Gbenga Ibikunle

25 May 2023

Gbenga Ibikunle | Nationalities: Nigerian, British | Email: Gbenga.Ibikunle@ed.ac.uk

 

ACADEMIC (POST-PHD) RESEARCH APPOINTMENTS (MOST RECENT APPOINTMENTS FIRST)

  1. The University of Edinburgh: Professor and Chair of Finance – since August 2020
  2. China University of Petroleum, Beijing: Visiting Professor of Finance – since May 2018
  3. RoZetta Institute (formerly Capital Markets CooperativAe Research Centre, Sydney: Research Fellow – since May 2016
  4. Adam Smith Business School, University of Glasgow: Research Supervisor, Department of Economics – since May 2015
  5. Macquarie University: Visiting Research Professor of Finance – 2017/18 academic year
  6. Universidade Católica Portuguesa, Porto, Portugal: Visiting Research Professor of Finance – October 2017
  7. The University of Edinburgh: Senior Lecturer (Associate Professor) in Financial Markets – August 2016 to July 2020
  8. Financial Conduct Authority (Chief Economist’s Department): Visiting Researcher/Consultant – July 2015 to September 2017
  9. The University of Edinburgh: Lecturer (Assistant Professor) in Financial Markets – September 2012 to July 2016

 

ACADEMIC LEADERSHIP AND MANAGEMENT APPOINTMENTS (MOST RECENT APPOINTMENTS FIRST)

  1. Centre for Financial Innovations: Director-designate – since September 2022
  2. The University of Edinburgh: Member, University Curriculum Transformation Programme Committee – since April 2021
  3. The University of Edinburgh: Conference/Programme Chair, Economics of Financial Technology Conference – since March 2019
  4. The University of Edinburgh/Edinburgh Futures Institute: Director of Industry, Economy and Society (University of Edinburgh’s Lead for FinTech and Financial Services initiatives) – since August 2018
  5. The University of Edinburgh: Founding Convener, FinTech and Financial Services Research Cluster – since August 2018
  6. Fondazione European Capital Markets Cooperative Research Centre, Pescara: Deputy Scientific Director and Board Member

– since August 2013

  1. The University of Edinburgh: Founding Programme Director, MSc Finance, Technology and Policy – August 2018 to July 2021
  2. Smart Data Foundry: Convener and Chair, Research Roadmap Steering Group – August to October 2020
  3. The University of Edinburgh: Founding Programme Director, PhD in Financial Technology – September 2019 to September 2020
  4. The University of Edinburgh: Programme Development Lead, PhD in Financial Technology – August 2018 to August 2019
  5. The University of Edinburgh: Convener and Chair, Business School Postgraduate Board of Examiners and Special Circumstances Committee – September 2017 to August 2019
  6. The University of Edinburgh: Programme Development Lead, MSc Finance, Technology and Policy – June 2016 to July 2018
  7. The University of Edinburgh: Co-Programme Development Lead, MSc Finance – September 2016 to August 2017
  8. The University of Edinburgh: Founding Programme Director, MSc Energy Finance and Markets – September 2015 to August 2017
  9. The University of Edinburgh: Programme Director, MSc Carbon Finance – January 2015 to August 2016
  10. The University of Edinburgh: Deputy Director, Sustainable Business Initiative – August 2014 to July 2016
  11. The University of Edinburgh/Business School: Convener, Accounting and Finance Seminar Series – May 2013 to July 2016
  12. The University of Edinburgh: Programme Development Lead, MSc Energy Finance and Markets – November 2012 to August 2015
  13. The University of Edinburgh: PhD Coordinator, Centre for Business and Climate Change – September 2012 to August 2013

 

OTHER ACADEMIC LEADERSHIP AND CITIZENSHIP APPOINTMENTS (SELECTED)

  1. Strathclyde University: External Examiner, MSc Financial Technology – since July 2020
  2. Fondazione European Capital Markets Cooperative Research Centre, Pescara: Track chair and programme committee member, ECMCRC Workshops (Pescara, 2017; London, 2018; Dublin 2019)
  3. Robert Gordon University: External Academic Member, MSc Oil & Gas Programme Validation Panel – 2015/16
  4. Eastern Finance Association: Programme Committee Member, Annual Meetings 2016 Baltimore – 2016
  5. University of Hull: External Programme Academic Reviewer, MSc Energy Markets programme – 2013/14
  6. Technological Forecasting and Social Change: Special Issue Guest Editor – March 2013 to August 2015

 

FORMAL QUALIFICATIONS

1.           Moray House School of Education, The University of Edinburgh

Postgraduate Certificate in Academic Practice – 2014; Fellowship of the Higher Education Academy achieved on 5th December 2014

2.           Norwich Business School, University of East Anglia

PhD in Finance (market microstructure) – 2012

3.           Norwich Business School, University of East Anglia

Master’s Degree in Business Administration (MBA) with Distinction – 2009

4.           Yaba College of Technology, Lagos, Nigeria

Higher National Diploma (BSc equivalent) in Food Technology – 2002

5.           Moshood Abiola Polytechnic, Abeokuta, Nigeria

National Diploma in Food Science and Technology – 1999

 

