Dr Maryam Alhalboni
Lecturer in Finance
Profile
Biography
Dr Maryam Alhalboni is a Lecturer in Finance at the University of York’s School for Business and Society, UK. Her academic work spans research, teaching, programme leadership, external examining, and professional engagement in finance. Before joining the School for Business and Society, she held academic posts at Durham University, the University of Kent, and the University of Essex, and also gained professional experience in financial services.
Maryam’s research focuses on financial markets, market microstructure, banking, high-frequency trading, and sustainable and responsible investing. Her current work examines climate-risk pricing, ESG practices and greenwashing risks in bank loan portfolios, market-wide circuit breakers, liquidity risk and bank failures, and the relationship between ESG and financial performance.
She is a permanent member of the GRIFF Investment Fund. She has organised a range of finance-focused events, including the Student-Managed Investment Fund Conference, industry talk series, alumni lectures, and professional body events. Maryam has secured grants from industry partners and professional bodies to support research and event activity.
Her work has been presented at international finance conferences, academic seminars, policymaker seminars, and practitioner-facing events. She has also written professional reports for finance industry audiences and regularly contributes to the academic community through peer review for scholarly journals.
Maryam holds a PhD in Finance and an MSc in Finance and Investment from the University of Essex, UK, and a BSc in Economics. She is a Fellow of the Higher Education Academy and holds a Postgraduate Certificate in Academic Practice.
University roles
Teaching
Undergraduate
- Business Economics - MAN00016C
Postgraduate
- Managerial Economics - MAN00023
- Finance and Investment Management - MAN00140M
Current PhD Students
- Yuhan Zhang
- Jianing Liu
Completed PhD Students
- Ruangrong Suwankarn
Research
Overview
Maryam’s research interests are in areas of Market Microstructure, Islamic finance and corporate finance. Her work in the area of Market Microstructure includes high-frequency trading, market liquidity and trading behaviours and information asymmetry. Her works have a policy relevance on issues related to the role of information asymmetry in trading behaviours and the incentives of market makers to provide liquidity during different markets’ conditions. Her work in Islamic finance covers risk management topics and the impact of profit-sharing investment accounts on shareholders’ wealth and the banks’ market power.
In corporate finance, she is interested in topics related to mergers and acquisitions and the implied cost of capital.
Publications
Selected publications
Conference Papers
- “When Does Climate Risk Get Priced? Policy Clarity and Environmental Trading Sensitivity”. Presented at: GARG Seminar, 2026; SERG Seminar, 2026.
- “From Guidelines to Ground Truth: Markers’ Role in Defining Assessment Justice”. Presented at: SBS/CEGBI Conference, 2025.
- “Learning Effects in Repeated Market-Wide Circuit Breakers”. Presented at: World Finance Conference, 2025; 31st Global Finance Conference, 2024; 17th International Behavioural Finance Conference, 2024; Contemporary Issues in Financial Markets and Banking, 2023.
- “Pricing Power in the Market for Participatory Deposits”. Presented at: Rabdan Academy, 2025; King Faisal University, 2025.
- “Implying Divisional Costs of Capital: A Direct Approach”. Presented at: Finance and Business Analytics Conference, 2024; International Conference in Finance, Banking and Accounting, 2023; Centre for Financial and Corporate Integrity Seminar Series, 2021; EFA Developmental Webinar Series, 2021.
- “The Impact of Covid-19 and Prior Crises on Pricing Power in the Market for Participatory Deposits”. Presented at: World Finance Conference, 2023.
- “The Impact of New Millennium Crises on Market Power in Deposit Markets”. Presented at: Finance and Business Analytics Conference, 2023.
- “A Value-Based Measure of Market Power for Participatory Deposits”. Presented at: Maastricht Seminar Series, 2022.
- “The Political Origin of the Convoluted Takaful Organisational Structure”. Presented at: 19th World Congress of the International Economic Association, 2020.
- “A Structural Model of “Alpha” for Islamic Banks”. Presented at: Islamic Financial Services Board, 2019; 8th International Conference on Banking and Finance: Risk Management, Regulation, and Supervision, 2017.
- “Limit Order Books and Order Submission Strategies around Ex-Dividend Days”. Presented at: Paris Financial Management Conference, 2019.
- “Market Microstructure Effects around Ex-Dividend Day: Evidence from the London Stock Exchange”. Presented at: International Finance and Banking Society Conference, Porto, 2018.
- “Impact of Ex-Dividend Day on Intraday Trading Patterns: Evidence from the London Stock Exchange”. Presented at: Portsmouth-Fordham Conference, 2016.
Book chapters
- Alhalboni, M., Ebrahim, M. S. & Jatmiko, W. (2021). Rationalizing the Takaful Organizational Form with Institutional Theory. In Handbook of Banking and Finance in Emerging Economies. Nguyen, D. Edward Elgar.
Journal Article
- Alhalboni, M., & Baldwin, K. (2025). The impact of new millennium crises on the power of Islamic banks in deposit markets. International Journal of Finance & Economics, 30(3), 3230-3260.
- Baldwin, K; Alhalboni, M. (2023). A Value-Based Measure of Market Power for the Participatory Deposits of Islamic Banks. Journal of International Financial Markets, Institutions and Money, 87, 101809.
- Baldwin, K; Alhalboni, M. (2020). The impact of profit-sharing investment accounts on shareholders’ wealth. Journal of International Financial Markets, Institutions and Money, 69, 101253.
- Baldwin, K., Alhalboni, M., & Helmi, M. H. (2019). A structural model of “alpha” for the capital adequacy ratios of Islamic banks. Journal of International Financial Markets, Institutions and Money, 60, 267-283.
- Baldwin, K., & Alhalboni, M. (2025). Cash out or carry on: When bank runs build resilience. Economics Letters, 112581.