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Ethics in Finance Research: Recommendations from an Academic Experts Delphi Panel

• Published: 15 September 2017
• Volume 16 , pages 19–38, ( 2018 )

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• Leire San-Jose   ORCID: orcid.org/0000-0003-2760-3285 1 , 2 &
• Jose Luis Retolaza 3 , 4  

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This paper examines the flow of thoughts on ethics in finance both from academic experts and from published contributions that constitute an alternative view of the financial field from an ethical point of view. A Delphi method was used to achieve consensus about the perceptions and opinions academic experts hold about ethics in financial matters and in the research agenda. This approach permits the early detection of emerging lines, narrowing the research line and shortening subject selection time. An active research map of researchers, countries and lines of investigation was drawn up, and recommendations made of areas that could be highlighted or moderated.

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Taking into account the measurement system used, that is to say, important articles in journals selected to establish the rankings of universities and academcis (Adler and Harzing 2009 ), in this paper we chose the Reuters selection of journals (Web of Science database, Wos) as the proxy for measuring the level of the academic experts, in the awareness, obviously, of its possile limiting effect on this study.

Although some topics had already been dealt with years ago, the fact that academics regard them as emergent means that both old topics that are still of relevance and new areas are considered to be contemporary and recent twenty-first century topics. The issue of SRI (Socially Responsible Investment), for instance, has been on the agenda for a good while; since the financial crisis of 2007, however, its impact and the concern aroused among academics have grown exponentially.

The SUSTAINABILITY topic, for example, represents long-term (sustainable) wealth creation and an investment research line, and the search keywords were Wealth Creation and Invest* or Ethic* (the asterisk includes any possible declension) in the article title, while GOVERNANCE OF FINANCIAL INSTITUTIONS represents ethical issues in the governance of financial institutions, which is analysed through the following keywords: Ethic*, Governanc* and Financ*. The same structure was adopted for all the topics.

Although there is an interest in each of the concepts taken independently (ethics and finance), the object of this paper was joint consideration of the two concepts; accordingly, separate consideration of these concepts lies completely beyond the purposes of this contribution.

This reflects the average values based on the opinions of the specialists in the field, measured using a 5-point Likert Scale.

This characterizes the location of the data set. It is not symmetric around the centre point and it is negative, indicating that the data is skewed left. For EF, the location for the left is higher than for FE1.

This characterizes the variability of the data set. Low values tend to have light tails, or a lack of outliers, which is the case of EF. However, FE1 and FE2 have higher levels of kurtosis, highlighting the higher differences between the opinions of specialists in the field around this second understanding of reach.

There is a lot of literature on some topics, such as corporate governance; the academic experts probably evaluated these subjects as falling within the category of emerging topics concerning ethics in finance, although many of the papers do not deal specifically with the ethical perspective.

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Acknowledgements

The authors are grateful to the ethics in finance experts for their participation in the Delphi process and their insightful comments. They also express their appreciation and thanks to ECRI. This work is a contribution from the research group ECRI Ethics in Finance and Social Value Research Gropu ( www.ehu.eus/ecri ) (GIU 15/10) and is supported by the Emilio Soldevilla Foundation for research and development in business economics (FESIDE).

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University of the Basque Country UPV/EHU, ECRI, Lehendakari Agirre 83, Bilbao, 48014, Spain, Spain

Leire San-Jose

University of Huddersfield, Huddersfield, UK

Deusto Business School, Bilbao, Spain

Jose Luis Retolaza

IAE Sorbona Management et Gouvernance des Cooperatives Financieres, Paris, France

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Correspondence to Leire San-Jose .

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San-Jose, L., Retolaza, J.L. Ethics in Finance Research: Recommendations from an Academic Experts Delphi Panel. J Acad Ethics 16 , 19–38 (2018). https://doi.org/10.1007/s10805-017-9293-y

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Published : 15 September 2017

Issue Date : March 2018

DOI : https://doi.org/10.1007/s10805-017-9293-y

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Finance is an applied branch of economics that studies the ways in which individuals, business entities, and other organizations allocate resources over time and make decisions in the presence of uncertainty.

The faculty in the finance area have wide-ranging expertise in all major areas of finance, including:

• Asset pricing, or how security prices and interest rates are determined in the market.
• Corporate finance, or how corporations raise capital and make investment decisions.

The faculty strive to produce a broad range of finance-related research that addresses topics of interest to academic researchers, practitioners, and policymakers. We communicate that research both through publication in scientific journals, and through the development of relevant and rigorous Stanford MBA Program and Stanford GSB Executive Education programs. We also train and mentor future finance scholars through our Stanford GSB PhD Program , which is regarded as one of the top finance doctoral programs worldwide.

Recent Publications in Finance

Behavioral responses to state income taxation of high earners: evidence from california, beyond the balance sheet model of banking: implications for bank regulation and monetary policy, fee variation in private equity, jobs & placement, faculty openings.

• Job Market Candidates

Recent Academic Placements

Anat r. admati, robert p. bartlett, juliane begenau, jonathan b. berk, greg buchak, john h. cochrane, antonio coppola, peter m. demarzo, darrell duffie, steven grenadier, benjamin hébert, robert l. joss, arvind krishnamurthy, annamaria lusardi, hanno lustig, matteo maggiori, adrien matray, george g.c. parker, paul pfleiderer, monika piazzesi, joshua d. rauh, claudia robles-garcia, martin k. schneider, myron s. scholes, william f. sharpe, kenneth j. singleton, ilya a. strebulaev, james c. van horne, vikrant vig, jeffrey zwiebel, douglas abbey, pete briger, mike harmon, john k. hurley, brian jacobs, gregory lablanc, christopher mahowald, ana marshall, james milligan, heiner schulz, john g. watson, recent insights by stanford business, “geoeconomics” explains how countries flex their financial muscles.

Car Loans Are a Hidden Driver of the Ride-Sharing Economy

Public Pensions Are Mixing Risky Investments with Unrealistic Predictions

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Finance Papers

Asset pricing techniques, widely used in corporations, banks, and stock and bond markets, have undergone radical changes over the last 20 years

Modern theories of portfolio choice and savings behavior have provided the basis for the innovation of these models, and Wharton’s Finance Department has remained at the forefront of these developments.

The Finance Department has four areas of specialization:

• Banking and Financial Institutions, which entails the overall economic context affecting a firm’s investments
• Corporate Finance, concentrating on the financing and investment activities of an organization
• Financial Instruments and Portfolio Management, which examines financial instruments and their market behavior
• International Finance, exploring the impact of such issues as foreign currency options and exchange rates parity on the multinational corporation

Publication Type

Results per page, search results.

