Dr Toan Huynh

Profile

Toan is an Associate Professor in Applied Macroeconomic Analysis at the School of Business and Management at Queen Mary University of London. He holds a MSc in Economics from Toulouse School of Economics and a PhD in Finance from WHU – Otto Beisheim School of Management. Before joining Queen Mary in September 2022, he worked as a lecturer in Risk Management at the University of Southampton. He is a visiting researcher at the Bank of Finland Institute for Emerging Economies (BOFIT) in 2025.

He is currently an editor of International Finance and Evaluation Review.

More information is available at https://sites.google.com/view/toanluu 

Teaching

Undergraduate

BUS359 - Contemporary Strategic Analysis

Postgraduate

BUSM147 - Strategic Analysis

BUSM189 - Introduction to the Digital Economy and Blockchain

BUSM190 - Introduction to Coding with Python

BUSM194 - Business Ethics in Digital Economy

Research

Research Interests:

• Applied Economics
• Behavioural and Experimental Economics
• Financial Economics
• Political Economy

Centre and Group Membership

Member of the Centre for Globalisation Research (CGR).

Grant

• “Sanctions and Russian firm responses” by British Academy/Leverhulme Trust Small Research Grants 2023

Special issue edition

• Wars, economic sanctions, economic behaviors, and institutions, Journal of Economic Behavior & Organization, Guest Editor with Steven Ongena

Publications

Selected publications 

• The Real effects of Brexit on labor demand: Evidence from firm-level data with H. Do, K.T. Duong, N.T. Vu, Journal of International Economics (Volume 157, September 2025). 

• What Vietnam’s localized lockdown policy showed: it did not work and was too late (sole-authored), Regional Studies (Volume 57, Issue 9, 2023) 

Journal articles

• A land of sages: A legacy of former elites and university professors in Vietnam with K.T. Duong, Explorations in Economic History (Volume 99, January 2026) 

• Bonds for a Bluer Tomorrow: Corporate climate concern and its impact on corporate bond maturities with C. Liang, J. Yang, L. Shen, Journal of International Money and Finance (Volume 153, March 2025) 

• What drives abnormal returns of stock markets in wartime? Evidence from 17 invasions with V. Hoffmann and M. Wang, European Journal of Political Economy (Volume 86, January 2025) 

• The impact of foreign sanctions on firm performance in Russia with K. Hoang, S. Ongena, The British Accounting Review. 
• From Russia with Love: International Risk-sharing, Sanctions, and Firm Investments with A. Phan, K.T. Duong, N.T. Vu, Economics Letters (Volume 244, November 2024).
• Related party M&A, goodwill impairment and stock price crash risk: Evidence from Chinese capital market with L. Xu, B. Zhang, P.F. Dai, International Review of Financial Analysis (Volume 95, October 2024).
• Time Preferences and Lunar New Year: An Experiment with T.N. Luong and B.S. Weber, The B.E. Journal of Economic Analysis & Policy (Volume 24, October 2024).
• Bank Culture and Bank Liquidity Creation with L.Q.T. Nguyen, Corporate Governance: An International Review (Volume 32, November 2024).
• Exchange rate movements and the energy transition with Y. Hong, K. Luo, X. Xing, L. Wang, Energy Economics (Volume 136, August 2024)
• Measuring the impact of climate risk on renewable energy stock volatility: A case study of G20 economies with L. Zhang, C. Liang, L. Wang, and O. Damette, Journal of Economic Behavior & Organization (Volume 223, July 2024).
• Robust portfolio strategies based on reference points for personal experience and upward pacesetters with Z. Wang, T. He, X. Ren, Review of Quantitative Finance and Accounting (Volume 63, April 2024)
• Real Exchange Rate and International Reserves in the Era of Financial Integration with J. Aizenman, S.H. Hoa, J. Saadaoui, and G.S. Uddin, Journal of International Money and Finance, (Volume 141, March 2024).
• No influence of simple moral awareness cues on cheating behaviour in an online experiment with P. Stratmann and R.M. Rilke, Journal of Behavioral and Experimental Economics, (Volume 108, February 2024).
• Financialisation of the European Union Emissions Trading System and its influencing factors in quantiles with P. Wei, J. Zhou, X. Ren, International Journal of Finance & Economics Volume 30, January 2025.
• Asymmetric dynamic risk transmission between financial stress and monetary policy uncertainty: thinking in the post-COVID-19 world with C. Liang, Y. Hong, F. Ma, Review of Quantitative Finance and Accounting (Volume 60, 2023)
• The forecast ability of a belief-based momentum indicator in full-day, daytime, and nighttime volatilities of Chinese oil futures with Y. Li, Y. Xu, and H. Liang, Energy Economics (Volume 127, November 2023)
• Global financial stress index and long-term volatility forecast for international stock markets with C. Liang, Q. Luo, Y. Li, Journal of International Financial Markets, Institutions and Money (Volume 88, October 2023)
• Market momentum amplifies market volatility risk: Evidence from China’s equity market with Y. Li and C. Liang, Journal of International Financial Markets, Institutions and Money (Volume 88, October 2023)
• Sovereign bonds and flight to safety: Implications of the COVID-19 crisis for sovereign debt markets in the G-7 and E-7 economies with M.A. Nasir, T. N. L. Le, Y. Ghabri, International Review of Financial Analysis (Volume 86, March 2023)
• Understanding the transmission of crash risk between cryptocurrency and equity markets with (P.F. Dai, J.W. Goodell, Z. Liu, and S. Corbet, Financial Review (Volume 58, Issue 3, 2023)
• The change in stock-selection risk and stock market returns with J. Liu, Q. He, Y. Li, and C. Liang, International Review of Financial Analysis (Volume 85, January 2023)
• Volatility spillovers, hedging and safe-havens under pandemics: All that glitters is not gold! with Y. Ghabri and M.A. Nasir, International Journal of Finance & Economics (Volume 29, Issue 2).
• Public sentiment towards economic sanctions in the Russia–Ukraine war, with V. Ngo, H.H. Nguyen, and P.V. Nguyen, Scottish Journal of Political Economy (Volume 69, Issue, 5 2022)

Toan has published articles in international refereed journals, including Nature Communications, Journal of Economic Behaviour & Organization, Economics Letters, Energy Economics, Journal of Economic Psychology, among others.

Supervision

Dr Huynh is available for PhD supervision and encourages applications from students who are interested in applied and experimental economics. You are welcome to contact Dr Huynh (t.huynh@qmul.ac.uk) to discuss your proposal and ideas.

Public Engagement

Media

• Real exchange rate and international reserves in the era of financial integration on CEPR’s policy portal.
• How Russian firms use international risk-sharing to mitigate the effects of sanctions on CEPR’s policy portal.
• How Russian firms use international risk-sharing to mitigate the effects of sanctions on LSE Blogs.
• The impact of foreign sanctions on firm performance in Russia on VoxEU.org – CEPR’s policy portal.
• Public sentiment towards economic sanctions in the Russia–Ukraine war on VoxEU.org – CEPR’s policy portal.
• Pro russe ou pro Ukraine ? Ce que l’analyse des posts Facebook dans 108 pays révèle de la genèse des sentiments sur la guerre on Atlantico.fr