Business Finance Research Group


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

Corporate finance and governance 


Jelic, R., Foreign-Law Premium for European High-Yield Corporate Bonds (with Y. Zeng and N. Karouzakis), Finance Research Letters, 52, March 2023.

Zhang, Qiyu, Ding, Rong, Chen, Ding, Zhang, Xiaoxiang. The effects of mandatory ESG disclosure on price efficiency around the world. Research Forum at the 45th Annual Congress of the European Accounting Association, 24-26 May 2023 in Espoo.


Faek, Menla Ali, Wu, Yuanyuan, Zhang Xiaoxiang. ESG Disclosure, CEO Power and Incentives and Corporate Risk-taking.  Sustainability, Climate Change and Financial Innovation, Sustainable Financial Innovation Centre (SFiC) conference, November 25th – 26th 2022.

Zhang, Qiyu, Zhang, Xiaoxiang, Chen, Ding and Strange, Roger (2022) Market discipline or rent extraction: impacts of share trading by foreign institutional investors in different corporate governance and investor protection environments. International Review of Financial Analysis, 79. a101965 1-13. ISSN 1057-5219 

S. Adwan, A. Alhaj-Ismail, R. Jelic, Non-executive Employee Ownership and Financial Reporting Quality: Evidence from Europe, (forthcoming, 2022.


Jelic, R., D. Zhou, and W. Ahmad, Do Stressed PE Firms Misbehave, Journal of Corporate Finance 66, 2021,

Louisa Chen, Liya Shen and Zhiping Zhou, Understand funding liquidity and market liquidity in a regime-switching model (with), International Journal of Finance and Economics (2021), forthcoming.  

Al-Nasseri, A., Menla Ali, F., & Tucker, A. (2021) “Investor sentiment and the dispersion of stock returns: Evidence based on the social network of investors”, International Review of Financial Analysis, 78, 101910.


Bevilacqua, Mattia and Tunaru, Radu (2020) The SKEW index: extracting what has been left. Journal of Financial Stability. a100816. ISSN 1572-3089

Duygun, Meryem, Tunaru, Radu and Vioto, Davide (2020) Herding by corporates in the US and the Eurozone through different market conditions. Journal of International Money and Finance. a102311. ISSN 0261-5606

Jelic, Ranko and Zhou, Dan and Ahmad, Wasim (2020) Do stressed PE firms misbehave?. Journal of Corporate Finance, Forthcoming.


Alhaj-Ismail, Alaa, Adwan, Sami and Stittle, John (2019) Share-option based compensation expense, shareholder returns and financial crisisJournal of Contemporary Accounting and Economics, 15 (1). pp. 20-35. ISSN 1815-5669

Ahamed, M.M., Wen, J., and N. Gupta (Forthcoming) "Does board composition affect the gender pay gap?", Economics Letters.

Bircan, Cagatay and Saka, Orkun, Lending Cycles and Real Outcomes: Costs of Political Misalignment (January 24, 2019). EBRD Working Paper No. 225. Available at SSRN: or

Healy, G. and M.M. Ahamed, (Forthcoming) "Gender pay gap, voluntary interventions, and recession: the case of the British Financial Services Sector", British Journal of Industrial Relations.

Jelic, R., Rumors of an Eclipse are Exaggerated. The PE model is here to stay (with M. Wright), Annals of Corporate Governance, forthcoming 2019.

Jelic, R., Zhou, D., and Wright, C., (2019) Sustaining the Buyout Governance Model: Inside Secondary Management Buyout Boards ,British Journal of Management, Vol. 30, 30–52;DOI: 10.1111/1467-8551.12301.

