Skip to main navigationSkip to main content
The University of Southampton
Southampton Business SchoolWho we are
(023) 8059 7140

Dr Larisa Yarovaya PhD, MS, BA(Hons), SFHEA

Associate Professor of Finance; Programme Director BSc Finance; Deputy Head of the Centre for Digital Finance

Dr Larisa Yarovaya's photo
Related links
Personal homepage

Dr Larisa Yarovaya is Associate Professor of Finance, Programme Director of BSc Finance, and Deputy Head of the Centre for Digital Finance at the Southampton Business School, University of Southampton.

Larisa is a researcher in International Finance and Financial Technologies (Fintech), with specialism in interconnectedness between financial markets, contagion and spillover effect, diversification, hedging and safe haven properties of new markets, including cryptocurrencies, green, and Islamic assets.

Larisa has published her research in peer-reviewed academic journals, such as Journal of Corporate Finance; Journal of Financial Stability; Energy Economics; International Review of Financial Analysis, and European Journal of Finance among others. She also co-edited a book “Cryptocurrency and Blockchain Technology”, and organises the annual Cryptocurrency Research Conference.

Larisa serves as an Associate Editor in International Review of Financial Analysis; Research in International Business and Finance; and International Review of Economics and Finance.

She also serves as a Subject Editor in Journal of International Financial Markets, Institutions & Money; and Emerging Markets Review.

Larisa is a Section Editor of the Heliyon Business and Economics section, and she also serves as a Section Editor in Data-in-Brief Journal.

Larisa’s research has been featured in BBC, Metro UK, Yahoo Finance, Newsweek, Daily Express, Business Essex, Cosmopolitan and elsewhere.

Before starting her academic career, Larisa was an elite Paralympic swimmer for over 16 years, and worked with charities and non-profit organisation supporting children with disabilities and their families in Moscow, Russia. Her interest in Finance developed during the time of the Global Financial Crisis of 2008 which severely hit the unstable Russian economy, especially impacting on people and families from less privileged backgrounds. She decided to study finance at the Management Faculty in the Finance University under the Government of the Russian Federation to understand how countries can become more resilient to financial crises. She received the Scholarship of the President of the Russian Federation for foreign education and continued her academic journey in Newcastle Business School, Northumbria University, UK, where she completed her PhD with the project entitled “Return and Volatility transmission in emerging and developed stock markets” under the supervision of Professor Janusz Brzeszczynski and Dr Chi Keung Marco Lau in 2016. Since then Larisa published more than 30 papers in top academic journals and became one of the most cited female authors in the Fintech and cryptocurrency research area.


Department of Banking and Finance


Centre for Digital Finance (CDF)

Research interests

Larisa is a researcher the fields of International Finance, Financial Technologies, Digital Finance, Financial Integration, Islamic Finance, Energy Economics, Information Transmission, International Business and Management.

Research interests:

  • Fintech and Cryptocurrencies;
  • Return and Volatility transmission;
  • Contagion and Financial crises;
  • COVID-19 crisis;
  • Green Finance and Sustainability;
  • Precious metals;
  • Islamic Finance;
  • Media sentiments;
  • Commodities;
  • Financial Integration;
  • Behavioural Finance.

Larisa is willing to supervise PhD students in the subject areas, which include but no limited to, financial technologies; cryptocurrency investments; blockchain adoption; peer-to-peer lending; financial contagion during the COVID-19 pandemic; green finance; environmental sustainability of cryptocurrency markets. She is particularly interested to work with students who has strong mathematical or empirical finance background, and especially welcomes applications from female candidates, students with disabilities, minorities, and other underrepresented groups.

PhD Supervision

PhD Project title- “Determinants of Industry Herding” (Dr Idibekeabasi Ukpong, 2016-2020)

PhD Project title – “Retention of Tacit Knowledge In Small and Medium - Sized Hotels in the UK” (Dr Shaveta Bedi, 2016-2020)

Research Projects

“Environmental Sustainability and Cryptocurrency Growth: Maintaining a Relation Between the Devil and the Deep Sea” funded by Fitech Chair, Paris Dauphine, France. Role: Principal Investigator. Co-investigators: Dr Roman Matkovskyy, Dr Akanksha Jalan, and Professor Tapas Mishra.

“Cryptocurrencies: opportunities and challenges in the digital age” funded by University of Southampton. Role: Principal Investigator.”

”Inter-industry return and volatility transmission under different volatility regimes” funded by ESRC Impact Acceleration Account. Role: Principal Investigator.

“LIQUEFACT” funded by European Commission (H2020). Role: participant.

Affiliate research groups

Centre for Banking, Finance and Sustainable Development, Finance and Banking Research Group, Centre for Digital Finance

  • Deputy Head of the Centre for Digital Finance;
  • Chair of the Cryptocurrency Research Conference;
  • Programme Director of the BSc Finance;
  • Associate Editor: International Review of Financial Analysis;
  • Associate Editor: Research in International Business and Finance;
  • Associate Editor: International Review of Economics and Finance;
  • Subject Editor: Journal of International Financial Markets, Institutions & Money;
  • Subject Editor: Emerging Markets Review;
  • Section Editor: Heliyon Business and Economics (Open Access);
  • Section Editor: Data in Brief Economics

Served as a guest editor: Economics Letters; European Journal of Finance; Research in International Business and Finance; and as a reviewer: Journal of Corporate Finance; Annals of Tourism Research; Quantitative Finance; Journal of Banking and Finance; Energy Economics; Journal of Futures Markets, to name but a few.

Sort via:TypeorYear



  • Luo, D., Mishra, T., Yarovaya, L., & Zhang, Z. (2021). Bitcoin ambiguity. 1-38. Paper presented at Sustainable Financial Innovation Centre (SFiC) Annual Conference University of Birmingham, Virtual, United Kingdom.
  • Luo, D., Mishra, T., Yarovaya, L., & Zhang, Z. (2020). Bitcoin ambiguity. Paper presented at Cryptocurrency Research Conference, UK, 2020, Virtual.

Programme Leader BSc Finance;

Module Leader: Foundations of Finance

Module Leader: Portfolio Theory & Financial Markets

Dr Larisa Yarovaya
Southampton Business School, University of Southampton, Highfield, Southampton SO17 1BJ, UK

Room Number : 2/4073

Dr Larisa Yarovaya's personal home page
Share this profile Share this on Facebook Share this on Twitter Share this on Weibo
Privacy Settings