Centre for Banking, Institutions and Development (CBID)

A research group of the Business School.

The various facets of financial intermediation form the backbone of our financial system and our economy, from traditional maturity transformation activities to securitization and shadow banking. The recent banking crisis highlights instances of financial intermediation failures with widespread systemic effects.

Our challenge is to better understand the nature of risk and adopt policies that match the fast-evolving financial sector.

The Centre for Banking, Institutions and Development (CBID) is involved in a range of on-going research projects examining emerging issues in bank and non-bank financial intermediation from macro- as well as micro-prudential perspectives. We engage with commercial and investment banks and policy makers who have an active interest in our research projects and are also beneficiaries of our research.

Our research, while influencing practice, aims to understand the dynamics of money and banking. Some of our current areas of research include banking efficiency measurement, bank crash risk, systemic risk, liquidity management, and credit information sharing, among others. The centre also has an active interest in studying banking frictions in credit supply and demand, and investigating broader issues in financial sector development, financial inclusion and microfinance.

Visit the Centre's website

Staff

Department of Economics and Finance, Durham University Business School, Mill Hill Lane, Durham, DH1 3LB

• Professor Kevin Dowd
• Professor Muhammed-Shahid Ebrahim
• Dr Xian Gu
• Dr Xinyi Huang
• Dr Anthony Kyiu
• Dr Ivan Lim
• Mr Ian Lincoln
• Dr Anamaria Nicolae
• Dr Nikos Paltalidis
• Professor Dennis Philip
• Dr Rebecca Stratling
• Professor Francesco Vallascas
• Professor Julian Williams
• Dr Yeqin Zeng
• Professor Qi Zhang

Faculty, Durham University Business School, Mill Hill Lane, Durham DH1 3LB

• Professor Panayiotis Andreou
• Dr Anurag Narayan Banerjee
• Dr Damian Damianov
• Dr Rataporn Deesomsak
• Dr Felix Irresberger
• Prof Dimitris Petmezas
• Dr Chao Yin

