Dr George Christodoulakis

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Profile photo of: Dr George Christodoulakis Email: Show Email Address
Position: Senior Lecturer in Finance
Academic unit: Accounting and Finance


George graduated from the University of London, Birkbeck College, with a PhD and Masters in Finance, following his studies in the Athens University of Economics & Business where he obtained his first degree in Economics and his Masters in Economics & Econometrics. George has been a member of staff at Cass Business School of City University, London and the University of Exeter, an Advisor to the Governor of the Bank of Greece and has substantial consulting experience in the financial sector. Since 2006 he is appointed at Manchester Business School. During his leave of absence (2009-2012), George served as the Secretary of State for Asset Restructuring and Privatisations, Ministry of Finance, Athens. In October 2012, he was appointed as a full member of the Hellenic Corporate Governance Council, Greece. His current research interests focus on credit and market risk, asset and risk management, M&A's and state asset privatisations, financial stability and regulation, forecasting and behavioral finance, including corporate governance and responsible investment. His research approach spans methodologies from financial theory, econometrics and probability and financial regulation as appropriate. Editor of the Analytics of Risk Model Validation (Elsevier) and Associate Editor of the Journal of Risk Model Validation (Risk Journals). New forthcoming edited book: Managing Risks in the European Periphery Debt Crisis: lessons from the trade-off between economics, politics and the financial markets. Palgrave Macmillan Publishers, UK. Forthcoming in 2013.

Research Interests

Indicative research interests include:

  • Credit Risk and Market Risk: credit rating, asset pricing, risk model validation, securitization, syndicated loans, forecasting
  • Asset Management: Black-Littermann asset allocation, robust performance measurement, private equity funds
  • M&A and State Asset Privatisation Transactions: optimality of transactions, incentives-value trade-off, performance and economic impact
  • Financial Regulation: impact of regulation on risk taking, systemic risk and financial stability, regulatory capture, market manipulation, financial crime, regulation of credit rating agencies
  • Behavioural Finance: estimation of preferences, risk-on / risk-off patterns, loss aversion, corporate governance, responsible investment

Prospective PhD Students

Completed PhD Students

  • Enrique Eugenio Batiz Zuk, "Distributions of Credit Portfolio Losses", 2011
  • Waseem Larik, "Credit Risk and Systemic Financial Stability", 2012
  • Yong Woong Lee, "Generalized Dependence Structures in Distributions of Credit Portfolio Losses", 2009-2012

PhD Viva Examinations

  • Patricio Contreras, University of Cambridge, "Three Essays on Risk Management: From Portfolio to Open Economy Sovereign Risk", 2008
  • John Heap, University of Manchester, "Enhanced Techniques for Complex Interest Rate Derivatives", 2008
  • Cao Yang, University of Manchester, "Multi-Asset and Stochastic Volatility Option and Bond Pricing Models: Valuations and Calibrations", 2009
  • Riko Miura, University of London, "Linkages between Absolute Returns, GARCH Processes and Long Memory", 2009

Journal Affiliations

Additional Information

  • George's teaching concentrates on asset management, credit risk, market risk, financial engineering and financial econometrics.

Programme involvement

Specialist fields




Publication summary




Showing 38 publication(s)



  • Christodoulakis, G. (2014). Rating Agencies vs. Sovereign Debt Markets: A Tale of Interacting Risk Preferences. In Managing Risks in the European Periphery Debt Crisis: Lessons from the Trade-off between Economics, Politics and the Financial Markets. (1 ed.). United Kingdom: Palgrave Macmillan . . Publication link: 98137a5b-13bc-4638-8124-9e5a7e431fa7
  • Christodoulakis, G. (2014). Managing Risks in the European Periphery Debt Crisis: lessons from the trade-off between economics, politics and the financial markets. (Studies in Banking and Financial Institution Series). United Kingdom: Palgrave Macmillan .. Publication link: 67d46d01-64ca-4ea7-86ef-43434f290719
  • Christodoulakis, G. (2014). Privatization of State Assets in the Presence of Crisis. In Managing Risks in the European Periphery Debt Crisis: Lessons from the Trade-off between Economics, Politics and the Financial Markets. (1 ed.). United Kingdom: Palgrave Macmillan . . Publication link: c9bff348-6d9d-41b2-8ab8-96602c029910



