
Ho, K.-C., Shen, X., Yan, C. and Hu, X. (2023) ‘Influence of green innovation on disclosure quality: Mediating role of media attention’, Technological Forecasting and Social Change, 188, article 122314. Available at: https://doi.org/10.1016/j.techfore.2022.122314
Ho, K.-C., Yan, C., Mao, Z. and An, F. (2023) ‘Corporate sustainability policies and corporate investment efficiency: Evidence from the quasi-natural experiment in China’, Energy Economics, 127, article 107050. Available at: https://doi.org/10.1016/j.eneco.2023.107050
Huang, Y., Zhu, Q., Yan, C. and Zeng, Y. (2023) ‘Your gender identity is who you are: Female chief executive officers and corporate debt structure’, International Journal of Finance & Economics, 30(1), pp. 426–454. Available at: https://doi.org/10.1002/ijfe.2923
Li, Y., Yan, C. and Ren, X. (2023) ‘Do uncertainties affect clean energy markets? Comparisons from a multi-frequency and multi-quantile framework’, Energy Economics, 121, article 106679. Available at: https://doi.org/10.1016/j.eneco.2023.106679
Zhang, C., Ho, K.-C., Yan, C. and Gong, Y. (2023) ‘Societal trust and firm-level trust: Substitute or complement? An international evidence’, International Review of Financial Analysis, 86, article 102543. Available at: https://doi.org/10.1016/j.irfa.2023.102543

Wolski, R., Bolek, M., Gajdka, J., Brzeszczyński, J., & Kutan, A. (2023). "Do investment fund managers behave rationally in the light of central bank communication? Survey evidence from Poland," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 15(5), pages 757-794, February.
Brzeszczyński J., Gajdka J., Schabek T., & Kutan A. (2023), "Central bank's communication and markets' reactions: Polish evidence". International Journal of Emerging Markets, Vol. 18 No. 9 pp. 2544–2580, doi: https://doi.org/10.1108/IJOEM-09-2020-1061

2022

Bas, T., Yaz Gulnur, M. & Phylaktis, K. (2022). Capital Structures of Small Family Firms in Developing Countries. Review of Corporate Finance, 2(4), pp. 745-790. doi: 10.1561/114.00000029
Aftab, M. & Phylaktis, K. (2022). Economic Integration and Exchange Market Pressure in a Policy Uncertain World. Journal of International Money and Finance, 128, article number 102701. doi: 10.1016/j.jimonfin.2022.102701
Aftab, M., Rafique, A. & Lau, E. (2022). "Does the exchange rate overshoot in an emerging economy?". Journal of Chinese Economic and Foreign Trade Studies, Vol. 15 No. 1 pp. 1–15, doi: https://doi.org/10.1108/JCEFTS-12-2020-0075
Bahmani-Oskooee, M., & Aftab, M. (2022). On the Impact of Policy Uncertainty on the Demand for Money in China: An Asymmetric Analysis. The Chinese Economy, 55(6), 399–409. https://doi.org/10.1080/10971475.2021.2022837
Bahmani-Oskooee, M. & Aftab, M. (2022). "Who Has Benefitted from Malaysia-Pakistan Free Trade Agreement? An Industry Level Analysis," Journal of Economic Development, The Economic Research Institute, Chung-Ang University, vol. 47(2), pages 20-38.
