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Professor Andrew Urquhart

Professor of Finance and Financial Technology

Head of the ICMA Centre

Andrew U

Specialisms

  • Fintech, 
  • Cryptocurrencies, 
  • Algorithmic Trading, 
  • Asset Allocation, 
  • Corporate Finance

Professor Andrew Urquhart is the Professor of Finance and Financial Technology and Head of the ICMA Centre at Henley Business School, University of Reading.

Andrew joined the ICMA Centre in September 2018 from the University of Southampton, where he was Associate Professor of Finance and previously Lecturer of Finance. Andrew holds a PhD from Newcastle University where he also received an MSc in Finance (distinction) and BA (Hons) in Economics and Politics.

Andrew’s main research interests are fintech, cryptocurrencies, corporate governance and high-frequency trading. He has published over 50 papers in over 20 leading international journals such as the Nature, Journal of Corporate Finance, Journal of Financial Markets, European Economic Review, Journal of Financial Stability, European Financial Management, Financial Review, Quantitative Finance, British Accounting Review, amongst others. His research has received considerable attention with over 3000 citations and he regularly presents his work at leading international conferences as well as writing media pieces.

He has also received over £500,000 in research income and he is also an associate editor at Economics Letters (3*), the European Journal of Finance (3*), International Review of Financial Analysis (3*) and Research in International Business and Finance (2*). Andrew received the 2020 best paper published in European Financial Management, the best paper at the 2020 Southern Finance Association Annual Meeting, the best paper at the 2018 Cryptocurrency Research Conference and also awarded the Deans award for leadership in research in 2017 as well as the Tom Fetherston award for the best paper published in International Review of Financial Analysis in 2013. Andrew is also co-organiser of the Cryptocurrency Research Conference.

Currently, Andrew teaches the modules Blockchain, Cryptocurrencies and Applications at masters level, as well as Fintech and Cryptocurrencies at undergraduate level. Previously, he has taught Quantitative Methods for Finance at the ICMA Centre, as well as Portfolio Theory and Financial Markets at undergraduate level and the masters module Quantitative Research Methods in Finance, both at the University of Southampton. He is also an external examiner at Durham University, Queen's University Belfast, the University of Edinburgh and previously at SOAS, Birkbeck College.

