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Our research

Our research focuses on themes including environmental, social, and governance (ESG) investing, stakeholder governance, and climate finance. The Centre is devoted to outstanding research and innovative education to inform global stakeholders about:

  • How does sustainability impact the risk and return of investors?
  • What ESG activities, under which conditions, lead to competitive advantage and increased firm value and investor welfare?
  • How does finance contribute to the solutions of global challenges such as climate change and rising inequality?

Recent publications of centre members:

Journal articles

Hansel MC, Drupp MA, Johansson DJA, Nesje F, Azar C, Freeman MC, Groom B, Sterner T (2021). Climate economics support for the UN climate targets (vol 10, pg 781, 2020). NATURE CLIMATE CHANGE, 11(5), 456-456. Author URL. DOI.
Wagner G, Anthoff D, Cropper M, Dietz S, Gillingham KT, Groom B, Kelleher JP, Moore FC, Stock JH (2021). Eight priorities for calculating the social cost of carbon. Nature, 590(7847), 548-550. DOI.
Onali E, Ginesti G, Cardillo G, Torluccio G (2021). Market Reaction to the Expected Loss Model in Banks. Journal of Financial Stability, 100884-100884. DOI.
Michelon G, Trojanowski G, Sealy R (2021). Narrative Reporting: State of the Art and Future Challenges. Accounting in Europe  Abstract. DOI.
Groom B, Weinhold DM (2021). New data on public biodiversity spending. Nature Ecology and Evolution, 5(4), 409-410. DOI.
Groom B, Turk Z (2021). Reflections on the Dasgupta Review on the Economics of Biodiversity. ENVIRONMENTAL & RESOURCE ECONOMICS, 79(1), 1-23. Author URL. DOI.
Venmans F, Groom B (2021). Social Discounting, Inequality Aversion and the Environment. Journal of Environmental Economics and Management Full text. DOI.
Albuquerque R, Lei Z, Rocholl J, Zhang C (2020). Citizens United vs. FEC and corporate political activism. Journal of Corporate Finance, 60, 101547-101547. Full text. DOI.
Haensel MC, Drupp MA, Johansson DJA, Nesje F, Azar C, Freeman MC, Groom B, Sterner T (2020). Climate economics support for the UN climate targets. NATURE CLIMATE CHANGE, 10(8), 781-+. Author URL. DOI.
Onali E, Schaeck K, McGowan D, Danisewicz P (2020). Debtholder Monitoring Incentives and Bank Earnings Opacity. Journal of Financial and Quantitative Analysis, N/A, 1-38. Full text. DOI.
Cavatorta E, Groom B (2020). Does deterrence change preferences? Evidence from a natural experiment. European Economic Review, 127, 103456-103456. DOI.
Cardillo G, Onali E, Torluccio G (2020). Does gender diversity on banks' boards matter? Evidence from public bailouts. Journal of Corporate Finance  Abstract.  Full text. DOI.
Chircop J, Johan S, Tarsalewska M (2020). Does religiosity influence venture capital investment decisions?. Journal of Corporate Finance, 62, n/a-n/a.  Abstract.  Full text. DOI.
Cumming DJ, Ji S, Peter R, Tarsalewska M (2020). Market Manipulation and Innovation. Journal of Banking and Finance Full text. DOI.
Tarsalewska M (2020). Ownership and Cross-Border Patent Sales in M&A Transactions. Finance Research Letters Full text.
Kalogirou F, Kiosse PV, Pope P (2020). Pension deficits and corporate financial policy: Does accounting transparency matter?. The European Accounting Review, NA, NA-NA.  Abstract.  Full text. DOI.
Cumming DJ, Peter R, Tarsalewska M (2020). Public-to-Private Buyouts and Innovation. British Journal of Management Full text.
Cumming D, Peter R, Tarsalewska M (2020). Public‐to‐Private Buyouts and Innovation. British Journal of Management, 31(4), 811-829. DOI.
Albuquerque R, Koskinen Y, Yang S, Zhang C (2020). Resiliency of Environmental and Social Stocks: an Analysis of the Exogenous COVID-19 Market Crash. The Review of Corporate Finance Studies, 9(3), 593-621.  Abstract.  Full text. DOI.