  • Christodoulakis, G., Stathopoulos, K., & Tessaromatis, N. (2012). The term structure of loss preferences and rationality in analyst earnings forecasts. Journal of Asset Management, 13(5), 310-326. DOI: 10.1057/jam.2012.16. Publication link: b9e1e87f-356e-4ea4-a8bb-9f274d4a6275




  • Christodoulakis, G., & Peel, D. (2009). The central bank inflation bias in the presence of asymmetric preferences and non-normal shocks. Economics Bulletin, 29(3), 1608-1620. . Publication link: ab02f4b8-ad94-47ba-9bba-aa64e9cd5eb9


  • Christodoulakis, G., & Satchell, S. (2008). The Accuracy of Credit Scoring Receiver Operating Characteristic in the Presence of Macroeconomic Shocks. Journal of Risk Model Validation, 2 (3). . Publication link: 6a42727c-4520-43d4-a70d-59bcdd822740
  • Milidonis, A., Christodoulakis, G., & Mamatzakis, E. (2008). The Dynamics of Insurance Underwriting Regimes in the UK: Evidence from Panel VAR.. Publication link: ab923d0a-9c97-4c59-b189-99d7793a164c


  • Christodoulakis, G. A., G, A., & Satchell, S. E. (2007). The Validity of Credit Risk Rating Model Validation Methods. In The Analytics of Risk Model Validation. London: Elsevier Butterworth-Heinemann. . Publication link: 741a38a8-64e2-4bc0-8ad2-46cd0e6ca197
  • Christodoulakis, G. A. (2007). The Evolution of Credit Risk Phenomena, Methods and Management. Bank of Greece Economic Bulletin, 28(2). . Publication link: 6675e094-e3f8-429f-8da6-2654b482b503
  • Christodoulakis, G. A. (2007). Markovian Credit Transition Probabilities Under Inequality Constraints: the US Portfolio 1984-2004. Journal of Credit Risk, 3/3. . Publication link: 93266992-271c-4e20-a4a8-42ca5b4eb5b6




  • Christodoulakis, G. A., Knight, J. (Ed.), & Satchell, S. (Ed.) (2004). Sharpe Style Analysis in the MSCI Countries and Sectors: A Monte Carolo integration approach (Reprinted from ORIJ). In Linear Factor Models in Finance. London: Elsevier Butterworth-Heinemann. . Publication link: 93d1520b-a40f-4d67-8b13-a7d2a2c74114
  • Christodoulakis, G. A. (2004). Credit Risk Models of Merton (1974)-Type and their Predictive Ability as Early Warning Systems. Bulletin of the Hellenic Banks Association, 38. . Publication link: 89636ebf-e6ad-4910-bd63-37c837d17a4f



  • Christodoulakis, G. A. (2002). Generating Composite Volatility Forecasts with Radom Factor Betas. In Forecasting Volatility in the Financial Markets. London: Elsevier Butterworth-Heinemann. . Publication link: 9bbbb1ae-2262-4104-a343-d816943d5099


  • Christodoulakis, G. A., & Mitchie, J. (Ed.) (2001). Short-Termism in Financial Markets. In Reader's Guide to the Social Sciences. Chicago: Routledge Taylor & Francis Group. . Publication link: bd172691-f8c6-46a1-b025-7747964fd1e8


  • Christodoulakis, G. A., & Satchell, S. E. (1999). The simulation of option prices with application to LIFFE options on futures. European Journal of Operational Research, 114(2), 249-262. . Publication link: 06f627fa-8fae-4e6c-8669-3e96fa1667cd