RESEARCH: GRANTS, PUBLICATIONS, WORKING PAPERS, PRESENTATIONS

SELECTED RESEARCH GRANT AND CONTRACT AWARDS

  1. Royal Bank of Scotland/NatWest Group: NatWest Group-University of Edinburgh Five-Year Innovation Laboratory Strategic Partnership: £5,000,000 (2023 – 2027). Principal Investigator
  2. UK Government’s Department of Energy Security and Net Zero: Evaluation of the UK Emissions Trading Scheme: £750,000 (2023 – 2026). Consortium: CAG Consultants (lead), University College London, University of Edinburgh, Winning Moves, and Cambridge Co-Investigator
  3. Royal Bank of Scotland/NatWest Group: Green Housing Price Index: £107,808 (2023). Principal Investigator
  4. DataLab and Predictiva Joint PhD in Financial Technology funded studentship: Developing AI-led Portfolio, Risk and Execution Management Strategies: £96,210 (2021 – 2025). Principal Supervisor/Investigator
  5. Economic & Social Research Council (ESRC) and Engineering and Physical Sciences Research Council (EPSRC) Impact Acceleration Grants: Exploiting new data resources for enhancing societal impact of financial products and services, £54,000 (2021). Co-Investigator
  6. All Party Parliamentary Corporate Governance Group (Houses of Lords and Commons): Commissioned research on ‘The decline in the number of listed companies in the UK’, Budget: £45,000 (2020). Principal Investigator
  7. RoZetta Institute Industrial Doctoral Training Scheme (student: Nikolaos Maroulas; project title: Application of machine learning in financial regulation): A$240,000 (2020 – 2023). Principal Supervisor/Investigator
  8. RoZetta Institute Industrial Doctoral Training Scheme (student: Sun Qiao; project title: Price discovery in foreign exchange derivatives): A$240,000 (2018 – 2021). Principal Supervisor/Investigator
  9. Capital Markets Cooperative Research Centre Market Quality Dashboard Scheme: The dark side of financial innovation? Estimating the costs and real economy effects of algorithmic trading, market fragmentation and dark trading, A$25,000 (2018 – 2019). Principal Investigator
  10. Capital Markets Cooperative Research Centre Industrial Doctoral Training Scheme (student: Tom Steffen; project title: Benchmark regulation): A$210,000 (2015 – 2018). Principal Supervisor/Investigator.
  11. Economic & Social Research Council (ESRC) Impact Grant, 2016/17: Market Quality Implications of Dark Pools, £22,114.23 (2016 – 2017). Principal Investigator
  12. Jupiter Asset Management: Estimating and characterising asset managers’ cost of trading, £15,800 (2017). Co-Principal Investigator (with Seth Armitage)
  13. First Venture Fund Grant: ‘City Goes Dark – Do Dark Pools Damage Market Quality and Fairness?’ £4,694 (2015). Principal Investigator

 

RESEARCH MONOGRAPH/BOOK

Ibikunle, G. & Gregoriou, A. (2018) Carbon Markets: Microstructure, Pricing and Policy. Palgrave Macmillan.

 

PEER-REVIEWED BOOK CHAPTERS

  1. Ibikunle, & Okereke, C. (2014) Governing Carbon through the EU-ETS: Opportunities, Pitfalls and Future Prospects. In: Tansey,
  2. (ed.) Carbon Governance, Climate Change and Business Transformation. Taylor and Francis (Routledge)

 

  1. Diaz-Rainey, I., Finegan, A., Ibikunle, G. & Tulloch, D. (2013) Institutional Trading in the European Union Emissions Trading Scheme (EU-ETS). In: Hawley, J. P., Hoepner, A. F., Johnson, K. L., Sandberg, J. and Waitzer, E. (ed.) The Handbook of Institutional Investment and Fiduciary Cambridge University Press.
  2. Daskalakis, G., Ibikunle, G. & Diaz-Rainey, I. (2011) The CO2 Trading Market in Europe: A Financial Perspective. In: Dorsman, A., Westerman, , Karan, M. B. & Arslan, Ö. (eds.) Financial Aspects in Energy: A European Perspective. Berlin Heidelberg: Springer.

 

PEER-REVIEWED JOURNAL PAPERS (BY PUBLICATION DATE)

  1. Ibikunle, G. and Rzayev, K. Grey rhinos in financial markets and venue selection: the case of COVID-19. British Accounting Review
  2. Aquilina, M, Ibikunle, , Mollica, V. and Steffen, T. (2022) The visible hand: benchmarks, regulation, and liquidity. Forthcoming in

