Selected Research work and Refereed Publications of IGF’s Senior Research Fellows and Associate Researchers with a focus on Climate Change and Climate Finance.
2023 Selected Research Work
Acharya, V. V., Berner, R., Engle, R. F., Jung, H., Stroebel, J., Zeng, X., and Zhao, Y. (2023). Climate Stress Testing, Annual Review of Financial Economics
Boyd, P. W., Bach, L., Holden, R., & Turney, C. (2023). Carbon offsets aren’t helping the planet — four ways to fix them. Nature, 620(7976), 947-949. doi:10.1038/d41586-023-02649-8
De Nard, G., Engle, R. F., & Kelly, B. T. (2023). Factor-Mimicking Portfolios for Climate Risk, Working Paper No 429, Department of Economics, University of Zurich.
Fariborz Moshirian and Cyn-Young Park, 2023, Climate Change and Climate Finance: Current Experience and Future Directions, A book published by the Asian Development Bank.
The following research studies on “Climate Change, Climate Finance and Sustainability” were presented at the 36th Australasian Finance and Banking Conference in 2023
Do carbon emissions matter for corporate leverage adjustments?
Tung Lam Dang, The University of Danang, Viet Anh Dang, Alliance Manchester Business School, Duc Trung Do, Bangor University
Human Capital Effects of Corporate Climate Exposure
Tong Li, Xiamen University
Employment litigations and ESG transparency: The mediating role of firm industry and CSR engagement
Thanh Nguyen, Japan Securities Research Institute, Van Hoang, Montpellier Business School, Linh Pham, Lake Forest College
Employee rights and investment cash flow sensitivity
Lucy Zhao, University of Technology Sydney, Thuy Duong To, University of New South Wales, Eliza Wu, University of Sydney Business School
Who Benefits from Sustainability-Linked Loans?
David Shin, University of Oklahoma, Jarrad Harford, University of Washington, Kai Du, Pennsylvania State University
A Toxic Inheritance: Municipal and Economic Consequences of PFAS Contamination Discovery
Amit Kumar, Singapore Management University, Daisy Huang, Southwestern University of Finance and Economics
Decoding Corporate Green Bonds: What Issuers Do With the Money and Their Real Impact
Yufeng Mao, University of Washington
Social Capital and Insider Trading
Xuan Mi, The University of Queensland, Kelvin Tan, The University of Queensland, Ronghong Huang, The University of Queensland, Trinh Hue Le, The University of Queensland
CEO Career Concerns and ESG Controversies
Ke Wang, Tilburg University, Cong Xia, Central University of Finance and Economics, Rachel Pownall, Maastricht University, Xiaorui Tang, Hong Kong University of Science and Technology
Social Preference and a Venture Capitalist's Portfolio Strategy
Jingyi Miao, Tsinghua University, Jingshu Wen, University of Oxford
2022 Selected Research Work
Acharya, V. V., Johnson, T., Sundaresan, S., & Tomunen, T. (2022). Is Physical Climate Risk Priced? Evidence from Regional Variation in Exposure to Heat Stress, Working Paper w30445, National Bureau of Economic Research
The following research studies on “Climate Change, Climate Finance and Sustainability” were presented at the 35th Australasian Finance and Banking Conference in 2022
Green Innovation and Corporate Carbon Disclosure
Zijun Zhao, Victoria University of Wellington
Determinants of environmental noncompliance
Vishaal Baulkaran, University of Lethbridge, Carlos Jabbour, Environment and Climate Change Canada
The Economics of Sustainability-Linked Bonds
Tony Berrada, University of Geneva, Leonie Engelhardt, University of Geneva, Rajna Gibson, University of Geneva, Philipp Krueger, University of Geneva
Do Investors Reward Countries for Participating in Climate Agreements?
