City Research Online

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Acosta-Smith, J., Ferrara, G. & Rodriguez-Tous, F. ORCID: 0000-0001-8394-2770 (2025). Bank Capital Regulation and Derivatives Clearing. International Journal of Finance and Economics, article number ijfe.3104. doi: 10.1002/ijfe.3104

Alizadeh-Masoodian, A. ORCID: 0000-0003-1588-6214, Groven, B. R, Marchese, M. ORCID: 0000-0001-6801-911X , Moutzouris, I., Risstad, M. & Rustad, C. A. B.view all authors (2025). A hybrid combination approach to forecast freight rates volatility. Quantitative Finance, pp. 1-22. doi: 10.1080/14697688.2025.2568045

Amici, G., Ballotta, L. ORCID: 0000-0002-2059-6281 & Semeraro, P. (2025). Multivariate Additive Subordination with Applications in Finance. European Journal of Operational Research, 321(3), pp. 1004-1020. doi: 10.1016/j.ejor.2024.10.010

Andrew, M. ORCID: 0000-0002-5256-4882, Culley, J., Lux, N. ORCID: 0000-0001-6097-8498 & Skouralis, A.view all authors (2025). Climate Risk, insurance retreat and mortgage exposure: implications for UK households and housing finance. Housing Finance International, Summer 2025, pp. 27-34.

Ayadi, R., Bongini, P., Casu, B. ORCID: 0000-0003-3586-328X & Cucinelldi, D.view all authors (2025). The origin of financial instability and systemic risk: Do Bank Business Models Matter?. Journal of Financial Stability, 78, article number 101403. doi: 10.1016/j.jfs.2025.101403

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Ballotta, L. ORCID: 0000-0002-2059-6281, Eberlein, E. & Rayée, G. (2025). The term structure of implied correlations between S&P and VIX markets. Frontiers of Mathematical Finance, 5, pp. 73-93. doi: 10.3934/fmf.2025005

Banti, C. & Phylaktis, K. ORCID: 0000-0001-9392-1682 (2025). Are Institutional Investors the Culprit of Rising Global House Prices?. Real Estate Economics, 53(2), pp. 210-265. doi: 10.1111/1540-6229.12514

Bertolosi, C. (2025). Essays on firm’s operational flexibility. (Unpublished Doctoral thesis, City, University of London)

Blake, D. ORCID: 0000-0002-2453-2090 (2025). Written evidence to the House of Lords Financial Services Regulation Committee Inquiry into the growth of private markets in the UK following reforms introduced after 2008, 19 August 2025. London, UK: UK Parliament.

Blake, D. ORCID: 0000-0002-2453-2090 & Cairns, A. J. G. (2025). Longevity risk and capital markets: the 2023–2024 update. European Actuarial Journal, 15(2), pp. 505-508. doi: 10.1007/s13385-025-00421-y

Blake, D. ORCID: 0000-0002-2453-2090 & Pickles, J. (2025). Mental time travel and the valuation of financial investments: analysing five biases that cause pricing anomalies. Review of Behavioral Finance, 17(1), pp. 1-18. doi: 10.1108/rbf-11-2023-0303

Brownen-Trinh, R., Cho, J. J. & Bilinski, P. ORCID: 0000-0002-0499-6429 (2025). Retail Investors’ Trades around Comment Letter Disclosures. Journal of Business Finance & Accounting, article number jbfa.12863. doi: 10.1111/jbfa.12863

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Cairns, A., Blake, D. ORCID: 0000-0002-2453-2090, Kessler, A. & Kessler, M.view all authors (2025). The Impact of Covid-19 on Higher-Age Mortality. Medical Research Archives, 13(1), doi: 10.18103/mra.v13i1.6186

Cairns, A. J. G. ORCID: 0000-0001-9732-4850, Blake, D. ORCID: 0000-0002-2453-2090, Kessler, A. , Kessler, M. & Mathur, R.view all authors (2025). Covid-19 mortality: the Proportionality Hypothesis. European Actuarial Journal, 15(2), pp. 509-554. doi: 10.1007/s13385-024-00400-9

Casu, B. ORCID: 0000-0003-3586-328X, Gallo, A. & Sarkisyan, A. (2025). Shadow Banking and Non-Bank Financial Intermediation. (4th ed.) In: Berger, A., Molyneux, P. & Wilson, J. (Eds.), The Oxford Handbook of Banking. . Oxford, UK: Oxford University Press.

