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About CRBF

Who we are?

The Centre for Responsible Banking & Finance (CRBF), established in December 2011, is a research centre within the University of St Andrews School of Management. It conducts banking and finance research by bringing together an experienced team of researchers across disciplines within the University of St Andrews. The expertise of the Centre is augmented by a group of Academic Fellows who are internationally excellent scholars in the field.

Our aims

The CRBF aims to better understand current issues and challenges facing corporates, financial institutions and financial markets. A particular feature of the centre is its orientation toward empirical research which increases an understanding of corporate governance, social, environmental, ethical and trust issues for financial and non-financial firms.

Our research

Our research is structured around seven themes:

  • Corporate Finance: firm profitability; firm risk; mergers and acquisitions; corporate governance; corporate fraud; insider trading; corporate innovation; behavioural corporate finance; diversity and well-being at work.
  • Empirical Asset Pricing: investment analysis and portfolio management; risk management; stock return predictability; asset price volatility; international financial market integration.
  • Financial Institutions: industrial organisation applied to banking; productivity; credit unions; retail payments; governance mechanisms in banking; financial inclusion; risks of financial institutions and markets; real effects of banking agglomeration.
  • Funding for Small Businesses: SME Funding issues; credit availability in growth-oriented SMEs; funding for start-ups; equity finance such as venture capital and business angel funding; alternative forms of small business lending such as crowdfunding.
  • Household Finance: consumer behaviour; risk perceptions; life-cycle behaviour; saving and consumption decisions; individual investments.
  • Law, Finance and Inequality: legal traditions and financial development; institutional and legal foundations of financial markets; judicial systems, law enforcement and economic activity; legal regulation, incentives and market behaviour; the political economy of legislative and regulatory processes; finance and inequality.
  • Responsible Investments: carbon investment; microfinance; Islamic finance; pricing of green/responsible financial instruments and the assessment of the impact of investing in these instruments; the overall impact of responsible investing on portfolio performance.

In 2012, the Centre launched its working paper series.


The CRBF runs academic and practitioner based events to share the results of our research and stimulate debate on current issues in banking and finance.