Reference: Urquhart, A. and Wang, P. (2022) No cryptocurrency experience required: managerial characteristics in cryptocurrency fund performance. Review of Corporate Finance. ISSN 2046-9136 (In Press)
Henley faculty authors:
Professor Andrew Urquhart
Reference: Urquhart, A. and Lucey, B. (2022) Crypto and digital currencies — nine research priorities. Nature, 604 (7904). pp. 36-39. ISSN 0028-0836 doi: https://doi.org/10.1038/d41586-022-00927-5
Henley faculty authors:
Professor Andrew Urquhart
Reference: Hudson, R. and Urquhart, A. (2022) Naval disasters, World War Two and the British stock market. Research in International Business and Finance, 59. 101556. ISSN 0275-5319 doi: https://doi.org/10.1016/j.ribaf.2021.101556
Henley faculty authors:
Professor Andrew Urquhart
Reference: Lucey, B., Urquhart, A. and Zhang, H. (2022) UK Vice Chancellor compensation: do they get what they deserve? The British Accounting Review. 101108. ISSN 0890-8389 doi: https://doi.org/10.1016/j.bar.2022.101108
Henley faculty authors:
Professor Andrew Urquhart
Reference: Li, Y., Zhang, W., Urquhart, A. and Wang, P. (2022) The unintended consequence of social media criticisms: an earnings management perspective. European Journal of Finance. ISSN 1466-4364 doi: https://doi.org/10.1080/1351847X.2022.2097885
Henley faculty authors:
Professor Andrew Urquhart
Reference: Li, Y., Zhang, W., Urquhart, A. and Zhang, P. (2022) The role of media coverage in bubble formation: evidence from the Bitcoin market. Journal of International Financial Markets, Institutions and Money. 101629. ISSN 1042-4431 doi: https://doi.org/10.1016/j.intfin.2022.101629
Henley faculty authors:
Professor Andrew Urquhart
Reference: Bell, A. R. , Brooks, C. and Urquhart, A. (2022) Why have UK universities become more indebted over time? International Review of Economics and Finance. ISSN 1059-0560 doi: https://doi.org/10.1016/j.iref.2022.08.008
Henley faculty authors:
Professor Adrian Bell - Professor Andrew Urquhart
Reference: Hudson, R. and Urquhart, A. (2021) Technical trading and cryptocurrencies. Annals of Operations Research, 297. pp. 191-220. ISSN 0254-5330 doi: https://doi.org/10.1007/s10479-019-03357-1
Henley faculty authors:
Professor Andrew Urquhart
Reference: Li, Z., Sakkas, A. and Urquhart, A. (2021) Intraday time series momentum: global evidence and links to market characteristics. Journal of Financial Markets. 100619. ISSN 1386-4181 doi: https://doi.org/10.1016/j.finmar.2021.100619
Henley faculty authors:
Professor Andrew Urquhart
Reference: Amini, S., Hudson, R., Urquhart, A. and Wang, J. (2021) Nonlinearity everywhere: implications for empirical finance, technical analysis and value at risk. European Journal of Finance. ISSN 1466-4364 doi: https://doi.org/10.1080/1351847X.2021.1900888
Henley faculty authors:
Professor Andrew Urquhart
Reference: Jalan, A., Matkovskyy, R. and Urquhart, A. (2021) What effect did the introduction of Bitcoin futures have on the Bitcoin spot market? European Journal of Finance. ISSN 1466-4364 doi: https://doi.org/10.1080/1351847X.2020.1869992
Henley faculty authors:
Professor Andrew Urquhart
Reference: Goodell, J. W., Goyal, A. and Urquhart, A. (2021) Uncertainty of uncertainty and firm cash holdings. Journal of Financial Stability, 56. 100922. ISSN 1572-3089 doi: https://doi.org/10.1016/j.jfs.2021.100922
Henley faculty authors:
Professor Andrew Urquhart
Reference: Manahov, V. and Urquhart, A. (2021) The efficiency of bitcoin: a strongly typed genetic programming approach to smart electronic bitcoin markets. International Review of Financial Analysis, 73. 101629. ISSN 1057-5219 doi: https://doi.org/10.1016/j.irfa.2020.101629
