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finance research paper

  • 23 Jan 2024

More Than Memes: NFTs Could Be the Next Gen Deed for a Digital World

Non-fungible tokens might seem like a fad approach to selling memes, but the concept could help companies open new markets and build communities. Scott Duke Kominers and Steve Kaczynski go beyond the NFT hype in their book, The Everything Token.

finance research paper

  • 12 Sep 2023
  • Research & Ideas

How Can Financial Advisors Thrive in Shifting Markets? Diversify, Diversify, Diversify

Financial planners must find new ways to market to tech-savvy millennials and gen Z investors or risk irrelevancy. Research by Marco Di Maggio probes the generational challenges that advisory firms face as baby boomers retire. What will it take to compete in a fintech and crypto world?

finance research paper

  • 17 Aug 2023

‘Not a Bunch of Weirdos’: Why Mainstream Investors Buy Crypto

Bitcoin might seem like the preferred tender of conspiracy theorists and criminals, but everyday investors are increasingly embracing crypto. A study of 59 million consumers by Marco Di Maggio and colleagues paints a shockingly ordinary picture of today's cryptocurrency buyer. What do they stand to gain?

finance research paper

  • 17 Jul 2023

Money Isn’t Everything: The Dos and Don’ts of Motivating Employees

Dangling bonuses to checked-out employees might only be a Band-Aid solution. Brian Hall shares four research-based incentive strategies—and three perils to avoid—for leaders trying to engage the post-pandemic workforce.

finance research paper

  • 20 Jun 2023
  • Cold Call Podcast

Elon Musk’s Twitter Takeover: Lessons in Strategic Change

In late October 2022, Elon Musk officially took Twitter private and became the company’s majority shareholder, finally ending a months-long acquisition saga. He appointed himself CEO and brought in his own team to clean house. Musk needed to take decisive steps to succeed against the major opposition to his leadership from both inside and outside the company. Twitter employees circulated an open letter protesting expected layoffs, advertising agencies advised their clients to pause spending on Twitter, and EU officials considered a broader Twitter ban. What short-term actions should Musk take to stabilize the situation, and how should he approach long-term strategy to turn around Twitter? Harvard Business School assistant professor Andy Wu and co-author Goran Calic, associate professor at McMaster University’s DeGroote School of Business, discuss Twitter as a microcosm for the future of media and information in their case, “Twitter Turnaround and Elon Musk.”

finance research paper

  • 06 Jun 2023

The Opioid Crisis, CEO Pay, and Shareholder Activism

In 2020, AmerisourceBergen Corporation, a Fortune 50 company in the drug distribution industry, agreed to settle thousands of lawsuits filed nationwide against the company for its opioid distribution practices, which critics alleged had contributed to the opioid crisis in the US. The $6.6 billion global settlement caused a net loss larger than the cumulative net income earned during the tenure of the company’s CEO, which began in 2011. In addition, AmerisourceBergen’s legal and financial troubles were accompanied by shareholder demands aimed at driving corporate governance changes in companies in the opioid supply chain. Determined to hold the company’s leadership accountable, the shareholders launched a campaign in early 2021 to reject the pay packages of executives. Should the board reduce the executives’ pay, as of means of improving accountability? Or does punishing the AmerisourceBergen executives for paying the settlement ignore the larger issue of a business’s responsibility to society? Harvard Business School professor Suraj Srinivasan discusses executive compensation and shareholder activism in the context of the US opioid crisis in his case, “The Opioid Settlement and Controversy Over CEO Pay at AmerisourceBergen.”

finance research paper

  • 16 May 2023
  • In Practice

After Silicon Valley Bank's Flameout, What's Next for Entrepreneurs?

Silicon Valley Bank's failure in the face of rising interest rates shook founders and funders across the country. Julia Austin, Jeffrey Bussgang, and Rembrand Koning share key insights for rattled entrepreneurs trying to make sense of the financing landscape.

finance research paper

  • 27 Apr 2023

Equity Bank CEO James Mwangi: Transforming Lives with Access to Credit

James Mwangi, CEO of Equity Bank, has transformed lives and livelihoods throughout East and Central Africa by giving impoverished people access to banking accounts and micro loans. He’s been so successful that in 2020 Forbes coined the term “the Mwangi Model.” But can we really have both purpose and profit in a firm? Harvard Business School professor Caroline Elkins, who has spent decades studying Africa, explores how this model has become one that business leaders are seeking to replicate throughout the world in her case, “A Marshall Plan for Africa': James Mwangi and Equity Group Holdings.” As part of a new first-year MBA course at Harvard Business School, this case examines the central question: what is the social purpose of the firm?

finance research paper

  • 25 Apr 2023

Using Design Thinking to Invent a Low-Cost Prosthesis for Land Mine Victims

Bhagwan Mahaveer Viklang Sahayata Samiti (BMVSS) is an Indian nonprofit famous for creating low-cost prosthetics, like the Jaipur Foot and the Stanford-Jaipur Knee. Known for its patient-centric culture and its focus on innovation, BMVSS has assisted more than one million people, including many land mine survivors. How can founder D.R. Mehta devise a strategy that will ensure the financial sustainability of BMVSS while sustaining its human impact well into the future? Harvard Business School Dean Srikant Datar discusses the importance of design thinking in ensuring a culture of innovation in his case, “BMVSS: Changing Lives, One Jaipur Limb at a Time.”

finance research paper

  • 18 Apr 2023

What Happens When Banks Ditch Coal: The Impact Is 'More Than Anyone Thought'

Bank divestment policies that target coal reduced carbon dioxide emissions, says research by Boris Vallée and Daniel Green. Could the finance industry do even more to confront climate change?

finance research paper

The Best Person to Lead Your Company Doesn't Work There—Yet

Recruiting new executive talent to revive portfolio companies has helped private equity funds outperform major stock indexes, says research by Paul Gompers. Why don't more public companies go beyond their senior executives when looking for top leaders?

finance research paper

  • 11 Apr 2023

A Rose by Any Other Name: Supply Chains and Carbon Emissions in the Flower Industry

Headquartered in Kitengela, Kenya, Sian Flowers exports roses to Europe. Because cut flowers have a limited shelf life and consumers want them to retain their appearance for as long as possible, Sian and its distributors used international air cargo to transport them to Amsterdam, where they were sold at auction and trucked to markets across Europe. But when the Covid-19 pandemic caused huge increases in shipping costs, Sian launched experiments to ship roses by ocean using refrigerated containers. The company reduced its costs and cut its carbon emissions, but is a flower that travels halfway around the world truly a “low-carbon rose”? Harvard Business School professors Willy Shih and Mike Toffel debate these questions and more in their case, “Sian Flowers: Fresher by Sea?”

finance research paper

Is Amazon a Retailer, a Tech Firm, or a Media Company? How AI Can Help Investors Decide

More companies are bringing seemingly unrelated businesses together in new ways, challenging traditional stock categories. MarcAntonio Awada and Suraj Srinivasan discuss how applying machine learning to regulatory data could reveal new opportunities for investors.

finance research paper

  • 07 Apr 2023

When Celebrity ‘Crypto-Influencers’ Rake in Cash, Investors Lose Big

Kim Kardashian, Lindsay Lohan, and other entertainers have been accused of promoting crypto products on social media without disclosing conflicts. Research by Joseph Pacelli shows what can happen to eager investors who follow them.

finance research paper

  • 31 Mar 2023

Can a ‘Basic Bundle’ of Health Insurance Cure Coverage Gaps and Spur Innovation?

One in 10 people in America lack health insurance, resulting in $40 billion of care that goes unpaid each year. Amitabh Chandra and colleagues say ensuring basic coverage for all residents, as other wealthy nations do, could address the most acute needs and unlock efficiency.

finance research paper

  • 23 Mar 2023

As Climate Fears Mount, More Investors Turn to 'ESG' Funds Despite Few Rules

Regulations and ratings remain murky, but that's not deterring climate-conscious investors from paying more for funds with an ESG label. Research by Mark Egan and Malcolm Baker sizes up the premium these funds command. Is it time for more standards in impact investing?

finance research paper

  • 14 Mar 2023

What Does the Failure of Silicon Valley Bank Say About the State of Finance?

Silicon Valley Bank wasn't ready for the Fed's interest rate hikes, but that's only part of the story. Victoria Ivashina and Erik Stafford probe the complex factors that led to the second-biggest bank failure ever.

finance research paper

  • 13 Mar 2023

What Would It Take to Unlock Microfinance's Full Potential?

Microfinance has been seen as a vehicle for economic mobility in developing countries, but the results have been mixed. Research by Natalia Rigol and Ben Roth probes how different lending approaches might serve entrepreneurs better.

finance research paper

  • 16 Feb 2023

ESG Activists Met the Moment at ExxonMobil, But Did They Succeed?

Engine No. 1, a small hedge fund on a mission to confront climate change, managed to do the impossible: Get dissident members on ExxonMobil's board. But lasting social impact has proved more elusive. Case studies by Mark Kramer, Shawn Cole, and Vikram Gandhi look at the complexities of shareholder activism.

finance research paper

  • 07 Feb 2023

Supervisor of Sandwiches? More Companies Inflate Titles to Avoid Extra Pay

What does an assistant manager of bingo actually manage? Increasingly, companies are falsely classifying hourly workers as managers to avoid paying an estimated $4 billion a year in overtime, says research by Lauren Cohen.

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Imperial College London

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The  Review of Finance , the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. 

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Past, present, and future of sustainable finance: insights from big data analytics through machine learning of scholarly research

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  • Satish Kumar 1 , 2 ,
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A Correction to this article was published on 10 February 2022

This article has been updated

Sustainable finance is a rich field of research. Yet, existing reviews remain limited due to the piecemeal insights offered through a sub-set rather than the entire corpus of sustainable finance. To address this gap, this study aims to conduct a large-scale review that would provide a state-of-the-art overview of the performance and intellectual structure of sustainable finance. To do so, this study engages in a review of sustainable finance research using big data analytics through machine learning of scholarly research. In doing so, this study unpacks the most influential articles and top contributing journals, authors, institutions, and countries, as well as the methodological choices and research contexts for sustainable finance research. In addition, this study reveals insights into seven major themes of sustainable finance research, namely socially responsible investing, climate financing, green financing, impact investing, carbon financing, energy financing, and governance of sustainable financing and investing. To drive the field forward, this study proposes several suggestions for future sustainable finance research, which include developing and diffusing innovative sustainable financing instruments, magnifying and managing the profitability and returns of sustainable financing, making sustainable finance more sustainable, devising and unifying policies and frameworks for sustainable finance, tackling greenwashing of corporate sustainability reporting in sustainable finance, shining behavioral finance on sustainable finance, and leveraging the power of new-age technologies such as artificial intelligence, blockchain, internet of things, and machine learning for sustainable finance.

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1 Introduction

As a universal call to action to end poverty, protect the planet, and improve the lives and prospects of everyone around the world, the 17 Sustainable Development Goals (SDGs) are a part of the 2030 Agenda for Sustainable Development that have been adopted by all United Nations Member States in 2015 and expected to be achieved by 2030 (United Nations, 2020 ). The United Nations estimates an investment in the range of $5 trillion to $7 trillion to achieve the SDGs (Craig, 2021 ). With the unprecedent outbreak of a global pandemic in 2020, the United Nations Development Programme (UNDP) launched the SDG Finance Taxonomy to provide a roadmap for manage the financing and transaction costs of projects that are aligned to the SDGs (Wang et al., 2020 ). The taxonomy also calls for private capital, finance instruments, and support from financial institutions to contribute toward achieving the SDGs. SDG 17, which is about partnership for goals, is earmarked as a lynchpin for meeting the finance needs required for activities dedicated to achieving the SDGs (MacDonald et al., 2019 ; Rizzello & Kabli, 2020 ).

Sustainable finance has emerged as an important concept at the intersection of finance and the SDGs. More than $400 billion of new funds have been raised on capital markets in 2020, which includes $357.5 billion from sustainability bonds and $76.5 billion from green bonds (Refinitiv, 2020 ; United Nations, 2020 ). The definition of sustainable finance, however, is very broad, encompassing myriad dimensions of sustainable ways to attain finance and investment goals. The European Commission ( 2021 ) defines sustainable finance as an evolving process of considering environmental, social, and governance (ESG) factors in financial and investment decisions. However, this definition, which is limited to ESG factors, is very narrow. This calls for a broader and more encompassing definition that speaks to sustainability at large. In this regard, we propose that sustainable finance should encompass all activities and factors that would make finance sustainable and contribute to sustainability , a definition that we opine complements the myriad goals by different stakeholders, such as the European Commission’s ESG and the United Nations’ SDGs. Indeed, the attainment of sustainable policy objectives across numerous jurisdictions can be achieved through various ways such as climate finance, carbon and ESG disclosure, green bonds, and socially responsible investment (Alsaifi et al., 2020 ; Barua & Chiesa, 2019 ; Lokuwaduge & Heenetigala, 2017 ; Migliorelli, 2021 ; OECD, 2020 ; Widyawati, 2020 ), all of which can be covered under our umbrella definition of sustainable finance.

Considering the broad nature of sustainable finance and its importance for achieving the sustainability agenda, many studies have been undertaken to enhance the understanding and practice of sustainable finance. The recent review of sustainable finance by Cunha et al. ( 2021 ) exemplifies this observation, as the authors found that the extant literature on sustainable finance to be “excessively fragmented”, which makes it difficult to “identify what constitutes the field and what differentiates it from traditional finance”. However, their review, which shed light on the critical features of sustainable finance, the global initiatives for the promotion of sustainable finance, and the strategies and outcomes of the main players in sustainable finance, considered 166 articles only, though the field is in fact very much larger, as we demonstrate through the present review consisting of 936 articles. Noteworthily, no review, to date, has attempted to analyze the burgeoning field of sustainable finance without making excessive concessions, wherein overly stringent criteria are imposed to trim the corpus for review to a manageable size for review, as witness in the review by Cunha et al. ( 2021 ).

In this study, we aim to provide a state-of-the-art overview of sustainable finance research, taking into account all aspects and related articles in the field. That is to say, this study covers the entire spectrum of sustainable finance, and thus, it is not limited to any single aspect of the concept, as in the case of past reviews such as climate finance (Giglio et al., 2020 ) and green finance (Malhotra & Thakur, 2020 ). Moreover, this study uses an objective and a powerful review method, namely bibliometric analysis, which is highly suitable for reviewing fields with a large corpus of articles using quantitative techniques (Donthu et al., 2021a ; Pattnaik et al., 2020 ; Paul et al., 2021 ). Specifically, bibliometric analysis exemplifies the use of big data analytics through machine learning of scholarly research in two major ways, namely

the search for big data (bibliometrics) is carried out on an artificial intelligence-powered scientific database (Scopus), wherein the scientific database uses specified keywords for supervised machine learning , as a subset of artificial intelligence, to extract large amounts of bibliometric data relating to articles relevant to sustainable finance, and

the analysis of big data (bibliometrics), which is multi-faceted (e.g., journal, author, institution, country, keywords), multi-formatted (e.g., numbers, words), and large-scaled (e.g., thousands of data points across the multiple facets of 936 articles), is powered by unsupervised machine learning , as another subset of artificial intelligence, to discover latent relationships (e.g., interrelated keywords) and the equivalent clusters of latent relationships (e.g., major themes).

