The Accounting, Finance and Governance (AFG) Group The Accounting, Finance and Governance (AFG) Group

The Accounting, Finance and Governance (AFG) Group is led by Peter Russell  (Accounting) and Apostolos Kourtis (Finance) and aims to produce and disseminate world class academic research with high application impact..

Particular areas of expertise include: Auditing, Corporate Finance, Empirical Finance, Financial Econometrics, Portfolio Selection, Corporate Governance, Corporate Social Responsibility, Banking, Behavioural Finance and Environmental Finance. Research activities by group members have been supported by a variety of external and internal funding sources which include the EU, ESRC, ICAEW, ICAS, CIMA and major corporations.

Several influential papers have been published recently in leading international academic journals which include: British Journal of Management, Journal of Banking and Finance, Journal of Corporate Finance, Journal of Empirical Finance, European Journal of Finance, Financial Review,Journal of Futures Markets, Abacus, Accounting, Auditing & Accountability Journal, European Accounting Review, Corporate Governance: An International Review, Accounting & Business Research, Review of Quantitative Finance & Accounting, Journal of Business Ethics, Critical Perspectives on Accounting, International Review of Financial Analysis, Journal of Forecasting, Long Range Planning, Journal of Common Market Studies, Industrial & Corporate Change, Work, Employment & Society. Published papers have attracted interest from media such as Reuters, Bloomberg, Financial Times and the BBC.The best selling textbook: 'The Econometric Modelling of Financial Time Series' (coauthored by Terence Mills and Raphael Markellos, Cambridge Univeristy Press, third edition, 2008) is also widely used as teaching material by leading universities across the UK, Europe and Asia.

The group's research underpins the design, content and delivery of teaching for several relevant courses offered by NBS, which include: the MSc in International Accounting and Financial Management, the MSc in Investment and Financial Management, MSc in Finance and Managment, the MSc in Advanced Management, the Full-time, and  Executive MBA's, the BSc in Accounting and Finance, the BSc in Accounting and Management and the BSc in Business Finance and Management.

We enjoy supervising PhD students in all areas of Accounting and Finance. If you are interested in studying for a PhD in Accounting or Finance at NBS, please contact Peter Russell (Accounting) or Apostolos Kourtis (Finance).

Group Members and Interests

Dr Yifan Chen, Asset pricing and market microstructure; corporate finance; market efficiency.

Dr Francesca Cuomo, Corporate Governance Codes; boards of directors; ownership structure; corporate networks; separation between ownership and control.

Dr George Daskalakis, Empirical Finance; Energy Finance; Environmental Finance; Energy Policy

Prof Ian Dewing   Auditing, regulation; financial services; banking; insurance, corporate governance.

Peter Ellington, Economic factors and incentives driving reactions to climate change.

Andrea Finegan, Responsible Investment; Carbon Finance; Project Finance; Investment Management.

Patrycja Klusak, Credit Rating Agencies, Regulation on Credit Rating Agencies, Empirical Finance, Applied Econometrics

Dr Octavian Ionescu, Professional judgement; decision-making; risk; behavioural aspects of accounting and audit.

Dr Apostolos Kourtis, Portfolio Selection; Asset Pricing; Estimation; Mathematical Modelling; Scientific Computing. See also Twitter account.

Prof. Raphael Markellos, Empirical Finance; Asset Pricing; Investments; Financial Econometrics; Volatility; News and Sentiment analysis; Environmental Finance. See also Personal website and Twitter account.

Sally Piff, Quantitative Methods for Business.

Peter Russell, Auditing, regulation; financial services; banking; insurance, corporate governance

Dr Anastasiya Shamshur, Empirical finance; capital structure; ownership structure; M&As

Dr Xiaojing Song, M&As in China, Asset Pricing, Corporate Finance, Investments, Market Efficiency.

Andrei Stancu, Asset Pricing, Credit Risk, Deriviatives,Liquidity Risk, Market Microstructure

Dr Lazaros Symeonidis, Commodities, Forecasting, Empirical Asset Pricing.

Susan Wheeler - Measuring Management performance using various techniques such as accounting ratios, balanced scorecard and Economics Value Added

Amanda Williams, Accounting education; corporate reporting; tax; ethics.

John Wyett, Accounting education, taxation, auditing.

Research Students

Trung, Le (2016- ) , subject area: Empirical Asset Pricing. Supervisors: Apostolos Kourtis, Raphael Markellos, Lazaros Symeonidis

Nasser Alkalbani (2013- ), subject area: corporate governance and the board of directors in the UK. Supervisors: Chris Mallin and Francesca Cuomo.

Badar Alshabibi (2013- ), subject area: Institutional investors and corporate governance. Supervisors: Chris Mallin and Francesca Cuomo.

