Accessibility statement

Dr Viktor Manahov
Reader in Finance



After completing BA (Hons) in Business Studies at the Open University, I went on to study MSc Finance and Investment Management at the University of Aberdeen. I received my PhD titled ‘An investigation of the behaviour of financial markets using agent-based computational models’ from Newcastle University. I am a Fellow member of the UK Higher Education Academy and I am teaching modules related to finance and stock market trading. My research is focused upon examining various stylized facts of financial returns and execution of trading strategies. I am a member of the editorial board of the Review of Behavioral Finance.



My research focuses on:

  • Stock market forecasts and valuation of securities
  • High frequency trading
  • Behaviour of financial markets
  • Empirical properties of asset returns: stylized facts and statistical issues
  • Agent-based modelling and artificial stock markets
  • Genetic Programming trading algorithms
  • Cryptocurrency trading


Selected publications

Manahov,V.(2023). The rapid growth of cryptocurrencies: How profitable is trading in digital money? International Journal of Finance and Economics (3*).

Yalaman,A., Manahov,V.(2021). Analysing emerging market returns with high-frequency data during the global financial crisis of 2007-2009. The European Journal of Finance (3*), DOI: 10.1080/1351847X.2021.1957698

Manahov,V.(2021). Cryptocurrency liquidity during extreme price movements: is there a problem with virtual money? Quantitative Finance (3*), 21(2): 341-360.

Manahov,V.,Urquhart,A.(2021). The efficiency of bitcoin: a strongly typed genetic programming approach to smart electronic bitcoin markets. International Review of Financial Analysis (3*), 73: 101629.

Manahov,V.(2020). High‐frequency trading order cancellations and market quality: Is stricter regulation the answer? International Journal of Finance and Economics (3*), Accepted, available online:

Ergün.H.O,Yalaman,A,Manahov.V.,Zhang,H.(2020). Stock market manipulation in an emerging market of Turkey: how do market participants select stocks for manipulation? Applied Economics Letters (1*). Accepted, available online:

Manahov, V., Zhang,H. (2019). Forecasting Financial Markets Using High-Frequency Trading Data: Examination with Strongly Typed Genetic Programming. International Journal of Electronic Commerce 23 (1), 12-32 (3* ABS).

Manahov, Hudson,R., Urquhart, A. (2018). High‐frequency trading from an evolutionary perspective: Financial markets as adaptive systems. International Journal of Finance and Economics 24 (2), 943-962 (3* ABS).

Manahov, V. (2016). Scalping strategies and market manipulation. Why does high-frequency trading need stricter regulation? The Financial Review (3* ABS), 51:363-402.

Won the best paper award by the Eastern Finance Association USA

Manahov,V. (2016). Can high-frequency strategies constantly beat the market? International Journal of Finance & Economics (3* ABS), 21(2): 167-191. 

Manahov,V.(2016). A note on the relationship between high-frequency trading and latency arbitrage. International Review of Financial Analysis (3* ABS),47:281-296.

Manahov,V.(2016). The rise of the machines in commodities markets: New evidence obtained using Strongly Typed Genetic Programming. Annals of Operations Research (3* ABS), 1-32.

Hoque,H.,Kabir,S.H.,Abdelbari,E.L.,Manahov,V.(2016). Islamic and conventional equity market movements during and after the financial crisis: Evidence from newly launched MSCI indices. Financial Markets, Institutions and Instruments (3* ABS),25(4):217-252.

Manahov,V.,Hudson,R.,Hoque,H.(2015). Return predictability and the ‘wisdom of crowds’: Genetic Programming trading algorithms, the Marginal Trader Hypothesis and the Hayek Hypothesis. Journal of International financial Markets, Institutions and Money (3* ABS),37: 85-98.  

Manahov, V., Hudson, R.,Gebka,B. (2014). Does high frequency trading affect technical analysis and market efficiency? And if so, how? Journal of International Financial Markets, Institutions and Money (3* ABS), 28: 131-157.

Manahov,V.,Hudson,R.,Linsley,P.(2014). New evidence about the profitability of small and large stocks and the role of volume obtained using Strongly Typed Genetic Programming. Journal of International Financial Markets, Institutions and Money (3* ABS), 33: 299-316. 

Manahov,V.,Hudson,R.(2014). A note on the relationship between market efficiency and adaptability- New evidence from artificial stock markets. Expert Systems with Applications (3* ABS), 41: 7436-7454.

Manahov, V., Hudson, R. (2013). Herd behaviour experimental testing in laboratory artificial stock market settings. Behavioural foundations of stylized facts of financial returns. Physica A: Statistical Mechanics and its Applications (2* ABS), 392: 4352-4372.

Prasetyo,D.,Manahov,V.,Obiosa,N.(2014). Does capital market reaction to non-economic factors generate abnormal returns? Investment Management and Financial Innovations (2* ABS), 11(4): 66-76.

Zhang,H.,Manahov,V.,Hudson,R.,Metkalf,H.(2015). Do house prices overreact to relevant information? New evidence from UK housing market. Investment Management and Financial Innovations (2* ABS), 12(3): 26-39.

Prasetyo,D.,Manahov,V.,Obiosa,N. (2016). Investigating the determinants of dividend policy in emerging markets using a combination of explanatory variables. Investment Management and Financial Innovations (2* ABS), 2(2): 14-28.

Zhang,H.,Manahov,V.,Hudson,R.,Metkalf,H.(2015).Identification of house price bubbles using user cost in a state space model. Applied Economics (2* ABS), 47(56): 6088-6101.

Zhang,H.,Manahov,V.,Hudson,R.,Metcalf,H. (2016). Investigation of institutional changes in the UK housing market using structural break tests and time varying parameter models. Empirical Economics (2* ABS). 1-24.

Manahov, V., Hudson, R., Soufian, M. (2013). The implications of trader cognitive abilities on stock market properties. Intelligent Systems in Accounting, Finance and Management (1* ABS), 21(1): 1-18.

Manahov, V., Hudson, R. (2014). The implications of high frequency trading on market efficiency and price discovery. Applied Economics Letters (1* ABS), 21(16):1148-1151.

Manahov,V., Hudson, R. (2013). New evidence of technical trading profitability. Economics Bulletin, 33(4): 2493-2503.

Papers under review

Manahov,V. (2016). Forecasting financial markets using high-frequency data: New evidence from artificial futures markets. European Journal of Operational Research (4* ABS). Under review.

Manahov,V.,Hudson,R.,Urquhart,A.(2016). High-frequency trading from an evolutionary perspective: Financial markets as adaptive systems. Journal of Banking and Finance (3* ABS). Under review.

Working papers

Manahov,V. (2017). Trading at superhuman speeds: Why high-frequency trading is so difficult to regulate? Working paper.

School for Business and Society
University of York
Church Lane Building
York Science Park
York YO10 5ZF

Telephone: +44 (0) 1904 325847
Room: CL/A/119A

Subject Group

Accounting and Finance


Feedback & Support hours

Please contact your tutor to find out when they are running their virtual office hours or to make an appointment for a virtual meeting


Other teaching

Financial Strategy and Governance - MAN00014M

Finance and Financial Analysis
Corporate Financial Strategy (online)