In this regard, this study significantly extends Cunha et al.’s ( 2021 ) review on sustainable finance to uncover the insights that they were not able to provide due to the inherent limitation of their manual and qualitative review of only a small corpus of the literature. Specifically, this study sheds light on the performance analysis and science mapping of the entire corpus of sustainable finance research using a bibliometric analysis, wherein the former unpacks the publication trend, the top articles and contributing journals, authors, institutions, and countries, and the methodological choices and research contexts, whereas the latter reveals the major themes and topics underpinning the intellectual structure of the field. In doing so, this study will contribute enriching insights that answer six research questions (RQs) that are typically reveal through bibliometric reviews (Donthu et al., 2021b , 2021c ; Kumar et al., 2021a , 2021b , 2021c ; Rao et al., 2021 ), and thus, provide a more accurate representation of the state of sustainable finance research as a whole as opposed to the piecemeal representation that emerges from a sample of the field, as in the case of Cunha et al. ( 2021 ):

RQ1. What is the publication trend for sustainable finance research?

RQ2. Which are the most influential articles and top contributing journals for sustainable finance research?

RQ3. Which are the top contributing authors, institutions, and countries for sustainable finance research?

RQ4. What methodological choices and research contexts exist for sustainable finance research?

RQ5. What are the major themes and topics for sustainable finance research?

RQ6. What are the future research directions for sustainable finance research?

The insights from this review can be used in several useful ways. First, both new and seasoned researchers in sustainable finance can gain an overview and up-to-date understanding of its publication trend to gauge its interest in the scientific community over time (RQ1). Second, prospective authors can identify key literature (articles, journals) (RQ2), potential collaborators (authors, institutions, countries) (RQ3), as well as methodologies and contexts (RQ4) for sustainable finance research through this review. The same applies for policy makers and industry practitioners who wish to identify experts for consultancy, key literature to inform decisions, as well as methodological and contextual guides for applied research. Third, prospective authors can use the major themes and topics revealed through this review as a means to differentiate and position their contributions or novelty against existing streams of sustainable finance research (RQ5). Fourth and finally, prospective authors can gain inspiration from the curation of research directions herein to embark on new and potentially fruitful sustainable finance research (RQ6). These directions can also serve as a teaser into new knowledge that policy makers and industry practitioners can expect to see from the literature in the near future. These contributions, which are typically expected of well-done reviews, are in line with the authoritative guidelines for literature reviews of the field (e.g., Donthu et al., 2021a ) and Paul et al., 2021 ).

The rest of this paper is organized as follows. The paper begins with an overview of sustainable finance. Next, the paper discloses the methodology and reports the findings of the review. Finally, the paper concludes with a future research agenda and a series of research questions for each major theme that can be used as a guide by prospective researchers to advance and fertilize the field of sustainable finance.

2 Sustainable finance

The literature on sustainable finance can be traced back to Ferris and Rykaczewski ( 1986 ), who addressed the concerns and benefits of social investing in portfolio management. Following this seminal article, the next decade of research (1986–1995) expanded the literature on the key success factors of socially responsible investing (Camey, 1994 ; Diltz, 1995 ). New research in the subsequent decade (1996–2005) extended understanding on socially responsible investing in terms of its performance against conventional funds (Guerard & John, 1997 ; Hutton et al., 1998 ; Statman, 2000 ) and the need to expand its scope to account for ethics (Wilson, 1997 ) and the environment (Heinkel et al., 2001 ) such as climate change and renewable energy (Van Der Laan & Lansbury, 2004 ). The later decade (2006–2015) sees the introduction and boom of new research such as carbon finance (Aglietta et al., 2015 ; Bredin et al., 2014 ; Purdon, 2015 ; Yenneti & Gamaralalage, 2012 ; Yeoh, 2008 ), climate finance (Brunner & Enting, 2014 ; Hogarth, 2012 ; Jakob et al., 2015 ; Vanderheiden, 2015 ), conscious capitalism (Sisodia, 2009 , 2013 ; Wang, 2013a , 2013b ), ESG-CSR and firm performance integration (Dorfleitner et al., 2015 ; Eccles & Viviers, 2011 ; Friede et al., 2015 ; Halbritter & Dorfleitner, 2015 ; Himick, 2011 ; Nielsen & Noergaard, 2011 ), and ethical investing (Bauer et al., 2007 ; Belghitar et al., 2014 ; Chow et al., 2014 ; Pender & Brocchetto, 2011 ; Richardson, 2009 ; Säve-Söderbergh, 2010 ; von Wallis & Klein, 2015 ; Watson, 2011 ). The most recent half decade (2015–2020) is characterized by research responding to the Paris agreement and the launch of the SDGs in 2015, with exponential growth in publications focusing on impact investing (Agrawal & Hockerts, 2019 , 2021 ; Caseau & Grolleau, 2020 ; Lieberman, 2020 ; Robb & Sattell, 2016 ; Viviani & Maurel, 2019 ) innovative financial instruments such as social impact bonds (Carè et al., 2020 ; Giacomantonio, 2017 ; Rizzello & Kabli, 2020 ; Torre, et al., 2019 ), and ESG investing and firm performance (Alessandrini & Jondeau, 2020 ; Chen & Mussalli, 2020 ; Giese et al., 2019 ; Landi & Sciarelli, 2019 ; Schramade, 2016 ). The summary of the brief evolution of sustainable finance research is presented in Fig.  1 , and will be investigated further in the later sections of this study.

figure 1

Evolution of sustainable finance research. CSR Corporate social responsibility. ESG Environmental, social, and governance. SDG Sustainable development goals

Given the burgeoning research on sustainable finance, past researchers have also attempted to review the extant literature in the field. However, in most instances, such reviews were limited to a specific aspect of sustainable finance, and not sustainable finance as a whole. For example, using systematic reviews, researchers have consolidated the extant literature pertaining to climate finance (Giglio et al., 2020 ), ESG (Daugaard, 2020 ; Widyawati, 2020 ), green finance (Malhotra & Thakur, 2020 ; Zhang, et al., 2019 ), impact investing (Clarkin & Cangioni, 2016 ), and socially responsible investing (Camilleri, 2020 ; Fabregat-Aibar et al., 2019 ; Rahman, et al., 2020 ; Revelli & Viviani, 2015 ; Viviers & Eccles, 2012 ), and using bibliometric analysis, researchers such as Bui et al. ( 2020 ) have revealed insights on sustainable corporate finance albeit from a small corpus of 227 articles. Apart from Cunha et al. ( 2021 ), which is the only and most recent review of sustainable finance prior to the present review, no other review has attempted to review the field as a whole. Yet, as mentioned previously, the review by Cunha et al. ( 2021 ) remains limited to a small corpus of 166 articles, and thus, providing a snapshot rather than a state-of-the-art overview of sustainable finance research, wherein the absence and need of the latter to provide a comprehensive stock take of the field motivates the present review, whose methodology will be disclosed in the next section.

3 Methodology

This study collects bibliometric data on sustainable finance research for its review. To do so, this study adopts and implements the Scientific Procedures and Rationales for Systematic Literature Reviews (SPAR-4-SLR) protocol, which consists of three major stages, namely assembling , arranging , and assessing of articles (Paul et al., 2021 ). The summary of the review procedure is illustrated in Fig.  2 .

figure 2

Systematic review procedure using the SPAR-4-SLR protocol

3.1 Assembling

To assemble the corpus of articles on sustainable finance, this study identified its search keywords relating to sustainable finance from the preliminary review of relevant literature in the previous section and consulted 10 experts to ascertain the suitability of those keywords to represent sustainable finance. This led to a combination of 17 keywords that can be organized into the following search string:

“carbon credit” OR “carbon finance” OR “carbon tax” OR “climate finance” OR “conscious capitalism” OR “ESG investing” OR “green bond” OR “green finance” OR “impact investing” OR “SDG financing” OR “socially responsible investing” OR “sustainability financing” OR “sustainability reporting” OR “sustainability risk disclosure” OR “sustainability risk management” OR “sustainable economy” OR “sustainable finance”

Following the identification of search keywords, this study conducted a search for articles using the aforementioned search string in the “article title, abstract, and keywords” on Scopus, which is the largest high-quality scientific database of scholarly articles (Comerio & Strozzi, 2019 ; Norris & Oppenheim, 2007 ), and thus chosen over its alternative, Web of Science, which contains less articles for review than Scopus (Paul et al., 2021 ). In total, 10,850 documents were returned from the search.

3.2 Arranging

To arrange the corpus of 10,850 articles returned from the assembling stage, this study used the category (code) function in Scopus to review the search results according to year , subject area , document type , publication stage , source type , and language , wherein search results were filtered and limited to “2020”, “business, management, and accounting”, “article”, “final”, “journal”, and “English” in those categories, respectively. These filters were imposed in line with the recommendations of Paul et al. ( 2021 ) because 2020 represented the latest full year run; sustainable finance resides within business, management, and accounting; non-articles such as editorials and notes may not be peer reviewed and the inclusion of reviews can lead to double-barreled insights; in-press articles were discarded as they have not been finalized; non-journal sources such as book, book chapter, and conference proceeding were excluded as they may not have undergone rigorous peer review; and non-English articles were not included on the basis of our limited language proficiency in languages other than English. This led to a reduced corpus consisting of 1,530 articles.

Following that, we downloaded and read each article, and eliminated another 594 articles that mentioned the search keywords sparingly. That is to say, the aspects of sustainable finance did not take center stage in the investigation of those articles, resulting in their removal. This led to a final corpus of 936 articles for review, which was confirmed following a random cross-check using other databases such as Google Scholar and publishers website such as Elsevier, Emerald, Sage, Springer, and Taylor and Francis to avoid unintended exclusion of relevant studies in the field (Goyal et al., 2021 ; Harari et al., 2020 ; Lim et al., 2021 ).

3.3 Assessing

To assess the final corpus of 936 articles on sustainable finance, which is a relatively large corpus, this study adopts a bibliometric analysis approach for its review. In essence, a bibliometric analysis uses quantitative techniques to appraise scientific information of scholarly articles (Donthu et al., 2021a ). Noteworthily, systematic reviews using bibliometrics are now a commonplace (Ellegaard & Wallin, 2015 ), including business in general (Baker et al., 2020 ; Donthu et al., 2021a ; Zupic & Čater, 2015 ) and finance in particular (Durisin & Puzone, 2009 ; Linnenluecke et al., 2018; Xu et al., 2018) as a bibliometric analysis can mitigate the potential bias that avail in manual (e.g., error prone) and qualitative (i.e., subjectivity) reviews using quantitative (i.e., objectivity) tools (Broadus, 1987 ; Burton et al., 2020 ), especially when the corpus for review is large (high hundreds to thousands of articles) (Donthu et al., 2021a ), as in the case of the present review (i.e., 936 articles). Following past reviews (Cobo et al., 2011 ; Donthu et al., 2020 , 2021d ; Khan et al., 2021 ), this study performs a bibliometric analysis using a performance analysis to delinate the publication trend, the top articles and contributing journals, authors, institutions, and countries, and the methodological choices and research contexts, and a science mapping via a temporal analysis using word clouds (Bastian et al., 2009; van Eck & Waltman, 2017 ) and a network analysis using keyword co-occurrence (Callon et al., 1983 ; Castriotta et al., 2019 ; Donthu et al., 2021a ; Newman & Girvan, 2004 ; Pesta et al., 2018 ) in VOSviewer (van Eck & Waltman, 2017 ) to unpack the major themes and topics underpinning the intellectual structure of sustainable finance research. To advance insights in the field, this study curates a future research agenda based on our reading of the articles and reflection of extant gaps under each major theme. The next sections report the findings of the review, wherein narratives are supplemented by figures and tables.

4.1 Performance analysis

Performance analysis is a bibliometric analysis technique that describes the performance of a research domain (Donthu et al., 2021a ), and in this case, the field of sustainable finance. This analysis is akin to that of the profiling of participants in empirical studies albeit in a more rigorous way through the use of bibliometric metrics (Donthu et al., 2021a ). In this study, a performance analysis is conducted to reveal (1) the publication trend, (2) the most influential articles, the top contributing (3) journals, (4) authors, (5) institutions, and (6) countries, and (7) the methodological choices and research contexts of sustainable finance research.

4.1.1 Publication trend for sustainable finance research

The year-wise publication trend of sustainable finance research is presented in Fig.  3 . The figure indicates that the first article on sustainable finance published in a journal indexed in Scopus appeared in 1986 (Ferris & Rykaczewski, 1986 ), and that publications in the field have grown over the last 35 years (1986–2020). With only a single publication in 1986 and single-digit publications in each ensuing year up to 2006, the field of sustainable finance has proliferated considerably in the next 15 years, with a record high of 193 publications in 2020. Noteworthily, an exponential increase in publications is witnessed from 2015 onwards, which is the year when the Paris agreement and the SDGs were signed by United Nations Member States. This is supported by a detailed scrutiny of the corpus, whereby close to 70% of articles were published between 2015 and 2020, thereby reaffirming 2015 as a landmark year for sustainable finance research.

figure 3

Year-wise publication for sustainable finance research between 1986 and 2020

4.1.2 Most influential articles for sustainable finance research

The most influential articles for sustainable finance research in terms of citations are presented in Table 1 . The table indicates that Dedusenko’s ( 2017 ) article is the most cited article in the field, with an average of 43.67 citations per year and a total of 655 citations since its publication in 2006. This is followed by Viviers, Ractliffe, and Hand’s ( 2011 ) and Roundy’s ( 2019 ) articles in Journal of Banking and Finance and Journal of Financial Economics , which have been cited 500 and 431 times, respectively. Interestingly, the top three most-cited articles in the field are about impact investing, which highlights its prominence influence in the field. Noteworthily, the top 25 most-cited articles in the field have amassed a total of 5970 citations, which reflects the significant influence that sustainable finance research has had in the scientific community.

