LEAF research group

Lincoln Economics and Finance

The LEAF research group brings together economics and finance academics from University of Lincoln’s International Business School and School of Social and Political Sciences, graduate students and a diverse network of collaborators, with the aim to facilitate the creation and diffusion of rigorous and policy relevant research as well as research skills within the university, the local community, and the society at large. 

What are we doing?

Our research is based on microeconomic models encompassing heterogeneous individual and firm behaviours and extends to the functioning of particular industries as well as the macroeconomic perspective that brings in the picture the interplay of institutions, markets, and policies in the diverse contexts of developing, emerging, and developed economies.


Why is it important?

A well-functioning markets and a vigorous enterprises are important drivers of growth and poverty reduction. Finance is central to enterprise development and vice versa, and large parts of both areas of inquiry revolve around the behaviour and performance of individuals and firms. Understanding these behaviours and outcomes is important from theoretical and practical perspectives. Even if the markets are efficient and individuals rational most of the time, we need to worry about the times when they are not.


How are we different?

On the backdrop of the 2007 financial crisis, the economists have been blamed for their failure to understand the importance of finance and financiers for putting too much faith in the models produced by economists. We recognise that individuals and firms cannot be the rational actors who fit neatly into academic models and that the level of financial development is good only up to a point, after which it may negatively impact economic growth. Therefore in our research we aspire to deal with the world as it is, not the world that is easily modelled.



Academic Staff


Dr Tobias Bruenner

Senior Lecturer

Dr Tim Chai


Jane Charlesworth

Senior Lecturer 

Dr David Floyd

Senior Lecturer

Dr David Gray

Principal Lecturer

Dr Geeta Lakshmi

Senior Lecturer 

Dr David Latham

Senior Lecturer 

Dr Mi Lin

Senior Lecturer 

Prof Steve McKay

Distinguished Professor in Social Research

Dr Hao Quach

Senior Lecturer 

Dr Dragana Radicic

Senior Lecturer 

Prof Marian Rizov

Professor of Economics 

Dr Philip Rodgers 

Senior Lecturer 

Dr Eric Ruto

Senior Lecturer 

Dr Shrabani Saha

Senior Lecturer 

Dr Dimitrios Vortelinos

Senior Lecturer 

Dr Zhongwei Xing

Research Fellow in Economics 

Dr Hanxiong Zhang

Senior Lecturer  - Banking & Finance

Research PGs  


Vu Ha Dang

PhD Student

Lilian Korir

PhD Student

Rose Smith 

PhD Student 

Huy Tran

PhD Student  

External Collaborations


Bond University, Australia


Catholic University of Leuven, Belgium


Centre for Studies in Social Sciences, Calcutta, India


City University of Hong Kong


Curtin University, Australia


Edith Cowan University, Australia


Federation University, Australia


Griffith University, Australia


Iowa State University, USA


IQRA University, Pakistan


Manchester University, UK


Massey University, New Zealand


Middlesex University, UK


Mongolia International University, Mongolia


Qatar University, UAE


Slovak Agricultural University, Slovakia


The University of British Columbia, Canada


Universiti Teknologi Malaysia


University of Calcutta – India


University College Dublin


University of Kent, UK


University of Newcastle, UK


University of Nottingham, Malaysia Campus


University of Wisconsin - La Crosse – USA


Wageningen University, Netherlands


Wester Sydney University, Australia


Lincoln Economic and Finance Research Group 2016 Selected Publications

Microfinance and loan officers’ work experiences: perspectives from Zambia

The article studies the challenges faced by microfinance institutions in Zambia, whose remit it is to provide financial services to the poor...

Gearing of Chinese listed companies

This paper studies the determinants of gearing of 558 Chinese listed companies between 2007 and 2012.  The Least Square Dummy Variable (LSDV)f...

FDI spatial spillovers in China

This paper studies FDI spatial spillovers in China. Empirical investigation reveals that, along the spatial dimension, FDI presence tends to generate...

FDI technology spillovers, geography, and spatial diffusion

This paper investigates the geographic extent of FDI technology spillovers and associated spatial diffusion. By adopting a spatiotemporal autoregressive...

Does access to finance improve household welfare?

In this paper, the author develops an econometric framework to analyse the effect of access to credit on the economic welfare of households in Vietnam...

Employment regulation and productivity: is there a case for deregulation?

This paper explores empirically the economic validity of the relatively limited approach to the regulation of employment protection pursued in the UK... 

Perceptions of employability among London’s low-paid: ‘self-determination’ or ethnicity?

We investigate how ethnicity, gender and other characteristics affect low-paid workers’ perceptions of their employability in London’s labour market...

The UK National Minimum Wage’s impact on productivity

Low pay poses issues for managers internationally. We examine productivity in low-paying sectors in Britain, since the National Minimum Wage’s...

Does political and economic freedom matter for inbound tourism? A cross-national panel data estimation

The paper examines the impact of political and economic freedom on inbound tourism for over 110 countries during 1995-2012. Panel country...

The impact of political risk on return, volatility and discontinuity: evidence from the international stock and foreign

The paper examines the impact of political risk on stock and foreign exchange markets in a comprehensive sample of sixty-six countries and twenty...

Evaluation of the Federal Reserve’s financial-crisis timeline

The present paper evaluates the effect that the events and policy actions important for the Federal Reserve had in five US financial markets. Analysis...

Incremental information of stock indicators

The present paper is the first to examine the incremental information of stock indicators in the spot and futures stock markets. The properties of...

Out-of-sample evaluation of macro announcements, linearity, long memory, heterogeneity and jumps in mini-futures markets

This paper examines the significance of macroeconomic announcements, linearity, long memory, heterogeneity and jumps via the out-of-sample...

Lincoln International Business School. University of Lincoln, Brayford Wharf East, Lincoln. LN5 7AT
e-mail: libspgr@lincoln.ac.uk