Journal of Financial Markets

  1. Lacka, , Boyd, E., Ibikunle, G. and Kanam P.K. (2022) Measuring the Real-Time Stock Market Impact of Firm-Generated Content. Forthcoming in Journal of Marketing 86 (5) 58 – 78.
  2. Monaco, , Ibikunle, G. and Palumbo, R. (2022) The choice of earnout payment in private acquisitions: effects on acquirers’ trading activity and spreads. Forthcoming in International Review of Financial Analysis
  3. Ibikunle, and Martí-Ballester, C. (2022) Can water mutual funds aid sustainable development? International Journal of Finance and Economics 27 (1), 1173 – 1190.
  4. Trinks, A., Ibikunle, G., Mulder, M. and Scholtens, B. (2022) Greenhouse gas emissions intensity and the cost of capital. The Energy Journal 43 (2)
  5. Ibikunle, G., Aquilina, , Diaz-Rainey, I., and Sun, Y. (2021) City goes dark: dark trading and adverse selection in aggregate markets. Journal of Empirical Finance 64 (December 2021) 1 – 22.
  6. Ibikunle, , Youwei, L., Mare, M. and Sun, Y. (2021) Dark matters? The effects of dark trading restrictions on liquidity and informational efficiency. Journal of International Financial Markets, Institutions and Money 75 (2021) 101435
  7. Ibikunle, G., Mollica, and Sun, Q. (2021) Jumps in foreign exchange spot rates and the informational efficiency of currency forwards. Journal of Futures Markets 41 (8) 1201 – 1219.
  8. Rzayev, and Ibikunle, G. (2021) Order aggressiveness and flash crashes. International Journal of Finance and Economics

26 (0) 2647 – 2673.

  1. Ibikunle, , Mare, M and Sun, Y. (2020) The paradoxical effects of market fragmentation on adverse selection risk and market efficiency. The European Journal of Finance 26 (14) 1439 – 1461.
  2. Ibikunle , McGroarty, F. and Rzayev, K. (2020) More heat than light: investor attention and bitcoin price discovery. International Review of Financial Analysis 69 (2020) 101459.
  3. Moews, B. and Ibikunle, G. (2020) How random are intraday stock prices? New evidence from deep learning: Physica A: Statistical Mechanics and its Applications 547, 1 June 2020,
  4. Rzayev, and Ibikunle, G. (2019) A state-space modelling of the information content of trading volume. Journal of Financial Markets 46 (2019) 100507.
  5. Moews, , Herrmann, M. J., Ibikunle, G. (2019) Lagged correlation-based deep learning for directional trend change prediction in financial time series. Expert Systems with Applications 120 (April 2019) 197 – 206.
  6. Ibikunle (2018) Trading places: price leadership and the competition for order flow. Journal of Empirical Finance 49 (2018) 178 – 200.
  7. Frino, , Ibikunle G., Mollica, V. & Steffen, T. (2018) The Impact of Commodity Benchmarks on Derivatives Markets: The Case of the Dated Brent Assessment and Brent Futures. Journal of Banking and Finance 95 (October 2018) 27 – 43.
  8. Ibikunle and Steffen, T. (2017) European Green Mutual Fund Performance: A Comparative Analysis with their Conventional and Black Peers. Journal of Business Ethics, 145, 337 – 355.
  9. Sun, and Ibikunle, G. (2017) Informed Trading and the Price Impact of Block Trades: A High Frequency Trading Analysis

International Review of Financial Analysis 54, 114 – 129.

  1. Ibikunle, , Gregoriou, A., Hoepner, A. & Rhodes, M. (2016) Liquidity and market efficiency in the world’s largest carbon market.

British Accounting Review, 48(4), 431 – 447.

  1. Ibikunle, , Gregoriou, A. & Pandit, N. R. (2016) Price impact of block trades: the curious case of downstairs trading in the EU emissions futures market. The European Journal of Finance, 22(2), 120 – 142.
  2. Ibikunle, (2015) Opening and Closing Price Efficiency: Do Financial Markets Need the Call Auction? Journal of International Financial Markets, Institutions and Money 34, 208 – 227.

 

  1. Diaz-Rainey, , Ibikunle, G. & Mention, A (2015) The technological transformation of capital markets. Technological Forecasting and Social Change 99(0) 277 – 284.
  2. Aguirre, & Ibikunle, G. (2014) Determinants of renewable energy growth: A global sample analysis. Energy Policy, 69, 374 – 384.
  3. Ibikunle, , Gregoriou, A. & Pandit, N. R. (2013) Price Discovery and Trading After Hours: New Evidence from the World’s Largest Carbon Exchange. International Journal of the Economics of Business, 20(3), 421 – 445.
  4. Diaz-Rainey, & Ibikunle, G. (2012) A taxonomy of the ‘dark side’ of financial innovation: the cases of high frequency trading and exchange traded funds. International Journal of Entrepreneurship and Innovation Management, 16(1), 51 – 72.

 

PAPERS UNDERGOING PEER REVIEW

  1. Rzayev, , Ibikunle, G. and Steffen, T. The market quality implications of speed in cross-platform trading: evidence from Frankfurt- London microwave networks. Journal of Financial Markets – Fourth revise and re-submit
  2. Zeyu, Z. and Ibikunle, G. Frequent batch auctions under liquidity constraints. Journal of International Financial Markets, Institutions and Money – Second revise and re-submit

 

SELECTED WORKING PAPERS

  1. Latency arbitrage and frequent batch auctions (with Zhang, )
  2. Anomaly detection in the Reuters fix window (with Mollica, and Sun, Q)
  3. Estimating the costs of financial innovation: high frequency trading and the cost of capital (with Putnins, and Rzayev, K.)
  4. Dark liquidity commonality (with Sun, and Mare, D.)
  5. Investor attention and social media activity (with Lacka, , Kanam, P.K. and Boyd, E.)
  6. Firm Size, Industry and Liquidity: Evidence from A-share Chinese Corporations (with Wang, and Wang, Z.)
  7. Corporate environmental performance in response to climate change (with Johnstone, and Kaesehage, K.)
  8. Price Discovery in London’s Upstairs Equity Market (with Armitage, )
  9. EU Climate Change Policy and Emissions Market Trading Quality: Evidence from Phase Transition in the EU Carbon Market (with Gregoriou, and Pandit, N.)