4.1.3 Top contributing journals for sustainable finance research

The corpus of 936 articles on sustainable finance were published across 416 journals, with Table 2 indicating that the top 24 contributing journals with a minimum of five articles on sustainable finance have published 334 (35.68%) articles in the field. Specifically, the top three most prolific journals are Sustainability , Journal of Business Ethics , and Journal of Sustainable Finance and Investment , with 52, 47, and 42 articles, respectively. However, in terms of influence, Journal of Business Ethics leads the pack with 2712 citations, followed by Journal of Banking and Finance and Climate Policy , with 1422 and 458 citations, respectively. Noteworthily, most of the top contributing journals have an impact factor above one and they are rated favorably (3 and 4) in the Academic Journal Guide by the Chartered Association of Business Schools, which indicates that sustainable finance as an area of research has received attention from some of the best journals in the field.

4.1.4 Top contributing authors for sustainable finance research

The top contributing authors for sustainable finance research are presented in Table 3 . The table indicates that Scholtens B. from University of Groningen, Netherlands and Cortez M.C. from University of Minho, Portugal are the two most prolific authors in the field with 10 articles each. This is followed by Richardson B.J. from University of British Columbia, United States and Dorfleitner G. from University of Regensburg, Germany with nine and eight articles, respectively. However, the most influential authors are S. Viviers from Stellenbosch University, South Africa and Hockerts K. from Copenhagen Business School, Denmark with 591 and 577 citations, respectively, though the latter (TC/TP = 144.28; TC/TCP = 192.33) yields a better average return of citations each year than the former (TC/TP and TC/TCP = 118.20). Taken collectively, the top 25 contributing authors for sustainable finance research have contributed a total of 132 (14.10%) articles that have amassed 2127 citations in the field.

4.1.5 Top contributing institutions for sustainable finance research

The top contributing institutions for sustainable finance research are presented in Table 4 . The table indicates that the most prolific institution in the field is University of Regensburg, Germany with 15 articles, followed by University of Oxford, United Kingdom with 13 articles, and University of British Columbia, Australia and University of California, United States with 12 articles each. However, the most influential institution is Tilburg University, the Netherlands with 1050 citations, followed by University of Mino, Portugal and Maastricht University, the Netherlands with 846 and 698 citations, respectively. Taken collectively, the top 25 contributing institutions for sustainable finance research have contributed a total of 211 (22.54%) articles that have amassed 6439 citations in the field.

4.1.6 Top contributing countries for sustainable finance research

The top contributing countries for sustainable finance research are presented in Table 5 . The table indicates that the most prolific country is the United States with 242 articles, followed by the United Kingdom and Germany with 131 and 90 articles, respectively. The United States and the United Kingdom also emerge as the top two most influential countries, with 4,986 and 2,799 citations, respectively, and they are joined by the Netherlands, which is the third most influential country with 2,194 citations. However, Portugal yields the highest average citation of 78.27 for the 13 articles that authors from the country have contributed to the field. While American and European countries dominate the list of the top 25 contributing countries, there is notable representation from African countries such as South Africa, Asian countries such as China and India, and Oceanic countries such as Australia. Despite this representation, only 71 out of 936 articles have drawn samples from African and Asian countries, which shows that the majority of research on sustainable finance continue to be America and Europe focused. Nonetheless, upon detailed scrutiny, we observe that sustainable finance research in African and Asian countries have begun to appear more prominently in the recent decade (2011–2020) (Fonta et al., 2018 ; Rajan et al., 2014 ; Urban & George, 2018 ; Viviers et al., 2011 ), which should and will likely to continue in the future.

4.1.7 Methodological choices and research contexts for sustainable finance research

The methodological choices (i.e., research approach, research design, data collection technique, and data analysis tool) and research contexts (i.e., industry focus, research focus, and geographical focus) for sustainable finance research are presented in Table 6 across decades and over a cumulative period of 35 years (1986–2020).

Panel A of Table 6 depicts the preference of research approach for sustainable finance research. The qualitative approach tops the chart as the most preferred research approach across all decades, with 53% of articles in the field using this research approach. The quantitative approach is the next most preferred research approach, constituting 38% of articles, whereas a mixed combination of the two approaches represents only 7.5% of articles in the corpus. Noteworthily, the share of the qualitative approach has been declining while the quantitative approach and the mixed approach have both gained increasing popularity over time, whereby the increased share of the quantitative approach being a reflection of the growing availability and accessibility of sustainable financial data, and the share of the mixed approach being a reflection of the increasing rigor required to publish sustainable finance research over time.

Panel B of Table 6 exhibits the preference of research design for sustainable finance research. The conceptual and empirical research designs were equally preferred in the field’s early years (37.03%), though a stronger preference for empirical research designs and a declining preference for conceptual research designs occur over time. There is also a notable increase in review research designs as time passes, which indicates the growing maturity of sustainable finance research given that reviews are a stock take of mature fields of research (Donthu et al., 2021a ). The same observation applies for the mixed research design, which is another point to substantial our previous inference that the expectation of rigor in sustainable finance research has increased over time. Nonetheless, interest in modeling research designs fluctuate and continue to remain relatively small.

Panel C of Table 6 illustrates the preference of data collection techniques for sustainable finance research. Noteworthily, archival data is the most preferred data collection technique across all time periods (46.15%), followed by interviews (23.29%) and case studies (19.66%). Surveys account for only 9.08%, whereas laboratory data makes up for only 0.75% of the corpus, which indicates that sustainable finance research have plenty of room to grow using a quantitative approach predicated on primary data. The rest of the 13.03% of the corpus do not utilize any data as they are mainly conceptual articles.

Panel D of Table 6 indicates the preference of data analysis techniques for sustainable finance researcher. Descriptive (28.31%) and regression (23.93%) techniques appear to be most preferred, with a large majority of studies not employing any specific data analysis techniques (38.03%). With regards to the former, we observe that research employing descriptive analysis typically offer basic descriptions of total, percentage, mean, median, and graphical representation of statistics, and advance descriptions using statistical analysis such as frequency analysis, t -test, and chi-square test, whereas research using regression analysis usually provide insights from ordinary least squares, logit, probit, panel, and vector-auto regression models. With regards to the latter, the nascent stage of sustainable finance in developing countries, which have yet to integrate sustainable finance in the economy and financial markets, could have led to a dearth of quantitative and statistical data for analysis, and thus, explaining why a large majority of studies do not employ any specific data analysis techniques. The rest of the 9.94% of the corpus have used other data analysis techniques such as CAPM modeling, Carhart modeling, data envelopment analysis, mathematical modeling, and variance-based techniques such as ANOVA, ANCOVA, MANOVA, and MANCOVA.

Panel E of Table 6 presents the industry focus of sustainable finance research. The panel indicates that research in the field have not been very focused to a specific industry as close to 70% of studies have not specified any industry of focus in their articles. Nonetheless, 30% of studies have adopted an industry focus, with services, especially financial services, being a highly popular industry due to the nature of sustainable finance (16.77%). Only 4% of studies have shown a preference for manufacturing, with a special focus given to energy and allied sectors due to the concepts of carbon, climate, and green financing. The rest of the corpus (9%) focus on both services and manufacturing, which have nonetheless been on a declining trend over time, indicating that the differences in each industry may be considerably challenging to be covered in a single study.

Panel F of Table 6 reveals the research focus of sustainable finance research in line with the classification by Gupta et al. ( 2009 ). The vast majority (93.2%) of studies in the field have focused on the application of existing concepts in the real-world settings, with few studies building (0.21%) and verifying (6.62%) theories, which signals immense room for theory development and testing to theorize phenomena on sustainable finance beyond the limited re-use of traditional theories such as agency theory, institutional theory, legitimacy theory, modern portfolio theory, resource dependency theory, and stakeholder theory.

Finally, Panel G of Table 6 shows the geographical focus of sustainable finance research. Though most studies have not focused on any specific country (67.52%), those studies that have are often seen focusing on a single country (22.54%) as opposed to multiple countries (9.94%), most of which are of a developed (89.10%) rather than a developing (10.90%) status.

4.2 Science mapping

Science mapping is an analysis that uncovers and provides a graphical representation of what knowledge exist and how they are interrelated in a domain (Donthu et al., 2021a ), and in this case, sustainable finance research. The science mapping of sustainable finance research is carried out using two bibliometric analysis techniques in VOSviewer, namely a temporal analysis using word clouds to unpack the major topics characterizing sustainable finance research across each time period, and a network analysis using keyword co-occurrence to reveal the major themes underpinning the intellectual structure of sustainable finance research over the last 35 years (1986–2020).

4.2.1 Temporal analysis using word clouds for sustainable finance research

The corpus of articles on sustainable finance research was segmented into four time periods: 1986 to 1995, 1996 to 2005, 2006 to 2015, and 2016 to 2020. The major topics in each time period uncovered through a temporal analysis are illustrated through the word clouds in Figs. 4 , 5 , 6 and 7 .

figure 4

Sustainable finance research between 1986 and 1995

figure 5

Sustainable finance research between 1996 and 2005

figure 6

Sustainable finance research between 2006 and 2015

figure 7

Sustainable finance research between 2016 and 2020

Figure  4 depicts the advent of “socially” “responsible” “investing” in the initial years of sustainable finance research between 1986 and 1995, wherein aspects such as “activities”, “beliefs”, “costs”, “personal” and “private” “portfolio”, “reputation” “management”, and “successful” “performance” were explored, including the use of theories such as “Keynes”(ian) “economics” (Camey, 1994 ; Diltz, 1995 ; Ferris & Rykaczewski, 1986 ; Herremans et al., 1993 ; Pierce, 1993 ).

Figure  5 exhibits the continued growth of “socially” “responsible” “investing” between 1996 to 2005 through the exploration of new areas that include “business-social” “activism”, “agency”, “challenges”, “responsibility”, and “strategies” for “communicating” and “making” a “difference” in “carbon”, “climate”, “ethical”, and “green” “issues”, the “funds” available for “investment, as well as the “implications” of this “alternative” “finance”, “changing” “behavior”, “debate”, and “diversification” for the “board”, “companies”, “consumer”, “corporations”, “investor”, and “shareholder”. The field in this decade also “gradually” “develops” toward addressing “contradictions” among “capitalists” to create a “better” impact on the “bottom-of-the-pyramid” and “eco-efficiency”, as well as finer-grained insights at the country level, such as those relating to “Austrian” and “Canadian” “companies”.

Figure  6 illustrates the continued growth of “socially” “responsible” “investing” between 2006 and 2015, including the noteworthy proliferation of research that begun in the previous decade relating to “carbon” and “climate” “fund” and “stock”, and the “case” or “evidence” of the “adaptation”, “change”, “impact”, and “role” that such “investments” have for “sustainability” and “sustainable” “development”. There is also ongoing research on “ethical” and “green” “funds” and their equivalent “costs”, as well as a greater presence of “empirical” “analysis” and inclusion of the “global” “economy” and “international” “markets” such as “Africa” and the “European” “market”. “Conscious” “capitalism” also emerges alongside “environmental”, “social”, and “governance” or “ESG” “fiduciary” and “mutual” “responsibility” among “corporate” “investors” and the aforementioned areas in this period (Halbritter & Dorfleitner, 2015 ; Jackson, 2013a , 2013b ; Mekonnen, 2014 ; Ryan, 2012; Viviers et al., 2011 ).

Finally, Fig.  7 indicates that “climate”, “green”, “impact”, and “social” finance” and “investment” took center stage between 2016 and 2020 subsequent to the “Paris” agreement and the launch of the SDGs in 2015. Noteworthily, the “study” of sustainable finance in this five-year period has engaged and presented a “case” “analysis” and “evaluation” of the “bond”, “equity”, and “fund” “portfolio” manifested through the aforementioned sustainable finance concepts in tandem with the “adaptation”, “agreement”, “approach”, “change”, “governance”, “model”, “policy”, and “risk” involved, as well as the corresponding “evidence” of the “role” and “impact” of such “investments” among “corporate” “investors” toward “ESG” “performance” and “sustainable” “development”, including in “emerging” and “international” “markets” such as “energy” and “China”, respectively.

4.2.2 Network analysis

Unlike the temporal analysis that employs word clouds and segments the corpus of articles on sustainable finance according to time periods to unpack the temporal evolution of topics in the field, the network analysis uses keyword co-occurrence on the entire corpus to unpack the major themes that characterize the intellectual structure of sustainable finance research since its inception in 1986 up to 2020. In this regard, the network analysis using keyword co-occurrence consolidates a wide range of topics according to thematic similarity, thereby shedding light on the major themes (or knowledge departments) in the field of sustainable finance. The major themes that emerged from the keyword co-occurrences in the network analysis of the entire corpus generated through VOSviewer are illustrated in Fig.  8 , whereas the accompanying descriptive is presented in Table 7 and the interrelatedness between themes is reported in Table 8 .

figure 8

Keyword network of sustainable finance research. Red = socially responsible investing. Green = climate financing. Dark blue = green financing. Yellow = impact investing. Purple = carbon financing. Light blue = energy financing. Orange = governance of sustainable financing and investing. (Color figure online)

In total, the results of the network analysis of keyword co-occurrence presented in Fig.  8 and Table 7 reveal eight major themes pertaining to sustainable finance, namely socially responsible investing (first and red cluster), climate financing (second and green cluster), green financing (third and dark blue cluster), impact investing (fourth and yellow cluster), carbon financing (fifth and purple cluster), energy financing (sixth and light blue cluster), and governance of sustainable financing and investing (seventh and orange cluster).

The accompanying metrics in Table 7 shed light on the total occurrence (TO) of each keyword or topic, the degree of centrality (DC) measuring the number of connections for each keyword or topic, and the eigenvector centrality (EC) measuring the relative importance of each keyword or topic in terms of its connection to other keywords or topics, wherein keywords or topics with a high number of connections that are also connected to other keywords or topics with such characteristics will receive a higher EC score (Donthu et al., 2021a ).

The nature of interrelatedness of each major theme is reported in Table 8 , wherein two-way contributions are observed, though the contributions of one way may be notably more than the other way. For example, the table indicates that impact investing (fourth cluster) contributes 19.58% to socially responsible investing (first cluster), whereas the contribution of the opposite is 10.38%. Similarly, the table indicates that energy financing (sixth cluster) and governance of sustainable financing and investing (seventh cluster) contribute 23.50% and 21.23% to climate financing (second cluster), whereas the contributions of the opposite are 10.82% and 6.62%, respectively. Noteworthily, each keyword or topic can be primarily assigned to a major theme or cluster (Total %K = 100%), though their links (relationships) can span across themes or clusters (Total %L > 100%), thereby reflecting both the disciplinary and interdisciplinary nature of research on sustainable finance. The summaries of each major theme or cluster are presented next.

