Publications

Below is a list of relevant CEFGroup publications and working papers since 2017

2023

• Perera, K., Kuruppuarachchi, D., Kumarasinghe, S., & Suleman, M. T. (2023). The Impact of Carbon Disclosure and Carbon Emissions Intensity on Firms’ Idiosyncratic Volatility. Energy Economics, forthcoming.
• Suleman, M. T., Rehman, M. U., Sheikh, U. A., & Kang, S. H. (2023). Dynamic time-frequency connectedness between European emissions trading system and sustainability markets. Energy Economics, 123, 106726.
• Nguyen, D. T. T., Diaz-Rainey, I., Roberts, H., & Le, M. (2023). The impact of natural disasters on bank performance and the moderating role of financial integration. Applied Economics, 1-23.
• Diaz-Rainey, I., Griffin, P. A., Lont, D. H., Mateo-Márquez, A. J., & Zamora-Ramírez, C. (2023). Shareholder Activism on Climate Change: Evolution, Determinants, and Consequences. Journal of Business Ethics, 1-30.
• Sattar, M., Biswas, P. K., & Roberts, H. (2023). Private firm performance: do women directors matter?. Meditari Accountancy Research, 31(3), 602-634.

• Liao, L., Diaz-Rainey, I., Kuruppuarachchi, D., & Gehricke, S. (2023). The role of fundamentals and policy in New Zealand’s carbon prices. Energy Economics, forthcoming.

• Talpur, S., Nadeem, M., & Roberts, H. (2023). Corporate social responsibility decoupling: a systematic literature review and future research agenda. Journal of Applied Accounting Research, (ahead-of-print).

• Yu, X., Kuruppuarachchi, D., & Kumarasinghe, S. (2023). Financial development, FDI, and CO2 emissions: does carbon pricing matter?. Applied Economics, forthcoming.

• Gehricke, S., Ruan, X., & Zhang, J. E. (2023). Doing well while doing good: ESG ratings and corporate bond returns. Applied Economics, 1-19.

2022

• Bahadar, S., Nadeem, M., & Zaman, R. (2022). Toxic chemical releases and idiosyncratic return volatility: A prospect theory perspective. Accounting & Finance, 1-35.

• Benlemlih, M., Arif, M. & Nadeem, M. (2022). Institutional ownership and greenhouse gas emissions: A comparative study of the UK and the US. British Journal of Management, 1-25.

• Biswas, P. K., Roberts, H., & Whiting, R. H. (2022). Female directors and CSR disclosure in Bangladesh: The role of family affiliation. Meditari Accountancy Research, 30(1), 163-192.

• Carvajal, M., & Nadeem, M. (2022). Financially material sustainability reporting and firm performance in New Zealand. Meditari Accountancy Research.

• Dordi, T., Gehricke, S., Naef, A., & Weber, O. (2022). Ten financial actors can accelerate a transition away from fossil fuels. Environmental Innovation and Societal Transitions, 44, 60-78.

• Ford, J., Gehricke, S., & Zhang, J. E. (2022). Option traders are concerned about climate risks: ESG ratings and short-term sentiment. Journal of Behavioral and Experimental Finance, 100687.

• Griffin, P., & Jaffe, A. M. (2022). Challenges for a climate risk disclosure mandate. Nature Energy, 7(1), 2-4.

• Henry, E., & Poyser, A. (2022). Indigenous history, culture and values as investment philosophy: lessons from the New Zealand Māori. Journal of Sustainable Finance & Investment, 1-13.

• Liao, L., Diaz-Rainey I., Gehricke, S., & Kuruppuarachchi, D. (2022). The role of fundamentals and policy in New Zealand’s carbon prices (August 15, 2022). USAEE Working Paper No. 22-561, 2022. Available at SSRN: https://ssrn.com/abstract=4190792 or http://dx.doi.org/10.2139/ssrn.4190792

• Liu, Y., Niu, Z., Suleman, M. T., Yin, L., & Zhang, H. (2022). Forecasting the volatility of crude oil futures: The role of oil investor attention and its regime switching characteristics under a high-frequency framework. Energy, 238, 121779.