 

SELECTED INVITED ACADEMIC CONFERENCE KEYNOTES, PANELS AND SEMINAR PRESENTATIONS

  1. Keynote: The Future of Computer Trading in Financial Markets: has it happened? Systemic Risk Centre, London School of Economics & Political Science. Financial stability and Algorithmic/High-Frequency Trading – 27th March 2023
  2. Keynote: Multidisciplinary Workshop on Fintech, Islamic Finance and Sustainability, Hammad Bin Khalifa University, Doha (co-organised with Aarhus University, Queens University Belfast, University of Oulu). Artificial Intelligence/Autonomous Machines in Financial Markets – 20th November 2022
  3. Keynote: Alan Turing Institute-Wales Data Nation Accelerator Conference, Cardiff University. The other FinTech – 8th July 2022
  4. Panel: Edinburgh Futures Conversations. Future Economy – 12th October 2021
  5. Panel: 2021 British Academy of Management Finance Teaching Workshop. New curriculum for Finance – 7th July
  6. Keynote: Global FinTech Workshops, International Business School, Zhejiang University. The Technological transformation of financial markets – 9th December 2020
  7. Seminar: La Trobe Business School, La Trobe University. Grey rhinos in financial markets and venue selection: the case of COVID-19 – 4th September 2020
  8. Seminar: Irish Institute for Digital Business, Dublin, Ireland. The market quality implications of speed in cross-platform trading: evidence from Frankfurt-London microwave networks – 11th March 2020
  9. Seminar: RoZetta Institute, Sydney, Australia. Fast and furious: the market quality implications of speed in cross-border trading

– 13th December 2019

  1. Seminar: Victoria University of Wellington, New Zealand. Fast and furious: the market quality implications of speed in cross- border trading – 4th December 2019
  2. Seminar: Queens Management School, Queens University, Belfast, UK. City goes dark: aggregate market quality implications of dark trading – 24h October 2018
  3. Seminar: China University of Petroleum, Beijing, China. The Impact of Commodity Benchmarks on Derivatives Markets: The Case of the Dated Brent Assessment and Brent 18th May 2018

 

  1. Seminar: Macquarie University, Sydney, Australia. City goes dark: aggregate market quality implications of dark trading – 6th December 2017
  2. Seminar: Catolica Porto Business School, Porto, Portugal. City goes dark: market quality implications of dark trading in aggregate markets – 30th October 2017
  3. Seminar: ICMA Centre, University of Reading. City Goes Dark: Aggregate Market Quality Implications of Dark Trading – 19th October 2016
  4. Seminar: Lagos Business School, Pan African University, Lagos, Nigeria. Trading Places: Price Discovery, Informed Trading and the Competition for Order flow – 5th August 2016
  5. Seminar: University of Otago, Dunedin, New Zealand. Competition for Order flow and Price Discovery: The Curious case of High- tech Entrants – 10th February 2016
  6. Seminar: Otago Energy Research Centre, Dunedin, New Zealand. Liquidity and Market Efficiency in the World’s Largest Carbon Market – 9th February 2016
  7. Seminar: Macquarie Graduate School of Management, Sydney, Australia. Competition for Order flow and Price Discovery – 7th February 2016
  8. Seminar: University of South Australia, Adelaide, Australia. Why the London Stock Exchange Needs an Upstairs Market: Evidence from Intraday Market Efficiency 12th December 2014
  9. Seminar: Centre for Finance and Investment, Heriot Watt University. Opening and Closing Price Efficiency: Does the London Stock Exchange need the Call Auction? – 17th March 2014
  10. Seminar: Centre for Business and Climate Change, University of Edinburgh Business School. Price Discovery and Trading After Hours: New Evidence from the World’s Largest Carbon Exchange – March 2012 (prior to joining the University of Edinburgh)

 

SELECTED CONFERENCE PAPER ACCEPTANCES AND PRESENTATIONS

The market quality implications of speed in cross-platform trading: evidence from Frankfurt-London microwave networks

  1. 2022 Global AI Finance Research Conference, Singapore – 12th to 13th December 2022 (scheduled)
  2. International Finance and Banking Society (IFABS) 2021 Oxford Conference – 13th to 15th September 2021

Latency arbitrage and frequent batch auction

  1. 2022 Southern Finance Association (SFA) Annual Meeting, Key West –16th to 19th November 2022 (scheduled)
  2. 2022 China International Conference in Finance, Shanghai –5th to 8th July 2022
  3. European Financial Management Association 2022 Annual Meetings, Rome – 29th June to 2nd July 2022