Konark Saxena, University of New South Wales, Mandeep Singh, Imperial College
Green Project Finance, Loan Spread, and Reputation Risk
Yukyung Kim, Korea Advanced Institute of Science and Technology (KAIST) Seung Hun Han, Korea Advanced Institute of Science and Technology (KAIST)
The Role of Renewable Energy in Sustainable Economic Growth: Evidence from Old and New EU Countries
Irena Vodenska, Boston University, Milos Zarkovic, University of Montenegro, Slobodan Lakic, University of Montenegro Jasmina Cetkovic, University of Montenegro Bojan Pejovic, University of Montenegro Srdjan Redzepagic, Université Côte d'Azur Radoje Vujadinovic, University of Montenegro
Carbon Stock Devaluation
Zhenyu Gao, The Chinese University of Hong Kong Darwin Choi, The Chinese University of Hong Kong Wenxi Jiang, The Chinese University of Hong Kong, Hulai Zhang Tilburg University and ESCP Business School
Mechanisms to incentivize fossil fuel divestment and implications on portfolio risk and returns
Kylie-Anne Richards, Fortlake Asset Management, and University of Technology, Sydney Christina Nikitopoulos, University of Technology Sydney, Gareth Peters, University of California Santa Barbara, Heriot-Watt University, and University of Edinburgh, Pasin Marupanthorn, Heriot-Watt University, and University of Edinburgh, Eric Ofosu-hene, De Montfort University
Labor Exposure to Climate Change and Capital Deepening
Zhanbing Xiao, The University of British Columbia
Climate Change and Households' Risk Taking
Singsen Lam, CUHK Business School, The Chinese University of Hong Kong Chanik Jo, CUHK Business School, The Chinese University of Hong Kong Gao, CUHK Business School, The Chinese University of Hong Kong
Every emission you create–every dollar you’ll donate: The effect of regulation-induced pollution on corporate philanthropy
Jonghyeon Park, University of New South Wales Seungho Choi, Queensland University of Technology Simon Xu, University of California at Berkeley
The Pro-social Management Style
Hao Zhang, University of New South Wales Jason Zein, University of New South Wales Leo Liu, University of New South Wales Tianyu Cai, University of New South Wales
Firm Reputation Risk and CEO Dismissal
Moon Deok Park, Korea Advanced Institute of Science and Technology (KAIST) Seung Hun Han, Korea Advanced Institute of Science and Technology (KAIST)
Mandatory ESG Disclosures and Managerial Incentives: International Evidence
Clara Zhou, Macquarie University, Le Luo, Macquarie University, Zili Zhuang, Chinese University of Hong Kong Xiaofei Pan, University of Wollongong
Are Responsible Firms Always Doing Good Things? Evidence from Corporate Financialization
Susanna Lu, University of Waikato, Kun Su, Northwestern Polytechnic University
Falling Through the Glass Ceiling: The Gender Gap in Director Career Paths after Financial Restatements
Tim Liu, University of Utah, Jordan Schoenfeld, University of Utah, Sara Malik, University of Utah
The Peer Effect of ESG Reputational Risk on Investment Efficiency
Yehwan Lee, Korea Advanced Institute of Science and Technology (KAIST) Seung Hun Han, Korea Advanced Institute of Science and Technology (KAIST)
Gender Stereotyping in Executive Labor Market
Xiaohu Deng, University of New South Wales, Lei Gao, George Mason University, Jianlei Han, Macquarie University
ESG activity and bank lending during financial crises
Amine Tarazi, Université de Limoges, LAPE and Institut Universitaire de France (IUF) Gamze Danisman, Kadir Has University
The Good Left Undone: Deriving Future Controversies from Past Returns
Ralf Laschinger, University of Regensburg, Christian Sparrer, University of Regensburg
Environmental, Social, and Governance (ESG), and Firm Ownership Structures
Donghyeok Jang, University of Delaware, John Chalmers, University of Oregon
ESG Investing: A Tale of Two Preferences
Paul Yoo, UNC Kenan-Flagler Business School
The Optimal Design of Green Securities
Adelina Barbalau, University of Alberta Federica Zeni, World Bank
The Colour of Corporate Loan Securitization
Trang Nguyen, University of Glasgow, Huyen Nguyen, Halle Institute for Economic Research (IWH) and Friedrich Schiller University Jena, Isabella Mueller, Halle Institute for Economic Research and Otto von Guericke University Magdeburg
Corporate Social Responsibility and Post-merger Labour Restructuring
Jiajun Tao, Bayes Business School, City, University of London
Gender-Specific Favoritism
Difang Huang, Monash University Zhengyang Bao, Xiamen University
Internal Monitoring Mechanisms and Corporate Environmental and Social Performance
Namgyoung Lee, Korea Advanced Institute of Science and Technology (KAIST) Seung Hun Han, Korea Advanced Institute of Science and Technology (KAIST)
2021 Selected Research Work
Arner, D. W., Buckley, R. P., Dahdal, A. M., & Zetzsche, D. A. (2021), COVID-19, Digital Finance, and Existential Sustainability Crises: Setting the Agenda for the 2020s, National Law School of India Review.
