Published Papers

Duan, K., Zhang, L., Urquhart, A., Yao, K. Peng, L. (2024). Do clean and dirty cryptocurrencies connect financial assets differently? The perspective of market inefficiency.  Research in International Business and Finance. Forthcoming.

Zhang, Y., Kappou, K., Urquhart, A. (2024). Macroeconomic Momentum and Cross-Sectional Equity Market Indices. Journal of International Financial Markets, Institutions and Money. Forthcoming.

Ren, X., Duan, K., Xiao, Y. Urquhart, A. (2024). Information spillovers between fossil energy and green markets: Evidence from the inefficiency degree. Energy Economics. Forthcoming.

Alabi, M., Urquhart, A. (2024). The financial impact of financial fair play regulation: Evidence from the English premier league. International Review of Financial Analysis. Forthcoming.

Urquhart, A., Yarovaya, L. (2023). Cryptocurrency Research: Future Directions. European Journal of Finance. Forthcoming.

Dionysopoulos, L., Marra, M., Urquhart, A. (2023). Central Bank Digital Currencies: A Critical Review.  International Review of Financial Analysis. Forthcoming.

Alabi, M., Urquhart, A. (2023). Football Finance and Covid-19. Sports Economics Review. Forthcoming.

Duan, K., Huang, Y., Zhao, Y., Urquhart, A. (2023). Do clean and dirty cryptocurrencies connect with financial assets differently? The role of economic policy uncertainty.  Energy Economics, 127, 107079.

Hu, Y., Shen, D., Urquhart, A. (2023). Attention allocation and cryptocurrency return co-movement: Evidence from the stock market. International Review of Economics and Finance. 88, 1173-1185.

Jahanshahloo, H., Irresberger, F., Urquhart, A. (2023). Bitcoin Under the Microscope. British Accounting Review. Forthcoming.

Feng, H., Gao, D., Duan, K., Urquhart, A. (2023). Does Bitcoin affect decomposed oil shocks differently? Evidence from a quantile-based framework. International Review of Financial Analysis, 89, 102756.

Chen, J., Clements, M., Urquhart, A. (2023). Modelling Price and Variance Jump Clustering Using the Marked Hawkes Process. Journal of Financial Econometrics. Forthcoming.

Jalan, A., Matkovskyy, R. Urquhart, A., Yarovaya, L. (2023). The role of interpersonal trust in cryptocurrency adoption. Journal of International Financial Markets, Institutions and Money, 83, 101715.

Duan, K., Urquhart, A. (2023). The instability of stablecoins. Finance Research Letters, 52, 103573.

Huang, Y., Duan, K., Urquhart, A. (2023). Time-varying Dependence between Bitcoin and Green Financial Assets: A Comparison between Pre- and Post-COVID-19 Periods. Journal of International Financial Markets, Institutions and Money,  101687.

Bantis, E., Clements, M., Urquhart, A. (2023). Forecasting GDP Growth Rates Using Google Trends in the United States and Brazil. International Journal of Forecasting, 39, 1909-1924.

Jalan, A., Matkovskyy, R. Urquhart, A. (2022). Demand elasticities of Bitcoin and Ethereum. Economics Letters, 220, 110877.

Li, Y., Lucey, B., Urquhart, A. (2022). Can altcoins act as hedges or safe-havens for Bitcoin? Finance Research Letters, 220, 103360.

Bell, A., Brooks, C. Urquhart, A.  (2022). Why have UK universities become more indebted over time? International Review of Economics and Finance, 82, 771-783.

Li, Y., Zhang, W.,  Urquhart, A., Wang P. (2022). The role of media coverage in bubble formation: Evidence from the Bitcoin market. Journal of International Financial Markets, Institutions and Money, 80, 101629.

Li, Y., Zhang, W., Urquhart, A., Wang, P. (2022). The unintended consequence of social media criticisms: An earnings management perspective. European Journal of Finance. Forthcoming.

Lucey, B., Urquhart, A., Zhang, H. (2022). UK Vice Chancellor compensation: Do they get what they deserve? British Accounting Review, 54, 1011098.

Urquhart, A., Lucey, B. (2022). Crypto and digital currencies — nine research priorities. Nature, 604, 36-39.

Urquhart, A., Wang P.  (2022). No Cryptocurrency Experience Required: Managerial Characteristics in Cryptocurrency Fund Performance. Review of Corporate Finance. In Press.

Urquhart, A. (2022). Under the Hood of the Ethereum Blockchain. Finance Research Letters, 102628.

Hudson, R., Urquhart, A. (2022). Naval Disasters, World War Two and the British Stock Market. Research in International Business and Finance, 59, 101556.

