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School of Business and Management

Dr Stavroula Yfanti


Senior Lecturer in Finance, SBM Database Coordinator

Room Number: 4.25D




Dr Stavroula Yfanti is a Senior Lecturer (Associate Professor) in Finance at the School of Business and Management. Before joining Queen Mary in September 2022, Stavroula had a 15-year career in the banking sector and held Lecturer (Assistant Professor) positions at Lancaster University's Management School and Loughborough University's School of Business and Economics. She teaches finance modules at the postgraduate and undergraduate levels.

Dr Yfanti undertakes empirical finance research. She focuses on macro-financial linkages, combining her industry experience in finance and risk measures with macroeconomic variables. By developing macro-financial econometric models, she relates high-frequency financial data to high and low-frequency economic data and explores the spillovers/channels of the bidirectional effects in the first and second moment of the financial and economic time series. She is currently investigating the volatility and correlation pattern of various asset classes driven by macro-financial factors. Her research findings show that financial markets’ dynamic interdependences (e.g., equity, commodity, real estate, CDS markets) are partly attributed to common economic fundamentals, leading to contagion, systemic risk build-ups, and financial instability during crises.



  • BUSM185: International Investment Analysis
  • BUSM245 Financial Risk Management

Dr Yfanti is a Fellow of the Higher Education Academy.


Research Interests:

  • Empirical finance
  • Risk Management
  • Macro-financial linkages
  • Volatility modelling
  • Financial contagion
  • International financial markets
  • Credit market dynamics
  • Commodity markets’ dependences
  • Climate change-related financial risks

Centre and Group Membership:


Latest publications here.

Journal articles:

  • Yfanti, S., Karanasos, M., Wu, J., Vourvachis, P., 2024. Short- and long-run cross-border European sustainability interdependences. Annals of Operations Research, forthcoming.
  • Yfanti, S., Karanasos, M., Zopounidis, C., Christopoulos, A., 2023. Corporate credit risk counter-cyclical interdependence: A systematic analysis of cross-border and cross-sector correlation dynamics. European Journal of Operational Research 304, 813-831.
  • Konstantakis, K.N., Michaelides, P.G., Xidonas, P., Yfanti, S., 2023. Carbon emissions and sustainability in Covid-19’s waves: evidence from a two-state dynamic Markov-switching regression (MSR) model. Annals of Operations Research, forthcoming.
  • Daglis, T., Yfanti, S., Xidonas, P., Konstantakis, K., Michaelidis, P.G., 2023. Does solar activity affect the price of crude oil? A causality and volatility analysis. Finance Research Letters 55, 103833.
  • Caporale, G.M., Karanasos, M., Yfanti, S., 2022. Macro-Financial linkages in the high-frequency domain: Economic fundamentals and the Covid-induced uncertainty channel in US and UK financial markets. International Journal of Finance and Economics, forthcoming.
  • Karanasos, M., Yfanti, S., Hunter, J., 2022. Emerging stock market volatility and economic fundamentals: the importance of US uncertainty spillovers, financial and health crises. Annals of Operations Research 313, 1077-1116.
  • Yfanti, S., Chortareas, G., Karanasos, M., Noikokyris, E., 2022. Α three-dimensional asymmetric power HEAVY model. International Journal of Finance and Economics 27, 2737-2761.
  • Yfanti, S., Karanasos, M., 2022. Financial volatility modeling with option-implied information and important macro-factors. Journal of the Operational Research Society 73, 2129-2149.
  • Karanasos, M., Yfanti, S., 2021. On the economic fundamentals behind the dynamic equicorrelations among asset classes: Global evidence from equities, real estate, and commodities. Journal of International Financial Markets, Institutions & Money 74, 101292.
  • Caporale, G.M., Karanasos, M., Yfanti, S., Kartsaklas, A., 2021. Investors’ trading behaviour and stock market volatility during crisis periods: A dual long-memory model for the Korean stock exchange. International Journal of Finance and Economics 26, 4441-4461.
  • Karanasos, M., Yfanti, S., Christopoulos, A., 2021. The long memory HEAVY process: modeling and forecasting financial volatility. Annals of Operations Research 306, 111-130.
  • Karanasos, M., Yfanti, S., 2020. On the macro-drivers of realized volatility: the destabilizing impact of UK policy uncertainty across Europe. European Journal of Finance 26, 1146-1183.
  • Karanasos, M., Yfanti, S., Karoglou, M., 2016. Multivariate FIAPARCH modelling of financial markets with dynamic correlations in times of crisis. International Review of Financial Analysis 45, 332-349.
  • Karanasos, M., Paraskevopoulos, A., Menla Ali, F., Karoglou, M., Yfanti, S., 2014. Modelling stock volatilities during financial crises: A time-varying coefficient approach. Journal of Empirical Finance 29, 113-128.

Chapters in books:

  • Caporale, G.M., Yfanti, S., Karanasos, M., Wu, J., 2024. Financial integration and European tourism stocks. In: Caporale, G.M. (eds), Handbook of Financial Integration. Edward Elgar Publishing.
  • Margaronis, Z.N.P., Nath, R.B., Metallinos, G.S., Karanasos, M., Yfanti, S., 2023. An Advanced Approach to Algorithmic Portfolio Management. In: Alphonse, P., Bouaiss, K., Grandin, P., Zopounidis, C. (eds), Essays on Financial Analytics: Applications and Methods (pp. 243-264). Cham: Springer International Publishing.


Dr Yfanti is interested in supervising PhD students on topics related to the following research areas:

  • Empirical finance
  • Risk Management
  • Macro-financial linkages
  • Volatility modelling
  • Financial contagion
  • International financial markets
  • Credit market dynamics
  • Commodity markets
  • Climate change-related financial risks
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