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Centre for Empirical Research in Finance and Banking (CERFIB) 

Our vision is to become a recognised research centre of the Southampton Business School (SBS) in empirical finance and banking by promoting academic collaboration, producing excellent (cross-disciplinary) research outputs, striving for research impact and establishing links with the industry and policy bodies.

The Centre for Empirical Research in Finance and Banking (CERFIB) would aim to increase our understanding of the contemporary challenges that corporations, financial markets and banks are facing in the rapidly developing national and global landscape.  It also aims to explore the links through which the financial and banking sectors are affecting real economic and social outcomes. The empirical nature of the research of CERFIB allows for an evidence-based approach in achieving these aims.

A central aim of this centre is to bridge theory and practice through cross-disciplinary research collaboration – one that fully aligns with the School’s as well as the University’s strategic objectives. The CERFIB recognizes that the diverse empirical results researchers often obtain using the same theory depends largely on ‘translating each element of the theory into a robust empirical framework’. The rest depends on the availability and/or development of state-of-the-art tools to approximate the predictive outcomes of the empirical work to that of the reality.

The CERFIB is committed to contribute extensively to the rigorous process of integration of theory into practice and at the same time to develop new research tools to advance our thinking on the empirical implications of banking and financial subjects. The CERFIB has a group of highly motivated academics along with practitioners in the area of banking and finance. The centre’s core research dynamics is also strengthened by an effective outdegree network with high-profile external members, who deeply engage with the centre’s academics in research activities. Together, the centre supports, enhances and facilitates a cohesive research environment.

The CERFIB has its aim on transforming the knowledge capital from the cohesive synergies of multidisciplinary work into the tangible benefits for the academic community, practitioners and students.

Research Themes

Core Research Themes:

  • Empirical Corporate Finance:  firm efficiency and performance, equity finance, IPOs, corporate governance, behavioural finance, dividend policy, capital structure, corporate bonds.
  • Empirical Banking: Bank productivity, efficiency, and performance, bank risk management, bank competition and regulation, syndicated lending, bank corporate governance, bank globalisation. 
  • Empirical Asset Pricing: portfolio management and analysis, asset price volatility, option pricing, stock returns and predictability, stock price synchronisation, stock market internationalisation.
  • Quantitative finance and banking (applications): Financial economics and econometrics, implications of heterogeneous distributions and long-memory in testing market efficiency and modelling dynamic interdependence.

Cross-Disciplinary Research Themes:

When an opportunity arises, members of the CERFIB also engage into research the following brad cross-disciplinary research themes.

  • Real Effects of Finance and Banking: Explore the effects of the finance and banking sector on real economic and social outcomes such as SMEs access to finance, entrepreneurship, innovation, poverty, inequality, and life satisfaction. 
  • Ethical and Sustainable Finance and Investments: green investments, microfinance, Islamic banking and finance, corporate social responsibility and finance, climate change and finance. 

For queries about the activities of the CERFIB, potential research collaborations and visits please send an e-mail in the following address:

Check back here soon for our latest news and events.

The following people are involved in the running of the centre:


Internal Members External Members
Professor Taufiq Choudhry   (Director of CERFIB) Dr Hany Latif, Economist, IMF, Washington
Professor Tapas Mishra        (Director of CERFIB) Dr Mamata Parhi, Reader and Head of Accounting, Finance, Economics and Governance, Faculty of Business and Law, Roehampton University, UK
Dr Renatas Kizys Dr Prasad Bhattacharya, Deakin University, Australia
Dr Zenon Taoushianis  
Dr Simon Troup  
Dr Mohamed Bakoush  
Dr Martin Enilov  
Dr Yue Zhou  
Dr Panayiotis Papakyriakou  
Dr Panagiota Papadimitri  
Dr Gabriele Lepori  
Dr Shuonan Zhang  
Dr Weiping Qin  
Dr Manuel Nunes  
Dr Christoforos Andreou  
Dr Bo Wang  
Dr Suhee Kim  
Dr Yun Luo  
Dr Arben Kita  
Dr Di Luo  
Dr Paulo Regis  
Dr Zhuang (Jason) Zhang  
Dr Laurie Carver  
Dr Yi Ding  
Dr Larisa Yarovaya  
Dr Ahmad Maaitah  
Professor Simon Wolfe  
Dr Rakesh Jory  
Dr Abhishek Kumar  