Casu, B. ORCID: 0000-0003-3586-328X & Girardone, C. (2025). From Deregulation to the Twin Transition: Exploring Banking Strategies for Sustainability and Digitalisation. International Journal of Banking, Accounting and Finance, 15(1/2), pp. 139-163. doi: 10.1504/ijbaaf.2025.146546

Casu, B. ORCID: 0000-0003-3586-328X, Kalotychou, E. & Katsoulis, P. (2025). Stress Testing OTC Derivatives: Clearing Reforms and Market Frictions. Journal of Financial Stability, 77, article number 101388. doi: 10.1016/j.jfs.2025.101388

Chen, A., Haberman, S. ORCID: 0000-0003-2269-9759 & Thomas, S. ORCID: 0000-0001-5438-4263 (2025). The Role of the Annuity Price in Decumulation Strategies with Deferred Annuities. Journal of Retirement, 12(3), pp. 44-67. doi: 10.3905/jor.2024.1.173

Chung, Y. G. (2025). Navigating Basel IV and Environmental Regulations: Strategic Approaches to Shipping Finance. (Unpublished Doctoral thesis, City St George's, University of London)

Cincinelli, P. & Pellini, E. ORCID: 0000-0001-9402-3526 (2025). The role of geopolitical and climate risk in driving uncertainty in European electricity markets. Energy Economics, 144, article number 108276. doi: 10.1016/j.eneco.2025.108276

Clare, A. ORCID: 0000-0002-4180-6778, Pinheiro, C., Pozzolo, A. & Reis, J. A. M.view all authors (2025). A Refracted Process in Options: A Credit Valuation Application. Economics Letters, 250, article number 112276. doi: 10.1016/j.econlet.2025.112276

Clare, A. ORCID: 0000-0002-4180-6778, Pinheiro, C. M. & Pozzolo, A. F. (2025). Does the attentiveness of NEDs to ESG issues influence corporate sustainability?. Corporate Social Responsibility and Environmental Management, article number csr.70118. doi: 10.1002/csr.70118

Clare, A. ORCID: 0000-0002-4180-6778, Seaton, J., Smith, P. N. & Thomas, S. ORCID: 0000-0001-5438-4263view all authors (2025). Saving to Decumulate: A Lifetime Journey Based on the Perfect Contribution Rate. The Journal of Retirement, 12(4), pp. 28-45. doi: 10.3905/jor.2025.1.180

Coppola, A., Urga, G. ORCID: 0000-0002-6742-7370 & Varaldo, A. (2025). Asset class liquidity risk indicators. Timing the risk in the European and US equity and bond markets. Journal of Financial Stability, 76, article number 101369. doi: 10.1016/j.jfs.2024.101369

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Dassatti, C., Lluberas, R. & Rodriguez Tous, F. ORCID: 0000-0001-8394-2770 (2025). Loan evergreening through banks' lenses: Evidence from credit product-level data. Journal of Money, Credit and Banking,

Delao, R., Han, X. & Myers, S. (2025). The return of return dominance: Decomposing the cross-section of prices. Journal of Financial Economics, 169, article number 104059. doi: 10.1016/j.jfineco.2025.104059

Do, T. ORCID: 0000-0001-9550-4807 (2025). Mostly Good Robin Hood: Impact of Financial Transaction Tax on Corporate Investment. Corporate governance. An International Review, article number corg.70001. doi: 10.1111/corg.70001

de Almeida, D., Fuertes, A-M. ORCID: 0000-0001-6468-9845 & Hotta, L. K. ORCID: 0000-0002-1005-602X (2025). Out-of-Sample Predictability of the Equity Risk Premium. Mathematics, 13(2), article number 257. doi: 10.3390/math13020257

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Fernandez-Perez, A. ORCID: 0000-0002-9433-7194, Fuertes, A-M. ORCID: 0000-0001-6468-9845 & Miffre, J. ORCID: 0000-0002-4729-9199 (2025). Does Speculation in Futures Markets Improve Commodity Hedging Decisions?. Management Science, doi: 10.1287/mnsc.2024.04940

Fernandez-Perez, A., Fuertes, A-M. ORCID: 0000-0001-6468-9845, Miffre, J. & Zhao, N.view all authors (2025). Newswire Tone-Overlay Commodity Portfolios. Journal of Banking & Finance, 178, article number 107501. doi: 10.1016/j.jbankfin.2025.107501

Fich, E. M., Starks, L. & Tran, A. ORCID: 0000-0001-7090-8063 (2025). Target Firm Advertising and Firm Value. Management Science, 71(2), pp. 1438-1463. doi: 10.1287/mnsc.2022.01534

