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portrait of Dr Laura Delaney

Dr Laura Delaney

Lecturer in Economics, Programme Director for MSc. in Financial Economics

School of Arts and Social Sciences, Department of Economics

Contact Information


Visit Laura Delaney

D309, Rhind Building

Postal Address

City, University of London
Northampton Square
United Kingdom



Laura has been a Lecturer in Economics at City University London since September 2011.

From September 2015 she will be Programme Director for the MSc in Financial Economics.

She was Programme Director for the BSc in Financial Economics from September 2013-September 2015, and acting Programme Director for the BSc in Economics January – July 2015.

Primary Research Fields: Financial Economics, Investment Under Uncertainty, Market Microstructure.

Secondary Research Fields: Microeconomics, Asset Pricing, Corporate Finance, Game Theory.

Laura obtained her PhD in Economics from Trinity College, Dublin in 2012, an MSc in Applicable Mathematics from the London School of Economics and Political Science in 2006, and a BSc(Mod.) in Economics and Mathematics from Trinity College Dublin in 2005.


Research Description

My research primarily deals with applying techniques from optimal stopping theory and optimal control theory to problems in corporate finance and market microstructure. My PhD studies concentrated on the application of such techniques in helping to understand some important issues associated with corporate voluntary disclosure. My current research focuses on prevalent issues in the area of market microstructure. In particular, I examine how modern trading environments, such as the existence of fragmented markets, dark pools, and the prevalence of high frequency trading, impact on traders’ optimal policies and welfare through the use of such techniques.

Primary Research Fields: Financial Economics, Investment Under Uncertainty, Market Microstructure.

Secondary Research Fields: Microeconomics, Asset Pricing, Corporate Finance, Game Theory.


Delaney, L., Kovaleva, P. (2017) The Dampening Effect of Iceberg Orders on Small Traders' Welfare. Annals of Finance, forthcoming.

Delaney, L., Thijssen, J.J.J., (2015) The Impact of Voluntary Disclosure on a
Firm's Investment Policy. European Journal of Operational Research, 242, pp. 232-242.

Working Papers

2017 Investment in High Frequency Trading Technology: A Real Options Approach (Revise and resubmit)

2015 The Effect of Hidden Liquidity in Limit Order Books on the Welfare of Market Order Traders
(joint with Polina Kovaleva) (Submitted to a journal)

2012 Valuing Voluntary Disclosure with Competitive Interactions using a Real
Options Approach

2010 Valuing a Real Estate Project with Uncertain Costs

2009 Jump Diffusion Models: Fit or Predictive Power?

Work in Progress

The Impact Market Incompleteness on Investments that take Time to Build

Refereeing Duties

I have acted as a referee for the following journals: The Journal of Finance, European Economic Review, European Journal of Operational Research, Journal of Economic Behaviour and Organisation, Journal of Economic Dynamics and Control, Mathematics and Financial Economics, International Review of Economics and Finance, International Journal of Accounting and Finance, Journal of Financial Engineering and Risk Management

Conference and Seminar Presentations

March 2015 International Finance Conference. Paris, France

July 2014 Annual International Real Options Conference (Accepted paper). Medellin, Colombia

June 2014 8th World Congress of the Bachelier Finance Society, Brussels, Belgium.

June 2014 Financial Engineering and Banking Society Conference, Surrey, UK.

March 2014 Lancaster University Management School. Invited seminar.

March 2014 7th Financial Risks International Forum (Accepted paper). Paris, France.

Sept. 2012 European Association for Research in Industrial Economics (EARIE). Rome, Italy.

March 2011 City University London. Invited seminar.

Feb. 2011 4th RGS Doctoral Meeting in Economics. Dortmund, Germany.

Jan. 2011 PhD Meeting of the Royal Economic Society. London, UK.

Nov. 2010 London School of Economics and Political Science. Invited seminar.

Feb. 2010 Applied Microeconomics Workshop. Trinity College, Dublin.

Dec. 2009 Graduate Student Seminar. Trinity College, Dublin.


Journal articles (3)

  1. Delaney, L. and Kovaleva, P. (2017). The dampening effect of iceberg orders on small traders’ welfare: A real options perspective. Annals of Finance, 13(4), pp. 453–484. doi:10.1007/s10436-017-0304-1.
  2. Delaney, L. and Thijssen, J.J.J. (2015). The impact of voluntary disclosure on a firm's investment policy. EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, 242(1), pp. 232–242. doi:10.1016/j.ejor.2014.09.047.
  3. Delaney, L. Investment in High Frequency Trading Technology: A Real Options Approach. European Journal of Operational Research.

Working papers (3)

  1. Delaney, L. and Thijssen, J. (2011). Valuing voluntary disclosure using a real options approach. London, UK: Department of Economics, City, University of London..
  2. Delaney, L. Equilibrium Investment in High Frequency Trading Technology: A Real Options Approach.
  3. Delaney, L. A Model of Construction Cost Uncertainty with Market Incompleteness and Risk Aversion.



2013- Present: Advanced Quantitative Economics (Overall satisfaction 2014/2015: 4.8/5)


2012-Present: Topics in Corporate Finance (Overall satisfaction 2014/2015: 4.3/5)

2011-2013: Asset Pricing (Overall satisfaction 2012/2013: 4/5)

PhD and MSc supervision

PhD: Co-supervisor (with Professor Giulia Iori) of Polina Kovaleva. Thesis: Trading
in Electronic Markets: The Challenges of Imperfect Liquidity and Reduced Pre-
trade Transparency. (Accepted January 2014).

MSc: I have supervised many dissertation projects on the MSc in Financial Economics and the MSc in Economics.

Teaching Awards

August 2013: Runner up in Economics Network Teaching and Learning Awards 2013
(Best New Lecturer Category)