Henley faculty authors:
Professor Andrew Urquhart
Reference: Duan, K., Li, Z., Urquhart, A. and Ye, J. (2021) Dynamic efficiency and arbitrage potential in Bitcoin: a long-memory approach. International Review of Financial Analysis, 75. 101725. ISSN 1057-5219 doi: https://doi.org/10.1016/j.irfa.2021.101725
Henley faculty authors:
Professor Andrew Urquhart
Reference: Urquhart, A. and Zhang, H. (2021) PhD CEOs and firm performance. European Financial Management. ISSN 1468-036X doi: https://doi.org/10.1111/eufm.12316
Henley faculty authors:
Professor Andrew Urquhart
Reference: Li, Y., Urquhart, A. , Wang, P. and Zhang, W. (2021) MAX momentum in the cryptocurrency market. International Review of Financial Analysis, 77. 101829. ISSN 1057-5219 doi: https://doi.org/10.1016/j.irfa.2021.101829
Henley faculty authors:
Professor Andrew Urquhart
Reference: Shen, D., Urquhart, A. and Wang, P. (2021) Bitcoin intraday time-series momentum. Financial Review. ISSN 1540-6288 doi: https://doi.org/10.1111/fire.12290
Henley faculty authors:
Professor Andrew Urquhart
Reference: Urquhart, A. (2021) Under the hood of the Ethereum blockchain. Finance Research Letters. 102628. ISSN 1544-6123 doi: https://doi.org/10.1016/j.frl.2021.102628
Henley faculty authors:
Professor Andrew Urquhart
Reference: Platanakis, E. and Urquhart, A. (2020) Should investors include bitcoin in their portfolios? A portfolio theory approach. The British Accounting Review, 52 (4). 100837. ISSN 0890-8389 doi: https://doi.org/10.1016/j.bar.2019.100837
Henley faculty authors:
Professor Andrew Urquhart
Reference: Shen, D., Urquhart, A. and Wang, P. (2020) A three-factor pricing model for cryptocurrencies. Finance Research Letters, 34. 101248. ISSN 1544-6123 doi: https://doi.org/10.1016/j.frl.2019.07.021
Henley faculty authors:
Professor Andrew Urquhart
Reference: Kalyvas, A., Papakyriakou, P., Sakkas, A. and Urquhart, A. (2020) What drives Bitcoin’s price crash risk? Economics Letters, 191. 108777. ISSN 0165-1765 doi: https://doi.org/10.1016/j.econlet.2019.108777
Henley faculty authors:
Professor Andrew Urquhart
Reference: Hudson, R., Urquhart, A. and Zhang, H. (2020) Political uncertainty and sentiment: evidence from the impact of Brexit on financial markets. European Economic Review, 129. 103523. ISSN 0014-2921 doi: https://doi.org/10.1016/j.euroecorev.2020.103523
Henley faculty authors:
Professor Andrew Urquhart
Reference: Shen, D., Urquhart, A. and Wang, P. (2020) Forecasting the volatility of Bitcoin: the importance of jumps and structural breaks. European Financial Management, 26 (5). pp. 1294-1323. ISSN 1468-036X doi: https://doi.org/10.1111/eufm.12254
Henley faculty authors:
Professor Andrew Urquhart
Reference: Zhang, H. and Urquhart, A. (2020) Do momentum and reversal strategies work in commodity futures? A comprehensive study. Review of Behavioural Finance, 12 (4). pp. 375-409. ISSN 1940-5979 doi: https://doi.org/10.1108/RBF-05-2019-0067
Henley faculty authors:
Professor Andrew Urquhart
Reference: Schopohl, L. , Urquhart, A. and Zhang, H. (2020) Female CFOs, leverage and the moderating role of board diversity and CEO power. Journal of Corporate Finance. 101858. ISSN 0929-1199 doi: https://doi.org/10.1016/j.jcorpfin.2020.101858
Henley faculty authors:
Dr Lisa Schopohl - Professor Andrew Urquhart
Reference: Urquhart, A. and Zhang, H. (2019) Is Bitcoin a hedge or safe haven for currencies? An intraday analysis. International Review of Financial Analysis, 63. pp. 49-57. ISSN 1057-5219 doi: https://doi.org/10.1016/j.irfa.2019.02.009