Fosten, J. ORCID: 0000-0001-5123-8500 & Nandi, S. (2025). Nowcasting U.S. state-level CO2 emissions and energy consumption. International Journal of Forecasting, 41(1), pp. 20-30. doi: 10.1016/j.ijforecast.2023.10.002

Frau, C., Fusai, G. ORCID: 0000-0001-9215-2586 & Kyriakou, I. ORCID: 0000-0001-9592-596X (2025). Energy Commodities and Calendar Spread Options. Energy Economics, 151, article number 108809. doi: 10.1016/j.eneco.2025.108809

Fridgen, G., Kräussl, R. ORCID: 0000-0001-8933-9278, Papageorgiou, O. & Tugnetti, A.view all authors (2025). Pricing dynamics and herding behaviour of NFTs. European Financial Management, 31(2), pp. 670-710. doi: 10.1111/eufm.12506

Fu, J., Ioannidou, V. ORCID: 0000-0002-7996-2346 & Mishra, M. (2025). Banking on Competition: The Spillover Effects of Bank Entry into Microfinance. Journal of Financial and Quantitative Analysis, doi: 10.1017/s0022109025101865

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Gamba, A., Gong, J. Y. ORCID: 0009-0003-4018-588X & Ma, K. (2025). Nondilutive CoCo Bonds: A Necessary Evil?. The Review of Corporate Finance Studies, 14(3), pp. 915-947. doi: 10.1093/rcfs/cfae004

Germano, G., Phelan, C. E., Marazzina, D. & Fusai, G. ORCID: 0000-0001-9215-2586view all authors (2025). Solution of Wiener-Hopf and Fredholm integral equations by fast Hilbert and Fourier transforms. IMA Journal of Applied Mathematics, doi: 10.1093/imamat/hxaf021

Guzman, S., Rezaee, A. & Clare, A. ORCID: 0000-0002-4180-6778 (2025). ETF adoption and equity market macroefficiency. Journal of Portfolio Management, 51(6), pp. 158-174. doi: 10.3905/jpm.2025.1.690

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Halická, M., Trnovská, M. & Černý, A. ORCID: 0000-0001-5583-6516 (2025). On indication, strict monotonicity, and efficiency of projections in a general class of path-based data envelopment models. European Journal of Operational Research, 320(1), pp. 175-187. doi: 10.1016/j.ejor.2024.08.009

Hilders, B., Marx, S. & Tsolacos, S. (2025). The Effect of Sector Specialisation on Unlisted Real Estate Fund Performance Amid Economic Downturns. Journal of Asset Management, 26(1), pp. 15-29. doi: 10.1057/s41260-024-00373-0

Hizmeri, R., Izzeldin, M. & Urga, G. ORCID: 0000-0002-6742-7370 (2025). Identifying the Underlying Components of High-Frequency Data: Pure vs Jump Diffusion Processes. Journal of Empirical Finance, 81, article number 101594. doi: 10.1016/j.jempfin.2025.101594

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Junzi, Z. ORCID: 0000-0002-4960-8741, Bilinski, P. ORCID: 0000-0002-0499-6429, Ivana, R. ORCID: 0000-0003-2982-8445 & James, R.view all authors (2025). Enforcing Disclosure Compliance in Mergers and Acquisitions: Evidence from China. The European Accounting Review, 34(2), pp. 751-784. doi: 10.1080/09638180.2023.2273380

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Kladakis, G., Lux, N. ORCID: 0000-0001-6097-8498 & Skouralis, A. (2025). Exploring the non-linear dynamics between Commercial Real Estate and systemic risk. Journal of Empirical Finance, 82, article number 101607. doi: 10.1016/j.jempfin.2025.101607

Kladakis, G. ORCID: 0000-0003-2502-2401 & Skouralis, A. ORCID: 0000-0003-0835-1457 (2025). Press Freedom and Systemic Risk. Journal of Business Finance & Accounting, 52(3), pp. 1535-1556. doi: 10.1111/jbfa.12855

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Larrain, B., Phillips, G., Sertsios, G. & Urzua, F. ORCID: 0000-0003-4681-7684view all authors (2025). The Effects of Going Public on Firm Profitability and Strategy. The Review of financial studies, 38(8), pp. 2467-2514. doi: 10.1093/rfs/hhaf026

Larrain, B., Sertsios, G. & Urzúa, F. ORCID: 0000-0003-4681-7684 (2025). Funding Contagion through Common Owners. The Review of Corporate Finance Studies, 14(2), pp. 608-648. doi: 10.1093/rcfs/cfad019

Lasfer, M. ORCID: 0000-0003-2338-672X & Ye, X. (2025). Executive Equity-Based Compensation and Tournament Incentives. European Financial Management, 31(3), pp. 1015-1041. doi: 10.1111/eufm.12533

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Mateus, C., Mateus, I. B. & Todorovic, N. ORCID: 0000-0003-4875-623X (2025). Mutual fund performance: The model for selecting persistent winners. European Journal of Finance, The, 31(5), pp. 647-669. doi: 10.1080/1351847x.2024.2425401

Moeller, S. ORCID: 0000-0001-5136-0004 (2025). A Merger of Minds: The Deal that Created City St George's, University of London. Bedfordshire, UK: The Case Centre.