Ivan, M., Banti, C. & Kellard, N., (2022). Prime Money Market Funds Regulation, Global Liquidity, and the Crude Oil Market. Journal of International Money and Finance. 127, 102671-102671
Delis, M., Iosifidi, M., & Papadopoulous, P. (2022). Blessing or curse? Government funding of deposit insurance and corporate lending. Journal of Financial Stability, 61 (August 2022), Article N° 101022
Delis, M., Hasan, I., Iosifidi, M., & Ongena, S. (2022). Gender, credit, and firm outcomes. Journal of Financial and Quantitative Analysis, 57, 359-389
Delis, M., Hong, S., Paltalidis, N., & Philip, D. (2022). Forward guidance and corporate lending. Review of Finance, rfab027
Delis, M., Politsidis, P.N. and Sarno, L. (2022) “The cost of foreign-currency lending.” Journal of Banking and Finance, 136: 106398 (DOI: 10.1016/j.jbankfin.2021.106398)
Delis, M., Kazakis, P., Maria Iosifidi, M., & Ongena, S. (2022). Management practices and M&A success. Journal of Banking and Finance, 134, 106355
Fuertes, A-M., Liu, Z. & Tang, W. (2022). Risk-neutral skewness and commodity futures pricing. Journal of Futures Markets, 42(4), pp. 751-785. doi: 10.1002/fut.22308
Liu, J., Marsh, I., & Xiao, Y. (2022). Pricing and Hedging Cybercrime News. Available at SSRN: https://ssrn.com/abstract=4299599 or http://dx.doi.org/10.2139/ssrn.4299599
Muradoglu, G., Verousis, T. and Urquhart, A., (2022). Behavioural Finance and Cryptocurrencies. Emerald Publishing Limited.
Malki, I., Mathew, S., Muradoglu, Y. G. & Sivaprasad, S. (2022). Board Diversity and Executive Compensation (December 13, 2022). Available at SSRN: https://ssrn.com/abstract=4301313 or http://dx.doi.org/10.2139/ssrn.4301313
Bas, T., Muradoglu, Y. G. and Phylaktis, K. (2022) ‘Capital structures of small family firms in developing countries’, Review of Corporate Finance, 2(4), pp. 745–790. Available at: https://doi.org/10.1561/114.00000029
Kışla, G.H., Muradoglu, Y. G. and Önder, A.Ö. (2022) ‘Spillovers from one country’s sovereign debt to CDS (credit default swap) spreads of others during the European crisis: A spatial approach’, Journal of Asset Management, 23(4), pp. 277–296. Available at: https://doi.org/10.1057/s41260-022-00263-3
Wouassom, A., Muradoglu, Y. G. and Tsitsianis, N. (2022) ‘Global momentum: The optimal trading approach’, Journal of Behavioral and Experimental Finance, 36, article 100756. Available at: https://doi.org/10.1016/j.jbef.2022.100756
Şenol, D., & Onay, C. (2022). Impact of gamification on mitigating behavioral biases of investors. Journal of behavioral and experimental finance, 37, Article 100772. https://doi.org/10.1016/j.jbef.2022.100772
Onay, C., Meoli, M., & Ozsoz, E. (2022, Oct 27). Informal Economy and ICO Issuance. SSRN. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4260240
Osken, C., & Onay, C. (2022). Predicting the winning team in basketball: A novel approach. Heliyon, 8(12), Article e12189. https://doi.org/10.1016/j.heliyon.2022.e12189
Cespa, G., Gargano, A., Riddiough, S.J. and Sarno, L. (2022) “Foreign exchange volume.” Review of Financial Studies, 35(5): 2386-2427 (DOI: 10.1093/rfs/hhab095)
Delis, M.D., Politsidis, P.N. and Sarno, L. (2022) “The cost of foreign-currency lending.” Journal of Banking and Finance, 136: 106398 (DOI: 10.1016/j.jbankfin.2021.106398)
Della Corte, P., Sarno, L., Schmeling, M. and Wagner, C. (2022) “Exchange rates and sovereign risk.” Management Science, 68(8): 5557-6354 (DOI: 10.1287/mnsc.2021.4115)
Khalaf, L., Leccadito, A. and Urga, G. (2022). Multilevel and Tail Risk Management. Journal of Financial Econometrics, 20(5), pp. 839-874. doi:10.1093/jjfinec/nbaa044
