Overview

The Institute of Global Finance (IGF), a world class research centre, stands at the forefront of policy research, aimed at innovation, problem solving and achieving tangible outcomes related to four key themes: global financial stability, interconnectedness, national and global financial prosperity, and global financial governance. The IGF undertakes close and ongoing collaborative work with the World Bank, the ADB, the BIS, the RBA, BlackRock, the ASX, KPMG, PwC, other international organisations, and many eminent researchers and practitioners to ensure cohesion between research and tangible outcomes, including joint policy research, publications and engagements.

Since 2010, the IGF has worked collaboratively with the NYU Volatility and Risk Institute measuring systemic risk and financial stability. It generates weekly financial indicators including early warning signs about the health of large and small banks, and of the global financial system. The IGF website reports these complex, insightful weekly indicators, used by banks, central banks, financial markets and researchers around the world. These indicators also act as barometers to minimise or mitigate potential global financial crises.

The IGF has worked closely with the Asian Development Bank since 2010, producing joint policy publications and tangible outcomes on climate finance, the role of AI for regional and global financial stability, central bank digital currencies, cryptocurrencies, and how to increase the flow of financial resources and improve financial architecture to achieve the UN’s SDGs by 2030.

Vision

The IGF’s vision and strategic objectives include:

  • To enhance the IGF’s current research in generating weekly live financial indicators that act as barometers for mitigating factors which can minimise potential national and/or global financial crises.
  • Contribute to the policies and practical solutions that mobilise resources and talent to strengthen the area of climate finance.
  • Contribute to developing policies and practical solutions which enhance individual and global financial security aiming at inclusive global prosperity.
  • To develop financial architecture for developing countries, including in the Pacific region, so that the UN SDGs can be achieved by 2030.
  • To produce high-quality research that benefits the finance industry, policymakers and stakeholders.
  • To create world-class policy and business events to raise public awareness about emerging opportunities which contribute to increasingly effective global financial governance.

Organisational structure and governance

The IGF is supported by the Advisory Board made up of industry experts and policy makers. In addition, the IGF is supported by an International Collaborators and Advisors, and a Regional Collaborators and Advisors.

    • Selected Research work and Refereed Publications of IGF’s Senior Research Fellows and Associate Researchers with a focus on:

      Interconnectedness, Global Financial Stability ( including AI, Innovation and Global Finance, Global Prosperity, and Global Governance  and Climate Change and Climate Finance

      Interconnectedness

      Buckley, R. P., Didenko, A. N., & Trzecinski, M. (2023), Blockchain and its Applications: A

      Conceptual Legal Primer, Journal of International Economic Law.

      Buckley, R. P., & Trzecinski, M. (2023). Central Bank Digital Currencies and the global financial system: The dollar dethroned?. Capital Markets Law Journal, 18(2), 137-171. doi:10.1093/cmlj/kmad007

      Buckley, R. P., Didenko, A. N., & Trzecinski, M. (2023). Blockchain and its Applications: A Conceptual Legal Primer. Journal of International Economic Law, 26(2), 363-383. doi:10.1093/jiel/jgad010

      Woxholth, J., Zetzsche, D. A., Buckley, R. P., & Arner, D. W. (2023). Competing claims to crypto-assets. Uniform Law Review, 28(2), 226-246.

      Global Financial Stability

      Chen, W., Dai, L., & Tan, H. T. (2023). When does analyst reputation matter? Evidence from analysts’ reliance on management guidance. Journal of Business Finance and Accounting, 50(7-8).

      Le, A. T., Le, T. H., Liu, W. M., & Fong, K. Y. (2023). Dynamic limit order placement activities and their effects on stock market quality. Annals of Operations Research, 330(1-2), 155-175. doi:10.1007/s10479-021-04282-y

      Menkveld, A. J., Dreber, A., Holzmeister, F., Huber, J., Johanneson, M., Kirchler, M.,  Bao, L. (2023). Non-Standard Errors. The Journal of Finance, Forthcoming.

