Széchenyi 2020
Budapesti Corvinus Egyetem ×

Research, Projects

Selected publications since 2014 


Berlinger, E., Keresztúri, J. L., Lublóy, Á., & Tamásné, Z. V. (2022). Press freedom and operational losses: The monitoring role of the media. Journal of International Financial Markets, Institutions and Money, forthcoming.

Csóka, P., Illés, F., Solymosi, T. (2022), On the Shapley value of liability games. European Journal of Operational Research, forthcoming.

Gosztonyi, M., & Havran, D. (2022). Highways to Hell? Paths Towards the Formal Financial Exclusion: Empirical Lessons of the Households from Northern Hungary. The European Journal of Development Research, forthcoming.

Ölvedi, T. (2022). The liquidity aspects of peer-to-peer lending. Studies in Economics and Finance, forthcoming.


Berlinger, E., Dömötör, B., & Szűcs, B. Á. (2021). Irrational risk-taking of professionals? The relationship between risk exposures and previous profits. Risk Management, 23, 243-259.

Berlinger, E., Dobránszky-Bartus, K., & Molnár, G. (2021). Overdue Debts and Financial Exclusion. Risks, 9(9), 158.

Berlinger, E., Keresztúri, J. L., Lublóy, Á., & Vőneki, Z. T. (2021). Does governance matter? Country-level determinants of operational risk. Society and Economy, 43, 289-313.

Can, B., Csóka, P., & Ergin, E. (2021). How to choose a fair delegation? Economic Theory (72) 1339-1373.

Csató, L., & Petróczy, D. G. (2021). On the monotonicity of the eigenvector method. European Journal of Operational Research, 292(1), 230-237.

Csóka, P., & Herings, P. J. J. (2021). An axiomatization of the proportional rule in financial networks. Management Science, 67(5), 2799-2812.

Dömötör, B., & Ölvedi, T. (2021). The Financial Intermediary Role of Peer-To-Peer Lenders. In Innovations in Social Finance (pp. 391-413). Palgrave Macmillan, Cham.

Ercan, H., Karahanoglu, I., & Walter, G. (2021). Is Islamic Banking in Turkey really interest-free?. Society and Economy, 43(4), 391-405.

Farkas, M., & Váradi, K. (2021). Do leveraged warrants prompt individuals to speculate on stock price reversals?Journal of Empirical Finance63, 164-176.

Friesz, M., Muratov-Szabó, K., Prepuk, A., & Váradi, K. (2021). Risk Mutualization in Central Clearing: An Answer to the Cross-Guarantee Phenomenon from the Financial Stability Viewpoint. Risks, 9(8), 148.

Havran, D., Kerényi, P., & Víg, A. A. (2021). Social Finance and Agricultural Funding. In Innovations in Social Finance (pp. 269-290). Palgrave Macmillan, Cham.

Naffa, H., & Fain, M. (2021). A factor approach to the performance of ESG leaders and laggards. Finance Research Letters, 102073.

Németh-Durkó, E. (2021). Determinants of carbon emissions in a European emerging country: evidence from ARDL cointegration and Granger causality analysis. International Journal of Sustainable Development & World Ecology, 28 (5), 417-428.

Petróczy, D. G. (2021). An alternative quality of life ranking on the basis of remittances. Socio-Economic Planning Sciences, 78, 101042.

Petróczy, D. G., & Csató, L. (2021). Revenue allocation in Formula One: a pairwise comparison approach. International Journal of General Systems, 50(3), 243-261.

Pollák, Z., & Popper, D. (2021). Stress tests in Hungarian banking after 2008. Acta Oeconomica, 71(3), 451-463.

Walter, G. (2021). Risk-adjusted pricing of project loans. Studies in Economics and Finance, 38(1), 13-31.

Walter, G., & Krenchel, J. V. (2021). The Leniency of Personal Bankruptcy Regulations in the EU Countries. Risks, 9(9), 162.


Bihary, Z., Csóka, P., & Szabó, D. Z. (2020). Spectral risk measure of holding stocks in the long run. Annals of Operations Research,  295, 75-89.

Havran, D., Primecz, H., & Lakatos, Z. (2020). Does female presence on corporate boards impact firm performance? Evidence from listed firms in Central Eastern Europe. JEEMS, 37.

Hortay, O., & Víg, A. A. (2020). Potential effects of market power in Hungarian solar boom. Energy, 213, 118857.

Lublóy, Á. (2020). Medical crowdfunding in a healthcare system with universal coverage: an exploratory study. BMC Public Health, 20(1), 1-20.

Naffa, H., & Fain, M. (2020). Performance measurement of ESG-themed megatrend investments in global equity markets using pure factor portfolios methodology. PloS one, 15(12), e0244225.

Lakatos, Z. (2020). Do larger boards improve shareholder value creation?–Effects of the board size on business performance in Eastern Central Europe. Society and Economy, 42, 245–279.

