Business Finance Research Group

Publications

Members of the group publish their research in top international journals across five main topics related to Business Finance.

Business finance and financial crisis

2017

Ahamed, M Mostak and Mallick, Sushanta (2017) Is financial inclusion good for bank stability? International evidence. Journal of Economic Behavior & Organization. ISSN 0167-2681

Ahamed, M Mostak (2017) Asset quality, non-interest income, and bank profitability: evidence from Indian banks. Economic Modelling, 63. pp. 1-14. ISSN 0264-9993

Ahamed, M Mostak and Mallick, Sushanta K (2017) House of restructured assets: how do they affect bank risk in an emerging market? Journal of International Financial Markets, Institutions and Money, 47. pp. 1-14. ISSN 1042-4431

Ahamed, M Mostak and Mallick, Sushanta (2017) Does regulatory forbearance matter for bank stability? Evidence from creditors' perspective. Journal of Financial Stability, 28. pp. 163-180. ISSN 1572-3089

Aussenegg, Wolfgang, Jelic, Ranko and Ranzi, Robert (2017) Corporate insider trading in Europe. Journal of International Financial Markets, Institutions and Money. ISSN 1042-4431

Chen, Louisa, Sergueiva, Antoaneta, Chinthalapati, V. L. Raju and Verousis, Thanos (2017) Multichannel contagion and systemic stabilisation strategies in interconnected financial markets, Quantitative Finance, Pages 1885-1904, Volume 17 (12). 

Drenovak, Mikica, Ranković, Vladimir, Ivanović, Miloš, Branko, Urošević and Jelic, Ranko (2017) Market risk management in a post-Basel II regulatory environment. European Journal of Operational Research, 257 (3). pp. 1030-1044. ISSN 0377-2217

Jelic, R., (2017) Time-varying Impact of Liquidity on Euro Corporate Bond Returns (with Louisa Chen, W. Aussenegg, and D. Maringer), Working paper.

Jelic, R.(2017), Bond Portfolio Management in a Post-Solvency II Regulatory Environment (with M. Drenovak, V. Ranković, and B. Urošević), Working paper.

Jelic, R.(2017), European Fear Indices- Evidence Before and During the Financial Crisis (with W. Aussenegg, L. Gotz, and A. Kaeck), Working paper.

2016

Aussenegg, Wolfgang, Götz, Lukas and Jelic, Ranko (2016) European asset swap spreads and the credit crisis. European Journal of Finance, 22 (7). pp. 572-600. ISSN 1351-847X

Rankovic, Vladimir, Drenovak, Mikica, Urosevic, Branko and Jelic, Ranko (2016) Mean univariate- GARCH VaR portfolio optimization: actual portfolio approach. Computers & Operations Research, 72. pp. 83-92. ISSN 0305-0548

2015

Aussenegg, Wolfgang, Goetz, Lukas and Jelic, Ranko (2015) Common factors in the performance of european corporate bonds - evidence before and after the financial crisis. European Financial Management. ISSN 1354-7798

Forker, J., Credit Unions: Pre and post financial crisis austerity: financial management, board gender and deprivation (with A.M. Ward (UUJ) and B.Reilly) 2015, Working paper.

Gounopoulos, D., Transmission Channels of Systematic Risk and Contagion in the European Financial Network (with R. Kizys, Y Koutelidakis and N. Paltalidis), 2015, forthcoming in the Journal of Banking and Finance.

Jelic, R., Common Factors in the Performance of European Corporate Bonds – Evidence Before and After Financial Crisis (with W. Aussenegg and L. Gotz), forthcoming in European Financial Management, 2015, doi: 10.1111/j.1468-036X.2013.12009.x. 

Jelic, R., European Asset Swap Spreads and the Credit Crisis (with W. Aussenegg and L. Gotz), forthcoming in European Journal of Finance, 2015,  doi:10.1080/1351847X.2014.935869.

Jory, S., The market response to corporate scandals involving CEOs (with Ngo, T., Wang, D. and Saha, A), Applied Economics, 47 (17), 2015, pp. 1723-1738. ISSN 0003-6846.

2014

Caporale, Gugliemo Maria, Hunter, John and Menla Ali, Faek (2014) On the linkages between stock prices and exchange rates: evidence from the banking crisis of 2007-2010. International Review of Financial Analysis, 33. pp. 87-103. ISSN 1057-5219

Gounopoulos, D., The Choice Among Non-Callable and Callable Bonds (with L. Booth and F. Skinner), 2014, Journal of Financial Research 372014, pp 435-460.

Jelic, R., European Bond ETFs-Tracking Errors and Sovereign Debt Crisis (with M. Drenovak and B. Urosevic), European Financial Management, 20, 5, 2014, 958-994,  doi: 10.1111/j.1468-036X.2012.00649.x.

