Institute of European Finance, Bangor Business School

The Institute of European Finance conducts topical and innovative academic research in banking, finance, accounting, and data analytics. Drawing on the wide experience of our core and associate members, the Centre offers expert analysis of current issues and challenges facing the banking and financial sectors. The Centre works with multilateral organisations, national governments, regulatory authorities, and public and private financial institutions to promote evidence-based policy decisions, competitiveness within the industry, economic growth, and to achieving more inclusive economies and societies.

Our Mission Statement

The Research Centre leverages The Albert Gubay Business School global reputation in banking and finance research to focus on addressing national and international environmental, social and economic issues. Since its foundation in 1973, the Institute of European Finance has a mission of leading cutting-edge research that has a real impact on the banking and finance industries, and to disseminate its outputs through publications, conferences, and events..

About Us

The Centre has a proven track record of successfully delivering major projects and research consultancies, supervising postgraduate to a high standard, and engaging with industry participants at all levels. Drawing on the expertise of a broad range of academics and researchers, the Institute of European Finance provides:

Access to leading experts for commissioned research
Industry standard and prominent databases for research purposes
Postgraduate opportunities
Published research materials and seminars
An unrivalled collection of specialist market research material

OUR RESEARCH PLANNING GROUPS Accounting and Governance

Members of the Accounting & Governance research planning group explore the different means and aspects of accounting (including corporate communication) and governance, in relation to a broad range of organisations and stakeholders, and using a wide range of theoretical frameworks and methodologies. The aim is to explore how organisations interact with interested audiences, via text (e.g. annual report documents, CSR report, press releases, proxy statements), financial statements, and engagement (e.g., proxy voting), and how communications, governance mechanisms, and institutions influence internal and external audiences’ perceptions and decisions, and organisational outcomes.

Emeritus staff

Professor Doris Merkl-Davies

PhD students:

Paul Roberts
Esther Fiattor
Khatera Naseri
Ricardo Verschueren
Mujahid Aljanabi
Nkiruka Arene

OUR RESEARCH PLANNING GROUPS Credit Risk

This research planning group focuses on empirical research on credit risk. This group incorporates staff across the accounting, banking, economics and finance specialisms. The group intends to build on existing research in the School and to encourage new synergies and interdisciplinary research. Three members of the group have an established reputation in credit ratings research at Bangor over a period of more than ten years, along with an established and active PhD group. Our group members include:

External members:

Dr Noemi Mantovan - Liverpool University, UK
Dr Huong Vu - University of Aberdeen, UK
Dr Vu Tran – University of Reading, UK
Dr Thy Nguyen - University of Management and Technology Ho Chi Minh City, Vietnam

PhD Students:

To view a list of PhD projects we have an interest in supervising please visit our PhD course page.

OUR RESEARCH PLANNING GROUPS Data Analytics and Financial Innovation

The Financial Innovation & Data Analytics research group we seek to harness the power of data analytics to uncover novel insights that enhance business practices and financial markets. Our research aims to enhance decision making in business and public sector through data-driven findings. Specific key areas of focus include understanding investor trading behaviour and enhancing the detection and prevention of fraud and related misconduct particularly when related to innovations in finance.

Our group members include:

External Members:

Kota Kobayashi
‪Nikki Cornwell‬
Yun Lu
Prof Oualid Jouini (CentraleSupelec – Universite Paris-Saclay)
Prof Zied Jemai (CentraleSupelec – Universite Paris-Saclay)
Dr Mohammad Hichame Benbitour (Ecole de Management Normandie)

PhD Students:

Jiaxin Li

Business team working through some analytics

OUR RESEARCH PLANNING GROUPS Responsible Banking

The Responsible Banking research group brings together academics to collaborate on topical and high calibre academic research in sustainable banking, industrial structures, and regulation. Through members extensive links with multilateral organisations, regulators, and industry, the research group connects academic researchers with practitioners and policymakers to address some of the biggest questions facing the banking sector.

