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International Capital Markets as a Means of Financing Climate Action: Smooth Sailing or Stormy Waters? (2025)
Report
Dryden, A., & Volz, U. (2025). International Capital Markets as a Means of Financing Climate Action: Smooth Sailing or Stormy Waters?

While capital markets hold great potential for mobilising the vast sums required for climate mitigation and adaptation, their volatility presents significant risks to emerging and developing economies (EMDEs). This study examines the role that intern... Read More about International Capital Markets as a Means of Financing Climate Action: Smooth Sailing or Stormy Waters?.

Edith Penrose's Legacy: Shaping Economics, Management and Political Economy (2025)
Book
Michie, J., & Oughton, C. (Eds.). (2025). Edith Penrose's Legacy: Shaping Economics, Management and Political Economy. Routledge. https://doi.org/10.4324/9781003587132

Edith Penrose is best known for The Theory of the Growth of the Firm, originally published in 1959, but she made major contributions in other fields, including patents, the oil industry, and development economics. This book explores her work and lega... Read More about Edith Penrose's Legacy: Shaping Economics, Management and Political Economy.

Hawala in Criminal Court: the Role of Law and Commercial Culture in Informal Financial Exchange (2024)
Journal Article
Ercanbrack, J. G. (in press). Hawala in Criminal Court: the Role of Law and Commercial Culture in Informal Financial Exchange. Crime, Law and Social Change, 82(3), 659-683. https://doi.org/10.1007/s10611-024-10162-w

A historically informed understanding of ḥawāla and other varieties of informal value transfer systems (IVTS) requires consideration of the normative and cultural elements which structure and facilitate transactions in globalized financial markets. T... Read More about Hawala in Criminal Court: the Role of Law and Commercial Culture in Informal Financial Exchange.

Mobilising A Trillion Dollars for Climate Mitigation in Poor Countries: A Proposal for a New Finance Facility against Climate Change (2024)
Report
Kraemer, M., & Volz, U. (2024). Mobilising A Trillion Dollars for Climate Mitigation in Poor Countries: A Proposal for a New Finance Facility against Climate Change

Many developing countries are struggling under a high sovereign debt burden and rising interest rates that leave little fiscal space to meet their Nationally Determined Contributions under the Paris Climate Accord. To enable these countries to invest... Read More about Mobilising A Trillion Dollars for Climate Mitigation in Poor Countries: A Proposal for a New Finance Facility against Climate Change.

Debt and Financial Fragility: Italian Non-Financial Companies after the Pandemic (2024)
Journal Article
Fattouh, B., Pisicoli, B., & Scaramozzino, P. (2024). Debt and Financial Fragility: Italian Non-Financial Companies after the Pandemic. Economic Modelling, 131, Article 106628. https://doi.org/10.1016/j.econmod.2023.106628

This paper analyses the evolution of debt of Italian firms from 2010 to 2020 with special focus on the first year of the Covid-19 pandemic. We use quantile regressions to assess the vulnerabilities of the most indebted firms. On average Italian non-f... Read More about Debt and Financial Fragility: Italian Non-Financial Companies after the Pandemic.

CAViaR models for Value-at-Risk and Expected Shortfall with long range dependency features (2023)
Journal Article
Mitrodima, G., & Oberoi, J. (2024). CAViaR models for Value-at-Risk and Expected Shortfall with long range dependency features. Journal of the Royal Statistical Society: Series C, 73(1), 1 -27. https://doi.org/10.1093/jrsssc/qlad081

We consider alternative specifications of conditional autoregressive quantile models to estimate Value-at-Risk and Expected Shortfall. The proposed specifications include a slow moving component in the quantile process, along with aggregate returns f... Read More about CAViaR models for Value-at-Risk and Expected Shortfall with long range dependency features.

Political uncertainty, corruption, and corporate cash holdings (2023)
Journal Article
Jayakody, S., Morelli, D., & Oberoi, J. (2023). Political uncertainty, corruption, and corporate cash holdings. Journal of Corporate Finance, 82, Article 102447. https://doi.org/10.1016/j.jcorpfin.2023.102447

Exposure to political corruption and political uncertainty separately demands opposing risk management responses: to reduce cash to minimize expropriation and to increase cash to hedge policy risk. We study how local political corruption and politica... Read More about Political uncertainty, corruption, and corporate cash holdings.

Dividends Policy and Payouts: Evidence from South Africa (2023)
Preprint / Working Paper
Driver, C., Grosman, A., Scaramozzino, P., & Lesame, K. Dividends Policy and Payouts: Evidence from South Africa. Pretoria

The theoretical framework that informs dividend studies is somewhat loose. This makes it difficult to test competing views on dividend behaviour. One view is that it reflects a useful discipline on managerial autonomy to invest; another view is that... Read More about Dividends Policy and Payouts: Evidence from South Africa.

