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Publications and Working Papers

The RBF Working Paper Series

The RBF Working Paper Series is provided by the Centre for Responsible Banking and Finance (RBF) 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 RBF.

All registered working papers in the Series have been approved by a group member to ensure an appropriate quality. Recent RBF Working Papers are listed below.

For additional information about the RBF Working Paper Series, please contact:
Series Editor Linh H Nguyen at lhn2@st-andrews.ac.uk.

Third Quarter | 2021
21-009 Alessio Reghezza, Yener Altunbas, David Marques-Ibanez, Costanza Rodriguez d'Acri, Martina Spaggiari Do Banks Fuel Climate Change?
Second Quarter | 2021
21-005 Marcel Lukas and Ray Charles "Chuck" Howard The Influence of Budgets on Consumer Spending.
21-006 Michael Koetter, Thomas Krause, Eleonora Sfrappini, Lena Tonzer Completing the European Banking Union: Capital Cost Consequences for Credit Providers and Corporate Borrowers.
21-007 Linh H. Nguyen, John O.S. Wilson, Tuan Q. Le, Hiep N. Luu, Vinh X. Vo, Tram-Anh Nguyen Deposit Insurance and Credit Union Lending.
21-008 Dolores Gutiérrez-Mora and Daniel Oto-Peralías Gendered Cities: Studying Urban Gender Bias through Street Names.
First Quarter | 2021
21-001 I-Ju Chen, Iftekhar Hasan, Chih-Yung Lin, Tra Ngoc Vy Nguyen Do Banks Value Borrowers' Environmental Record? Evidence from Financial Contracts.
21-002 Manthos D. Delis, Iftekhar Hasan, Maria Iosifidi, Steven Ongena Gender, Credit, and Firm Outcomes.
21-003 Javier Gomez-Biscarri, Germán López-Espinosa, Andrés Mesa Toro Drivers of Depositor Discipline in Credit Unions.
21-004 Ross Brown and Marc Cowling The 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
20-015 Javier Gomez Biscarri, Germán López-Espinosa, Andrés Mesa Toro Remuneration as a Motivation of Earnings Management in Credit Unions.
20-016 Iftekhar Hasan, Qing He, Haitian Lu Social Capital, Trusting, and Trustworthiness: Evidence from Peer-to-peer Lending.
20-017 Bill Francis, Iftekhar Hasan, Yinjie (Victor) Shen, Qiang Wu Do Activist Hedge Funds Target Female CEOs? The Role of CEO Gender in Hedge Fund Activism.
20-018 Angelos Kanas and Philip Molyneux Systemic Risk and CO2 Emissions in the US.
Third Quarter | 2020
20-011 Xiaping Cao, Frank Hong Liu, Yue Zhou Doing Good for Borrowing? Evidence from a Quasi-Natural Experiment on Bank Deregulation.
20-012 Dimitris K. Chronopoulos, Marcel Lukas, John O.S. Wilson Consumer Spending Responses to the COVID-19 Pandemic: An Assessment of Great Britain.
20-013 Ivan Lim and Duc Duy Nguyen Hometown Lending.
20-014 Ross Brown, Jose M. Liñares-Zegarra, John O.S. Wilson Innovation and Borrower Discouragement in SMEs.
Second Quarter | 2020
20-006 Marc Cowling, Ross Brown, Neil Lee The Geography of Business Angel Investments in the UK: Does Local Bias (Still) Matter?
20-007 Foly Ananou, Dimitris Chronopoulos, Amine Tarazi, John O.S. Wilson Liquidity Regulation and Bank Lending.
20-008 Ross Brown and Augusto Rocha Entrepreneurial Uncertainty during the Covid-19 Crisis: Mapping the Temporal Dynamics of Entrepreneurial Finance.
20-009 Ross Brown, Ronald V. Kalafsky, Suzanne Mawson, Lori Davis Shocks, Uncertainty and Regional Resilience: The Case of Brexit and Scottish SMEs.
20-010 Dimitris Andriosopoulos and Sheikh Tanzila Deepty Can Social Capital and Reputation Mitigate Political and Industry-wide Risk?
First Quarter | 2020
20-001 Mais Sha'ban, Claudia Girardone, Anna Sarkisyan Cross-Country Variation in Financial Inclusion: A Global Perspective.
20-002 Georgios A. Panos and Tatja Karkkainen Financial Literacy and Attitudes to Cryptocurrencies.
20-003 Ross Brown, Augusto Rocha, Suzanne Mawson Capturing Conversations in Entrepreneurial Ecosystems.
