Professor Ivan Diaz-Rainey, Our people, Department of Accountancy & Finance, University of Otago, New Zealand

Ivan Diaz-Rainey Professor
MA (Hons) ATT M.Sc. ASIP PhD Pg. Cert. (HEP)

Tel +64 3 479 8117
Office OBS 5.28
Email ivan.diaz-rainey@otago.ac.nz

Professor Ivan Diaz-Rainey is the Director and founder of the Climate and Energy Finance Group (CEFGroup), one of the largest climate and green finance academic research teams in the world. He is also a Director and founding member of the Global Research Alliance for Sustainable Finance and Investment (GRASFI).

He joined the University of Otago in 2012, having previously held academic positions at the University of East Anglia (Norwich, UK), the European University Institute (Florence, Italy) where he held a prestigious Jean Monnet Fellowship, and the Higher Colleges of Technology (Abu Dhabi, UAE). Prior to moving into academia, he worked in a variety of finance and investment roles for leading investment banks in the City of London.

Current roles

Professor of Finance
Director, Climate & Energy Finance Group (CEFGroup)
Principal Investigator, STRAND Marsden Fund Project (STRAND)
Director, Global Research Alliance for Sustainable Finance and Investment (GRASFI)
Associate Editor, Journal of Financial Regulation & Compliance (JFRC)
Associate Editor, Journal of Sustainable Finance & Investment (JSFI)
Editorial Board and Managing Guest Editor of a Special Issue on Green Finance in Asia, Climate Policy journal (CPj)

Teaching

FINC 304 Financial Markets and Institutions
FINC 420 Climate and Energy Finance
ENVI 312 Interdisciplinary Aspects of Climate Change

Research expertise

His research expertise includes climate/green finance, carbon markets, energy finance, electricity markets, banking, financial regulation, financial innovation, eco-innovation diffusion, and energy and environmental policy.

His research has been published in leading international journals, including Climatic Change, Energy Economics, International Review of Financial Analysis, Journal of Empirical Finance, Journal of International Financial Markets, Institutions & Money, Technological Forecasting and Social Change and The Energy Journal.

He is Associate Editor of the Journal of Financial Regulation & Compliance and the Journal of Sustainable Finance & Investment. He is also on the Editorial Board of the Climate Policy journal. He has conducted research, policy, commercialisation and consultancy work for a number of organisations, including EnergyLink Ltd., EMMI (Distributed Carbon), the Ministry for the Environment (MfE, NZ), OECD, E.ON UK plc, the European Capital Markets Institute (ECMI) and the Asian Development Bank Institute (ADBI).

He is a regular commentator in the New Zealand media on topics related to financial regulation, green finance, environmental policy and the New Zealand Emissions Trading Scheme.

Between 2019 and 2020 he served on the Technical Working Group of the Aotearoa Circle Sustainable Finance Forum.

Current large research grants

2021–2024: The STRAND Marsden Fund Project is an interdisciplinary Royal Society of New Zealand Marsden Fund project (NZ$869,000) exploring climate-change flooding related risks to residential property values across space and time, and the related implications for financial stability. The project is led by Professor Ivan Diaz-Rainey and Associate Professor Antoni Moore (School of Surveying, University of Otago). Dr Quyen Nguyen, as the STRAND Marsden Fund Project Postdoctoral Fellow, is the principal modeller on the project. The other members of the team are Dr Simon Cox (GNS Science), Dr Greg Bodeker (Bodeker Scientific) and Dr Paul Thorsnes (Department of Economics, University of Otago). The Reserve Bank of New Zealand and CoreLogic are partners in the project and the project uses High Performance Computing from the New Zealand eScience Infrastructure (NeSI).

PhD supervision

Ling Liao (2021 to date) “Climate Finance in Australasia”

Iftekhar Ahmed (2019 to date) “Essays on Climate Finance and Microfinance Institutions”

Quyen Nguyen. (2018 to 2021) “Climate Risk in Financial Institutions”

First placement: STRAND Marsden Fund Project Postdoctoral Fellow (2021-2024), CEFGroup, University of Otago

Dzung Nguyen (2016 to 2019) “Essays on Asian Commercial Banks: Financial Integration, Natural Disasters and Climate Change”

Returned to Faculty position at the Academy of Finance, Vietnam (2019)

Matthew McCarten (2014 to 2018) "Securities Class Actions as Disciplinary Mechanisms: Debt Financing, Political Lobbying and Innovation"

First placement (2017): Research Associate, Sustainable Finance Programme, University of Oxford

Daniel J. Tulloch (2013 to 2016) “The evolving risk-return profile of energy utilities: Understanding the impact of liberalisation and decarbonisation”