      Sojli, E., Tham, W. W., Schraeder, S., & Subrahmanyam, A. (2023). Equity Trading Activity and Treasury Bond Risk Premia. Journal of Financial and Quantitative Analysis, 58(2), 677. doi:10.1017/S0022109022000497

      Tang, Q., & Yang, Y. (2023). Worst-case moments under partial ambiguity. ASTIN Bulletin, 53(2), 443-465. doi:10.1017/asb.2023.3

      Global Prosperity

      Abiona, O., Haywood, P., Yu, S., Hall, J., Fiebig, D. G., & van Gool, K. (2024). Physician responses to insurance benefit restrictions: The case of ophthalmology. Health Economics (United Kingdom). doi:10.1002/hec.4799

      Akerlof, R., Holden, R., & Rayo, L. (2023). Network Externalities and Market Dominance. Management Science.

      Chen, W., Dai, L., Fang, X., & Zhang, W. (2023). Labor protection and stock price crash risk: Evidence from international equity markets. British Accounting Review.

      Crosby, S., Malavisi, A., Huang, L., Jan, S., Holden, R., & Neal, B. (2023). Factors influencing the time to ethics and governance approvals for clinical trials: a retrospective cross-sectional survey. Trials, 24(1).

      Fišar, M., Greiner, B., Huber, C., Katok, E., Ozkes, A. I., Sojli, E., & Tham, W. W. (2023). Reproducibility in Management Science.  Management Science.

      Gratton, G., & Lee, B. E. (2024). Liberty, Security, and Accountability: The Rise and Fall of Illiberal Democracies. Review of Economic Studies, 91(1), 340-371.

      Gratton, G., & Morelli, M. (2023). Erratum to: Optimal  Checks and Balances under Policy Uncertainty (International Economic Review, (2022), 63, 2, (549-569), 10.1111/iere.12547). International Economic Review, 64(2), 871.

      Guo, L., Kong, J., & Masulis, R. W. (n.d.). Do Employee Interests Affect Target Board Decisions About Acquisition Offers? Evidence from Changes in Unemployment Insurance. Management Science. doi:10.1287/mnsc.2022.01379

      Holden, R. (2023). Session I: Setting the Scene Reshaping Australia: some economic observations. Journal and Proceedings of the Royal Society of New South Wales, 156, 39-47.

      Kenny, P., Liu, D., Fiebig, D., Hall, J., Millican, J., Aranda, S., Haywood, P. (2024). Specialist Palliative Care and Health Care Costs at the End of Life. PharmacoEconomics - Open, 8(1), 31-47.

      Li, H., Liu, H., Tang, Q., & Yuan, Z. (2023). Pricing extreme mortality risk in the wake of the COVID-19 pandemic. Insurance: Mathematics and Economics, 108, 84-106.

      Yu, S., Lui, K., Fiebig, D. G., Travadi, J., Homer, C. S. E., Sinclair, L., Viney, R. (2023). Preterm Birth and Total Health Care Use and Costs in the First 5 Years of Life: A Population-based Study. Journal of Pediatrics, 258.

      AI, Innovation and Global Financial Stability

      Payzan-LeNestour, E., & Doran, J. (2024). Craving money? Evidence from the laboratory and the field. Science Advances, 10(2).

      Payzan-LeNestour, E., Pradier, L., & Putniņš, T. J. (2023). Biased risk perceptions: Evidence from the laboratory and financial markets. Journal of Banking and Finance, 154.

      Global Governance

      Chen, W., Tan, H. T., & Wang, E. Y. (2023). The impact of repeated notifications and notification checking mode on investors' reactions to managers’ strategic positive title emphasis. Accounting, Organizations and Society, 110.

      Chen, Y. C., Holden, R., Kunimoto, T., Sun, Y., & Wilkening, T. (2023). Getting Dynamic Implementation to Work. Journal of Political Economy, 131(2).

      Masulis, R. W., & Mobbs, S. (2023). Influential independent directors' reputation incentives: Impacts on CEO compensation contracts and financial reporting. Journal of Corporate Finance, 82. doi:10.1016/j.jcorpfin.2023.102449

      Masulis, R. W., & Reza, S. W. (2023). Private benefits of corporate philanthropy and distortions to corporate financing and investment decisions. Corporate Governance: An International Review, 31(3), 464-490.

      Masulis, R. W., Reza, S. W., & Guo, R. (2023). The sources of value creation in acquisitions of intangible assets. Journal of Banking and Finance, 154.

      Masulis, R., Wang, C., Xie, F., & Zhang, S. (2023). Directors: Older and Wiser, or Too Old to Govern?. Journal of Financial and Quantitative Analysis.