2013

Jory, S (2013) A multi-country analysis of the 2007–2009 financial crisis: empirical results from discrete and continuous time models. (with Dontis-Charitos, P., Ngo, T. N. and Nowman, K. B.),  Applied Financial Economics, 23 (11). pp. 929-950. ISSN 0960-3107

SMEs finance

2017

Coad, Alex, Cowling, Marc and Siepel, Josh (2017) Growth processes of high-growth firms as a four-dimensional chicken and egg. Industrial and Corporate Change, 26 (4). pp. 537-554. ISSN 0960-6491

Fotopoulos, Gergios and Storey, David J (2017) Persistence and change in interregional differences in entrepreneurship: England and Wales, 1921–2011. Environment and Planning A, 49 (3). pp. 670-702. ISSN 0308-518X

Siepel, Josh, Cowling, Marc and Coad, Alex (2017) Non-founder human capital and the long-run growth and survival of high-tech ventures. Technovation, 59. pp. 34-43. ISSN 0166-4972 

2016

Ahamed, M Mostak (2016) Does inclusive financial development matter for firms' tax evasion? Evidence from developing countries. Economics Letters, 149. pp. 15-19. ISSN 0165-1765

Coad, Alex, Frankish, Julian S, Roberts, Richard G and Storey, David (2016) Why should banks provide entrepreneurship training seminars? International Small Business Journal, 34 (6). pp. 733-759. ISSN 0266-2426

Coad, Alex, Frankish, Julian S, Roberts, Richard G and Storey, David J (2016) Predicting new venture survival and growth: does the fog lift? Small Business Economics, 47 (1). pp. 217-241. ISSN 0921-898X

2015

Coad, Alex, Frankish, Julian S, Roberts, Richard G and Storey, David J (2015) Are firm growth paths random? A reply to “Firm growth and the illusion of randomness". Journal of Business Venturing Insights, 3. pp. 5-8. ISSN 2352-6734

2014

Jelic, R., SMBO: Buying Time or Improving Performance? (with D. Zhou and M. Wright), Journal of Managerial and Decision Economics, 35, 2, 2014, 88–102.

Nightingale, P., High-growth firms: introduction to the special section (with Coad, A., Daunfeldt, S., Hölzl, W., and Johansson, D.)  Industrial and Corporate Change, 23 (1). 2014, pp. 91-112. ISSN 0960-6491.

Nightingale, P., Business experience and start-up size: buying more lottery tickets next time around? (with Coad, A., Frankish, J., and Roberts, R.), Small Business Economics. 2014, ISSN 0921-898X.

2011

Jelic, R., Exits, Performance, and Late Stage Capital: the Case of UK Management Buy-outs (with M. Wright), European Financial Management, 2011, 17, 3, 560-593.

Jelic, R., Staying Power of UK Buy-outs, Journal of Business Finance and Accounting, 2011, 38, 7-8, 945-986.

2009

Storey, D., Are good or bad borrowers discouraged from applying for loans? Evidence from US small business credit markets (with H. Liang and F. Stuart), Journal of Banking and Finance, 33 (2), 2009, pp. 415-424. ISSN 03784266.

Storey, D., The role of collateral in entrepreneurial finance, (With H. Liang and F. Stuart), Journal of Business Finance and Accounting, 36 (3-4), 2009, pp. 424-455. ISSN 0306686X.

2005

Jelic, R. Performance of private to public MBOs: the role of venture capital (with Saadouni, B. and Wright, M.), Journal of Business Finance and Accounting, 32 (3-4). 2005, pp. 643-681. ISSN 0306-686X.

Accounting and valuation issues in SMEs and public companies

2017

Jelic, R (2017)., Earnings Management in UK Management Buyouts (with L. Tutuncu), working paper.

Smith, Susan and Van Der Heijden, Hans (2017) Analyst's evaluation of KPI usefulness, standardisation and assurance. Journal of Applied Accounting Research, 18 (1). pp. 63-86. ISSN 0967-5426 

2015

Gounopoulos, D., Regulatory change, Earnings management and the long run performance of IPOs (with S. Boubaker, K. Kallias and A. Kallias), 2015, forthcoming in the Review of Quantitative Finance and Accounting.

2013

Van Der Heijden, H., Profitability in the car industry: new measures for estimating targets and target directions (with Garn, W.), European Journal of Operational Research, 225 (3). 2013, pp. 420-428. ISSN 0377-2217.

Van Der Heijden, H., Small is beautiful? Financial efficiency of small fundraising charities. British Accounting Review, 45 (1). 2013, pp. 50-57. ISSN 0890-8389.