Frequent batch auctions under liquidity constraints

  1. European Financial Management Association 2021 Annual Meetings, Leeds – 30th June to 3rd July 2021

Need for speed: international latency, volatility, and liquidity

  1. 2020 American Finance Association Annual Meetings, San Diego – 3rd to 5th January 2020
  2. The 27th Conference on the Theories and Practices of Securities and Financial Markets, Kaohsiung, Taiwan – 6th and 7th December Best Paper Award with a $1000 cash prize

A high frequency analysis of the information content of trading volume

  1. 26th International Coonference on Forecasting Financial Markets, Venice – 19th to 21st June 2019
  2. 21st Dynamic Econometrics Conference, Washington C. – 14th and 15th March 2019
  3. 2019 American Finance Association Annual Meetings, Atlanta – 4th to 6th January 2019

Trading activity and liquidity effects around private firm acquisition announcements: the case of earnouts versus other methods of payment

  1. IX Financial Reporting Workshop, Bologna – 4th to 5th June Best Paper Award

City Goes Dark: Dark Trading and Adverse Selection in Aggregate Markets

  1. 21st Annual Conference of the Swiss Society for Financial Market Research, Zurich – 6th April
  2. World Finance Conference, Sardinia – 26th to 29th July
  3. 53rd Eastern Finance Association Annual Meetings, Jacksonville – 5th to 8th April The American Association of Individual Investors (AAII)’s Outstanding Paper in Investments with a $1000 cash prize

Dated Brent: Anticipatory Trading in the ICE Crude Oil Futures Market

  1. Financial Management Association Annual Meeting, Las Vegas – 19 to 22 October 2016

Market Fragmentation and Quality: A Decade in the Life of a Market

 

  1. 2016 European Financial Management Association Conference – 29th June to 2nd July 2016. Runner up, Best Paper in Capital Markets

Competition for Order flow and Price Discovery: The Curious case of High-tech Entrants

  1. 2016 European Financial Management Association Conference – 29th June to 2nd July 2016

Dated Brent: Anticipatory Trading in the ICE Crude Oil Futures Market

  1. 19th Annual Conference of the Swiss Society for Financial Market Research, Zurich – 8th April 2016

Competition for Order flow and Price Discovery: The Curious case of High-tech Entrants.

  1. 2016 New Zealand Finance Colloquium – 11th and 12th February 2016
  2. 2015 Paris Financial Management Conference – 15th and 16th December 2015
  3. 18th Annual Conference of the Swiss Society for Financial Market Research, Zurich – 10th April 2015
  4. 27th Australasian Finance and Banking Conference, Sydney – 16th to 18th December 2014

Price Discovery in London’s Upstairs Equity Market

  1. 24th European Financial Management Association Conference, Nyeronde – June 24th to 27th 2015

Informed Trading and the Price Impact of Block Trades.

  1. 5th International Conference of the Financial Engineering and Banking Society (FEBS), Nantes – 11th to 13th June 2015

Opening and Closing Price Efficiency in Hybrid Markets: Does the London Stock Exchange Need the Call Auction?

  1. 2014 Conference of the Financial Engineering and Banking Society, Guildford – 21st to 23rd June 2014

Liquidity and Market efficiency: European Evidence from the World’s Largest Carbon Exchange

  1. 10th British Institute of Energy Economics Conference, John’s College, Oxford – 17th to 18th September 2014

Carbon Futures Liquidity Effects: Evidence from the European Energy Exchange

  1. 7th Scottish Doctoral Management Conference, University of Andrews – 26th to 27th May 2011. Best conference paper in Socially Responsible Investment Track

 

RESEARCH POSTGRADUATE STUDENTS SUPERVISED (UNIVERSITY OF EDINBURGH)

  1. Zeyu Zhang: PhD in Finance – COMPLETED 2023, first post-PhD job: Lecturer in Finance, University of Southampton: Principal Supervisor
  2. Qiao Sun: PhD in Finance – COMPLETED 2023: Co-Principal Supervisor
  3. Yu Xing: PhD in Finance (visiting from Shandong University) – COMPLETED 2021: Principal Supervisor
  4. Arjan Trinks: PhD in Finance (visiting from University of Groningen) – COMPLETED 2020: Principal Supervisor
  5. Edward Curran: PhD in Finance (visiting from Macquarie University) – COMPLETED 2020: Principal Supervisor
  6. Khaladdin Rzayev (PhD in Finance) – COMPLETED 2019, first post-PhD job: Post-Doc with London School of Economics & Political Science: Principal Supervisor
  7. Tom Steffen (PhD in Finance) – COMPLETED 2018, first post-PhD job: faculty level research post with University of Geneva: Principal Supervisor
  8. Yuxin Sun (PhD in Finance) – COMPLETED 2017, first post-PhD job: Lecturer in Finance, Queens University, Belfast: Principal Supervisor
  9. Nurkholisoh Aman: PhD in Finance – in progress, second year: Principal Supervisor
  10. Ruoran Zhou: PhD in Finance – in progress, fourth year: Secondary Supervisor
  11. Zhou Zhou: MSc by Research in Finance (2013/2014) – COMPLETED: Joint Supervisor