      Moshirian, F., Pham, P., Tian, S., & Wu, E. (2023). Foreign Ties that Bind: Cross-border Firm Expansions and Fund Portfolio Allocation around the World. Journal of Financial and Quantitative Analysis, 58,(No 4,), 1768-1807.

      Climate Change and Climate Finance

      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
    • Selected Research work and Refereed Publications of IGF’s Senior Research Fellows and Associate Researchers with a focus on:

      Interconnectedness, Global Financial Stability ( including AI, Innovation and Global Finance, Global Prosperity, and Global Governance  and Climate Change and Climate Finance

      Interconnectedness 

      Buckley, R. P., Jevglevskaja, N., & Farrell, S. (2022), Australia's Data-Sharing Regime: Six Lessons for Europe, King's Law Journal, 33(1), pp. 61-91.

      Didenko, A. N., & Buckley, R. P. (2022), Central bank digital currencies as a potential response to some particularly Pacific problems, Asia Pacific Law Review, 30(1), pp. 44-69.

      Jevglevskaja, N., & Buckley, R. P. (2022), The Consumer Data Right: How to Realise This World-Leading Reform, University of New South Wales Law Journal, 45(4), pp. 1589-1622.

      Global Financial Stability 

      Chang, X., Chen, Y., & Masulis, R. W. (2022), Bank Lines of Credit as a Source of Long-Term Finance, Journal of Financial and Quantitative Analysis.

      Didenko, A. N., & Buckley, R. P. (2022), Central bank digital currencies as a potential response to some particularly Pacific problems, Asia Pacific Law Review, 30(1), pp. 44-69.

      Fong, K., Hong, H., Kacperczyk, M., & Kubik, J. D. (2022), Do Security Analysts Discipline Credit Rating Agencies?, The Review of Corporate Finance Studies, 11(4), pp. 815-848.

      Gómez, F., Tang, Q., & Tong, Z. (2022), The gradient allocation principle based on the higher moment risk measure, Journal of Banking and Finance, 143.

      Phin, A., Prono, T., Reeves, J. J., & Saxena, K. (2022), Shifts in beta and the TARP announcement, Finance Research Letters, 47. 

      Sojli, E., Tham, W. W., Schraeder, S., & Subrahmanyam, A. (2022), Equity Trading Activity and Treasury Bond Risk Premia, Journal of Financial and Quantitative Analysis. 

      Tang, Q., Tong, Z., & Xun, L. (2022), Insurance risk analysis of financial networks vulnerable to a shock, European Journal of Operational Research, 301(2), pp. 756-771. 

      Tang, Q., Tong, Z., & Xun, L. (2022), Portfolio risk analysis of excess of loss reinsurance, Insurance: Mathematics and Economics, 102, pp. 91-110. 

      AI, Innovation and Financial Stability

      Payzan-LeNestour, E., & Woodford, M. (2022), Outlier blindness: A neurobiological foundation for neglect of financial risk, Journal of Financial Economics, 143(3), pp. 1316-1343. 

      Payzan-LeNestour, E., Doran, J., Pradier, L., & Putniņš, T. J. (2022), Harnessing Neuroscientific Insights to Generate Alpha, Financial Analysts Journal, 78(2), pp. 79-95.

      Global Governance

      Hogan, T., Humphery-Jenner, M., Huong, T. T. L., & Powell, R. (2022), Market dominance, R&D grant funding, and innovation outcomes, R and D Management, 52(4), pp. 768-796.

      Humphrey-Jenner, M., Islam, E., Rahman, L., & Suchard, J. -A. (2022), Powerful CEOs and Corporate Governance, Journal of Empirical Legal Studies, 19(1), pp. 135-188.

      Masulis, R., Pham, P. K., Zein, J., & Ang, A. (2022), Crises as Opportunities for Growth: The Strategic Value of Business Group Affiliation, Journal of Financial and Quantitative Analysis

      Global Prosperity

      Jevglevskaja, N., & Buckley, R. P. (2022), The Consumer Data Right: How to Realise This World-Leading Reform, University of New South Wales Law Journal, 45(4), pp. 1589-1622.

      Koh, P. -S., Reeb, D., Sojli, E., Tham, W. W., & Wang, W. (2022), Deleting unreported innovation, Journal of Financial and Quantitative Analysis.