First placement (2015): Research Associate, Sustainable Finance Programme, University of Oxford

Additional information

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Publications

McCarten, M., Diaz-Rainey, I., Roberts, H., & Tan, E. K. M. (2022). Political connections, tacit power, and corporate misconduct. Journal of Business Finance & Accounting. Advance online publication. doi: 10.1111/jbfa.12603

Nguyen, D. T. T., Diaz-Rainey, I., Roberts, H., & Le, M. (2022). The non-monotonic relationship between financial integration and cost efficiency: Evidence from East Asian commercial banks. International Review of Economics & Finance. Advance online publication. doi: 10.1016/j.iref.2022.02.078

Nguyen, Q., Thorsnes, P. E., 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 & Resource Economics. Advance online publication. doi: 10.1111/1467-8489.12471

Ashton, J., Burnett, T., Diaz-Rainey, I., & Ormosi, P. (2021). Known unknowns: How much financial misconduct is detected and deterred? Journal of International Financial Markets, Institutions & Money, 74, 101389. doi: 10.1016/j.intfin.2021.101389

Ibikunle, G., Aquilina, M., Diaz-Rainey, I., & Sun, Y. (2021). City goes dark: Dark trading and adverse selection in aggregate markets. Journal of Empirical Finance, 64, 1-22. doi: 10.1016/j.jempfin.2021.08.002

Journal - Research Article

Diaz-Rainey, I., Gehricke, S. A., 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. doi: 10.1016/j.irfa.2021.101746

Journal - Research Article

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. doi: 10.1016/j.eneco.2021.105129

Journal - Research Article

Kennett, H., Diaz-Rainey, I., Biswas, P. K., & Kuruppuarachchi, D. (2021). Climate transition risk in New Zealand equities. Journal of Sustainable Finance & Investment. Advance online publication. doi: 10.1080/20430795.2021.1904774

Journal - Research Article

Diaz-Rainey, I., Tulloch, D. J., Ahmed, I., McCarten, M., & Taghizadeh-Hesary, F. (2021). An Energy Policy for the Association of Southeast Asian Nations? Lessons from the European Union’s experience on energy integration, security, and cecarbonization. In S. C. Park, C. J. Kim, F. Taghizadeh-Hesary & P. Sirivunnabood (Eds.), Economic integration in Asia and Europe: Lessons and policies. (pp. 563-592). Toyko, Japan: Asian Development Bank Institute.

Chapter in Book - Research

Nguyen, D. T. T., Diaz-Rainey, I., Roberts, H., & Le, M. (2021). Loans from my neighbours: East Asian commercial banks, financial integration, and bank default risk. International Review of Financial Analysis, 74, 101659. doi: 10.1016/j.irfa.2021.101659

Journal - Research Article

Nguyen, D. T. T., Diaz-Rainey, I., & Roberts, H. (2020). The impact of banking integration on East Asian commercial banks. In J. Beirne & D. G. Fernandez (Eds.), Macroeconomic stabilization in the digital age. (pp. 141-172). Tokyo, Japan: Asian Development Bank Institute.

Chapter in Book - Research

Tulloch, D. J., Diaz-Rainey, I., & Premachandra, I. M. (2020). Modelling sector-level asset prices. Journal of Risk & Financial Management, 13(6), 120. doi: 10.3390/jrfm13060120

Journal - Research Article

Diaz-Rainey, I., & Sise, G. (2019). Green finance in Australia and New Zealand: Barriers and solutions. In J. Sachs, W. T. Woo, N. Yoshino & F. Taghizadeh-Hesary (Eds.), Handbook of green finance: Energy security and sustainable development. Singapore: Springer. doi: 10.1007/978-981-10-8710-3_1-1

Chapter in Book - Research

Bevin-McCrimmon, F., Diaz-Rainey, I., McCarten, M., & Sise, G. (2018). Liquidity and risk premia in electricity futures. Energy Economics, 75, 503-517. doi: 10.1016/j.eneco.2018.09.002

Journal - Research Article

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. doi: 10.1016/j.eneco.2018.04.035

Journal - Research Article

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. doi: 10.1080/00036846.2017.1346366

Journal - Research Article

Diaz-Rainey, I., Roberts, H., & Lont, D. H. (2017). Crude inventory accounting and speculation in the physical oil market. Energy Economics, 66, 508-522. doi: 10.1016/j.eneco.2017.03.029

Journal - Research Article

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. doi: 10.1007/s10584-017-1985-1

Journal - Research Article

McCarten, M., & Diaz-Rainey, I. (2017). Securities class actions and operating performance. Managerial Finance, 43(1), 44-58. doi: 10.1108/MF-03-2016-0086

Journal - Research Article

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. doi: 10.5547/01956574.38.2.dtul

Journal - Research Article

Roberts, H., Diaz-Rainey, I., & Genc, M. (2017). Educational performance, ‘clicker’ engagement and ethnicity: Evidence from Finance 101. Journal of Financial Education, 43(2), 201-222.

