Similar to the courses we teach, also our research covers a diverse range of topics. Some of us are active in the field of Financial Engineering and work on relatively mathematical topics. Other colleagues do research in more financially and economically oriented fields. What unites us all is our interest in the financial and economic aspects of technology and the desire to work on topics with a high societal relevance.
Our group’s focus on financial and economic risks fits in the Resilience and Smart Industry research themes of our faculty, as well as in the broader UT scientific themes of Resilience and the Digital Society.
You can find an overview in:
research.utwente/financial engineering/publications
research.utwente/financial engineering/persons
research.utwente/activities/FinanceCom2022
or at the personal page of our staff
Jump to: 2025 | 2024 | 2023 | 2022 | 2021 | 2020
2025
Prospect Theory in Betweenness Form for Binary Lotteries (2025)[Working paper › Working paper]. Roorda, B. & Joosten, R. A. M. G.Balancing acts (2025)[Working paper › Working paper]. Roorda, B. & Joosten, R. A. M. G.Debt's shadow: How leverage weighs down investment (2025)International Review of Economics and Finance, 98. Article 103931. Zubair, S. & Huang, X.https://doi.org/10.1016/j.iref.2025.103931Does it cost to be politically connected?: An examination of the grabbing hand hypothesis using corporate taxes (2025)Financial Markets, Institutions and Instruments, 34(1), 39-67. Arifin, T. & Kabir, R.https://doi.org/10.1111/fmii.12209Environmental Performance, Financial Constraints, and Tax Avoidance Practices: Insights from FTSE All-Share Companies (2025)Entropy, 27(1). Article 89. Sastroredjo, P. E., Ausloos, M. & Khrennikova, P.https://doi.org/10.3390/e27010089Short- and long-term optimality under sustainable threats in Contest Theory models of advertising and short-run competition (2025)Annals of operations research (E-pub ahead of print/First online). Joosten, R. A. M. G., Harmelink, R. & Sparrius, T.https://doi.org/10.1007/s10479-024-06462-yExpected balanced uncertain utility (2025)Theoretical Economics, 20(1), 1-25. Grant, S., Roorda, B. & Yang, J.https://doi.org/10.3982/TE5404
2024
Data: to share or not to share? A Semi‑Systematic Literature Review in (rational) data sharing in inter‑organizational systems (2024)Discover Data, 2((2024)). Article 13. Harmelink, R., Joosten, R. A. M. G., Topan, E., Adriaanse, A. A. & van Hillegersberg, J.https://doi.org/10.1007/s44248-024-00018-yDo Different Bank‑Level Securitization Variables Measure The Same Thing? A Confirmatory Factor Analysis (2024)De Economist, 172(4), 339-363. van der Plaat, M. T. & Spierdijk, L.https://doi.org/10.1007/s10645-024-09439-1Poster: Empirical Cybersecurity Investment Decision-Making: Bridging the Gap Between Intuition and Metric-Driven Strategy (2024)[Contribution to conference › Poster] 8th European Symposium on Security and Privacy, Euro S&P 2024. Niyonsaba, N. L., Abhishta, A., van der Ham, J. & Spierdijk, L.https://doi.org/10.5281/zenodo.12648767Do project quality and founder information signals always matter?: Evidence from equity and reward crowdfunding (2024)International Journal of Finance and Economics, 29(3), 3309-3325. Huang, X., Kabir, R. & Nguyen , N. T.https://doi.org/10.1002/ijfe.2835Inductive τ-values in cooperative transportation games under computational time constraints (2024)[Working paper › Working paper]. Joosten, R. & Harmelink, R.Powerful female CEOs and the capital structure of firms (2024)Journal of Behavioral and Experimental Finance, 41. Article 100879. Huang, X., Kabir, R. & Thijssen, M. W. P.https://doi.org/10.1016/j.jbef.2023.100879AI 4 Crowdfunding: A hands-on roadmap to study and understand crowdfunding data using critical thinking AI (2024)[Working paper › Working paper]. Social Science Research Network (SSRN). Belbe, S., Gomez, L., Stanca, L., Wenzlaff, K., Mare, C., Elitzur, R., Bolesta, K., Huang, X., Yilmaz, G. N., Sinan Bernard, F., Osterrieder, J., Coita, I. F., Filipovska, O., Kristin Skaftadottir, H., van Teunenbroek, C., Pisoni, G. & Spaeth, S.https://doi.org/10.2139/ssrn.4941279Human Centered AI for Financial Decisions (2024)In Studies in Systems, Decision and Control (pp. 79-88) (Studies in Systems, Decision and Control; Vol. 556). Khrennikova, P.https://doi.org/10.1007/978-3-031-67770-0_7