Chen Y, Kumar A, Zhang C (2020). Searching for Gambles: Gambling Sentiment and Stock Market Outcomes. Journal of Financial and Quantitative Analysis, N/A  Abstract.  Full text. DOI.
Bi X, Tang J, Tharyan R (2020). Switching due diligence auditor in Chinese mergers and acquisitions. Research in International Business and Finance, 54, 101244-101244. Full text. DOI.
Park M (2020). Unionised employees' influence on executive compensation: Evidence from Korea. British Journal of Industrial Relations: an international journal of employment relations, N/A Full text. DOI.
Chircop J, Tarsalewska M (2019). 10-K Filing length and M&A returns. The European Journal of Finance, 26(6), 532-553. Full text. DOI.
Cumming D, Ji S, Johan S, Tarsalewska M (2019). End‐of‐Day Price Manipulation and M&As. British Journal of Management Full text. DOI.
Groom B, Maddison Pr D (2019). New Estimates of the Elasticity of Marginal Utility for the UK. Environmental and Resource Economics, 72(4), 1155-1182.  Abstract. DOI.
Tarsalewska M (2018). Buyouts under the threat of preemption. Journal of Banking and Finance Full text. DOI.
Albuquerque R, Koskinen Y, Zhang C (2018). Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence (Lead Article). MANAGEMENT SCIENCE, 65(10), 4451-4469. Full text. DOI.
Gorst A, Dehlavi A, Groom B (2018). Crop productivity and adaptation to climate change in Pakistan. Environment and Development Economics, 23(6), 679-701.  Abstract. DOI.
Danisewicz P, McGowan D, Onali E, Schaeck K (2018). Debt priority structure, market discipline, and bank conduct. Review of Financial Studies, 31(11), 4493-4555.  Abstract.  Full text. DOI.
Drupp MA, Freeman MC, Groom B, Nesje F (2018). Discounting Disentangled. American Economic Journal: Economic Policy, 10(4), 109-134.  Abstract. DOI.
Atkinson G, Groom B, Hanley N, Mourato S (2018). Environmental Valuation and Benefit-Cost Analysis in U.K. Policy. Journal of Benefit-Cost Analysis, 9(1), 97-119.  Abstract. DOI.
Bruno B, Onali E, Schaeck K (2018). Market Reaction to Bank Liquidity Regulation. Journal of Financial and Quantitative Analysis, 53(2), 899-935.  Abstract.  Full text. DOI.
Cumming DJ, Peter R, Sannajust A, Tarsalewska M (2018). Pre-Going Private Ownership around the World. British Journal of Management, 30(3), 692-711. Full text. DOI.
Barthelme C, Kiosse PV, Sellhorn T (2018). The Impact of Accounting Standards on Pension Investment Decisions ‡. European Accounting Review, 28(1), 1-33.  Abstract.  Full text. DOI.
Danisewicz P, McGowan D, Onali E, Schaeck K (2018). The real effects of banking supervision: Evidence from enforcement actions. Journal of Financial Intermediation, 35, 86-101.  Abstract.  Full text. DOI.
Park MK (2018). What drives corporate insurance demand?: Evidence from directors’ and officers’ liability insurance in Korea. Journal of Corporate Finance, 51, 235-257. Full text. DOI.
Arena C, Michelon G, Trojanowski G (2017). Big egos can be green: a study of CEO hubris and environmental innovation. British Journal of Management, 29(2), 316-336.  Abstract.  Full text. DOI.
Shaukat A, Trojanowski G (2017). Board governance and corporate performance. Journal of Business Finance and Accounting, 45(1-2), 189-208.  Abstract.  Full text. DOI.
Chircop J, Johan S, Tarsalewska M (2017). Common auditors and cross-country M&A transactions. Journal of International Financial Markets, Institutions and Money  Abstract.  Full text. DOI.
Emmerling J, Groom B, Wettingfeld T (2017). Discounting and the representative median agent. Economics Letters, 161, 78-81.  Abstract. DOI.
Onali E, Ginesti G, Vasilakis C (2017). How should we estimate value-relevance models? Insights from European data. British Accounting Review, 49(5), 460-473.  Abstract.  Full text. DOI.
Tharyan R, Gregory A, Shan H (2017). In search of beta. The British Accounting Review Full text. DOI.