• Publication Determinants and Outcomes of Internet Banking Adoption ( 2011-02-01 ) Xue, Mei ; Hitt, Lorin M ; Chen, Pei-yu Show more This paper examines the drivers of adoption of Internet banking and the linkages among adoption drivers and outcomes (product acquisition, service activity, profitability, loyalty). We relate Internet banking adoption to customer demand for banking services, the availability of alternative channels, customers' efficiency in service coproduction (“customer efficiency”), and local Internet banking penetration. We find that customers who have greater transaction demand and higher efficiency, and reside in areas with a greater density of online banking adopters, are faster to adopt online banking after controlling for time, regional, and individual characteristics. Consistent with prior work, we find that customers significantly increase their banking activity, acquire more products, and perform more transactions. These changes in behavior are not associated with short-run increases in customer profitability, but customers who adopt online banking have a lower propensity to leave the bank. Building on these observations we also find that the adoption drivers are linked to the postadoption changes in behavior or profitability. Customers who live in areas with a high branch density or high Internet banking penetration increase their product acquisition and transaction activity more than Internet banking adopters in other regions. Efficient customers and those with high service demand show greater postadoption profitability. Show more
• Publication On the Predictability of Stock Returns: An Asset-Allocation Perspective ( 1996 ) Kandel, Shmuel ; Stambaugh, Robert F Show more Sample evidence about the predictability of monthly stock returns is considered from the perspective of a risk-averse Bayesian investor who must allocate funds between stocks and cash. The investor uses the sample evidence to update prior beliefs about the parameters in a regression of stock returns on a set of predictive variables. The regression relation can seem weak when described by usual statistical measures, but the current values of the predictive variables can exert a substantial influence on the investor's portfolio decision, even when the investor's prior beliefs are weighted against predictability. Show more
• Publication Anatomy of the Trading Process Empirical Evidence on the Behavior of Institutional Traders ( 1995 ) Keim, Donald B ; Madhavan, Ananth Show more This paper examines the behavior of institutional traders. We use unique data on the equity transactions of 21 institutions of differing investment styles which provide a detailed account of the anatomy of the trading process. The data include information on the number of days needed to fill an order and types of order placement strategies employed. We analyze the motivations for trade, the determinants of trade duration, and the choice of order type. The analysis provides some support for the predictions made by theoretical models, but suggests that these models fail to capture important dimensions of trading behavior. Show more
• Publication Predicting Returns in the Stock and Bond Markets ( 1986 ) Keim, Donald B ; Stambaugh, Robert F Show more Several predetermined variables that reflect levels of bond and stock prices appear to predict returns on common stocks of firms of various sizes, long-term bonds of various default risks, and default-free bonds of various maturities. The returns on small-firm stocks and low-grade bonds are more highly correlated in January than in the rest of the year with previous levels of asset prices, especially prices of small-firm stocks. Seasonality is found in several conditional risk measures, but such seasonality is unlikely to explain, and in some cases is opposite to, the seasonal found in mean returns. Show more
• Publication Optimal Consumption Choices for a ‘Large’ Investor ( 1998 ) Cuoco, Domenico ; Cvitanić, Jakša Show more This paper examines the optimal consumption and investment problem for a ‘large’ investor, whose portfolio choices affect the instantaneous expected returns on the traded assets. Alternatively, our analysis can be interpreted in terms of an optimal growth problem with nonlinear technologies. Existence of optimal policies is established using martingale and duality techniques under general assumptions on the securities' price process and the investor's preferences. As an illustration of our characterization result, explicit solutions are provided for specific examples involving an agent with logarithmic utilities and a generalized two-factor version of the CCAPM is derived. The analogy of the consumption problem examined in this paper to the consumption problem with constraints on the portfolio choices is emphasized. Show more
• Publication Asset Returns and Intertemporal Preferences ( 1991 ) Kandel, Shmuel ; Stambaugh, Robert F Show more A representative-agent model with time-varying moments of consumption growth is used to analyze implications about means and volatilities of asset returns as well as the predictability of asset returns for various investment horizons. A comparative-statics analysis using nonexpectedutility preferences indicates that, although risk aversion is important in determining the means of both equity returns and interest rates, implications about the volatility and the predictability of equity returns are affected primarily by intertemporal substitution. Lower elasticities of intertemporal substitution are associated with greater variance in the temporary component of equity prices. Show more
• Publication Costs of Equity Capital and Model Mispricing ( 1999 ) Pastor, Lubos ; Stambaugh, Robert F Show more Costs of equity for individual firms are estimated in a Bayesian framework using several factor-based pricing models. Substantial prior uncertainty about mispricing often produces an estimated cost of equity close to that obtained with mispricing precluded, even for a stock whose average return departs significantly from the pricing model's prediction. Uncertainty about which pricing model to use is less important, on average, than within-model parameter uncertainty. In the absence of mispricing uncertainty, uncertainty about factor premiums is generally the largest source of overall uncertainty about a firm's cost of equity, although uncertainty about betas is nearly as important. Show more
• Publication General Tests of Latent Variable Models and Mean-Variance Spanning ( 1993 ) Ferson, Wayne E ; Foerster, Stephen R ; Keim, Donald B Show more The methods of Gibbons and Ferson (1985) are extended, relaxing the assumption that expected returns are linear functions of predetermined instruments. A model of conditional mean-variance spanning generalizes Huberman and Kandel (1987). The empirical results indicate that more than a single risk premium is needed to model expected stock and bond returns, but the number of common factors in the expected returns is small. However, when size-based common stock portfolios proxy for the risk factors, we reject the hypothesis that four of them describe the conditional expected returns of the other assets. Show more
• Publication Returns and Volatility of Low-Grade Bonds 1977–1989 ( 1991 ) Blume, Marshall E ; Keim, Donald B ; Patel, Sandeep Anubhai Show more This paper examines the risks and returns of long-term low-grade bonds for the period 1977–1989. We find: (1) low-grade bonds realized higher returns than higher-grade bonds and lower returns than common stocks, and low-grade bonds exhibited less volatility than higher-grade bonds due to their call features and high coupons; (2) there is no relation between the age of low-grade bonds and their realized returns; cyclical factors explain much of the observed relation between default rates and bond age; and (3) low-grade bonds behave like both bonds and stocks. Despite this complexity there is no evidence that low-grade bonds are systematically over- or under-priced. Show more
• Publication Borrowing Constraints During the Housing Bubble ( 2014-06-01 ) Barakova, Irina ; Calem, Paul S ; Wachter, Susan M Show more The impact of borrowing constraints on homeownership has been well established in the literature. Wealth is most likely to restrict homeownership followed by credit and income. Using recent movers from the 1979 National Longitudinal Survey of Youth and borrowing constraint definitions commonly used in the literature, we examine the impact of these constraints on the probability of homeownership during the housing market boom between 2003 and 2007. We show that whereas the pool of financially constrained households expanded, the marginal impact of borrowing constraints associated with income and credit quality declined during this period. The constraint associated with wealth, however, continued to have a negative impact on homeownership status, all else equal. The fact that lending standards became less strict is accepted; however the impact of this on homeownership has not been previously studied. Here we find that less restrictive underwriting does appear to have reduced the impact of income and credit quality on homeownership but the impact of the wealth constraint persists. Show more
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Economics and finance research papers, working papers.

Economics and Finance department faculty disseminate their research in working papers here, and is intended for publication within a period of one to three years. Please click on the year to find their research output.

1.  Guglielmo Maria Caporale and Luis Alberiko Gil-Alana,  A LONG-MEMORY MODEL FOR MULTIPLE CYCLES  WITH AN APPLICATION TO THE S&P500

2.  Guglielmo Maria Caporale and  Matteo Alessi, COOPERATIVE CREDIT BANKS AND ECONOMIC FLUCTUATIONS: THE ITALIAN CASE

3.  Theo Drossidis, Haroon Mumtaz and Angeliki Theophilopoulou,  THE DISTRIBUTIONAL EFFECTS OF OIL SUPPLY NEWS SHOCKS  

4.  Christina Anderl and Guglielmo Maria Caporale, GLOBAL FOOD PRICES AND INFLATION

5.  Christina Anderl and Guglielmo Maria Caporale, FUNCTIONAL OIL PRICE EXPECTATIONS SHOCKS AND INFLATION

1.  Guglielmo Maria Caporale and Alex Plastun, SEVEN PITFALLS OF TECHNICAL ANALYSIS

2. E Philip Davis, A BROADER VIEW OF HOUSING-MARKET MACROPRUDENTIAL MEASURES

3.  Guglielmo Maria Caporale, Stavroula Yfanti, Menelaos Karanasos, Jiaying Wu, FINANCIAL INTEGRATION AND EUROPEAN TOURISM STOCKS

4.  Christina Anderl and Guglielmo Maria Caporale, THE ASYMMETRIC IMPACT OF ECONOMIC POLICY AND OIL PRICE UNCERTAINTY ON INFLATION: EVIDENCE FROM DEVELOPED AND EMERGING ECONOMIES

5.  Guglielmo Maria Caporale, Juan Infante, Marta del Rio, and Luis A. Gil-Alana, PERSISTENCE IN UK HISTORICAL DATA ON LIFE EXPECTANCY

6.  Guglielmo Maria Caporale, Juan Infante, Marta del Rio, and Luis A. Gil-Alana, MEASURING PERSISTENCE OF THE WORLD POPULATION: A FRACTIONAL INTEGRATION APPROACH

7.  Guglielmo Maria Caporale, Luis A. Gil-Alana and Amir Imeri, EXOGENOUS SHOCKS AND TIME-VARYING PRICE PERSISTENCE IN THE EU27

8.  Guglielmo Maria Caporale and Nicola Spagnolo, US MUNICIPAL GREEN BONDS AND FINANCIAL INTEGRATION

9.  Guglielmo Maria Caporale, Luis A. Gil-Alana and Eduard  Melnicenco,  STOCK MARKET INDICES AND INTEREST RATES  IN THE US AND EUROPE:  PERSISTENCE AND LONG-RUN LINKAGES

10.  Christina Anderl and Guglielmo Maria Caporale, TIME-VARYING PARAMETERS IN MONETARY POLICY RULES: A GMM APPROACH

11.  Guglielmo Maria Caporale, Ana Rubio-Bezares, and Luis A. Gil-Alana, PERSISTENCE IN EUROPEAN STOCK MARKET RETURNS AND VOLATILITY

12.  Guglielmo Maria Caporale, Kyriacos Kyriacou and Nicola Spagnolo, AGGREGATE INSIDER TRADING AND STOCK MARKET VOLATILITY IN THE UK

13.  Guglielmo Maria Caporale, Luis A. Gil-Alana, Carlos Poza and Alvaro Baños Izquierdo, PERSISTENCE AND SEASONALITY IN THE US INDUSTRIAL PRODUCTION INDEX

14.  Guglielmo Maria Caporale, Amir Imeri and  Luis A. Gil-Alana ,  PERSISTENCE IN THE CRYPTOCURRENCY MARKET:  THE IMPACT OF THE COVID-19 PANDEMIC AND OF THE RUSSIA-UKRAINE WAR

15.  Guglielmo Maria Caporale, Luis Alberiko Gil-Alana and   Laura Sauci,   TRENDS AND PERSISTENCE IN THE GREENLAND ICE SHEET MASS

16.  Guglielmo Maria Caporale, Anamaria Diana Sova and Robert Sova, FINANCIAL INTEGRATION AND ECONOMIC GROWTH IN EUROPE

17.  Guglielmo Maria Caporale, Silvia García Tapia and Luis Alberiko Gil-Alana, PERSISTENCE IN TAX REVENUES: EVIDENCE FROM SOME OECD COUNTRIES

18.  Christina Anderl and Guglielmo Maria Caporale, FUNCTIONAL SHOCKS TO INFLATION EXPECTATIONS AND REAL INTEREST RATES AND THEIR MACROECONOMIC EFFECTS

19.  Guglielmo Maria Caporale and Luis Alberiko Gil-Alana, LONG-RUN TRENDS AND CYCLES IN US HOUSE PRICES

20.  Guglielmo Maria Caporale and Luis Alberiko Gil-Alana, EXPONENTIAL TIME TRENDS IN A FRACTIONAL INTEGRATION MODEL

21.  Christina Anderl and Guglielmo Maria Caporale, SHIPPING COST UNCERTAINTY, ENDOGENOUS REGIME SWITCHING AND THE GLOBAL DRIVERS OF INFLATION

