Bill Allen has been an honorary Senior Visiting Fellow of Cass Business School since 2004 and is a member of the Advisory Board of the Centre for Banking Research. He has a M.A. in Mathematics from Oxford University and a M.Sc. in Economics from the London School of Economics. He worked at the Bank of England from 1972 - 2004, and was Deputy Director for Monetary Analysis from 1994 - 98, Deputy Director for Financial Market Operations from 1999 - 2002 and Deputy Director for Financial Stability and Director for Europe from 2002 - 03. He was seconded to the Bank for International Settlements from 1978 - 80. Mr Allen has done extensive consultancy work in the private sector and for the International Monetary Fund, and has written extensively on monetary subjects including two books, International Liquidity and the Financial Crisis (Cambridge University Press, 2013) and Monetary Policy and Financial Repression in Britain 1951 - 59 (Palgrave Macmillan, forthcoming). He is currently a specialist adviser to the House of Commons Treasury Committee.
Michael Birks is an Oxford University graduate with an MA in Politics, Philosophy and Economics. He has over 20 years' direct experience in the wholesale financial markets, in analysis, sales, trading and management roles, culminating in building and running a market making operation for Bankers Trust. Following this, he founded Adsatis is 1993. Under Michael's leadership, Adsatis has grown into a successful consulting practice with a wide range of banking and other financial organisation clients. In addition to his role as Chairman, Michael directly engages in client projects, specialising in the analysis of wholesale financial market developments and business strategy. Over the past four years he has increasingly focused on advisory work enabling a profitable response to the regulatory changes and has successfully delivered this advice to many leading financial market organisations.
Forrest Capie is Professor Emeritus of Economic History at the Cass Business School, City University, London. After a doctorate at the London School of Economics (LSE) and a teaching fellowship there, he taught at the University of Warwick and the University of Leeds. He was a British Academy Fellow at the National Bureau in New York and a Visiting Professor at the University of Aix-Marseille and the LSE, and a Visiting Scholar at the IMF. He was Head of Department of Banking and Finance at City University from 1989-1992; editor of the Economic History Review 1993-1999; a member of the Academic Advisory Council of the Institute of Economic Affairs in London, and an advisor to the Shadow Chancellor of the Exchequer. He has written widely on money, banking, trade and commercial policy and recently completed the commissioned history of the Bank of England (Cambridge University Press, 2010). His latest book 'Money over Two Centuries' was published by Oxford University Press in 2012. He is currently advisor to the UK's Parliamentary Commission on Banking following the recent global financial crisis.
Professor Philip Hamill has been Dean of the College of Professional Finance at the Institute of Banking in Ireland from 2012. Previously Philip was Professor of Finance and Investment at the University of Ulster from 2007 to 2012, and beforehand a lecturer in finance at Queen's University, Belfast. During his academic career he has been seconded to work in asset-management and has been a consultant to both public and private sector organisations. His research involves theoretical and empirical analysis of financial markets with a specific focus on modeling stock market volatility and security valuation which has been published in a range of academic journals, books and professional periodicals.
Jens Larsen is Chief European Economist at Royal Bank of Canada Capital Markets, located in London. Jens joined the RBC research team in 2010 from the Bank of England, where he was head of the Macro Financial Analysis Division. He spent 10 years at the Bank of England, mostly in economist roles but also as Private Secretary to the Deputy Governor for Monetary Policy. For two years, he was at the IMF as the U.K. Alternate Executive Director on the Executive Board. Jens has a PhD in economics from the University of Southampton. He is a Managing Director of RBC Capital Markets.
Alberto Franco Pozzolo
Alberto Franco Pozzolo is Professor of Economics at the University of Molise (Italy). He was formerly an Economist in the Research Department of the Bank of Italy. His current research activity is centered mainly on empirical banking and FDIs. Mr. Pozzolo graduated in Economics from Bocconi University in Milan and holds a Doctoral degree in economics from the University of Ancona and a Ph.D. in Economics from the University of Southampton.
Paulette Rowe is Managing Director at Barclaycard Global Payment Acceptance. Paulette has a wealth of financial services and management experience. As MD of Barclaycard Global Payment Acceptance, she heads Europe's 2nd largest acquiring business handling over 1 in 3 card payments in the UK. Prior to joining Barclaycard she was Strategy Director for NBNK, an AIM-listed financial investment company.
The bulk of Paulette's career has been in consumer banking with the RBS Group and General Electric. Paulette worked at GE's financial services division, GE Capital, in a variety of international markets including the US, France and Japan. At RBS, Paulette was Managing Director of NatWest Retail Banking, responsible for 1,600 branches and 20,000 staff and then Chief Executive of RBS European Consumer Finance.
Paulette currently chairs children's charity, the Mayor's Fund for London.
Colin Lawrence recently joined Ernst and Young as a partner in the Risk Management and Regulatory reform are where he will focus on transformation of financial institutions as a consequence of regulatory reform.
Prior to joining EY, he was a Director, Strategic Risk Advisor to the Deputy Governor and CEO, Prudential Regulation Authority, Bank of England since 2011. Colin joined the Financial Services Authority, FSA in 2008 and became its Director of Risk Specialists, building a division of 300 professional risk specialists to support supervision and build an analytical Risk Technology capability in the midst of the financial crisis: His division played a major role in stress testing UK banks and and Recapitalizing UK banks under the Asset Protection Scheme:
He has over 25 years' experience in risk management and regulation. He has held senior executive positions in major technology and financial institutions including: Leader of IBM Greater China Risk Management practice, Executive Vice-President and Global Head of Derivative Products, Republic National Bank; Managing Director and Global Head of Risk Management, Barclays Bank; Managing Director and Global Head of Fixed Income Derivatives, Union Bank of Switzerland.