Onali E, Ginesti G, Ballestra LV (2017). Investor reaction to IFRS for financial instruments in Europe: the role of firm-specific factors. Finance Research Letters, 21, 72-77.  Abstract.  Full text. DOI.
Groom B, Hepburn C (2017). Looking back at social discounting policy: the influence of papers, presentations, political preconditions, and personalities. Review of Environmental Economics and Policy, 11(2), 336-356. DOI.
Andersen LE, Groom B, Killick E, Ledezma JC, Palmer C, Weinhold D (2017). Modelling Land Use, Deforestation, and Policy: a Hybrid Optimisation-Heterogeneous Agent Model with Application to the Bolivian Amazon. Ecological Economics, 135, 76-90.  Abstract. DOI.
Dimitrova L (2017). Perverse incentives of special purpose acquisition companies, the “poor man's private equity funds”. Journal of Accounting and Economics, 63(1), 99-120.  Abstract.  Full text. DOI.
SORGE M, ZHANG C, KOUFOPOULOS K (2017). Short-Term Corporate Debt around the World. Journal of Money, Credit and Banking, 49(5), 997-1029. DOI.
Onali E, Galiakhmetova R, Molyneux P, Torluccio G (2016). CEO power, government monitoring, and bank dividends. Journal of Financial Intermediation, 27, 89-117.  Abstract.  Full text. DOI.
Onali E (2016). Can we predict dividend cuts?. Economics Letters, 146, 71-76.  Abstract.  Full text. DOI.
Qiu Y, Shaukat A, Tharyan R (2016). Environmental and social disclosures: Link with corporate financial performance. The British Accounting Review, 48(1), 102-116. Full text. DOI.
Hass LH, Tarsalewska M, Zhan F (2016). Equity Incentives and Corporate Fraud in China. Journal of Business Ethics, 138(4), 723-742.  Abstract.  Full text. DOI.
Freeman MC, Groom B (2016). How certain are we about the certainty-equivalent long term social discount rate?. Journal of Environmental Economics and Management, 79, 152-168. DOI.
Lei Z, Zhang C (2016). Leveraged buybacks. Journal of Corporate Finance, 39, 242-262. DOI.
Goddard J, Onali E (2016). Long memory and multifractality: a joint test. Physica A: Statistical Mechanics and its Applications, 451, 288-294.  Abstract.  Full text. DOI.
Freeman MC, Groom B, Zeckhauser RJ (2015). Better predictions, better allocations: Scientific advances and adaptation to climate change. Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences, 373(2055)  Abstract. DOI.
Shaukat A, Qiu Y, Trojanowski G (2015). Board Attributes, Corporate Social Responsibility Strategy, and Corporate Environmental and Social Performance. Journal of Business Ethics, 135(3), 569-585.  Abstract.  Full text. DOI.
Freeman MC, Groom B, Panopoulou E, Pantelidis T (2015). Declining discount rates and the Fisher Effect: Inflated past, discounted future?. Journal of Environmental Economics and Management, 73, 32-49. DOI.
Goergen M, Renneboog L, Zhang C (2015). Do UK Institutional Shareholders Monitor their Investee Firms?. Journal of Corporate Law Studies, 8(1), 39-56. DOI.
Black EL, Christensen TE, Kiosse PV, Steffen TD (2015). Has the regulation of non-GAAP disclosures influenced managers' use of aggressive earnings exclusions?. Journal of Accounting, Auditing and Finance, 32(2), 209-240.  Abstract.  Full text. DOI.
Tarsalewska M (2015). The timing of mergers along the production chain, capital structure, and risk dynamics. Journal of Banking and Finance, 57, 51-64.  Abstract.  Full text. DOI.
Groom B, Tak M (2015). Welfare analysis of changing food prices: a nonparametric examination of rice policies in India. Food Security, 7(1), 121-141.  Abstract. DOI.
Chircop J, Kiosse PV (2015). Why did preparers lobby to the IASB's pension accounting proposals?. Accounting Forum, 39(4), 268-280.  Abstract.  Full text. DOI.
Gregory A, Tharyan R, Whittaker J (2014). Corporate Social Responsibility and Firm Value: Disaggregating the effects on cash flow, risk and growth. Journal of Business Ethics, 124(4), 633-657.  Abstract.  Full text. DOI.