2008

Forker, J., Comparison of Error Rates for EVA, Residual Income, GAAP-earnings, and Other Metrics Using a Long-Window Valuation Approach” (with Ronan Powell), European Accounting Review, 2008, 17, 3: 471-502.

Transition from SMEs to public firms via initial public offerings (IPOs)

2018

Jelic, R., W. Ahmad, M. Wright and V. Murinde, Longevity, Investor Exits and Reverse MBOs, (with W. Ahmad, V. Murinde, and M. Wright), Forthcoming in Routledge Companion to Management Buyouts.

2017

Jelic, R., IPO Lockups and Insider Trading (with W. Aussenegg and W. Ahmad), Working paper.

2015

Gounopoulos, D., Collateral Regulation and IPO-specific liberalization: The case of price limits in the ASE (with S. Thomadakis, A. Merikas & C. Nounis), 2015, forthcoming in European Financial Management.

Gounopoulos, D., Collateral Regulation and IPO-specific liberalization: The case of price limits in the ASE (with S. Thomadakis, A. Merikas & C. Nounis), 2015, forthcoming in European Financial Management.

Gounopoulos, D., Regulatory change, Earnings management and the long run performance of IPOs (with S. Boubaker, K. Kallias and A. Kallias), 2015, forthcoming in the Review of Quantitative Finance and Accounting.

2014

Gounopoulos, D., Financial Innovation and Growth: Listings and IPOs from 1880 to WWII, (with S. Thomadakis, C. Nounis and M. Riginos) (2014), London School of Economics, Working Paper & Revise and Resubmit in the Economic History Review.

Jelic, R., Lockup Agreements and Survival of UK IPOs (with W. Ahmad), Journal of BusinessFinance and Accounting, 41, 5-6, 2014, 717-742.

Corporate governance issues in SMEs and public companies

2017

Jelic, R.(2017), Inside SMBOs’ Boards (with D. Zhou and M. Wright), Working paper.

Wei, Jo-Ting, Chang, Yeun Wen, Zhang, Xiaoxiang and Wu, Hsin-Hung (2017) Performance measurement systems, TQM, and multi-level firm performance: a person-organisation fit perspective. Total Quality Management & Business Excellence. ISSN 1478-3363

Zhang, Xiaoxiang, Wei, Jo-Ting and Wu, Hsin-Hung (2017) Family firm and analyst forecasts in an emerging economy. Management Decision, 55 (9). pp. 2018-2037. ISSN 0025-1747

Zhang, Xiaoxiang, Yang, Xiaotong, Strange, Roger and Zhang, Qiyu (2017) Informed trading by foreign institutional investors as a constraint on tunneling: evidence from China. Corporate Governance: An International Review, 25 (4). pp. 222-235. ISSN 0964-8410

2016

Robson, Julie and van der Heijden, Hans (2016) Senior management perceptions of aspirational groups: a study of the UK general insurance market. Journal of Business Research, 69 (8). pp. 2731-2738. ISSN 0148-2963

Zhang, Xiaoxiang and Wen, Jie (2016) The impacts of economic importance difference of a joint venture (JV) held by partners and partners' size difference on the extraction of rivalrous and non-rivalrous private benefits in a JV. International Review of Financial Analysis. ISSN 1057-5219

2015

John F., Financial management effectiveness and board gender diversity in member-governed, community financial institutions? 2015, Journal of Business Ethics (second round).

Zhang, X., Family control, multiple institutional block-holders and informed trading (with Piesse, J. and Filatotchev, I.), The European Journal of Finance, 2015.

Zhang, Xiaoxiang, Piesse, Jenifer and Filatotchev, Igor (2015) Family control, multiple institutional block-holders and informed trading. The European Journal of Finance, 21 (10-11). pp. 826-847. ISSN 1351-847X

2014

Gounopoulos, D., Corporate Governance Mechanisms and Asymmetric Information (with A. Abdelattif and F. Skinner), 2014, Journal of Financial Markets, Institutions and Instrument.  

Siepel, J. and Nightingale, P. Anglo-Saxon governance: similarities, difference and outcomes in a financialised world. Critical Perspectives On Accounting, 25 (1). 2014. pp. 27-35. ISSN 1045-2354.

Siepel, Josh and Nightingale, Paul (2014) Anglo-Saxon governance: similarities, difference and outcomes in a financialised world. Critical Perspectives On Accounting, 25 (1). pp. 27-35. ISSN 1045-2354 

2013

Zhang, X., Forced financial information restatements and management turnover: market discipline and large family shareholders' intervention in an emerging economy (with Wei, J-T. and Wu, H-H), Asia Pacific Journal of Management, 2013, 30(4):1005-1029.