He was also Associate Professor of Money and Financial Markets at the Graduate School of Business, Columbia University. He has advised the Federal Reserve Bank, the Chinese Regulatory Banking Commission (CBRC),Bank of International Settlements(BIS), major Universal Banks, Investment Banks, , and Central banks in Europe and Asia: He has published in scholarly and professional journals on risk management, macro economic policy, money and banking technology, and regulation in the financial services industry. He holds a PH.D in Economics from the University of Chicago; He has been a Board Member of Prmia serving as Acting Chairman and Vice Chairman since 2009: He won the Prmia Higher Standards Award for outstanding contributions in the field of Risk Management in 2012.
Mike's career at the UK Financial Services Authority, now the Financial Conduct Authority, began in January 2000. During 2006-2011, Mike led FSA's frontline approach to the monitoring and enforcement of capital markets disclosure and has spoken at various conferences on this. At the height of the financial crisis, Mike found himself at the heart of debates over the occasional tensions that can arise between the interests of disclosure and transparency on the one hand and those of financial stability.
Mike contributed to early stage thinking on the Walker Review of Corporate Governance and has considerable experience of regulatory investigations and enquiries into corporate governance pressures faced by banks and other listed companies, where these arise from markets disclosure and investor expectation demands. In addition, Mike has had extensive regulatory dealings - and particularly so in a live market environment - with global banks' corporate finance arms.
James Chew is Global Head, Regulatory Policy in the Financial Services Policy Unit at HSBC Holdings plc. He considers key regulatory policy developments which will affect the Group across the world, making contributions to their formulation both directly and through industry bodies assessing their potential impact on the Group. he has a particular interest in structural regulation of banks including the UK's Independent Commission on Banking and the European Liikanen Group. He has also been involved in the development of HSBC's Recovery and Resolution Plans.James joined the HSBC Group in 1993, undertaking a number of roles including working in a joint venture with BSkyB and further deal with Merrill Lynch which resulted in a period in Asia Pacific. He moved to Group Planning department in 2001 and was responsible for the Group's annual plan before taking on the role of Group Head of Acquisitions and Disposals. Immediately before moving to the Financial Sector Policy Unit, he was Deputy Head of HSBC's Group Strategy and Planning team.During 2010, as part of the Business Finance Taskforce in the UK, James was the interim CEO responsible for the establishment of the Business Growth Fund plc, a £2.5bn growth capital company established by five banks in the UK to provide long term equity investment into small and medium-sized enterprises in the UK. He remains a non-executive director. He has a degree in Geography from Oxford and an MBA from the Cass Business School, London.
Professor Rym Ayadi
Rym Ayadi (Ph.D.) is Honorary Visiting Professor at Cass Business School, City University of London. She is Associate Professor of International Business and Finance, Founding Director of the International Research Centre on Cooperative Finance (IRCCF) and Board Member of the Alfonse and Dorimène Desjardins International Institute for Cooperatives at HEC Montreal Business School in Canada.
She is Associate Senior Research Fellow at the Euro-Mediterranean University (EMUNI) in Slovenia and the Founder and Scientific Director of the Euro-Mediterranean Network for Economic Studies (EMNES) (www.emnes.org). She is President of the Euro-Mediterranean Economists Association established in Barcelona since 2012 to contribute to the future of political and socio-economic model in the South Mediterranean region post Arab Spring.
Rym’s fields of expertise include international financial systems, financial markets and institutions, global financial regulation and governance and socio-economic development and foresight in economies in transition.
She is expert member of several high-level expert groups in the European Commission, the European Parliament (Economic and Financial Committee and Committee on Foreign Affairs)), Mediterranean Assembly of the Mediterranean and the Union for the Mediterranean and invited expert in international organisations (e.g. IMF, OECD and others).
She was Senior Research Fellow and Head of the Financial Institutions Unit at the Centre for European Policy Studies (CEPS) in Brussels (Between 2001 and 2014). She served as an academic senior expert member of the European Insurance and Occupational Pensions Authority (EIOPA) Stakeholder Group (Between 2011 and 2013) and of the Financial Services Users Forum (FINUSE), (between 2007 and 2010). She was the director of the Mediterranean Prospects Research Network (MEDPRO), an international research network for foresight analysis in the Euro-Mediterranean region (Between 2009 and 2013) funded by the Seventh Framework Program of the EU. She was also Vice President of the European Financial Inclusion Network (EFIN), a European network that promotes mutual learning on financial inclusion.
She authors several books and scholarly articles on her areas of expertise and is member of several editorial and advisory boards. Rym Ayadi holds a Ph.D. in Economics and Finance from University Paris Dauphine.
Professor Thorsten Beck
Professor of Banking and Finance
Thorsten Beck joined the Faculty of Finance in September 2013 as Professor of Banking and Finance.
Since 2008 he has been Professor of Economics at Tilburg University in the Netherlands and was the founding chair of the European Banking Center from 2008 to 2013. He is also a research fellow of the Centre for Economic Policy Research (CEPR). Previously he worked in the research department of the World Bank and has also worked as consultant for - among others - the IMF, the European Commission, and the German Development Corporation.
His research, academic publications and operational work have focused on two major questions: What is the relationship between finance and economic development? What policies are needed to build a sound and effective financial system? Recently, he has concentrated on access to financial services, including SME finance, as well as on the design of regulatory and bank resolution frameworks. In addition to numerous academic publications in leading economics and finance journals, he has co-authored several policy reports on access to finance, financial systems in Africa and cross-border banking. His country experience, both in operational and research work, includes Bangladesh, Bolivia, Brazil, China, Colombia, Egypt, Mexico, Russia and several countries in Sub-Saharan Africa. In addition to presentation at numerous academic conferences, including several keynote addresses, he is invited regularly to policy panels across Europe. He holds a PhD from the University of Virginia and an MA from the University of Tübingen in Germany.