Lamanda, G., & Tamasne Voneki, Z. (2020). What Do Risk Disclosures Reveal About Banking Operational Risk Processes? Content Analysis of Banks’ Risk Disclosures in the Visegrad Four Countries. Journal of Operational Risk, 15(1), 27-48.

Lublóy, Á., Keresztúri, J. L., Németh, A., & Mihalicza, P. (2020). Exploring factors of diagnostic delay for patients with bipolar disorder: a population-based cohort study. BMC psychiatry, 20(1), 1-17.

Sayaseng, S. (2020). Evidence of effective financial crisis management from South Korea: An example for other regions. Society and Economy, 42(1), 21-38.


Berlinger, E. (2019). Why APRC is misleading and how it should be reformed. Cogent Economics & Finance, 7(1), 1609766.

Berlinger, E., Dömötör, B., & Illés, F. (2019). Anti-cyclical versus Risk-sensitive Margin Strategies in Central Clearing. Journal of International Financial Markets, Institutions and Money, 62, 117-131.

Berlinger, E., Dömötör, B., & Illés, F. (2019). Optimal margin requirement. Finance Research Letters, 31, 239-249.

Csóka, P., & Jean-Jacques Herings, P. (2019). Liability games. Games and Economic Behavior, 116, 260-268.

Dömötör, B., & Váradi, K. (2019). Stock market stress from the central counterparty’s perspective. Studies in Economics and Finance, 36,  51-62.

Indārs, E. R., Savin, A., & Lublóy, Á. (2019). Herding behaviour in an emerging market: Evidence from the Moscow Exchange. Emerging Markets Review, 38, 468-487.

Lublóy, Á. (2019). Economic burden of migraine in Latvia and Lithuania: direct and indirect costs. BMC public health, 19(1), 1242.

Kommel, K. A., Sillasoo, M., & Lublóy, Á. (2019). Could crowdsourced financial analysis replace the equity research by investment banks? Finance Research Letters, 29, 280-284.


Berlinger, E., Bihary, Z., & Walter, G. (2018). Corporate cash-pool valuation: a Monte Carlo approach. Studies in Economics and Finance, 35(1), 153-162.

Csóka, P., & Hevér, J. (2018). Portfolio valuation under liquidity constraints with permanent price impact. Finance Research Letters, 26, 235-241.

Csóka, P., & Jean-Jacques Herings, P. (2018). Decentralized clearing in financial networks. Management Science, 64(10), 4681-4699.

Divos, P., del Bano Rollin, S., Bihary, Z., & Aste, T. (2018). Risk-Neutral Pricing and Hedging of In-Play Football Bets. Applied Mathematical Finance, 1-21.

Hung, N. T. (2018). Volatility Behaviour of the Foreign Exchange Rate and Transmission Among Central and Eastern European Countries: Evidence from the EGARCH Model. Global Business Review, 0972150918811713.

Lublóy, Á., Keresztúri, J. L., & Benedek, G. (2018). Social network influence on new drug diffusion: Can the data-driven approach provide practical benefits?. Society and Economy, 40(2), 227.


Balog, D., Bátyi, T. L., Csóka, P., & Pintér, M. (2017). Properties and comparison of risk capital allocation methods. European Journal of Operational Research, 259(2), 614-625.

Berlinger, E. (2017). Implicit rating: A potential new method to alert crisis on the interbank lending market. Finance Research Letters, 21, 277-283.

Berlinger, E., Bihary, Z., & Walter, G. (2017). Corporate cash-pool valuation in a multi-firm context: A closed formula. Finance Research Letters, 22, 30-34.

Berlinger, E., Lovas, A., & Juhász, P. (2017). State subsidy and moral hazard in corporate financing. Central European Journal of Operations Research, 25(4), 743-770.

Csóka, P. (2017). Fair risk allocation in illiquid markets. Finance Research Letters, 21, 228-234.

Dömötör, B. (2017). Optimal hedge ratio in a biased forward market under liquidity constraints. Finance Research Letters, 21, 259-263.

Lublóy, Á., Keresztúri, J. L., & Benedek, G. (2017). Lower fragmentation of coordination in primary care is associated with lower prescribing drug costs—lessons from chronic illness care in Hungary. The European Journal of Public Health, 27(5), 826-829.

Szűcs, B. Á. (2017). Forecasting intraday volume: Comparison of two early models. Finance Research Letters, 21, 249-258.


Csóka, P., & Pintér, M. (2016). On the impossibility of fair risk allocation. The BE Journal of Theoretical Economics, 16(1), 143-158.

Kutasi, D., & Badics, M. C. (2016). Valuation methods for the housing market: Evidence from Budapest. Acta Oeconomica, 66(3), 527-546.