20-004 Dimitris K. Chronopoulos, Anna L. Sobiech, John O.S. Wilson Social Capital and the Business Models of Financial Cooperatives: Evidence from Japanese Shinkin Banks.
20-005 Donal McKillop, Declan French, Barry Quinn, Anna L. Sobiech, John O.S. Wilson Cooperative Financial Institutions: A Review of the Literature.
Fourth Quarter | 2019
19-016 Christian Engels, Kamlesh Kumar, Dennis Philip Financial Literacy and Fraud Detection.
19-017 Santiago Carbó-Valverde, Pedro J. Cuadros-Solas, Francisco Rodríguez-Fernández A machine learning approach to the digitalization of bank customers: evidence from random and causal forests.
19-018 Robert DeYoung, John Goddard, Donal G. McKillop, John O.S. Wilson Who Consumes the Credit Union Tax Subsidy?
19-019 Dimitris K. Chronopoulos, George Dotsis, Nikolaos T. Milonas International Evidence on the Determinants of Banks' Home Sovereign Bond Holdings.
19-020 Ross Brown Mission-Oriented or Mission Adrift? A Critique of Plans for a Mission-Oriented Scottish National Investment Bank.
Third Quarter | 2019
19-011 Hao Peng, Hong Liu, Yuxiang Jiang Why Do Member Firms Hold More Cash When They Have Access to the Business Group’s Finance Company? Empirical Evidence of Tunneling from China.
19-012 Declan French, Donal McKillop, Elaine Stewart The Effectiveness of Smart Phone Apps in Improving Financial Capability.
19-013 J. Michael Collins and Carly Urban Understanding Financial Well-being Over the Lifecourse: An Exploration of Measures.
19-014 Tatiana Damjanovic, Vladislav Damjanovic, Charles Nolan Default, Bailouts and the Vertical Structure of Financial Intermediaries.
19-015 Franco Fiordelisi, Ornella Ricci, Francesco Saverio Stentella Lopes Corporate Culture and Merger Success.
Second Quarter | 2019
19-006 Jens Hagendorff, Sonya S Lim, and Duc Duy (Louis) Nguyen Trust and Bank Loan Contracts.
19-007 Ettore Croci, Marta Degl’Innocenti, and Si Zhou Supply Chain Relationships and Syndicate Loan Structure.
19-008 Javier Gomez-Biscarri, Germán López-Espinosa, Andrés Mesa Toro Cobbler, Stick to Thy Last: the Disciplining of Business Loans in Credit Unions.
19-009 Abdelmajid Hmaittane, Mohamed Mnasri, Kais Bouslah, Bouchra M’Zali The Impact of Lender Social Responsibility on the Link between Borrower Social Responsibility and the Cost of Bank Loans.
19-010 Tatiana Damjanovic, Vladislav Damjanovic, Charles Nolan Liquidity Risk, Credit Risk and the Money Multiplier.
First Quarter | 2019
19-001 Ross Brown and Suzanne Mawson Entrepreneurial Ecosystems: A Critique of the Latest Industrial Policy Blockbuster.
19-002 Yousef Makhlouf, Neil Kellard, and Dmitri Vinogradov Finance-Inequality Nexus: the Long and the Short of It.
19-003 Mushtaq Hussain Khan, Ahmad Fraz, Arshad Hassan, and Pejman Abedifar Board Gender Diversity, Risk-taking and Performance: Evidence from Dual Banking Systems.
19-004 Pejman Abedifar, Kais Bouslah, Shatha Qamhieh Hashem, and Liang Song How Informative Are Stock Prices of Islamic Banks?
19-005 Pejman Abedifar, Ming Li, Dean Johnson, Liang Song Accounting Regulations, Enforcement and Stock Price Crash Risk: Global Evidence in the Banking Industry.
Fourth Quarter | 2018
18-015 Daniel Oto-Peralías Frontiers, Warfare and the Economic Geography of Countries: The Case of Spain.
18-016 Ross Brown, Jose Liñares-Zegarra, and John O.S. Wilson The (Potential) Impact of Brexit on UK SMEs: Regional Evidence and Public Policy Implications.
18-017 Oleksandr Talavera, Shuxing Yin, and Mao Zhang Tournament incentives, age diversity and firm performance: Evidence from China.
18-018 Thomas Gehrig and Maria Chiara Iannino Did the Basel Process of Capital Regulation Enhance the Resiliency of European Banks?