2023
Assessing AI and data protection expertise in academia and the financial services sector: Insights and recommendations for AI skills development (2023)Journal of financial transformation(58), 160-167. Moloney, M., Svetlova, E., Muckley, C., Paschalidou, E. G., Coita, I. F. & Poti, V.https://www.capco.com/capco-institute/journal-58-artificial-intelligenceAre FinTech lending apps harmful? Evidence from user experience in the Indian market (2023)British Accounting Review. Article 101269 (Accepted/In press). Ali, A. & Marisetty, V. B.https://doi.org/10.1016/j.bar.2023.101269Environmental regulation and corporate philanthropy: Evidence and mechanism from China (2023)Research in international business and finance, 66. Article 102046. Wang, K., Yu, N., Ma, Y. & Tang, Y.https://doi.org/10.1016/j.ribaf.2023.102046Tipping and strong rarity value in a stochastic fishery game (2023)International game theory review, 25(3). Article 2340001. Joosten, R. A. M. G. & Harmelink, R. L. A.https://doi.org/10.1142/S0219198923400017Short- and long-term optimality under sustainable threats in Contest Theory models of advertising and short-run competition (2023)[Working paper › Working paper]. Joosten, R. A. M. G., Harmelink, R. & Sparrius, T.Balanced Outcome-Set Expected Utility (2023)[Working paper › Working paper]. Grant, S., Roorda, B. & Yang, J.Corporate risk reporting about Brexit as political communication (2023)Review of Social Economy, 81(3), 417-441. Svetlova, E.https://doi.org/10.1080/00346764.2021.1975807What makes the difference? Microfinance versus commercial banks (2023)Borsa Istanbul Review, 23(4), 759-778. Abrar, A., Hasan, I. & Kabir, R.https://doi.org/10.1016/j.bir.2023.03.007Thinking and Deciding in a Complex World (2023)In The Quantum-Like Revolution: A Festschrift for Andrei Khrennikov (pp. 327-337). Springer. Khrennikova, P.https://doi.org/10.1007/978-3-031-12986-5_16SEM dataset (2023)[Dataset Types › Dataset]. 4TU.Centre for Research Data. Spierdijk, L. & van der Plaat, M. T.https://doi.org/10.4121/e88833c3-75cf-46de-a149-be4ecd60720eNGOs, public accountability, and critical accounting education: Making data speak (2023)Critical perspectives on accounting, 92. Article 102362. Pazzi, S. & Svetlova, E.https://doi.org/10.1016/j.cpa.2021.102362Preface (2023)In Enterprise Applications, Markets and Services in the Finance Industry: 11th International Workshop, FinanceCom 2022, Twente, The Netherlands, August 23–24, 2022, Revised Selected Papers (pp. vii-viii) (Lecture notes in business information processing; Vol. 467). van Hillegersberg, J., Osterrieder, J., Rabhi, F., Abhishta, A., Marisetty, V. & Huang, X.https://doi.org/10.1007/978-3-031-31671-5Role of Culture in Customer Acceptance of Neobanks (2023)In Enterprise Applications, Markets and Services in the Finance Industry: 11th International Workshop, FinanceCom 2022, Twente, The Netherlands, August 23–24, 2022, Revised Selected Papers (pp. 97-116) (Lecture Notes in Business Information Processing; Vol. 467). Springer. Meijer, K., Abhishta, A. & Joosten, R.https://doi.org/10.1007/978-3-031-31671-5_7Do Different Bank-Level Securitization Variables Measure The Same Thing?: A Confirmatory Factor Analysis (2023)[Working paper › Working paper] (Unpublished). van der Plaat, M. T. & Spierdijk, L.