 

APPOINTMENTS AS EXTERNAL EXAMINER FOR THE AWARD OF DOCTOR OF PHILOSOPHY (PHD)

  1. Saira Yamin: Multiples and Stock Price: New Approach for Relative Valuation – COMSATS University Islamabad (November 2022)
  2. Kin Soon Lim: Can you trade without markets? – Macquarie University (October 2022)
  3. Henry Ashton: Law breaking trading algorithms: Emergence and Deterrence – University College London (August 2022)
  4. Jose Francisco Veron: Three essays on the beta anomaly – University of South Australia (June 2022)
  5. Hai Dang Ngo: Intraday risk measures – Audencia Nantes School of Management, France (External Member of the Examination Committee) 2017/18 – 2020/21
  6. Zhini Yang: Individual investors’ behaviours, biases, and opportunities: Evidence from Australia – Macquarie University (Dec. 2019)
  7. Panagiotis Panagiotou: Essays in Empirical Market Microstructure – Cass Business School, University of London (November 2019)

 

  1. Damien Wallace: Exchange Traded Funds: US Market Effects, Price Discovery and Regulatory Implications on the Fixed Income Sector – University of South Australia (March 2017)
  2. Chen Yu Yan: Empirical Study of Volatility and Market Quality – Macquarie University (August 2016)
  3. Drew Harris: Market Quality: The Joint Impact of Algorithmic Trading and Fragmentation – Macquarie University (March 2016)
  4. Ming Ying Lim: An Examination of Three Sources and Impact of Information Asymmetry in Financial Markets – Macquarie University (January 2016)
  5. Alexander David Sacco: Order Submission Strategy and Market Structure – University of Sydney (2014)
  6. Rizwan Tanvir Rahman: Market Integrity Issues in Financial Markets – University of Sydney (2013)

 

 

TEACHING

UNIVERSITY OF EDINBURGH BUSINESS SCHOOL, THE UNIVERSITY OF EDINBURGH

I have experienced sustained successes in leading the development of educational programmes during my time at the University of Edinburgh. Since 2012, I have founded three postgraduate programmes and co-led the development of a fourth. Combined, the programmes now contribute over £5.9M per annum (2022/23 figures) in revenue to the University. As a teacher, I mainly teach specialised financial economics and econometrics-based courses, often to student groups with varying subject backgrounds; therefore, I have had to (successfully) experiment with innovations in course content delivery. The successes of my teaching approaches are underscored by my teaching and courses regularly attracting teaching awards and nominations. Over the years, my courses have consistently scored a median (mean) of 4.8 (5.0 and above) out of 5 in feedback surveys.

  1. Modern Financial Market Microstructure (MSc) – since September 2019
  2. Research Methods in Energy Finance (MSc) – 2016/17 to 2018/19
  3. Research Methods in Carbon Finance (MSc) – 2012/13 to 2018/19
  4. Energy and Environmental Markets (MSc) – 2016/17 to 2017/18
  5. Full time MBA and Executive MBA Finance (MBA) – 2014/15 to 2016/17
  6. Carbon Markets (MSc) – 2012/23 to 2016/17

 

CHINA UNIVERSITY OF PETROLEUM BEIJING, CHINA

  1. Energy and Carbon Finance (MSc) – 2018 and 2019
  2. Carbon Finance Methods: Models and Applications – 2022
  3. Energy Finance with Data Analysis – 2022

 

NORWICH BUSINESS SCHOOL, UNIVERSITY OF EAST ANGLIA

  1. Accounting and Finance (MSc) – 2010/11 to 2011/12
  2. Business Finance (BSc) – 2010/11 to 2011/12
  3. Accounting and Finance (BSc) 2011/12
  4. Introduction to Business (BSc) 2010/11 to 2011/12

 

Selected student feedback statements

“It was simple and straightforward. The messages the lecturer wanted us to grasp were clear. The reading material was also clear and linked very well with what was taught in class and the objectives of the course. The assignment given led to an even deeper understanding of the subject area. Of all the four courses that I underwent, Carbon Markets is one which I understood the most and whose concepts I can easily explain to anyone. This is despite the fact that I went in knowing very little and had little background in finance and economics from neither my previous degree nor work experience… I strongly feel and largely attribute my ability to thoroughly understand the subject of Carbon Markets to the lecturer of the course and how he delivered the content. I am therefore nominating Carbon Markets as the best course in the first semester”

“The course was the most interactive of all the courses, students were prompted to provide input and give an opinion on issues discussed in class which I really liked and helped me to understand the course content despite it being a new area.”

“GB (lecturer) is an excellent teacher. I think the class really responded to his positivity and passion for what he was teaching. Very much enjoyed the class.”

“The course is tough, but the lecturer is very conversant with the material and is able to explain complex material.”

“GB (lecturer) showed great understanding of the topics, contents and presented materials. He was always keen to help and insisted for students to ask questions.”