Access to financial services
Financial Safety Net
Beck T. (2016), 'Regulatory Cooperation on Cross-Border Banking – Progress and Challenges After the Crisis. ', National Institute Economic Review, 235(1), p.R40-R49; [Peer Reviewed]
'Bank Competition and Stability: Cross-country Heterogeneity' (joint with Olivier de Jonghe and Glenn Schepens), Journal of Financial Intermediation 22, 218-44.
'Gender and Banking: Are Women Better Loan Officers?' (joint with Patrick Behr and André Güttler), Review of Finance 17, 1279-1321.
Bank financing for SMEs - lessons from the literature' National Institute Economic Review 225, R23-R38.
'Supervising Cross-Border Banks: Theory, Evidence and Policy' (joint with Radomir Todorov and Wolf Wagner), Economic Policy 73, 5-44.
'Islamic vs. Conventional Banks: Business Models, Efficiency and Stability' (joint with Asli Demirguc-Kunt and Ouarda Merrouche), Journal of Banking and Finance 37, 433 - 447.
'Who Gets the Credit? And Does it Matter? Household vs. Firm Lending Across Countries' (joint with Berrak Buyukkarabacak, Felix Rioja and Neven Valev) B.E. Journal of Macroeconomics: Contributions 12.
"Banking Financing for SMEs: Evidence Across Countries and Bank Ownership Types" (joint with Asl Demirgüç-Kunt and Maria Soledad Martinez Peria), Journal of Financial Services Research 39, 35-54.
"What Explains the Cost of Remittances? An Examination Across 119 Country Corridors" (joint with Maria Soledad Martinez Peria). World Bank Economic Review 25,105-131.
"Big Bad Banks? The Impact of U.S. Branch Deregulation on Income Distribution" (joint with Ross Levine and Alexey Levkov), Journal of Finance 65, 1637-67.
Brattle Group Prize for Distinguished Paper 2010
"Foreign Bank Entry and Outreach: Evidence from Mexico" (joint with Maria Soledad Martinez Peria), Journal of Financial Intermediation 19, 52-73.
"The Typology of Partial Credit Guarantee Funds around the World" (joint with Leora Klapper and Juan Carlos Mendoza), Journal of Financial Stability 6, 10-25.
For earlier publications, visit Thorsten's website.
- Banking Union for Europe - Risks and Challenges, Vox e-book, October 2011
- Innovation gone bad requires regulation, Financial Times
Dr Marco Boldini
Marco is a fully qualified lawyer in Italy and the UK, where he is both a solicitor and barrister. He is also a member of the Luxembourg Bar.
Marco currently serves as European Regulatory Counsel (Director) at ETF Securities, an asset management firm focused on exchange-traded funds (ETFs), exchange-traded commodities (Commodity ETCs) and exchange-traded currencies (Currency ETCs) with offices in Jersey, London, New York, Sydney and Ireland. Marco is responsible for overseeing all regulatory functions across Europe and analysing the impact of emerging regulations. He is also chairman of ETF Securities’ MiFID II committee, a member of its worldwide risk and compliance committee and leads the company’s advocacy and lobbying efforts by engaging with various European regulators.
Prior to joining ETF Securities, Marco worked at a number of international banks, including as legal counsel at State Street Bank, where he mainly dealt with corporate governance and regulatory matters. As a senior associate in the regulatory department of Gianni, Origoni, Grippo, Cappelli & Partners in Milan, one of the Italian top law firms, Marco was seconded to Credit Suisse where he launched the bank’s payment services directive, helped to implement third anti-money laundering directive changes and advised on tax amnesty provisions. He also participated in the designing of a training programme on regulatory issues for sales and products specialist teams. He was also seconded to Merrill Lynch (GWM) as compliance officer responsible for designing and implementing policies and procedures to ensure MiFID compliance.
Marco has been nominated in 2017 by Legal 500 (GC – Powerlist 2017) as one of the Rising Stars in UK (Financial Services).
Dr Max Bruche
Reader in Finance
BA in Philosophy, Politics, Economics (Oxford), MPhil in Economics (Oxford), PhD in Finance (LSE)
Max Bruche is reader in Finance at Cass Business School, and Research Associate at the Financial Markets Group of the London School of Economics. He received his PhD in Finance from the London School of Economics and holds a BA in Politics, Philosophy and Economics and MPhil in Economics, both from Oxford University. He has previously worked at the Centro de Estudios Monetarios y Financieros (CEMFI) in Madrid, and has held visiting positions at Lehman Brothers, the European Central Bank, and the Federal Reserve Bank of New York. His research interests include corporate finance and financial intermediation.
Bruche Max, Anatoli Segura (2016 Conditionally accepted), 'Debt Maturity and Liquidity of Secondary Debt Markets', Journal of Financial Economics
Bruche M, Llobet, G (2014), 'Preventing Zombie Lending', Review of Financial Studies, 27(3), p.923-956
Bruche M (2011), 'Creditor Coordination, Liquidation Timing, and Debt Valuation', Journal of Financial and Quantitative Analysis, 46(5), p.1407-1436
Bruche M, González-Aguado, C (2010), 'Recovery Rates, Default Probabilities, and the Credit Cycle', Journal of Banking and Finance , 34(4), p.713-723
Awards and Prizes
- Marie Curie Career Integration Grant 2013-2017
- George Webb Medley Prize in Economics, Oxford University (best exam
Professor Barbara Casu
Professor in Banking Barbara Casu is currently the Director of the Centre for Banking Research at Cass Business School, City University London, where she is Reader in Banking. Her research interests are in the area of banking, financial regulation, corporate governance and industrial organisation. She holds a BSc in Economics from the Catholic University of Milan (Italy) and PhD in Economics from Bangor Business School (UK).
