Nottingham University Business School
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Professor Meryem Duygun

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PhD (University of Leicester)
Aviva Chair in Risk and Insurance

Division: Finance, Risk and Banking
Centre/Institute: Centre for Risk, Banking and Financial Services
Tel: +44 (0) 115 9515267
Location: C02 (North Building, Jubilee Campus)

Meryem Duygun is a Professor of Banking and Finance at the Nottingham University Business School in the UK. She holds an endowed chaired professor in Risk and Insurance funded by the UK largest insurance company, Aviva. Before joining Nottingham, Meryem worked at the University of Hull and the University of Leicester.

She is currently an Honorary Visiting Professor at the University of Leicester. Meryem is the President of the International Finance and Banking Society (IFABS), a leading global research society. Meryem was ranked 35th in the "Top 100 Most Powerful Women in Islamic Finance" by WOMANi 2018 Award for her contribution in the area of Islamic Banking and Finance.

Meryem's major research fields are in the areas of Banking, insurance, risk, SMEs access to finance and FinTech. She gained an international reputation for her outstanding research in Banking. To date, Meryem has published two books and numerous studies in leading international journals in Banking and Finance, including among others Journal of Corporate Finance, Journal of Banking and Finance, Journal of Financial Stability, Journal of Economic Behaviour & Organization, European Journal of Operational Research, Omega, Journal of Productivity Analysis.

Recently Meryem and her colleagues were awarded an ESRC IAA funding towards their project on Nottingham FinTech Research Network development. Meryem also received funding from ESRC Seminar Competition Funds for a one-year seminar series on "Financial Modelling Post 2008: Where Next?"

Meryem successfully supervised a number of PhD students to completion. She has acted as a PhD External Examiner for many universities in the UK, Europe and Asia. Meryem is currently the External Examiner for the Banking and Finance programmes at Bangor University in the UK. As a renowned international expert in Banking and Finance, Meryem is a regular consultant for the United Nations Industrial Development Organisation (UNIDO) and the Indonesian Supreme Audit Board (BPK) offering advice on banking and service sector performance evaluation. She is currently working closely with the Asian Development Bank Institute (ADBI) on small and medium size enterprises (SMEs) finance.

Meryem is a co- organiser of a major research impact event in Tokyo, Japan on 17-18 October, 2017 in collaboration with the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) and ADBI. Through IFABS, she has also organised and hosted the first ever Nottingham University Tri-Campus Banking and Finance Conference, which took place in Ningbo, China in August 2017.

Meryem serves as an Editorial Board member and a Guest Editor for a number of internationally recognized journals. Currently, she is Managing Guest Editor of Journal of Corporate Finance, Guest Editor of Journal of Banking & Finance, and Subject Editor of Journal of International Financial Markets Institutions & Money (Elsevier); Advisory Board in Journal of Financial Regulation and Compliance; Series Editor of Banking, Money and International Finance (Routledge Taylor & Francis Group); and Series Editor of the Online Collections on International Banking (Henry Stewart Talks).

Administrative Roles
Director of MBA Development
I am module convenor of the following modules:


Insurance in a Risky World (N11701)


Bank Risk Measurement and Management (N14199)

Details of all modules can be found on MyNottingham

Current Research Activities
Banking; insurance; risk; SMEs access to finance; Artificial intelligence and Financial services; FinTech.
I am currently supervising the following Research Students:

Nadia Bousmina
Ohene Baffour Awuah

Publications from 2005 to the present day

Journal Articles

Banerji, S; Duygun, M; Noe, Thomas, Shaban, M, (2018), "Institutions, Governance and Finance in a Globally Connected Environment", Journal of Corporate Finance, forthcoming 2018.

Duygun, M; Guney, Y; Moin, A. (2018), "Dividend policy of Indonesian listed firms: The role of families and the state", Economic Modelling, Vol.75, pp. 336-354, forthcoming 2018.

Sena, V; Duygun, M; Lubrano, G; Marra, M; Shaban, M. (2018), "Board Independence, Corruption and Innovation. Some Evidence on UK Subsidiaries", Journal of Corporate Finance, forthcoming 2018.

Aysan, A;, Disli, M,; Duygun, M,; Ozturk, H, (2017), "Religiosity versus rationality: Depositor behavior in Islamic and conventional banks", Journal of Comparative Economics, forthcoming 2017.