Publications by staff in this group

Journal Article

• Andreou,P. (2020). Corporate Environmental Proactivity: Evidence from the European Union’s Emissions Trading System. British Journal of Management
• Engels, C., Kumar, K. & Philip, D. (2020). Financial literacy and fraud detection. The European Journal of Finance 26(4-5): 420-442.
• Andreou, P. , Kagkadis, A., Maio, P. & Philip, D. (2020). Dispersion in options investors' versus analysts' expectations: Predictive inference for stock returns. Critical Finance Review
• Andreou, P., Harris, T. & Philip, D. (2020). Measuring firms' market orientation using textual analysis of 10-K filings. British Journal of Management 31(4): 872-895.
• Pearson, N. D., Yang, Z. & Zhang, Q (2020). The Chinese Warrants Bubble: Evidence from Brokerage Account Records. The Review of Financial Studies 34(1): 264-312.
• Castro, P., Keasey, K., Amor-Tapia, B., Tascon, M.T. & Vallascas, F. (2020). Does Debt Concentration Depend on the Risk-Taking Incentives in CEO Compensation?. Journal of Corporate Finance 64: 101684.
• Allen, Franklin & Gu, Xian (2020). Shadow banking in China compared to other countries. The Manchester School
• Mavis, Christos P., McNamee, Nathan P., Petmezas, Dimitris & Travlos, Nickolaos G. (2020). Selling to buy: Asset sales and acquisitions. Journal of Corporate Finance 62: 101587.
• Aktas, N., Andreou, P.C., Karasamani, I. & Philip, D. (2019). CEO duality, agency costs, and internal capital allocation efficiency. British Journal of Management 30(2): 473-493.
• Li, Y. & Zeng, Y. (2019). The impact of top executive gender on asset prices: Evidence from stock price crash risk. Journal of Corporate Finance 58: 528-550.
• Andreou, P, Kagkadis, A Philip, D & Taamouti, A (2019). The information content of forward moments. Journal of Banking and Finance 106: 527-541.
• Lim, Ivan , Hagendorff, Jens & Armitage, Seth (2019). Is the Fox Guarding the Henhouse? Bankers in the Federal Reserve, Bank Leverage and Risk-shifting. Journal of Corporate Finance 58: 478-504.
• Aktas, Nihat, Louca, Christodoulos & Petmezas, Dimitris (2019). CEO overconfidence and the value of corporate cash holdings. Journal of Corporate Finance 54: 85-106.
• Dahya, Jay, Golubov, Andrey, Petmezas, Dimitris & Travlos, Nickolaos G. (2019). Governance mandates, outside directors, and acquirer performance. Journal of Corporate Finance 59: 218-238.
• Gu, Xian, Hasan, Iftekhar & Zhu, Yun (2019). Political influence and financial flexibility: Evidence from China. Journal of Banking & Finance 99: 142-156.
• Cai, C. X., McGuinness, P.B. & Zhang, Q. (2018). Credit scores and the performance of newly-listed stocks: An exploration of the Chinese A-share market. Review of Quantitative Finance and Accounting 51(1): 79-111.
• Maio, P. & Philip, D. (2018). Economic activity and momentum profits: further evidence. Journal of Banking and Finance 88: 466-482.
• Andreou, P.C., Kagkadis, A., Philip, D. & Tuneshev, T. (2018). Differences in options investors' expectations and the cross-section of stock returns. Journal of Banking and Finance 94: 315-336.
• Brooks, Chris., Chen, Zhong. & Zeng, Yeqin. (2018). Institutional cross-ownership and corporate strategy: The case of mergers and acquisitions. Journal of Corporate Finance 48: 187-216.
• Ward, Charles, Yin, Chao & Zeng, Yeqin (2018). Institutional investor monitoring motivation and the marginal value of cash. Journal of Corporate Finance 48: 49-75.
• Andreou, P. & Philip, D. (2018). Financial knowledge among university students and implications for personal debt and fraudulent investments. Cyprus Economic Policy Review 12(2): 3-23.
• Yin, Chao , Ward, Charles & Tsolacos, Sotiris (2018). Motivated monitoring: The importance of the institutional investment horizon. International Review of Financial Analysis 60: 197-212.
• Hagendorff, Jens Keasey, Kevin & Vallascas, Francesco (2018). When Banks Grow Too Big for Their National Economies: Tail Risks, Risk Channels, and Government Guarantees. Journal of Financial and Quantitative Analysis 53(5): 2041-2066.
• Allen, Franklin, Bartiloro, Laura, Gu, Xian & Kowalewski, Oskar (2018). Does economic structure determine financial structure?. Journal of International Economics 114: 389-409.
• Boubaker, S., Gounopoulos, D., Nguyen, D.K. & Paltalidis, N. (2017). Assessing the effects of unconventional monetary policy and low interest rates on pension fund risk incentives. Journal of Banking and Finance 77: 35-52.
• Cai, C.X., Mobarek, A. & Zhang, Q. (2017). International Stock Market Leadership and its Determinants. Journal of Financial Stability 33: 150-162.
• Andreou, P.C., Cooper, I., Louca, C. & Philip, D. (2017). Bank loan loss accounting treatments, credit cycles and crash risk. The British Accounting Review 49(5): 474-492.
• Andreou, P., Christodoulos, L. & Andreas, P. P. (2017). CEO Age and Stock Price Crash Risk. Review of Finance 21(3): 1287-1325.
• Andreou, P.C., Karasamani, I., Louca, C. & Ehrlich, D. (2017). The impact of managerial ability on crisis-period corporate investment. Journal of Business Research 79: 107-122.
• Chen, Zhong, Han, Bo & Zeng, Yeqin (2017). Financial Hedging and Firm Performance: Evidence from Cross-border Mergers and Acquisitions. European Financial Management 23(3): 415-458.
• Srivastav, Abhishek, Keasey, Kevin, Mollah, Sabur & Vallascas, Francesco (2017). CEO turnover in large banks: Does tail risk matter?. Journal of Accounting and Economics 64(1): 37-55.
• Vallascas, Francesco, Mollah, Sabur & Keasey, Kevin (2017). Does the impact of board independence on large bank risks change after the global financial crisis?. Journal of Corporate Finance 44: 149-166.