Cropper ML, Freeman MC, Groom B, Pizer WA (2014). Declining discount rates. American Economic Review, 104(5), 538-543. DOI.
Onali E (2014). Moral Hazard, Dividends, and Risk in Banks. Journal of Business Finance and Accounting, 41(1-2), 128-155.  Abstract. DOI.
Freeman MC, Groom B (2014). Positively Gamma Discounting: Combining the Opinions of Experts on the Social Discount Rate. The Economic Journal, 125(585), 1015-1024. DOI.
Onali E, Ginesti G (2014). Pre-adoption market reaction to IFRS 9: a cross-country event-study. Journal of Accounting and Public Policy, 33(6), 628-637.  Abstract. DOI.
Groom B, Palmer C (2014). Relaxing constraints as a conservation policy. Environment and Development Economics, 19(4), 505-528.  Abstract. DOI.
Arrow KJ, Cropper ML, Gollier C, Groom B, Heal GM, Newell RG, Nordhaus WD, Pindyck RS, Pizer WA, Portney PR, et al (2014). Should governments use a declining discount rate in project analysis?. Review of Environmental Economics and Policy, 8(2), 145-163.  Abstract. DOI.
Piaskowska D, Trojanowski G (2014). Twice as smart? the importance of managers' Formative-Years' international experience for their international orientation and foreign acquisition decisions. British Journal of Management, 25(1), 40-57.  Abstract. DOI.
Gregory A, Tharyan R, Christidis A (2013). Constructing and Testing Alternative Versions of the Fama-French and Carhart Models in the UK. Journal of Business Finance & Accounting, 40(1-2), 172-214. Full text. DOI.
Arrow K, Cropper M, Gollier C, Groom B, Heal G, Newell R, Nordhaus W, Pindyck R, Pizer W, Portney P, et al (2013). Determining benefits and costs for future generations. Science, 341(6144), 349-350.  Abstract. DOI.
Gregory A, Tharyan R, Tonks I (2013). More than just contrarians: Insider trading in glamour and value firms. European Financial Management, 19(4), 747-774.  Abstract.  Full text. DOI.
Gregory A, Jeanes E, Tharyan R, Tonks I (2012). Does the Stock Market Gender Stereotype Corporate Boards? Evidence from the Market's Reaction to Directors' Trades. British Journal of Management, 24(2), 174-190. Full text. DOI.
Groom B, Palmer C (2012). REDD+ and rural livelihoods. Biological Conservation, 154, 42-52.  Abstract. DOI.
Swanson T, Groom B (2012). Regulating global biodiversity: What is the problem?. Oxford Review of Economic Policy, 28(1), 114-138.  Abstract. DOI.
Goddard J, Onali E (2012). Self-affinity in financial asset returns. International Review of Financial Analysis, 24, 1-11. DOI.
Goddard J, Onali E (2012). Short and long memory in stock returns data. Economics Letters, 117(1), 253-255. DOI.
Chircop J, Kiosse PV, Peasnell K (2012). Should repurchase transactions be accounted for as sales or loans?. Accounting Horizons, 26(4), 657-679.  Abstract. DOI.
Onali E, Goddard J (2011). Are European equity markets efficient? New evidence from fractal analysis. International Review of Financial Analysis, 20(2), 59-67. Full text. DOI.
Renneboog L, Ter Horst J, Zhang C (2011). Is ethical money financially smart? Nonfinancial attributes and money flows of socially responsible investment funds. Journal of Financial Intermediation, 20(4), 562-588. DOI.
Renneboog L, Trojanowski G (2011). Patterns in Payout Policy and Payout Channel Choice. Journal of Banking and Finance, 35(6), 1477-1490. Full text. DOI.
Gatti R, Goeschl T, Groom B, Swanson T (2011). The Biodiversity Bargaining Problem. Environmental and Resource Economics, 48(4), 609-628.  Abstract. DOI.
Kulich C, Trojanowski G, Ryan MK, Haslam SA, Renneboog LDR (2011). Who Gets the Carrot and Who Gets the Stick? Evidence of Gender Disparities in Executive Remuneration. Strategic Management Journal, 32(3), 301-321. Full text. DOI.
Devalle A, Onali E, Magarini R (2010). Assessing the Value Relevance of Accounting Data After the Introduction of IFRS in Europe. Journal of International Financial Management & Accounting, 21(2), 85-119. DOI.
