CFI Discussion Papers


Our discussion papers provide preliminary results of recent research undertaken by the Centre for Finance & Investment. They are presented here for your comment and feedback, and to stimulate further discussion.

You may download any of the papers, but please be aware that copyright resides with the original authors and that none of the papers should be cited without first consulting them. Author contact information is provided with each paper.
Centre for Finance and Investment, Heriot Watt University CFI Discussion Papers

Our discussion papers are indexed in Research Papers in Economics (RePEc) at The CFI discussion papers can be found at:



Author(s): Shijie Liu (Heriot-Watt University), Andrew Adams (Heriot-Watt University), Boulis Ibrahim (Heriot-Watt University)
Paper: CF1702 - Quantitative Effects of Differential Tobin and Withholding Taxes on Global Financial Markets

Author(s): Anthony Kyiu (Heriot-Watt University), Edward Jones (Heriot-Watt University) and Hao Li (Heriot-Watt University)
Paper: CF1701 - Earnings Informativeness, Trading Frequency and Synchronicity: Evidence from Common Law African Markets


Author(s): Andrew Adams (Heriot-Watt University), Steven Morrow (University of Stirling) and Ian Thomson (University of Birmingham)
Paper: CF1604 - Changing Boundaries and Evolving Organizational Forms in Football: Novelty and Variety among Scottish Clubs

Author(s): Matthias Kiefer (Heriot-Watt University), Edward Jones (Heriot-Watt University) and Andrew Adams (Heriot-Watt University)
Paper: CF1603 - Principals, Agents and Incomplete Contracts: Are Surrender of Control and Renegotiation the Solution?

Author(s): Ahmed Salhin (Heriot-Watt University), Mo Sherif (Heriot-Watt University) and Edward Jones (Heriot-Watt University)
Paper: CF1602 - Investor Sentiment and Sector Returns

Author(s): Andrew Adams (Heriot-Watt University), Stephen Morrow (University of Stirling), Ian Thomson (University of Birmingham)
Paper: CF1601 - The ‘Typical’ Club? A Configuration Analysis of Scottish Football Clubs


Author(s)Boulis Ibrahim (Heriot-Watt Unversity), Iordanis Angelos Kalaitzoglou (Audencia Nantes School of Management)
DP2015-01 - Why do carbon prices and price volatility change? (Science Direct log in required)


Author(s)Faizul Haque (Heriot-Watt University).
DP2014-02 -  The Impact of Ownership and Regulations on Bank Risk-Taking: Evidence from the Middle East and North Africa (MENA) region

Author(s): Konstantaras Konstantinos (Heriot-Watt University) and Sogiakas Vasilios (University of Glasgow).
DP2014-01 -  The role of convenience yield in going-private transactions


Author(s): Mustafa Caglayan (Heriot-Watt University) and Bing Xu (Heriot-Watt University).
DP2013-06 - Eff ects of Uncertainty on Resources in Japan 

Author(s): Boulis Ibrahim (Heriot-Watt University) , Janusz Brzeszczynski (Heriot-Watt University).
Paper: DP2013-05 - Interdependence of Stock Markets Before and After the Global Financial Crisis of 2007

Author(s): Iordanis Kalaitzoglou (Audencia Business School), Boulis Ibrahim (Heriot-Watt University).
Paper: DP2013-04 - Trading Patterns in The European Carbon Market: The Role of Trading Intensity and OTC Transactions

Author(s): Edward Jones (Heriot-Watt University), Quentin Mulet-Marquis (Heriot-Watt University).
Paper: DP2013-03 - The Stock Market Reaction to Changes to Credit Ratings of US Listed Banks

Author(s): Mustafa Caglayan (Heriot-Watt University), Abdul Rashid (International Institute of Islamic Economics)
Paper: DP2013-02 - The Response of Firms' Leverage to Risk: Evidence from UK Public versus Non-Public Manufacturing Firms

Author(s): Shijie Liu (Heriot-Watt University), Andrew Adams (Heriot-Watt University), Boulis Ibrahim (Heriot-Watt University)
Paper: DP2013-01 - Tax Effects on Investment Portfolios and Financial Markets: Large-Scale Portfolio Optimization Under Stochastic and Integer Constraints


Author(s): Janusz Brzeszczynski (Heriot-Watt University), Martin T. Bohl (Westfälische Wilhelms University), Dobromil Serwa (National Bank of Poland, and Warsaw School of Economics)
Paper:  DP2012-02 - Large Capital Inflows and Stock Returns in a Thin Market

Author(s): Janusz Brzeszczynski (Heriot-Watt University), Graham McIntosh (Heriot-Watt University)
Paper: DP2012-01 - Performance of Portfolios Composed of British SRI Stocks


Previous CFI discussion papers are also available.