Boffelli, S., Novotny, J. and Urga, G. (2022). A Frequency-Specific Factorization to Identify Commonalities with an Application to the European Bond Markets. Journal of Financial Econometrics, 20(4), pp. 681-715. doi:10.1093/jjfinec/nbaa039
Cincinelli, P., Pellini, E. and Urga, G. (2022). Systemic risk in the Chinese financial system: A panel Granger causality analysis. International Review of Financial Analysis, 82, pp. 102179-102179. doi:10.1016/j.irfa.2022.102179
Bellavite Pellegrini, C., Cincinelli, P., Meoli, M. and Urga, G. (2022). The contribution of (shadow) banks and real estate to systemic risk in China. Journal of Financial Stability, 60, pp. 101018-101018. doi:10.1016/j.jfs.2022.101018
Bellavite Pellegrini, C., Cincinelli, P., Meoli, M. and Urga, G. (2022). The Role of Shadow Banking in Systemic Risk in the European Financial System. Journal of Banking and Finance. doi:10.1016/j.jbankfin.2022.106422
Gu, Y., Ho, K.-C., Xia, S. and Yan, C. (2022) ‘Do public environmental concerns promote new energy enterprises’ development? Evidence from a quasi-natural experiment’, Energy Economics, 109, article 105967. Available at: https://doi.org/10.1016/j.eneco.2022.105967
Lu, Z., Gozgor, G., Mahalik, M.K., Padhan, H. and Yan, C. (2022) ‘Welfare gains from international trade and renewable energy demand: Evidence from the OECD countries’, Energy Economics, 112, article 106153. Available at: https://doi.org/10.1016/j.eneco.2022.106153
Ren, X., Duan, K., Tao, L., Shi, Y. and Yan, C. (2022) ‘Carbon prices forecasting in quantiles’, Energy Economics, 108, article 105862. Available at: https://doi.org/10.1016/j.eneco.2022.105862
Ren, X., Li, Y., Yan, C., Wen, F. and Lu, Z. (2022) ‘The interrelationship between the carbon market and the green bonds market: Evidence from wavelet quantile-on-quantile method’, Technological Forecasting and Social Change, 179, article 121611. Available at: https://doi.org/10.1016/j.techfore.2022.121611
Ren, X., Qin, J., Jin, C. and Yan, C. (2022) ‘Global oil price uncertainty and excessive corporate debt in China’, Energy Economics, 115, article 106378. Available at: https://doi.org/10.1016/j.eneco.2022.106378
Ren, X., Zhang, X., Yan, C. and Gozgor, G. (2022) ‘Climate policy uncertainty and firm-level total factor productivity: Evidence from China’, Energy Economics, 113, article 106209. Available at: https://doi.org/10.1016/j.eneco.2022.106209
Yan, C., Mao, Z. and Ho, K.-C. (2022) ‘Effect of green financial reform and innovation pilot zones on corporate investment efficiency’, Energy Economics, 113, article 106185. Available at: https://doi.org/10.1016/j.eneco.2022.106185
Wang, X. and Yan, C. (2022) ‘Does the relative importance of the push and pull factors of foreign capital flows vary across quantiles?’, IMF Economic Review, 70(2), pp. 252–299. Available at: https://doi.org/10.1057/s41308-021-00151-7
Wang, J., Dong, K., Sha, Y. and Yan, C. (2022) ‘Envisaging the carbon emissions efficiency of digitalization: The case of the internet economy for China’, Technological Forecasting and Social Change, 184, article 121965. Available at: https://doi.org/10.1016/j.techfore.2022.121965
Gozgor, G., Lau, M.C.K., Zeng, Y., Yan, C. and Lin, Z. (2022) ‘The impact of geopolitical risks on tourism supply in developing economies: The moderating role of social globalization’, Journal of Travel Research, 61(4), pp. 872–886. Available at: https://doi.org/10.1177/00472875211004760

Law, S., Damayanti, S., Kutan, A., & Trinugroho, I. (2022). Non-linearity and the threshold effect of transparency on economic growth: evidence from developing countries, Journal of Economic Policy Reform, Volume 25, 2022 - Issue 4, Pages 388-414, 2022.