Saka, OrkunFuertes, Ana-Maria and Kalotychou, Elena (2015) ECB policy and Eurozone fragility: was De Grauwe right? Journal of International Money and Finance, 54. pp. 168-185. ISSN 0261-5606

Saka, Orkun and Campos, Nauro F. and De Grauwe, Paul and Ji, Yuemei and Martelli, Angelo, Financial Crises and Liberalization: Progress or Reversals?. IZA Discussion Paper No. 12393. Available at SSRN:


Al Nasseri, Alya and Menla Ali, Faek (2018) What does investors’ online divergence of opinion tell us about stock returns and trading volume? Journal of Business Research, 86. pp. 166-178. ISSN 0148-2963


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

Caporale, Guglielmo Maria, Menla Ali, Faek, Spagnolo, Fabio and Spagnolo, Nicola (2017) International portfolio flows and exchange rate volatility in emerging Asian markets. Journal of International Money and Finance, 76. pp. 1-15. ISSN 0261-5606

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). 

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


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

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


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

Caporale, Guglielmo Maria, Menla Ali, Faek and Spagnolo, Nicola (2015) Exchange rate uncertainty and international portfolio flows: a multivariate GARCH-in-mean approach. Journal of International Money and Finance, 54. pp. 70-92. ISSN 0261-5606

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.

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


Agyei-Ampomah, Sam, Gounopoulos, Dimitrios and Mazouz, Khelifa (2014) Does gold offer a better protection against sovereign debt crisis than other metals?, Journal of Banking and Finance, 40. pp. 507-521. ISSN 0378-4266

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.

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

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.

Karanasos, Menelaos, Paraskevopoulos, Alexandros G, Menla Ali, Faek, Karoglou, Michail and Yfanti, Stavroula (2014) Modelling stock volatilities during financial crises: A time varying coefficient approach. Journal of Empirical Finance, 29. pp. 113-128. ISSN 0927-5398

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 


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

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.

SMEs finance and transition to public ownership 


Anh Vu; Vu, A.N. and Christian, J., 2023. UK Equity Crowdfunding Success: The Impact of Competition, Brexit and Covid‐19. British Journal of Management. (Published online)

Jelic, R., Governance in Secondary Buyouts, (with W. Aussenegg, and D. Zhou), The Palgrave Encyclopedia of Private Equity, Edited by Douglas Cumming and Benjamin Hammer, forthcoming 2023.


Coad A, Storey DJ (2021), Taking the entrepreneur out of entrepreneurship, International Journal of Management Reviews 23(4):541-548 

Laing E, van Stel A, Storey DJ, Formal and informal entrepreneurship: a cross-country policy perspective, Small Business Economics, online from 27 October 2021

Saridakis G, Frankish J, Storey DJ, Unpacking New Firm Exit, British Journal of Management, online from 2 December 2021.


Entrepreneurship Theory and Practice, Erik Lundmark, Alex Coad, Julian S. Frankish, and David J. Storey, The Liability of Volatility and How it Changes Over Time Among New Ventures, forthcoming, 2020.

Alex Coad, Julian S. Frankish, and David J. Storey, Too fast to live? Effects of growth on survival across the growth distribution”, Journal of Small Business Management, 2020, 58:3, 544-571.

Siepel, J. & Dejardin, M. (2020) “How do we measure firm performance? A review of issues facing entrepreneurship researchers” Cowling, M. and Saridakis, G. (eds) Routledge Handbook of Quantitative Entrepreneurship Research, Routledge


Siepel, Josh, Camerani, Roberto and Masucci, Monica (2019) Skills combinations and firm performance. Small Business Economics. pp. 1-23.


Alhaj Ismail, Alaa, Adwan, Sami and Stittle, John (2018) Does accounting treatment of share-based payments impact performance measures for banks? Australian Accounting Review. ISSN 1035-6908


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

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

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

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 

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 


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


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

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.

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., 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.

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.


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.


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.


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.


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.


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.

Global crisis


Francis Breedon, Louisa Chen, Angelo Ranaldo, Nicholas Vause, (2023). Judgment day: Algorithmic trading around the Swiss Franc cap removal, Journal of International Economics 140, 103713.