22.  Guglielmo Maria Caporale,   Cristiana Donati and Nicola Spagnolo,  EUROPEAN SMES AND RESOURCE EFFICIENCY MEASURES: FIRM CHARACTERISTICS AND CONTEXTUAL FACTORS

1.  Christina Anderl and Guglielmo Maria Caporale, NONLINEARITIES IN THE EXCHANGE RATE PASS-THROUGH: THE ROLE OF INFLATION EXPECTATIONS

2.  Guglielmo Maria Caporale, Luis A. Gil-Alana and Miguel Martin- Valmayor, PERSISTENCE IN THE REALIZED BETAS: SOME EVIDENCE FOR THE US STOCK MARKET

3. Guglielmo Maria Caporale, Luis Gil-Alana, Alex Plastun and Ahniia Havrylina, PERSISTENCE IN THE PASSION INVESTMENT MARKET

4.  Guglielmo Maria Caporale, Luis Alberiko Gil-Alana and   OlaOluwa Simon Yaya, MODELLING PERSISTENCE AND NON-LINEARITIES IN THE US TREASURY 10-YEAR BOND YIELDS

5.  Emmanuel Joel Aikins Abakah, Guglielmo Maria Caporale and Luis  Alberiko  Gil-Alana, CRYPTOCURRENCIES, TECHNOLOGY STOCKS, COVID-19 AND US POLICY RESPONSES: A FRACTIONAL INTEGRATION ANALYSIS

6.  Ridwa Ali Abdilahi and E Philip Davis, ECONOMETRIC ANALYSIS OF THE DETERMINANTS OF BANK PROFITABILITY IN THREE MAJOR AFRICAN COUNTRIES: KENYA, NIGERIA, AND SOUTH AFRICA

7.  Christina Anderl and Guglielmo Maria Caporale, FORECASTING INFLATION WITH A ZERO LOWER BOUND OR NEGATIVE INTEREST RATES: EVIDENCE FROM POINT AND DENSITY FORECASTS

8.  Guglielmo Maria Caporale, Nicola Spagnolo and Awon Almajali, FOSSIL AND RENEWABLE ENERGY STOCK INDICES: CONNECTEDNESS AND THE COP MEETINGS

9.  Christina Anderl and Guglielmo Maria Caporale, SHADOW RATES AS A MEASURE OF THE MONETARY POLICY STANCE: SOME INTERNATIONAL EVIDENCE 

10.  Guglielmo Maria Caporale, Luis Alberiko Gil-Alana, and Francisco Puertolas, MODELLING PROFITABILITY OF PRIVATE EQUITY: A FRACTIONAL INTEGRATION APPROACH 

11.  Guglielmo Maria Caporale, Anamaria Diana Sova, and Robert Sova, THE COVID-19 PANDEMIC AND EUROPEAN TRADE FLOWS: EVIDENCE FROM A DYNAMIC PANEL MODEL 

12.  Guglielmo Maria Caporale, José Javier de Dios Mazariegos, and Luis A. Gil-Alana, LONG-RUN LINKAGES BETWEEN US STOCK PRICES AND CRYPTOCURRENCIES: A FRACTIONAL COINTEGRATION ANALYSIS

13.  Guglielmo Maria Caporale, Amir Imeri and Luis A. Gil-Alana, TOURISM PERSISTENCE IN THE SOUTHEASTERN EUROPEAN COUNTRIES: THE IMPACT OF COVID-19

14.  Guglielmo Maria Caporale and Luis A. Gil-Alana, NOMINAL AND REAL WAGES IN THE UK, 1750 – 2015: MEAN REVERSION, PERSISTENCE AND STRUCTURAL BREAKS

15.  Guglielmo Maria Caporale, and Alex Plastun, PERSISTENCE IN HIGH FREQUENCY FINANCIAL DATA

16.  Guglielmo Maria Caporale, Cristiana Donati, and Nicola Spagnolo, SMALL AND MEDIUM SIZED EUROPEAN FIRMS AND ENERGY EFFICIENCY MEASURES: A PROBIT ANALYSIS

17.  Guglielmo Maria Caporale, Juan Infante, Luis A. Gil-Alana, and Raquel Ayestaran, INFLATION PERSISTENCE IN EUROPE: THE EFFECTS OF THE COVID-19 PANDEMIC AND OF THE RUSSIA-UKRAINE WAR

18.  Guglielmo Maria Caporale and Luis A. Gil-Alana, GOLD AND SILVER AS SAFE HAVENS: A FRACTIONAL INTEGRATION AND COINTEGRATION ANALYSIS

19.  Guglielmo Maria Caporale, Anamaria Diana Sova and Robert Sova, THE COVID-19 PANDEMIC AND EUROPEAN TRADE PATTERNS: A SECTORAL ANALYSIS

20.  Guglielmo Maria Caporale and Luis Alberiko Gil-Alana, US HOUSE PRICES BY CENSUS DIVISION: PERSISTENCE, TRENDS AND STRUCTURAL BREAKS

21.  Guglielmo Maria Caporale, Nieves Carmona-González, and Luis  Alberiko Gil-Alana, ATMOSPHERIC POLLUTION IN CHINESE CITIES: TRENDS AND PERSISTENCE

1.  Guglielmo Maria Caporale, Luis A. Gil-Alana and Maria Malmierca, PERSISTENCE IN THE PRIVATE DEBT-TO-GDP RATIO: EVIDENCE FROM 43 OECD COUNTRIES

2.  Helmut Herwartz and Fang Xu, STRUCTURAL TRANSMISSIONS AMONG INVESTOR ATTENTION, STOCK MARKET VOLATILITY AND TRADING VOLUMES

3.  Christina Anderl and Guglielmo Maria Caporale, NONLINEARITIES AND ASYMMETRIC ADJUSTMENT TO PPP IN AN EXCHANGE RATE MODEL WITH INFLATION EXPECTATIONS

 4.  Maria de la O González, Francisco Jareño and Frank S. Skinner, ASYMMETRIC INTERDEPENDENCIES BETWEEN LARGE CAPITAL CRYPTOCURRENCY AND GOLD RETURNS DURING THE COVID-19 PANDEMIC CRISIS

5.  E Philip Davis and Sanjay Demali, BANKING CRISES IN OECD COUNTRIES: INVESTIGATING THE ROLE OF NONPERFORMING LOANS, THE EQUITY MULTIPLIER, BANKING CONCENTRATION AND STOCK MARKET CAPITALISATION

6.  Christina Anderl and Guglielmo Maria Caporale, EXCHANGE RATE PARITIES AND TAYLOR RULE DEVIATIONS

7.  Guglielmo Maria Caporale, Luis Alberiko Gil-Alana, and Carlos Poza, THE COVID-19 PANDEMIC AND THE DEGREE OF PERSISTENCE OF US STOCK PRICES AND BOND YIELDS

8.  Guglielmo Maria Caporale, Gloria Claudio-Quiroga, and Luis Alberiko Gil-Alana, THE RELATIONSHIP BETWEEN PRICES AND OUTPUT IN THE UK AND THE US

9.  Christina Anderl and Guglielmo Maria Caporale, TESTING FOR UIP: NONLINEARITIES, MONETARY ANNOUNCEMENTS AND INTEREST RATE EXPECTATIONS

10.  Guglielmo Maria Caporale, Anamaria Diana Sova and Robert Sova, THE SHORT-RUN AND LONG-RUN EFFECTS OF TRADE OPENNESS ON FINANCIAL DEVELOPMENT: SOME PANEL EVIDENCE FOR EUROPE

11.  Guglielmo Maria Caporale, Luis Gil-Alana, Alex Plastun and Inna Makarenko, PERSISTENCE IN ESG AND CONVENTIONAL STOCK MARKET INDICES

12.  Emmanuel Joel Aikins Abakah, Guglielmo Maria Caporale, and Luis A. Gil-Alana, THE IMPACT OF CONTAINMENT MEASURES AND MONETARY AND FISCAL RESPONSES ON US FINANCIAL MARKETS DURING THE COVID-19 PANDEMIC

 13.  Guglielmo Maria Caporale, Woo-Young Kang, Fabio Spagnolo, and Nicola Spagnolo, THE COVID-19 PANDEMIC, POLICY RESPONSES AND STOCK MARKETS IN THE G20 

 14.  Guglielmo Maria Caporale, Abdurrahman Nazif Çatık, Gül Şerife Huyugüzel Kışla, Mohamad Husam Helmi and Coşkun Akdeniz, OIL PRICES, EXCHANGE RATES AND SECTORAL STOCK RETURNS IN THE BRICS-T COUNTRIES: A TIME-VARYING APPROACH

15.  Guglielmo Maria Caporale,   Abdurrahman Nazif Çatık,  Mohamad Husam Helmi,  Coşkun Akdeniz  and   Ali İlhan, THE EFFECTS OF THE COVID-19 PANDEMIC ON STOCK MARKETS, CDS AND ECONOMIC ACTIVITY: TIME-VARYING EVIDENCE FROM THE US AND EUROPE

16.  Guglielmo Maria Caporale,  Luis A. Gil-Alana and   Emmanuel Joel Aikins Abakah, US POLICY RESPONSES TO THE COVID-19 PANDEMIC AND SECTORAL STOCK INDICES: A FRACTIONAL INTEGRATION APPROACH