4.2.2.1 Cluster 1 (red): socially responsible investing

The largest cluster pertains to socially responsible investing, comprising 28.14% of total keywords and 42.75% of total links in the network of sustainable finance research. The most popular keyword or topic in this cluster is “socially responsible investing”, which appears in 175 articles and is connected to another 120 keywords. Other popular keywords or topics in this cluster that are researched in conjunction with socially responsible investing include “investment”, “corporate social responsibility”, “sustainability”, “socially responsible investment”, “mutual funds”, “decision making”, “ESG”, “corporate governance”, and “financial performance”. Under this cluster, researchers have explained the performance of socially responsible funds and their outperformance over regular mutual funds (Jafri, 2019 ), the ethical requirements to fulfill social responsible investing (von Wallis & Klein, 2015 ), and how ESG scores can enhance investment decision making (Chow et al., 2014 ), among others.

4.2.2.2 Cluster 2 (green): climate financing

The second largest cluster relates to climate financing, consisting of 18.61% of total keywords and 42.43% of total links in the network of sustainable finance research. The most popular keyword or topic on climate financing is “climate change”, which appears in 150 articles and is connected to another 166 keywords or topics. Other popular keywords or topics in this cluster that are researched in conjunction with climate financing include “environmental policy”, “developing world”, “adaptive management”, the “United Nations Framework Convention on Climate Change”, “greenhouse gases” and the “Paris Agreement”. Under this cluster, researchers have focused on the effects of climate change and the need for climate financing to mitigate greenhouse gases contributing to climate change in line with transnational agreements and frameworks (Dam & Scholtens, 2015 ; Gutiérrez & Gutiérrez, 2019 ; Ibrahim et al., 2016 ; Skovgaard, 2015 ), among others.

4.2.2.3 Cluster 3 (dark blue): green financing

The third largest cluster pertains to green financing, containing 15.15% of total keywords and 35.19% of total links in the network of sustainable finance research. The most popular keyword or topic on green financing is “environmental economics”, which appears in 82 articles and is connected to another 165 keywords. Other popular keywords or topics in this cluster that are researched in conjunction with green financing include “sustainable development”, “China”, “financial system”, “risk assessment”, “green economies”, “sustainable development goals”, “market conditions”, and “financial provisions”. Under this cluster, researchers have highlighted the promise of environmental protection through green finance and policies (Tan et al., 2017 ), as well as the contributions of green bonds and hybrid innovative instruments toward achieving the sustainable development goals (Alessandrini & Jondeau, 2020 ; Muhamat et al., 2017 ; Vazquez & Chin, 2019 ), among others.

4.2.2.4 Cluster 4 (yellow): impact investing

The fourth largest cluster relates to impact investing, encapsulating 12.12% of total keywords and 22.67% of total links in the network of sustainable finance research. The most popular keyword or topic in this cluster is “finance”, which appears in 110 articles and is connected to another 188 keywords, followed by “impact investing”, which appears in 56 articles and is connected to another 69 keywords. Other popular keywords or topics in this cluster that are researched in conjunction with impact investing include “social impact”, “innovation”, “stakeholder”, “social enterprise”, “strategic approach”, “United Kingdom”, “India”, and “political economy”. Under this cluster researchers have demonstrated how social enterprises and social entrepreneurship engage in social impact investments and innovations through social impact bonds and hybrid instruments (Abadie et al., 2013 ; Richardson, 2014 ; Roehrer & Kouadio, 2015 ), as well as business models for sustainability for impact investing and social impact bonds (Malhotra & Thakur, 2020 ), among others.

4.2.2.5 Cluster 5 (purple): carbon financing

The fifth largest cluster pertains to carbon financing, including 9.96% of total keywords and 24.17% of total links in the network of sustainable finance research. The most popular keyword or topic on carbon financing is “emission control”, which appears in 36 articles and is connected to another 102 keywords or topics. Other popular keywords or topics in the cluster that are researched in conjunction with carbon financing include “financial market”, “carbon emission”, “commerce”, “clean development mechanism”, “carbon”, “emissions trading”, “empirical analysis”, and “energy efficiency”. Under this cluster, researchers discuss the feasibility and implementation of carbon finance (Pinsky et al., 2019 ), the carbon market crisis and clean development mechanism required for adapting funds and emissions trading (Harmeling & Kaloga, 2011 ) in international markets (Lesser et al., 2014 ), and the societal perceptions of socially responsible financing, including that emerging from carbon financing, for sustainable development (Escrig-Olmedo et al., 2013 ), among others.

4.2.2.6 Cluster 6 (light blue): energy financing

The sixth largest cluster relates to energy financing, which is made up of 8.66% of total keywords and 19.54% of total links in the network of sustainable finance research. The most popular keyword or topic on energy financing is “renewable energy”, which appears in 27 articles and is connected to another 79 keywords. Other important keywords or topics in the cluster that are researched in conjunction with energy financing include “private sector”, “energy policy”, “alternative energy”, “financial services”, “fossil fuel”, “economic growth”, “Africa”, “environmental impact”, and “investment incentive”. Under this cluster, researchers have shed light on impact investment options that include energy finance focusing on alternative and renewable energy (Geobey & Callahan, 2017 ; Marti, 2013 ), including in developing economies such as the Middle East (Sisodia et al., 2020 ), among others.

4.2.2.7 Cluster 7 (orange): governance of sustainable financing and investing

The seventh largest cluster pertains to governance of sustainable financing and investing, which represents 7.36% of total keywords and 13.22% of total links in the network of sustainable finance research. The most popular keyword or topic in this cluster is “governance approach”, which appears in 30 articles and is connected to another 108 keywords. Other important keywords or topics in the cluster that are researched in conjunction with governance of sustainable financing and investing include “economics”, “economic development”, “environmental management”, “Redd+”, “Japan”, “environmental planning”, “environmental performance”, and “Latin America”. Under this cluster, researchers have focused on the alignment of global financial markets with the Paris agreement (Thomä et al., 2019 ), economic development through sustainable finance (Pinsky et al., 2020 ), and sustainable financing instruments for sustainable development (Zhang et al., 2020 ). For example, Thomä et al. ( 2019 ) explored a common set of accounting principles to be utilized for the alignment of equity and bond asset classes and multiple stakeholders towards the Paris agreement, whereas Pinsky et al. ( 2020 ) shed light on the governance process of REDD+ and performance-based mechanisms to incentive developing countries to engage in sustainable finance.

5 Forging the way forward

Sustainable finance has been and will continue to remain relevant for business schools, financial institutions, financial markets, and regulators. Noteworthily, both developed and developing countries are increasingly seen to be mandating SDG attainments through sustainable finance such as carbon, climate, and green financing (Dikau & Volz, 2021 ; Elavarasan et al., 2021 ; Taghizadeh-Hesary & Yoshino, 2019 ), whose importance are likely to magnify post the COVID-19 pandemic because of the setbacks that the pandemic has inflicted on the world’s progress toward the agenda of greater sustainability (United Nations, 2021 ). Besides that, financial markets are always on the lookout for innovative sustainable finance instruments that they can opportunistically leverage to meet economic demands whilst making impactful contributions toward sustainability and sustainable development, especially with regards to the attainment of the SDGs and the reduction of carbon footprint in accordance with the Paris agreement (Muganyi et al., 2021 ; Yu et al., 2021 ). Similarly, investors today are showing greater interest in ESG and socially responsible investment funds, giving directives to fund managers to screen and pursue funds for impact investing (Alda, 2020 , 2021 ; Chen et al., 2021 ; Joliet & Titova, 2018 ; Yesuf & Aassouli, 2020 ). Taken collectively, a continuous stream of new insights is thus required to ignite and satisfy evolving demands for sustainable finance.

With the growth in the body of knowledge and the availability of data on transactions specific to sustainable finance, future researchers can expect to be in a much more privilege position as compared to past researchers when they examine the direct and indirect causes and effects of myriad aspects of sustainable finance, especially in terms of its performance and return (Chen & Ma, 2021 ; Kling et al., 2021 ; Tian & Lin, 2019 ; Yao et al., 2021 ; Zhang, 2021 ). Indeed, the growing interest in sustainable finance has been evidenced in this review through the notable increase in the number of related research articles over the years, as well as the increased participation of investors and regulators in the field (Li et al., 2020 ; Schulz et al., 2020 ). More importantly, our reading of the articles and reflection of extant gaps under each major theme have led to several suggestions that should pave the way forward for future research to pollinate the field of sustainable finance in meaningful ways. Specifically, we observe that the major themes in the existing corpus have largely focused on the different types of sustainable finance (e.g., socially responsible investing, climate financing, green financing, impact investing, carbon financing, and energy financing), with the theme of governance being the noteworthy exception. While concepts such as green financing, carbon financing, and energy financing appear to be relatively similar at first glance, they can be differentiated through their research focus: green financing concentrates on increasing the financial flow (e.g., banking, micro-credit, insurance, and investment) across sectors (e.g., public, private, and not-for-profit) to sustainable development priorities more broadly, whereas carbon and energy financing focus on doing the same but for sustainable development priorities specific to carbon emission (e.g., greenhouse effects) and energy (e.g., renewable energy), respectively. We also realize that the major themes are interrelated and can therefore affect one another. In light of our learning of the field’s composition and trajectory, we have deliberately decided to curate a future research agenda based on our reflection of the commonalities in the extant gaps and future research directions that we found from literature published within the last five years (2016–2020) that remain relatively underexplored, a summary of which we present in Table 9 and discuss in the next sections.

5.1 Developing and diffusing innovative sustainable financing instruments

The necessity for innovative financing instruments that can mobilize funds toward sustainable development has increased for both developed and developing economies as a result of the COVID-19 pandemic, an unprecedented global catastrophe that has reversed much of the world’s progress in sustainability (United Nations, 2021 ). Though many researchers are addressing this need through studies on socially responsible investing, climate financing, green financing, impact investing, carbon financing, and energy financing, most results remain inconclusive as the field continues to provide limited insights on broad range of financial markets, especially emerging financial markets other than China (Ari & Koc, 2021 ; Sinha et al., 2021 ). Some researchers have reasoned that funding for sustainable finance and sustainable development continues to be developing, and thus, more empirical evidence in both established and emerging markets is needed (Clark et al., 2018 ). Noteworthily, venture capital investments play a pivotal role to propel innovation in sustainable financing and impact investing given the magnitude of funds that they make available, as seen through financial markets such as China, where government interventions and market forces have encouraged such investments in ways that lead to cleaner and sustainable environments (Chen et al., 2021 ). Moreover, the issuance of innovative sustainable financing instruments can assist firms in attaining stock liquidity (e.g., the issuance of green bonds affects stock prices positively), yet limited issuance of such instruments exist in emerging financial markets such as India (Tang & Zhang, 2020 ). More importantly, innovative sustainable financing instruments can only become popular in financial markets if they are supported by formal and information institutions as they play an important role to increase its supply as well as consumer and corporate investors’ awareness, understanding, and demand of the benefits and costs of such financing and investing options in financial markets (Cui et al., 2020 ). Therefore, we propose five research questions to enrich understanding and prescription of innovative sustainable financing instruments, which can be applied to the existing ones discovered through our review or to propel the development of newer ones moving forward:

What value do innovative sustainable financing instruments offer, and how can such value be improved or sustained?

To what extent are innovative sustainable financing instruments feasible for adoption and implementation in emerging markets, and what actions can be taken to improve feasibility?

To what extent are innovative sustainable financing instruments linked with investors preference, and what actions can be taken to improve that link?

To what extent are innovative sustainable financing instruments successful in meeting their objectives, and what actions can be taken to improve or sustain success?

How can formal and informal institutions curate, influence, and shape innovative sustainable financing instruments?

5.2 Magnifying and managing the profitability and returns of sustainable financing

The performance cost of sustainable financing can be managed through optimal adjustments of portfolios (Fu et al., 2020 ). However, the same may not be possible across all markets due to the limitations of available investment avenue sets and tied rewards with impact (Geczy et al., 2021 ). The intermediation cost is also higher for sustainable financing than traditional financing as on the one hand firms in low-income countries with social impact do not have access to funds (World Bank Enterprise Survey, 2017) while on the other hand many investors in high-income countries are unable to find the right cause to invest (Kollenda, 2021 ). Moreover, it was found that the finance cost of green bonds is no less than non-green bonds in China (Cao et al., 2021 ). Therefore, future research needs to offer new ways to manage the profitability and returns of sustainable financing in lucrative and sensible ways, as summarized through the following research questions:

What are the benefits, costs, opportunities, and threats of sustainable financing across markets?

How can the benefits, costs, opportunities, threats, and ways forward for sustainable financing be conceptualized in and managed through an operational framework that accounts for and speaks to myriad stakeholders (investors, institutions, regulators)?

5.3 Making sustainable finance more sustainable

Assessing the sustainability of sustainable finance and rewards of impact investing is difficult. Investors also often demand non-financial performance metrics for such investments, with carbon footprints, exposure metrics, and ESG ratings gaining popularity despite their inherent limitations and shortcomings (Popescu et al., 2021 ). Dorfleitner et al. ( 2021 ) found most of socially responsible funds in the United States to be marred by persistent ESG controversies, which have led to calls by scholars such as Quatrini ( 2021 ) for mechanisms and strategies to address the existing flaws in the assessment of sustainable investments, which is both important and urgent to accelerate the world’s recovery from the aftermath of the devastating effects of the COVID-19 pandemic on the progress of sustainability (United Nations, 2021 ). Therefore, we encourage future research to pursue three research questions that should make sustainable finance more sustainable:

To what extent does investing in sustainable funds lead to sustainable returns, and how can it be improved or sustained?

To what extent does sustainable finance enable firms to avoid controversy related to ESG, and how can it be improved or sustained?

To what extent are sustainable funds sustainable before, during, and after crises such as the COVID-19 pandemic?

5.4 Devising and unifying policies and frameworks for sustainable finance

Regulators and financial institutions are pushing forth the sustainable finance agenda to attain the SDGs across markets (Dikau & Volz, 2021 ; Elavarasan et al., 2021 ; Taghizadeh-Hesary & Yoshino, 2019 ). Past research has indicated that the integration of green financial systems in traditional financial system can lead to sustainability controls and cleaner production (Ng, 2018 ), and that the incorporation of green governance structures can assist in lower financing constraints (Li et al., 2020 ), which suggest that regulators and financial institutions need to set up sustainability performance policies and frameworks (Jan et al., 2021 ). Yet, myriad policies and frameworks exist within and across markets, wherein such inconsistencies or non-complementariness can hinder the potential of sustainable finance. Hence, it is important to understand the role of regulators and financial institutions in sustainable finance, and crucial to that understanding is the development and unifying of policies and frameworks that communicates a common and mutual language, which are noteworthy directions for future research that we summarized through the following research questions:

What is the role and impact of regulators and financial institutions on sustainable finance (e.g., availability and performance of sustainable funds and instruments)?

