鶹ӳ

Business Finance Research Group

Publications

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

Corporate finance and governance 

2025

Chen, Y., Palmon, D. &, Tian, S. (2025). Work-Life Balance and Earnings Management. R&R at Journal of Accounting and Public Policy. 

F, ,  2024,  "ESG Disclosure, CEO Power and Incentives, and Corporate Risk-Taking." European Financial Management 

Gao, S., Li, X., Tian, S, & Zhang, Q. (2025). Natural Disaster Experience and the Cost of Raising Capital: Evidence from Seasoned Equity Offerings. R&R at Journal of Business Finance and Accounting. 

Hao, J., Zhang, Q., Sun, Q., & Tian, S. (2025). The Heart Wants What it Wants: Local Bias and Seasoned Equity Offerings Bidding. International Review of Financial Analysis.

Huang, C., & Tian, S. (2025). Actual share repurchases, private information, and stock price crash risk: Evidence from China’s reformed open market repurchase program. Review of Quantitative Finance and Accounting, 1-36.

Jelic, R., Price vs. market-cap-weighted portfolio diversification: does it matter? (with  M. Drenovak, A. Damjanovic and B. Urošević); forthcoming in European Journal of Finance. 2025; .

 

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, 2025. ISBN 978-3-031-81652-9.

 

Jelic, R., European Fear Indices, (with W. Aussenegg and L. Goetz), Handbook of Financial Integration, Edited by Guglielmo Maria Caporale, Edward Elgar Publishing, May 2024. DOI: ; ISBN 9781803926360. 

2024

Zhang, Qiyu; Ding, Rong; Chen, Ding; Zhang, Xiaoxiang (2023). The effects of mandatory ESG disclosure on price discovery efficiency around the world. 鶹ӳ. Journal contribution. https://hdl.handle.net/10779/uos.23706405.v1

Wu, Y., & Zhang, X. (2023). ESG disclosure, CEO power and incentives and corporate risk-taking. European Financial Management. Wiley-Blackwell. Published on July 29, 2023.

 

Do, H. X., & Nguyen, N. H. (2022).Journal of Financial Markets, 60, 100699, 1-27. Elsevier BV.      

Do, H. X., Nguyen, N. H., & Nguyen, Q. P. M. (2022). Global Finance Journal, 52, 100714, 1-20. Elsevier BV

2023

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.

2022

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.

2021

Jelic, R., D. Zhou, and W. Ahmad, Do Stressed PE Firms Misbehave, Journal of Corporate Finance 66, 2021, https://doi.org/10.1016/j.jcorpfin.

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.

2020

Bevilacqua, Mattia and Tunaru, Radu (2020)  Journal of Financial Stability. a100816. ISSN 1572-3089

Duygun, Meryem, Tunaru, Radu and Vioto, Davide (2020) Journal of International Money and Finance. a102311. ISSN 0261-5606

Jelic, Ranko and Zhou, Dan and Ahmad, Wasim (2020) . Journal of Corporate Finance, Forthcoming.

2019

Alhaj-Ismail, Alaa, Adwan, Sami and Stittle, John (2019) . Journal of Contemporary Accounting and Economics, 15 (1). pp. 20-35. ISSN 1815-5669

Ahamed, M.M., Wen, J., and N. Gupta (Forthcoming) "", 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) "", 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, Orkun, Fuertes, 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: 

2018

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

2017

Aussenegg, Wolfgang, Jelic, Ranko and Ranzi, Robert (2017) 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) , 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)  Total Quality Management & Business Excellence. ISSN 1478-3363

Zhang, Xiaoxiang, Wei, Jo-Ting and Wu, Hsin-Hung (2017)  Management Decision, 55 (9). pp. 2018-2037. ISSN 0025-1747

Zhang, Xiaoxiang, Yang, Xiaotong, Strange, Roger and Zhang, Qiyu (2017)  Corporate Governance: An International Review, 25 (4). pp. 222-235. ISSN 0964-8410

2016

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

Robson, Julie and van der Heijden, Hans (2016)  Journal of Business Research, 69 (8). pp. 2731-2738. ISSN 0148-2963

Zhang, Xiaoxiang and Wen, Jie (2016)  International Review of Financial Analysis. ISSN 1057-5219

2015

Aussenegg, Wolfgang, Goetz, Lukas and Jelic, Ranko (2015) 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.,  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)  The European Journal of Finance, 21 (10-11). pp. 826-847. ISSN 1351-847X

2014

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) 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 37, 2014, 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.  Critical Perspectives On Accounting, 25 (1). 2014. pp. 27-35. ISSN 1045-2354.

