Centre for Finance, Governance, and Sustainable Growth
Financial regulation, markets and investors
The financial industry is at the heart of economic growth and social advancement — and it holds the key to building a sustainable future. Without the active involvement of private finance, neither the green transition nor digitalization will succeed. Yet today's financial structures, regulations, and products are not designed to meet the demands of these critical transformations. The traditional focus on short-term returns and shareholder value has too often led to environmental damage, societal inequalities, and economic risks. Also, an “old-fashion” regulatory oversight of new financial products delays, and even hampers potential benefits of financial innovation.
Our research tackles some of the most pressing questions:
- How can corporate boards be incentivized to look beyond short-term profits and contribute to long-term value creation?
- How can we better measure and report a company’s real impact on the climate, communities, and the economy?
- What drives investors — both institutional and retail — to embrace green investment opportunities and adoption of financial technology?
- What changes to regulation are needed to ensure that, on one hand financial markets provide sound investment opportunities, and on the other hand promote sustainable growth, environmental protection, and societal well-being?
By advancing knowledge and proposing practical solutions, we are helping to chart the path towards a financial system that is resilient, responsible, and ready for the future.
Lead: Professor Ania Zalewska
Our experts
- Professor Marcel Ausloos
- Dr Kaustav Das
- Dr Carlos Diaz
- Dr Lucy Ferdous
- Dr Deborah Gefang
- Professor Dan Ladley
- Dr Zhiyong Li
- Dr Evangelos Litos
- Dr Ali Malik
- Dr Mahmoud Marzouk
- Dr Gaurav Mehta
- Dr Linh Nguyen
- Dr Ayman Omar
- Dr Bo Pan
- Dr Jacob Seifert
- Professor Mohamed Shaban
- Professor Dan Smith
- Dr Jiajun Tao
- Dr Min Yang
- Professor Ania Zalewska
- Professor Tianshu Zhao
- Dr Dalu Zhang
Selected outputs
- Seifert. J., 2025, Bank Capital and Misconduct Incentives Journal of Economics & Management Strategy (forthcoming)
- Li Z., Z. Li, W. Qin, 2025, ESG Risk and Market Return Predictability: New Evidence From the Eurozone, European Financial Management (forthcoming)
- Mehta, G., 2025,
- Gramlich, D., Yan, M., Zhang, D., 2024, Bank Lending and Policy Interactions – A Comprehensive Assessment for the G20 Countries, International Journal of Finance and Economics.
- Chen., J., Ausloos, M., 2023, A study about who is interested in stock splitting and why: considering companies, shareholders or managers, Journal of Risk and Financial Management 16 (2) 68 Ausloos, M., 2023, Shannon Entropy and Herfindahl-Hirschman Index as Team's Performance and Competitive Balance Indicators in Cyclist Multi-Stage Races, Entropy 25(6), 955
- Vinte, C., Ausloos, M., 2023, Portfolio Volatility Estimation Relative to Stock Market Cross-Sectional Intrinsic Entropy, Journal of Risk and Financial Management 16, 114
- Eccles, P., Grout, P.A., Siciliani, P., Zalewska, A., 2023. , Bank of England Staff Working Paper 1039
- Zalewska, A., Y. Zhang, Z, Zong, 2023, ,
- Xiao, Q., Yan, M., Zhang, D., 2023. Commodity market financialization, herding and signals: An asymmetric GARCH R-vine copula approach. International Review of Financial Analysis, 89 102743 Adcock, C., Ye, C., Yin, S., Zhang, D., 2023, Are Chinese B-shares dead? An analysis of price limits on AB-shares on the Shanghai and Shenzhen Stock Exchanges. International Review of Economics and Finance, 85, 306-315
- Zalewska, A., 2022, Management Science 68(7), 5384-5402,
- Zalewska, A., 2022, 31(1), 161-177,
- Nguyen, L.X.D., Chevapatrakul, T., Mateut, S., 2022, Shock transmissions and business linkages among US sectors, Annals of Operations Research, 1-36.
