Associate Professor
MA (Hons) ATT M.Sc. ASIP PhD Pg. Cert. (HEP)
Tel 64 3 479 8117
Office CO 3.44
Email: ivan.diaz-rainey@otago.ac.nz
Associate Professor Ivan Diaz-Rainey has previously 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
• Co-Director of the Otago Energy Research Centre (OERC)
• Associate Editor, Journal of Financial Regulation and Compliance (JFRC)
PROFESSIONAL AFFILIATIONS
• CFA Institute (Chartered Financial Analysts Institute)
• CFA Society of the UK
• International Association for Energy Economics
Teaching
o FINC304 Financial Markets and Institutions
o FINC420 Energy and Carbon Finance
Research Interests
His policy-focused research spans both finance and innovation research. He has previously conducted research, policy and consultancy work for a number of organisations, including the OECD, E.ON UK plc and the European Capital Markets Institute. His current research interests include:
• Climate and 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
• Innovation diffusion
• Induced diffusion of eco-innovations (e.g. renewables)
• Energy and environmental policy
PhD SUPERVISION
• Dzung Nguyen. (2016 to date) “Financial integration and efficiency of Asian commercial banks”
• Matthew McCarten (2014 to date) " Securities Class Actions as Disciplinary Mechanisms: Debt Financing, Political Lobbying and Innovation", (Taking up 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: Research Associate, Stranded Assets Programme, University of Oxford)
WORKING PAPERS
Aquilina, M, Diaz-Rainey, I, Ibikunle, G & Sun Y, (2016) 'Aggregated Market Quality Implications of Dark Trading', Working Paper, Available at SSRN*
Bevin-McCrimmon, F, Diaz-Rainey, I & Sise, G (2016) ‘Liquidity and Risk Premia in the New Zealand Electricity Futures Market’, USAEE/IAEE Working Paper No. 16-291.
McCarten, M, Diaz-Rainey, I Roberts, H & Tan, E (2017) 'Securities Class Actions, Banking Relationships and Lender Reputation', Working Paper.
McCarten, M, Diaz-Rainey, I, Roberts, H & Tan, E (2017) 'Securities Class Actions and Innovation', Working Paper
Tulloch, D, Diaz-Rainey, I & Premachandra, I (2016) ‘Risk Factors in Energy Utility Returns: An Augmented-Four-Factor Model’ 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 & Tulloch, D (2016) ‘Carbon Pricing in New Zealand’s Emissions Trading Scheme,’ USAEE/IAEE Working Paper No. 16-255.
Diaz-Rainey, I, Ashton, J, Yap, M, Genc, M & Whiting, R, (2014) ‘The determinants of regulatory responses to risks from financial innovation: Post GFC evidence for the G20’ Working paper. Available at SSRN
*Winner of the 'Outstanding Paper in Investments', Eastern Finance Association, Jacksonville, 2017. The award is sponsored by the Individual Investors Association of America (IIAA)
ACCEPTED PAPERS
Diaz-Rainey, I, Robertson, B & Wilson C, (Forthcoming) 'Stranded Research? Leading Finance Journals are Silent on Climate Change', Climatic Change
Roberts, H, Diaz-Rainey, I & Genc, M, (Forthcoming) 'Educational performance, clicker engagement and ethnicity: Evidence from Finance 101', Journal of Financial Education
Publications
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 regulatory change on EU energy utility returns: The three liberalization packages. Applied Economics. Advance online publication. doi: 10.1080/00036846.2017.1346366
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
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
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
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
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., 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
Tulloch, D. J., Diaz-Rainey, I., & Premachandra, I. M. (2017). The impact of regulatory change on EU energy utility returns: The three liberalization packages. Applied Economics. Advance online publication. doi: 10.1080/00036846.2017.1346366
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
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
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
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
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., & 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
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.
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
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. (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