Our group members include:

Emeritus Staff:

External Members

PhD students:

Highlights

Due to their expertise and global reputation, members of the Institute of European Finance feature frequently in the national and international media. In addition, members often write short blogs in response to current events, disseminate research findings, and inform a wide array of stakeholders. Details of media coverage and appearances, and blogs, can be found below.

Congratulations to Danial, and our former colleague Aziz, whose paper entitled "On Quality of Earnings in SPAC Transactions" has been accepted for publication in The European Journal of Finance.
Yener has spent this week visiting the University of Calabria, giving several research seminars as well as presenting a paper at their workshop and furthering his existing collaboration with their Mafia research group.
Danial and Khaled have been invited to deliver Keynote Addresses and participate in a “Meet the Editors” panel session at the International Conference on Digital Transformation, FinTech, and Business Innovation (ICDFB 2025), which will be hosted by Al-Ahliyya Amman University, Jordan, on 26–27 October 2025. The title of Danial's keynote address is "Genetic AI as artificial economic agent? Avenues for new research in finance and accounting". The title of Khaled's keynote address is" Corporate Narrative Reporting on Digital Technologies".
Welcome to Dr Fahad Almudhaf, Associate Professor of Finance at Kuwait University, who has joined us as a visiting scholar for 12 months. Fahad is hosted by Khaled and will work on research exploring narrative disclosures and sustainability in UK real estate investment trusts (REITs).
Ed’s monthly article for Business News Wales looks at the Technology Prosperity Deal. Wales has the expertise and ambition to lead in semiconductors, AI and digital infrastructure if it acts boldly to turn potential into lasting prosperity. https://businessnewswales.com/the-technology-prosperity-deal-and-wales-global-edge/.
Congratulations to Heather, Laurence, Adrian, and their PhD student Jiaxin Li, who have had their paper entitled “ESG Investment Among Retail Investors: A Systematic Literature Review and Future Research Agenda” accepted for publication in the Journal of Accounting Literature.
Congratulations to Khaled, whose paper entitled "Beyond the Bin: The Effect of Waste Reduction on Real Earnings Management" has been accepted for publication in the International Journal of Finance & Economics.
Congratulations to Bruce and Adrian, whose paper entitled “Benchmarking deep reinforcement learning approaches to trade execution” has been accepted for publication in the Pacific-Basin Finance Journal. https://doi.org/10.1016/j.pacfin.2025.102876