DateSpeakerPresentation titleRoomTimeWebsite
14/10/202 Dr Kornelia Fabisik (Frankfurt, Germany) Why Do U.S. CEOs Pledge Their Own Company's Stock? Online event 13:00 - 15:00
 21/10/2020   Dr Orkun Saka (U of Sussex)  TBA Online event 13:00 - 15:00
 28/10/2020   Prof Matti Kelloharju (U of Aalto, Finland)  TBA Online event 13:00 - 15:00
 04/11/2020   Dr Renatas Kizys (U of Soton)  TBA Online event 13:00 - 15:00
 11/11/2020   Dr Ralph De Haas (EBRD)  TBA Online event 13:00 - 15:00
 25/11/2020   Prof Anastasiya Shamshur (U of Kent)  TBA Online event 13:00 - 15:00
02/12/2020 Prof George Panos (U of Glasgow) Financial literacy and attitudes to cryptocurrencies. Online event 13:00 - 15:00
09/12/2020 De Emmanuil Platanakis (U of Bath) TBA Online event 13:00 - 15:00
Staff nameResearch grantsResearch impact
Soumyatanu Mukherjee 07th August 2019: International Economic Research Annual (IERA) Award 2018 by the Export-Import (EXIM) Bank of India; 09/2012 – 09/2015: Economic & Social Research Council (UK) Doctoral Scholarship (+3); 09/2012 – 05/2016: Vice-Chancellor’s Research Excellence Award (University of Nottingham). Globalisation 4.0 & Proliferation of AI – Are We Ready for This? – Financial Express (All Editions) on 14th March 2019; "Trans Pacific Partnership Without The US: Populism Wins..." – BW BUSINESSWORLD e-paper on 31st March 2018; "Though monetisation serves as a good start to clean up the mess, it does not address the deeper issue of tax evasion" (co-authored with Dr Aravind Sampath) – Financial Express e-paper on 16th December 2016, Page 9.; "Turbulence in Hong Kong could open a window of opportunity for India" (
Paulo Regis N/A N/A
Renatas Kizys External grant, which is managed by Kaunas University of Technology, Lithuania.  Our research project Circular economy modelling and empowerment perspective in a small open economy (CEMESOE) in collaboration from colleagues from Lithuania, Germany and Italy in 2019 was awarded funding for the value of EUR 145,487 by the Lithuanian Research Council. Details of the project are available here The News, (Local); Daily Mail, The Guardian, The Independent (National); Irish Independent, The Irish Journal, Irish Times, Netherlands National Radio Station, Wall Street Italia (international/European); Chinese and Hong Kong media companies (international) ;; potential impact cases: Financial Immunity to the COVID19 Pandemic: Evidence from International Stock Markets; The Quadrilemma of a Small Open Circular Economy Through a Prism of the 9R Principles; Global Temperature, R&D Expenditure, and Growth
Taufiq Choudhry Externa funding: International Research Grant granted by the National Science Centre, Poland. Grant number 2014/13/B/HS4/01556. Amount £100,000. Duration time of the funding: 2015-2017; International Research Grant granted by the Federal Ministry of Finance, Nigeria. Grant number R&I/2116/1/74. Amount £12,000. Duration time of the funding: 2019-2021; N/A
Gabriele Lepori N/A NPR Morning Edition (U.S. radio news program), I was interviewed by Shankar Vedantam in the research news segment: “How TV Show Finales Affect the Stock Market”, May 18, 2015. This radio show attracts about 2 million people, on average; Pacific Standard (U.S. magazine), “Hit TV Show Ends; Stock Market Goes Down”, by Tom Jacobs, February 20, 2015. This article reported on one of my studies.
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