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Our People

Professor Julian Williams

BSc, MSc, PhD

Professor in Accounting and Finance

Julian Williams started at Durham University Business School in January 2014. He has published widely on the topics of financial regulation, risk management and portfolio management. His main interests lie in market microstructure, regulating complex derivative securities and the impact of the liquidity of these instruments on the cost of capital for individuals, companies and governments. Julian’s work has been commented on and referenced in the Financial Times, the Press and Journal and OECD publications.

Biography

Julian Williams completed his PhD in finance at the University of Bath in 2007, where he worked for a year as a lecturer in finance and accounting. In addition to teaching at the university Julian also worked as an equity hedge fund researcher for Auriel Capital LLP. In October 2008 Julian moved to the University of Aberdeen as a lecturer where he was then promoted to senior lecturer. Julian has published widely on the topics of financial regulation, risk management and portfolio management. His main interests lie in market microstructure, regulating complex derivative securities and the impact of the liquidity of these instruments on the cost of capital for individuals, companies and governments. Julian’s work has been commented on and referenced in the Financial Times, the Press and Journal and OECD publications.

A keen user of information technology, Julian’s recent research work has focused on applying regulatory theories, audit processes and risk management techniques to information security problems. Julian was the economics work package leader and Aberdeen principal investigator for the Technology Strategy Board project ‘Cloud Stewardship Economics’ led by HP Labs in Bristol and is currently the overall scientific director and work package leader for the European Commission FP7 project "SECurity ecONMICS " which focuses on information security and critical infrastructure, partnering with National Grid (the UK bulk electricity transmission operator), ATOS research (a large global consultancy) and the University of Trento (where Julian is a visiting member of faculty) among others. Julian is currently a standing member of the scientific committee for the workshop on the economics of information security (WEIS). During his time in Aberdeen, Julian built the Thomson Reuters EIKON financial information room for the University of Aberdeen’s new library and organized advanced workshops on market microstructure and liquidity on the Isle of Skye.

Research Interests

  • Market Microstructure
  • Liquidity
  • Trading Behaviour and Algorithmic Trading
  • Information security and operational security for financial firms and governments

Research Groups

Publications

    Chapter in book

  • Caulfield, T., Pym, D. & Williams, J. (2014). Compositional Security Modelling Structure, Economics, and Behaviour. In Springer. 8533: 233-245.
  • Calice, G., Chen, J. & Williams, J. (2013). Liquidity Spillovers in Credit Markets During the Eurozone Crisis. In Financial Crisis Containment and Government Guarantees. LaBrosse, J.R., Olivares-Caminal, R. & Singh, D. Edward Elgar Publishing.
  • Ioannidis, C., Pym, D. & Williams, J. (2013). Fixed Costs, Investment Rigidities, and Risk Aversion in Information Security: A Utility-theoretic Approach. In Economics of Information Security and Privacy III. Schneier, B. New York: Springer Verlag. III: 171-192.
  • Conference Paper

  • Ioannidis, C., Pym, D. & Williams, J. (2009), Investments and Trade-offs in the Economics of Information Security, in Dingledine, R. & Golle, P. eds, Lecture Notes in Computer Science 5628: Financial Cryptography and Data Security: 13th International Conference, FC 2009, Revised Selected Papers. Accra Beach, Barbados, Springer-Verlag, Heidelberg, 148-166.
  • Journal Article

  • de Gramatica, M., Massacci, F., Shim, W., Turhan, U. & Williams, J. (2017). Agency Problems and Airport Security: Quantitative and Qualitative Evidence on the Impact of Security Training . Risk Analysis 37(2): 372-395.
  • Baldwin, A., Gheyas, I., Ioannidis, C., Pym, D. & Williams, J. (2017). Contagion in cyber security attacks.. Journal of the Operational Research Society 68(7): 780-791.
  • Elliott, K., Massacci, F. & Williams, J. (2016). Action, Inaction, Trust, and Cybersecurity’s Common Property Problem. . IEEE Security and Privacy 14(1): 82-86.
  • Buckle, M., Chen, J. & Williams, J. (2016). Realised higher moments theory and practice.. European journal of finance 22(13): 1272-1291.
  • Massacci, F., Ruprai, R., Collinson, M. & Williams, J. (2016). Economic Impacts of Rules- versus Risk-Based Cybersecurity Regulations for Critical Infrastructure Providers.. IEEE Security & Privacy 14(3): 52-60.
  • Buckland, R., Williams, J. & Beecher, J. (2015). Risk and regulation in water utilities a cross-country comparison of evidence from the CAPM.. Journal of regulatory economics 47(2): 117-145.
  • De Gramatica, M., Massacci, F., Shim, W., Tedeschi, A. & Williams, J. (2015). IT Interdependence and the Economic Fairness of Cyber-security Regulations for Civil Aviation. IEEE Security & Privacy 13(5): 52-61.
  • Buckle, M., Chen, J. & Williams, J. (2014). How predictable are equity covariance matrices? Evidence from high frequency data for four markets. Journal of Forecasting 33(7): 542-557.
  • Calice, G., Chen, J. & Williams, J. (2013). Liquidity spillovers in sovereign bond and CDS markets: An analysis of the Eurozone sovereign debt crisis. Journal of Economic Behavior & Organization 85: 122-143.
  • Calice, G., Chen, J. & Williams, J. (2013). Are there benefits to being naked? The returns and diversification impact of capital structure arbitrage. The European Journal of Finance 19(9): 815-840.
  • Calice, G., Ionnadis, C. & Williams, J. (2012). Credit Derivatives and the Default Risk of Large Complex Financial Institutions. Journal of Financial Services Research 42(1-2): 85-107.
  • Ioannidis, C., Pym, D. & Williams, J. (2012). Information Security Trade-offs and Optimal Patching Policies. European Journal of Operational Research 216(2): 434-444.
  • Chen, J., Buckland, R. & Williams, J. (2011). Regulatory Changes, Market Integration and Spillover Effects in the Chinese A, B and Hong Kong Equity Markets. Pacific-Basin Finance Journal 19(4): 351-373.
  • Williams, J. & Ioannidis, C. (2011). Multivariate Asset Price Dynamics with Stochastic Covariation. Quantitative Finance 11(1): 125-134.

Contact Details

Professor in Accounting and Finance
+44 191 3345301