17.  Guglielmo Maria Caporale and   Alex Plastun, WITCHING DAYS AND ABNORMAL PROFITS IN THE US STOCK MARKET

18.  Guglielmo Maria Caporale,  Luis A. Gil-Alana and Pablo Vicente Trejo, UNEMPLOYMENT PERSISTENCE IN EUROPE: EVIDENCE FROM THE 27 EU COUNTRIES

19.  Guglielmo Maria Caporale, Luis Gil-Alana and Isabel Arrese Lasaosa, THE IMPACT OF THE COVID-19 PANDEMIC ON PERSISTENCE IN THE EUROPEAN STOCK MARKETS

20.  Guglielmo Maria Caporale, Anamaria Diana Sova and Robert Sova, TRADE FLOWS, PRIVATE CREDIT AND THE COVID-19 PANDEMIC: PANEL EVIDENCE FROM 35 OECD COUNTRIES

1.  Guglielmo Maria Caporale and Woo-Young Kang, CROSS-COUNTRY CO-MOVEMENT BETWEEN BITCOIN EXCHANGES: A CULTURAL ANALYSIS

2.  Guglielmo Maria Caporale, Faek Menla Ali, Fabio Spagnolo and Nicola Spagnolo, CROSS-BORDER PORTFOLIO FLOWS AND NEWS MEDIA COVERAGE

3.  Guglielmo Maria Caporale, Woo-Young Kang, Fabio Spagnolo and Nicola Spagnolo, CYBER-ATTACKS AND CRYPTOCURRENCIES

4.  Guglielmo Maria Caporale, Luis A. Gil-Alana and Miguel Martin-Valmayor, PERSISTENCE IN THE REALIZED BETAS SOME EVIDENCE FOR THE SPANISH STOCK MARKET

5.  Guglielmo Maria Caporale,  Alex Plastun and Viktor Oliinyk, THE FREQUENCY OF ONE-DAY ABNORMAL RETURNS AND PRICE FLUCTUATIONS IN THE FOREX

6.  Guglielmo Maria Caporale, Luis A. Gil-Alana and Miguel Martin-Valmayor, PERSISTENCE IN THE MARKET RISK PREMIUM EVIDENCE ACROSS COUNTRIES

7.   Guglielmo Maria Caporale, Luis A. Gil-Alana and Laura Sauci, US SEA LEVEL DATA TIME TRENDS AND PERSISTENCE

8.  E Philip Davis, Dilruba Karim and Dennison Noel, THE EFFECTS OF MACROPRUDENTIAL POLICY ON BANKS’ PROFITABILITY

9.  Emmanuel Joel Aikins Abakah, Guglielmo Maria Caporale, and Luis A. Gil-Alana, ECONOMIC POLICY UNCERTAINTY PERSISTENCE AND CROSS-COUNTRY LINKAGES

10.  Guglielmo Maria Caporale, Woo-Young Kang, Fabio Spagnolo and Nicola Spagnolo, CYBER ATTACKS, SPILLOVERS AND CONTAGION IN THE CRYPTOCURRENCY MARKETS

11.  Guglielmo Maria Caporale,  Alex Plastun, and  Viktor Oliinyk, BITCOIN RETURNS AND THE FREQUENCY OF DAILY ABNORMAL RETURNS

12.  Guglielmo Maria Caporale, Luis Alberiko Gil-Alana and Carlos Poza, INFLATION IN THE G7 COUNTRIES PERSISTENCE AND STRUCTURAL BREAKS

13.  E Philip Davis, Dilruba Karim and Dennison Noel, MACROPRUDENTIAL POLICY, MONETARY POLICY AND THE BANK INTEREST RATE MARGIN

14.  Guglielmo Maria Caporale, Luis A. Gil-Alana and Nieves Carmona-González, PARTICULATE MATTER 10 (PM10): PERSISTENCE AND TRENDS IN EIGHT EUROPEAN CAPITALS

15.  Guglielmo Maria Caporale and Alex Plastun, GOLD AND OIL PRICES: ABNORMAL RETURNS, MOMENTUM AND CONTRARIAN EFFECTS 

16.  E Philip Davis and Dilruba Karim, EARLY WARNING SYSTEMS FOR BANKING CRISES – RESEARCH ADVANCES AND POLICY UTILISATION

17.  Guglielmo Maria Caporale, Anamaria Diana Sova and Robert Sova, THE DIRECT AND INDIRECT EFFECTS OF FINANCIAL DEVELOPMENT ON INTERNATIONAL TRADE: EVIDENCE FROM THE CEEC-6

18.  Guglielmo Maria Caporale, Luis A. Gil-Alana and Miguel Martin-Valmayor, NON-LINEARITIES AND PERSISTENCE IN US LONG-RUN INTEREST RATES

19.  Guglielmo Maria Caporale, and Luis A. Gil-Alana, MODELLING LOANS TO NON-FINANCIAL CORPORATIONS WITHIN THE EUROZONE: A LONG-MEMORY APPROACH

 20.   Guglielmo Maria Caporale, and Luis A. Gil-Alana, PERSISTENCE AND LONG MEMORY IN MONETARY POLICY SPREADS

21.  Ray Barrell and Abdulkader Nahhas, COMPETITIVENESS, R&D AND THE PATTERN OF FDI IN THE OECD

22.  Guglielmo Maria Caporale and Alex Plastun, ABNORMAL RETURNS AND STOCK PRICE MOVEMENTS SOME EVIDENCE FROM DEVELOPED AND EMERGING MARKETS

1.  Ray Barrell and Dilruba Karim, BANK CREDIT, CAPITAL AND CRISES

2.  E Philip Davis, Dilruba Karim and Dennison Noel, BANK LEVERAGE RATIOS, RISK AND COMPETITION – AN INVESTIGATION USING INDIVIDUAL BANK DATA  

3.  E Philip Davis, Dilruba Karim and Dennison Noel, THE BANK CAPITAL-COMPETITION-RISK NEXUS – A GLOBAL PERSPECTIVE

4.  Alessandra Canepa, Maria de la O. Gonzalez and Frank S. Skinner, HEDGE FUND STRATEGIES: A NON-PARAMETRIC ANALYSIS

5.  Guglielmo Maria Caporale,  Alex Plastun and  Inna Makarenko, FORCE MAJEURE EVENTS AND STOCK MARKET REACTIONS IN UKRAINE

6.  Guglielmo Maria Caporale, Luis Gil-Alana and Kefei You, STOCK MARKET LINKAGES BETWEEN THE ASEAN COUNTRIES, CHINA AND THE US: A FRACTIONAL COINTEGRATION APPROACH

7.  Adiya Bayarmaa and Guglielmo Maria Caporale, STYLE CONSISTENCY AND MUTUAL FUND RETURNS: THE CASE OF RUSSIA

8.  Guglielmo Maria Caporale and  Alex Plastun, PRICE OVERREACTIONS IN THE FOREX AND TRADING STRATEGIES

9.  Guglielmo Maria Caporale and Daria Teterkina, VOLATILITY FORECASTS FOR THE RTS STOCK INDEX: OPTION-IMPLIED VOLATILITY VERSUS ALTERNATIVE METHODS

10.  Guglielmo Maria Caporale,  Luis A. Gil-Alana and  Carlos Poza, PERSISTENCE, NON-LINEARITIES AND STRUCTURAL BREAKS IN EUROPEAN STOCK MARKET INDICES

11.  Guglielmo Maria Caporale,  Luis A. Gil-Alana and  Carlos Poza, HIGH AND LOW PRICES AND THE RANGE IN THE EUROPEAN STOCK MARKETS: A LONG-MEMORY APPROACH

12.  Siming Daine Liu and Len Skerratt, REVISITING THE ACCRUALS LOSS RECOGNITION MODEL OF CONSERVATISM: ARE PUBLIC COMPANIES REALLY SUPERIOR TO PRIVATE COMPANIES?

13.  Guglielmo Maria Caporale, Woo-Young Kang, Fabio Spagnolo, and Nicola Spagnolo, NON-LINEARITIES, CYBER ATTACKS AND CRYPTOCURRENCIES

14.  Guglielmo Maria Caporale, Gloria Claudio-Quiroga  and  Luis A. Gil-Alana, CO2 EMISSIONS AND GDP: EVIDENCE FROM CHINA

15.  Zara Canbary and Charles Grant, The MARGINAL PROPENSITY TO CONSUME FOR DIFFERENT SOCIO-ECONOMIC GROUPS

16.  Guglielmo Maria Caporale and Alex Plastun, MOMENTUM EFFECTS IN THE CRYPTOCURRENCY MARKET AFTER ONE-DAY ABNORMAL RETURNS

17.  Guglielmo Maria Caporale, Luis A. Gil-Alana and Carlos Poza, CYCLES AND LONG-RANGE BEHAVIOUR IN THE EUROPEAN STOCK MARKETS

18.  Haroon Mumtaz and Angeliki Theophilopoulou, Monetary Policy and Wealth Inequality over the Great Reccession in the UK. An Empirical Analysis

19.  Antonios Antypas, Guglielmo Maria Caporale, Nikolaos Kourogenis and Nikitas Pittis, ESTIMATION OF CONDITIONAL ASSET PRICING MODELS WITH INTEGRATED VARIABLES IN THE BETA SPECIFICATION