Henley faculty authors:
Professor Andrew Urquhart Hanxiong Zhang
Reference: Eross, A., MCGroarty, F., Urquhart, A. and Wolfe, S. (2019) The intraday dynamics of bitcoin. Research in International Business and Finance, 49. pp. 71-81. ISSN 0275-5319 doi: https://doi.org/10.1016/j.ribaf.2019.01.008
Henley faculty authors:
Professor Andrew Urquhart A. Eross- F. MCGroarty- S. Wolfe
Reference: Platanakis, E. and Urquhart, A. (2019) Portfolio management with cryptocurrencies: the role of estimation risk. Economics Letters, 177. pp. 76-80. ISSN 0165-1765 doi: https://doi.org/10.1016/j.econlet.2019.01.019
Henley faculty authors:
Professor Andrew Urquhart Emmanouil Platanakis
Reference: Eross, A., Urquhart, A. and Wolfe, S. (2019) An early warning indicator for liquidity shortages in the interbank market. International Journal of Finance & Economics, 24 (3). pp. 1300-1312. ISSN 1099-1158 doi: https://doi.org/10.1002/ijfe.1719
Henley faculty authors:
Professor Andrew Urquhart Andrea Eross- Simon Wolfe
Reference: Dao, T. M., McGroarty, F. and Urquhart, A. (2019) The Brexit vote and currency markets. Journal of International Financial Markets, Institutions and Money, 59. pp. 153-164. ISSN 1042-4431 doi: https://doi.org/10.1016/j.intfin.2018.11.004
Henley faculty authors:
Professor Andrew Urquhart Thong M. Dao- Frank McGroarty
Reference: Shen, D., Urquhart, A. and Wang, P. (2019) Does Twitter predict Bitcoin? Economics Letters, 174. pp. 118-122. ISSN 0165-1765 doi: https://doi.org/10.1016/j.econlet.2018.11.007
Henley faculty authors:
Professor Andrew Urquhart Dehua Shen- Pengfei Wang
Reference: Corbet, S., Lucey, B., Urquhart, A. and Yarovaya, L. (2019) Cryptocurrencies as a financial asset: a systematic analysis. International Review of Financial Analysis, 62. pp. 182-199. ISSN 1057-5219 doi: https://doi.org/10.1016/j.irfa.2018.09.003
Henley faculty authors:
Professor Andrew Urquhart Shaen Corbet- Brian Lucey- Larisa Yarovaya
Reference: Zhang, H. and Urquhart, A. (2019) Pairs trading across mainland China and Hong Kong stock markets. International Journal of Finance & Economics, 24 (2). pp. 698-726. ISSN 1099-1158 doi: https://doi.org/10.1002/ijfe.1687
Henley faculty authors:
Professor Andrew Urquhart H. Zhang
Reference: Manahov, V., Hudson, R. and Urquhart, A. (2019) High frequency trading from an evolutionary perspective: financial markets as adaptive systems. International Journal of Finance and Economics, 24 (2). pp. 943-962. ISSN 1099-1158 doi: https://doi.org/10.1002/ijfe.1700
Henley faculty authors:
Professor Andrew Urquhart Viktor Manahov- Robert Hudson
Reference: Eross, A., Urquhart, A. and Wolfe, S. (2019) Investigating risk contagion initiated by endogenous liquidity shocks: evidence from the US and eurozone interbank markets. European Journal of Finance, 25 (1). pp. 35-53. ISSN 1466-4364 doi: https://doi.org/10.1080/1351847X.2018.1462840
Henley faculty authors:
Professor Andrew Urquhart Andrea Eross- Simon Wolfe
Reference: Urquhart, A. and Zhang, H. (2019) The performance of technical trading rules in Socially Responsible Investments. International Review of Economics and Finance, 63. pp. 397-411. ISSN 1059-0560 doi: https://doi.org/10.1016/j.iref.2019.05.002
Henley faculty authors:
Professor Andrew Urquhart
Reference: Katsiampa, P., Moutsianas, K. and Urquhart, A. (2019) Information demand and cryptocurrency market activity. Economics Letters, 185. 108714. ISSN 0165-1765 doi: https://doi.org/10.1016/j.econlet.2019.108714
Henley faculty authors:
Professor Andrew Urquhart
Reference: Urquhart, A. (2018) What causes the attention of Bitcoin? Economics Letters, 166. pp. 40-44. ISSN 0165-1765 doi: https://doi.org/10.1016/j.econlet.2018.02.017