How can policies and frameworks for sustainable finance be developed and unified within and across markets?

5.5 Tackling greenwashing of corporate sustainability reporting in sustainable finance

While earlier studies focused on the positive signals of ESG and impact investing on firm performance and concluded strong evidences of higher financial performance (Garcia et al., 2017 ; Rezaee & Tuo, 2017 ), recent studies have started questioning the quality of corporate sustainability reporting metrices and provided strong evidences of greenwashing of sustainability reports across markets (Arouri et al., 2021 ; Chen & Yang, 2020 ; Huang, 2020 ; Yu et al., 2020 ), with few studies rejecting greenwashing tendency of firms across sectors and markets (Uyar et al., 2020 ). Government regulations in the form of penalties and tax subsidies have nonetheless been evidenced to be effective to mitigate greenwashing in China (Sun & Zhang, 2019 ). Nonetheless, the evidence that avail remains inconclusive and limited, thereby suggesting potential for future research, especially across markets. Therefore, we propose the following research questions for future undertaking:

To what extent do firms engage in greenwashing of sustainability reports, and how can this be discouraged or mitigated?

To what extent do firms engage in sustainable finance to manipulate traditional financial performance measures, and how can this be discouraged or mitigated?

To what extent do firms engage in earnings manipulation with funds from sustainable financing, and how can this be discouraged or mitigated?

In which markets do greenwashing of sustainability reports more or less prominent, and what can we learn from the latter and to what extent will it work for the former?

5.6 Shining behavioral finance on sustainable finance

In the American and European stock markets, socially responsible investing is associated with large firms and abnormal returns (Mollet & Ziegler, 2014 ), with many socially responsible investors willing to forgo financial performance to pursue ethical or social objectives (Renneboog et al., 2008 ). Most scholars focus on the comparative performance between socially responsible funds and traditional funds along with associated screening and evaluation criteria (Chatzitheodorou et al., 2019 ), with studies showing better performance of socially responsible funds over traditional funds (Pedersen et al., 2020 ), higher market-to-book ratios and higher return on assets for socially responsible investors (Dam & Scholtens, 2015 ), and an opportunity to reduce systematic risk for investors (Cerqueti, 2021 ; Behl et al., 2021). However, little is known about the actual perceptions and behaviors toward sustainable finance, including that of and beyond socially responsible investing, which may be due to the lack of quantitative and survey social science-oriented research in sustainable finance. This is particular important given that the outperformance of sustainable finance may not necessarily continue in the long run due to the external shocks such as the COVID-19 pandemic, the increasing awareness of greenwashing of sustainability reports, and the overpricing such stocks (Bofinger, 2021 ). In this regard, we call for additional research that seeks to shine a behavioral finance light in this direction through the following research questions:

How do investors benefit from sustainable finance?

How do investors perceive sustainable finance?

What is the role of personality and behavioral biases of investors while selecting impact investing-based funds over conventional funds?

5.7 Leveraging the power of new-age technologies for sustainable finance

Last by not least, in our final reflection of this review, we stumbled upon the greatly astonishing state of sustainable finance, wherein the application and discussion of new-age technologies in sustainable finance research is almost virtually non-existent despite its omnipresence in other fields such as business sustainability (Sivarajah et el., 2020 ), sustainable automotive (Kamble et al., 2021 ) and humanitarian supply chain (Bag et al., 2020 ), sustainable logistics service quality (Gupta et al., 2021 ), and sustainability marketing (Bolton, 2021 ). In essence, new-age technologies refer to new technologies that emerge as new industrial revolutions surface, with technologies such as artificial intelligence, blockchain, internet of things, and machine learning being born out of the recent fourth industrial revolution (IR4.0) (Gupta et al., 2020 ). Noteworthily, IR4.0 is characterized as an era of digital transformation, which holds great potential for sustainability (Roblek et al., 2020 ). In fact, new solutions to get the world’s progress on sustainability back on track has never been greater given that the COVID-19 pandemic has reversed years of existing progress (United Nations, 2021 ), and we opine that future research that explains how new-age technologies can be applied to sustainable finance can make significant contributions to the world’s recovery and prosperity in the post-pandemic era, a contention that is supported by the central role that finance plays in funding digital transformation (Akter et al., 2020) and sustainability endeavors Cunha et al. ( 2021 ). In this regard, we call for new research that deliberately ignites and proliferates insights on the application of new-age technologies for sustainable finance through the following research questions:

How can artificial intelligence and machine learning be applied to screen credit applicants and monitor credit users of sustainable financing (e.g., financial distress prediction, credit scoring, corporate insolvency prediction, credit card anomalies detection, fraudulent financial statement detection)?

How can blockchain and machine learning be applied to track and flag impact concerns or successes in the activities of sustainable financing (e.g., carbon, climate, and energy financing) on sustainability goals (e.g., SDGs)?

How can big data analytics and machine learning be applied to acquire knowledge about public sentiments about sustainability issues, and how can sustainable finance providers automate the incorporation of that knowledge in the evaluation and provision of sustainable financing using sustainable alternatives powered by new-age technologies such as artificial intelligence and cloud computing?

How can cybersecurity and machine learning be applied to create a safe, secure, and trusted marketplace for sustainable finance?

How can machine learning be developed and deployed in ways that detect and prevent algorithmic bias for sustainable finance?

How can new-age technologies such as artificial intelligence, blockchain, big data analytics, cloud computing, and machine learning be integrated in tandem with cybersecurity to achieve operational and impact excellence for sustainable finance, and how can the enablers and barriers to this integration be leveraged and resolved, respectively?

How can firms leverage on new-age technologies such as artificial intelligence, blockchain, big data analytics, cloud computing, and machine learning develop or adapt sustainable financing operations and instruments in innovative, smart, and agile ways?

6 Conclusion

This study follows a systematic literature review approach using bibliometric analysis to shed light on the performance and science of sustainable finance research. This approach, which exemplifies the use of big data analytics through machine learning of scholarly research, is especially noteworthy given the astonishing absence of the application and discussion of new-age technologies in sustainable finance research. In doing so, this study contributes in a novel way by leveraging on the power of big data analytics through machine learning—and providing greater visibility to it in the process—to uncover the most influential articles and top contributing journals, authors, institutions, and countries, as well as the methodological choices and research contexts, and by revealing the temporal evolution of topics and the major themes underpinning the intellectual structure for sustainable finance research. To this end, we summarize five key takeaways and their equivalent implications from this state-of-the-art review of 936 articles on sustainable finance over the last 35 years (1986–2020).

First, the performance analysis indicates a consistent growth in publications in the field following the Paris agreement and the launch of the SDGs. Most publications came from authors and institutions in the United States and the United Kingdom as these countries have adopted sustainable finance frameworks and engaging in socially responsible investing much earlier than other developed and developing countries. In this regard, sustainable finance research should expand to underrepresented countries where sustainable finance is gaining momentum (e.g., Africa, Australia, Japan, Malaysia, and Singapore).

Second, the performance analysis also reveals that qualitative research is most prominent in sustainable finance due to the nascent stage of its adoption in most countries and thus the lack of cases and data points required for quantitative research, and that most researchers preferred archival data, with few opting to pursue experiments and surveys. In this regard, it may be worthwhile for sustainable finance research to pursue the latter two data collection techniques that remain underutilized due to their potential to measure chronic and primed responses (Lim, 2015 , 2021 ; Lim et al., 2019 ) among potential stakeholders of sustainable finance, thereby curating equally interesting cause-and-effect insights on its feasibility and market reaction prior to its start up or scale up.

Third, the performance analysis also shows that most studies are application oriented where the aim is to develop policies and frameworks for specific contexts rather than to build and test theories, that most studies focus on single country data where earlier studies concentrate on developed economies such as Europe, the United States, and the United Kingdom and more recent studies coming from emerging economies such as Asia, Africa, and Oceania, and that most studies are inclined toward the service sector, specifically financial services. Therefore, we encourage prospective researchers to proactively view these gaps as opportunities for making new and novel contributions to the enrich and extend understanding of sustainable finance.

Fourth, the science mapping through a temporal analysis reveals that sustainable finance research has contributed myriad insights overtime starting with a single focus on socially responsible investing (1986 onwards) and branching out progressively to other areas such as ethical and green financing and ethical investing (1995 onwards), carbon financing, climate financing, conscious capitalism, CSR, and ESG (2005 onwards), and more recently, impact investing, innovative financial instrument, and SDG (2015 onwards). Noteworthily, the field of sustainable finance will only grow larger in the future, with new innovative sustainable financing instruments being developed over time—as seen through the rise of carbon and climate financing—to shape and satisfy the demands of funding for sustainability and sustainability development.

Fifth, the science mapping through a network analysis of keyword co-occurrence unveils seven major themes that characterize the body of knowledge or the intellectual structure of sustainable finance research, namely socially responsible investing, climate financing, green financing, impact investing, carbon financing, energy financing, and governance of sustainable financing and investing. We observe that six out of seven major themes relate to the types of sustainable finance, with governance being a unique theme on its own. Noteworthily, our reading of the articles and reflection of the extant gaps under each major theme brought us to several underexplored or underrepresented issues that future research can take up to enrich the major themes in sustainable finance research, which include developing and diffusing innovative sustainable financing instruments, magnifying and managing the profitability and returns of sustainable financing, making sustainable finance more sustainable, devising and unifying policies and frameworks for sustainable finance, tackling greenwashing of corporate sustainability reporting in sustainable finance, shining behavioral finance on sustainable finance, and leveraging the power of new-age technologies for sustainable finance.

Notwithstanding the extant contributions from this seminal state-of-the-art review of sustainable finance research, we concede that our review remains limited in several ways. First, our review is limited to the accuracy and completeness of articles made available through the Scopus database. Nonetheless, we have taken due diligence to correct for errorneous entries and to cross-check against publisher websites and other databases to mitigate this limitation. Second, our review provides only a broad overview of the performance and intellectual structure of sustainable finance research. Though this is in line with the goal and value of systematic literature reviews using a bibliometric analysis, wherein large-scale reviews become pragmatically possible, we concede that this approach falls short of providing finer-grained insights into other deserving and interesting pecularties such as the factors (independent, mediating, moderating, dependent) and relationships (positive, negative, linear, curvilinear) that may entail in sustainable finance. In this regard, we encourage future reviews using alternative approaches such as a framework- or theory-based review on sustainable finance, though such reviews do not necessarily need to be large scale—they can be pursued on a smaller scale (e.g., tens to low hundreds of articles) so that the review remains pragmatic and managable, as in the case of Cunha et al. ( 2021 ).

Change history

10 february 2022.

A Correction to this paper has been published: https://doi.org/10.1007/s10479-022-04535-4

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Kumar, S., Sharma, D., Rao, S. et al. Past, present, and future of sustainable finance: insights from big data analytics through machine learning of scholarly research. Ann Oper Res (2022). https://doi.org/10.1007/s10479-021-04410-8

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The Transition to Alternative Reference Rates in the OFR Financial Stress Index

The OFR Financial Stress Index (OFR FSI or FSI) is a daily market-based snapshot of stress in global financial markets. Originally, the OFR FSI was constructed from 33 financial market variables that are correlated with some form of financial stress. Seven of these variables are based on LIBOR or other ceasing and/or already-ceased benchmark interest rates. As such, these seven variables are now obsolete. However, since its inception, the OFR FSI was intended to allow for the periodic replacement of obsolete variables as the need arises (Working Paper no. 23-07).

June 12, 2023 | By Gregory Phelan, Jean-Paul L’Huillier, and Hunter Wieman

Technology Shocks and Predictable Minsky Cycles

This paper offers an economical and internally consistent model to rationalize macrofinancial boom-bust cycles. The authors present a simple model that can clarify the interaction of optimism with capital reallocation and demonstrate how this interaction can generate predictable boom-bust financial cycles. This clarification enhances our understanding of the channels through which credit markets could threaten financial stability (Working Paper no. 23-06).

May 16, 2023 | By Gregory Phelan and David Love

Sustainability with Risky Growth

This research will help policymakers understand how economic growth, risk, and the financial sector influence sustainability objectives. It provides a useful theoretical framework useful to help assess what policies related to growth and financial depth are likely to affect sustainability (Working Paper no. 23-05).

April 25, 2023 | By R. Jay Kahn, Matthew McCormick, Vy Nguyen, Mark Paddrik, and H. Peyton Young

Anatomy of the Repo Rate Spikes in September 2019

Repurchase agreement (repo) markets represent one of the largest sources of funding and risk transformation in the U.S. financial system. Despite the large volume, repo rates can be quite volatile, and in the extreme, they have exhibited intraday spikes that are 5-10 times the rate on a typical day. This paper uses a unique combination of intraday timing data from the repo market to examine the potential causes of the dramatic spike in repo rates in mid-September 2019 (Working Paper no. 23-04).

April 20, 2023 | By Jean-Paul L’Huillier and Gregory Phelan

Can Supply Shocks be Inflationary with a Flat Phillips Curve?

Empirical estimates find that the relationship between inflation and the output gap is close to nonexistent—a so-called flat Phillips curve. We show that standard pricing frictions cannot simultaneously produce a flat Phillips curve and meaningful inflation from plausible supply shocks. This is because imposing a flat Phillips curve immediately implies that the price level is also rigid with respect to supply shocks. In quantitative versions of the New Keynesian model, price markup shocks need to be several orders of magnitude bigger than other shocks in order to fit the data, leading to unreasonable assessments of the magnitude of the increase in costs during inflationary episodes. Hence, we propose a strategic microfoundation of price stickiness in which prices are sticky with respect to demand shocks but flexible with respect to supply shocks (Working Paper no. 23-03).

April 3, 2023 | By Thomas M. Eisenbach and Gregory Phelan

Fragility of Safe Assets

The market for U.S. Treasury securities experienced extreme stress in March 2020, when prices dropped precipitously (yields spiked) over a period of about two weeks. This was highly unusual, as Treasury prices typically increase during times of stress. Using a theoretical model, we show that markets for safe assets can be fragile due to strategic interactions among investors who hold Treasury securities for their liquidity characteristics. Worried about having to sell at potentially worse prices in the future, such investors may sell preemptively, leading to self-fulfilling “market runs” that are similar to traditional bank runs in some respects. Our results motivate potential policy interventions to stabilize the market during times of stress and disruption (Working Paper no. 23-02).

March 22, 2023 | By William Chen and Gregory Phelan

Digital Currency and Banking-Sector Stability

Digital currencies provide a potential form of liquidity competing with bank deposits. We introduce digital currency into a macro model with a financial sector in which financial frictions generate endogenous systemic risk and instability. In the model, digital currency is fully integrated into the financial system and depresses bank deposit spreads, particularly during crises, which limits banks’ ability to recapitalize following losses. The probability of the banking sector being in crisis states can grow significantly with the introduction of digital currency. While banking-sector stability suffers, household welfare can improve significantly. Financial frictions may limit the potential benefits of digital currencies (Working Paper no. 23-01).