Lublóy, Á., Keresztúri, J. L., & Benedek, G. (2016). Formal professional relationships between general practitioners and specialists in shared care: possible associations with patient health and pharmacy costs. Applied health economics and health policy, 14(2), 217-227.


Berlinger, E., & Walter, G. (2015). Income-contingent repayment scheme for non-performing mortgage loans in Hungary. Acta Oeconomica, 65(s1), 123-147.

Csóka, P., Havran, D., & Szűcs, N. (2015). Corporate financing under moral hazard and the default risk of buyers. Central European Journal of Operations Research, 23(4), 763-778.


Benedek, G., Lublóy, Á., & Vastag, G. (2014). The importance of social embeddedness: Churn models at mobile providers. Decision Sciences, 45(1), 175-201.

Csóka, P., & Herings, P. J. J. (2014). Risk allocation under liquidity constraints. Journal of Banking & Finance, 49, 1-9.

Lublóy, Á. (2014). Factors affecting the uptake of new medicines: a systematic literature review. BMC health services research, 14(1), 469.

Szűcs, B., & Váradi, K. (2014). Measuring and managing liquidity risk in the Hungarian practice. Society and Economy, 36(4), 543-563.


  • Since 2010, the Department has organized the international Annual Financial Market Liquidity conferences. Every year more than 100 researchers from all over the world take part in this conference.
  • Since 2016, the Department has, in joint effort with PRMIA, an international organization of risk management specialists, organised the annual conferences of the Hungarian member organisation.
  • In 2021, Corvinus University of Budapest and the Department will host the World Finance Banking Symposium.
  • In 2017, the ECMS conference was co-organized by the Department.  


The Department organizes the Corvinus Financial Research Seminar and Workshop on a weekly basis, where colleagues working at the Department or other institutions can report on their latest research and ideas.

Financial Clearing Research Lab

Financial transactions involve paying obligations to be settled in the future, so the counterparties are exposed to the risk of non-payment until all commitments are fulfilled. The clearing mechanism is a key element of a well-functioning market; thus, several questions emerge that are worth investigating from theoretical and practical perspectives.

The aim of the Financial Clearing Research Lab is to connect researchers of the Corvinus University of Budapest working on related topics and to build a platform to exchange ideas and to foster professional discussions.

The Department’s Creative Camp

The good thing about the creative camp is that we have time for each other. We listen to everyone and discuss every topic meticulously (cf. live dissection). Since 2009, we have gathered almost every year in Alsóörs for a creative camp in August (AAA +).

Three to five days of concentrated flow sensation. Everything evolves spontaneously and always turns into something interesting. Lots of good people in a small place. 

Foundation of the Department of Finance

Foundation of the Department of Finance
Address of the Foundation: 1146 Budapest, Abonyi u. 4. fszt. 6.
Bank account number of the Foundation: OTP Bank: 11707062-20003067
Tax number of the Foundation: 18141449-1-41

Goal of the Foundation

The goal of the Foundation is to support scientific research and education activities at the Department of Finance of the Corvinus University of Budapest by implementing the tasks described below. The Foundation has the obligation to carry out the following public benefit activities (pursuant to Article 26 (c) of Act CLVI of 1997): scientific activities, research, education and training, skills development, dissemination of knowledge, promotion of the Euro-Atlantic integration. In the framework of these public benefit activities and on the basis of the goal indicated above, the Foundation has to accomplish the following tasks:

  • To improve conditions, in terms of funding, equipment and staff, for basic scientific research and applied research,
  • To create conditions, in terms of funding and equipment, for improving the Department’s educational technologies and teaching and auxiliary materials used in education, and for inviting guest lecturers,
  • To support the Department’s improved involvement in the international scientific and teaching community; to facilitate, and provide financial and organizational support to, the participation of the Department’s lecturers and researchers in foreign professional collaborations,
  • To improve conditions, in terms of funding, equipment and staff, for the Department’s participation in research framework programmes and research programmes established by institutions of the Euro-Atlantic integration,
  • To support lecturers, researchers, PhD students and students in University education who have achieved significant results, enabling them to participate in professional further training programmes in Hungary and abroad,
  • To support students of PhD programmes in their research activities,
  • To support highly talented University students participating in the teaching or research activities of the Department,
  • To purchase high-performance computers and state-of-the-art software required for researching corporate finance and methods of investment statistics-mathematics,
  • To ensure conditions, in terms of funding and equipment, for activities of Scientific Students’ Associations,
  • To support the publication of brochures, publications and books related to the Department’s educational and research activities,
  • To nurture and preserve the memory of the founding head of the Department, Dr. Márta Sulyok-Pap.
  • The Foundation of the Department of Finance carries out its activities focused on three main areas:
  • Establishing and operating the FinLab
  • Providing University preparatory courses to high school students in deep poverty
  • Providing support to scientific research, conferences and study competitions. 
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GEN.:2022.05.18. - 07:41:54