20. Guglielmo Maria Caporale and  Woo−Young Kang, ON THE PREFERENCES OF CoCo BOND BUYERS AND SELLERS: A LOGISTIC REGRESSION ANALYSIS

21.  Guglielmo Maria Caporale, Menelaos Karanasos, Stavroula Yfanti and Aris Kartsaklas, INVESTORS' TRADING BEHAVIOUR AND STOCK MARKET VOLATILITY DURING CRISIS PERIODS: A DUAL LONG-MEMORY MODEL FOR THE KOREAN STOCK EXCHANGE

22.  Guglielmo Maria Caporale, Menelaos Karanasos and Stavroula Yfanti, MACRO-FINANCIAL LINKAGES IN THE HIGH-FREQUENCY DOMAIN: THE EFFECTS OF UNCERTAINTY ON REALIZED VOLATILITY

1.  Guglielmo Maria Caporale and Alex Plastun, PRICE OVERREACTIONS IN THE CRYPTOCURRENCY MARKETS

2.  Guglielmo Maria Caporale,  Luis Gil-Alana, Tommaso Trani, BREXIT AND UNCERTAINTY IN FINANCIAL MARKETS

3.    Guglielmo Maria Caporale,  Luis Alberiko Gil-Alana, Tommaso Trani, ON THE PERSISTENCE OF UK INFLATION: A LONG-RANGE DEPENDENCE APPROACH

4.  Guglielmo Maria Caporale,  Hector Carcel, Luis Gil-Alana, PROSPECTS FOR A MONETARY UNION IN THE EAST AFRICA COMMUNITY: SOME EMPIRICAL EVIDENCE

5.  Guglielmo Maria Caporale,  Alex Plastun, Viktor Oliinyk, BITCOIN FLUCTUATIONS AND THE FREQUENCY OF PRICE OVERREACTION

6.  Guglielmo Maria Caporale,  Luis A. Gil-Alana, Trilochan Tripathy, PERSISTENCE IN THE RUSSIAN STOCK MARKET VOLATILITY INDICES

7.  Guglielmo Maria Caporale,  Alex Plastun, ON STOCK PRICE OVERREACTIONS: FREQUENCY, SEASONALITY AND INFORMATION CONTENT

8.  Alanoud Al-Maadid, Guglielmo Maria Caporale,  Fabio Spagnolo, Nicola Spagnolo, POLITICAL TENSION AND STOCK MARKETS IN THE ARABIAN PENINSULA

9.  Alanoud Al-Maadid, Guglielmo Maria Caporale,  Fabio Spagnolo, Nicola Spagnolo, THE IMPACT OF BUSINESS AND POLITICAL NEWS ON THE GCC STOCK MARKETS

10.  Guglielmo Maria Caporale and  Timur  Zekokh, MODELLING VOLATILITY OF CRYPTOCURRENCIES USING MARKOV-SWITCHING GARCH MODELS

11.  Guglielmo Maria Caporale,  Luis Alberiko Gil-Alana, UK OVERSEAS VISITORS: SEASONALITY AND PERSISTENCE  

12.  Guglielmo Maria Caporale,  Luis A. Gil-Alana,  Manuel Monge, ENERGY CONSUMPTION IN THE GCC COUNTRIES:   EVIDENCE ON PERSISTENCE 

13.  Guglielmo Maria Caporale,  Luis Alberiko Gil-Alana, FRACTIONAL INTEGRATION  AND THE PERSISTENCE OF UK INFLATION, 1210-2016

14.  Kerim Peren Arin, Guglielmo Maria Caporale, Kyriacos Kyriacou and Nicola Spagnolo, FINANCIAL INTEGRATION IN THE GCC REGION: MARKET SIZE VERSUS NATIONAL EFFECTS