• McLean, L., Diaz-Rainey, I., Gehricke, S., & Zhang, R. (2022). In holdings we trust: Uncovering the ESG fund lemons (March 6, 2022). Available at SSRN: https://ssrn.com/abstract=4050964 or http://dx.doi.org/10.2139/ssrn.4050964

• Nguyen, Q., Diaz-Rainey, I., Kitto, A., McNeil, B., Pittman, N., & Zhang, R. (2022). Scope 3 emissions: Data quality and machine learning prediction accuracy (August 16, 2022). USAEE Working Paper No. 22-562, 2022. Available at SSRN: https://ssrn.com/abstract=4191648

• Nguyen, Q., Diaz-Rainey, I., & Kuruppuarachchi, D. (2022). In search of climate distress risk. International Review of Financial Analysis, 102444.

• Nguyen, Q., Diaz-Rainey, I., Kuruppuarachchi, D., McCarten, M., & Tan, E. K. M. (2022). Climate transition risk in US loan portfolios: Are all banks the same?. International Review of Financial Analysis, 102401.

• Nguyen, Q., Thorsnes, P., Diaz-Rainey, I., Moore, A., Cox, S., & Stirk-Wang, L. (2022). Price recovery after the flood: risk to residential property values from climate change-related flooding. Australian Journal of Agricultural and Resource Economics.

• Yousaf, I., Suleman, M. T., & Demirer, R. (2022). Green investments: A luxury good or a financial necessity?. Energy Economics, 105, 105745.

2021

• Biswas, P. K., Roberts, H., & Whiting, R. H. (2021). Female directors and CSR disclosure in Bangladesh: The role of family affiliation. Meditari Accountancy Research.

• Baryshnikova, N., Davidson, S., & Wesselbaum, D. (2021). Do you feel the heat around the corner? The effect of weather on crime. Empirical Economics, 1-21.

• Carvajal, M., Nadeem, M. & Zaman, R. (2021). Biodiversity disclosure, sustainable development and environmental initiatives: Does board gender diversity matter?. Business Strategy and the Environment.

• Diaz-Rainey, I., Tulloch, D. J., Ahmed, I., McCarten, M., & Taghizadeh-Hesary, F. (2021). An energy policy for ASEAN? Lessons from the EU experience on energy integration, security and decarbonisation. In Park SC, Kim CJ and Taghizadeh-Hesary, F (Eds.) In Economic Integration in Asia and Europe: Lessons and Recommended Policies. Tokyo: ADBI

• Diaz-Rainey, I., Gehricke, S., Roberts, H., & Zhang, R. (2021). Trump vs. Paris: The impact of climate policy on U.S. listed oil and gas firm returns and volatility. International Review of Financial Analysis, 76, 101746.

• Farooq, M. B., Zaman, R., & Nadeem, M. (2021). AccountAbility’s AA1000AP standard: A framework for integrating sustainability into organisations. Sustainability Accounting, Management and Policy Journal.

• Huang, J., Ding, Q., Zhang, H., Guo, Y., & Suleman, M. T. (2021). Nonlinear dynamic correlation between geopolitical risk and oil prices: A study based on high-frequency data. Research in International Business and Finance, 56, 101370.

• Gkillas, K., Floros, C., & Suleman, M. T. (2021). Quantile dependencies between discontinuities and time-varying rare disaster risks. The European Journal of Finance, 27(10), 932-962.

• Griffin, P. A., Lont, D. H., & Pomare, C. (2021). The curious case of Canadian corporate emissions valuation. The British Accounting Review, 53(1), 100922.

• Ilyas, M., Khan, A., Nadeem, M., & Suleman, M. T. (2021). Economic policy uncertainty, oil price shocks and corporate investment: Evidence from the oil industry. Energy Economics, 97, 105193.

• Iqbal N., Naeem, M. A., & Suleman, M. T. (2021). Quantifying the asymmetric spillovers in sustainable investments. Journal of International Financial Markets, Institutions and Money. https://doi.org/10.1016/j.intfin.2021.101480.

• Kennett, H., Diaz-Rainey, I., Biswas, P. K., & Kuruppuarachchi, D. (2021). Climate transition risk in New Zealand equities. Journal of Sustainable Finance & Investment, 1-25.

• Kirk-Reeve, S., Gehricke, S., Ruan, X., & Zhang, J. E. (2021). National air pollution and the cross-section of stock returns in China. Journal of Behavioral and Experimental Finance, 100572.

• Nadeem, M. (2021). Corporate governance and supplemental environmental projects: A restorative justice approach. Journal of Business Ethics, 173(2), 261-280.

• Nadeem, M., Bahadar, S., Zaman, R., & Farooq, M. B. (2021). Does organisational capital influence environmental strategies? Evidence from environmental innovation. Business Strategy and the Environment.