Joseph Phiri (2011-15), subject area: Stakeholder expectations from performance management initiatives in public healthcare: Evidence from Zambia. Supervisors: Hing Kai and Anna Raffoni

Efthymia Symitsi (2013 - ), subject area: The role of information and sentiment in finance. Supervisors: Raphael Markellos, Apostolos Kourtis.

George Xyngis (2012 - ), subject area: News and text analytics in finance. Supervisors: Chris Mallin, Anastasiya Shamshur

Visiting Researchers

We welcome applications for short academic visits from junior and senior researchers. Unfortunately, we cannot cover any expenses at this point. If you are interested in visiting us please contact directly the AFG member that you would like to work with.

María Cantero Sáiz (2014), Profesora Ayudante, LOU de Economía Financiera, Facultad de Ciencias Económicas y Empresariales, Universidad de Cantabria. Research Area: Macrofinance. Host: Raphael Markellos.

Nicolas Koch (2012) Doctoral Researcher, School of Business, Economics & Social Sciences, University of Hamburg. Research Area: Environmental Finance. Host: Raphael Markellos.

Nikolaos Korfiatis (2013-2014), Postdoctoral Researcher (Wissenschaftliche Mitarbeiter) and Director of Behavioral Analytics Research Laboratory, Institute for Informatics and Mathematics, Goethe Universität, Frankfurt am Main. Research Area: News and Sentiment Analysis. Host: Raphael Markellos.

Dionysios Sotiropoulos (2013-2014), Postdoctoral Researcher, Dept. of Management Science and Technology, Athens University of Economics and Business. Research Area: Computational techniques for analysing information. Host: Raphael Markellos.

Research Themes

Research in finance within AFG is mostly empirical and employs a wide variety of advanced quantitative approaches from econometrics, mathematics, statistics and computer science to answer questions in asset pricing, portfolio selection, corporate finance, investments, derivatives, risk management and behavioural finance.

Markellos has a particular interest in the role, analysis and modelling of information in finance. He has used his expertise in financial econometrics and empirical modelling to explore a broad spectrum of issues involving volatility and higher moments, estimation risk, prediction markets and nonlinearities. The financial crisis has motivated his recent work on the determination of optimal levels of sovereign debt and the impact that the shadow economy has on country credit ratings. The latest research by Markellos focuses on the analysis and modelling of novel financial information sets which include: online Google data, news and text, social media and big data.

Research by Daskalakis and Markellos is leading the debate in the environmental finance agenda with their flagship paper on Carbon Derivative Asset Pricing in the EU ETS being the second most cited article since 2008 in the prestigious Journal of Banking & Finance.

Kourtis and Markellos are collaborating in research which examines the impact of parameter uncertainty on portfolio selection and asset pricing. The latest research of Lazaros Symeonidis deals with the economic determinants of commodity returns and volatility; correlation and volatility risk; and the use of high frequency data for volatility and covariance modelling and forecasting.

Song is now working on the issues related to mergers and acquisitions and cross-border takeovers in China. Her recent research examined the impact that time varying discount rates can have on the evolution of risky asset prices.

The research of Chen focuses on information asymmetry, information uncertainty and liquidity, from both an asset pricing and a corporate finance perspective.

Shamshur's research focuses on firm's decision-making processes broadly defined with a particular interest in capital structure decisions, ownership structure and M&As.

Cuomo's research has a focus on corporate governance codes, boards of directors, board independence, ownership structure, separation between ownership and control, corporate networks and firm performance.

Dewing & Russell's research is concerned with the role of regulatory actors, particularly auditors, financial supervisors and actuaries, in the global financial architecture. Current projects include: ‘Post financial crisis; auditors, supervisors and risk' and ‘Auditing standards and transnational corporate governance'. Work has been sponsored by professional bodies including: ICAEW, ICAS, CIMA and the Faculty & Institute of Actuaries.

Stancu's research mainly focuses on empirical asset pricing in a cross market context. More recently, his work involves exploiting the deriviatives market to better understand the features underlying stock and interest rate movements.

Klusak's research encompasses empirical investigations related to recently introducted credit rating agency (CRA) regulation and its effects on financial systems, with particular interest  in Europe. She evaluates whether regulations achieve their aims or whether they lead to unintended consequences.

Finance Research Seminar Series

Finance Research Seminars are held at NBS on a bi monthly basis and are organised by Apostolos Kourtis.

Access to Financial Databases

Norwich Business School has access to Thomson Reuters Datastream, T1B, Eikon and Fame along with free (thanks to the sponsorship of CSSP – the Centre for Social and Sustainable Products AG and the European Education Initiative for Sustainable Finance) access to yourSRI database.