Brada, J., Chen, C., Jia, J. Kutan, A., & Fabrico Perez, M. (2022). Value Creation and Value Destruction in Investor-State Dispute Arbitration. Journal of Multinational Financial Management, Volume 63, March 2022, 100728.
Altinkeski, B., Cevik, E., Dibooglu, S. & Kutan, A. (2022). Financial stress transmission between the U.S. and the Euro Area. Journal of Financial Stability, 60, June 2022, 101004.

Schmeling, M., Schrimpf, A. and Steffensen, S.A.M. (2022). Monetary policy expectation errors. Journal of Financial Economics, 146(3), pp. 841-858. doi:10.1016/j.jfineco.2022.09.005
Medhat, M. and Schmeling, M. (2022). Short-term Momentum. The Review of Financial Studies, 35(3), pp. 1480-1526. doi:10.1093/rfs/hhab055

2021

Aftab, M., Ahmad, R., Ismail, I. & Phylaktis, K. (2021). Economic Integration and the Currency and Equity Markets Nexus. International Journal of Finance and Economics, 26(4), pp. 5278-5301. doi: 10.1002/ijfe.2065
Aftab, M., Ali, A. & Hegerty, S.W. (2021). Foreign exchange market pressure and stock market dynamics in emerging Asia. Int Econ Econ Policy 18, 699–719 (2021). https://doi.org/10.1007/s10368-021-00501-w
Aftab, M., Anifowose, AD., Lau, E. & Ismail, I. (2021). What does currency order flow tell about spot exchange rates of Asian emerging markets?, Borsa Istanbul Review, Volume 21, Issue 3, 2021, Pages 281-290, ISSN 2214-8450, https://doi.org/10.1016/j.bir.2020.11.003
Qureshi, S., & Aftab, M. (2020). Exchange Rate Interdependence in ASEAN Markets: A Wavelet Analysis. Global Business Review, 24(6), 1180-1204. https://doi.org/10.1177/0972150920919371
Duong, KT., Banti, C. & Instefjord, N., (2021). Managerial conservatism and corporate policies. Journal of Corporate Finance. 68, 101973-101973
Arnaboldi, F., Casu, B., Gallo, A. , Kalotychou, E. & Sarkisyan, A. (2021). Gender diversity and bank misconduct. Journal of Corporate Finance, 71, article number 101834. doi: 10.1016/j.jcorpfin.2020.101834
Delis, M., Galariotis, E., & Jerome Monne, J. (2021). Economic condition and financial cognition. Journal of Banking and Finance, 123, Article N° 106035
Delis, M., Christos Savva, C., & Panayiotis Theodossiou, P. (2021). The impact of the coronavirus crisis on the market price of risk. Journal of Financial Stability, 53, 100840
Delis, M., Hasan, I., & Ongena, S. (2020). Democracy and credit. Journal of Financial Economics, 136, 571-596
Fernandez-Perez, A., Fuertes, A-M. & Miffre, J. (2021). The risk premia of energy futures. Energy Economics, 102, article number 105460. doi: 10.1016/j.eneco.2021.105460
Fuertes, A-M. & Robles, M-D. (2021). Bank credit risk events and peers' equity value. International Review of Financial Analysis, 75, article number 101668. doi: 10.1016/j.irfa.2021.101668
Arnaboldi, F., Casu, B., Gallo, A. , Kalotychou, E. & Sarkisyan, A. (2021). Gender diversity and bank misconduct. Journal of Corporate Finance, 71, article number 101834. doi: 10.1016/j.jcorpfin.2020.101834
Bhaumik, S.K., Chakrabarty, M., Kutan, A. & Selerka, E. (2021). How Effective are Stock Market Reforms in Emerging Market Economies? Evidence from a Panel VAR Model of the Indian Stock Market. Journal of Quantitative Economics. 19, 795–818 (2021). https://doi.org/10.1007/s40953-021-00253-z
Gajewski, P. & Kutan, A. (2021). The Productivity–Real Wage Nexus in Emerging European Economies: Evidence from Poland. Eastern European Economics, Volume 59, 2021 - Issue 3, Pages 250-270.