2022
AI ethics and systemic risks in finance (2022)AI and Ethics, 2, 713-725. Svetlova, E.https://doi.org/10.1007/s43681-021-00129-1Power surplus solutions for weighted hypergraph communication situations (2022)International transactions in operational research, 29(6), 3346-3369. Li, X., Joosten, R., Uetz, M. & Li, Y.https://doi.org/10.1111/itor.13118Generic evolutionarily stable strategies are DSC-stable (2022)[Working paper › Working paper]. Joosten, R. A. M. G. & Roorda, B.Cryptovaluta’s: ‘digitaal goud’ dat beschermt tegen inflatie? (2022)De Actuaris, 30(1). Spierdijk, L.https://www.ag-ai.nl/view/51531-DA-30-1-art-Spierdijk.pdfAssessing the Consistency of the Fixed-Effects Estimator: A Regression-Based Wald Test (2022)Empirical economics, 64(4), 1599–1630. Spierdijk, L.https://doi.org/10.1007/s00181-022-02298-2Moment conditions for the quadratic regression model with measurement error (2022)Econometric Reviews, 41(7), 749-774. Meijer, E., Spierdijk, L. & Wansbeek, T.https://doi.org/10.1080/07474938.2022.2052666On the side effects of mandatory gender diversity laws in corporate boards (2022)Pacific Basin Finance Journal, 73. Article 101741. Marisetty, V. B. & Prasad, S.https://doi.org/10.1016/j.pacfin.2022.101741The Low-Carbon City Pilot Policy and Urban Land Use Efficiency: A Policy Assessment from China (2022)Land, 11(5). Article 604. Liu, J., Feng, H. & Wang, K.https://doi.org/10.3390/land11050604AI meets narratives: the state and future of research on expectation formation in economics and sociology (2022)Socio-economic review, 20(2), 841-861. Svetlova, E.https://doi.org/10.1093/ser/mwab033Prudentiële waarborgmaatregel beperkt kredietverlening onnodig (2022)Economisch-statistische berichten, 107(4809), 226-227. Kosters - Kelder, P. G. M. & Hidding, J.https://esb.nu/prudentiele-waarborgmaatregel-beperkt-kredietverlening-onnodig/Are transactional political connections more valuable to firms than relational political connections? (2022)Economic and Political Studies, 10(3), 266-278. Arifin, T., Kabir, R., Marthon, K. & Sutaryo, S.https://doi.org/10.1080/20954816.2022.2098595Enterprise Applications, Markets and Services in the Finance Industry: 11th International Workshop, FinanceCom 2022, Twente, The Netherlands, August 23–24, 2022, Revised Selected Papers (2022)[Book/Report › Book editing] 11th International Workshop on Enterprise Applications, Markets and Services in the Finance Industry, FinanceCom 2022. Springer. van Hillegersberg, J., Osterrieder, J., Rabhi, F., Abhishta, A., Marisetty, V. & Huang, X.https://doi.org/10.1007/978-3-031-31671-5
2021
How Officials’ Competitive Pressure Affects Sustainable Development Capacity From a Spatial Perspective: Empirical Evidence From China (2021)Frontiers in psychology, 12. Article 607232. Xu, H., Wang, K., Li, G. & Zhang, Y.https://doi.org/10.3389/fpsyg.2021.607232On the relevance of Knight, Keynes and Shackle for unawareness research (2021)Cambridge Journal of Economics, 45(5), 989-1007. Svetlova, E.https://doi.org/10.1093/cje/beab033Is microfinance breaking new grounds?: A cross country empirical investigation of the performance of microfinance institutions (2021)[Thesis › PhD Thesis - Research external, graduation UT]. University of Twente. Abrar, A.https://doi.org/10.3990/1.9789036552073Explaining Donation Behavior in Medical Crowdfunding in Social Media (2021)SAGE Open, 11(2). Huang, Z., Ouyang, J., Huang, X., Yang, Y. & Lin, L.https://doi.org/10.1177/21582440211014520Finance-Growth Nexus and Banking Efficiency: The Impact of Microfinance Institutions (2021)Journal of economics and business, 114. Article 105975. Abrar, A., Hasan, I. & Kabir, R.https://doi.org/10.1016/j.jeconbus.2020.105975
2020
The Deal-by-Deal Principle for Rational Choice on the Qui Vive (2020)[Working paper › Working paper]. Roorda, B. & Joosten, R. A. M. G.Measuring multi-product banks' market power using the Lerner index (2020)Journal of banking & finance, 117. Article 105859. Shaffer, S. & Spierdijk, L.https://doi.org/10.1016/j.jbankfin.2020.105859