Moutzouris, I., Marchese, M., Papapostolou, N. C. , Efstathiou, A. & Shi, Y. ORCID: 0000-0002-3226-7944view all authors (2025). Green Investment Under Market Uncertainty: Scrubber Installation in Shipping. doi: 10.2139/ssrn.5130549

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Ortiz M., M. ORCID: 0000-0001-5211-1157 & Urzúa, F. ORCID: 0000-0003-4681-7684 (2025). Peer Financial Reports and Corporate Cash Policy. European Accounting Review, doi: 10.1080/09638180.2025.2488344

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Phylaktis, K. ORCID: 0000-0001-9392-1682 & Yamani, E. (2025). Foreign currency forecasting in emerging markets: What can stock, and bond markets tell us?. Journal of Empirical Finance, 83, article number 101641. doi: 10.1016/j.jempfin.2025.101641

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Schmeling, M. ORCID: 0000-0002-4488-6750 & Wagner, C. (2025). Does Central Bank Tone Move Asset Prices?. Journal of Financial and Quantitative Analysis, 60(1), pp. 36-67. doi: 10.1017/s0022109024000073

Shi, Y. ORCID: 0000-0002-3226-7944 (2025). What Matters to Firm Energy Efficiency in Developed Economies: ICT Investment or ICT Expenditure? — An Exploratory Study of the UK. doi: 10.2139/ssrn.5191378

Shi, Y. ORCID: 0000-0002-3226-7944 & Moutzouris, I. (2025). The Economics of Decarbonisation Regulation: The Case of Shipping Efficiency (10.2139/ssrn.5205272). S&P Global Market Intelligence.

Shi, Y. ORCID: 0000-0002-3226-7944, Papapostolou, N. C. ORCID: 0000-0003-4529-1182, Marchese, M. ORCID: 0000-0001-6801-911X , Moutzouris, I. C. ORCID: 0000-0002-6954-9961 & Efstathiou, A.view all authors (2025). Green Investment under Market Uncertainty: Scrubber installation in shipping. Commodity Insights Digest,

Sui, C., Wang, S., Liang, J. & Nomikos, N. ORCID: 0000-0003-1621-2991view all authors (2025). Operating Capacity, Pricing and Supply Elasticity in Container Shipping Markets. International Journal of Finance and Economics, doi: 10.1002/ijfe.70082

Sun, C. ORCID: 0000-0003-4081-2815 (2025). A correlation-robust shrinkage estimator: Oracle inequality and an application on out-of-sample factor selection. Economics Letters, 255, article number 112480. doi: 10.1016/j.econlet.2025.112480

Sun, X., Alizadeh-Masoodian, A. ORCID: 0000-0003-1588-6214 & Pouliasis, P. ORCID: 0000-0002-7389-3722 (2025). Hedging Shipping Freight Rates using Conditional Value-at-Risk and buffered Probability of Exceedance. Journal of Commodity Markets, 40, article number 100515. doi: 10.1016/j.jcomm.2025.100515

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Ung, D. (2025). Evaluating the impact of sustainability and financial performance: A comparative analysis of European equity funds and global equities. (Unpublished Doctoral thesis, The City University)

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Wang, L. & Urga, G. ORCID: 0000-0002-6742-7370 (2025). Optimal N-state endogenous Markov-switching model for currency liquidity timing. Journal of Economic Dynamics and Control, 177, article number 105137. doi: 10.1016/j.jedc.2025.105137

Whitaker, A. & Kräussl, R. ORCID: 0000-0001-8933-9278 (2025). Art collectors as venture-stage investors. Journal of Cultural Economics, doi: 10.1007/s10824-024-09528-8

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Černý, A. ORCID: 0000-0001-5583-6516 & Czichowsky, C. (2025). The law of one price in quadratic hedging and mean-variance portfolio selection. Finance and Stochastics, 29(3), pp. 847-884. doi: 10.1007/s00780-025-00563-7