Brzeszczynski, J., Jadga, J., Kutan, A., Schabek, T. (2021). How much do the central bank announcements matter on financial market? Application of the rule-based trading system approach. Expert Systems with Applications, Volume 182, 15 November 2021, 115201.
Ahmad, W., Gupta, S. & Kutan, A. (2021). Black swan events and COVID-19 outbreak: Sector level evidence from the US, UK, and European stock markets. International Review of Economics & Finance, Volume 75, September 2021, Pages 546-557.
Law, S., Chee Hung, N., Kutan, A. & Kei Law, Z. (2021). Public debt and economic growth in developing countries: Nonlinearity and threshold analysis. Economic Modelling, Volume 98, May 2021, Pages 26-40
Ahmad, W., Chahal, R., Kattumuri, R. & Kutan, A. (2021). COVID-19 Pandemic and firm-level dynamics in the USA, UK, Europe, and Japan. International Review of Financial Analysis, Volume 78, November 2021, 101888.
Brada, J., Gajewski, P. & Kutan, A. (2021). Economic Resiliency and Recovery, Lessons from the Financial Crisis for the COVID-19 Pandemic: A Regional Perspective from Central and Eastern Europe. International Review of Financial Analysis, 2021, Volume 74, March, 101658.
Khan, H. & Kutan, A. (2021). Testing the structure-conduct-performance relationship for ASEAN: Addressing the issues in the panel mediation. Journal of Asian Economics, Volume 72, February 2021, 101269.
Baeckstrom, Y., Marsh, I. & Sylvester, J. (2021). Financial Advice and Gender: Wealthy Individual Investors in the UK. Journal of Corporate Finance, 71, article number 101882. doi: 10.1016/j.jcorpfin.2021.101882
Fullwood, J., James, J. & Marsh, I. W. (2021). Volatility and the cross-section of returns on FX options. Journal of Financial Economics, 141(3), pp. 1262-1284. doi: 10.1016/j.jfineco.2021.04.030
Baeckström, Y., Marsh, I. W. & Silvester, J. (2021). Variations in investment advice provision: A study of financial advisors of millionaire investors. Journal of Economic Behavior & Organization, 188, pp. 716-735. doi: 10.1016/j.jebo.2021.05.008
Dupuy, P., James, J. & Marsh, I. W. (2021). Attractive and non-attractive currencies. Journal of International Money and Finance, 110, article number 102253. doi: 10.1016/j.jimonfin.2020.102253
Alizadeh-Masoodian, A., Huang, C-Y. & Marsh, I. W. (2021). Modelling the Volatility of TOCOM Energy Futures: A Regime Switching Realised Volatility Approach. Energy Economics, article number 104434. doi: 10.1016/j.eneco.2019.06.019
Tosun, O.K., Eshraghi, A. and Muradoglu, Y. G. (2021), Staring Death in the Face: The Financial Impact of Corporate Exposure to Prior Disasters. Brit J Manage, 32: 1284-1301. https://doi.org/10.1111/1467-8551.12539
Izzeldin, M., Muradoglu, Y. G., Pappas, V. and Sivaprasad, S. (2021) ‘The impact of Covid-19 on G7 stock markets volatility: Evidence from a ST-HAR model’, International Review of Financial Analysis, 74, article 101671. Available at: https://doi.org/10.1016/j.irfa.2021.101671
Neuberger, A. and Payne, R. (2021). The Skewness of the Stock Market over Long Horizons. The Review of Financial Studies, 34(3), pp. 1572-1616. doi:10.1093/rfs/hhaa048
Cincinelli, P., Pellini, E. and Urga, G. (2021). Leverage and systemic risk pro-cyclicality in the Chinese financial system. International Review of Financial Analysis, 78, pp. 101895-101895. doi:10.1016/j.irfa.2021.101895