Henley faculty authors:
Professor Andrew Urquhart
Reference: Dao, T. M., McGroarty, F. and Urquhart, A. (2018) Ultra-high-frequency lead–lag relationship and information arrival. Quantitative Finance, 18. pp. 725-735. ISSN 1469-7696 doi: https://doi.org/10.1080/14697688.2017.1414484
Henley faculty authors:
Professor Andrew Urquhart Thong Minh Dao- Frank McGroarty
Reference: Lucey, B. M., Vigne, S. A., Ballester, L., Barbopoulos, L., Brzeszczynski, J., Carchano, O., Dimic, N., Fernandex, V., Gogolin, F., González-Urteaga, A., Goodell, J. W., Helbing, P., Ichev, R., Kearney, F., Laing, E., Larkin, C. J., Lindblad, A., Lončarski, I., Ly, K. C., Marinč, M., McGee, R. J., McGroarty, F., Neville, C., O'Hagan-Luff, M., Piljak, V., Sevic, A., Sheng, X., Stafylas, D., Urquhart, A. , Versteeg, R., Vu, A. N., Wolfe, S., Yarovaya, L. and Zaghini, A. (2018) Future directions in international financial integration research - a crowdsourced perspective. International Review of Financial Analysis, 55. pp. 35-49. ISSN 1057-5219 doi: https://doi.org/10.1016/j.irfa.2017.10.008
Henley faculty authors:
Professor Andrew Urquhart Brian M. Lucey- Samuel A. Vigne- Laura Ballester- Leonidas Barbopoulos- Janusz Brzeszczynski- Oscar Carchano- Nebojsa Dimic- Viviana Fernandex- Fabian Gogolin- Ana González-Urteaga- John W. Goodell- Pia Helbing- Riste Ichev- Fearghal Kearney- Elaine Laing- Charles J. Larkin- Annika Lindblad- Igor Lončarski- Kim Cuong Ly- Matej Marinč- Richard J. McGee- Frank McGroarty- Conor Neville- Martha O'Hagan-Luff- Vanja Piljak- Aleksander Sevic- Xin Sheng- Dimitrios Stafylas- Roald Versteeg- Anh N Vu- Simon Wolfe- Larisa Yarovaya- Andrea Zaghini
Reference: Batten, J. A., Lucey, B. M., McGroarty, F., Peat, M. and Urquhart, A. (2018) Does intraday technical trading have predictive power in precious metal markets? Journal of International Financial Markets, Institutions and Money, 52. pp. 102-113. ISSN 1042-4431 doi: https://doi.org/10.1016/j.intfin.2017.06.005
Henley faculty authors:
Professor Andrew Urquhart Jonathan A. Batten- Brian M. Lucey- Frank McGroarty- Maurice Peat
Reference: Platanakis, E., Sutcliffe, C. and Urquhart, A. (2018) Optimal vs naïve diversification in cryptocurrencies. Economics Letters, 171. pp. 93-96. ISSN 0165-1765 doi: https://doi.org/10.1016/j.econlet.2018.07.020
Henley faculty authors:
Professor Charles Sutcliffe - Professor Andrew Urquhart Emmanouil Platanakis
Reference: Urquhart, A. (2017) How predictable are precious metal returns? European Journal of Finance, 23 (14). pp. 1390-1413. ISSN 1466-4364 doi: https://doi.org/10.1080/1351847X.2016.1204334
Henley faculty authors:
Professor Andrew Urquhart
Reference: Urquhart, A. (2017) Price clustering in Bitcoin. Economics Letters, 159. pp. 145-148. ISSN 0165-1765 doi: https://doi.org/10.1016/j.econlet.2017.07.035
Henley faculty authors:
Professor Andrew Urquhart
Reference: Batten, J., Lucey, B., McGroarty, F., Peat, M. and Urquhart, A. (2017) Stylized facts of intraday precious metals. PLoS ONE, 12 (4). ISSN 1932-6203 doi: https://doi.org/10.1371/journal.pone.0174232
Henley faculty authors:
Professor Andrew Urquhart Jonathan Batten- Brian Lucey- Frank McGroarty- Maurice Peat
Reference: Hudson, R., McGroarty, F. and Urquhart, A. (2017) Sampling frequency and the performance of different types of technical trading rules. Finance Research Letters, 22. pp. 136-139. ISSN 1544-6123 doi: https://doi.org/10.1016/j.frl.2016.12.015
Henley faculty authors:
Professor Andrew Urquhart Robert Hudson- Frank McGroarty