'3rd Emerging Scholars in Banking and Finance' 2009, 2010, 2012; Co-editor of the Special Issue of the European Journal of Finance on 'Emerging Scholars in Banking and Finance'.
- 'Debt to Go', InBusiness
Professor Forrest Capie
Professor Emeritus of Economic History
BA (Auckland); MSc; PhD (London)
Forrest Capie is Professor Emeritus of Economic History at the Cass Business School City University, London. After a doctorate at the London School of Economics (LSE) and a teaching fellowship there, he taught at the University of Warwick and the University of Leeds. He was a British Academy Fellow at the National Bureau in New York and a Visiting Professor at the University of Aix-Marseille and the LSE, and a Visiting Scholar at the IMF. He was Head of Department of Banking and Finance at City University from 1989-1992; editor of the Economic History Review 1993-1999; a member of the Academic Advisory Council of the Institute of Economic Affairs in London, and an advisor to the Shadow Chancellor of the Exchequer. He has written widely on money, banking, trade and commercial policy and recently completed the commissioned history of the Bank of England (Cambridge University Press, 2010). His latest book 'Money over Two Centuries' was published by Oxford University Press in 2012. He was recently advisor to the UK's Parliamentary Commission on Banking following the recent global financial crisis.
Capie F. (2016), 'Trust, Financial Regulation, and Growth', Australian Economic History Review, 56(1), p.100-112; [Peer Reviewed]
Capie F., Wood, G. (2016), 'Some Reflections on the Ubiquity of Regulation', Economic Affairs, 36(1), p.48-55
Capie F. (2015), 'Monetary History of the UK', London: Routledge
Capie F., Wood, G. E. (2014), 'Monetary Unions: Theory, History, Public Choice ', London: Routledge, p.208 pages
Capie F., Wood, G. E. (2013), 'Central Bank Independence : A Victim of the Crisis?', Economic Affairs, 33(3), p.379-385
Capie F, Wood, G. E. (2012), 'Money over Two Centuries: Selected Topics in British Monetary History, 1870-2010 ', Oxford: Oxford University Press, 368 pages
Capie F., Wood, G. E. (2011), 'Policy Makers on Policy: The Mais Lectures (Routledge International Studies in Money and Banking)', ed. 2nd , London: Routledge
Capie F. (2010), 'The Bank of England : 1950s to 1979', Cambridge: CUP
- 'Capital regulation can be abandoned once banks are left to judge their needs', The Telegraph, Professor Forrest Capie and Professor Geoffrey Wood
- 'Capital regulation can be abandoned once banks are left to judge their needs', Yahoo!, Professor Forrest Capie and Professor Geoffrey Wood
Professor Alec Chrystal
Professor Emeritus of Money and Banking
BA (Exeter); MA; PhD (Essex)
Alec Chrystal joined City University London in 1988 after being Professor of Economics at Sheffield University. During 1997-2001 he was working as a senior adviser in the monetary analysis wing of the Bank of England. Duties during this time included drafting the Bank's quarterly Inflation Report, editing the Bank of England Quarterly Bulletin, editing the Bank's working paper series and writing briefing material for the Monetary Policy Committee. Alec returned to Cass in September 2001 to become Head of a newly merged Finance Faculty. He has research interests in monetary economics, international finance, political economy and household debt. Several books have been authored or co-authored, including the last four editions of a famous economics textbook with Richard G. Lipsey, and Controversies in British Macroeconomics (with Simon Price). He is a committee member of the Money, Macro and Finance Study Group, and a Vice-President of the British Association for the Advancement of Science Section F (Economics).
Lipsey R., Chrystal, K. A. (2015), 'Economics' in 13th (ed.), Oxford: Oxford University Press
Thomas P. J., Chrystal. K. A. (2013), 'Generalized Demand Densities for Retail Price Investigation', American Journal of Industrial and Business Management, 3(3), p.279-294; [Peer Reviewed]
Chrystal K A (2012), 'Debt and monetary policy: comments on Jagjit S Chadha,', Are central bank balance sheets in Asia too large? BIS Papers #66(by invitation), Basel: BIS, 18 pages; working paper series: Bank for International Settlements ; sponsored by: BIS ; keywords: Debt, deficits, monetary policy.
Chrystal K A, Paul Mizen (2011), 'Monetary aggregates restored? Capie and Webber revisited' in Geoffrey Wood, Terence Mill and Nicholas Crafts (ed.), Monetary and banking history: essays in honour of Forrest Capie (by invitation), London and New York: Routledge, p.178-192, ISBN 978-0-415-45146-8 ; keywords: Money demand, money supply
Dr Daniela Fabbri
Reader in Finance
BA in Economics (Bocconi University; Milan); MA in Economics (Bocconi University); PhD in Economics (Pompeu Fabra University; Barcelona)
Daniela Fabbri is a reader in Finance. Daniela obtained a PhD in Economics from Pompeu Fabra University (Barcelona) and has previously held research and teaching positions in various institutions, including the University of Salerno (Italy), the University of Bologna (Italy), the University of Lausanne (Switzerland) and the University of Amsterdam (Netherlands). Her research interests are in the areas of Corporate Finance and Banking, both theoretical and applied. In her research, Daniela has investigated the role of financial intermediaries and suppliers in the financing activity and growth opportunities of small-medium sized firms. She has also contributed to the literature in Law and Finance, investigating how differences in the degree of creditor protection affect the ability of firms and households to get bank financing. In addition, she has studied the effect personal characteristics of managers have on the operations of non-financial companies. Daniela has had her research published in the Journal of Financial Economics, the Journal of the European Economic Association and the Journal of Banking and Finance.
'Bargaining Power and Trade Credit' (joint with Leora Klapper), Journal of Corporate Finance, forthcoming.
