Financial Market & Corporate Outcomes (FMCO)

MATKOSKYY ESCThis is a research ecosystem to promote academic thought in the classical, yet contemporary domain of economics and finance by providing increased opportunity and diversity in terms of research topics, tools, as well as multi-disciplinary collaboration.

Despite its focus on finance and economics, it adopts a multi-disciplinary attitude and aims at tying together research talent across departments in the school. The centre is inclusive in terms of its focus on both theoretical and empirical analyses of key phenomenon in finance and economics
Dr. Roman MATKOVSKYY, Director of Financial Market & Corporate Outcomes

Research Groups

Financial Markets, Macroeconomics and Economic Policy.

  • Q: What are the current trends and outcomes of financial markets’ functioning and the geopolitics of finance?

International business, Corporate Governance and Performance.

  • Q: What are the strategic, marketing and other managerial solutions to secure performance of international businesses?

ESG and Islamic Finance.

  • Q: What are the modern issues related to alternative capital-raising and investment tools in light of ESG and Islamic finance?

FinTech and Financial Innovations.

  • Q: What are the pathbreaking financial innovations that are rocking the financial landscape today?


Current work

3 axes : academic/pedagogic/corporate

  • The research center provides a strong link between research and teaching. The center enhances teaching of the finance and economics courses as well as the courses related to financial innovation (incl. digital money). Research projects and ideas springing from the center are discussed in class, thereby bringing essential pragmatism in teaching.
  • The research center provides the possibility to work on a broad PhD in Economics, Finance and Financial Innovations
  • The center co-organises 2 conferences i) on Cryptocurrency asset investment, 7-8 April 2022, with financial support from Region Bretagne (jointly with AI driven business and Future Finance and Economics Association); ii) the 38th Conference of the French Finance Association, 23-25 May, 2022 (jointly with Université de Rennes 1 CREM & IGR – IAE Rennes);
  • The members of the research center work on several joint research projects (incl. supported externally) with the colleagues from the European and US universities.
  • The research center’s members participate in the COST Action “FinAI: Fintech and Artificial Intelligence in Finance” (focusing on FinTech);
  • The members of the research center work on the issues related to a local cryptocurrency.

Some recent publications

  • Ahmad, M.F., Aziz, S. and Dowling, M. (2022) Does target country cultural orientation influence M&A? British Journal of Management, Forthcoming.
  • Alexakis, C., Kenourgios, D., Pappas, V., Petropoulou, A. (2021) From dotcom to Covid-19: A convergence analysis of Islamic investments. Journal of International Financial Markets, Institutions and Money 75, 101423 ( )
  • Ali, F., Zhang, Z., Tauni, M.Z.,  Butt, A.H., Ashan, T. (2022) Contingent self-esteem, social interaction fears, and compulsive WeChat usage. Behavior and Information Technology,
  • Azémar, C., Desbordes, R. and Wooton, I. (2020) Is international tax competition only about taxes? A market-based perspective. Journal of Comparative Economics 48 (4), 891-912 ( )
  • Aziz, S., Jalan, A., Matkovskyy, R. and Bouraoui, T. (2021). Does Shariah compliance affect investor behaviour in the COVID-19 times: Evidence from herding in the global energy market. Applied Economics, in press ( )
  • Aziz, S., M. Rahman, D. Hussain, & D. K. Nguyen (2021).Does corporate environmentalism affect firm insolvency risk? The role of market power and competitive intensity. Ecological Economics, 189, 107182.
  • Boucekkine, R., Fabbri, G., Federico, S., Gozzi, F. (2022) A dynamic theory of spatial externalities. Games and Economic Behavior 132, 133-165 ( )
  • Boucekkine, R., Prieur, F.,  Ruan, W., Zou, B. (2022) Uncertainty-driven symmetry-breaking and stochastic stability in a generic differential game of lobbying. Economic Theory, 1-45 ( in press, https :// )
  • Flichy De La Neuville, T (2022) Géopolitique de la Finance. Editions universitaires Rhin et Danube, 107 p ISBN 9782493323101
  • Ghlamallah, E., Alexakis, C., Dowling, M., Piepenbrink, A. (2021) The topics of Islamic economics and finance research. International Review of Economics & Finance, 75, 145-160. ( )
  • Jalan, A., Matkovskyy, R. and Urquhart, A. (2021). “What effect did the introduction of Bitcoin futures have on the Bitcoin spot market?” The European Journal of Finance, 27(13), 1251-1281 ( )
  • Jalan, A., Matkovskyy, R., and Yarovaya, L. (2021). Shiny crypto assets: A systemic look at gold-backed cryptocurrencies during the COVID-19 pandemic. International Review of Financial Analysis 78, 101958 (
  • Umar, Z., Aziz, S., & Tawil, D. (2021). The impact of COVID-19 induced panic on the return and volatility of precious metals. Journal of Behavioral and Experimental Finance, 31, 100525. (
  • Vanwalleghem, D., Yildirim, C.,  Mukanya, A. (2021) Leveraging local knowledge or global advantage: Cross border bank mergers and acquisitions in Africa, Emerging Markets Review 42, 100656 ( )
  • Yildirim, C., Kasman, A., and Hamid, FS. (2021) Impact of foreign ownership on market power: Do regional banks behave differently in ASEAN countries? Economic Modelling, 105, 105654. (


Dr. Roman Matkovskyy