Banerji,S,; Duygun, M,; Shaban, M. (2017), "Political Connections, Bailout in Financial Markets and Firm Value", Journal of Corporate Finance, forthcoming 2017.

Duygun, M., Isaksson, A., Hao, J., Sickles, R. (2017), "World Productivity Growth: A Model Averaging Approach", Pacific Economic Review, Vol.22 (1), pp. 587-619.

Duygun, M.; Huang, B,; Qian, X,; Tam, L, (2017), "Corporate Pension Plans and Investment Choices: Bargaining or Conforming?", Journal of Corporate Finance, Vol.50, pp. 519-537.

Abdelselam, O.; Duygun, M.; Matallín Sáez, J.C.; Tortosa-Ausina, E. (2016), "Is Ethical Money Sensitive to Past Returns? The Case of Portfolio Constraints and Persistence of Islamic and Socially Responsible Funds", Journal of Financial Services Research, forthcoming 2016.

Aysan, A.F.; Disli, M.; Duygun, M; Ozturk. H. (2016), "Islamic Banks, Deposit Insurance Reform, and Market Discipline: Evidence from a Natural Framework", Journal of Financial Services Research, pp.1-26, forthcoming 2016.

Clare, A., Duygun, M; Gulamhussen, M.A.; Pozzolo, A,, (2016), "Edtorial: Bank business models, regulation, and the role of financial market participants in the global financial crisis", Journal of Banking and Finance, Vol.72, S1-S5.

Duygun, M.; Kaulich, F.; Isaksson, A. (2016), "Did the global financial crisis hit Africa? Insights from a multi-country firm level survey", Economic Modelling, Vol.58, 308-316.

Duygun, M.; Kenjegaliev, A.; Mamedshakhova, D. (2016), "Do rating grades convey important information: German evidence?", Economic Modelling, Vol.53, 334-344.

Duygun, M.; Kutlu, L; Sickles, R. C. (2016), "Measuring Efficiency: A Kalman Filter Approach, under review in Journal of Productivity Analysis", Journal of Productivity Analysis, Vol.46, 155-167.

Duygun, M.; Ozturk, H.; Shaban, M. (2016), "The Role of Sovereign Credit Ratings in Fiscal Discipline", Emerging Markets Review, Vol.27, 197-216.

Duygun, M.; Prior, D.; Shaban, M.; Tortosa-Ausina, E. (2016), "Disentangling the European airlines efficiency puzzle: A network Data Envelopment Analysis approach", Omega: The International Journal of Management Science, Vol.60, 2-14.

Duygun, M.; Sena, V.; Shaban, M. (2016), "Trademarking activities and total factor productivity: some evidence for British commercial banks using a metafrontier approach", Journal of Banking and Finance, Vol.72, S70-S80.

Duygun, M.; Shaban, M.; Fry, J. (2016), "SME's Lending and Islamic Finance: Is it a win-win Situation?", Economic Modelling, Vol.55.

Pazzi, S.; Tortosa-Ausina, E., Duygun, M., Zambelli, S. (2016), "The cost efficiency of water utilities: when does public ownership matter?", Local Government Studies, Vol.42, 980-1003.

Duygun, M.; Shaban, M.; Sickles, R.C.; Weyman-Jones, T.G. (2015), "How regulatory capital requirement affects banks' productivity: An application to emerging economies", Journal of Productivity Analysis, Vol.44, 237-248.

Duygun, M.; Shaban, M.; Weyman-Jones. T.G. (2015), "Measuring Competition using the Boone Relative Profit Difference Indicator: an application to Banking Systems in Emerging Economies", Economics Letters, Vol.132, 117-120.


Haven, E.; Molyneux, P.; Wilson, J.; Fedetov, S.; Duygun, M. (2016), ed The Handbook of Post Crisis Financial Modelling, Palgrave Macmillan.

Chapters in Books

Alam, N.; Duygun, M.; Turk-Ariss, R. (2016), "Green Sukuk: An Innovation in Islamic Capital Markets", in Energy, Sustainability and Finance, 167-185, Springer.



Nottingham University Business School

Jubilee Campus

telephone: +44 (0) 115 846 6602
fax: +44 (0) 115 846 6667