Fabbri D., L. Klapper (World Bank) (2016 Forthcoming), 'Bargaining Power and Trade Credit', Journal of Corporate Finance; keywords: Bank credit, trade credit, emerging markets; [Peer Reviewed]; [122 in Google Scholar Citations Report]
Fabbri D, Menichini, A. (2010), 'Trade Credit, Collateral Liquidation and Borrowing Constraints', Journal of Financial Economics, 96, p.413-432; [Peer Reviewed]; [7 citations in Web of Science Citation Report and 52 in GoogleScholar ]
'Firms Trade Financing Decisions during Crises', 2010 (joint with Annamaria Menichini), in Trade Finance during the Great Trade Collapse, edited by Mariem Malouche and Jean-Pierre Chauffour, World Bank
'Legal Institutions, Credit Markets and Poverty in Italy', 2004 (joint with Mario Padula) in Credit Markets for the Poor, edited by Patrick Bolton and Howard Rosenthal, Russell Sage Foundation, NY
'Emerging Scholars in Banking and Finance' 2012; Co-editor of the Special Issue of the European Journal of Finance on 'Emerging Scholars in Banking and Finance'.
Dr Angela Gallo
Research Fellow Dr Angela Gallo joined Cass in 2016 as a Marie Curie Fellow at the Centre for Banking Research. The winning project in on Shadow Banking. She also holds a position at University of Salerno. Angela’s research interests are in the areas of banking, risk management and corporate governance. Her research has been published in international peer-reviewed journals as International Review of Financial Analysis, Emerging Markets Review, Journal of International Financial Markets, Institutions & Money. Angela has teaching experience (undergratuate and MSc level) at University of Salerno, University of Naples "Federico II" and Cass Business School. She also regularly teaches professional courses at Italian Banking Association (ABI).
Financial Risk and Risk Management
- Monetary Policy and Shadow Banking: global micro-evidence from ABCPs
(with B. Casu)
- Securitization under financial distress: the impact on corporate borrowers
(with Min Park)
- Does bank institutional setting affect board effectiveness? Evidence from Cooperative and Joint Stock Banks
Forthcoming on Corporate Governance: An International Review
- Financial crisis and international supervision: new evidence on the discretionary use of loan loss provisions at Euro Area commercial banks
Forthcoming on British Accounting Review
- Strong boards, Ownership concentration and EU banks' systemic risk-taking: evidence from the financial crisis
Forthcoming on J. International Financial Markets, Institutions & Money
Dr Beatriz Mariano
Lecturer in Banking Beatriz Mariano holds a PhD in Finance from the London School of Economics, an MSc in Economics from the University of York and a BSc in Economics from Nova School of Business and Economics. She has previously worked at the London School of Economics and University Carlos III of Madrid. She has also held visiting positions at University Pompeu Fabra, the European Central Bank and the Bank of Portugal.
Her research focuses on frictions in the transmission of information, banking and corporate governance.
Dr Francesc Rodriguez-Tous
Lecturer in Banking Francesc Rodriguez-Tous received his PhD in Economics from the Universitat Pompeu Fabra, in Barcelona. He has previously worked at the Bank of England, Deutsche Bundesbank, and Banco de España.
Francesc's research is about banking, with a particular focus on banking regulation and systemic risk.
Abbassi P., R. Iyer, J.-L. Peydró, and F. R. Tous (2016), 'Securities trading by banks and credit supply: Micro-evidence from the crisis', Journal of Financial Economics, 121(3), p.569–594; [Peer Reviewed]
Professor Enrique Schroth
Reader in Finance
PhD in Economics (New York)MA in Economics (New York)
BA in Economics (Universidad del Pacifico)
Enrique Schroth joined Cass Business School, City University London in 2012 as a Reader in Finance. Previously, he held research and teaching positions at the Amsterdam Business School and HEC Lausanne. He received his PhD and MA in Economics from New York University. His current research focuses on the valuation of the illiquidity risk of controlling stakes and on the determinants of bank runs and financial fragility. His past research, in topics such as financial innovation and the acquisitions control premium, has appeared in leading academic journals, including The Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies and the Review of Finance. Enrique won the prize for the best symposium paper at the European Finance Association Conference in 2009 for his research on the relationship between the bankruptcy code and the return premium across countries.
Favara G., Morellec, E., Schroth, E., and Valta, P. (2016 Forthcoming), 'Debt enforcement, investment and risk taking across countries', Journal of Financial Economics; [Peer Reviewed]
Albuquerque R., and Schroth, E. (2015), 'The Value of Control and the Costs of Illiquidity', Journal of Finance, 70(4), p.1405-1455; [Peer Reviewed]
Albuquerque R., and Schroth, E. (2014), 'The Marketability Discount of Controlling Blocks of Shares', Global Valuation Institute Research Papers(by invitation), KPMG International; [Prize Winning]; [Peer Reviewed]
Favara G., Schroth, E., and Valta, P. (2012), 'Strategic Default and Equity Risk Across Countries', Journal of Finance, 67(6); [Prize Winning]; [Peer Reviewed]
Herrera H., and Schroth, E. (2011), 'Advantageous Innovation in the Underwriting Market for Corporate Securities', Journal of Banking and Finance, 35(5), p.1097-1113; [Peer Reviewed]
Schroth E., and Szalay, D. (2010), 'Cash Breeds Success: The Role of Financing Constraints in Patent Races', Review of Finance, 14(1), p.73-118; [Peer Reviewed]
Dr Sotiris Staikouras
Dr Sotiris Staikouras
Senior Lecturer in Banking & Finance; Course Director
BSc IFRM, IAI, REFI
BBA (Piraeus) MSc (Brunel) Ph.D. (CUBS)
Sotiris K. Staikouras serves as Senior Lecturer in Banking & Finance at Cass Business School, City University London. He holds a BSc degree in Business Administration, with a major in Accounting & Finance (distinction), from the University of Piraeus in Greece; an MSc degree in Business Finance from Brunel University in London; and a PhD degree in Finance from Cass Business School.
