Working paper series

The CRBF Working Paper Series is provided by the Centre for Responsible Banking and Finance (CRBF) of the University of St Andrews School of Management as part of its engagement and dissemination strategy. The aim of the series is to stimulate discussion and contribute to the advancement of our knowledge in the areas covered in the research agenda of the CRBF.

All working papers in the series have been approved by a group member to ensure an appropriate quality. Find the full catalogue of the series below.

For additional information, please contact:
Series Editor Linh H Nguyen at

Fourth Quarter | 2022
22-012Pejman Abedifar, Seyed Javad Kashizadeh, Steven OngenaFlood, Farms and Credit: How Bank Ties Keep Farmers, Young and Female, above Water.

Third Quarter | 2022
22-008Dimitris K. Chronopoulos, Edie Erman Che Johari, Anna L. Sobiech, John O.S. WilsonPayouts and Future Bank Profitability: The Role of Capital Distribution Plans.
22-009Diana Bonfim, Cláudia Custódio, Clara RaposoSupporting small firms through recessions and recoveries.
22-010José M. Liñares-Zegarra and John O.S. WilsonSMEs as Social Enterprises: Regional Disparities, Access to Finance, Strategic Intentions, and the COVID-19 Pandemic.
22-011Dimitris K. Chronopoulos, John O.S. Wilson, Muhammed H. YilmazStakeholder Orientation and Bank Payout Policy: Evidence from US Constituency Statutes.

Second Quarter | 2022
22-003Dimitris Andriosopoulos and Sheikh Tanzila DeeptyESG reputation and Risk-Shifting Incentives.
22-004Adnan Balloch, Christian Engels, Dennis PhilipWhen It Rains It Drains: Psychological Distress and Household Net Worth.
22-005Dimitris K. Chronopoulos, John O.S. Wilson, Muhammed H. YilmazRegulatory Oversight and Bank Risk.
22-006Ozlem Akin and S. Mehmet OzsoyPolitical Liquidity Creation: Electoral Cycles and State-Owned Banks.
22-007Foly Ananou, Dimitris Chronopoulos, Amine Tarazi, John O.S. WilsonLiquidity Regulation and Bank Risk.

First Quarter | 2022

22-001Jun Duanmua, Hong Liu, Garrett A. McBrayer, Tuyet Nhung VuBank Holding Company Credit Rating Upgrade and Subsidiary Bank Mortgage Lending.
22-002Ross Brown, Suzanne Mawson, Augusto Rocha, Alex RoweLooking Inside the 'black box' of a Digital Fintech: An Ethnographically Informed Conceptualisation of Firm Scaling.

Fourth Quarter | 2021

21-013Simon Fritzsch, Maike Timphus, Gregor WeißMarginals versus Copulas: Which Account for More Model Risk in Multivariate Risk Forecasting?
21-014Giovanni Cerulli, Franco Fiordelisi, David Marques-IbanezThe Burden of Bank Supervision.
21-015Dimitris K. Chronopoulos, Lemonia M. Rempoutsika, John O.S. WilsonAudit Committee Oversight and Bank Financial Reporting Quality.
21-016Duc Duy Nguyen, Steven Ongena, Shusen Qi, Vathunyoo SilaClimate Change Risk and the Cost of Mortgage Credit.

Third Quarter | 2021

21-009Alessio Reghezza, Yener Altunbas, David Marques-Ibanez, Costanza Rodriguez d'Acri, Martina SpaggiariDo Banks Fuel Climate Change?
21-010Hiep N. Luu, Linh H. Nguyen, John O.S. WilsonOrganizational Culture, Competition and Bank Loan Loss Provisions.
21-011Nhan Le, Duc Duy Nguyen, Vathunyoo SilaDoes Shareholder Litigation Affect the Corporate Information Environment?
21-012Simon Fritzsch, Felix Irresberger, Gregor WeißCross-Section of Option Returns and the Volatility Risk Premium.

