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Professor Jay Cullen



Professor Jay Cullen

Professor of Corporate Law and Financial Regulation

I joined York Law School in 2019. Prior to that, I was a Reader in Banking Law and Financial Regulation at the University of Sheffield. I also worked as a senior lecturer at Liverpool John Moores University. I hold degrees from the Universities of Liverpool and Manchester.



I am particularly interested in bank regulation, financial regulation and corporate governance and my work is influenced by the economic and financial theories of Hyman Minsky.

My work on bank leverage and corporate governance has been quoted by the Financial Times, the Bank of England and the European Commission. In addition, I have acted as a consultant to NGOs on EU financial regulation, and I am an associated expert at both the Institute for New Economic Thinking and Finance Watch. I contribute to the SMART Project, a Horizon 2020 project co-ordinated by the Law Faculty at the University of Oslo. I have held visiting positions at Columbia University, New York (2016) and the University of Oslo (2017). My work has been presented at leading academic venues including the Bank of England, Institute for New Economic Thinking, Oxford, Berkeley, Warwick, Cambridge, Oslo, CEU, European Parliament, Manchester and the National Institute for Economic and Social Research. I have obtained grant research money from several sources, including the European Commission (Horizon 2020), British Academy and Society of Legal Scholars.

In addition to my role at York, I am an adjunct research professor at the Faculty of Law at the University of Oslo, in its Companies, Markets and Sustainability Group. I am the co-founder and director of the ‘Law and Money Initiative’ (LMI), launched jointly between Sheffield, Manchester and Cornell Law Schools. Until 2019 I was the Director of the Sheffield Institute of Corporate and Commercial Law (SICCL).

My current areas of interest for the purpose of supervision are listed below.  Feel free to contact me if you’re interested in pursuing research on a topic related to any of these areas.  Interdisciplinary research is particularly welcome:

  • Banking Regulation
  • Shadow Banking
  • Law and Money
  • FinTech
  • Corporate Governance


Selected publications


Cullen JP (2014) Executive Compensation in Imperfect Financial Markets, Edward Elgar Publishing.

Journal Articles

‘After ‘HLEG’: EU Banks, Climate Change Abatement and the Precautionary Principle’ (2018) 20 Cambridge Yearbook of European Legal Studies, 61-87

‘Securitisation, Ring-Fencing and Housing Bubbles: Financial Stability Implications of EU and UK Bank Reforms’ (2017) 4 Journal of Financial Regulation, 73–118 

‘Promoting Bank Stability Through Compensation Reform: Lessons from Iceland (2015) 11 Icelandic Review of Politics and Administration 333-354 (with Gudrun Johnsen)

‘Excessive Leverage and Bankers’ Pay: Governance and Financial Stability Costs of a Symbiotic Relationship’ (2015) 21 Columbia Journal of European Law (with Emilios Avgouleas) 19-32

‘Market Discipline and EU Corporate Governance Reform in the Banking Sector: Merits, Fallacies, and Cognitive Boundaries’ (2014) 41 Journal of Law and Society, 28-50 (with Emilios Avgouleas)


Cullen JP (2019) ‘Taming unsustainable finance: the perils of modern risk management’ in Cambridge Handbook of Corporate Law, Corporate Governance and Sustainability, (Cambridge University Press, Bruner and Sjafjell, eds) (with Jukka Mahonen)

‘A Culture Beyond Repair? The Nexus Between Ethics and Sanctions in Finance’ (2017) in Just Financial Markets: Finance in a Just Society (Oxford University Press, Herzog, ed)

‘The Repo Market, Collateral and Systemic Risk: In Search of Regulatory Coherence’ (2018) in Research Handbook on Shadow Banking (Edward Elgar Publishing, Chiu, McNeil, eds)



  • Company Law (year 3 UG, subject leader)


  • Corporate Governance (PG)

External activities


  • SMART network member
  • Finance Watch expert member
  • INET member
  • Director, Law and Money Initiative

Contact details

Professor Jay Cullen
York Law School

Tel: +44 (0)1904 32 6474