Vu, A.N., 2020. On the impact of quantitative easing on credit standards and systemic risk: The Japanese experience. Economics Letters, 186.

De Grauwe, P, Ji, Y and Saka, O. 2020. 'Financial Policymaking after Crises: Public vs. Private Interest'. London, Centre for Economic Policy Research.

Fabozzi, Frank J, Shiller, Robert J and Tunaru, Radu S (2020) A 30-year perspective on property derivatives: what can be done to tame property price risk?, Journal of Economic Perspectives, 34 (4). pp. 121-145. ISSN 0895-3309


Synthetic Forecasting Method for COVID-19: Applications to UK and Turkey, Orkun Saka, SRC Special Paper No 19 April 2020

Kizys, Renatas and Tzouvanas, Panagiotis and Donadelli, Michael, From COVID-19 Herd Immunity to Investor Herding in International Stock Markets: The Role of Government and Regulatory Restrictions (May 10, 2020). Available at SSRN: or

The Political Scar of EpidemicsCevat Giray AksoyBarry EichengreenOrkun SakaNBER Working Paper No. 27401, Issued in June 2020

Ahamed, Mostak and Gutierrez-Romero, Roxana, COVID-19 Response Needs to Broaden Financial Inclusion to Curb the Rise in Poverty (May 29, 2020). Available at SSRN: or

Revenge of the Experts: Will COVID-19 Renew or Diminish Public Trust in Science?, Cevat G. Aksoy, Barry Eichengreen, Orkun Saka, SRC Discussion Paper No 96 May 2020

Saka, Orkun and Campos, Nauro F. and De Grauwe, Paul and Ji, Yuemei and Martelli, Angelo, Financial Crises and Liberalization: Progress or Reversals?. IZA Discussion Paper No. 12393. Available at SSRN:


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


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

Banks and intermediaries 


Malgorzata Sulimierska and Agnieszka Sikorska (2023) The Crypto-assets Market in the United Kingdom: Regulatory and Legal Challenges, book chapter in : The Fintech Disruption: How Financial Innovation Is Transforming the Banking Industryby Thomas Walker (Editor), Elaheh Nikbakht (Editor), Maher Kooli (Editor) More details here:

Jelic, R., European Fear Indices, (with W. Aussenegg and L. Goetz), Handbook of Financial Integration, Edited by Guglielmo Maria Caporale, Edward Elgar Publishing, forthcoming 2023.


Caporale, G.M., Menla Ali, F., Spagnolo, F., & Spagnolo, N. (2022) “Cross-border portfolio flows and media news coverage”, Journal of International Money and Finance, forthcoming.

Ahamed, M.M., S.J. Ho, S.K. Mallick, and R. Matousek "Inclusive Banking, Financial Regulation and Bank Performance: Cross-Country Evidence", Journal of Banking and Finance. (Forthcoming 2022)


Jelic, R., Mean-Maximum Drawdown Optimization of Buy-and-Hold Portfolios Using a Multi-objective Evolutionary Algorithm, (with M. Drenovak, V. Ranković, and B. Urošević); Finance Research Letters, forthcoming 2021,

Drenovak, M., V. Ranković, B. Urošević, R. Jelic, Bond Portfolio Management in a Post-Solvency II Regulatory Environment (European Journal of Finance 27,9, 2021, 857-879,


Farkas, Walter, Fringuellotti, Fulvia and Tunaru, Radu (2020) A cost-benefit analysis of capital requirements adjusted for model risk. Journal of Corporate Finance, 65. a101753 1-22. ISSN 0929-1199

Saka, Orkun. (2020), Domestic Banks As Lightning Rods? Home Bias and Information during the Eurozone Crisis. Journal of Money, Credit and Banking, 52: 273-305.

Saka, Orkun. (2020) Lending cycles and real outcomes: costs of political misalignment, The Economic Journal.


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

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


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