Second Quarter | 2021

21-005Marcel Lukas and Ray Charles "Chuck" HowardThe Influence of Budgets on Consumer Spending.
21-006Michael Koetter, Thomas Krause, Eleonora Sfrappini, Lena TonzerCompleting the European Banking Union: Capital Cost Consequences for Credit Providers and Corporate Borrowers.
21-007Linh H. Nguyen, John O.S. Wilson, Tuan Q. Le, Hiep N. Luu, Vinh X. Vo, Tram-Anh NguyenDeposit Insurance and Credit Union Lending.
21-008Dolores Gutiérrez-Mora and Daniel Oto-PeralíasGendered Cities: Studying Urban Gender Bias through Street Names.

First Quarter | 2021

21-001I-Ju Chen, Iftekhar Hasan, Chih-Yung Lin, Tra Ngoc Vy NguyenDo Banks Value Borrowers' Environmental Record? Evidence from Financial Contracts.
21-002Manthos D. Delis, Iftekhar Hasan, Maria Iosifidi, Steven OngenaGender, Credit, and Firm Outcomes.
21-003Javier Gomez-Biscarri, Germán López-Espinosa, Andrés Mesa ToroDrivers of Depositor Discipline in Credit Unions.
21-004Ross Brown and Marc CowlingThe Geographical Impact of the Covid-19 Crisis for Firms and Jobs: Evidence from the 100 Largest Cities and Towns of the UK.

Fourth Quarter | 2020

20-015Javier Gomez Biscarri, Germán López-Espinosa, Andrés Mesa ToroRemuneration as a Motivation of Earnings Management in Credit Unions.
20-016Iftekhar Hasan, Qing He, Haitian LuSocial Capital, Trusting, and Trustworthiness: Evidence from Peer-to-peer Lending.
20-017Bill Francis, Iftekhar Hasan, Yinjie (Victor) Shen, Qiang WuDo Activist Hedge Funds Target Female CEOs? The Role of CEO Gender in Hedge Fund Activism.
20-018Angelos Kanas and Philip MolyneuxSystemic Risk and CO2 Emissions in the US.

Third Quarter | 2020

20-012Dimitris K. Chronopoulos, Marcel Lukas, John O.S. WilsonConsumer Spending Responses to the COVID-19 Pandemic: An Assessment of Great Britain.
20-013Ivan Lim and Duc Duy NguyenHometown Lending.
20-014Ross Brown, Jose M. Liñares-Zegarra, John O.S. WilsonInnovation and Borrower Discouragement in SMEs.

Second Quarter | 2020

20-006Marc Cowling, Ross Brown, Neil LeeThe Geography of Business Angel Investments in the UK: Does Local Bias (Still) Matter?
20-007Foly Ananou, Amine Tarazi, John O.S. WilsonLiquidity Regulation and Bank Lending.
20-008Ross Brown and Augusto RochaEntrepreneurial Uncertainty during the Covid-19 Crisis: Mapping the Temporal Dynamics of Entrepreneurial Finance.
20-009Ross Brown, Ronald V. Kalafsky, Suzanne Mawson, Lori DavisShocks, Uncertainty and Regional Resilience: The Case of Brexit and Scottish SMEs.
20-010Dimitris Andriosopoulos and Sheikh Tanzila DeeptyCan Social Capital and Reputation Mitigate Political and Industry-wide Risk?

First Quarter | 2020

20-001Mais Sha'ban, Claudia Girardone, Anna SarkisyanCross-Country Variation in Financial Inclusion: A Global Perspective.
20-002Georgios A. Panos and Tatja KarkkainenFinancial Literacy and Attitudes to Cryptocurrencies.
20-003Ross Brown, Augusto Rocha, Suzanne MawsonCapturing Conversations in Entrepreneurial Ecosystems.
20-004Dimitris K. Chronopoulos, Anna L. Sobiech, John O.S. WilsonSocial Capital and the Business Models of Financial Cooperatives: Evidence from Japanese Shinkin Banks.
20-005Donal McKillop, Declan French, Barry Quinn, Anna L. Sobiech, John O.S. WilsonCooperative Financial Institutions: A Review of the Literature.

Fourth Quarter | 2019

19-016Christian Engels, Kamlesh Kumar, Dennis PhilipFinancial Literacy and Fraud Detection.
19-017Santiago Carbó-Valverde, Pedro J. Cuadros-Solas, Francisco Rodríguez-FernándezA machine learning approach to the digitalization of bank customers: evidence from random and causal forests.
19-018Robert DeYoung, John Goddard, Donal G. McKillop, John O.S. WilsonWho Consumes the Credit Union Tax Subsidy?
19-019Dimitris K. Chronopoulos, George Dotsis, Nikolaos T. MilonasInternational Evidence on the Determinants of Banks' Home Sovereign Bond Holdings.
19-020Ross BrownMission-Oriented or Mission Adrift? A Critique of Plans for a Mission-Oriented Scottish National Investment Bank.