• Guglielmo Maria Caporale, Hector Carcel and Luis Gil-Alana, Central Bank Policy Rates: Are They Cointegrated?
• Guglielmo Maria Caporale and Alex Plastun, Is There a Friday Effect in Financial Markets?
• Guglielmo Maria Caporale, Luis Gil-Alana and Alex Plastun, Long Memory and Data Frequency in Financial Markets
• Jan Fidrmuc, Martin Hulényi and Çiğdem Börke Tunalı, Money Can't Buy EU Love: European Funds and the Brexit Referendum
• Mustafa Ozer, Jan Fidrmuc and Mehmet Ali Eryurt, Does Maternal Education Affect Childhood Immunization Rates? Evidence from Turkey
• Guglielmo Maria Caporale and Luis Gil-Alana, Unemployment in Africa: A Fractional Integration Approach
• Ray Barrell, Abdulkader Nahhas and John Hunter, Exchange Rates and Bilateral FDI: Gravity models of Bilateral FDI in High Income Economies
• Guglielmo Maria Caporale, Luis A. Gil-Alana and Kefei You, Global and Regional Financial Integration in Emerging Asia: Evidence from Stock Markets
• Francis Atsu and Mauro Costantini, Modelling Country and Group Levels Corporate Default Dependence: Evidence from the Euro Area
• Guglielmo Maria Caporale and Luis A. Gil-Alana, Testing the Fisher Hypothesis in the G7 Countries Using I(d) Techniques
• Guglielmo Maria Caporale and Kefei You, Stock Market Integration in Asia: Global or Regional? Evidence from Industry Level Panel Convergence Tests
• Boontarika Paphawasit and Jan Fidrmuc, Beautiful Minds: The Impact of Beauty on Research Productivity in Economics
• Mustafa Ozer and Jan Fidrmuc, Male Education and Domestic Violence in Turkey: Evidence from a Natural Experiment
• Ray Barrell, Abdulkader Nahhas and John Hunter, EU Cross-Border Banking and Financial Crises: Empirical Evidence using the Gravity Model
• Guglielmo Maria Caporale, Luis Gil-Alana and Alex Plastun, Is Market Fear Persistent? A Long-memory Analysis
• Guglielmo Maria Caporale and Nurdaulet Abilov, The Spillovers between the Russian and Other Asian and European Stock Markets: A Multivariate GARCH-in-Mean Analysis
• R. Barrell, D. Karim and C. Macchiarelli, Towards an understanding of credit cycles: Do all credit booms cause crises?
• Guglielmo Maria Caporale and Luis A. Gil-Alana, GDP PER CAPITA IN EUROPE: TIME TRENDS AND PERSISTENCE
• Guglielmo Maria Caporale and Alex Plastun, THE DAY OF THE WEEK EFFECT IN THE CRYPTO CURRENCY MARKET 
• Guglielmo Maria Caporale and Luis A. Gil-Alana, TRENDS AND CYCLES IN MACRO SERIES: THE CASE OF US REAL GDP
• Guglielmo Maria Caporale and Luis A. Gil-Alana, THE ASYMMETRIC BEHAVIOUR OF SPANISH UNEMPLOYMENT PERSISTENCE
• E Philip Davis, Dilruba Karim and Dennison Noel, MACROPRUDENTIAL POLICY AND FINANCIAL IMBALANCES
• E Philip Davis, EVALUATING CONCENTRATION AND DISRUPTION MEASURES OR IMF SOUNDNESS INDICATORS
• Guglielmo Maria Caporale, Luis Gil-Alana and Alex Plastun, PERSISTENCE IN THE CRYPTOCURRENCY MARKET
• Jan Fidrmuc, Boontarika Paphawasit and Çiğdem Börke Tunalı, Nobel Beauty
• Guglielmo Maria Caporale and Mohamad Husam Helmi, Islamic Banking, Credit and Economic Growth: Some Empirical Evidence
• Guglielmo Maria Caporale and Luis A. Gil-Alana, Long-Term Interest Rates in Europe: A Fractional Cointegration Analysis
• Guglielmo Maria Caporale, Fabio Spagnolo and Nicola Spagnolo, Macro News and Exchange Rates in the BRICS
• Guglielmo Maria Caporale, Abdurrahman Nazif Çatık, Mohamad Husam Helmi, Faek Menla Ali and Mohammad Tajik, The Bank Lending Channel in a Dual Banking System: Evidence from Malaysia
• E Philip Davis and Rosa M. Lastra, Pension Provision, Care and Dignity in Old Age: Legal and Economic Issues
• Guglielmo Maria Caporale, Fabio Spagnolo and Nicola Spagnolo, Exchange Rates and Macro News in Emerging Markets
• Guglielmo Maria Caporale, Rodrigo Costamagna and Gustavo Rossini: Competitive Devaluations in Commodity-Based Economies: Colombia and the Pacific Alliance Group
• Guglielmo Maria Caporale, Suman Lodh and Monomita Nandy, The Performance of Banks in the MENA Region during the Global Financial Crisis
• Guglielmo Maria Caporale, Abdurrahman Nazif Çatık, Mohamad Husam Helmi, Faek Menla Ali and Coşkun Akdeniz, Monetary Policy Rules in Emerging Countries: Is There an Augmented Nonlinear Taylor Rule?
• Vassilios Babalos, Guglielmo Maria Caporale and Nicola Spagnolo, Equity Fund Flows and Stock Market Returns in the US before and after the Global Financial Crisis: A VAR-GARCH-in-mean Analysis
• Guglielmo Maria Caporale, Luis A. Gil-Alana and Kefei You, Exchange Rate Linkages between the ASEAN Currencies, the US Dollar and the Chinese RMB
• Guglielmo Maria Caporale and Valentina Zakirova, Calendar Anomalies in the Russian Stock Market
• Ted Aranki and Corrado Macchiarelli, The Impact of Income and Health on the Economic Decision to Retire (Early)
• E Philip Davis, Ethics and Banking: Comparing an Economics and a Christian Perspective
• Guglielmo Maria Caporale, Luis Gil-Alana and Alex Plastun, Long-term Price Overreactions: Are Markets Inefficient
• Guglielmo Maria Caporale, Luis Gil-Alana and C. James Orlando, Linkages between the US and European Stock Markets: A Fractional Cointegration Approach
• Cigdem Börke Tunali and Jan Fidrmuc, State Aid Policy in the European Union
• Guglielmo Maria Caporale, Matteo Alessi, Stefano Di Colli and Juan Sergio Lopez, Loan Loss Provision: Some Empirical Evidence for Italian Banks
• Maria de la O Gonzalez, Francisco Jareno and Frank S. Skinner, Can US Stocks provide a Safe Haven from Interest and Inflation Risk? A Sector Level Examination of the Response to Unanticipated Nominal, Real Interest and Inflation Rate Shocks
• Guglielmo Maria Caporale, Luis Gil-Alana and Alex Plastun, The Weekend Effect: An Exploitable Anomaly in the Ukrainian Stock Market?
• Guglielmo Maria Caporale, Anamaria Sova and Robert Sova, Trade Flows and Trade Specialization: The Case of China
• Borja Balparda, Guglielmo Maria Caporale, and Luis A. Gil-Alana, African Growth, Non-linearities and Strong Dependence: An Empirical Study
• Alanoud Al-Maadid, Guglielmo Maria Caporale, Fabio Spagnolo and Nicola Spagnolo, Spillovers between Food and Energy Prices and Structural Breaks
• Borja Balparda, Guglielmo Maria Caporale, and Luis Alberiko Gil-Alana, The Fisher Relationship in Nigeria
• Borja Balparda, Guglielmo Maria Caporale, and Luis A. Gil-Alana, The Kenyan Stock Market: Inefficiency, Long Memory, Persistence and Anomalities in the NSE-20
• Dimitrios Gounopoulos, Arthur Kraft and Frank Skinner, Voluntary vs. Mandatory Management Earnings Forecasts in IPOs
• Borja Balparda, Guglielmo Maria Caporale, Hector Carcel and Luis A. Gil-Alana, Exchange Rate Dynamics and Monetary Unions in Africa: A Fractional Integration and Cointegration Ana
• Guglielmo Maria Caporale, Suman Lodh and Monomita Nandy, How has the global financial crisis affected syndicated loan terms in emerging markets? Evidence from China
• Guglielmo Maria Caporale, Luis Gil-Alana and Alex Plastun, Detecting “Fake” Price Movements: A Convergence/Divergence Indicator
• Qiwei Chen, Mauro Costantini, and Bruno Deschamps, How accurate are the professional forecasts in Asia? Evidence from ten countries
• Andrew Mason, Sam Agyei-Ampomah and Frank Skinner, Realism, Skill & Incentives: Current and Future Trends in Investment Management and Investment Performance
• Guglielmo Maria Caporale, Juncal Cunado, Luis A. Gil-Alana and Rangan Gupta, The Relationship between Health Care Expenditure and Disposable Personal Income in the US States: A Fractional Integration and Cointegration Analysis
• Alessandra Canepa, Maria González and Frank S Skinner, Evaluating the Performance of Hedge Fund Strategies: A non-Parametric Analysis
• Jan Fidrmuc and Çiğdem Börke Tunalı, Happiness and Religion
• Ray Barrell, Dilruba Karim and Alexia Ventouri: Interest Rate Liberalization and Capital Adequacy in Models of Financial Crises 
• Guglielmo Maria Caporale, Fabio Spagnolo and Nicola Spagnolo, Macro News and Commodity Returns
• Thaana Ghalia and Jan Fidrmuc, The Curse of Tourism?
• Jan Fidrmuc and Shuo Huang, Unemployment and the Speed of Transition in China
• Francis Atsu and Mauro Costantini, Modelling corporate failure dependence of UK public listed firms
• Guglielmo Maria Caporale, Faek Menla Ali, Fabio Spagnolo and Nicola Spagnolo, International Portfolio Flows and Exchange Rate Volatility for Emerging Markets
• Guglielmo Maria Caporale, Hector Carcel and Luis A. Gil-Alana, The EMBI in Latin America: Fractional Integration, Non-linearities and Breaks
• Francesco Moscone, Elisa Tosetti and Alessandra Canepa, Real Estate Market and Financial Stability in US Metropolitan Areas: A Dynamic Model with Spatial Effects
• Guglielmo Maria Caporale, Michael Donadelli and Alessia Varani, International Capital Markets Structure, Preferences and Puzzles: The US-China Case
• Guglielmo Maria Caporale and Luis Gil-Alana, Youth Unemployment in Europe: Persistence and Macroeconomic Determinants 
• Çiğdem Börke Tunalı and Jan Fidrmuc, State Aid Policy in the European Union
• Guglielmo Maria Caporale, Luis Gil-Alana, Alex Plastun and Inna Makarenko, Intraday Anomalies and Market Efficiency: A Trading Robot Analysis
• Guglielmo Maria Caporale and Marinko Škare, A Non-linear Analysis of Gibson’s Paradox in the Netherlands, 1800-2012
• Guglielmo Maria Caporale, Hector Carcel and Luis A. Gil-Alana, Modelling African Inflation Rates: Non-linear Deterministic Terms and Long-Range Dependence
• María de la O González, Nicolas A. Papageorgiou and Frank S. Skinner, Persistent doubt: An examination of the performance of hedge funds
• Guglielmo Maria Caporale, Luis Gil-Alana, Alex Plastun and Inna Makarenko, The Weekend Effect: A Trading Robot and Fractional Integration Analysis
• Laurence D. Booth, Dimitrios Gounopoulos and Frank S. Skinner, The Choice between Non-Callable and Callable Bonds
• Omaima A.G. Hassan and Frank S. Skinner, Analyst Coverage, Financial Reporting Credibility, Investor Base and Listing Location
•  Ahmed Elbadry, Dimitrios Gounopoulos and Frank Skinner, Governance Quality and Information Asymmetry 
• Guglielmo Maria Caporale and Marinko Škare, Long Memory in UK Real GDP, 1851-2013: An ARFIMA-FIGARCH Analysis
• Guglielmo Maria Caporale, Faek Menla Ali and Nicola Spagnolo, Oil Price Uncertainty and Sectoral Stock Returns in China: A Time-Varying Approach
• Guglielmo Maria Caporale, Fabio Spagnolo and Nicola Spagnolo, Macro News and Stock Returns in the Euro Area: A VAR-GARCH-in-Mean Analysis
• Siming Diane Liu and Len Skerratt, Earnings quality across listed, mediumsized, and small companies in the UK
• Alessandra Canepa and Abdullah Ibnrubbian, Does Faith Move Stock Markets? Evidence from Saudi Arabia
• Guglielmo Maria Caporale, Stefano Di Colli, Roberto Di Salvo and Juan Sergio Lopez, Local Banking And Local Economic Growth In Italy: Some Panel Evidence
• Guglielmo Maria Caporale, Fabio Spagnolo and Nicola Spagnolo, Macro News and Bond Yield Spreads in the Euro Area
• Guglielmo Maria Caporale, Luis Gil-Alana and Alex Plastun, Short-term Price Overreactions: Identification, Testing, Exploitation
• Stefano Cabras, Jan Fidrmuc and J.D. Tena, Minimum Wage and Employment: Escaping from the Parametric Straitjacket
•   Guglielmo Maria Caporale, Luis A. Gil-Alana and Yuliya Lovcha, The PPP Hypothesis Revisited: Evidence Using a Multivariate Long-memory Model
• Omaima A. G. Hassan and Ray Barrell, Accounting for the determinants of banks’ credit ratings 
• John Hunter and Seyedeh Asieh Tabaghdehi , Cointegration and US Regional Gasoline Prices: Testing market efficiency from the stationarity of price proportions 
• Guglielmo Maria Caporale, Roberta De Santis and Alessandro Girardi, Trade Intensity and Output Synchronisation: On the Endogeneity Properties of the EMU
• Guglielmo Maria Caporale and Luis Alberiko Gil-Alana, Long Memory in the Ukrainian Stock Market
• R. Barrell, D. Karim and A. Ventouri, Financial Liberalization and Capital Adequacy in Models of Financial Crises
• Guglielmo Maria Caporale, John Hunter and Faek Menla Ali, On the linkages between stock prices and exchange rates: Evidence from the banking crisis of 2007–2010
• John Hunter and Faek Menla Ali, The Monetary Model of the US Dollar– Japanese Yen Exchange Rate: An Empirical Investigation
• Guglielmo Maria Caporale and Luis A. Gil-Alana, Long Memory and Fractional Integration in High Frequency Data on the US Dollar / British Pound Spot Exchange Rate
• Guglielmo Maria Caporale, Faek Menla Ali and Nicola Spagnolo, Exchange Rate Uncertainty and International Portfolio Flows 
• Jan Fidrmuc, Jarko Fidrmuc and Shuo Huang, Whither China? Reform and Economic Integration among Chinese Regions
• Nahla Samargandi, Jan Fidrmuc and Sugata Ghosh, Financial development and economic growth in an oil-rich economy: The case of Saudi Arabia 
• Jan Fidrmuc and J.D. Tena, National minimum wage and employment of young workers in the UK
• S. Bhaumik, M. Karanasos and A. Kartsaklas, Derivatives Trading and the Volume-Volatility Link in the Indian Stock Market
• Vassilis Babalos, Guglielmo Maria Caporale and Nikolaos Philippas, Measuring Alpha in the Fund Management Industry: Do Female Managers Perform Better?
• Aris Kartsaklas and Menelaos Karanasos, Long Run Dependencies in Stock Volatility and Trading Volume
• Aris Kartsaklas, Trader Type Effects on the Volatility- Volume Relationship. Evidence from the KOSPI 200 Index Futures Market
• Guglielmo Maria Caporale, Stefano Di Colli and Juan Sergio Lopez, Bank Lending Procyclicality And Credit Quality During Financial Crises
• John Hunter and Seyedeh Asieh Tabaghdehi, Extracting Long-run Information from Energy Prices: The role of Exogeneity
• Carlos Pestana Barros, Guglielmo Maria Caporale, and Bruno Damásio, Foreign Direct Investment in the Asian Economies 
• Nahla Samargandi, Jan Fidrmuc and Sugata Ghosh, Is the Relationship between Financial Development and Economic Growth Monotonic for Middle Income Countries?
• Amedeo Piolatto and Matthew D. Rablen, Prospect Theory and Tax Evasion: A Reconsideration of the Yitzhaki Puzzle
• Guy Liu and Ali Mirzaei, Industrial Growth: Does Bank Competition, Concentration and Stability Constraint Matter? Evidence from developed and emerging economies
• Ray Barrell and Dilruba Karim, What should we do about (Macro) Pru? Macro Prudential Policy and Credit
• Evangelos V. Dioikitopoulos, Marina-Selini Katsaiti and Philip Shaw, A Growth Model of Weight Preferences, Food Consumption and Public Policy
• Qiwei Chen, Ying Jiang and Len Skerratt, Did the market overreact to the mandatory switch to IFRS in Europe?
• Guglielmo Maria Caporale, Luis Gil-Alana, Alex Plastun and Inna Makarenko, Long Memory in the Ukrainian Stock Market and Financial Crises
• Luca Agnello, Guglielmo Maria Caporale and Ricardo M. Sousa, Fiscal Adjustments and Business Cycle Synchronization
• Guglielmo Maria Caporale, Luis Gil-Alana, and Yuliya Lovcha, Testing Unemployment Theories: A Multivariate Long Memory Approach
• Carlos P. Barros, Guglielmo Maria Caporale and Luis A. Gil-Alana, Long Memory in German Energy Price Indices
• Jan Fidrmuc and Ariane Tichit, How I Learned to Stop Worrying and Love the Crisis
• Jan Fidrmuc and Elira Karaja, Uncertainty, informational spillovers and policy reform: A gravity model approach
• Matthew D. Rablen, Audit Probability Versus Effectiveness: The Beckerian Approach Revisited
• Ray Barrell, Philip Davis, Iana Liadze, and Dilruba Karim, Off-Balance Sheet Exposures and Banking Crises in OECD Countries
• Carlos P. Barros and Guglielmo Maria Caporale, Banking Consolidation in Nigeria, 2000-2010
• Guglielmo Maria Caporale, Mauro Costantini and Antonio Paradiso, Re-examining the Decline in the US Saving Rate: The Impact of Mortgage Equity Withdrawal
• Carlos P. Barros, Guglielmo Maria Caporale and Luis A. Gil-Alana, Long Memory in Angolan Macroeconomic Series: Mean Reversion Versus Explosive Behaviour.
•  Alessandra Canepa, Robust Bartlett Adjustment for Hypotheses Testing on Cointegrating Vectors: a Bootstrap Approach
• Sanjay Banerji, Alexia Ventouri and Zilong Wang, The sovereign spread in Asian emerging economies: The significance of external versus internal factors
• Georgios E. Chortareas, Claudia Girardone and Alexia Ventouri, Financial Freedom and Bank Efficiency: Evidence from the European Union
• Ray Barrell and Dilruba Karim, The Role of Capital, Liquidity and Credit
• Konstantinos Drakos and Panagiotis T. Konstantinou, Investment Decisions in Manufacturing: Assessing the Effects of Real Oil Prices and their Uncertainty 
• Qiwei Chen, Risk and Seasonal Effects: International Evidence 
• Qiwei Chen and Ying Jiang, The Impact of Mandatory IFRS Adoption on Accrual Anomaly and Earning Conservatism
• Guglielmo Maria Caporale and Luis A. Gil-Alana, Persistence in Youth Unemployment 
• Ugur Akgun and Ioana Chioveanu, Loyalty Discounts
• Ioana Chioveanu and Jidong Zhou, Price Competition with Consumer Confusion
• Simon Burke and John Hunter, Arbitrage, Market Definition and Monitoring a Time Series Approach
• Laurence D. Booth, Dimitrios Gounopoulos and Frank S. Skinner, The choice among non-callable bonds and make whole, claw back and otherwise ordinary callable bonds
• Guglielmo Maria Caporale, Luis A. Gil-Alana and Robert Mudida, Testing the Marshall-Lerner Condition in Kenya
• Javier Coto-Martinez and Juan C. Reboredo, The Relative Price of Non-Traded Goods under Imperfect Competition
• Weonho Yang, Jan Fidrmuc and Sugata Ghosh, Government Spending Shocks and the Multiplier: New Evidence from the U.S. Based on Natural Disasters
• Guglielmo Maria Caporale and Alessandro Girardi, Business Cycles, International Trade and Capital Flows: Evidence from Latin America
• Guglielmo Maria Caporale and Luis A. Gil-Alana, Persistence and Cycles in the US Federal Funds Rate
• Guglielmo Maria Caporale and Luis A. Gil-Alana, Testing the PPP Hypothesis in the Sub-Saharan Countries