18-019 Barbara Casu, Filippo di Pietro, and Antonio Trujillo-Ponce Liquidity Creation and Bank Capital.
18-020 Stefano Colonnello, Michael Koetter, and Konstantin Wagner Effectiveness and (In)Efficiencies of Compensation Regulation: Evidence from the EU Banker Bonus Cap.
Third Quarter | 2018
18-011 Duc Duy Nguyen, Linh Nguyen, and Vathunyoo Sila Does Corporate Culture Affect Bank Risk-Taking? Evidence from Loan-Level Data.
18-012 Dimitris K. Chronopoulos, Anna L. Sobiech, and John O.S. Wilson The Australian Bank Levy: Do Shareholders Pay?
18-013 Neil Lee and Raffaella Calabrese Does local bank structure influence access to finance? Evidence from online mapping.
18-014 Solomon Y. Deku, Alper Kara, and David Marques-Ibanez Do Reputable Issuers Provide Better-Quality Securitizations?
Second Quarter | 2018
18-006 Alfred Duncan and Charles Nolan Reform of the UK Financial Policy Committee.
18-007 Thomas Conlon, John Cotter, and Philip Molyneux Beyond Common Equity: The Influence of Secondary Capital on Bank Insolvency Risk.
18-008 Yousef Makhlouf, Neil M. Kellard, and Dmitri Vinogradov What Moves Commodity Terms-of-Trade? Evidence from 72 Countries.
18-009 Ross Brown, Jose Liñares Zegarra, and John O.S. Wilson What Happens if the Rules Change? The Impact of Brexit on the Future Strategic Intentions of UK SMEs.
18-010 Solomon Y. Deku, Alper Kara, and David Marques-Ibanez Trustee Reputation in Securitization: When Does It Matter?
First Quarter | 2018
18_001 Sanjay Banerji, Dimitris K. Chronopoulos, Anna L. Sobiech and John O.S. Wilson Taxation and Financial Intermediation: Evidence from a Quasi-Natural Experiment.
18_002 Ross Brown Is the St Andrews Bubble About to Burst? Assessing the Economic and Social Impact of Studentification and HMO Policy in a Small University Town.
18_003 Neil Lee and Davide Luca The big-city bias in access to finance: Evidence from firm perceptions in almost 100 countries.
18_004 Dimitris K. Chronopoulos, Sotiris Kampanelis, Daniel Oto-Peralías, and John O.S. Wilson Spreading civilisations: Ancient colonialism and economic development along the Mediterranean.
18_005 F. Arnaboldi, B. Casu, E. Kalotychou, and A. Sarkisyan The performance effects of board heterogeneity: What works for EU banks?
Fourth Quarter | 2017
17-012 Rónán Gallagher and Barry Quinn Regulatory Own Goals: The Unintended Consequences of Financial Regulation in Professional Football.
17-013 Yaoyao Fan, Kose John, Frank Hong Liu and Luqyan Taman The Financial and Social Performance of Islamic Microfinance Institutions: A Cross-Country Study.
17-014 Arjan Trinks, Gbenga Ibikunle, Machiel Mulder, Bert Scholtens Greenhouse Gas Emissions Intensity and the Cost of Capital.
Third Quarter | 2017
17-009 Pejman Abedifar, Paolo Giudici and Shatha Hashem Heterogeneous market structure and systemic risk: evidence from dual banking systems.
17-010 Ross Brown and Colin Mason Looking inside the spiky bits: a critical review and conceptualisation of entrepreneurial ecosystems.
17-011 Ahmed Marhfor, Kais Bouslah and Bouchra M'Zali Corporate social responsibility and stock price informativeness: evidence from the Canadian market.
Second Quarter | 2017
17-005 Jose Liñares-Zegarra and John O.S. Wilson Future issues in unsecured consumer debt.
17-006 Ross Brown and Neil Lee The future of funding for small and medium-sized enterprises in the UK.
17-007 Dimitris Chronopoulos, Anna Lucia Sobiech, and John O. S. Wilson Future issues in bank taxation.
17-008 Alberto Montagnoli, Mirko Moro, Georgios A. Panos, and Robert E. Wright Financial literacy and attitudes to redistribution.
First Quarter | 2017
17-001 Alberto Montagnoli, Mirko Moro, Georgios A. Panos, and Robert E. Wright Financial literacy and political orientation in Great Britain.
17-002 Moritz Wiesel, Kristian Ove R. Myrseth, and Bert Scholtens Social preferences and socially responsible investing: a survey of US investors.
17-003 Marika Carboni and Franco Fiordelisi Endogenous political connections.