Groom B, Palmer C (2010). Cost-effective provision of environmental services: the role of relaxing market constraints. Environment and Development Economics, 15(2), 219-240.  Abstract. DOI.
Haslam SA, Ryan MK, Kulich C, Trojanowski G, Atkins C (2010). Investing with prejudice: Evidence that the appointment of women to company boards is associated with lower stock-market value but not lower accountancy-based performance. British Journal of Management, 21(2), 484-497.  Abstract. DOI.
Haslam SA, Ryan MK, Kulich C, Trojanowski G, Atkins C (2010). Investing with prejudice: the relationship between women’s presence on company boards and objective and subjective measures of company performance. British Journal of Management  Abstract.
Groom B, Grosjean P, Kontoleon A, Swanson T, Zhang S (2010). Relaxing rural constraints: a 'win-win' policy for poverty and environment in China?. Oxford Economic Papers, 62(1), 132-156.  Abstract.
Kiosse PV (2009). Discussion of US managers' use of 'pro forma' adjustments to meet strategic earnings targets. Journal of Business Finance and Accounting, 36(3-4), 327-335. DOI.
Basu N, Dimitrova L, Paeglis I (2009). Family control and dilution in mergers. Journal of Banking and Finance, 33(5), 829-841. DOI.
Kiosse PV, Peasnell K (2009). Have changes in pension accounting changed pension provision? a review of the evidence. Accounting and Business Research, 39(3), 255-267.  Abstract.
Cao Z, Harris RDF, Shen J (2009). Hedging and Value at Risk: a Semi-Parametric Approach. Journal of Futures Markets, 30(8), 780-794. Full text.
Palomino F, Renneboog L, Zhang C (2009). Information salience, investor sentiment, and stock returns: the case of British soccer betting. Journal of Corporate Finance, 15(3), 368-387. DOI.
Harris RDF, Shen J, Stoja E (2009). The Limits to Minimum-Variance Hedging. Journal of Business Finance & Accounting, 37(5-6), 737-761. Full text. DOI.
Onali E, Goddard J (2009). Unifractality and multifractality in the Italian stock market. International Review of Financial Analysis, 18(4), 154-163. DOI.
Trojanowski, G. (2008). Equity Block Transfers in Transition Economies: Evidence from Poland. Economic Systems, 3(32), 217-238. Full text. DOI.
Renneboog L, Ter Horst J, Zhang C (2008). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of Banking & Finance, 32(9), 1723-1742. DOI.
Renneboog L, Ter Horst J, Zhang C (2008). The price of ethics and stakeholder governance: the performance of socially responsible mutual funds. Journal of Corporate Finance, 14(3), 302-322. DOI.
Groom B, Koundouri P, Nauges C, Thomas A (2008). The story of the moment: Risk averse cypriot farmers respond to drought management. Applied Economics, 40(3), 315-326.  Abstract. DOI.
Kulich C, Trojanowski G, Ryan MK, Haslam SA, Renneboog L (2008). Who gets the carrot and who gets the stick? Evidence of gender disparities executive remuneration. Academy of Management 2008 Annual Meeting Proceedings  Abstract.
Trojanowski G, Renneboog L (2007). Control Structures and Payout Policy. Managerial Finance, 33(1), 43-64. DOI.
Groom B, Koundouri P, Panopoulou E, Pantelidis T (2007). Discounting the distant future: How much does model selection affect the certainty equivalent rate?. Journal of Applied Econometrics, 22(3), 641-656.  Abstract. DOI.
Hepburn C, Groom B (2007). Gamma discounting and expected net future value. Journal of Environmental Economics and Management, 53(1), 99-109.  Abstract. DOI.
Harris RDF, Shen J (2006). Hedging and value at risk. Journal of Futures Markets, 26(4), 369-390.  Abstract. DOI.
Groom B, Hepburn C, Koundouri P, Pearce D (2005). Declining discount rates: the long and the short of it. Environmental and Resource Economics, 32(4), 445-493.  Abstract. DOI.
Bellemare C, Krause M, Kröger S, Zhang C (2005). Myopic loss aversion: Information feedback vs. investment flexibility. Economics Letters, 87(3), 319-324. DOI.