Debt and Financial Fragility: Italian Non-Financial Companies after the Pandemic (2023)
Preprint / Working Paper
Fattouh, B., Pisicoli, B., & Scaramozzino, P. Debt and Financial Fragility: Italian Non-Financial Companies after the Pandemic. Rome

This paper analyses the evolution of debt of Italian firms from 2010 to 2020 with special focus on the first year of the Covid-19 pandemic. By means of quantile regressions, our approach investigates several heterogeneities to assess the vulnerabilit... Read More about Debt and Financial Fragility: Italian Non-Financial Companies after the Pandemic.

Measuring Corporate Diversity in Financial Services: A Diversity Index (2022)
Journal Article
Michie, J., & Oughton, C. (in press). Measuring Corporate Diversity in Financial Services: A Diversity Index. International Review of Applied Economics, 36(3), 308-337. https://doi.org/10.1080/02692171.2022.2090522

This paper provides a measure of corporate diversity in financial services. Our index is based on four components: ownership; competitiveness; balance sheet structure/resilience; and geographic spread. The first of these sub-indexes measures ownershi... Read More about Measuring Corporate Diversity in Financial Services: A Diversity Index.

Public Banks, Public Purpose, and Early Actions in the Face of Covid-19 (2022)
Journal Article
Barrowclough, D., & Marois, T. (2022). Public Banks, Public Purpose, and Early Actions in the Face of Covid-19. Review of Political Economy, 34(2), 372-390. https://doi.org/10.1080/09538259.2021.1996704

With the outbreak of the global Covid-19 pandemic and associated lockdowns, economic activity came to a grinding halt as demands for financial support in health, business, and government skyrocketed. In spring 2020 we assembled a team of experts to c... Read More about Public Banks, Public Purpose, and Early Actions in the Face of Covid-19.

From dotcom to Covid-19: A convergence analysis of Islamic investments (2021)
Journal Article
Alexakis, C., Kenourgios, D., Pappas, V., & Petropoulou, A. (2021). From dotcom to Covid-19: A convergence analysis of Islamic investments. Journal of International Financial Markets, Institutions and Money, 75, Article 101423. https://doi.org/10.1016/j.intfin.2021.101423

This paper goes beyond the extant comparisons of Islamic and conventional investments by econometrically assessing their convergence dynamics, in a dataset spanning over 1996-2020, covering ten business sectors and five episodes of crisis. We use a d... Read More about From dotcom to Covid-19: A convergence analysis of Islamic investments.

A Theory of Financial Inclusion and Income Inequality (2020)
Journal Article
Kling, G., Pesque-Cela, V., Tian, L., & Luo, D. (2022). A Theory of Financial Inclusion and Income Inequality. European Journal of Finance, 28(1), 137-157. https://doi.org/10.1080/1351847X.2020.1792960

We develop a theory linking financial inclusion, defined as access to formal loans and financial assets, to income inequality. Initial inequality of households is modeled by a random variable determining initial endowments. These initial endowments c... Read More about A Theory of Financial Inclusion and Income Inequality.

Fintech, financial inclusion and income inequality: A quantile regression approach (2020)
Journal Article
Demir, A., Pesque-Cela, V., Altunbas, Y., & Murinde, V. (2022). Fintech, financial inclusion and income inequality: A quantile regression approach. European Journal of Finance, 28(1), 86-107. https://doi.org/10.1080/1351847X.2020.1772335

Although theory suggests that financial market imperfections – mainly information asymmetries, market segmentation and transaction costs – prevent poor people from escaping poverty by limiting their access to formal financial services, new financial... Read More about Fintech, financial inclusion and income inequality: A quantile regression approach.

Threshold Effects of Financial Inclusion on Income Inequality (2020)
Preprint / Working Paper
Demir, A., Pesque-Cela, V., & Murinde, V. Threshold Effects of Financial Inclusion on Income Inequality. London

Economic theory predicts an indeterminate (positive or inverse) relationship between financial inclusion and income inequality. We invoke a panel threshold model to investigate the possibility of a non-linear relationship between financial inclusion... Read More about Threshold Effects of Financial Inclusion on Income Inequality.

How investor pressure leads to higher dividend payouts (2020)
Digital Artefact
Driver, C., Grosman, A., & Scaramozzino, P. How investor pressure leads to higher dividend payouts

The dividends in the UK companies have been on the rise, despite uncertain economic outlook due to COVID-19, pension deficits and irrespective of whether the companies have been making profits. This column analyses the reasons for such a dramatic inc... Read More about How investor pressure leads to higher dividend payouts.