17-004 Ross Brown, Jose Liñares-Zegarra, and John O.S. Wilson Sticking it on plastic: the spatial dynamics of credit card finance in UK small and medium sized enterprises
Fourth Quarter | 2016
16-012 Suzanne Mawson and Ross Brown Mergers and acquisitions, open innovation and UK high growth SMEs.
16-013 Daniel Oto-Peralías What do street names tell us? The 'city-text' as socio-cultural data.
Third Quarter | 2016
16-009 Elena Beccalli, Laura Chiaramonte and Ettore Croci Why do banks hold excess cash?
16-010 Chi-HSiou D. Hung, Yuxiang Jiang and Hong Liu Competition or manipulation? an empirical evidence from natural experiments on the earnings persistence of US banks.
16-011 Jimmy Chen and Bert Scholtens Financial performance, costs, and active management of US socially responsible investment funds.
Second Quarter | 2016
16-006 Linh H. Nguyen and John O.S. Wilson How does bank lending react to a catastrophic weather event? Evidence from the Indian Ocean tsunami.
16-007 Ivan Lim, Jens Hagendorff and Seth Armitage Regulatory connections and public subsidies: evidence from the banking industry.
16-008 Rawley Z. Heimer, Kristian Ove R. Myrseth, and Raphael S. Schoenle YOLO: Mortality beliefs and household finance puzzles.
First Quarter | 2016
16-001 Ross Brown, Suzanne Mawson and Alexander Rowe Networking with the Crowd: Start-Ups, Networks and Equity Crowdfunding.
16-002 Pejman Abedifar The Doctrine of Riba in the Contemporary World: Is Islamic Finance the Answer?
16-003 Daniel Oto-Peralías and Diego Romero-Ávila Historical Frontiers and the Rise of Inequality: The Case of the Frontier of Granada.
16-004 Frank Hong Liu, Lars Norden and Fabrizio Spargoli Why banks want to be complex.
16-005 Dimitris K. Chronopoulos, David G. McMillan, Fotios I. Papadimitriou, Manouchehr Tavakoli Insider trading and future stock returns in firms with concentrated ownership levels.
Fourth Quarter | 2015
15-010 Rym Ayadi, Sami Ben Naceur, Barbara Casu and Barry Quinn Regulatory Compliance and Bank Performance.
15-011 Neil Lee and Ross Brown Thin Markets and Innovative SMEs: the Demand and Supply of Bank Funding in UK Peripheral Regions.
15-012 John Forker, Barry Reilly and Anne Marie Ward Does Board Gender Leadership Matter in Participatory Community Based Organisations?
15-013 Pejman Abedifar, Iftekhar Hasan, Amine Tarazi Finance-Growth Nexus and Dual-Banking Systems: Relative Importance of Islamic Banks.
Third Quarter | 2015
15-006 Ross Brown and Suzanne Mawson Targeted Support for High Growth Firms: Theoretical Constraints, Unintended Consequences and Future Policy Challenges.
15-007 Declan French and Donal McKillop The Impact of Household Overindebtedness on Physical and Mental Health.
15-008 Pejman Abedifar, Shahid Ebrahim, Philip Molyneux and Amine Tarazi Islamic Banking and Finance: Recent Empirical Literature and Directions for Future Research.
15-009 Ross Brown, Suzanne Mawson, Alexander Rowe and Colin Mason Harnessing the Crowd: The Demand-Side Dynamics of Equity Crowdfunding in Nascent Entrepreneurial Ventures.
Second Quarter | 2015
15-004 Dimitris K. Chronopoulos, Claudia Girardone and John C. Nankervis Double Bootstrap Confidence Intervals in the Two-Stage DEA Approach.
15-005 John K. Ashton and Robert S. Hudson The Price, Quality and Distribution of Mortgage Payment Protection Insurance: A Hedonic Pricing Approach.
First Quarter | 2015
15-001 Ross Brown and Neil Lee Credit Where It's Due? Access to Finance for High–Growth SMEs in the UK.
15-002 Pejman Abedifar, Philip Molyneux and Amine Tarazi Non-interest income activities and bank lending.
15-003 Donal G. McKillop and John O.S. Wilson Credit Unions as Cooperative Institutions: Distinctiveness, Performance and Prospects.
Fourth Quarter | 2014
14-012 Declan French and Donal McKillop Financial Literacy and Over-Indebtedness in Low-Income Households.
14-013 Elena Beccalli, Saverio Bozzolan, Enrico Laghi and Marco Mattei Qualitative Un-Verifiable Disclosures to Inform or Mislead: Insights from Insider Trading Activity.