      Mukherjee, A., Panayotov, G., Sen, R., Dutta, H., & Ghosh, P. (2022), Measuring vaccine effectiveness from limited public health datasets: Framework and estimates from India’s second COVID wave, Science Advances, 8(18). 

      Nguyen, J. H., Pham, P., & Qiu, B. (2022), Proprietary Knowledge Protection and Product Market Performance, Journal of Financial and Quantitative Analysis. 

      Yu, S., Fiebig, D. G., Viney, R., Scarf, V., & Homer, C. (2022), Private provider incentives in health care: The case of caesarean births, Social Science and Medicine, 294.

      Climate Change and Climate Finance

      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” 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) 
    • Selected Research work and Refereed Publications of IGF’s Senior Research Fellows and Associate Researchers with a focus on

      Interconnectedness, Global Financial Stability ( including AI, Innovation and Global Finance, Global Prosperity, and Global Governance  and Climate Change and Climate Finance

      Interconnectedness

      Gao, J., & Jang, Y. (2021), What Drives Global Lending Syndication? Effects of Cross-Country Capital Regulation Gaps, Review of Finance, 25(2), pp. 519-559.

      Liu, H., Tang, Q., & Yuan, Z. (2021), Indifference pricing of insurance-linked securities in a multi- period model, European Journal of Operational Research, 289(2), pp. 793-805.

      Lo, A., Tang, Q., & Tang, Z. (2021), Universally Marketable Insurance under Multivariate Mixtures, ASTIN Bulletin, 51(1), pp. 221-243.

      Zetzsche, D. A., Annunziata, F., Arner, D. W., & Buckley, R. P. (2021), The Markets in Crypto- Assets regulation (MiCA) and the EU digital finance strategy, Capital Markets Law Journal, 16(2), pp. 203-225.

      Zetzsche, D. A., Buckley, R. P., & Arner, D. W. (2021), Regulating Libra, Oxford Journal of Legal Studies, 41(1), pp. 80-113.

      Global Financial Stability

      Boehmer, E., Fong, K., & Wu, J. J. (2021), Algorithmic Trading and Market Quality: International Evidence, Journal of Financial and Quantitative Analysis, 56(8), pp. 2659-2688.

      Le, A. T., Le, T. H., Liu, W. M., & Fong, K. Y. (2021), Dynamic limit order placement strategies: survival analysis with a multiple-spell duration model, Annals of Operations Research, 297(1-2), pp. 241-275.

      Saxena, K., & Barroso, P. (2021), Lest we forget: learn from out-of-sample forecast errors when optimizing portfolios, The Review of Financial Studies.

      Tang, Q., Tong, Z., & Yang, Y. (2021), Large portfolio losses in a turbulent market, European Journal of Operational Research, 292, pp. 755-769.

      AI and Global Financial Stability 

      Buckley, R. P., Zetzsche, D. A., Arner, D. W., & Tang, B. W. (2021), Regulating Artificial Intelligence in Finance: Putting the Human in the Loop, Sydney Law Review, 43(1), pp. 43-82.

      Buckley, R. P., Arner, D. W., Zetzsche, D. A., Didenko, A. N., & van Romburg, L. J. (2021), Sovereign digital currencies: Reshaping the design of money and payments systems, Journal of Payments Strategy and Systems, 15(1), pp. 7-22.

      Global Prosperity

      Dou, Y., & Xu, Z. (2021), Bank Lending and Corporate Innovation: Evidence from SFAS 166/167*, Contemporary Accounting Research, 38(4), pp. 3017-3052.

      Fiebig, D. G., van Gool, K., Hall, J., & Mu, C. (2021), Health care use in response to health shocks: Does socio-economic status matter?, Health Economics (United Kingdom), 30(12), pp. 3032-3050.

      Hsu, P. -H., Huang, P., Humphery-Jenner, M., & Powell, R. (2021), Cross-border Mergers and Acquisitions for Innovation, Journal of International Money and Finance: theoretical and empirical research in international economics and finance, 112.

      Islam, E., Rahman, L., Sen, R., & Zein, J. (2021), Eyes on the Prize: Do Industry Tournament Incentives Shape the Structure of Executive Compensation?, Journal of Financial and Quantitative Analysis.

      Liu, C., Masulis, R. W., & Stanfield, J. (2021), Why CEO option compensation can be a bad option for shareholders: Evidence from major customer relationships, Journal of Financial Economics, 142(1), pp. 453-481.