Catching up on previously missed news, congratulations also to Bruce and Adrian, whose paper entitled “Pandemic borders and expenditure impact: Intervention and forecasting insights from Australia” was published in Annals of Tourism Research Empirical Insights in May. https://doi.org/10.1016/j.annale.2024.100163
Two of Yener’s working papers have been presented by his co-authors at the CGRM 2025 conference in Roma:
- Freilli, G., Palmieri, E. and Altunbas, Y. “Financial Innovation or Sustainability? How Fintech M&As and ESG Strategies affect Bank Performance Across Business Models”, CGRM 2025 Conference, Roma, October 2, 2025
- Altunbas, Y., Di Martino, G., Mazzuca M. and Miglietta, F., “Stranded assets and climate-related risks: The case of real estate and the credit market in Italy”, CGRM 2025 Conference, Roma, October 3, 2025.
Nation.Cymru published an article by Ed in which he considers non-technology ideas from Silicon Valley (the Dark Enlightenment in particular) and the possible impact on democracy. The article argues that there are many lessons from a start-up mentality but countries aren’t businesses. https://nation.cymru/opinion/when-startup-thinking-threatens-democracy/.
Congratulations to Binru, whose paper entitled “Can machines learn Chinese mutual funds?” has been accepted for publication in the Pacific-Basin Finance Journal.
Congratulations to Hanxiong, whose paper entitled “CEO social class origins and risk taking” has been accepted for publication in European Financial Management.
Congratulations to Heather, who has been invited to serve on the Programme Committee for the 6th ACM International Conference on AI in Finance for the second year in a row.
Congratulations to Binru, who has received the Outstanding Paper Award at the 2025 International Academic Conference on Digital Finance in China for his paper entitled “Kindred Spirits: Bank ESG Reputation Risk, Loan Syndication Structure, and Renegotiation”.
Congratulations to Khaled, who has had two papers accepted for publication this week:
- “The Impact of COVID-19 Disclosures on Information Asymmetry: Evidence from the United Kingdom” in the Journal of Accounting Literature, and
- “ESG Performance, Family Ownership, and Corporate Risk‐Taking: The Moderating Role of the CSR Committee” in the International Journal of Finance & Economics.
Congratulations to Valantis, whose paper entitled “The demographic transition and stagnation in countries vulnerable to climate change” has been accepted for publication by the Journal of Economic Dynamics and Control.
Congratulations to Duc, who’s bid for £1,510 to the Taith mobility fund has been successful. Duc will visit the Chinese University of Hong Kong, Shenzhen in the autumn. His objective is to initiate a new collaborative project on Artificial Intelligence (AI) adoption and AI washing, and to finalise an ongoing study on mandatory ESG disclosure regulations
Congratulations to Cem Soner (PhD student), who has been awarded a Taith mobility funding worth £2080 (Plus visa costs) for a one-month research visit to the University of Valencia (hosted by Professor Santiago Carbó Valverde) sometime in 2025/26.
Congratulations to Khaled, whose paper entitled “An Empirical Analysis of Waste Management Practices in French Family Firms” has been accepted for publication in Journal of Accounting Literature.
Congratulations to Heather, whose paper entitled “Spatial-Temporal Stock Movement Prediction and Portfolio Selection Based on the Semantic Company Relationship Graph” has been accepted for publication in Quantitative Finance.
Congratulations to Heather, who has been awarded £700 in seed funding to support her role as an event organiser in the ESRC Festival of Social Science. The event, titled “The Hidden Cost of Returns: What Happens After You Click ‘Buy’?”, will be held in late October this year in collaboration with a colleague in Cardiff.
Congratulations to Yener, who has been appointed as a Visiting Professor at the University of Calabria.
Congratulations to Binru, who has been awarded £1,540 by the Taith Research Mobility Programme.
Ed published an article in Business News Wales about the new US trade tariffs and the potential impact on the UK economy - Tariff is not the most beautiful word in the dictionary.
On Wednesday, Ian presented his work at a University of Kent webinar: “AI in Higher Education: What Happened When I Made It Mandatory in Assessments”. He will present this work to the School on 30^th April 2025.
Yener’s recently published research in the Journal of Banking & Finance - Stricter Oversight Needed As Financial Misconduct Drives Risk-Taking in Banking
The UK Chancellor of the Exchequer’s Spring Statement was a focus this week. Ed shared his views with the i Paper and Rhys spoke on Dros Frecwast on BBC Radio Cymru (00:14:00).
Matteo De Leonardis, a researcher from the University of LUM Giuseppe Degennaro, Bari, is currently visiting Bangor to work on a research paper on “Sustainability and bank efficiency” with Yener.
On Wednesday, 26th March 2025, Emmanouil Pyrgiotakis (University of Essex) will presented his paper entitled “High-frequency trading and stock price crash risk” to the BBS Research Seminar Series. Many thanks to Shee Yee for hosting this interesting session.
Dr Binru Zhao presents at the 8th ENTFIN Conference
Islamic Bonds - Shee-Yee Khoo, Assistant Professor in Finance
On Sustainable Supplier Selection and Order Allocation using Combinatorial Auctions - Dr. Sadeque Hamdan
BAFA Annual Conference 2024 - Mahmoud Abdelkader
OR66 Presentation - Dr Chris Davies
Adrian Gepp presents prestigious Royal Statistical Society (RSS) 2023 Conference
IEF member wins Association of European Operational Research Societies award
Professor Adrian Gepp presenting at the Royal Statistical Society (RSS) 2023 Conference in Harrogate
"Bangor Business School represented at EFiC Conference in Italy"
The crisis-filled clouds do have a silver lining
Why UK inflation is so high compared to EU and US and what to do about it

Working Papers and Publications

The Institute of European Finance is a name synonymous with research excellence. Members conduct rigorous academic analysis and combine knowledge and tools from different disciplines to meet current and future challenges. Details of members’ publications can be found below.