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Associate Professor Ivan Diaz-Rainey

Ivan Diaz-RaineyAssociate 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.

See also:

ALERT: my name is being used to advertise an ICO called “Gold International Chain”. I have NOTHING to do with this and believe it to be a fraud.

Current roles

  • Associate Professor in Finance
  • Co-Director of the Otago Energy Research Centre (OERC)
  • Leading the Climate and Energy Finance Group at Otago (CEFGroup)
  • Associate Editor, Journal of Financial Regulation and Compliance (JFRC)

Professional affiliations

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

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

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

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

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

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

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

Chapter in Book - Research

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.

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

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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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

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Journal - Professional & Other Non-Research Articles

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.

More publications...