Raphael Markellos


  • 1.26 Thomas Paine Study Centre

Accepting PhD Students

PhD projects

- Information Finance - Environmental Finance - Estimation risk

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Personal profile


I am Professor of Finance at NBS. I am also a member of the Centre for Competition Policy (CCP) at UEA and the Centre for Science and Policy (CSaP) at University of Cambridge. I hold a Distinguished Professorship in the Lee Shau Kee School of Business and Administration, Hong Kong. 

My expertise are in the area of empirical finance and quantitative methods. I have a particular interest in the role, analysis and modelling of information in investment and corporate finance. I have made contributions in the area of information finance (here is my widely cited work on the use of Google Trends to proxy financial information demand), estimation risk (recent work here) and environmental finance (here is my widely cited work on carbon asset pricing).

My professional experience includes over 25 years of consulting and training for organizations in the private and public sector in the US, UK, Germany, Greece and Luxemburg. I am currently part of the board of the Norwich Financial Industry Group (FIG).



Key Research Interests

I have used my expertise in finance, time series econometrics and data science to explore a broad spectrum of empirical issues involving volatility and higher moments, estimation risk, abrupt changes, attention and sentiment. My latest research focuses on the analysis and modelling of novel financial information sets which include: online Google data, news and text, social media and big data. I'm also doing research which deals with big problems of our time related to environmental finance. Most of the methodologies that I employ are described in the 3rd edition of the monograph "The Econometric Modelling of Financial Time Series" (by Cambridge University Press) which I have co-authored with Terry Mills (click here to take a peek inside this book).

For bibliometrics of my work see SSRN, Google Scholar, IDEAS and ResearchGate. I have 35 papers recorded in Scopus (Google citations) with over 900 (3,500) citations.

As you can see below, my research has been funded by a variety of public and private sources:

  • European Regional Development Fund, £406,961, Co-investigator, 2016-2021
  • EU Horizon 2020, £519,329, Co-investigator, 2015-2019
  • New Anglia LEP, £30,000, Principal Investigator, 2019-2020
  • ESRC, 20,000, Developing the Norwich Financial Services Cluster (2017), Principal Investigator 2017-2018
  • Estimation Risk in Portfolio Selection (2010), Principal Investigator, €4,000, AUEB.
  • Intrasoft, €15,000, Principal Investigator, 2006
  • Carbon Asset Markets (2005-2009), Principal Investigator, €87,255, PENED programme, Hellenic Ministry of Development.
  • Environmental Derivatives and Energy Risk Management (2002-2005), Leading Co-Investigator, €34,000, General Secretariat for Research & Technology, Greece.

If you are interested in doing a PhD with me at NBS, please have a look at my research first and then email me so that we can talk about your ideas and background. Here is a list of PhD students I have advised in the past (along with first placements):

  1. George Dotsis, Lecturer in Finance, Essex Business School, University of Essex

  2. Dimitris Psychoyios, Lecturer in Finance, Manchester Business School

  3. Vasiliki Makropoulou, Assistant Professor, Utrecht School of Economics, UU

  4. George Daskalakis, Lecturer in Finance, NBS, UEA

  5. Eleftheria Kostika, Bank of Greece

  6. Apostolos Kourtis, Lecturer in Finance, NBS, UEA

  7. Nikos Vlastakis, Lecturer in Finance, Cranfield School of Management

  8. Yichun Wang, Lecturer in Finance, Nottingham Business School

  9. Efthymia Symitsi, Lecturer in Finance, Leeds University Business School

  10. Trung Le, Lecturer, Banking Academy of Vietnam

  11. Saif Al Mutairi, Pension Fund Senior Portfolio Manager, Oman

  12. Lucia Murgia, Senior Research Associate, School of Economics, UEA

I routinely do ad hoc refereeing for journals and funding bodies, these include:

Econometrica, Journal of Banking and Finance, Review of Finance, European Economic Review, Nature Sustainability, Economica, Journal of Empirical Finance, Journal of Futures Markets, European Journal of Operational Research, Financial Review, Economics Letters, European Journal of Finance, Journal of International Financial Markets, Institutions & Money, International Review of Financial Analysis, Journal of Forecasting, International Journal of Forecasting, Journal of Economic Behavior and Organization, Physica A, Expert Systems with Applications, Quantitative Finance, Computers & Operations Research, Review of International Economics, Economic Modelling, Empirical Economics, Energy Journal, Energy Policy, Energy Economics, Resource and Energy Economics, Quarterly Review of Economics and Finance, Applied Economics, Applied Financial Economics, Scottish Journal of Political Economy, Journal of Policy Modeling, Bulletin of Economic Research, Journal of Sports Economics, Energy & Environment, Ekonomia, EFA 2008/2009/2010, Cambridge University Press, Elsevier, Research Grants Council of Hong Kong/China, Research Promotion Foundation of Cyprus.