• Naeem, M. A., Hasan, M., Arif, M., Suleman, M. T., & Kang S. H. (2021). Oil and gold as a hedge and safe-haven for metals and agricultural commodities with portfolio implications. Energy Economics. https://doi.org/10.1016/j.eneco.2021.105758.

• Nguyen, Q., Diaz-Rainey, I., & Kuruppuarachchi, D. (2021). Predicting corporate carbon footprints for climate finance risk analyses: A machine learning approach. Energy Economics, 95, 105129.

• Poyser, A., Scott, A., & Gilbert, A. (2021). Indigenous investments: Are they different? Lessons from Iwi. Australian Journal of Management, 46(2), 287-303.

• Szulczyk, K. R., & Cheema, M. A. (2021) The economic feasibility and environmental ramifications of biobutanol production in Malaysia. Journal of Cleaner Production, 286, 124953.

• Tiwari, A. K., Suleman, M. T., Ullah, S., & Shahbaz, M. (2021). Analyzing the connectedness between crude oil and petroleum products: Evidence from USA. International Journal of Finance & Economics.

• Wesselbaum, D. (2021). Does temperature affect income?. Economics Bulletin, 41(1), 18-27.

• Wesselbaum, D. (2021). Revisiting the climate driver and inhibitor mechanisms of international migration. Climate and Development, 13(1), 10-20.

• Zaighum, I., Aman, A., Sharif, A., & Suleman, M. T. (2021). Do energy prices interact with global Islamic stocks? Fresh insights from quantile ARDL approach. Resources Policy, 72, 102068.

• Zaman, R., Atawnah, N., Haseeb, M., Nadeem, M., & Irfan, S. (2021). Does corporate eco-innovation affect stock price crash risk?. The British Accounting Review, 101031.

2020

• Griffin, P. A. (2020). Energy finance must account for extreme weather risk. Nature Energy, 5(2), 98-100.

• Griffin, P. A., Neururer, T., & Sun, E. Y. (2020). Environmental performance and analyst information processing costs. Journal of Corporate Finance, 61, 101397.

• Ji, Q., Shahzad, S. J. H., Bouri, E., & Suleman, M. T. (2020). Dynamic structural impacts of oil shocks on exchange rates: Lessons to learn. Journal of Economic Structures, 9, 20.

• Nadeem, M., Bahadar, S., Gull, A. A., & Iqbal, U. (2020). Are women eco-friendly? Board gender diversity and environmental innovation. Business Strategy & the Environment, 29(8), 3146-3161.

• Nadeem, M., Gyapong, E., & Ahmed, A. (2020). Board gender diversity and environmental, social, and economic value creation: Does family ownership matter?. Business Strategy & the Environment, 29(3), 1268-1284.

• Naeem, M. A., Peng, Z., Suleman, M. T., Nepal, R., & Shahzad, S. J. H. (2020). Time and frequency connectedness among oil shocks, electricity and clean energy markets. Energy Economics, 91, 104914.

• Owen, P. D., & Wesselbaum, D. (2020). On thresholds in the climate–migration relationship. International Review of Applied Economics, 34(3), 400-412.

• Pomare, C., & Lont, D. H. (2020). Climate change regulations and accounting practices: Optimization for emission‐intensive publicly traded firms. Environmental Policy: An Economic Perspective, 153-166.

• Szulczyk, K. R., Cheema, M. A., Cullen, R., & Khan, A. R. (2020) Bioelectricity in Malaysia: Economic feasibility, environmental and deforestation implications. Australian Journal of Agricultural and Resource Economics, 64(2), 294-321.

• Tiwari, A. K., Boachie, M. K., Suleman, M. T., & Gupta, R. (2020). Structure dependence between oil and agricultural commodities returns: The role of geopolitical risks. Energy, 219(8), 119584.

• Zaman, R., Nadeem, M., & Carvajal, M. (2020). Corporate governance and corporate social responsibility synergies: Evidence from New Zealand. Meditari Accountancy Research, 29(1), 135-160.

2019

• Badshah, I., Demirer, R., & Suleman, M. T. (2019). The effect of economic policy uncertainty on stock-commodity correlations and its implications on optimal hedging. Energy Economics, 84, 104553.

• Barone-Adesi, G., Finta, M. A., Legnazzi, C., & Sala, C. (2019). WTI crude oil option implied VaR and CVaR: An empirical application. Journal of Forecasting, 38(6), 552– 563.

• Biswas, P. K., Roberts, H., & Whiting, R. H. (2019) The impact of family vs non-family governance contingencies on CSR reporting in Bangladesh. Management Decision, 57(10), 2758-2781.