Shen, D., Urquhart, A., Wang, P. (2022). Bitcoin Intraday Time-Series Momentum. Financial Review, 59, 101556.

Schopohl, L., Urquhart, A., Zhang, H. (2021). Female CFOs, Leverage and the Moderating Role of Board Diversity and CEO Power. Journal of Corporate Finance, 101858.

Li, Z., Sakkas, A. Urquhart, A. (2021). Intraday Time Series Momentum: Global Evidence and Links to Market Characteristics. Journal of Financial Markets, 57, 100619.

Yi, L., Urquhart, A., Wang, P., Zhang W. (2021). MAX momentum in the cryptocurrency market.  International Review of Financial Analysis, 77, 101829.

Urquhart, A., Zhang, H. (2021). PhD CEOs and Firm Performance. European Financial Management, 28, 433-481.

Goodell, J., Goyal, A.  Urquhart, A. (2021). Uncertainty of uncertainty and firm cash holdings. Journal of Financial Stability, 56, 100922. 

Amini, S., Hudson, R.,  Urquhart, A., Wang, J. (2021). Nonlinearity everywhere: implications for empirical finance, technical analysis and value at risk. European Journal of Finance, 27, 1326-1349.

Duan, K., Li, Z., Urquhart, A., Ye, J. (2021). Dynamic Efficiency and Arbitrage Potential in Bitcoin: A Long-memory Approach. International Review of Financial Analysis, 75, 101725.

Jalan, A., Matkovskyy, R. Urquhart, A. (2021). What effect did the introduction of Bitcoin futures have on the Bitcoin spot market? European Journal of Finance, 27, 1251-1281.

Manahov,  V., Urquhart,  A. (2021). The efficiency of Bitcoin: A strongly typed genetic programming approach to smart electronic Bitcoin markets. International Review  of Financial Analysis, 73, 101629.

Hudson, R., Urquhart, A. (2021). Technical Trading and Cryptocurrencies. Annals of Operations Research, 297, 191–220.

Shen, D., Urquhart, A., Wang, P. (2020). Forecasting the volatility of Bitcoin: The importance of jumps and structural breaks. European Financial Management, 26, 1294-1323.

Hudson, R., Urquhart, A., Zhang, H. (2020). Political uncertainty and sentiment: Evidence from the impact of Brexit on financial markets. European Economic Review, 129, 103523.

Shen, D., Urquhart, A.,Wang, P. (2020). A Three-factor Pricing Model for Cryptocurrencies. Finance Research Letters, 34, 101248.

Urquhart, A., Zhang, H. (2020). Do momentum and contrarian strategies work in commodity futures? A Comprehensive Study. Review of Behavioural Finance, 12, 375-409.

Platanakis, E., Urquhart, A. (2020). Should Investors Include Bitcoin in Their Portfolios? A Portfolio Theory Approach. British Accounting Review, 52, 100837.

Kalyvas, A., Papakyriakou, P., Sakkas, A., Urquhart, A. (2020). What drives Bitcoin's price crash risk? Economics Letters, 191, 108777.

Katsiampa, P., Moutsianas, K., Urquhart, A. (2019). Information demand and cryptocurrency market activity. Economics Letters, 185, 108714.

Urquhart, A., Zhang, H. (2019). The performance of technical trading rules in socially responsible investments. International Review of Economics and Finance, 63, 397-411. 

Eross, A., Urquhart, A., Wolfe, S. (2019). An early warning indicator for liquidity shortages in the interbank market: a regime switching approach. International Journal of Finance and Economics, 24, 1300-1312.

Manahov, V., Hudson, R.,  Urquhart, A. (2019). High frequency trading from an evolutionary perspective: Financial markets as adaptive systems. International Journal of Finance and Economics, 24, 943-962.

Urquhart, A., Zhang, H.  (2019). Pairs Trading Across Mainland China and Hong Kong Stock Markets. International Journal of Finance and Economics, 24, 698-726.

Urquhart, A., Zhang, H. (2019). Is Bitcoin a hedge or safe haven for currencies? An intraday analysis. International Review of Financial Analysis, 63, 49-57.

Eross, A., McGroarty, F., Urquhart, A., Wolfe, S. (2019). The Intraday Dynamics of Bitcoin. Research in International Business and Finance, 49, 71-81.

Platanakis, E.,Urquhart, A. (2019). Portfolio Management with Cryptocurrencies: The Role of Estimation Risk. Economics Letters, 177, 76-80.

Dao, T. M., McGroarty, F., Urquhart, A. (2019). The Brexit Vote and Currency Markets. Journal of International Financial Markets, Institutions and Money, 59, 153-164.