Third Quarter | 2019

19-011Hao Peng, Hong Liu, Yuxiang JiangWhy Do Member Firms Hold More Cash When They Have Access to the Business Group’s Finance Company? Empirical Evidence of Tunneling from China.
19-012Declan French, Donal McKillop, Elaine StewartThe Effectiveness of Smart Phone Apps in Improving Financial Capability.
19-013J. Michael Collins and Carly UrbanUnderstanding Financial Well-being Over the Lifecourse: An Exploration of Measures.
19-014Tatiana Damjanovic, Vladislav Damjanovic, Charles NolanDefault, Bailouts and the Vertical Structure of Financial Intermediaries.
19-015Franco Fiordelisi, Ornella Ricci, Francesco Saverio Stentella LopesCorporate Culture and Merger Success.

Second Quarter | 2019

19-006Jens Hagendorff, Sonya S Lim, and Duc Duy (Louis) NguyenTrust and Bank Loan Contracts.
19-007Ettore Croci, Marta Degl’Innocenti, and Si ZhouSupply Chain Relationships and Syndicate Loan Structure.
19-008Javier Gomez-Biscarri, Germán López-Espinosa, Andrés Mesa ToroCobbler, Stick to Thy Last: the Disciplining of Business Loans in Credit Unions.
19-009Abdelmajid Hmaittane, Mohamed Mnasri, Kais Bouslah, Bouchra M’ZaliThe Impact of Lender Social Responsibility on the Link between Borrower Social Responsibility and the Cost of Bank Loans.
19-010Tatiana Damjanovic, Vladislav Damjanovic, Charles NolanLiquidity Risk, Credit Risk and the Money Multiplier.

First Quarter | 2019

19-001Ross Brown and Suzanne MawsonEntrepreneurial Ecosystems: A Critique of the Latest Industrial Policy Blockbuster.
19-002Yousef Makhlouf, Neil Kellard, and Dmitri VinogradovFinance-Inequality Nexus: the Long and the Short of It.
19-003Mushtaq Hussain Khan, Ahmad Fraz, Arshad Hassan, and Pejman AbedifarBoard Gender Diversity, Risk-taking and Performance: Evidence from Dual Banking Systems.
19-004Pejman Abedifar, Kais Bouslah, Shatha Qamhieh Hashem, and Liang SongHow Informative Are Stock Prices of Islamic Banks?
19-005Pejman Abedifar, Ming Li, Dean Johnson, Liang SongAccounting Regulations, Enforcement and Stock Price Crash Risk: Global Evidence in the Banking Industry.

Fourth Quarter | 2018

18-015Daniel Oto-PeralíasFrontiers, Warfare and the Economic Geography of Countries: The Case of Spain.
18-016Ross Brown, Jose Liñares-Zegarra, and John O.S. WilsonThe (Potential) Impact of Brexit on UK SMEs: Regional Evidence and Public Policy Implications.
18-017Oleksandr Talavera, Shuxing Yin, and Mao ZhangTournament incentives, age diversity and firm performance: Evidence from China.
18-018Thomas Gehrig and Maria Chiara IanninoDid the Basel Process of Capital Regulation Enhance the Resiliency of European Banks?
18-019Barbara Casu, Filippo di Pietro, and Antonio Trujillo-PonceLiquidity Creation and Bank Capital.
18-020Stefano Colonnello, Michael Koetter, and Konstantin WagnerEffectiveness and (In)Efficiencies of Compensation Regulation: Evidence from the EU Banker Bonus Cap.

Third Quarter | 2018

18-011Duc Duy Nguyen, Linh Nguyen, and Vathunyoo SilaDoes Corporate Culture Affect Bank Risk-Taking? Evidence from Loan-Level Data.
18-012Dimitris K. Chronopoulos, Anna L. Sobiech, and John O.S. WilsonThe Australian Bank Levy: Do Shareholders Pay?
18-013Neil Lee and Raffaella CalabreseDoes local bank structure influence access to finance? Evidence from online mapping.
18-014Solomon Y. Deku, Alper Kara, and David Marques-IbanezDo Reputable Issuers Provide Better-Quality Securitizations?