Reference: Dao, T. M., McGroarty, F. and Urquhart, A. (2016) A calendar effect: weekend overreaction (and subsequent reversal) in spot FX rates. Journal of Multinational Financial Management, 37. pp. 158-167. ISSN 1042-444X doi: https://doi.org/10.1016/j.mulfin.2016.11.001
Henley faculty authors:
Professor Andrew Urquhart Thong M. Dao- Frank McGroarty
Reference: Eross, A., Urquhart, A. and Wolfe, S. (2016) Liquidity risk contagion in the interbank market. Journal of International Financial Markets, Institutions and Money, 45. pp. 142-155. ISSN 1042-4431 doi: https://doi.org/10.1016/j.intfin.2016.07.005
Henley faculty authors:
Professor Andrew Urquhart Andrea Eross- Simon Wolfe
Reference: Urquhart, A. (2016) The inefficiency of Bitcoin. Economics Letters, 148. pp. 80-82. ISSN 0165-1765 doi: https://doi.org/10.1016/j.econlet.2016.09.019
Henley faculty authors:
Professor Andrew Urquhart
Reference: Urquhart, A. and McGroarty, F. (2016) Are stock markets really efficient? Evidence of the adaptive market hypothesis. International Review of Financial Analysis, 47. pp. 39-49. ISSN 1057-5219 doi: https://doi.org/10.1016/j.irfa.2016.06.011
Henley faculty authors:
Professor Andrew Urquhart Frank McGroarty
Reference: Urquhart, A. and Hudson, R. (2016) Investor sentiment and local bias in extreme circumstances: the case of the Blitz. Research in International Business and Finance, 36. pp. 340-350. ISSN 0275-5319 doi: https://doi.org/10.1016/j.ribaf.2015.09.010
Henley faculty authors:
Professor Andrew Urquhart Robert Hudson
Reference: Goodell, J. W., McGroarty, F. and Urquhart, A. (2015) Political uncertainty and the 2012 US presidential election: a cointegration study of prediction markets, polls and a stand-out expert. International Review of Financial Analysis, 42. pp. 162-171. ISSN 1057-5219 doi: https://doi.org/10.1016/j.irfa.2015.05.003
Henley faculty authors:
Professor Andrew Urquhart John W. Goodell- Frank McGroarty
Reference: Urquhart, A. , Gebka, B. and Hudson, R. (2015) How exactly do markets adapt? Evidence from the moving average rule in three developed markets. Journal of International Financial Markets, Institutions and Money, 38. pp. 127-147. ISSN 1042-4431 doi: https://doi.org/10.1016/j.intfin.2015.05.019
Henley faculty authors:
Professor Andrew Urquhart Bartosz Gebka- Robert Hudson
Reference: Hudson, R. and Urquhart, A. (2015) War and stock markets: the effect of World War Two on the British stock market. International Review of Financial Analysis, 40. pp. 166-177. ISSN 1057-5219 doi: https://doi.org/10.1016/j.irfa.2015.05.015
Henley faculty authors:
Professor Andrew Urquhart Robert Hudson
Reference: Urquhart, A. and McGroarty, F. (2014) Calendar effects, market conditions and the Adaptive Market Hypothesis: evidence from long-run U.S. data. International Review of Financial Analysis, 35. pp. 154-166. ISSN 1057-5219 doi: https://doi.org/10.1016/j.irfa.2014.08.003
Henley faculty authors:
Professor Andrew Urquhart Frank McGroarty
Reference: Urquhart, A. (2014) The Euro and European stock market efficiency. Applied Financial Economics, 24 (19). pp. 1235-1248. ISSN 0960-3107 doi: https://doi.org/10.1080/09603107.2014.924292
Henley faculty authors:
Professor Andrew Urquhart
Reference: Urquhart, A. and Hudson, R. (2013) Efficient or adaptive markets? Evidence from major stock markets using very long run historic data. International Review of Financial Analysis, 28. pp. 130-142. ISSN 1057-5219 doi: https://doi.org/10.1016/j.irfa.2013.03.005
Henley faculty authors:
Professor Andrew Urquhart Robert Hudson

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