Akgun, O., Pirotte, A. and Urga, G. (2021). Heterogeneity and cross-sectional dependence in panels: Heterogeneous vs. homogeneous estimators. Revue d'Economie Politique, 131(1), pp. 19-55. doi:10.3917/redp.311.0025
Chen, Y., Dai, M., Goncalves-Pinto, L., Xu, J. and Yan, C. (2021) ‘Incomplete information and the liquidity premium puzzle’, Management Science, 67(9), pp. 5703–5729. Available at: https://doi.org/10.1287/mnsc.2020.3726
Cheng, T., Yan, C. and Yan, Y. (2021) ‘Improved inference for fund alphas using high-dimensional cross-sectional tests’, Journal of Empirical Finance, 61, pp. 57–81. Available at: https://doi.org/10.1016/j.jempfin.2020.12.002
Gu, Y., Ho, K.-C., Yan, C. and Gozgor, G. (2021) ‘Public environmental concern, CEO turnover, and green investment: Evidence from a quasi-natural experiment in China’, Energy Economics, 100, article 105379. Available at: https://doi.org/10.1016/j.eneco.2021.105379

Kutan, A., Laique, U., Qureshi, I., Rehman, U. & Shahzad, F. (2021). A survey on national culture and corporate financial decisions: current status and future research. International Journal of Emerging Markets, 2021, Vol. 16 No. 7, pp. 1234-1258.
Kutan, A., Samargandi, N., Sohag, K. & Alandejani, M. (2021). The force of globalization reshaping the local institutions: evidence from the Organization of Islamic Cooperation member countries. International Journal of Emerging Markets, 2021, Vol. 16, No. 8, pp. 1943-1963.
Gomez-Gonzalez, J., Kutan, A., Ojeda-Joya, J. & Ortiz, C. (2021). Does the financial structure of banks influence the bank lending channel of monetary policy? Evidence from Colombia. International Journal of Emerging Markets, 2021, Vol. 16, No. 4, pp. 765-785.
Azrak, T., Kutan, A., Saiti, B., Ali, E. (2021). Does Information Disclosure Reduce Stock Price Volatility? A Comparison of Islamic and Conventional Banks in Gulf Countries. International Journal of Emerging Markets, 2021, Vol. 16, No. 8, pp. 1769-1792.

Kroencke, T.A., Schmeling, M. and Schrimpf, A. (2021). The FOMC Risk Shift. Journal of Monetary Economics, 120, pp. 21-39. doi:10.1016/j.jmoneco.2021.02.003

2020

Qureshi, S., Aftab, M., Bouri, E. & Saeed, T. (2020). Dynamic interdependence of cryptocurrency markets: An analysis across time and frequency, Physica A: Statistical Mechanics and its Applications, Volume 559, 2020, 125077, ISSN 0378-4371, https://doi.org/10.1016/j.physa.2020.125077
Ayadi, R., Bongini, P., Casu, B. & Cucinelli, D. (2020). Bank Business Model Migrations in Europe: Determinants and Effects. British Journal of Management, 32(4), pp. 1007-1026. doi: 10.1111/1467-8551.12437
Li, J., Li, J., Zhu, X. , Yao, Y. & Casu, B. (2020). Risk spillovers between FinTech and traditional financial institutions: Evidence from the U.S.. International Review of Financial Analysis, 71, article number 101544. doi: 10.1016/j.irfa.2020.101544
Casu, B., Arnaboldi, F., Kalotychou, E. & Sarkisyan, A. (2020). The performance effects of board heterogeneity: What works for EU banks?. European Journal of Finance, 26(10), pp. 897-924. doi: 10.1080/1351847x.2018.1479719
Casu, B. (2020). Board Diversity Reforms: Do they Matter for EU Bank Performance?. European Financial Management, 26(2), pp. 416-454. doi: 10.1111/eufm.12238
Lipsey, R. & Chrystal, A. (2020). Economics (14^th Edition), Oxford University Press.