      Mercurio, B., Buckley, R., & Fu, E. J. (2021), The legitimacy of capital controls during a retreat from globalisation, International and Comparative Law Quarterly, 70(1), pp. 59-101.

      Payzan-LeNestour, E., Pradier, L., Doran, J., Nave, G., & Balleine, B. (2021), Impact of ambient sound on risk perception in humans: neuroeconomic investigations, Scientific reports, 11(1), p. 5392.

      Sojli, E., Tham, W. W., Bryant, R., & McAleer, M. (2021), COVID-19 restrictions and age-specific mental health—U.S. probability-based panel evidence, Translational Psychiatry, 11(1).

      Srivastava, S., Heim, A. B., Yoho, R., Moore, E. B., Richter, W. E., Strielkowski, W., Cao, B. (2021), Imagining a teaching utopia, Science, 374(6563), p. 31.

      Global Governance

      Feldman, D., Kang, C. -M., Li, J., & Saxena, K. (2021), Politically Motivated Corporate Decisions as Tournament Participation/Inclusion Games, Journal of Corporate Finance.

      Sojli, E., Tham, W. W., & Ioanid, R. (2021), Quoting activity and the cost of capital, Journal of Financial and Quantitative Analysis, 56(8).

      Suchard, J., Humphery-Jenner, M., & Cao, X. (2021), Government Ownership and Venture Capital in China, Journal of Banking and Finance, 129(1), pp 106-164.

      Climate Change and Climate Finance

      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” 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 HongKong 
      • 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
    • Selected Research work and Refereed Publications of IGF’s Senior Research Fellows and Associate Researchers with a focus on

      Interconnectedness, Global Financial Stability ( including AI, Innovation and Global Finance, Global Prosperity, and Global Governance including  climate change and climate finance   

      Interconnectedness

      Arner, D. W., Buckley, R. P., Zetzsche, D. A., & Veidt, R. (2020), Sustainability, FinTech and Financial Inclusion, European Business Organization Law Review, 21(1), pp. 7-35.

      Arner, D. W., Zetzsche, D. A., Buckley, R., & Weber, R. H. (2020), The Future of Data-Driven Finance and RegTech: Lessons from EU Big Bang II, Stanford Journal of Law, Business and Finance, 25(2), pp. 245-288.

      Arner, D. W., Buckley, R. P., Zetzsche, D. A., & Didenko, A. (2020), After Libra, Digital Yuan and COVID-19: Central Bank Digital Currencies and the New World of Money and Payment Systems, SSRN Electronic Journal.

      Buckley, R. P., Arner, D. W., Zetzsche, D. A., & Gibson, E. C. (2020), Building Australia's Fintech Ecosystem: Innovation Hubs for a Competitive Advantage, Journal of Banking and Finance Law and Practice, 31(2), pp. 133-140.

      Buckley, R. P., Arner, D. W., Zetzsche, D. A., & Selga, E. K. (2020), Techrisk, Singapore Journal of Legal Studies, 2020(1), pp. 35-62.

      Buckley, R., Arner, D., Veidt, R., & Zetzsche, D. (2020), Building FinTech Ecosystems: Regulatory Sandboxes, Innovation Hubs and Beyond, Washington University Journal of Law & Policy, 61, pp. 55-98.

      Zetzsche, D. A., Arner, D. W., & Buckley, R. P. (2020), Decentralized finance, Journal of Financial Regulation, 6(2), pp. 172-203.

      Zetzsche, D. A., Birdthistle, W. A., Arner, D. W., & Buckley, R. P. (2020), Digital Finance Platforms: Toward a New Regulatory Paradigm.

      Zetzsche, D., Arner, D., Buckley, R., & Weber, R. H. (2020), The Evolution and Future of Data- Driven Finance in the E.U., Common Market Law Review, 57, pp. 331-360.

      Global Financial Stability

      Barillas, F., Kan, R., Robotti, C., & Shanken, J. (2020), Model comparison with sharpe ratios, Journal of Financial and Quantitative Analysis, 55(6), pp. 1840-1874.

      Cahill, D., Fong, K., Wee, M., & Yang, J. W. (2020), The role of implied volatility in liquidity provision, Australian Journal of Management, 45(1), pp. 45-71.