Dr. Staikouras has worked as a research advisor at London Clearing House and as financial analyst and consultant for many institutions. He is a member of the Chartered Insurance Institute (CII) Financial Services Accreditation Committee, and Academic Advisor of subject areas for the CII - the world's largest professional body dedicated to insurance and financial services. He is also an affiliate member of the Chartered Institute for Securities & Investment (CISI), the largest and most widely respected professional body for those working in the securities and investment industry in the UK and in a growing number of financial centres globally.
As a freelance instructor, he delivers training courses for financial institutions and government organisations. He is a research and risk management advisor for Matrix-Brokers, Ploutos Finance, Bridge Asset Management and he is on the Advisory Board of the International Association of Financial Management (INTERFIMA) and Starz Risk Solutions. He is also on the Advisory board of the Financial Markets & Institutions Special Interest Group within the British Accounting & Finance Association (BAFA); and he is actively involved with the Financial Management Association International (FMA) in the USA.
Dr Staikouras is the Course Director of the BSc IFRM, IAI and REFI, and he also served as Course Director of various masters' programmes. He has been a member of various Boards and Committees including the Senate at City. He teaches courses in Asset-Liability Management (ALM), Equity Investment Analysis (CFA syllabus), Value at Risk (VaR), Fixed Income Securities, and Risk Management of Financial Institutions. He is also a Visiting Scholar at ALBA Graduate Business School, Athens, Greece; the Cyprus International Institute of Management, Nicosia, Cyprus; and at EDHEC Business School, Nice, France.
Dr. Staikouras serves as an Associate Editor of Accounting & Finance; Journal of Applied Finance; Review of Futures Markets; Quarterly Review of Economics & Finance; Frontiers in Finance & Economics; European Research Studies Journal; Journal of Money, Investment & Banking; Journal of International Business & Finance; and Risk Management.
Dontis-Charitos P., E. Elyasiani and S.K. Staikouras (2016 Forthcoming), 'Cross-industry product diversification: The case of bank-insurance takeovers', Journal of Risk and Insurance; [Peer Reviewed]
Elyasiani E., E. Kalotychou, S.K. Staikouras and H. Zao (2015), 'Return and volatility spillover among banks and insurers: Evidence from pre-crisis and crisis periods', Journal of Financial Services Research, 48, p.21-52; [Peer Reviewed]
Kalotychou E., S.K. Staikouras, H. Zao (2014), 'The role of correlation dynamics in sector allocation', Journal of Banking and Finance, 48, p.1-12; [Peer Reviewed]
Gounopoulos D., Molyneux, P. , Staikouras, S. K. , Wilson, J. O. , Zhao, G. (2013), 'Exchange rate risk and the equity performance of financial intermediaries', International Review of Financial Analysis, 29, p.271-282; [Peer Reviewed]
Dontis-Charitos P, Molyneux, P., Staikouras, S. (2011), 'Does the Stock Market Compensate Banks for Diversifying into the Insurance Business?', Financial Markets, Institutions & Instruments, 20(1), p.1-28; [Peer Reviewed]
Gounopoulos D., P. Molyneux, S.K. Staikouras, J.O. Wilson, G. Zhao (2013), 'Exchange Rate Risk and the Equity Performance of Financial Intermediaries', International Review of Financial Analysis 29:271-282; [Peer Reviewed]
Dontis-Charitos P, Molyneux, P., Staikouras, S. (2011), 'Does the Stock Market Compensate Banks for Diversifying into the Insurance Business?', Financial Markets, Institutions & Instruments, 20(1), p.1-28; [Peer Reviewed]
Staikouras S.K. (2009), 'An event study analysis of international ventures between banks and insurance firms.', Journal of International Financial Markets, Institutions and Money (Elsevier, North-Holland)., 19, p.675-691.
Staikouras S.K., H.Harissis, A.Merikas, S.Mutenga (2009), 'Universal banks and stock market reaction: Some evidence from major announcements.', Journal of Risk Finance, 10, p.244-260.
Dawson P., Staikouras, S. K. (2009), 'The impact of volatility derivatives on S&P500 volatility', Journal of Futures Markets, 29(12), p.1190-1213; [Peer Reviewed]
Staikouras S.K., E.Kalotychou (2009), 'An overview of the issues surrounding stock market volatility.' in G.N. Gregoriou (ed.), Stock Market Volatility, Chapman Hall-CRC / Taylor & Francis
Staikouras S.K., E.Kalotychou, M.Zagonov (2009), 'The UK stock market around the ex-split date.', Journal of International Financial Markets, Institutions and Money (Elsevier, North-Holland)., 19, p.534-549.
DeBondt, W., G. Muradoglu, H. Shefrin and S.K. Staikouras (2008) Behavioural finance: Quo Vadis? Journal of Applied Finance19:7-21. (Official FMA Journal)
Professor Paolo Volpin
Professor of Finance Professor Paolo Volpin is a Research Fellow of the Centre for Economic Policy Research (CEPR), and a Research Associate of the European Corporate Governance Institute (ECGI). Prior to joining Cass Business School, he was an Associate Professor of Finance at the London Business School. He has published on the American Economic Review, Journal of Finance, Journal of Financial Economics, Management Science, Review of Finance, Review of Financial Studies, Journal of Economic Perspectives and other journals. His research in corporate finance, especially in the field of corporate governance, has won several awards. He holds a Ph.D. in Economics from Harvard University and a Doctorate in Political Economy from Bocconi University.