Research Topics & Ideas: Finance

120+ Finance Research Topic Ideas To Fast-Track Your Project

If you’re just starting out exploring potential research topics for your finance-related dissertation, thesis or research project, you’ve come to the right place. In this post, we’ll help kickstart your research topic ideation process by providing a hearty list of finance-centric research topics and ideas.

PS – This is just the start…

We know it’s exciting to run through a list of research topics, but please keep in mind that this list is just a starting point . To develop a suitable education-related research topic, you’ll need to identify a clear and convincing research gap , and a viable plan of action to fill that gap.

If this sounds foreign to you, check out our free research topic webinar that explores how to find and refine a high-quality research topic, from scratch. Alternatively, if you’d like hands-on help, consider our 1-on-1 coaching service .

Overview: Finance Research Topics

• Corporate finance topics
• Investment banking topics
• Private equity & VC
• Asset management
• Hedge funds
• Financial planning & advisory
• Quantitative finance
• Treasury management
• Financial technology (FinTech)
• Commercial banking
• International finance

Corporate Finance

These research topic ideas explore a breadth of issues ranging from the examination of capital structure to the exploration of financial strategies in mergers and acquisitions.

• Evaluating the impact of capital structure on firm performance across different industries
• Assessing the effectiveness of financial management practices in emerging markets
• A comparative analysis of the cost of capital and financial structure in multinational corporations across different regulatory environments
• Examining how integrating sustainability and CSR initiatives affect a corporation’s financial performance and brand reputation
• Analysing how rigorous financial analysis informs strategic decisions and contributes to corporate growth
• Examining the relationship between corporate governance structures and financial performance
• A comparative analysis of financing strategies among mergers and acquisitions
• Evaluating the importance of financial transparency and its impact on investor relations and trust
• Investigating the role of financial flexibility in strategic investment decisions during economic downturns
• Investigating how different dividend policies affect shareholder value and the firm’s financial performance

Investment Banking

The list below presents a series of research topics exploring the multifaceted dimensions of investment banking, with a particular focus on its evolution following the 2008 financial crisis.

• Analysing the evolution and impact of regulatory frameworks in investment banking post-2008 financial crisis
• Investigating the challenges and opportunities associated with cross-border M&As facilitated by investment banks.
• Evaluating the role of investment banks in facilitating mergers and acquisitions in emerging markets
• Analysing the transformation brought about by digital technologies in the delivery of investment banking services and its effects on efficiency and client satisfaction.
• Evaluating the role of investment banks in promoting sustainable finance and the integration of Environmental, Social, and Governance (ESG) criteria in investment decisions.
• Assessing the impact of technology on the efficiency and effectiveness of investment banking services
• Examining the effectiveness of investment banks in pricing and marketing IPOs, and the subsequent performance of these IPOs in the stock market.
• A comparative analysis of different risk management strategies employed by investment banks
• Examining the relationship between investment banking fees and corporate performance
• A comparative analysis of competitive strategies employed by leading investment banks and their impact on market share and profitability

Private Equity & Venture Capital (VC)

These research topic ideas are centred on venture capital and private equity investments, with a focus on their impact on technological startups, emerging technologies, and broader economic ecosystems.

• Investigating the determinants of successful venture capital investments in tech startups
• Analysing the trends and outcomes of venture capital funding in emerging technologies such as artificial intelligence, blockchain, or clean energy
• Assessing the performance and return on investment of different exit strategies employed by venture capital firms
• Assessing the impact of private equity investments on the financial performance of SMEs
• Analysing the role of venture capital in fostering innovation and entrepreneurship
• Evaluating the exit strategies of private equity firms: A comparative analysis
• Exploring the ethical considerations in private equity and venture capital financing
• Investigating how private equity ownership influences operational efficiency and overall business performance
• Evaluating the effectiveness of corporate governance structures in companies backed by private equity investments
• Examining how the regulatory environment in different regions affects the operations, investments and performance of private equity and venture capital firms

Asset Management

This list includes a range of research topic ideas focused on asset management, probing into the effectiveness of various strategies, the integration of technology, and the alignment with ethical principles among other key dimensions.