      Chin, V., Gunawan, D., Fiebig, D. G., Kohn, R., & Sisson, S. A. (2020), Efficient data augmentation for multivariate probit models with panel data: an application to general practitioner decision making about contraceptives, Journal of the Royal Statistical Society. Series C: Applied Statistics, 69(2), pp. 277-300.

      Feito-Ruiz, I., Renneboog, L., & Vansteenkiste, C. (2020), Elective stock and scrip dividends, Journal of Corporate Finance, 64, pp. 35-77.

      Feldman, D., Saxena, K., & Xu, J. (2020), Is the Active Fund Management Industry Concentrated Enough?, Journal of Financial Economics, 136(1), pp. 23-43.

      Jang, Y., & Lee, K. (2020), Taking a Long View: Investor Trading Horizon and Earnings

      Management Strategy, International Review of Finance.

      Le, A. T., Le, T. H., Liu, W. M., & Fong, K. Y. (2020), Multiple duration analyses of dynamic limit order placement strategies and aggressiveness in a low-latency market environment, International Review of Financial Analysis, 72.

      Li, H., & Tang, Q. (2020), Joint Extremes in Temperature and Mortality: A Bivariate POT Approach, North American Actuarial Journal, 26(1), pp. 43-63.

      Li, X., Liu, H., Tang, Q., & Zhu, J. (2020), Liquidation risk in insurance under contemporary regulatory frameworks, Insurance: Mathematics and Economics, 93

      Global Prosperity

      Cortés, K. R., Glover, A. S., & Tasci, M. (2020), The Unintended Consequences of Employer Credit Check Bans for Labor Markets, The Review of Economics and Statistics.

      Fong, K., Krug, J. D., Leung, H., & Westerholm, J. P. (2020), Determinants of household broker choices and their impacts on performance, Journal of Banking and Finance, 112.

      Liang, H., Renneboog, L., & Vansteenkiste, C. (2020), Cross-border acquisitions and employment policies, Journal of Corporate Finance, 62, p. 102320.

      Yu, D., & Fiebig, D. G. (2020), Internet use and cognition among middle-aged and older adults in China: A cross-lagged panel analysis, Journal of the Economics of Ageing, 17.

      Yu, S., Fiebig, D. G., Scarf, V., Viney, R., Dahlen, H. G., & Homer, C. (2020), Birth models of care and intervention rates: The impact of birth centres, Health Policy, 124(12), pp. 1395-1402.

      Global Governance

      Banerjee, S., Dai, L., Humphery-Jenner, M., & Nanda, V. (2020), Governance, Board Inattention, and the Appointment of Overconfident CEOs, Journal of Banking & Finance, p. 105733

      Banerjee, S., Dai, L., Humphery-Jenner, M., & Nanda, V. (2020), Governance, Board Inattention, and the Appointment of Overconfident CEOs, Journal of Banking & Finance, p. 105733.

      Feito-Ruiz, I., Renneboog, L., & Vansteenkiste, C. (2020), Elective stock and scrip dividends, Journal of Corporate Finance, 64, pp. 35-77.

      Islam, E., & Zein, J. (2020), Inventor CEOs, Journal of Financial Economics, 132(2), pp. 505-527

      Liu, C., Low, A., Masulis, R. W., & Zhang, L. (2020), Monitoring the monitor: Distracted institutional investors and board governance, Review of Financial Studies, 33(10), pp. 4489-4531.

      Masulis, R. W. (2020), A Survey of Recent Evidence on Boards of Directors and CEO Incentives, Asia-Pacific Journal of Financial Studies, 49(1), pp. 7-35.

      Pham, P. K., Masulis, R., & Zein, J. (2020), Family Business Group Expansion through IPOs: The Role of Internal Capital Markets in Financing Growth while Preserving Control, Management Science, 66(11), pp. 5191-5215.

      Xu, Z. (2020), Economic policy uncertainty, cost of capital, and corporate innovation, Journal of Banking and Finance, 111.

      Climate Change and Climate Finance

      Stroebel, J. with Robert Engle, Stefano Giglio, Bryan Kelly, Heebum Lee. “ Hedging Climate Change News, The Review of Financial Studies, Volume 33, March, 2020

Contact us

If you’d like to make an enquiry or get in touch, you can contact the Institute of Global Finance: 

In-Person: Room 316, Level 3 West Wing, 

UNSW Business School Building, 

University of New South Wales, Sydney

Email:globalfinance@unsw.edu.au

Telephone: +61 02 9358 7774