Siepel, Josh and Nightingale, Paul (2014)  Critical Perspectives On Accounting, 25 (1). pp. 27-35. ISSN 1045-2354 

2013

Jory, S (2013)  (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 

2025

Bakhshi, H., Siepel, J., Carmona, L, and Tarr, A. (2025) Unleashing creativity: Fixing the finance gap in the creative industries.  Creative UK and Creative Industries Policy and Evidence Centre 

Jelic, R., PE Talent and Diversity: Do they Matter for Acquisitive Growth?(with D. Zhou and X. Yu); forthcoming in Entrepreneurship Theory and Practice, 2025; https://doi.org/10.1177/10422587251385536.

Siepel, J., Rathi, S., Cowling, M. (2024) Growth Finance for the Creative Industries.  Creative Industries Policy and Evidence Centre.  

2023

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.

2021

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.

2020

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

2019

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

2018

Alhaj Ismail, Alaa, Adwan, Sami and Stittle, John (2018)  Australian Accounting Review. ISSN 1035-6908

2017

Coad, Alex, Cowling, Marc and Siepel, Josh (2017) Industrial and Corporate Change, 26 (4). pp. 537-554. ISSN 0960-6491

Fotopoulos, Gergios and Storey, David J (2017) 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) Technovation, 59. pp. 34-43. ISSN 0166-4972 

Smith, Susan and Van Der Heijden, Hans (2017)  Journal of Applied Accounting Research, 18 (1). pp. 63-86. ISSN 0967-5426 

2016

Ahamed, M Mostak (2016) Economics Letters, 149. pp. 15-19. ISSN 0165-1765

Coad, Alex, Frankish, Julian S, Roberts, Richard G and Storey, David (2016) 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) 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) 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.

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.

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.,  (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.,  (with Coad, A., Frankish, J., and Roberts, R.), Small Business Economics. 2014, ISSN 0921-898X.

2013

Van Der Heijden, H.,  Garn, W.), European Journal of Operational Research, 225 (3). 2013, pp. 420-428. ISSN 0377-2217.

Van Der Heijden, H.,  British Accounting Review, 45 (1). 2013, pp. 50-57. ISSN 0890-8389.

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.,  (with H. Liang and F. Stuart), Journal of Banking and Finance, 33 (2), 2009, pp. 415-424. ISSN 03784266.

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

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.

2005

Jelic, R.  (with Saadouni, B. and Wright, M.), Journal of Business Finance and Accounting, 32 (3-4). 2005, pp. 643-681. ISSN 0306-686X.

Global crisis

2024

(with Christos Alexakis, Dimitris Kenourgios and Vasileios Pappas, Journal of International Financial Markets, Institutions & Money, 75, p.101423.

(with Vasileios Pappas, Marwan Izzeldin, Gulnur Muradoglu and Sheeja Sivaprasad) International Review of Financial Analysis

2023

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.

2020

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. . London, Centre for Economic Policy Research.

Fabozzi, Frank J, Shiller, Robert J and Tunaru, Radu S (2020) Journal of Economic Perspectives, 34 (4). pp. 121-145. ISSN 0895-3309

2019

, 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 

, , , , NBER 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 

, 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: 

2017

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

2015

Aussenegg, Wolfgang, Goetz, Lukas and Jelic, Ranko (2015) European Financial Management. ISSN 1354-7798

Banks and intermediaries 

2024

Ahamed, M.M., Luintel, K.B. and Mallick, S.K., 2023. Does local knowledge spillover matter for firm productivity? The role of financial access and corporate governance. Research Policy, 52(8), p.104837.

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.

2023

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 , ,  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.

2022

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)

2021

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, https://doi.org/10.1016/j.frl.2021.102328.

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, https://doi.org/10.1016/j.frl.2021.102328.

2020

Farkas, Walter, Fringuellotti, Fulvia and Tunaru, Radu (2020) Journal of Corporate Finance, 65. a101753 1-22. ISSN 0929-1199

Saka, Orkun. (2020), Journal of Money, Credit and Banking, 52: 273-305.

Saka, Orkun. (2020) , The Economic Journal.

2017

Journal of Economic Behavior & Organization. ISSN 0167-2681

Ahamed, M Mostak (2017) Economic Modelling, 63. pp. 1-14. ISSN 0264-9993

Ahamed, M Mostak and Mallick, Sushanta K (2017) Journal of International Financial Markets, Institutions and Money, 47. pp. 1-14. ISSN 1042-4431

Ahamed, M Mostak and Mallick, Sushanta (2017) Journal of Financial Stability, 28. pp. 163-180. ISSN 1572-3089

Drenovak, Mikica, Ranković, Vladimir, Ivanović, Miloš, Branko, Urošević and Jelic, Ranko (2017) 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.

2016

Computers & Operations Research, 72. pp. 83-92. ISSN 0305-0548