Third Quarter | 2014
14-010 Philip Molyneux, Linh H. Nguyen, Xiaoxiang Zhang Executive Compensation, Board Independence and Bank Efficiency in China: The Effects of the Financial Crisis.
14-011 Walter Briec, Laurence Lasselle On Farrell Technical Efficiencies in Simple Solow Models – A Luenberger-type Approach.
Second Quarter | 2014
14-004 Mohammed Amidu and John O.S. Wilson Competition in African Banking: Do Globalization and Institutional Quality Matter?
14-005 Barbara Casu, Alessandra Ferrari, Claudia Girardone and John O.S. Wilson Integration, Productivity and Technological Spillovers: Evidence for Eurozone Banking Industries.
14-006 John Goddard, Hong Liu and John O.S. Wilson Entry, Exit and Growth of US Commercial Banks.
14-007 John K. Ashton and Andros Gregoriou The Role of Implicit Costs and Product Quality in Determining the Customer Costs of Using Personal Current Accounts.
14-008 Charles M. Kahn and José M. Liñares-Zegarra Identity Theft and Consumer Payment Choice: Does Security Really Matter?
14-009 Maya Clayton, José Liñares-Zegarra and John O. S. Wilson Can Debt Affect Your Health? Cross Country Evidence on the Debt-Health Nexus.
First Quarter | 2014
14-001 Duc Duy (Louis) Nguyen, Jens Hagendorff, and Arman Eshraghi The Value of Executive Heterogeneity in Banking: Evidence from Appointment Announcements.
14-002 Donal G. McKillop and John O.S. Wilson Recent Developments in the Credit Union Movement.
14-003 Santiago Carbó-Valverde, José Manuel Mansilla-Fernández and Francisco Rodríguez- Fernández The Effects of Bank Market Power in Short-Term and Long-Term Firm Investment.
Fourth Quarter | 2013
13-010 Andreas G. F. Hoepner, Michael Rezec and Sebastian Siegl Does pension funds' fiduciary duty prohibit the integration of environmental responsibility criteria in investment processes? A realistic prudent investment test.
13-011 Choudhry Tanveer Shehzad and Bert Scholtens The Impact of the Organization of Bank Supervision on Banks' Risk-Taking Behavior.
Third Quarter | 2013
13-009 Manouchehr Tavakoli, David McMillan and Phillip J. McKnight The Credit Crunch and Insider Trading.
Second Quarter | 2013
13-005 Leonidas Barbopoulos and John O.S. Wilson The Valuation Effects of Earnout in M&A of Financial Institutions.
13-006 Solomon Y. Deku, Alper Kara and Philip Molyneux Exclusion and Discrimination in the Market for Consumer Credit.
13-007 Dimitris K. Chronopoulos, Hong Liu, Fiona J. McMillan and John O.S. Wilson The Dynamics of US Bank Profitability.
13-008 Robert D. J. Anderson, John K. Ashton, Robert S. Hudson The Influence of Product Age on Pricing Decisions: An examination of bank deposit interest rate setting.
First Quarter | 2013
13-001 John Goddard, Donal McKillop and John O.S. Wilson US Credit Unions: Survival, Consolidation and Growth.
13-002 Ralf Barkemeyer, Frank Figge, Tobias Hahn, Andreas Hoepner, Andrea Liesen and Agnes L. Neher Operationalizing Socially Responsible Investment: A Non-financial Fiduciary Duty Problem.
13-003 José M. Liñares-Zegarra and Santiago Carbó-Valverde Payment Card Interchange Fees: Assessing the Effectiveness of Antitrust Investigations and Regulation in Europe.
13-004 Donal McKillop and Barry Quinn Cooperative Traits of Technology Adoption: Website Adoption in Irish Credit Unions.
Fourth Quarter | 2012
12-001 José M. Liñares-Zegarra and John O.S. Wilson Risk Based Pricing in the Credit Card Industry: Evidence from US Survey Data.
12-002 Kais Bouslah, Lawrence Kryzanowski and Bouchra Mzali Does Social Performance Affect the Risk of Financial Firms?
12-003 John Goddard, Donal McKillop and John O.S. Wilson Regulatory Change and Capital Adjustment of Cooperative Financial Institutions.
12-004 Gbenga Ibikunle, Andros Gregoriou, Andreas G. F. Hoepner and Mark Rhodes Liquidity and Market efficiency: European Evidence from the World’s Largest Carbon Exchange.