 

“Great dissertation supervisor. Available for student enquiries at any time and any week day. Very proactive on solving problems, very knowledgeable on financial market topics and great and quick feedback”

 

KNOWLEDGE EXCHANGE AND IMPACT

SELECTED INDUSTRY SPONSORED RESEARCH PUBLICATIONS

  1. Factors influencing the decline in the number of listed companies in the UK: Project sponsored by the All Party Parliamentary Corporate Governance Group (Houses of Lords and Commons) – October 2020
  2. Detecting anomalies in the 4pm Reuters FX fix window (with Sun, and Mollica, V.): Project with Refinitiv/London Stock Exchange Group
  3. Aggregate market quality implications of dark trading (with Aquilina, , Diaz-Rainey, I. and Sun, Y.): Financial Conduct Authority’s Occasional Paper 29: August 2017
  4. Dark trading and market quality (with Aquilina, ): Financial Conduct Authority’s Insight Article: August 2017
  5. Benchmark regulation and market quality (with Aquilina, , Mollica, V. and Steffen, T.): Financial Conduct Authority’s Occasional Paper 27 July 2017
  6. The power of benchmarks (with Aquilina, , Mollica, V. and Steffen, T.): Financial Conduct Authority’s Insight Article: July 2017
  7. Estimating and characterising asset managers’ cost of trading (with Armitage, S. and Clunie, J.): Jupiter Asset Management: December 2017

 

SELECTED PRESS/MEDIA COVERAGE OF RESEARCH

  1. The New York Times “Private Equity Firms All Want the Same Thing: British Companies” – based on the All Party Parliamentary Corporate Governance Group’s sponsored research Online version – 31 August 2021
  2. Bloomberg “London Is Losing the SPAC Fight With New York” – based on the All Party Parliamentary Corporate Governance Group’s sponsored research Online version – 10 February 2021
  3. Governance “Stopping the decline” – feature article based on the All Party Parliamentary Corporate Governance Group’s sponsored research Issue 317 – January 2021
  4. Thomson Reuters Accelus “MiFID II threatens market quality of some UK equities dark trading? FCA manager” – feature article based on FCA Occasional Paper 29 Online version – August 2017
  5. Financial News “Looser dark-pool trading caps would still fit – FCA paper” – feature article based on FCA Occasional Paper 29 Online version – August 2017
  6. The Trade “FCA study highlights dark trading cap problems” – feature article based on FCA Occasional Paper 29 Online version – August 2017
  7. Marketsmedia “FCA Research Queries MiFID II Dark Caps – feature article based on FCA Occasional Paper 29 Online version – August 2017
  8. The Economist “Acclimatising: Getting more sophisticated about green investing” – based on research paper published in Journal of Business Ethics Online version of article – September 10 2016
  9. Fundfire “Consultants Embrace ESG as Case for Outperformance Grows” – based on an interview and research paper published in Journal of Business Ethics Online version of Fundfire article – 1 October 2015
  10. Energy Industry Times “Emission schemes prompt carbon strategies” – based on research paper published in Journal of Business Ethics Print version – 1 October 2015
  11. Financial Times “Green funds beat ‘black’ funds over 2 years” – feature article based on research paper published in Journal of Business Ethics) Online version of Financial Times article – 20 September 2015
  12. Forbes “When ‘Ethical’ Investments Deliver Better Returns” – feature article based on research paper published in Journal of Business Ethics Online version of Forbes Article – 21 September 2015
  13. City AM “The unexpected advantage of going green: green funds are outperforming fossil fuel black funds” – based on research paper published in Journal of Business Ethics Online version of article – 17 September 2015
  14. Financial Times “Effectiveness of LSE opening auction questioned” – feature article based on research paper published in Journal of International Financial Markets, Institutions and Money Online version of Financial Times Article – 16 February 2015

 