September 22, 2022 | By Andrew Ellul and Dasol Kim

Counterparty Choice, Bank Interconnectedness, and Bank Risk-taking

We investigate whether banks’ counterparty choices in OTC derivative markets contribute to network fragility. We use novel confidential regulatory data and show that banks are more likely to choose densely connected non-bank counterparties and do not hedge such exposures. Banks are also more likely to connect with riskier counterparties for their most material exposures, suggesting the existence of moral hazard behavior in network formation. Finally, we show that these exposures are correlated with systemic risk measures despite greater regulatory oversight after the crisis. (Working Paper no. 22-06).

August 23, 2022 | By Ron Alquist and Ram Yamarthy

Hedge Funds and Treasury Market Price Impact: Evidence from Direct Exposures

The increasing importance of non-bank financial intermediaries has raised new questions about the risks that hedge funds pose to the financial system. The OFR examined how changes in hedge fund exposures affect U.S. Treasury prices and the yield curve. Using confidential hedge fund data from the SEC's Form Private Fund (PF), OFR analysts calculated hedge funds' aggregate, net Treasury exposures, and their fluctuations over time. This revealed economically significant and consistent evidence that changes in hedge fund exposures are related to Treasury yield changes. Furthermore, particular strategy groups and lower-levered hedge funds were seen to have a larger estimated price impact on Treasuries. Finally, asset pricing tests show that U.S. Treasury investors demand additional return compensation due to the risks associated with hedge fund demand (Working Paper no. 22-05).

July 11, 2022 | By Todd Keister and Cyril Monnet

Central Bank Digital Currency: Stability and Information

One often cited concern about central bank digital currency (CBDC) is that it could make runs on banks and other financial intermediaries more common. This working paper identifies two ways a CBDC may enhance rather than weaken financial stability. First, banks do less maturity transformation when depositors have access to CBDC, reducing their exposure to depositor runs. Second, monitoring the flow of funds into CBDC allows policymakers to react more quickly to periods of stress, which lessens the incentive for depositors and other short-term creditors to withdraw assets (Working Paper no. 22-04).

June 28, 2022 | By Chase P. Ross, Landon J. Ross, and Sharon Y. Ross

Cash-Hedged Stock Returns

This paper studies firms’ cash holdings and the implications for asset prices and financial stability. Corporate cash piles vary across companies and over time, and cash holdings are important for financial stability because of their value in crises. Firms’ cash holdings earn low returns that are correlated across firms. Thus, the asset pricing results are important both for investors who are managing a portfolio’s risk and policymakers concerned about sources of vulnerability. We show how investors can hedge out the cash on firms’ balance sheets when making portfolio choices. Cash generates variation in beta estimates, and we decompose stock betas into components that depend on the firm’s cash holding, return on cash, and cash-hedged return. Common asset pricing premia have large implicit cash positions, and portfolios of cash-hedged premia often have higher Sharpe ratios because of the correlation between firms’ cash returns. We show the value of a dollar increased in 2020, and firms hold cash because they are riskier. (Working Paper no. 22-03).

April 14, 2022 | By Johannes Poeschl and Ram Yamarthy

Aggregate Risk in the Term Structure of Corporate Credit

Higher rates of default can occur when corporations have difficulty accessing short- and long- term credit markets, increasing risks to financial stability. This paper uses credit spread data across different maturities to study what the shape and risk sensitivity of a firm's term structure can tell us about its fragility. Firms that are more financially constrained display a negatively sloped credit spread curve, have short-term spreads that are more sensitive to aggregate conditions, and face heightened rollover risks. Such financing fragility at the short end of the curve can harm a firm's ability to take advantage of investment opportunities (Working Paper no. 22-02).

February 10, 2022 | By Samuel J. Hempel, Dasol Kim, and Russ Wermers

Financial Intermediary Funding Constraints and Segmented Markets

This working paper examines the role of financial intermediaries, namely authorized participants (APs), in the propagation of shocks across funds that they support and the underlying assets held by those funds. Corporate bond ETF trades by the Federal Reserve through the Secondary Market Corporate Credit Facility (SMCCF) beginning in May 2020 were extremely large and likely alleviated inventory capacity constraints for APs that were counterparties to those transactions. ETFs that were not traded by the Federal Reserve, but overlap in their bond holdings with those traded, exhibit a positive and significant price reaction within minutes of the transaction. Consistent evidence is found for the prices of their underlying bonds. The paper's findings support the view that the inclusion of ETFs in the SMCCF had broader "spillover" effects in stabilizing markets beyond the ETFs directly targeted by the program (Working Paper no. 22-01).

June 9, 2021 | By Mark Paddrik and H. Peyton Young

Assessing the Safety of Central Counterparties

Under central clearing, parties to a financial contract enter into two matched contracts with the central counterparty that offset one another. Central clearing protects against defaults among counterparties that could threaten financial stability, but also concentrates the risk of default at the central counterparty. This working paper shows how to estimate the probability that a central counterparty could cover any specified fraction of payment defaults by its members using public disclosure data. The framework supplements conventional risk management approaches predicated on a specific number of member defaults. The paper applies the approach to assessing the safety of a wide range of central counterparties located in different geographical regions and specializing in different asset classes (Working Paper no. 21-02).

April 1, 2021 | By Daniel Barth and R. Jay Kahn

Hedge Funds and the Treasury Cash-Futures Disconnect

This paper examines the potential financial stability risks of the Treasury cash-futures basis trade, an arbitrage of pricing differences between the two Treasury markets. Using regulatory data on hedge fund exposures and repurchase agreement (repo) transactions, the paper provides evidence that at its peak the trade was associated with more than half of hedge funds' Treasury positions and a quarter of dealers' repo lending. The trade exposes hedge funds to rollover risk on repo financing and margin risk on the futures, both of which materialized in March 2020. While Treasury market disruptions spurred hedge funds to sell Treasuries, the unwinding of the basis trade was likely a consequence rather than the primary cause of the stress. We present evidence suggesting prompt intervention by the Federal Reserve prevented larger spillovers from the trade into broader Treasury market functioning. (Working Paper no. 21-01)

December 3, 2020 | By Berardino Palazzo and Ram Yamarthy

Credit Risk and the Transmission of Interest Rate Shocks

Unexpected changes in interest rates, often observed through the course of monetary policy, can have a significant effect on corporate credit risk. Using high frequency measures of interest rate surprises surrounding Federal Open Market Committee announcements and daily credit default swap (CDS) spreads, this paper finds a positive, significant relationship between monetary policy shocks and corporate credit risk over the last two decades. One component of the spread affected is compensation related to expected losses in default. The other affected component is the credit risk premium, which measures additional compensation for default risk. Riskier firms, with higher CDS spreads or leverage, or lower market capitalization, are much more sensitive to monetary policy shocks. Among the three measures of firm risk, CDS spreads appear to capture this sensitivity best. High frequency and daily equity returns also exhibit a significant and asymmetric response to policy announcements. (Working Paper no. 20-05)

June 18, 2020 | By Mark Paddrik and Simpson Zhang

Central Counterparty Default Waterfalls and Systemic Loss

This paper examines how a central counterparty (CCP) uses a default waterfall to manage and allocate resources to cover defaults of clearing members and clients. A resilient waterfall ensures cleared payments are paid in full and on-time, reducing the threat to financial stability from losses and their spillovers. However, the amount of resources collected and their allocation affect clearing incentives. This paper models and evaluates the trade-offs between resiliency and participation in a credit default swaps market. It finds that the benefits of greater central clearing rates generally dominate the benefits of increased waterfall resources. (Working Paper no. 20-4)

February 25, 2020 | By Daniel Barth and Phillip Monin

Illiquidity in Intermediate Portfolios: Evidence from Large Hedge Funds

This paper examines whether hedge funds’ returns include a premium that compensates investors for accepting the risk from illiquid asset holdings. It finds that the premium is large and a significant share of risk-adjusted returns. The size of the premium matters for financial stability because it signals investors’ view of the importance of illiquidity risk. (Working Paper no. 20-03)

February 25, 2020 | By Daniel Barth, Laurel Hammond, and Phillip Monin

Leverage and Risk in Hedge Funds

This paper examines the relationship between hedge funds’ use of leverage and their portfolio risk. It finds that more leveraged funds tend to have less volatile returns and less chance of an extreme negative return. More leveraged funds also tend to hold higher quality and more liquid assets. (Working Paper no. 20-02)

February 25, 2020 | By Daniel Barth, Juha Joenvaara, Mikko Kauppila, and Russ Wermers

The Hedge Fund Industry is Bigger (and has Performed Better) Than You Think

This paper shows that hedge fund industry gross assets exceeded $8.3 trillion, and net assets were at least $5.0 trillion, at year-end 2016. This estimate is around 37 percent larger than the next largest estimate. This paper also shows that funds reporting publicly available data have much lower returns, and much higher net flows, than funds reporting only non-public regulatory data. The outperformance of the non-publicly reporting funds appears to arise entirely from alpha rather than greater exposure to systematic risk factors. (Working Paper no. 20-01)

October 23, 2019 | By Robert Garrison, Pankaj Jain, and Mark Paddrik

Cross-Asset Market Order Flow, Liquidity, and Price Discovery

This paper examines the complex intra-day linkages between the U.S. equity securities market and the equity derivatives market. The paper finds a positive, but short-lived, relationship between the two markets’ order flow activities, which relate to the supply, demand, and withdrawal of liquidity between the two markets. The paper also finds that cross-asset market order flow is a key component of liquidity and price discovery, particularly during periods of market volatility. (Working Paper no. 19-04)

October 1, 2019 | By Mathias S. Kruttli, Phillip J. Monin, and Sumudu W. Watugala

The Life of the Counterparty: Shock Propagation in Hedge Fund-Prime Broker Credit Networks

This paper shows the post-crisis hedge fund-prime broker credit network is concentrated among 10 percent of participants. The average fund borrows from three brokers, and the brokers lending the most are highly connected. The paper finds that a liquidity shock to a prime broker results in reduced borrowing by hedge funds due to the broker reducing its supply of credit. Larger, more connected, and better-performing funds, and those that do less over-the-counter trading, are better able to compensate for the reduction in credit from the broker. (Working Paper no. 19-03)

August 6, 2019 | By Meraj Allahrakha, Jill Cetina, Benjamin Munyan, and Sumudu Watugala

The Effects of the Volcker Rule on Corporate Bond Trading: Evidence from the Underwriting Exemption

This paper examines the impact of the Volcker rule, which bans proprietary trading by commercial banks and their affiliates, with some exceptions. It finds evidence that the rule has increased the cost of liquidity provided by firms it covers, but not decreased the firms’ exposure to liquidity risk. It also finds that the rule has decreased the market share of covered firms. Customers appear to be trading more with non-bank dealers, who are exempt from the Volcker rule but also cannot borrow at the Federal Reserve's discount window. (Working Paper no. 19-02)

March 12, 2019 | By Mark Paddrik and Stathis Tompaidis

Market-Making Costs and Liquidity: Evidence from CDS Markets

This paper examines whether liquidity deteriorated in the single-name credit default swaps market due to regulatory reforms after the 2007-09 financial crisis. It finds evidence of both increased spreads and lower volumes, consistent with the reforms increasing the cost of market-making for bank-dealers. It also finds that transaction prices between dealers and clients have become more dependent on the inventories of individual dealers as interdealer trade has declined. (Working Paper no. 19-01)

October 9, 2018 | By Haelim Anderson, Daniel Barth, and Dong Beom Choi

Reducing Moral Hazard at the Expense of Market Discipline: The Effectiveness of Double Liability Before and During the Great Depression

This paper examines the impact of double liability on bank risks and depositor safety before and during the Great Depression. Under double liability, shareholders of failing banks lost their initial investments and had to pay up to the par value of their stock to compensate depositors. The paper finds that double liability did not reduce bank risk before the Great Depression, but that deposits were less susceptible to runs. (Working Paper no. 18-06)

August 29, 2018 | By Andrea L. Eisfeldt, Bernard Herskovic, Sriram Rajan, and Emil Siriwardane

OTC Intermediaries

This paper estimates the systemic effects of exit by a key over-the-counter (OTC) intermediary. In the model, risk-averse traders are connected by a core-periphery network. If traders are also averse to concentrated bilateral exposures, then the incomplete network prevents full risk sharing. The impact of the network structure on prices is quantified using proprietary data on all credit default swap transactions in the United States from 2010 to 2013. There are a small number of key OTC intermediaries whose exit can move markets dramatically. Eliminating one of these intermediaries leads to over a 20 percent increase in credit spreads. The Internet Appendix includes extensions of the model. (Working Paper no. 18-05)

August 28, 2018 | By Agostino Capponi, Paul Glasserman, and Marko Weber

Swing Pricing for Mutual Funds: Breaking the Feedback Loop Between Fire Sales and Fund Runs

This paper develops a model of a downward spiral of falling prices and increasing redemptions that can lead to the failure of a mutual fund. It shows how mutual funds can best design swing pricing for effectiveness at preventing runs, even under extreme market stress. (Working Paper no. 18-04)

April 19, 2018 | By Simpson Zhang and Mihaela van der Schaar

Reputational Dynamics in Financial Networks During a Crisis

This paper studies the role of learning and reputation in economic networks, such as interbank lending and derivatives trading networks, in times of market distress or financial crisis. The model demonstrates the importance of maintaining firm anonymity and identifies network structures that offer increased resilience. (Working Paper no. 18-03)

April 10, 2018 | By Jen-Wen Chang and Simpson Zhang

Competitive Pay and Excessive Manager Risk-taking

This paper assesses whether compensation plans can drive excessive risk-taking. It develops a model showing that principals offer contracts incentivizing less risky behavior when the market for managers is sluggish. But hot labor markets result in contracts that incentivize risk-taking. The market for executive talent heats up for larger projects and during financial bubbles, when debt funding increases. The results suggest policymakers should consider the impacts of compensation and corporate governance policies on competition for managers. (Working Paper no. 18-02)

March 28, 2018 | By Joe McLaughlin, Adam Minson, Nathan Palmer, and Eric Parolin

The OFR Financial System Vulnerabilities Monitor

This paper describes the purpose, construction, interpretation, and use of the OFR Financial System Vulnerabilities Monitor. The monitor, a heat map of 58 quantitative indicators, is a starting point for assessing vulnerabilities in the U.S. financial system. The OFR launched the monitor in 2017 to help fulfill its mandate to measure and monitor risks to U.S. financial stability. (Working Paper no. 18-01)

December 15, 2017 | By Mathias S. Kruttli, Phillip J. Monin, and Sumudu W. Watugala

Investor Concentration, Flows, and Cash Holdings: Evidence from Hedge Funds

Some hedge funds have a few large investors. Such a concentrated investor base can make a fund vulnerable to unexpected requests for large redemptions. This paper shows that U.S. hedge funds in part account for that risk by holding more cash and liquid assets. These holdings help funds accommodate large outflows, but also result in lower risk-adjusted returns. The Internet Appendix includes methodology details. (Working Paper no. 17-07)

November 2, 2017 | By Mark Paddrik and H. Peyton Young

How Safe are Central Counterparties in Derivatives Markets?

