Photo of Dr Jay Cullen

Dr Jay Cullen

Position: Reader in Banking Law and Financial Regulation
Email Address:
Telephone: +44 (0)114 222 6856

Academic Profile

I am a Reader in banking law and financial regulation, having previously been a lecturer in banking law. I am also the Director of the Sheffield Institute for Corporate and Commercial Law (SICCL). My work is influenced by the economic and financial theories of Hyman Minsky, and I am particularly interested in bank capital and liquidity regulation, and the effects of bank credit on real estate markets. I also take an interest in bankers' compensation and bank corporate governance. I supervise PhD students in these areas.

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 was a visiting scholar at Columbia University, New York in 2016 and a Visiting Professor at the University of Oslo in 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, Manchester and the National Institute for Economic and Social Research.

I have organised major inter-disciplinary SICCL events, including conferences on banking law and regulation, as well as lectures delivered by leading public figures in banking and finance.


  • PhD
  • LLM
  • BA
  • FHEA

Learning and Teaching

I have taught a wide variety of postgraduate and undergraduate subjects and believe strongly in research-led teaching. My teaching and research are interdisciplinary and focus on the points where law and financial markets meet. I try to help students to think critically about prevailing economic and financial paradigms and encourage them to think about how the law may contribute to enhancing financial market outcomes.

The modules I teach are:

Undergraduate Postgraduate and MA
Law of Contract Finance and Banking
Equity & Trusts
The Law Relating to Public Companies
Bank and Financial Services Regulation (Convenor)

Research Interests

  • Financial Regulation
  • Banking Law
  • Corporate Governance

Director of the Sheffield Institute of Corporate and Commercial Law.

Areas of Research Supervision

  • Banking Law
  • Financial Regulation
  • Law & Economics
  • Corporate Governance and Executive Pay

Recent Invited Papers and Keynote Lectures

  • University of Oslo, Financial Transparency, Risks and Regulation,1st February 2017, 'Central Counterparties and Systemic Risk' (with Alberto Montagnoli),
  • Institute for New Economic Thinking, Plenary Conference, Central European University, Budapest, 20 October 2016, 'Securitisation, Mortgage Markets and the Capital Markets Union'.
  • Liquidity and Finance Workshop, Oxford University, 5th June 2015, 'Liquidity Regulation and Real Estate Markets'
  • Institute for New Economic Thinking Annual Conference: Liberte, Egalite, Fragilite, OECD, Paris, 8th April 2015, 'Promoting Bank Stability Through Compensation Reform: Lessons from Iceland' (with Gudrun Johnsen)
  • International Financial Regulation Workshop, Berkeley School of Law, University of California, Berkeley, April 2013, 'Why Leverage and Bank Structure and not Compensation are the keys to Good Bank Governance' (with Professor Emilios Avgouleas). See for further details.
  • Public and Private Models of Biobanking, University of Sheffield (March 2013), Invited Speaker.
  • Post-Crisis Trajectories of European Corporate Governance, University of Leeds, September 2012, 'Market Discipline and Corporate Governance in the EU Banking Sector: Intellectual Fallacies, Cognitive Boundaries and Groupthink' (with Professor Emilios Avgouleas)

Key Projects

Title/Description: Sustainable Market Actors for Responsible Trade (SMART)
Awarding Body: European Commission Horizon 2020
People Involved: Professor Andrew Johnston (Sheffield); Dr Andreas Ruhmkorf (Sheffield); Faculty of Law, University of Oslo
Years Funded for: 2016-2018
Amount: €93,663
Title/Description: The Regulation of Liquidity in Financial Markets
Awarding Body: British Academy/Leverhulme Small Research Grants
Years Funded for: 2016-2017
Amount: £1,790
Title/Description: SLS Small Projects & Events Fund
Awarding Body: Society of Legal Scholars
People Involved: Jay Cullen
Years Funded for: 2018
Amount: £2500

Key Publications


Journal articles


  • Cullen JP & Johnsen G Financial Regulation That Might Have a Chance of Working. OECD, Paris. RIS download Bibtex download
  • Cullen JP & Avgouleas E Leverage Ratios and Bankers' Incentives: What Role in Moderating Booms and Busts in Housing Markets. National Institute of Economic & Social Research. RIS download Bibtex download
  • Cullen JP, Johnston A & Pugh T Theories of Money, Financial Regulation and Policy. University of Leeds Centre for Business Law and Practice. RIS download Bibtex download
  • Cullen JP & Avgouleas E Bank Capital Structure, Leverage, and Executive Compensation. University of California, Berkeley. RIS download Bibtex download
  • Cullen JP & Avgouleas E Market Discipline and Corporate Governance in the EU Banking Sector: Intellectual Fallacies, Cognitive Boundaries, and Groupthink. University of Leeds. RIS download Bibtex download
  • Cullen JP Repo, Mortgages Markets and the Capital Markets Union. RIS download Bibtex download