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Durham University

Research & business

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Professor Julian Williams, BSc, MSc, PhD

Professor in Accounting and Finance in the Business School
Telephone: +44 (0) 191 33 45301
Room number: MHL 144
Room number: W225, IHRR

Contact Professor Julian Williams (email at


Since 2019 I have been the executive director of the Durham University Institute of Hazard Risk and Resilience, and was co-director from 2016. My main research is in the area of risk management, risk mitigation and the design of fair institutional structures.

My research training was in applied mathematical modelling and applied stochastic modelling of financial instruments and the valuation of risk. Since 2014 I have been a Professor of Accounting and Finance at Durham university in the Business School specialising in the theory of risk management and in particular the interaction between technology and physical and cyber hazards.

My research interests span from valuation of financial models to understanding the security of physical systems such as transport and critical infrastructure. I have been the scientific director of the European Commission project SECONOMICS, worked on the Technology Strategy Board funded project Cloud Stewardship Economics, lead on Durham’s participation in the SESAR SJU, principle investigator on two industry Fintech projects on international currency risk and derivatives pricing and co-investigator on several other projects including the Living Deltas GCRF hub, where I am co-workpackage lead.

Research Groups

Business School

Research Interests

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

Indicators of Esteem

  • Futures Mex Patent Application:

    FuturesMEX technologies are the object of the following patent applica- tions: US62/625,428 and PG448130GB


Chapter in book

  • Beckerman, Carly & Williams, Julian (Accepted). Privacy Economics: From information theory to privacy as an asset. In Encyclopedia of Cryptography, Security and Privacy. Springer.
  • Beckerman, Carly & Williams, Julian (Accepted). The Economics of Surveillance. In Encyclopedia of Cryptography, Security and Privacy. Springer.
  • Caulfield, T., Pym, D. & Williams, J. (2014). Compositional Security Modelling Structure, Economics, and Behaviour. In Springer. 8533: 233-245.
  • 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.
  • 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.

Conference Paper

  • Ngo, Chan Nam Massacci, Fabio, Kerschbaum, Florian & Williams, Julian (Accepted), Practical Witness-Key-Agreement for Blockchain-based Dark Pools Financial Trading, Financial Cryptography and Data Security 2021.
  • Massacci, F., Ngo, C.N., Nie, J., Venturi, D. & Williams, J. (2018), FuturesMEX: Secure Distributed Futures Market Exchange, 2018 IEEE Symposium on Security and Privacy (SP). San Francisco, IEEE, Piscataway, NJ, 335-353.
  • Massacci, F., Ngo, C.N., Venturi, D. & Williams, J. (2018), Non-Monotonic Security Protocols and Failures in Financial Intermediation, Cambridge International Workshop on Security Protocols. Cambridge, England, Springer International Publishing.
  • Massacci, F., Ngo, C.N., Nie, J., Venturi, D. & Williams, J. (2017), The seconomics (security-economics) vulnerabilities of Decentralized Autonomous Organizations, in Stajano, F., Anderson, J., Christianson, B. & Matyáš, V. eds, Lecture Notes in Computer Science, vol 10476 25th Cambridge International Workshop on Security Protocols. Cambridge, England, Springer, Cham, 171-179.
  • 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

  • Abdelsalam, O, Elnahass, M, Ahmed, H & Williams, J (2022). Asset Securitizations and Bank Stability:Evidence from Different Banking Systems. Global Finance Journal 51: 100551.
  • Nie, Jing, Malagon, Juliana & Williams, Julian (2022). The impact of high speed quoting on execution risk dynamics: Evidence from interest rate futures markets. Journal of Futures Markets
  • Aylett-Bullock, J., Cuesta-Lazaro, C., Quera-Bofarull, A., Icaza-Lizaola, M., Sedgewick, A., Truong, H., Curran, A., Elliott, E. , Caulfield, T., Fong, K., Vernon, I. , Williams, J., Bower, R. & Krauss, F. (2021). JUNE: open-source individual-based epidemiology simulation. Royal Society Open Science 8(7).
  • Dovonon, Prosper Taamouti, Abderrahim & Williams, Julian (2021). Testing the Eigenvalue Structure of Spot and Integrated Covariance. Journal of Econometrics
  • Allodi, Luca Massacci, Fabio & Williams, Julian (2021). The Work-Averse Cyber Attacker Model: Theory and Evidence From Two Million Attack Signatures. Risk Analysis
  • Calice, G., Chen, J. & Williams, J. (2020). Forecasting Options Prices Using Discrete Time Volatility Models Estimated at Mixed Timescales. Journal of Derivatives 27(3): 45-74.
  • Williams, J. M., Kuper, G. & Massacci, F. (2020). Who should pay for interdependent risk? Policy implications for security interdependence among airports. Risk Analysis 40(5): 1001-1019.
  • Elliot, K., Patacconi, A., Swierzbinski, J. & Williams, J. (2019). Knowledge protection in firms: A conceptual framework and evidence from HP Labs. European Management Review 16(1): 179-193.
  • Ioannidis, C., Pym, D., Williams, J. & Gheyas, I. (2019). Resilience in Information Stewardship. European Journal of Operational Research 274(2): 638-653.
  • 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.
  • 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.
  • Buckle, M., Chen, J. & Williams, J. (2016). Realised higher moments theory and practice. European journal of finance 22(13): 1272-1291.
  • 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.
  • 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.
  • 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). 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., 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., 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.
  • Williams, J. & Ioannidis, C. (2011). Multivariate Asset Price Dynamics with Stochastic Covariation. Quantitative Finance 11(1): 125-134.
  • 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.

Working Paper

  • Allodi, Luca, Massacci, Fabio & Williams, Julian (Published). The Work-Averse Cyber Attacker Model: Theory and Evidence From Two Million Attack Signatures.


Selected Grants

  • 2017: Bilateral ESRC/FNR: Experimental assessment fo the societal impact of alogrithmic traders in asset markets (£318959.63 from ESRC Centre for Social and Economic Research on Innovation in Genomics (INNOGEN))

Teaching Groups

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