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

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

Tel +64 3 479 8117
Office OBS 3.44
Email ivan.diaz-rainey@otago.ac.nz

Associate Professor Ivan Diaz-Rainey joined the University of Otago in 2012. Previously he held academic positions at the University of East Anglia (Norwich, UK), the European University Institute (Florence, Italy) where he was a Jean Monnet Fellow 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

Associate Professor in Finance
Leading the Climate and Energy Finance Group at Otago (CEFGroup)
Associate Editor, Journal of Financial Regulation and Compliance (JFRC)

Professional affiliations

Global Research Alliance for Sustainable Finance and Investment (Founding member)
International Association for Energy Economics
CFA Institute (Chartered Financial Analysts Institute)
CFA Society of the UK

Teaching

FINC304 Financial Markets and Institutions
FINC420 Energy and Carbon Finance

Research interests

His policy-focused research spans both finance and innovation research with particular focus on issues related to financial regulation, financial innovation, energy policy and climate change. He has conducted research, policy and consultancy work for a number of organisations, including the 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 media, having been interview for RadioNZ on topics related to climate finance and financial innovation.

His current research interests include:

Climate Finance
Energy finance
Carbon markets
Commodity (electricity, oil, dairy) markets
Financial innovation and the evolution of capital markets
Financial institutions and financial development
Financial regulation and regulatory reform
Corporate finance & governance
Models of innovation diffusion & substitution
Induced diffusion of eco-innovations (e.g. renewables)
Energy and environmental policy

PhD supervision

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

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

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

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

Post-doctoral role September 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”,

Post-doctoral role October 2015: Research Associate, Stranded Assets Programme, University of Oxford

Working papers

Ashton, J, Burnett, T, Diaz-Rainey, I, Ormosi, P, (2018) ‘Has the financial regulatory environment improved in the UK? A capture-recapture approach to estimate detection and deterrence’, CCP Working Paper 18-3.

Diaz-Rainey, I & Sise, G (2018) ‘Green Energy Finance in Australia and New Zealand’, Asian Development Bank Institute, Working Paper Number 840.

Aquilina, M, Diaz-Rainey, I, Ibikunle, G & Sun Y, (2017) 'Aggregated Market Quality Implications of Dark Trading', Financial Conduct Authority Occasional Paper No. 29, *
*earlier version was winner of the 'Outstanding Paper in Investments', Eastern Finance Association, Jacksonville, 2017. The award is sponsored by the Individual Investors Association of America (IIAA)

Tulloch, D, Diaz-Rainey, I & Premachandra, I (2017) ‘Modelling sector-level asset prices’, working paper. Available at SSRN.

McCarten, M, Diaz-Rainey, I, Roberts, H & Tan, E (2016) ‘Corporate Lobbying and Fraud Detection: Revisited’ Working paper. Available at SSRN.

Diaz-Rainey, I, Ashton, J, Yap, M, Genc, M & Whiting, R, (2015) ‘The determinants of regulatory responses to risks from financial innovation: Post GFC evidence for the G20’ Bangor Business School Working Paper 15/01.

Accepted papers

Roberts, H, Diaz-Rainey, I & Genc, M (2017) ‘Educational performance, clicker engagement and ethnicity: Evidence from Finance 101’, Journal of Financial Education, Winter, 201-22.

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Publications

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

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. Advance online publication. doi: 10.1016/j.irfa.2021.101746

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.

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

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

Chapter in Book - Research

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. Advance online publication. doi: 10.1016/j.eneco.2021.105129

Journal - Research Article

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., & 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., & 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., & 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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