Delis, M., Iosifidi, M., & Tsionas, M. (2020). Management estimation in banking. European Journal of Operational Research, 284 (1), 355-372
Delis, M., Iosifidi, M., Kokas, S. & Dimitrios Xefteris, D. (2020). Enforcement actions on banks and the structure of loan syndicates. Journal of Corporate Finance, 60, 101527
Fernandez-Perez, A., Fuertes, A-M., Gonzalez-Fernandez, M. & Miffre, J. (2020). Fear of hazards in commodity futures markets. Journal of Banking and Finance, 119, article number 105902. doi: 10.1016/j.jbankfin.2020.105902
Fan, J. H., Fernandez-Perez, A., Fuertes, A-M. & Miffre, J. (2020). Speculative Pressure. Journal of Futures Markets, 40(4), pp. 575-597. doi: 10.1002/fut.22085
Elyasiani, E., Hasan, I., Kalotychou, E. , Pouliasis, P. & Staikouras, S. (2020). Banks’ equity performance and the term structure of interest rates. Financial Markets, Institutions And Instruments, 29(2), pp. 43-64. doi: 10.1111/fmii.12125
Igan, D.. Kutan, A. & Mirzaei, A. (2020). The Real Effects of Capital Inflows in Emerging Markets. Journal of Banking & Finance, Volume 119, October 2020, 105933.
Hudson, R. and Muradoglu, Y. G. (2020) ‘Personal routes into behavioural finance’, Review of Behavioral Finance, 12(1), pp. 1–9.
Holtemöller, O. and Muradoglu, Y. G. (2020) Corona shutdown and bankruptcy risk. IWH Online, 3/2020. Halle: Halle Institute for Economic Research (IWH).
Benos, E., Payne, R. and Vasios, M. (2020). Centralized Trading, Transparency, and Interest Rate Swap Market Liquidity: Evidence from the Implementation of the Dodd–Frank Act. Journal of Financial and Quantitative Analysis, 55(1), pp. 159-192. doi:10.1017/s0022109018001527
Colacito, R., Riddiough, S.J. and Sarno, L. (2020) “Business cycles and currency returns.” Journal of Financial Economics, 137(3): 659-678 (DOI: 10.1016/j.jfineco.2020.04.005)
Mäkinen, T., Sarno, L. and Zinna, G. (2020) “Risky bank guarantees?” Journal of Financial Economics, 136(2): 490-522 (DOI: 10.1016/j.jfineco.2019.10.005)
Elyasiani, E., Hasan, I., Kalotychou, E., Pouliasis, P.K. and Staikouras, S.K. (2020). Banks’ equity performance and the term structure of interest rates. Financial Markets, Institutions & Instruments, 29(2), pp. 43-64. doi:10.1111/fmii.12125
Leong, S.H., Pellegrini, C.B. and Urga, G. (2020). The contribution of shadow insurance to systemic risk. Journal of Financial Stability, 51, pp. 100778-100778. doi:10.1016/j.jfs.2020.100778
Akgun, O., Pirotte, A. and Urga, G. (2020). Forecasting using heterogeneous panels with cross-sectional dependence. International Journal of Forecasting, 36(4), pp. 1211-1227. doi:10.1016/j.ijforecast.2019.11.007
Jia, Z., Shi, Y., Yan, C. and Duygun, M. (2020) ‘Bankruptcy prediction with financial systemic risk’, The European Journal of Finance, 26(7–8), pp. 666–690. Available at: https://doi.org/10.1080/1351847X.2019.1656095

Deng, Y., Kutan, A., Shen, Y, Wei, J. & Yao, W. (2020). Does celebrity spokesperson signal firm performance? Evidence from a drug scandal in China. Finance Research Letters Volume 34, May 2020, 101237.
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