How likely is a central counterparty, or CCP, to default after a severe credit shock? This working paper uses credit default swap data to estimate the direct and indirect impacts of a default by CCP counterparties in derivatives trades. It finds that a CCP could be more vulnerable to failure than conventional stress tests have shown. (Working Paper no. 17-06)

October 31, 2017 | By Kenechukwu Anadu and Viktoria Baklanova

The Intersection of U.S. Money Market Mutual Fund Reforms, Bank Liquidity Requirements, and the Federal Home Loan Bank System

After the financial crisis, reforms of money market funds and changes to banks’ liquidity requirements had an unintended consequence of increased Federal Home Loan Banks’ reliance on short-term funding from money market funds to finance longer-term loans and other assets. This increase could make the financial system more vulnerable and pose risks to financial stability. (Working Paper no. 17-05)

October 25, 2017 | By Phillip Monin

The OFR Financial Stress Index

The 2007-09 financial crisis showed that stress in the financial system can have devastating effects on the economy. To measure such stress, the OFR has developed a Financial Stress Index. This working paper describes how the index is constructed and how the OFR uses it to monitor financial stability. (Working Paper no. 17-04)

September 29, 2017 | By Mark D. Flood, Dror Y. Kenett, Robin L. Lumsdaine, and Jonathan K. Simon

The Complexity of Bank Holding Companies: A New Measurement Approach

Some bank holding companies are very complex, with hundreds or thousands of subsidiaries. This complexity complicates the job of unwinding a failed bank holding company. In this working paper, OFR researchers propose a new way to measure complexity that can support the resolution process after a bank holding company fails. (Working Paper no. 17-03)

April 5, 2017 | By Katherine Gleason, Steve Bright, Francis Martinez, and Charles Taylor

Europe’s CoCos Provide a Lesson on Uncertainty

European banks issue contingent convertible bonds. These bonds can force investors to absorb losses when a bank is under stress. The authors find that heightened uncertainty about discretion by banks on when to make payments to investors and by regulators on when to trigger a loss absorption mechanism worsened price declines in a stressed market. (Working Paper no. 17-02)

February 21, 2017 | By Paul Glasserman and Qi Wu

Persistence and Procyclicality in Margin Requirements

This paper describes how to set margin levels for derivatives contracts so that margin calls do not add to market stress during times of instability. Price volatility varies by asset class. Certain qualities of volatility should be taken into account to set the most effective margin levels without adding to market stress. (Working Paper no. 17-01)

December 20, 2016 | By Anqi Liu, Mark Paddrik, Steve Yang, and Xingjia Zhang

Interbank Contagion: An Agent-based Model Approach to Endogenously Formed Networks

The authors create an agent-based model that can help regulators understand risk in the interbank funding market. Tests of the model against actual bank failures before, during, and after the 2007-09 financial crisis suggest that the market has become more resilient to asset write-downs and liquidity shocks. The model uses balance sheet data from more than 6,600 U.S. banks. (Working Paper no. 16-14)

December 6, 2016 | By Mark Paddrik, Haelim Park, and Jessie Jiaxu Wang

Bank Networks and Systemic Risk: Evidence from the National Banking Acts

This paper uses unique data to analyze how the national banking acts in 1863 and 1864 reshaped the U.S. bank network in the 1860s. The laws concentrated reserves in New York and regional cities, creating systemically important banks. The paper shows this concentration made contagion more likely if big banks faced economic shocks. (Working Paper no. 16-13)

December 1, 2016 | By Mark Paddrik, Sriram Rajan, and H. Peyton Young

Contagion in the CDS Market

This paper assesses the risk of contagion in the credit default swap (CDS) market. This risk emerges through the inability of CDS counterparties to make payments during systemic stress. The authors find that the central counterparty contributes significantly less to network contagion than do several peripheral firms that are large net sellers of CDS protection. (Working Paper no. 16-12)

November 10, 2016 | By Meraj Allahrakha, Jill Cetina, and Benjamin Munyan

Do Higher Capital Standards Always Reduce Bank Risk? The Impact of the Basel Leverage Ratio on the U.S. Triparty Repo Market

This paper examines how risk-taking in the repurchase agreement, or repo, market changed after regulators introduced the supplementary leverage ratio for banks. The paper finds that broker-dealers owned by U.S. bank holding companies now borrow less in the repo market overall after the change, but a larger percentage of the borrowing is backed by more risky collateral. (Working Paper no. 16-11)

October 11, 2016 | By Richard Neuberg, Paul Glasserman, Benjamin Kay, and Sriram Rajan

The Market-implied Probability of European Government Intervention in Distressed Banks

This paper assesses the likelihood of European government support in distressed banks. To measure market expectations of these events, the authors study the credit spread between old credit default swap contracts and new ones with a definition of default linked to government intervention. (Working Paper no. 16-10)

September 27, 2016 | By Matthias Raddant and Dror Y. Kenett

Interconnectedness in the Global Financial Market

This working paper shows how network analysis can facilitate the monitoring of movements by stocks in the global financial system over time. The paper analyzes nearly 4,000 stocks in 15 countries. It concludes that stock returns tend to move together within regions — but not across them — in times of stability, but move in sync globally in times of crisis. (Working Paper no. 16-09)

August 23, 2016 | By Viktoria Baklanova, Cecilia Caglio, Frank Keane, and Burt Porter

A Pilot Survey of Agent Securities Lending Activity

A new securities lending survey sheds light on these transactions that help underpin smooth-functioning capital markets. The pilot project by the OFR, Federal Reserve, and staff of the Securities and Exchange Commission shows that participating agents facilitated about $1 trillion in daily securities loans during a three-day period in 2015. Collecting these data on a permanent basis could help regulators identify potential vulnerabilities in a key component of our financial system. (Working Paper no. 16-08)

July 26, 2016 | By Samim Ghamami and Paul Glasserman

Does OTC Derivatives Reform Incentivize Central Clearing?

The requirement that standardized over-the-counter derivatives be cleared through central counterparties, or CCPs, is intended in part to create a cost incentive favoring central clearing. This working paper shows that the cost incentive does not necessarily favor central clearing, and when it does, it might be because of insufficient levels of guarantee funds, which banks provide to protect CCPs in the event of CCP member default. (Working Paper no. 16-07)

May 26, 2016 | By Andrea Aguiar, Richard Bookstaber, Dror Y. Kenett, and Thomas Wipf

A Map of Collateral Uses and Flows

Collateral is exchanged among market participants to support financial activities, including secured funding, securities lending, securities exchanges, margin lending, derivatives, and clearing. This working paper creates a collateral map to show how collateral moves among bilateral counterparties, triparty banks, and central counterparties, and can spread stress through the financial system. The paper also discusses the recent increase in collateral demand, effects of post-crisis regulation, and collateral-related stress scenarios. (Working Paper no. 16-06)

May 11, 2016 | By Cindy M. Vojtech, Benjamin S. Kay, and John C. Driscoll

The Real Consequences of Bank Mortgage Lending Standards.

This paper describes how mortgage lending standards, as measured by responses to the Federal Reserve's quarterly Senior Loan Officer Opinion Survey, relate to changes in the availability of mortgage loans at banks from 1990 to 2013. The research suggests that the survey's reported changes in credit standards are a leading indicator of the financial industry's vulnerability to shocks. (Working Paper no. 16-05)

April 20, 2016 | By Harry Mamaysky and Paul Glasserman

Does Unusual News Forecast Market Stress?

This paper investigates the use of automated text analysis by computers as a tool for monitoring financial stability. The authors find negative sentiment extracted from tens of thousands of news articles about 50 large financial services companies is useful in forecasting volatility in the stock market. The method, which also considers the "unusualness" of news, may help anticipate stress in the financial system. (Working Paper no. 16-04)

March 30, 2016 | By John Bluedorn and Haelim Park

Stopping Contagion with Bailouts: Microevidence from Pennsylvania Bank Networks During the Panic of 1884

This working paper examines how a bailout orchestrated by New York Clearinghouse member banks stopped financial contagion during the Panic of 1884. The private-sector assistance to Metropolitan National Bank, an important correspondent bank for many banks outside New York City, prevented a minor financial crisis in New York from becoming a broad, systemic event, according to the authors' analysis. (Working Paper no. 16-03)

March 23, 2016 | By Mark D. Flood and Phillip Monin

Form PF and Hedge Funds: Risk-measurement Precision for Option Portfolios

This paper examines the precision of Form PF in measuring the risk hedge funds pose to the financial system. Hedge funds and other private funds now file Form PF with the Securities and Exchange Commission. The paper extends the methodology of a 2015 OFR working paper and finds that options significantly weaken the risk-measurement tolerances in Form PF. (Working Paper no. 16-02)

March 8, 2016 | By Jill Cetina, Mark Paddrik, and Sriram Rajan

Stressed to the Core: Counterparty Concentrations and Systemic Losses in CDS Markets

This paper applies the Federal Reserve's supervisory stress test scenarios to examine the impacts on banks — and the banking system as a whole — from default of their largest counterparties in the credit derivatives markets. The authors find higher loss concentrations for the banking system than for individual firms and potential for large indirect losses when a major counterparty defaults. (Working Paper no. 16-01)

November 25, 2015 | By Maya Eden and Benjamin Kay

Safe Assets as Commodity Money

This paper examines the systemic implications of the supply of liquid safe assets, such as Treasury bills. The paper explores how liquid safe assets facilitate the trades of risky assets. The paper finds that financial markets may be remarkably resilient to changes in the stock of liquid assets. (Working Paper no. 15-23)

October 29, 2015 | By Benjamin Munyan

Regulatory Arbitrage in Repo Markets

This paper documents a pattern of foreign-owned broker-dealers reducing their borrowing in the U.S. triparty repo market, a key source of short-term funding in the financial system, at quarter end and immediately returning to the market when a new quarter begins. This activity reduces their capital requirements under the leverage ratio. (Working Paper no. 15-22)

October 20, 2015 | By Paul Glasserman and H. Peyton Young

Contagion in Financial Networks

This paper surveys the rapidly growing literature about interconnectedness and financial stability. The paper focuses on insights in the literature on the relationship between network structure and the vulnerability of the financial system to contagion. (Working Paper no. 15-21)

October 7, 2015 | By Jill Cetina and Katherine Gleason

The Difficult Business of Measuring Banks' Liquidity: Understanding the Liquidity Coverage Ratio

Bank regulators adopted a new requirement called the Liquidity Coverage Ratio after the financial crisis to help ensure banks maintain enough liquid assets to cover their financial obligations during times of stress. This paper uses a series of increasingly complex examples to demonstrate issues in analyzing this new liquidity metric. (Working Paper no. 15-20)

October 1, 2015 | By Jingnan Chen, Mark D. Flood, and Richard B. Sowers

Measuring the Unmeasurable: An Application of Uncertainty Quantification to Financial Portfolios

Uncertainty is a crucial factor in financial stability, but it is notoriously difficult to measure. This working paper extends techniques from engineering to quantify fundamental economic uncertainty, and applies the method to an example of portfolio stress testing. By this measure, uncertainty peaked in late 2008. (Working Paper no. 15-19)

September 16, 2015 | By Richard Bookstaber and Mark Paddrik

An Agent-based Model for Crisis Liquidity Dynamics

This paper presents an agent-based model for examining price impacts and liquidity dynamics during financial crises, which are often characterized by sharp reductions in liquidity followed by cascades of falling prices. The model highlights the implications of changes in market makers' ability to provide intermediation services and the decision cycles of liquidity demanders versus liquidity suppliers during a crisis. (Working Paper no. 15-18)

September 9, 2015 | By Viktoria Baklanova, Adam Copeland, and Rebecca McCaughrin

Reference Guide to U.S. Repo and Securities Lending Markets

This paper is a reference guide on U.S. repo and securities lending markets. It discusses the main institutional features of these markets, their vulnerabilities, and data gaps that prevent market participants and regulators from addressing known vulnerabilities. (Working Paper no. 15-17)

August 19, 2015 | By Paul Glasserman and Linan Yang

Bounding Wrong-Way Risk in Measuring Counterparty Risk

This paper proposes a new method for bounding the impact of "wrong-way risk" on counterparty credit risk measurement for a portfolio of derivatives. Wrong-way risk refers to the possibility that a counterparty's default risk increases with the market value of the exposure. (Working Paper no. 15-16)

August 13, 2015 | By Chester Curme, Rosario N. Mantegna, Dror Y. Kenett, Michele Tumminello, and H. Eugene Stanley

How Lead-Lag Correlations Affect the Intraday Pattern of Collective Stock Dynamics

This paper explores how the increasing correlation among intraday stock returns affects the possibility to diversify investment risk and potentially may affect market stability. (Working Paper no. 15-15)

August 6, 2015 | By Sumudu W. Watugala

Economic Uncertainty and Commodity Futures Volatility

This paper investigates the dynamics of commodity futures volatility and analyzes the impact of increased emerging market demand on commodity markets. (Working Paper no. 15-14)

July 30, 2015 | By Mark D. Flood, Phillip Monin, and Lina Bandyopadhyay

Gauging Form PF: Data Tolerances in Regulatory Reporting on Hedge Fund Risk Exposures

This paper examines the precision of Form PF, a regulatory filing introduced after the financial crisis to measure risk exposures for private funds, including hedge funds. The paper finds that Form PF's measurement tolerances are large enough to allow private funds with dissimilar risk profiles to report similar risk measurements to regulators. (Working Paper no. 15-13)

June 18, 2015 | By Dror Y. Kenett, Sary Levy-Carciente, Adam Avakian, H. Eugene Stanley, and Shlomo Havlin

Dynamical Macroprudential Stress Testing Using Network Theory

This paper presents a dynamic bipartite network model for a stress test of a banking system's sensitivity to external shocks in individual asset classes. As a case study, the model is applied to investigate the Venezuelan banking system from 1998 to 2013. The model quantifies the sensitivity of bank portfolios to different shock scenarios and identifies systemic vulnerabilities that stem from connectivity and network effects, and their time evolution. The model provides a framework for dynamical macroprudential stress testing. (Working Paper no. 15-12)

May 28, 2015 | By Mark D. Flood, John C. Liechty, and Thomas Piontek

Systemwide Commonalities in Market Liquidity

This paper identifies hidden liquidity regimes (high, medium and low) across a broad range of financial markets that can be used for characterizing periods of market stress and identifying underlying predictors of liquidity shocks. This regime could have provided meaningful predictions of liquidity disruptions up to 15 trading days in advance of the 2008 financial crisis. These methods offer a potential framework for monitoring and predicting a systemwide collapse in market liquidity, which could signal a collapse of liquidity in the funding markets as experienced in the financial crisis. (Working Paper no. 15-11)

May 13, 2015 | By Javed Ahmed, Christopher Anderson, and Rebecca Zarutskie

Are the Borrowing Costs of Large Financial Firms Unusual?