Second Quarter | 2018

18-006Alfred Duncan and Charles NolanReform of the UK Financial Policy Committee.
18-007Thomas Conlon, John Cotter, and Philip MolyneuxBeyond Common Equity: The Influence of Secondary Capital on Bank Insolvency Risk.
18-008Yousef Makhlouf, Neil M. Kellard, and Dmitri VinogradovWhat Moves Commodity Terms-of-Trade? Evidence from 72 Countries.
18-009Ross Brown, Jose Liñares Zegarra, and John O.S. WilsonWhat Happens if the Rules Change? The Impact of Brexit on the Future Strategic Intentions of UK SMEs.
18-010Solomon Y. Deku, Alper Kara, and David Marques-IbanezTrustee Reputation in Securitization: When Does It Matter?

First Quarter | 2018

18-001Sanjay Banerji, Dimitris K. Chronopoulos, Anna L. Sobiech and John O.S. WilsonTaxation and Financial Intermediation: Evidence from a Quasi-Natural Experiment.
18-002Ross BrownIs the St Andrews Bubble About to Burst? Assessing the Economic and Social Impact of Studentification and HMO Policy in a Small University Town.
18-003Neil Lee and Davide LucaThe big-city bias in access to finance: Evidence from firm perceptions in almost 100 countries.
18-004Dimitris K. Chronopoulos, Sotiris Kampanelis, Daniel Oto-Peralías, and John O.S. WilsonSpreading civilisations: Ancient colonialism and economic development along the Mediterranean.
18-005F. Arnaboldi, B. Casu, E. Kalotychou, and A. SarkisyanThe performance effects of board heterogeneity: What works for EU banks?

Fourth Quarter | 2017

17-012Rónán Gallagher and Barry QuinnRegulatory Own Goals: The Unintended Consequences of Financial Regulation in Professional Football.
17-013Yaoyao Fan, Kose John, Frank Hong Liu and Luqyan TamanThe Financial and Social Performance of Islamic Microfinance Institutions: A Cross-Country Study.
17-014Arjan Trinks, Gbenga Ibikunle, Machiel Mulder, Bert ScholtensGreenhouse Gas Emissions Intensity and the Cost of Capital.

Third Quarter | 2017

17-009Pejman Abedifar, Paolo Giudici and Shatha HashemHeterogeneous market structure and systemic risk: evidence from dual banking systems.
17-010Ross Brown and Colin MasonLooking inside the spiky bits: a critical review and conceptualisation of entrepreneurial ecosystems.
17-011Ahmed Marhfor, Kais Bouslah and Bouchra M'ZaliCorporate social responsibility and stock price informativeness: evidence from the Canadian market.

Second Quarter | 2017

17-005Jose Liñares-Zegarra and John O.S. WilsonFuture issues in unsecured consumer debt.
17-006Ross Brown and Neil LeeThe future of funding for small and medium-sized enterprises in the UK.
17-007Dimitris Chronopoulos, Anna Lucia Sobiech, and John O. S. WilsonFuture issues in bank taxation.
17-008Alberto Montagnoli, Mirko Moro, Georgios A. Panos, and Robert E. WrightFinancial literacy and attitudes to redistribution.

First Quarter | 2017

17-001Alberto Montagnoli, Mirko Moro, Georgios A. Panos, and Robert E. WrightFinancial literacy and political orientation in Great Britain.
17-002Moritz Wiesel, Kristian Ove R. Myrseth, and Bert ScholtensSocial preferences and socially responsible investing: a survey of US investors.
17-003Marika Carboni and Franco FiordelisiEndogenous political connections.
17-004Ross Brown, Jose Liñares-Zegarra, and John O.S. WilsonSticking it on plastic: the spatial dynamics of credit card finance in UK small and medium sized enterprises

Fourth Quarter | 2016

16-012Suzanne Mawson and Ross BrownMergers and acquisitions, open innovation and UK high growth SMEs.
16-013Daniel Oto-PeralíasWhat do street names tell us? The 'city-text' as socio-cultural data.

Third Quarter | 2016

16-009Elena Beccalli, Laura Chiaramonte and Ettore CrociWhy do banks hold excess cash?
16-010Chi-HSiou D. Hung, Yuxiang Jiang and Hong LiuCompetition or manipulation? an empirical evidence from natural experiments on the earnings persistence of US banks.
16-011Jimmy Chen and Bert ScholtensFinancial performance, costs, and active management of US socially responsible investment funds.

Second Quarter | 2016

16-006Linh H. Nguyen and John O.S. WilsonHow does bank lending react to a catastrophic weather event? Evidence from the Indian Ocean tsunami.
16-007Ivan Lim, Jens Hagendorff and Seth ArmitageRegulatory connections and public subsidies: evidence from the banking industry.
16-008Rawley Z. Heimer, Kristian Ove R. Myrseth, and Raphael S. SchoenleYOLO: Mortality beliefs and household finance puzzles.

First Quarter | 2016

16-001Ross Brown, Suzanne Mawson and Alexander RoweNetworking with the Crowd: Start-Ups, Networks and Equity Crowdfunding.
16-002Pejman AbedifarThe Doctrine of Riba in the Contemporary World: Is Islamic Finance the Answer?
16-003Daniel Oto-Peralías and Diego Romero-ÁvilaHistorical Frontiers and the Rise of Inequality: The Case of the Frontier of Granada.
16-004Frank Hong Liu, Lars Norden and Fabrizio SpargoliWhy banks want to be complex.
16-005Dimitris K. Chronopoulos, David G. McMillan, Fotios I. Papadimitriou, Manouchehr TavakoliInsider trading and future stock returns in firms with concentrated ownership levels.

Fourth Quarter | 2015

15-010Rym Ayadi, Sami Ben Naceur, Barbara Casu and Barry QuinnRegulatory Compliance and Bank Performance.
15-011Neil Lee and Ross BrownThin Markets and Innovative SMEs: the Demand and Supply of Bank Funding in UK Peripheral Regions.
15-012John Forker, Barry Reilly and Anne Marie WardDoes Board Gender Leadership Matter in Participatory Community Based Organisations?
15-013Pejman Abedifar, Iftekhar Hasan, Amine TaraziFinance-Growth Nexus and Dual-Banking Systems: Relative Importance of Islamic Banks.

Third Quarter | 2015

15-006Ross Brown and Suzanne MawsonTargeted Support for High Growth Firms: Theoretical Constraints, Unintended Consequences and Future Policy Challenges.
15-007Declan French and Donal McKillopThe Impact of Household Overindebtedness on Physical and Mental Health.
15-008Pejman Abedifar, Shahid Ebrahim, Philip Molyneux and Amine TaraziIslamic Banking and Finance: Recent Empirical Literature and Directions for Future Research.
15-009Ross Brown, Suzanne Mawson, Alexander Rowe and Colin MasonHarnessing the Crowd: The Demand-Side Dynamics of Equity Crowdfunding in Nascent Entrepreneurial Ventures.

Second Quarter | 2015

15-004Dimitris K. Chronopoulos, Claudia Girardone and John C. NankervisDouble Bootstrap Confidence Intervals in the Two-Stage DEA Approach.
15-005John K. Ashton and Robert S. HudsonThe Price, Quality and Distribution of Mortgage Payment Protection Insurance: A Hedonic Pricing Approach.

First Quarter | 2015

15-001Ross Brown and Neil LeeCredit Where It's Due? Access to Finance for High–Growth SMEs in the UK.
15-002Pejman Abedifar, Philip Molyneux and Amine TaraziNon-interest income activities and bank lending.
15-003Donal G. McKillop and John O.S. WilsonCredit Unions as Cooperative Institutions: Distinctiveness, Performance and Prospects.

Fourth Quarter | 2014

14-012Declan French and Donal McKillopFinancial Literacy and Over-Indebtedness in Low-Income Households.
14-013Elena Beccalli, Saverio Bozzolan, Enrico Laghi and Marco MatteiQualitative Un-Verifiable Disclosures to Inform or Mislead: Insights from Insider Trading Activity.

