Research

 Peer-reviewed Articles

Kaourma, T., Milidonis, A., Nishiotis, G., and Panayides, M., 2025, News and Intraday Retail Investor Order Flow in Foreign Exchange Markets, Journal of International Financial Markets, Institutions & Money, Vol 101 (2025), 102146.

Koch, A., Panayides, M., Thomas, S., 2021, Common Ownership and Competition in Product Markets, Journal of Financial Economics, Vol 139 (1), 109-137.

Panayides, M., Shohfi, T., and Smith, J., 2019, Bulk Volume Classification and Information Detection, Journal of Banking and Finance, Vol 103, 113-129.

Ellul, A., and Panayides, M., 2018, Do Financial Analysts Restrain Insiders’ Informational Advantage?, Journal of Financial and Quantitative Analysis, Vol. 53 (1), 203-241.

Baruch, S., Panayides, M. and Venkataraman, K., 2017, Informed Trading and Price Discovery before Corporate Events, Journal of Financial Economics, Vol. 125 (3), 561-588.

Halling, M., Moulton, P., and Panayides, M., 2013, Volume Dynamics and Multimarket Trading, Journal of Financial and Quantitative Analysis, Vol. 48 (2), 489-518.

Chakrabarty, B., Corwin, S., and Panayides, M., 2011, When a Halt is not A Halt: An Analysis of Off-NYSE Trading during NYSE Market Closures, Journal of Financial Intermediation, Vol. 20 (3), 361-386.

Bessembinder, H., Panayides, M., and Venkataraman, K., 2009, Hidden Liquidity: An Analysis of Order Exposure Strategies in Automated Markets, Journal of Financial Economics, Vol. 94 (3), 361-383.

Charitou, A. and Panayides, M., 2009, Market Making in International Capital Markets: Challenges and Benefits of Its Implementation in Emerging Markets, International Journal of Managerial Finance: Special Issue on International Market Microstructure, Vol. 5(1), 50-80.

Panayides, M., 2007, Affirmative Obligations and Market Making with Inventory, Journal of Financial Economics Vol. 86(2), 513-542.

Working Papers (selected)

“Trading Fees and Intermarket Competition,” with Barbara Rindi (Bocconi) and Ingrid Werner (Ohio State).

“Does High Frequency Trading Affect Analyst Research Production?”, with P. Biliski (Cass Business School, U. of London), A. Kopita (U. of Warwick), and I Karamanou (U. of Cyprus). Revise and Resubmit at Management Science

“Tick Size and Corporate Investment”, with P. Biliski (Bayes Business School, U. of London) and A. Kopita (U. of Warwick).

 “Algorithmic Trading, Blockholder Activity, and Managerial Discretion” with G. Kostoglou (U. of Cyprus), I. Karamanou (U. of Cyprus) and A. Charitou (U. of Cyprus)