Political Economy of Finance
Labour and Finance
Information and Investment
Professor Geoffrey Wood
Professor Emeritus of Economics
MA (Aberdeen); ; MA (Essex)
Geoffrey Wood went to the University of Warwick in 1968 as Lecturer in Economics and then spent two years as Visiting Economist with the Bank of England, where he was more recently, from 1994 to 2004, a Special Advisor on Financial Stability. In 1975, he joined City University London. He was Visiting Scholar at the Federal Reserve Bank of St Louis from 1977-1978, has also advised the New Zealand Treasury on a wide range of issues, and has also been a visiting scholar at the Federal Reserve Bank of New York and served as research adviser at the Bank of Finland. Geoffrey Wood is also a visiting Professorial Fellow in the Centre for Commercial Law Studies at Queen Mary and Westfield College, University of London and has been a visiting professor at the University of Athens. In the academic year 2004-2005 he was Visiting Professor at the University of Oxford. He has served for some time as Special Adviser to the Treasury Select Committee of the House of Commons.
He is on the Editorial Boards of the Greek Economic Review, The Journal of Financial Education, and the the European Journal of Political Economy, and is a General Editor of the Journal of Financial Regulation.
Capie F., Wood, G. E. (2016), 'Some Reflections on the Ubiquity of Regulation', Economic Affairs, 36(1), p.48-55
Capie F. , Wood, G. E. (2014), 'Monetary Unions: Theory, History, Public Choice ', London: Routledge, p.208
Capie F., Wood, G. E. (2013), 'Central Bank Independence : A Victim of the Crisis?', Economic Affairs, 33(3), p.379-385
Capie F., Wood, G. E. (2012), 'Money over Two Centuries: Selected Topics in British Monetary History, 1870-2010 ', Oxford: Oxford University Press, p.368
Wood G. E., Mills, T. C. and Crafts, N. (2011), 'Monetary and Banking History: Essays in Honour of Forrest Capie ', London: Routledge
Current PhD Students
PhD Candidate, Cass Business School
Zana has a MRes in Finance from Cass Business School and a MSc in Finance and Investment with Distinction from the University of Edinburgh. Zana also has a PGC in Financial Management from Johns Hopkins University, USA and a BSc in Business Administration; Finance from South East European University, Macedonia. During her postgraduate studies Zana worked at Steiermaerkische Sparkasse Bank, Austria, in a trainee position. She is a recipient of several prestigious scholarships: DAAD, Fulbright, Best of South East scholarship, Chevening and currently City University Doctoral Studentship. Her Phd research investigates different aspects of the South East European banking system. She is working under the supervision of Barbara Casu Lukac.
Mikael Homanen is a PhD Candidate in Finance at Cass Business School in London. His recent research examines the effect of firm access to bank credit on firm skilled labor demand. He recently visited the World Bank's Development Economics Research Group (DECRG) where he worked on financial inclusion in the Finance and Private Sector Research team. Mikael is also working on banking and corporate ESG (Environmental, Social & Governance) policies as well as projects examining the effectiveness of investor engagement on firm outcomes, which is funded by the UN Principles for Responsible Investment (UN PRI).
Petros Katsoulis is a PhD Candidate in Finance at Cass Business School, London. He holds an MSc in Mathematical Trading and Finance with Distinction (top 10%) from Cass Business School and a BSc in Financial and Management Engineering from the University of the Aegean. He worked as a risk analyst at ICE Clear Europe before starting his doctoral studies and his current research interests lie in macroprudential regulation and the stability of the banking sector in the presence of central clearing.
Elisa Pazaj is a PhD Candidate in Finance at Cass Business School in London. Her current research builds on microfoundations to explain empirical asset pricing anomalies, focusing more specifically on momentum. She previously worked as a fixed income analyst by the Monetary Operations Department at the Central Bank of Albania. She holds a BSc. in Banking and International Finance from Cass Business School and MSc. in Finance from Imperial College London. She has passed all three levels of the CFA charter and will be eligible for the title upon completion of the required years of work experience. Elisa is also a Teaching Assistant at Cass Business School, covering courses at MSc and Undergraduate levels.
André F. Silva
André F. Silva is a PhD candidate in Finance at Cass Business School currently visiting the International Monetary Fund (IMF). His main research interests are banking regulation and supervision, financial intermediation and access to finance. André’s most recent papers examine the role of banks’ strategic liquidity mismatch decisions on financial sector stability, the benefits and risks associated with financial inclusion and the credit supply and real effects of bank bail-ins.
In the past, he visited the European Central Bank (ECB) and the European Banking Authority (EBA) where he was investigating the exposure of the European Deposit Insurance Scheme to potential bank failures and the effect of bank capital regulation on access to finance of SMEs, respectively. André was also a Teaching Assistant at both Cass Business School and London Business School, covering courses at the Executive, MBA, MSc and Undergraduate levels.
Personal Website: www.andrefjsilva.com
Xingchen Zhu is a PhD candidate in finance at Cass Business School. His current research focuses on topics such as optimal design of loan syndication, blockholders' role in private investment in public equity, and strategic information disclosure in financial markets. Prior to joining Cass, he obtained an MSc in Finance and Economics from LSE and a BA in Banking and International Finance from Shanghai University of Finance and Economics. He also studied mathematics at UCL as an affiliate student.
Completed PhD Students
Economist in the Financial Stability unit, Swiss National Bank (SNB).
Terhi joined the SNB in 2008 and is an Economist in the Financial Stability unit of the Swiss National Bank. She studied at Cass Business School from where she obtained a Ph.D. for a thesis on bank capital management and was a member of the Centre for Banking Research. She attained her MMSc. in Management from the University of Kent at Canterbury (2000), MSc. in Finance from the ICMA Center, The University of Reading (2001) and completed the Advanced Studies Program at the Kiel Institute for World Economics (2004). Previously, she was a visiting scholar at the Bank of Finland, and conducted research at the Bank of England, the Swedish Institute for Financial Research and the European Central Bank.