Professional Activities

My professional experience includes over 25 years of consulting and training for organizations in the US, UK, Germany, Luxemburg and Greece. At present, I'm doing work on: cost of capital for regulated industries, car leasing residual value risk management and analytics, asset management applications of estimation risk, and, trading system design using events, social media and big data. Here is an indicative list of projects where I have been involved with a leading role:

  • Agriculture and Horticulture Development Board, £33,750, Co-investigator, 2019
  • Ernst & Young LLP, £7,500, Principal Investigator, 2017-2018
  • Ernst & Young LLP, £5,000, Principal Investigator, 2018
  • Anglian Water, £4,000, Principal Investigator, 2015
  • Digital Business Data Services, Analytics and Consulting for Investment and Corporate Exploration, UEA Associate Dean of Enterprise’s Competition for the Social Sciences Faculty, £5,000.
  • Mastering Electricity Markets and Derivatives (2005), Executive Training.
  • Project Finance (2009), Executive Training.
  • Corporate Real Estate Financing and Management (2003-2006), Executive Training and advisory services, OTEstate SA, Greece.
  • Actuarial Research (2009-2010), Advisory services, City of Athens.
  • Expert Opinion for £150M Project Finance International Tender (2009-2010), Advisory services, GAIAOSE, Greece.
  • Strategic and Business Planning (2006-2007), Advisory services, Athens Olympic Stadium.
  • Audit of end-users funded under European Regional Development Fund (2006-2008), leading advisor for AUEB in Grant Thornton-led consortium, £3.8M, Greece.
  • Treasury Financial Advisor for a portfolio of €60M placed in capital guaranteed products on FX and international equity indices (2004), Advisory services, OPAP SA, Greece.
  • How to expland financing for SMEs (2007-2008), Advisory services, Ministry of Development and Economic Chamber of Greece.
  • Securitization of an auto-leasing residual value portfolio of €350M (2003-2005), Advisory services, KGAL, Germany.
  • Design, development and implementation of the AutoRisk© leasing risk management software (2001-2005), Advisory services, ASL, Germany.
  • Documentation, planning and development of financial analytics (1996-1999), Advisory services, Leading Market Technologies, US.

I am a regular speaker at professional conferences and corporate events. My work has attracted attention by media such as Reuters, Bloomberg, Financial Times, BBC, Daily Telegraph and Daily Mail.

Selection of recent media exposure:


Teaching Interests

I currently organise and teach two MBA modules on "Investment Appraisal and Valuation".

I am/have been external examiner for Essex Business School/University of Essex (2013-2016), University of Nottingham Business School (2013-2017), Imperial College Business School (2016-), University of Kent (2018-) and University of Reading (2020-).

Over the past 25 years, I have taught a variety of subjects in corporate and investment finance, valuation, project finance, entrepreneurial finance, energy finance, real estate finance, financial econometrics, mathematics and statistics at undergraduate and postgraduate level.

I have also developed the following teaching material:

  • Mills, T.C., Markellos, R.N. (2008) The Econometric Modelling of Financial Time Series, Cambridge University Press, 3rd edition. This is a bestselling monograph which has been widely cited (over 950 times in Google Scholar) and used as teaching material in leading schools such as Yale, Wharton, Chicago, Carnegie Mellon, Oxford, Birkbeck, UCLA, Warwick, Temple Univ., Cass, Manchester, Lancaster, Michigan State, Univ. of Georgia, Oslo, UC Davis, UCL, etc.
  • Markellos, R.N,. (2002-) Lecture Notes in Statistics, AUEB.
  • Markellos, R.N,. (2002-) Lecture Notes in Introductory Finance, AUEB.
  • Markellos, R.N,. (2004-) Lecture Notes in Corporate Finance, AUEB.
  • Markellos, R.N,. (2005-) Lecture Notes in Project Finance, AUEB.
  • Markellos, R.N., Mills, T.C. (1997) Statistical Inference, Modelling and Forecasting with EXPO/Econometrics, LMT Inc, Cambridge MA (90 pp.).
  • Markellos, R.N., Mills, T.C., Siriopoulos, C. (1996) Portfolio Trading with EXPO/BasketTrader LMT Inc, Cambridge MA (90 pp.).
  • Markellos, R.N., Mills, T.C., Siriopoulos, C. (1996) Handbook of Neural Network Analysis with EXPO/Neural Net, LMT Inc, Cambridge MA (75 pp.).
  • Markellos, R.N., Mills, T.C. (1998) Case Studies in Computational Finance.


Expertise related to UN Sustainable Development Goals

In 2015, UN member states agreed to 17 global Sustainable Development Goals (SDGs) to end poverty, protect the planet and ensure prosperity for all. This person’s work contributes towards the following SDG(s):

  • SDG 7 - Affordable and Clean Energy


  • HG Finance
  • Modelling
  • Quantitative methods
  • Time series Econometrics


Recent external collaboration on country/territory level. Dive into details by clicking on the dots or