Journal - Research Article

Diaz-Rainey, I., & Ashton, J. K. (2015). Investment inefficiency and the adoption of eco-innovations:The case of household energy efficiency technologies. Energy Policy, 82, 105-117. doi: 10.1016/j.enpol.2015.03.003

Journal - Research Article

Essendorfer, S., Diaz-Rainey, I., & Falta, M. (2015). Creative destruction in Wall Street's technological arms race: Evidence from patent data. Technological Forecasting & Social Change, 99, 300-316. doi: 10.1016/j.techfore.2014.11.012

Journal - Research Article

Diaz-Rainey, I., Ibikunle, G., & Mention, A.-L. (2015). The technological transformation of capital markets. Technological Forecasting & Social Change, 99, 277-284. doi: 10.1016/j.techfore.2015.08.006

Journal - Research Article

Nguyen, D. T. T., Diaz-Rainey, I., & Gregoriou, A. (2014). Determinants of the capital structure of listed Vietnamese companies. Journal of Southeast Asian Economies, 31(3), 412-431. doi: 10.1355/ae31-3e

Journal - Research Article

Diaz-Rainey, I. (2014). Institutional investment in the European Union Emissions Trading Scheme. In J. P. Hawley, A. G. F. Hoepner, K. L. Johnson, J. Sandberg & E. J. Waitzer (Eds.), Cambridge handbook of institutional investment and fiduciary duty. (pp. 127-145). New York, NY: Cambridge University Press.

Chapter in Book - Research

Diaz-Rainey, I., & Tzavara, D. (2012). Financing the decarbonized energy system through green electricity tariffs: A diffusion model of an induced consumer environmental market. Technological Forecasting & Social Change, 79, 1693-1704. doi: 10.1016/j.techfore.2012.05.012

Journal - Research Article

Diaz-Rainey, I., & Ashton, J. K. (2008). Stuck between a ROC and a hard place? Barriers to the take up of green energy in the UK. Energy Policy, 36(8), 3053-3061. doi: 10.1016/j.enpol.2008.03.038

Journal - Research Article

Diaz-Rainey, I., & Ibikunle, G. (2012). A taxonomy of the ‘dark side’ of financial innovation: The cases of high frequency trading and exchange traded funds. International Journal of Entrepreneurship & Innovation Management, 16(1/2), 51-72.

Journal - Research Article

Wang, X., Chang, H. K., Yee, R. W. Y., & Diaz-Rainey, I. (2012). A two-stage fuzzy-AHP model for risk assessment of implementing green initiatives in the fashion supply chain. International Journal of Production Economics, 135, 595-606. doi: 10.1016/j.ijpe.2011.03.021

Journal - Research Article

Davies, S. W., & Diaz-Rainey, I. (2011). The patterns of induced diffusion: Evidence from the international diffusion of wind energy. Technological Forecasting & Social Change, 78(7), 1227-1241. doi: 10.1016/j.techfore.2011.03.012

Journal - Research Article

Diaz-Rainey, I., & Ashton, J. K. (2011). Profiling potential green electricity tariff adopters: Green consumerism as an environmental policy tool? Business Strategy & the Environment, 20(7), 456-470. doi: 10.1002/bse.699

Journal - Research Article

Diaz-Rainey, I., Siems, M., & Ashton, J. K. (2011). The financial regulation of energy and environmental markets. Journal of Financial Regulation & Compliance, 19(4), 355-369. doi: 10.1108/13581981111182956

Journal - Research Article

Daskalakis, G., Ibikunle, G., & Diaz-Rainey, I. (2011). The CO₂ trading market in Europe: A financial perspective. In A. Dorsman, W. Westerman, M. B. Karan & Ö. Arslan (Eds.), Financial aspects in energy: A European perspective. (pp. 51-67). Berlin, Germany: Springer. doi: 10.1007/978-3-642-19709-3_4

Chapter in Book - Research

Diaz-Rainey, I., Roberts, H., & Lont, D. (2016). Can accounting inventory data shed light on physical oil market speculation? IAEE Energy Forum, (Bergen Spec. Iss.), 23-24.

Journal - Professional & Other Non-Research Articles

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