This paper examines evidence of a too-big-to-fail subsidy for large financial firms by comparing borrowing costs of large and small firms across industries. The paper finds that larger firms borrow more cheaply in many industries, and this size effect is often largest in nonfinancial industries. These results challenge the notion that expected government bailouts are behind borrowing cost advantages enjoyed by the largest financial firms. (Working Paper no. 15-10)

May 13, 2015 | By Jill Cetina and Bert Loudis

The Influence of Systemic Importance Indicators on Banks' Credit Default Swap Spreads

This paper examines credit default swap (CDS) spreads in a sample of international banks for evidence of a benefit related to possible measures of systemic importance. The authors find a consistent, statistically significant negative relationship between five-year CDS spreads of banks and nine different systemic importance indicators. The paper shows that the benefit is most pronounced for banks within a certain asset range. Such evidence is weaker for banks identified by regulators as global systemically important banks. (Working Paper no. 15-09)

May 7, 2015 | By Agostino Capponi, W. Allen Cheng, and Sriram Rajan

Systemic Risk: The Dynamics under Central Clearing

This paper develops a model for concentration risks that clearing members pose to central counterparties. Over time, larger clearing members crowd out smaller clearing members. Systemic risk is created because high clearing member concentration results in relatively lower lending, higher cost of capital, and increasingly costly hedging. To address this risk, the paper proposes a self-funding systemic risk charge. (Working Paper no. 15-08)

May 7, 2015 | By Paul Glasserman, Ciamac C. Moallemi, and Kai Yuan

Hidden Illiquidity with Multiple Central Counterparties

This paper focuses on the systemic risks in markets cleared by multiple central counterparties (CCPs). Each CCP charges margins based on the potential impact from the default of a clearing member and subsequent liquidation of a large position. Swaps dealers can split their positions among multiple CCPs, effectively "hiding" potential liquidation costs. A lack of coordination among CCPs can lead to a "race to the bottom" because CCPs with lower perceived liquidation costs can drive competitors out of the market. (Working Paper no. 15-07)

May 7, 2015 | By Therese C. Scharlemann and Stephen H. Shore

The Effect of Negative Equity on Mortgage Default: Evidence from HAMP PRA

This paper uses data from the Home Affordable Modification Program to examine the impact of principal forgiveness on mortgage default. On average 3.1 percent of loans become delinquent and exit the program each quarter. The authors estimate that the rate would have been 3.8 percent absent principal forgiveness, which averaged 28 percent of the initial mortgage balance. (Working Paper no. 15-06)

April 2, 2015 | By Charles W. Calomiris, Matthew Jaremski, Haelim Park, and Gary Richardson

Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System

The Federal Reserve System was created to reduce risks related to seasonal swings in loan demand and to stabilize fluctuations in interest rates. Many state-chartered banks chose not to join the system because of the cost of the Federal Reserve's reserve requirements. The inability to attract many state-chartered banks created indirect access to government protection (lender of last resort) without federal regulation. (Working Paper no. 15-05)

March 26, 2015 | By Mark D. Flood and Oliver R. Goodenough

Contract as Automaton: The Computational Representation of Financial Agreements

This paper shows that the fundamental legal structure of a well-written financial contract follows a logic that can be formalized mathematically as a "deterministic finite automaton." This allows, for example, automated reasoning to determine whether a contract is internally coherent and complete. The paper illustrates the process by representing a simple loan agreement as an automaton. (Working Paper no. 15-04)

March 10, 2015 | By Richard Bookstaber, Michael D. Foley, and Brian F. Tivnan

Market Liquidity and Heterogeneity in the Investor Decision Cycle

This paper presents a model of market liquidity in which those who need to sell come into the market with a greater need for immediacy than those who are willing to buy. This is a critical market dynamic behind the illiquidity that arises during market dislocations and crises, when some are in forced-selling mode while others are hesitant to come in and take the other side of the trade. (Working Paper no. 15-03)

March 3, 2015 | By Paul Glasserman and Gowtham Tangirala

Are the Federal Reserve's Stress Test Results Predictable?

This paper examines the results of four rounds of stress testing of the largest U.S. bank holding companies, starting in 2009. The data reveal a growing correlation in results from one year to the next, highlighting whether the stress tests in their current form may be losing some of their information value over time. The authors discuss the implications of these patterns and recommend greater diversity in the stress scenarios analyzed. (Working Paper no. 15-02)

February 11, 2015 | By Richard Bookstaber, Paul Glasserman, Garud Iyengar, Yu Luo, Venkat Venkatasubramanian, and Zhizun Zhang

Process Systems Engineering as a Modeling Paradigm for Analyzing Systemic Risk in Financial Networks

This paper demonstrates the value of signed directional graphs, a modeling methodology used for risk detection in process engineering, in tracing the path of potential instabilities and feedback loops within the financial system. This approach expands the usefulness of network models of the financial system by including critical information on the direction of influence and the points of control between the various nodes of the network. (Working Paper no. 15-01)

December 22, 2014 | By Emil Siriwardane

Concentrated Capital Losses and the Pricing of Corporate Credit Risk

This paper uses proprietary credit default swap (CDS) data for 2010 to 2014 to show that capital fluctuations for sellers of CDS protection are an important determinant of CDS spread movements. (Working Paper no. 14-10)

November 25, 2014 | By Mark Paddrik, Roy Hayes, William Scherer, and Peter Beling

Effects of Limit Order Book Information Level on Market Stability Metrics

This paper uses an agent-based model of the limit order book to explore how the levels of information available to participants, exchanges, and regulators can be used for insights on the stability and resiliency of a market. (Working Paper no. 14-09)

November 13, 2014 | By Phillip Monin

Hedging Market Risk in Optimal Liquidation

This paper discusses optimal strategies for financial institutions in selling large blocks of securities and in hedging the resulting market risk. (Working Paper no. 14-08)

October 23, 2014 | By Robert Engle and Emil Siriwardane

Structural GARCH: The Volatility-Leverage Connection

This paper proposes a new model of volatility featuring a "leverage multiplier" by which financial leverage amplifies equity volatility. The model estimates daily asset returns and asset volatility. (Working Paper no. 14-07)

August 19, 2014 | By Paul Glasserman and Wanmo Kang

Design of Risk Weights

This paper investigates the design of risk weights used in setting minimum levels of regulatory capital for banks and presents a formula for regulators to set those weights by analyzing bank portfolios. (Working Paper no. 14-06)

July 29, 2014 | By Rick Bookstaber, Mark Paddrik, and Brian Tivnan

An Agent-based Model for Financial Vulnerability

This paper develops an agent-based model that uses a map of funding and collateral flows to analyze the financial system's vulnerability to fire sales and runs. (Working Paper no. 14-05)

July 2, 2014 | By Zoltan Pozsar

Shadow Banking: The Money View

This paper presents an accounting framework for measuring the sources and uses of short-term funding in the global financial system and introduces a dynamic map of global funding flows. (Working Paper no. 14-04)

May 29, 2014 | By Andrea Aguiar, Rick Bookstaber, and Thomas Wipf

A Map of Funding Durability and Risk

This paper features a funding map to illustrate the flow of funding from its initial providers through the bank/dealers to the end-users. In addition to showing the plumbing of the system, the paper also shows the processes for transforming funding liquidity, credit quality, and tenor. The paper then applies the funding map to track risk through various types of financial institutions, and to identify gaps in data needed for financial stability monitoring. (Working Paper no. 14-03)

May 9, 2014 | By Mark D. Flood, Victoria L. Lemieux, Margaret Varga, and B.L. William Wong

The Application of Visual Analytics to Financial Stability Monitoring

This paper provides an overview of visual analytics - the science of analytical reasoning enhanced by interactive visualizations produced by data analytics software - and discusses potential benefits in monitoring financial stability. (Working Paper no. 14-02)

April 16, 2014 | By Javed I. Ahmed

Competition in Lending and Credit Ratings

This paper explores the relationship between the quality of corporate credit ratings and competition in lending between the public bond market and banks. It finds that the quality of credit ratings plays a role in financial stability because the behavior of rating agencies can reduce the impact of macroeconomic shocks. (Working Paper no. 14-01)

December 5, 2013 | By Matthew McCormick and Lynn Calahan

Common Ground: The Need for a Universal Mortgage Loan Identifier

The U.S. mortgage finance system is a critical part of our nation's financial system, representing 70 percent of U.S. household liabilities. The establishment of a single, cradle‐to‐grave, universal mortgage identifier that cannot be linked to individuals using publicly‐available data would significantly benefit regulators and researchers. (Working Paper no. 13-12)

September 4, 2013 | By Mark Flood, Jonathan Katz, Stephen Ong, and Adam Smith

Cryptography and the Economics of Supervisory Information: Balancing Transparency and Confidentiality

This paper explores tradeoffs between transparency and confidentiality in financial regulation and discusses new techniques from the fields of secure computation and statistical data privacy that can facilitate the secure sharing of financial information. (Working Paper no. 13-11)

July 18, 2013 | By Rick Bookstaber, Jill Cetina, Greg Feldberg, Mark Flood, and Paul Glasserman

Stress Tests to Promote Financial Stability: Assessing Progress and Looking to the Future

Stress testing of large bank holding companies in the United States - a valuable exercise used to determine regulatory capital and liquidity planning at these institutions - should be adapted to be made more useful for financial stability monitoring. (Working Paper no. 13-10)

June 21, 2013 | By Paul Glasserman and H. Peyton Young

How Likely is Contagion in Financial Networks?

This paper estimates how much interconnections among financial institutions - potential channels for contagion and amplification of shocks to the financial system - can increase expected losses from a wide range of shocks. (Working Paper no. 13-09)

May 15, 2013 | By Douglas J. Elliot, Greg Feldberg, and Andreas Lehnert

The History of Cyclical Macroprudential Policy in the United States

This paper presents a survey and historical narrative of policies to smooth the credit cycle in light of their potential future application as "macroprudential" policies to reduce the build-up of risks in U.S. financial markets. (Working Paper no. 13-08)

April 9, 2013 | By Paul Glasserman, Chulmin Kang, and Wanmo Kang

Stress Scenario Selection by Empirical Likelihood

This paper develops a method for selecting and analyzing stress-testing scenarios for financial risk assessment. (Working Paper no. 13-07)

March 13, 2013 | By Ozgur (Ozzy) Akay, Zeynep Senyuz, and Emre Yoldas

Hedge Fund Contagion and Risk-adjusted Returns: A Markov-switching Dynamic Factor Approach

This paper uses a flexible framework to analyze two important phenomena influencing the hedge fund industry - contagion and time variation in risk-adjusted return. (Working Paper no. 13-06)

February 7, 2013 | By Mark D. Flood and George G. Korenko

Systematic Scenario Selection: Stress Testing and the Nature of Uncertainty

This paper offers a technique for selecting multidimensional shock scenarios for use in financial stress testing. The technique uses a grid search of sparse, well distributed stress-test scenarios that are considered a middle ground between traditional stress testing and reverse stress testing. (Working Paper no. 13-05)

January 23, 2013 | By Nan Chen, Paul Glasserman, Behzad Nouri, and Markus Pelger

CoCos, Bail-in, and Tail Risk

This paper develops a capital structure model of a bank to analyze the incentives created by contingent convertibles (CoCos) and bail-in debt, which convert to equity when a bank approaches insolvency. These two forms of contingent capital have been proposed as potential mechanisms to enhance financial stability. (Working Paper no. 13-04)

December 21, 2012 | By Richard Bookstaber

Using Agent-Based Models for Analyzing Threats to Financial Stability

This paper discusses the concepts and research related to agent-based models and explores how the dynamics of a flock of birds in flight, a group of drivers in a traffic jam, or a panicked crowd of stampeding people might inform our analysis of threats to financial stability. (Working Paper no. 12-03)

March 26, 2012 | By Mark J. Flannery, Paul Glasserman, David K.A. Mordecai, and Cliff Rossi

Forging Best Practices in Risk Management

This paper assesses risk management practices and how risk management can be improved. The paper approaches risk management from three perspectives: (1) risk measurement by individual firms, (2) governance and incentives, and (3) systemic concerns. The paper evaluates each approach separately and also discusses the importance of considering them as interrelated. (Working Paper no. 12-02)

January 5, 2012 | By Dimitrios Bisias, Mark Flood, Andrew W. Lo, and Stavros Valavanis

A Survey of Systemic Risk Analytics

The paper focuses on quantitative tools to assess threats to financial stability. It gives a broad overview of the state of the art in measuring systemic risk by focusing on a key set of 31 specific measurements outlined elsewhere in peer-reviewed articles or working papers. (Working Paper no. 12-01)

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ZSR Library

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POL 115 A (Galisanka - Spring 2024): Money in Politics Paper

  • Money in Politics
  • Background Sources

Before getting started with research, it is a good idea to start with some background and context to the issues you are investigating. The sources below will help you get to that information quickly.

  • CQ Researcher This link opens in a new window Contains reports and analysis on issues in the news including health, social trends and issues, criminal justice, education, the environment, technology, and the economy. Great resource for background information on current news, hot topics, and social issues. Coverage back to 1923. Coverage: 1991-
  • Gale In Context: Opposing Viewpoints This link opens in a new window This comprehensive multidisciplinary database delivers credible facts and current insight into today's most debated political and social issues. Contains periodical content that covers current events, news and commentary, pro/con viewpoints, reference articles, interactive maps, infographics, and more.
  • Europa World Plus This link opens in a new window Covers political, economic and statistical information about more than 250 countries and territories, as well as international and regional organizations. A starting point for any kind of country research. Coverage: Details not available

Multi-Book Background Databases

  • Routledge Handbooks Online This link opens in a new window Overviews of research and trends and background information in the Social Sciences and Humanities. WFU access includes the following subject collections: Asian Studies; Communication, Journalism, Media & Culture; Environment & Sustainability; Law; Philosophy; Politics; Religion; Security Studies; and Sociology.
  • