Stelios Markoulis

Open University of Cyprus Cyprus

Stelios Markoulis is an Associate Professor of Finance at the Cyprus Institute of Management and a member of the visiting teaching faculty at the University of Cyprus. He is also an Honorary Visiting Research Fellow at the City University Business School, London. He has also worked for several years in the financial services industry and in particular in the area of investment banking. His main research interests currently focus on bank distress and regulation, as well as the effects of exogenous shocks, such as terror attacks, on capital and foreign exchange markets. In the past he has also undertaken research regarding the determinants of stock returns and capital raising through the stock market. He has published over 20 papers in international peer-reviewed academic journals and has contributed chapters to several books.

1books edited

2chapters authored

Latest work with IntechOpen by Stelios Markoulis

This book on financial crises is written at a time when the whole world is facing another crisis, a different one this time; one that is related to our health, as well as the economy in a painful manner. The first chapter of this book focuses on the economic effects of this crisis with particular emphasis on the financial sector. The remainder of the book presents a selection of readings related to the GFC. These touch upon issues such as corporate governance; the effect of the collapse of the Lehman Brothers on the net-worth of financial and non-financial firms; securitization and why the alchemy “did not work”; and finally, a case-study on Turkey and in particular the Turkish short-term interest rates and exchange rates and their relationship to political developments.

Go to the book

Financial Crises

Edited by Stelios Markoulis

Chapters authored

Terror Attacks, Foreign Exchange Markets and Class Dynamics

By Christis Hassapis, Savvas Katsikides and Stelios Markoulis

This paper examines the effect of major terror attacks of the twenty-first century on the forex market. The “event study” methodology is used to assess whether, following a terror attack, the currency of the country attacked experienced a negative effect. It also examines whether this effect is permanent or transitory and whether there are differences between recent and earlier attacks. Results suggest that earlier events cause substantial negative “event-day” returns for the specific currency, which seem to persist for some days. This is particularly evident in pairs involving the currency of the country attacked and “safe heaven” currencies (e.g. Yen, Swiss Franc). The paper also documents that terror attacks that occurred recently appear to have very little influence on the currency pairs examined, thus suggesting that, over time, market participants have learnt to better assess such events. Given our findings, and particularly the one suggesting that the effects of terror attacks on the foreign exchange market, and hence the economy, are transitory, it would appear that class dynamics are not likely to be affected by them; forex markets appear to be particularly efficient in dealing with such events, absorbing short-term shocks and continuing to function effectively, thus maintaining economic stability.

Part of the book: Classes

Introductory Chapter: Financial Crises

By Stelios N. Markoulis

Part of the book: Financial Crises

Stelios Markoulis

Latest work with IntechOpen by Stelios Markoulis

Financial Crises

Chapters authored

Related collaborators

Hardy Hanappi

Anne Goujon

Markus Speringer

Sandra Jurasszovich

Pascal Petit

Savvas Katsikides

Christis Hassapis

Dogus Emin

Mouna Aloui

Hirokuni Iiboshi