The Finance Group (FIN) is led by Apostolos Kourtis and aims to produce world class academic research with high application impact. Our particular areas of expertise include: Asset Pricing, Banking, Behavioural Finance, Corporate Finance, Financial Econometrics, International Finance, Portfolio Management and Risk Management. As proud members of the European Education Initiative for Sustainable Finance (EEI), our ethos and values reflect a firm commitment to responsible finance, environmental sustainability and impact investing.
Group members are recognised internationally for their contribution to the advancement of financial thought and practice as reflected by their publications in leading journals and the large number of citations these have received. After all, NBS is recognised in REF2014 as being amongst the top 10 business schools in the UK in terms of research output quality while UEA is typically ranked amongst the top 15 institutions in the UK and 200 internationally. In terms of impact, Norwich is fourth in the UK for the number of most highly cited scientists after London, Cambridge and Oxford. Group members have an active role within the Norwich Financial Industry Group (FIG). This public/private partnership, was established in 2001 to promote and develop the banking, insurance and finance sectors in Norwich and Norfolk. FIG is led by multinationals based in Norwich such as Aviva and Marsh, along with public sector partners and NBS. Norwich is recognised by the UK Trade & Investment Financial Services Organisation (UKTI FSO) as one of the 15 financial centres of excellence in the UK.
An essential part of our group is the PhD programme in Finance led by Raphael Markellos as a strand within the NBS doctoral programme. The unique approach of the programme combines formal training with that of an apprenticeship in that you work closely with faculty on writing articles and teaching. The programme leverages our significant experience in research supervision and reflects the professional success of the doctoral graduates we have supervised which have taken on academic posts in international academic institutions such as Manchester Business School, Edinburgh Business School, University Utrecht, Cranfield University, University of Essex, University of East Anglia and Nottingham Trent University. Our PhD candidates typically undertake empirical research using a variety of quantitative methods. Research topics are strongly linked to the interests and expertise of staff and include most traditional areas of finance. PhD candidates are supervised by 2 or 3 members of staff. If you are interested in studying for a PhD in Finance at NBS, please contact Apostolos Kourtis or Raphael Markellos.
Group Members and Interests
Matt Burke - PhD candidate: Empirical Finance, Behavioural Finance and Credit Derivatives (supervisors: Apostolos Kourtis and Raphael Markellos).
Dr Yifan Chen, Lecturer: Asset pricing and market microstructure, corporate finance, market efficiency
Dr George Daskalakis, Lecturer: Empirical Finance, Energy Finance, Environmental Finance, Operations - Finance Interface.
Dr Patrycja Klusak, Lecturer: Credit Rating Agencies, Regulation on Credit Rating Agencies, Empirical Finance, Applied Econometrics
Mr Trung Le, PhD candidate: Empirical finance, Financial Econometrics (supervisors: Apostolos Kourtis, Raphael Markellos, Lazaros Symeonidis).
Ms Jiaoshan Li, PhD candidate: Empirical Finance (supervisors: Apostolos Kourtis and Raphael Markellos).
Dr Chris Mallin, Professorial Fellow: Corporate Governance, Board Structure and Composition, Corporate Social Responsibility.
Ms Lucia Murgia, PhD candidate: Empirical Finance, Behavioural Finance (supervisors: Raphael Markellos and Apostolos Kourits).
Mr Saif Al Mutairi, PhD candidate: Asset Pricing (supervisors: Apostolos Kourtis, Raphael Markellos and Patrycja Klusak).
Dr Anastasiya Shamshur, Lecturer: Empirical finance, Capital structure, Ownership structure, M&A's.
Dr Xiaojing (Linda) Song, Lecturer: M&A's in China, Asset Pricing, Corporate Finance, IInvestments, Market Efficiency.
Dr Andrei Stancu, Lecturer: Asset Pricing, Credit Risk, Derivatives, Liquidity Risk, Market Microstructure.
Dr Lazaros Symeonidis, Lecturer: Commodities, Forecasting, Empirical Asset Pricing.
Dr Daniel Tsvetanov, Lecturer: Financial Econometrics, Empirical Asset Pricing, Portfolio Choice.
Dr Yurtsev Uymaz, Lecturer: Banking Institutions, Corporate Finance, Corporate Governance, Financial Crime, Social networks, Compensation.
We also 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 directly contact the group member that you would like to work with.
Research within FIN is mostly empirical and employs a wide variety of advanced quantitative approaches from econmetrics, mathematics, statistics and computer science, often under an interdisciplinary approach.
The research of Chen focuses on information asymmetry, information uncertainty and liquidity, from both an asset pricing and a corporate finance perspective.
Daskalakis's current empirical research focuses on the following three broad areas: energy and environment, online reviews and manufacturing services. His core discipline is finance; however, due to the interdisciplinary nature of the areas of research interest, he commonly draws insights from economics, policy, business analytics, management, operations and marketing, among others.
Klusak's research encompasses empirical investigations related to recently introduced 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.
Kourtis' research deals with a variety of issues in the application of portfolio theory, such as estimation risk, moment forecasting and transaction costs. Kourtis and Markellos are collaborating in research which examines the impact of parameter uncertainty on portfolio selection and asset pricing
The research by Markellos, has three broad themes: risk information and the environment. The methods he uses are described in the 3rd edition of the monograph The Econometirc Modelling of Financial Time Series he co authored with Terry Mills.
Shamshur's research focuses on firm's decision-making processes broadly defined with a particular interest in capital structure decisions, ownership structure and M&A's.
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.
Stancu's research mainly focuses on empirical asset pricing in a cross market context. More recently, his work involves exploiting the derivatives market to better understand the features underlying stock and interest rate movements.
The latest research of 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.
Tsvetanov is interested predominantly on the behaviour and determinants of commodity future prices. Recent and ongoing work includes modelling and forecasting asset returns, studying porfolio choice, and analysing new sources of external funds for SME's like crowdfunding and P2P lending
Uymaz's current research interests focus on the impact of corporate governance on bank performance and risk taking. Particularly, he explores the effect of information advantage of bank senior managers and CEO's on performance and risk-taking and also investigates to reveal which CEO power variables that influence the likelihood of committing and detecting bank fraud. Additionally, he conducts research on firm financing.