• Croci, Ettore, Pantzalis, Christos, Park, Jung Chul & Petmezas, Dimitris (2017). The role of corporate political strategies in M&As. Journal of Corporate Finance 43: 260-287.
• Kirkpatrick, Ian, Vallascas, Francesco & Veronesi, Gianluca (2017). Business Experts on Public Sector Boards: What Do They Contribute?. Public Administration Review 77(5): 754-765.
• Andreou, P., Philip, D. & Robejsek, P. (2016). Bank liquidity creation and risk-taking: Does managerial ability matter?. Journal of Business Finance and Accounting 43(1-2): 226-259.
• Cai, C. X. & Zhang, Q. (2016). High-Frequency Exchange Rate Forecasting. European Financial Management 22(1): 120-141.
• Ebrahim, M. S., Jaafar, A., Omar, F. A. & Salleh, M. O. (2016). Can Islamic Injunctions Indemnify the Structural Flaws of Securitized Debt?. Journal of Corporate Finance 37: 271-286.
• Andreou, P., Louca, C. & Petrou, A. P. (2016). Organizational Learning and Corporate Diversification Performance. Journal of Business Research 69(9): 3270-3284.
• Andreou, P., Antoniou, C., Horton, J. & Louca, C. (2016). Corporate Governance and Firm-specific Stock Price Crashes. European Financial Management 22(5): 916-956.
• Toms, S. & Zhang, Q. (2016). Marks & Spencer and the Decline of the British Textile Industry, 1950-2000. Business History Review 90(1): 3-30.
• Dinger, Valeriya & Vallascas, Francesco (2016). Do Banks Issue Equity When They Are Poorly Capitalized?. Journal of Financial and Quantitative Analysis 51(5): 1575-1609.
• Golubov, Andrey, Petmezas, Dimitris & Travlos, Nickolaos G. (2016). Do Stock-Financed Acquisitions Destroy Value? New Methods and Evidence. Review of Finance 20(1): 161-200.
• Balloch, A., Nicolae, A. & Philip, D. (2015). Stock market literacy, trust, and participation. Review of Finance 19(5): 1925-1963.
• Maio, P. & Philip, D. (2015). Macro variables and the components of stock returns. Journal of Empirical Finance 33: 287-308.
• Paltalidis, N., Gounopoulos, D., Kizys, R. & Koutelidakis, Y. (2015). Transmission Channels of Systemic Risk and Contagion in the European Financial Network. Journal of Banking and Finance 61(1): S36-S52.
• Zhang, Q., Vallascas, F., Keasey, K. & Cai, C. X. (2015). Are Market-Based Measures of Global Systemic Importance of Financial Institutions Useful to Regulators and Supervisors?. Journal of Money, Credit and Banking 47(7): 1403-1442.
• Andreou, P. (2015). Effects of market default risk on index option risk-neutral moments. Quantitative Finance 15(12): 2021-2040.
• Croci, Ettore & Petmezas, Dimitris (2015). Do risk-taking incentives induce CEOs to invest? Evidence from acquisitions. Journal of Corporate Finance 32: 1-23.
• Aktas, Nihat, Croci, Ettore & Petmezas, Dimitris (2015). Is working capital management value-enhancing? Evidence from firm performance and investments. Journal of Corporate Finance 30: 98-113.
• Andreou, P.C. , Charalambous, C. & Martzoukos,S. (2014). Assessing the performance of symmetric and assymetric implied volatility functions. Review of Quantitative Finance and Accounting 42(3): 373-397
• Ebrahim, M. S., Mathur, I. & Gwilym, R. A. (2014). Integrating corporate ownership and pension fund structures: A general equilibrium approach. Journal of Banking & Finance 49: 553-569.
• Zhang, Q., Cai, C.X. & Keasey, K. (2014). The profitability, costs and systematic risk of the post-earnings announcement drift trading strategy. Review of Quantitative Finance & Accounting 43(3): 605-625.
• Karampatsas, Nikolaos, Petmezas, Dimitris & Travlos, Nickolaos G. (2014). Credit ratings and the choice of payment method in mergers and acquisitions. Journal of Corporate Finance 25: 474-493.
• Kuo, J-M., Philip, D. & Zhang, Q (2013). What drives the disappearing dividends phenomenon?. Journal of Banking and Finance 37(9): 3499-3514.
• Zhang, Q., Cai, C.X. & Keasey, K. (2013). Market reaction to earnings news: A unified test of information risk and transaction costs. Journal of Accounting and Economics 56(2-3): 251-266.
• Vallascas, Francesco & Hagendorff, Jens (2013). The Risk Sensitivity of Capital Requirements: Evidence from an International Sample of Large Banks. Review of Finance 17(6): 1947-1988.
• Golubov, Andrey, Petmezas, Dimitris & Travlos, Nickolaos G. (2012). When It Pays to Pay Your Investment Banker: New Evidence on the Role of Financial Advisors in M&As. Journal of Finance 67(1): 271-312.
• Allen, Franklin, Gu, Xian & Kowalewski, Oskar (2012). Financial crisis, structure and reform. Journal of Banking & Finance 36(11): 2960-2973.
• Hagendorff, Jens & Vallascas, Francesco (2011). CEO pay incentives and risk-taking: Evidence from bank acquisitions. Journal of Corporate Finance 17(4): 1078-1095.
• Alexandridis, G., Petmezas, D. & Travlos, N.G. (2010). Gains from Mergers and Acquisitions Around the World: New Evidence. Financial Management 39(4): 1671-1695.
• Antoniou, A. , Guo, M. & Petmezas, D. (2008). Merger momentum and market valuations: The UK evidence. Applied Financial Economics 18(17): 1411-1423.
• Alexandridis, G., Antoniou, A. & Petmezas, D. (2007). Divergence of opinion and post-acquisition performance. Journal of Business, Finance & Accounting 34(3-4): 439-460.
• Petmezas, D. & Doukas, J. (2007). Acquisitions, overconfident managers and self-attribution bias. European Financial Management 13(3): 531-577.
• Antoniou, A., Petmezas, D. & Zhao, H. (2007). Bidder gains and losses of firms involved in many acquisitions. Journal of Business Finance & Accounting 34(7-8): 1221-1244.
• Cooper, Ilan, Ma, Liang, Maio Paulo & Philip, Dennis (Accepted). Multifactor Models and Their Consistency with the APT. Review of Asset Pricing Studies