- Ausloos, M., Bronlet, Ph., 2022, Economic Freedom: The Top, the Bottom, and the Reality. I. 1997-2007 Entropy 24, 38
- Al Yaqoobi, A., Ausloos, M., 2022, An Intergenerational Issue: the equity issues due to Public-Private Partnerships. The critical aspect of the Social Discount Rate choice for future generations. Journal of Risk and Financial Management 15, 49
- Vinte, C., Ausloos, M., 2022, The Cross-Sectional Intrinsic Entropy. A Comprehensive Stock Market Volatility Estimator, Entropy 24, 623
- Shi, J., Ausloos, M., Zhu, T., 2022, If global or local investor sentiments are prone to developing an impact on stock returns, is there an industry effect? International Journal of Finance & Economics 27(1), 1309-1320
- Pham, R., Ausloos, M., 2022, Insider trading in the run-up to merger announcements. Before and after the UK’s Financial Services Act 2012. International Journal of Finance and Economics 27(3), 3373-3385
- Haven, E., Ausloos, M., Jafari, R., Saakian, D., 2022, Editorial: The paradigm of complexity and the real data of socio-economy. Front. Phys. 10:1068088
- Un, K.S., Ausloos, M., 2022, Equity Premium Prediction Taking into Account the Role of Long, even Asymmetric, Swings in Stock Market Behavior. Physica A 608, 128285
- Lambe, B., Li, Z., Qin, W., 2022, Uncertain times and the insider perspective, International Review of Financial Analysis 81, 102138
- Omar, A., Lambe, B., Wisiniewski, T., 2021, Perceptions of the threat to national security and the stock market, Journal of Economic Behavior and Organization 186, 504 – 522
- Nguyen, L.H., Nguyen, L.X., Tan, L., 2021, Tail risk connectedness between US industries, International Journal of Finance & Economics 26(3), 3624-3650
- Ausloos, M., Herteliu, C., 2021, Statistical Analysis of the Membership Management Indicators of the Church of England UK Dioceses during the Recent (XXth Century) “Decade of Evangelism”, Stats 4(4), 1069-1079
- Herteliu, C., Jianu, I., Jianu, I., Bobb, V.C., Dhesi, G., Ceptureanu, S.I., Ceptureanu, E.G., Ausloos, M., 2021, Money's importance from the religious perspective, Annals of Operations Research 299(1), 375-399
- Spurr, A. Ausloos, M., 2021, Challenging Practical Features of Bitcoin by the Main Altcoins, Quality and Quantity 55, 1541-1559
- Bowes, J., Ausloos, M., Financial Risk and Better Returns through Smart Beta Exchange Traded Funds? Journal of Risk and Financial Management 14, 283
- Vinte, C., Ausloos, M., Furtuna, T.F., 2021, A Volatility Estimator of Stock Market Indices Based on the Intrinsic Entropy Model, Entropy 23, 484
- Ausloos, M., Ficcadenti, V., Dhesi, G., Shakeel, M., 2021, Benford's laws tests on S&P500 daily closing values and the daily log-returns point to huge non-conformity, Physica A 574, 125969
- Kyere, M., Ausloos, M., Corporate Governance and Firms Financial Performance in the United Kingdom, International Journal of Finance and Economics 26, 1871-1885
- Dhesi, G., Shakeel, B., Ausloos, M., 2021, Modelling and Forecasting the Kurtosis and Returns Distributions of Financial Markets: Irrational Fractional Brownian Motion Model Approach, Annals of Operations Research 2999(1), 1397-1410
- Zhang, Y., Ausloos, M., 2021, Financial pre-factors for post-performance of cross-border Mergers & Acquisitions, Journal of Chinese Economic and Business Studies 19, 147-161
- Zalewska, A., Zhang, Y., 2021, ,
- Eccles, P., Grout, P.A., Siciliani, P., Zalewska, A., 2021, , Bank of England Staff Working Paper 930
- Zalewska, A., Working Paper, University of Bath.
- Zalewska, A., Zhang, Y., 2020, Mutual funds’ exits, financial crisis and Darwin, Journal of Corporate Finance 65
- Nguyen, L.X.D., Mateut, S., Chevapatrakul, T., 2020, Business-linkage volatility spillovers between US industries, Journal of Banking & Finance 111, 105699.
- Ausloos, M., Ma, Q., Kaur, P., Syed, B., Dhesi, G., 2020, Duration Gap Analysis Revisited Method in Order to Improve Risk Management. The case of (Chinese) commercial bank interest rate risks after interest rate liberalisation, Soft Computing 24, 13609-13627
- Ausloos, M., Zhang, Y., G. Dhesi, G., 2020, Stock index futures trading impact on spot price volatility. The CSI 300 studied with a TGARCH model.Expert Systems with Applications 160, 113688
- Cerqueti, R., Rotundo, G., Ausloos, M., Tsallis entropy for cross-shareholding network configurations, Entropy 22(6), 676.
- Manavi, S.A., Jafari, G., Rouhani, S., Ausloos, M., 2020, Demythifying the belief in cryptocurrencies decentralized aspects. A study of cryptocurrencies time cross-correlations with common currencies, commodities and financial indices, Physica A 556, 124759
- Ausloos, M., 2020, Rank-size law, financial inequality indices and gain concentrations by cyclist teams, Physica A 540 123161
- Hudson, Y., Yan, M., Zhang, D., 2020, Herd behaviour & investor sentiment: Evidence from UK mutual funds ,International Review of Financial Analysis 71, 101494.
- Adcock, C., Ye, C., Yin, S., Zhang, D., 2020, Price Discovery and Volatility Spillover with Price Limits on Chinese A-Share Market: A Truncated GARCH approach. Journal of the Operational Research Society 70(10), 1709-1719
- Ongena, S., Zalewska, A., 2019, Saving for old age: Institutional and individual investors, Journal of Banking and Finance 92, 257-268
- Zhang, D., Yan, M., Tsopanakis, A., 2018. Financial stress relationships among Euro area countries: an R-vine copula approach, European Journal of Finance 24(17), 1587-1608