• Cheema, M. A., & Scrimgeour, F. (2019). Oil prices and stock market anomalies. Energy Economics, 83, 578– 587.

• Diaz-Rainey, I., & Sise, G. (2019). Green finance in Australia and New Zealand: Barriers and solutions. Handbook of Green Finance: Energy Security and Sustainable Development, 1-28.

• Finta, M. A., Frijns, B., & Tourani-Rad, A. (2019). Volatility spillovers among oil and stock markets in the US and Saudi Arabia. Applied Economics, 51(4), 329-345.

• Griffin, P. A., Lont, D. H., & Lubberink, M. (2019). Extreme high surface temperature events and equity-related physical climate risk. Weather & Climate Extremes, 26, 100220.

• Kuruppuarachchi, D., Premachandra, I. M., & Roberts, H. (2019). A novel market efficiency index for energy futures and their term structure risk premiums. Energy Economics, 77, 23-33.

• Ruan, X., & Zhang, J. E. (2019). Moment spreads in the energy market. Energy Economics, 81, 598-609.

• Wesselbaum, D. (2019). The influence of climate on migration. Australian Economic Review, 52(3), 363-372.

• Wesselbaum, D. & Aburn, A. (2019). Gone with the wind: International migration. Global and Planetary Change, 178(3), 96-109.

2018

• Bevin-McCrimmon, F., Diaz-Rainey, I., McCarten, M., & Sise, G. (2018). Liquidity and risk premia in electricity futures. Energy Economics, 75, 503-517.

• Biswas, P. K., Mansi, M., & Pandey, R. (2018). Board composition, sustainability committee and corporate social and environmental performance in Australia. Pacific Accounting Review, 30(4), 517-540.

• Demirer, R., Gupta, R., Suleman, T., & Wohar, M. E. (2018). Time-varying rare disaster risks, oil returns and volatility. Energy Economics, 75, 239-248.

• Diaz-Rainey, I., & Tulloch, D. J. (2018). Carbon pricing and system linking: Lessons from the New Zealand Emissions Trading Scheme. Energy Economics, 73, 66-79.

• Farooque, M. B., Ahmed, A., & Nadeem, M. (2018). Sustainability reporter classification matrix: explaining variations in disclosure quality. Meditari Accountancy Research, 26(2), 334-352.

• Griffin, P. A., & Lont, D. H. (2018). Game changer? The impact of the VW emission-cheating scandal on the interrelation between large automakers’ equity and credit markets. Journal of Contemporary Accounting & Economics, 14(2), 179-196.

• Griffin, P. A., & Myers Jaffe, A. (2018). Are fossil fuel firms informing investors well enough about the risks of climate change?. Journal of Energy & Natural Resources Law, 36(4), 381-410.

• Griffin, P. A., & Sun, E. Y. (2018). Voluntary corporate social responsibility disclosure and religion. Sustainability Accounting, Management and Policy Journal.

• Ruan, X., & Zhang, J. E. (2018). Risk-neutral moments in the crude oil market. Energy Economics, 72, 583-600.

• Tulloch, D. J., Diaz-Rainey, I., & Premachandra, I. M. (2018). The impact of regulatory change on EU energy utility returns: The three liberalization packages. Applied Economics, 50(9), 957-972.

• Zaman, R., Roudaki, J., & Nadeem, M. (2018). Religiosity and corporate social responsibility practices: Evidence from an emerging economy. Social Responsibility Journal, 14(2), 368-395.

2017

• Diaz-Rainey, I., Robertson, B., & Wilson, C. (2017). Stranded research? Leading finance journals are silent on climate change. Climatic Change, 143(1-2), 243-260.

• Diaz-Rainey, I., Roberts, H., & Lont, D. H. (2017). Crude inventory accounting and speculation in the physical oil market. Energy Economics, 66, 508-522.

• Griffin, P. A., Lont, D. H., & Sun, E. Y. (2017). The relevance to investors of greenhouse gas emission disclosures. Contemporary Accounting Research, 34(2), 1265-1297.

• Nadeem, M., Zaman, R., & Saleem, I. (2018). Boardroom gender diversity and corporate sustainability practices: Evidence from Australian Securities Exchange listed firms. Journal of Cleaner Production, 149, 874-885.

• Tulloch, D. J., Diaz-Rainey, I., & Premachandra, I. M. (2017). The impact of liberalization and environmental policy on the financial returns of European energy utilities. Energy Journal, 38(2), 77-106.