Her main research interests focus on varying aspects of banking institutions, in particular bank capital management and risk taking, as well as the link between the banking sector and the real economy.
Lecturer in Banking and Finance, University of Essex
Anna Sarkisyan was awarded a PhD in Finance from Cass Business School in 2011. Currently she is a Lecturer in Banking and Finance at Essex Business School, University of Essex. Her research focuses on securitisation, risk, and performance in banking. In 2010 she was awarded a Lamfalussy Fellowship from the European Central Bank, to carry out empirical research on banks' retained interests in securitisations and insolvency risk.
Deputy Director at the Banking Research and Regulation Department, Bank Indonesia
Dr Dwityapoetra obtained his PhD in Banking from Cass Business School in 2010.
Previously, in 2003, Dr Dwityapoetra was assigned as a research fellow at the Bank of England and at the Asian Development Bank Institute (Tokyo, Japan) in 2004. He was a Research Fellow at the Centre for Banking Research from 2007 to 2010. He is a member of the Emerging Market and Development Economies (EMDE) of the Financial Stability Board and a member of the Financial Stability Infrastructure Work stream in the Asian Banking Integration Framework. Dr. Besar obtained his Master degree in International Banking and Finance from Columbia University in 1998, He has published his works in international journals in the area of banking and financial stability.
Raffaele Giuliana is a Ph.D. Candidate at the Norwegian School of Economics, Bergen. He is currently visiting the Finance Department of the Sir John Cass Business School, London, where he is completing his job market paper on the effects of the bail-in regulation on European banks’ funding costs. A second paper studies how the Chinese exports shocks impacted on Norwegian firms’ profitability and leverage decisions. His third paper studies which are the funding sources used by U.S. banks to adjust their capital ratios. His research interests are focused on Banking, Capital Structure, Market Microstructure, International Economics, International Finance and Labor Economics. He has been the teaching assistant for courses in International Finance, Investments and Empirical Methods in Finance at the Norwegian School of Economics.
Tommaso Oliviero is a Unicredit Foscolo Europe Research Fellow at CSEF, Naples. In 2014 he obtained his PhD in economics from the European University Institute, Florence. His research deals with financial economics and macroeconomics. He taught courses in banking at the University of Naples Federico II. He recently published in the Journal of Corporate Finance and in the International Journal of Central Banking. His recent works focus on issues related to CEO monetary incentives in financial institutions and on the welfare impact of financial intermediation for the households in the Great Recession.
Dr Richard Reid
Dr Richard Reid is a Non-Executive Director and Member of the Board at Liberty Specialty Markets; Honorary Research Fellow at the University of Dundee; and Honorary Visiting Professor at Cass Business School, City, University of London. Before this he had been the Head of Research and Chief Economist for the International Centre for Financial Regulation(ICFR). Prior to joining the ICFR Dr Reid was a managing director in the Economics department of Citigroup for nine years, based in London. Before Citigroup he was the Chief International Economist for Donaldson, Lufkin & Jenrette for three years. Prior to that, a managing director and the Chief European Economist for UBS for 15 years. For two years Dr Reid served as a special advisor to the UK Parliament’s Treasury & Civil Service Select Committee on international monetary affairs.
He started his professional career as a junior lecturer at Strathclyde University in his native Scotland where his Ph.D. was on the evolution of financial systems. He then moved on to become the Chief Economist for a Scottish insurance company, the Scottish Provident. He has a Ph.D. and M.Sc. from Strathclyde University and an M.A. (Hons.) from Aberdeen University.
Samuel Da-Rocha Lopes
Samuel Da-Rocha Lopes is Principal Bank Sector Analyst and representative of the European Banking Authority (EBA-European System of Financial Supervision) in several international fora (e.g. BIS, EC, ESRB, ECB/SSM). He is also Coordinator and Professor of the course “Banking Regulation and Supervision in Practice” at Nova School of Business and Economics (Nova SBE), Portugal, and Visiting Lecturer at Aarhus University, Denmark. He holds a PhD in Finance from ISCTE-IBS (IUL). He is a former Economist from the European Central Bank (ECB) and from Banco de Portugal, working in Financial Stability and Supervision, Financial Research and Risk Management areas, and has over 18 years of work experience in risk management.
He has experience of teaching in executive education programs through The World Bank projects and is reviewer of several academic journals. He has published in academic journals such as the Review of Financial Studies, Review of Accounting Studies, the Journal of Accounting Public Policy, European Accounting Review, Journal of Banking Regulation, The International Journal of Accounting, among other journals on various aspects of finance, banking and credit risk management, and has chapters in SUERF “Money, Regulation and Growth: financing new growth in Europe” and in Risk Books such as “Europe's New Supervisory Tools: Data, Benchmarking and Stress Testing for Banks and their Regulators”. He has been a recipient of research and scholarship grants, collaborates as research coordinator with the San Diego State University in a network in International Business, Economics & Accounting (iBEACON) and is researcher of both the UNIDE/ISCTE and CIRSF – Research Centre on Regulation and Supervision of the Financial Sector.
Credit risk management
Financial regulation and banking supervision
Europe's New Supervisory Tools
Money, Regulation and Growth: financing new growth in Europe
TV Programmes Videos
TV Diário Económico - Comissão Executiva
“BCE pessimista: Draghi corta perspectivas de inflação e crescimento”
Francesca Arnaboldi serves as Associate Professor in Banking & Finance at University of Milan (Italy). She holds a MSc degree in Financial Management from University of London (UK); and a PhD degree in Banking and Finance from University of Bologna (Italy). Her main areas of interest are international banking, corporate governance, bank competition and performance, bank regulation and supervision.