Corbet, S., Lucey, B. M., Urquhart, A., Yarovaya, L. (2019). Cryptocurrencies as a Financial Asset: A Systematic Analysis. International Review of Financial Analysis, 62, 182-199.

Eross, A., Urquhart, A., Wolfe, S. (2018). Investigating risk contagion initiated by endogenous liquidity shocks: evidence from the US and Eurozone interbank market. European Journal of Finance, 25, 35-53.

Shen, D., Urquhart, A., Wang, P. (2018). Does Twitter Predict Bitcoin? Economics Letters, 171, 118-122.

Platanakis, E., Sutcliffe, C. Urquhart, A. (2018). Optimal vs Naïve Diversification in Cryptocurrencies. Economics Letters, 171, 93-96.

Dao, T. M., McGroarty, F., Urquhart, A. (2018). Ultra-high-frequency lead-lag relationship and information arrival. Quantitative Finance, 18, 725-735.

Urquhart, A. (2018). What Causes the Attention of Bitcoin? Economics Letters, 166, 40-44.

Batten, J. A., Lucey, B. M., McGroarty, F., Peat, M., Urquhart, A. (2018). Does intraday technical trading have predictive power in precious metal markets? Journal of International Financial Markets, Institutions and Money, 52, 102-113.

Lucey, B.M., Vigne, S.A., Ballester, L., Barbopoulos, L., Brzeszczynski, J., Carchano, O., Dimic, N., Fernandez, V., Gogolin, F., Gonzalez- Urteaga, A., Goodell, J.W., Helbing, P., Ichev, R., Kearney, F., Laing, E., Larkin, C.J., Lindblad, A., Lonˇcarski, I., Ly, K.C., Marinˇc, M., McGee, R.J., McGroarty, F., Neville, C., O'Hagan-Luff, M., Piljak, V., Sevic, A., Sheng, X., Stafylas, D., Urquhart, A., Versteeg, R., Vu, A.N., Wolfe, S., Yarovaya, L., Zaghini, A. (2018). Future directions in International Financial Integration Research - A Crowdsourced Perspective. International Review of Financial Analysis, 55, 35-49.

Urquhart, A. (2017). How predictable are precious metals returns? European Journal of Finance, 23, 1390-1413.

Urquhart, A. (2017). Price Clustering in Bitcoin. Economics Letters, 159, 145-148.

Hudson, R., McGroarty, F., Urquhart, A. (2017). Sampling Frequency and the Performance of Different Types of Technical Trading Rules. Finance Research Letters, 22, 136-139.

Batten, J. A., Lucey, B. M., McGroarty, F., Peat, M., Urquhart, A. (2017). Stylized facts of intraday precious metals. PLOS One, 12(4): e0174232.

Dao, T. M., McGroarty, F., Urquhart, A. (2016). A calendar effect: weekend overreaction (and subsequent reversal) in spot FX rates. Journal of Multinational Financial Management, 37, 158-167.

Eross, A., Urquhart, A., Wolfe, S. (2016). Liquidity risk contagion in the interbank Market. Journal of International Financial Markets, Institutions and Money, 45, 142-155.

Urquhart, A. (2016). The Inefficiency of Bitcoin. Economics Letters, 148, 80-82.

Urquhart, A., McGroarty, F. (2016). Are stock markets really efficient? Evidence of the Adaptive Market Hypothesis. International Review of Financial Analysis, 47, 39-49.

Urquhart, A., Hudson, R. (2016). Investor sentiment and local bias in extreme circumstances: The case of the Blitz. Research in International Business and Finance, 36, 340-350.

Goodell, J. W., McGroarty, F., Urquhart, A. (2015). Political uncertainty and the 2012 US presidential election: A cointegration study of prediction markets, polls and a stand-out expert. International Review of Financial Analysis, 42, 162-171. 

Urquhart, A., Gebka, B., Hudson, R. (2015). How exactly do markets adapt? Evidence from the moving average rule in three developed markets. Journal of International Financial Markets, Institutions and Money, 38, 127-147.

Hudson, R., Urquhart, A. (2015). War and stock markets: The effect of World War Two on the British Stock Market. International Review of Financial Analysis, 40, 166-177.

Urquhart, A., McGroarty, F. (2014). Calendar effects, market conditions and the Adaptive Market Hypothesis: Evidence from long-run U.S. data. International Review of Financial Analysis, 35, 154-166.

Urquhart, A. (2014). The Euro and European Stock Market Efficiency. Applied Financial Economics, 24:19, 1235-1248.

Urquhart, A., Hudson, R. (2013). Adaptive or Efficient Markets? Evidence from Major Stock Markets using very long Historical Data. International Review of Financial Analysis, 28, 130-142.