SELECTED INVITED INDUSTRY/PUBLIC SECTOR KEYNOTES, PANELS AND PRESENTATIONS

  1. Keynote: FinTech in the UK: A collaborative R&D UK-China FinTech Conference organised by the Department for Business and Trade British Consulate-General Shanghai, Shanghai Jing An Shangri-La, Shanghai – 31st March 2023
  2. Panel: FinTech Ecosystem: Leveraging its Impact in the Economy and Climate Change. Annual conference on FinTech organised by the United Nations Institute for Training and Research (UNITAR) and Hiroshima Prefecture – 20th March 2023
  3. Keynote: Artificial Intelligence/Autonomous Machines in Financial International FinTech Congress, Marrakech, Morocco – 11th – 13th November 2022
  4. Keynote: Public versus Private Nigeria Fintech Week 2022, Landmark Centre, Victoria Island, Lagos – 24th – 28th October 2022
  5. Keynote: The UK investment landscape: trends in public and private Engage Invest Employ (EIE) Bootcamp 2022, Royal Bank of Scotland Gogarburn House – 8th March 2022, Edinburgh
  6. Panellist: Planetary Health: Economics and the private Universitas 21 Early Career Researcher Workshop 2022 – 24th February 2022, Online
  7. Keynote: Factors influencing the decline in the number of listed companies in the All Party Parliamentary Corporate Governance Group (Houses of Lords and Commons) Breakfast Meeting – 1st December 2020; Westminster, London and Online
  8. Keynote: The technological transformation of financial Scotland FinTech Festival 2020 – 5th October 2020, Online
  9. Keynote: Grey rhinos in financial markets: the case of Covid-19. Explore Rapid Response Event Organised by Edinburgh Innovations – 16th July 2020, Online
  10. Keynote: Closing the skills gap – upskilling the existing workforce, adapting to new technologies and the pipeline of talent post- Westminster Business Forum Policy Conference – 21st May 2020; Westminster, London and Online
  11. Keynote: Economic issues in Chartered Institute of Securities and Investment Lecture – 19th March 2019; Brewin Dolphin, Edinburgh
  12. Keynote: Trading Fast Forward Fintech Event Organised by Edinburgh Innovations – 27th November 2018, Edinburgh
  13. Guest Speaker: The evolution of modern financial Lecture delivered to the leadership of Hunan Province, China – 30th October 2018, Edinburgh
  14. Panellist/Chair: Finance and Data Data Science Research Day, organised by Bayes Centre, Edinburgh – 23rd November 2017; Informatics Forum, University of Edinburgh, Edinburgh
  15. Guest Speaker: Current trends in financial markets. Lecture delivered to Directors from the Chinese Public Sector – 12th September 2017, Edinburgh
  16. Invited Seminar Presentation: Competition for Order flow and Price Discovery: The Curious case of High-tech Financial Conduct Authority – 2nd June 2016; Canary Wharf, London
  17. Panellist: The Evolution of Global Stock Tartan Day event organised by the American Scottish Foundation – 5th April 2016, Museum of American Finance, Wall Street, New York
  18. Discussant: How financial innovation and technology can support the Bank of England Open Forum convened by the Governor of the Bank of England, Mark Carney – 11th November 2015, London and Edinburgh
  19. Keynote: Can Scotland achieve 100% renewables by 2020 target? British Institute of Energy Economics Seminar chaired by Charles Hendry, UK Minister of State, Energy and Climate Change (2010 – 2012) – 9th November 2015, Edinburgh
  20. Guest Speaker: EU Emissions Trading: Current Challenges, Solutions and the Lecture delivered to Directors from the Chinese Ministry of Finance – 2nd October 2015, Edinburgh
  21. Guest Speaker: European Carbon Market Microstructure and Institutional Investments. Workshop lecture based on a Ministerial- level EU-China partnership on Design and Implementation of Carbon Markets – 4th September 2015, London
  22. Guest Speaker: Rolling back greenhouse gas emissions by harnessing the power of the market. Public Workshop organised by the Greatway Foundation, funded by the Scottish Government and Climate Challenge Fund – 8th December 2014, Edinburgh
  23. Guest Speaker: Public Debate with the Leader of the Scottish Green Party (Maggie Chapman) on Should the University of Edinburgh Divest from Fossil Fuels Investments? Organised by Just World Institute and Department for Social Responsibility and Sustainability, University of Edinburgh – 9th October 2014, Edinburgh
  24. Keynote: Governing Carbon through Emissions Trading: A Market Microstructure Istanbul Carbon Summit 2014 – 3rd

– 5th April 2014, Istanbul

  1. Panellist: High Frequency Chartered Financial Analysts Institute’s Seminar – 19th November 2013, Edinburgh

 

SELECTED PROFESSIONAL DEVELOPMENT/EXECUTIVE EDUCATION (DEVELOPMENT AND DELIVERY)

  1. Guest Lecturer: Technological transformation of financial Course delivered as part of the ‘Future is FinTech’ programme; Edinburgh – Ongoing, started September 2022
  2. Guest Lecturer: Artificial Intelligence and Autonomous Machines in Financial Markets. Course delivered as part of the Asian Banking School’s Preparing Banking Leaders for the Post Pandemic Future programme; Edinburgh – 8th September 2022
  3. Guest Lecturer: Carbon markets: microstructure, pricing and Course delivered as part of the NatWest Group’s Change Transformation Programme – Ongoing, starting November 2020; Edinburgh
  4. Guest Lecturer: Executive Education Workshop, UK China Training Limited; 13th September 2017. Delivery of a one-day intensive class on fragmentation, dark trading and high frequency trading in modern financial markets
  5. Lecturer and Course Organiser, Executive MBA Finance, University of Edinburgh; 2015/16 – 2016/17. Delivery of intensive executive level finance education over 13 sessions per academic year
  6. Guest Lecturer: Sustainable Business Initiative Master Class; 13th – 15th July 2015. Continuing professional Development for international business executives from various sectors
  7. Guest Lecturer: Implementing Sustainable Strategies in the Energy and Extractive Industries; 14th – 16th July 2014. Continuing professional Development for international business executives from the energy sector
  8. Guest Lecturer: Implementing Sustainable Banking Principles – 14th August Continuing professional Development for international business executives from the banking sector
  9. Guest Lecturer: Sustainable Banking for Africa – 26th September 2012. Continuing professional Development for international business executives from the banking sector

 

MEMBERSHIP OF ACADEMIC SOCIETIES

  1. American Finance Association
  2. British Accounting and Finance Association
  3. British Institute of Energy Economics
  4. European Finance Association
  5. Financial Engineering and Banking Society
  6. Northern Finance Association
  7. Royal Economic Society
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