Chapters

Hass LH, Tarsalewska M (2018). Venture capital and financial reporting in newly public firms. In  (Ed) The Oxford Handbook of IPOs, 412-429.  Abstract. DOI.
Groom B (2014). Discounting. In  (Ed) Routledge Handbook of the Economics of Climate Change Adaptation, 138-168.
Groom B, Gatti JR, Goeschl T, Swanson T (2012). Bargaining over Global Public Goods. In  (Ed) Global Environmental Commons : Analytical and Political Challenges in Building Governance Mechanisms, 1-42.  Abstract. DOI.
Renneboog L, Trojanowski G (2012). Governance codes, managerial remuneration and disciplining in the UK: a history of governance reform failure?. In  (Ed) Research Handbook on Executive Pay, 73-100. DOI.
Renneboog L, Horst JT, Zhang C (2012). Money-Flows of Socially Responsible Investment Funds around the World. In  (Ed) Socially Responsible Finance and Investing: Financial Institutions, Corporations, Investors, and Activists, 455-477.  Abstract. DOI.
Brigham M, Kiosse PV, Otley D (2010). 'One Aviva, Twice the value': Connecting sustainability at Aviva plc. In Hopwood A, Unerman J, Fries J (Eds.) , Oxford: Earthscan
Dehlavi A, Groom B, Khan BN, Shahab A (2010). Non-use values of ecosystems dependent on the Indus River, Pakistan: a spatially explicit, multi-ecosystem choice experiment. In  (Ed) Choice Experiments in Developing Countries: Implementation, Challenges and Policy Implications, 129-150.
Sorge M, Zhang C (2009). Currency and maturity mismatches in latin america. In  (Ed) The Banking Crisis Handbook, 353-372.  Abstract. DOI.
Groom B (2009). International experience to inform the People's Republic of China's water pollution and water resource management policy. In  (Ed) Economic Growth and Environmental Regulation: the People's Republic of China's Path to a Brighter Future, 227-250. DOI.
Groom B, Kontoleon A, Swanson T (2007). Valuing Complex Goods: or, can you Get Anything Out of Experts Other Than a Decision?. In  (Ed) , 301-335.  Abstract. DOI.
Groom B, Hepburn C, Koundouri P, Pearce D (2006). Implications of declining discount rates for uk climate change policy. In  (Ed) Environmental Valuation in Developed Countries: Case studies, 77-96.

Conferences

Kulich C, Trojanowski G, Ryan MK, Haslam SA, Renneboog LDR (2008). Who Gets the Carrot and Who Gets the Stick? Evidence of Gender Disparities in Executive Remuneration. Academy of Management Annual Meeting 2008. Anaheim, CA (USA). 8th - 13th Aug 2008

Reports

Michelon G, Trojanowski G, Sealy R (2020). Understanding research findings and evidence on corporate reporting: an independent literature review. Financial Reporting Council,  London, Financial Reporting Council Full text.
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