Ben-David, I., Jang, Y., Kleimeier, S., & Viehs, M. (2021), Exporting Pollution: Where Do Multinational Firms Emit CO2?, Economic Policy.
Jung, H. Engle, R.F. and Berner, R ( 2021), Climate Risk: Measuring the Climate Risk Exposure of the Financial System, Federal Reserve Bank of New York,
The following research studies on “Climate Change, Climate Finance and Sustainability” were presented at the 34th Australasian Finance and Banking Conference in 2021
Corporate Social Responsibility in Supply Chain: Green or Greenwashing?
Yilin Shi, The Chinese University of HongKong Jing Wu, The Chinese University of Hong Kong Yu Zhang, Peking University
Is Social Capital Valuable? Evidence from Mergers and Acquisitions
Giang Nguyen, Waseda University Jo-Ann Suchard, UNSW, Yuelin Wang, Waseda University
Investigating the differential effect of Environmental, Social and Governance performance on downside and Upside risk
Vina Javed Khan, School of Business, University of Wollongong, Australia Searat Ali, School of Business, University of Wollongong, Australia, Millicent Chang, School of Business, University of Wollongong, Australia
The Alternative Strategy to Improve A Firm’s ESG Performance: Evidence from the Mergers and Acquisitions Market
Duy Nguyen, University of Technology Sydney, Gerhard Van de Venter, University of Technology Sydney, David Michayluk, University of Technology, Sydney Scott Walker, University of Technology Sydney
Managing Climate Change Risks: Sea Level Rise and Mergers and Acquisitions
Chen Shen, University of North Carolina at Charlotte, John (Jianqiu) Bai, Northeastern University, Yongqiang Chu, University of North Carolina at Charlotte, Chi Wan, University of Massachusetts Boston
Idiosyncratic Volatility Puzzle: A Climate Risk Explanation
Kasun Perera, University of Otago, New Zealand, Duminda Kuruppuarachchi, University of Otago, New Zealand Sriyalatha Kumarasinghe, University of Otago, New Zealand Tahir Suleman, University of Otago, New Zealand
The Paris Agreement in 2015, ESG factors, and US stock performance
Taylor Doan, Macquarie University, Grace Lepone, Macquarie University
ESG Lending
Sehoon Kim, University of Florida, Nitish Kumar, University of Florida, Jongsub Lee, Seoul National University Junho Oh, Hong Kong Polytechnic University
ESG and the Market Return
Ran Chang, Shanghai Jiao Tong University, Liya Chu, East China University of Science and Technology Jun Tu, Singapore Management University, Bohui Zhang, Chinese University of Hong Kong, Shenzhen Guofu Zhou, Washington University in St. Louis
What Is the Impact of Mutual Funds' ESG Preferences on Portfolio Firms?
Maxime Couvert, University of Hong Kong
Product Market Threats and Corporate ESG Performance
Yue Xiang, University of Bath, Hanwen Sun, University of Bath, David P. Newton, University of Bath
Does media coverage of firms’ environment, social, and governance (ESG) incidents affect analyst coverage and forecasts?
Zhichao Li, Durham University, Guanming He, Durham University
2020 Selected Research Work
Stroebel, J. with Robert Engle, Stefano Giglio, Bryan Kelly, Heebum Lee. “ Hedging Climate Change News, The Review of Financial Studies, Volume 33, March, 2020