• Analysing the effectiveness of different asset allocation strategies in diverse economic environments
• Analysing the methodologies and effectiveness of performance attribution in asset management firms
• Assessing the impact of environmental, social, and governance (ESG) criteria on fund performance
• Examining the role of robo-advisors in modern asset management
• Evaluating how advancements in technology are reshaping portfolio management strategies within asset management firms
• Evaluating the performance persistence of mutual funds and hedge funds
• Investigating the long-term performance of portfolios managed with ethical or socially responsible investing principles
• Investigating the behavioural biases in individual and institutional investment decisions
• Examining the asset allocation strategies employed by pension funds and their impact on long-term fund performance
• Assessing the operational efficiency of asset management firms and its correlation with fund performance

Hedge Funds

Here we explore research topics related to hedge fund operations and strategies, including their implications on corporate governance, financial market stability, and regulatory compliance among other critical facets.

• Assessing the impact of hedge fund activism on corporate governance and financial performance
• Analysing the effectiveness and implications of market-neutral strategies employed by hedge funds
• Investigating how different fee structures impact the performance and investor attraction to hedge funds
• Evaluating the contribution of hedge funds to financial market liquidity and the implications for market stability
• Analysing the risk-return profile of hedge fund strategies during financial crises
• Evaluating the influence of regulatory changes on hedge fund operations and performance
• Examining the level of transparency and disclosure practices in the hedge fund industry and its impact on investor trust and regulatory compliance
• Assessing the contribution of hedge funds to systemic risk in financial markets, and the effectiveness of regulatory measures in mitigating such risks
• Examining the role of hedge funds in financial market stability
• Investigating the determinants of hedge fund success: A comparative analysis

Financial Planning and Advisory

This list explores various research topic ideas related to financial planning, focusing on the effects of financial literacy, the adoption of digital tools, taxation policies, and the role of financial advisors.

• Evaluating the impact of financial literacy on individual financial planning effectiveness
• Analysing how different taxation policies influence financial planning strategies among individuals and businesses
• Evaluating the effectiveness and user adoption of digital tools in modern financial planning practices
• Investigating the adequacy of long-term financial planning strategies in ensuring retirement security
• Assessing the role of financial education in shaping financial planning behaviour among different demographic groups
• Examining the impact of psychological biases on financial planning and decision-making, and strategies to mitigate these biases
• Assessing the behavioural factors influencing financial planning decisions
• Examining the role of financial advisors in managing retirement savings
• A comparative analysis of traditional versus robo-advisory in financial planning
• Investigating the ethics of financial advisory practices

The following list delves into research topics within the insurance sector, touching on the technological transformations, regulatory shifts, and evolving consumer behaviours among other pivotal aspects.

• Analysing the impact of technology adoption on insurance pricing and risk management
• Analysing the influence of Insurtech innovations on the competitive dynamics and consumer choices in insurance markets
• Investigating the factors affecting consumer behaviour in insurance product selection and the role of digital channels in influencing decisions
• Assessing the effect of regulatory changes on insurance product offerings
• Examining the determinants of insurance penetration in emerging markets
• Evaluating the operational efficiency of claims management processes in insurance companies and its impact on customer satisfaction
• Examining the evolution and effectiveness of risk assessment models used in insurance underwriting and their impact on pricing and coverage
• Evaluating the role of insurance in financial stability and economic development
• Investigating the impact of climate change on insurance models and products
• Exploring the challenges and opportunities in underwriting cyber insurance in the face of evolving cyber threats and regulations

Quantitative Finance

These topic ideas span the development of asset pricing models, evaluation of machine learning algorithms, and the exploration of ethical implications among other pivotal areas.

• Developing and testing new quantitative models for asset pricing
• Analysing the effectiveness and limitations of machine learning algorithms in predicting financial market movements
• Assessing the effectiveness of various risk management techniques in quantitative finance
• Evaluating the advancements in portfolio optimisation techniques and their impact on risk-adjusted returns
• Evaluating the impact of high-frequency trading on market efficiency and stability
• Investigating the influence of algorithmic trading strategies on market efficiency and liquidity
• Examining the risk parity approach in asset allocation and its effectiveness in different market conditions
• Examining the application of machine learning and artificial intelligence in quantitative financial analysis
• Investigating the ethical implications of quantitative financial innovations
• Assessing the profitability and market impact of statistical arbitrage strategies considering different market microstructures

Treasury Management

The following topic ideas explore treasury management, focusing on modernisation through technological advancements, the impact on firm liquidity, and the intertwined relationship with corporate governance among other crucial areas.

• Analysing the impact of treasury management practices on firm liquidity and profitability
• Analysing the role of automation in enhancing operational efficiency and strategic decision-making in treasury management
• Evaluating the effectiveness of various cash management strategies in multinational corporations
• Investigating the potential of blockchain technology in streamlining treasury operations and enhancing transparency
• Examining the role of treasury management in mitigating financial risks
• Evaluating the accuracy and effectiveness of various cash flow forecasting techniques employed in treasury management
• Assessing the impact of technological advancements on treasury management operations
• Examining the effectiveness of different foreign exchange risk management strategies employed by treasury managers in multinational corporations
• Assessing the impact of regulatory compliance requirements on the operational and strategic aspects of treasury management
• Investigating the relationship between treasury management and corporate governance

Financial Technology (FinTech)

The following research topic ideas explore the transformative potential of blockchain, the rise of open banking, and the burgeoning landscape of peer-to-peer lending among other focal areas.

• Evaluating the impact of blockchain technology on financial services
• Investigating the implications of open banking on consumer data privacy and financial services competition
• Assessing the role of FinTech in financial inclusion in emerging markets
• Analysing the role of peer-to-peer lending platforms in promoting financial inclusion and their impact on traditional banking systems
• Examining the cybersecurity challenges faced by FinTech firms and the regulatory measures to ensure data protection and financial stability
• Examining the regulatory challenges and opportunities in the FinTech ecosystem
• Assessing the impact of artificial intelligence on the delivery of financial services, customer experience, and operational efficiency within FinTech firms
• Analysing the adoption and impact of cryptocurrencies on traditional financial systems
• Investigating the determinants of success for FinTech startups

Commercial Banking

These topic ideas span commercial banking, encompassing digital transformation, support for small and medium-sized enterprises (SMEs), and the evolving regulatory and competitive landscape among other key themes.

• Assessing the impact of digital transformation on commercial banking services and competitiveness
• Analysing the impact of digital transformation on customer experience and operational efficiency in commercial banking
• Evaluating the role of commercial banks in supporting small and medium-sized enterprises (SMEs)
• Investigating the effectiveness of credit risk management practices and their impact on bank profitability and financial stability
• Examining the relationship between commercial banking practices and financial stability
• Evaluating the implications of open banking frameworks on the competitive landscape and service innovation in commercial banking
• Assessing how regulatory changes affect lending practices and risk appetite of commercial banks
• Examining how commercial banks are adapting their strategies in response to competition from FinTech firms and changing consumer preferences
• Analysing the impact of regulatory compliance on commercial banking operations
• Investigating the determinants of customer satisfaction and loyalty in commercial banking

International Finance

The folowing research topic ideas are centred around international finance and global economic dynamics, delving into aspects like exchange rate fluctuations, international financial regulations, and the role of international financial institutions among other pivotal areas.

• Analysing the determinants of exchange rate fluctuations and their impact on international trade
• Analysing the influence of global trade agreements on international financial flows and foreign direct investments
• Evaluating the effectiveness of international portfolio diversification strategies in mitigating risks and enhancing returns
• Evaluating the role of international financial institutions in global financial stability
• Investigating the role and implications of offshore financial centres on international financial stability and regulatory harmonisation
• Examining the impact of global financial crises on emerging market economies
• Examining the challenges and regulatory frameworks associated with cross-border banking operations
• Assessing the effectiveness of international financial regulations
• Investigating the challenges and opportunities of cross-border mergers and acquisitions

Choosing A Research Topic

These finance-related research topic ideas are starting points to guide your thinking. They are intentionally very broad and open-ended. By engaging with the currently literature in your field of interest, you’ll be able to narrow down your focus to a specific research gap .

When choosing a topic , you’ll need to take into account its originality, relevance, feasibility, and the resources you have at your disposal. Make sure to align your interest and expertise in the subject with your university program’s specific requirements. Always consult your academic advisor to ensure that your chosen topic not only meets the academic criteria but also provides a valuable contribution to the field. 

If you need a helping hand, feel free to check out our private coaching service here.

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Application for econ 70.06 frauds, panics, crashes, and bank runs.

The theme of the course is to understand the conditions and human behavior that lead to large scale financial fraud, panics, market crashes and bank runs. This is an immersive course that will feature intensive group projects, presentations of academic papers, and original research on a topic within the theme of the course.  The course contains ethical themes as well as economic ones. 

The key deliverable for the Fall term on campus component is an original empirical research paper usign Dartmouths extensive financial data resources.  The papers presented in class can serve as models for possible topics for your own research.  

The travel component of the course will commence the Monday after Thanksgiving and will run for 13 days.  This year's meetings with regulators, principal actors and investors will take place in New York and Washington D.C.

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