» Toan Luu Duc Huynh

Toan Luu Duc Huynh

Affiliate Research Fellow


2019 – 2021: PhD in Chair of Behavioral Finance at WHU – Otto Beisheim School of Management (Germany)

2014 – 2016: Master in Economics and Trade at Toulouse School of Economics (France)

2014 – 2016: Master in Finance and International Trade at University of Nantes (France)

2008 – 2012: Bachelor in International Business Administration at Foreign Trade University (Vietnam)

Research Areas

Behavioral and Cultural Finance, Behavioral and Cultural Economics, Financial Economics and Cryptocurrency

Teaching Areas

Behavioral and Cultural Finance, International Capital Markets and Derivatives, Financial Derivatives


Toan Luu Duc Huynh is a lecturer in Banking and Finance at University of Economics Ho Chi Minh City (Vietnam). He obtains the double Master degrees at University of Nantes (France) and Toulouse School of Economics, Université Toulouse 1 Capitole (France). Toan is expected to obtain his doctoral degree at WHU – Otto Beisheim School of Management (Germany) in 2021. His research interests are three main pillars:

  • Behavioral economics with a focus on answering these following questions: (i) why do people fail to do the right thing, especially telling a truth? (ii) What leads to fraudulent, corrupt, and dishonest behaviors? (iii) Do the different cultures shape the different behaviors, particularly in the economic context?
  • Financial economics and behavioral finance with the scope of political behaviors and financial markets movements or the asymmetric information in finance leading to the unethical and inefficient behaviors.
  • Econometric modeling and machine learning within the fields of finance, cryptocurrency finance, sustainable finance, energy finance, and energy economics; the financialization of commodity markets and connectedness to stock and fixed-income markets; and volatility forecasting with application in financial risk management and portfolio optimization.

1. Huynh, T. L. D. (2020). Replication: Cheating, loss aversion, and moral attitudes in Vietnam. Journal of Economic Psychology, 102277.

2. Huynh, T. L. D., Shahbaz, M., Nasir, M. A., & Ullah, S. (2020). Financial modelling, risk management of energy instruments and the role of cryptocurrencies. Annals of Operations Research, 1-29.

3. Nasir, M. A., Balsalobre-Lorente, D., & Huynh, T. L. D. (2020). Anchoring inflation expectations in the face of oil shocks & in the proximity of ZLB: A tale of two targeters. Energy Economics, 86, 104662.

4. Goodell, J. W., & Huynh, T. L. D. (2020). Did Congress trade ahead? Considering the reaction of US industries to COVID-19. Finance Research Letters, 101578.

5. Nasir, M. A., Huynh, T. L. D., & Yarovaya, L. (2020). Inflation targeting & implications of oil shocks for inflation expectations in oil-importing and exporting economies: Evidence from three Nordic Kingdoms. International Review of Financial Analysis, 72, 101558.

6. Bahmani‐Oskooee, M., Huynh, T. L. D., & Nasir, M. A. On the Asymmetric Effects of Exchange‐Rate Volatility on Trade Flows: Evidence from US‐UK Commodity Trade. Scottish Journal of Political Economy.  https://doi.org/10.1111/sjpe.12257

7. Huynh, T. L. D., Burggraf, T., & Wang, M. (2020). Gold, platinum, and expected Bitcoin returns. Journal of Multinational Financial Management, 100628.

8. Huynh, T. L. D., Hille, E., & Nasir, M. A. (2020). Diversification in the age of the 4th industrial revolution: The role of artificial intelligence, green bonds and cryptocurrencies. Technological Forecasting and Social Change, 159, 120188.

9. Schell, D., Wang, M., & Huynh, T. L. D. (2020). This time is indeed different: A study on global market reactions to public health crisis. Journal of Behavioral and Experimental Finance, 100349.

10. Nasir, M. A., Huynh, T. L. D., & Vo, X. V. (2020). Exchange rate pass-through & management of inflation expectations in a small open inflation targeting economy. International Review of Economics & Finance. 69(9). pp 178-188.

  • Currently, Toan is a co-editor for Middle East and Asia for the Journal of Economic Asymmetries. He is also a member of editorial board for Post-Communist Economies. Toan is also a guest editor for Asia-Pacific Financial Markets (Theme: Green and Sustainable Finance in the Asia-Pacific Markets), Post-Communist Economies (Theme: Contemporary Issues in the Vietnamese economy: sustainability, technology and uncertainties), and Economics and Business Letters.
  • In 2017, Toan is Co-Principal Investigator for the project entitled “News Literacy and Legal Issues of Sharing on Social Media”, granted by The U.S. Department of State & the U.S. Consulate General in Ho Chi Minh City, Vietnam. Program code: SVM700-17-PAS-001 (2017)