Third Quarter | 2014

14-010Philip Molyneux, Linh H. Nguyen, Xiaoxiang ZhangExecutive Compensation, Board Independence and Bank Efficiency in China: The Effects of the Financial Crisis.
14-011Walter Briec, Laurence LasselleOn Farrell Technical Efficiencies in Simple Solow Models – A Luenberger-type Approach.

Second Quarter | 2014

14-004Mohammed Amidu and John O.S. WilsonCompetition in African Banking: Do Globalization and Institutional Quality Matter?
14-005Barbara Casu, Alessandra Ferrari, Claudia Girardone and John O.S. WilsonIntegration, Productivity and Technological Spillovers: Evidence for Eurozone Banking Industries.
14-006John Goddard, Hong Liu and John O.S. WilsonEntry, Exit and Growth of US Commercial Banks.
14-007John K. Ashton and Andros GregoriouThe Role of Implicit Costs and Product Quality in Determining the Customer Costs of Using Personal Current Accounts.
14-008Charles M. Kahn and José M. Liñares-ZegarraIdentity Theft and Consumer Payment Choice: Does Security Really Matter?
14-009Maya Clayton, José Liñares-Zegarra and John O. S. WilsonCan Debt Affect Your Health? Cross Country Evidence on the Debt-Health Nexus.

First Quarter | 2014

14-001Duc Duy (Louis) Nguyen, Jens Hagendorff, and Arman EshraghiThe Value of Executive Heterogeneity in Banking: Evidence from Appointment Announcements.
14-002Donal G. McKillop and John O.S. WilsonRecent Developments in the Credit Union Movement.
14-003Santiago Carbó-Valverde, José Manuel Mansilla-Fernández and Francisco Rodríguez- FernándezThe Effects of Bank Market Power in Short-Term and Long-Term Firm Investment.

Fourth Quarter | 2013

13-010Andreas G. F. Hoepner, Michael Rezec and Sebastian SieglDoes pension funds' fiduciary duty prohibit the integration of environmental responsibility criteria in investment processes? A realistic prudent investment test.
13-011Choudhry Tanveer Shehzad and Bert ScholtensThe Impact of the Organization of Bank Supervision on Banks' Risk-Taking Behavior.

Third Quarter | 2013

13-009Manouchehr Tavakoli, David McMillan and Phillip J. McKnightThe Credit Crunch and Insider Trading.

Second Quarter | 2013

13-005Leonidas Barbopoulos and John O.S. WilsonThe Valuation Effects of Earnout in M&A of Financial Institutions.
13-006Solomon Y. Deku, Alper Kara and Philip MolyneuxExclusion and Discrimination in the Market for Consumer Credit.
13-007Dimitris K. Chronopoulos, Hong Liu, Fiona J. McMillan and John O.S. WilsonThe Dynamics of US Bank Profitability.
13-008Robert D. J. Anderson, John K. Ashton, Robert S. HudsonThe Influence of Product Age on Pricing Decisions: An examination of bank deposit interest rate setting.

First Quarter | 2013

13-001John Goddard, Donal McKillop and John O.S. WilsonUS Credit Unions: Survival, Consolidation and Growth.
13-002Ralf Barkemeyer, Frank Figge, Tobias Hahn, Andreas Hoepner, Andrea Liesen and Agnes L. NeherOperationalizing Socially Responsible Investment: A Non-financial Fiduciary Duty Problem.
13-003José M. Liñares-Zegarra and Santiago Carbó-ValverdePayment Card Interchange Fees: Assessing the Effectiveness of Antitrust Investigations and Regulation in Europe.
13-004Donal McKillop and Barry QuinnCooperative Traits of Technology Adoption: Website Adoption in Irish Credit Unions.

Fourth Quarter | 2012

12-001José M. Liñares-Zegarra and John O.S. WilsonRisk Based Pricing in the Credit Card Industry: Evidence from US Survey Data.
12-002Kais Bouslah, Lawrence Kryzanowski and Bouchra MzaliDoes Social Performance Affect the Risk of Financial Firms?
12-003John Goddard, Donal McKillop and John O.S. WilsonRegulatory Change and Capital Adjustment of Cooperative Financial Institutions.
12-004Gbenga Ibikunle, Andros Gregoriou, Andreas G. F. Hoepner and Mark RhodesLiquidity and Market efficiency: European Evidence from the World’s Largest Carbon Exchange.