Business Economics & Quantitative Finance Research Cluster

The Economics and Finance Research Cluster is home to a very diverse array of research from modelling returns on financial assets to studying migration and labour markets to considering the roles of institutions and entrepreneurship in our economy and wider society. Led by Professor Stephen Drinkwater, the cluster base themselves at Southlands College and enjoy good interdisciplinary links across the university and with other research groups around the world. 

In addition to writing books and presenting their research at international conferences, members of the group also regularly publish top journals such as Economics Letters, Entrepreneurship & Regional Development, European Journal of Finance, International Journal of Financial Analysis, International Small Business Journal and Small Business Economics.

The current research programme of the cluster includes

  • Migration and Labour Markets 
  • Modelling Returns on Financial Assets 
  • International Finance 
  • Fiscal and Monetary Policy
  • Entrepreneurship & family firms 
  • Human Capital and Firm Performance 
  • International Joint Ventures
  • Institutions and Economic Growth


PhD students

  • Sahil Sambyal (Supervisors: Dr. Pahri, Prof. Zarantonello, Dr. Ipatova)
  • Khatereh Seyed (Supervisors: Prof. Drinkwater, Dr. Arabsheibani)

Research Highlights

Micro-economics of the labour market

Professor Drinkwater leads our research into the microeconomics of the labour market. The research covers labour market discrimination, self-employment, industrial relations, international and interregional migration, the effect of language on economic activity and voting behaviour. For example, Professor Drinkwater, was part of a team that conducted research into the effect disability has on employment. The analysis indicates that the likelihood of being in work falls by 21% in the first two years following a work-limiting disability, with weekly hours of work falling by a total of 23%. The research was undertaken in collaboration with colleagues from Cardiff University and Wales Institute of Social and Economic Research, Data and Methods. 

Leading campaign for a referendum on the final Brexit deal

Prof. Scott Cato is campaigning for a People’s Vote on the final Brexit deal and has been tirelessly exposing the dodgy organisations and wealthy individuals behind the Leave campaign and who are now pushing a hard-right agenda. Molly is actively engaged in debates about the nature of our future trading relationship with the EU should Brexit go ahead and have argued strongly for us to remain members of the single market and customs union. She wrote about the importance of the customs union for the Guardian.  She also commissioned reports on potential opportunities for farming and trade in the event of the UK leaving the EU. You can watch her latest speech at the European Parliament on the topic here.

Our recent research-related successes

Dr. Parhi has published a research article titled 'Giver and the receiver: Understanding spillover effects and predictive power in cross-market Bitcoin prices' in the International Review of Financial Analysis (CABS 3).

Dr. Foresti has published an academic paper on 'Monetary and Fiscal Policies Interaction in Monetary Unions' in the Journal of Economic Surveys (CABS 2).

Prof. Drinkwater has published a research article titled 'Labour Market and Social Integration of Eastern European Migrants in Scotland and Portugal' in the Environment and Planning A: Economy and Space journal (CABS 4).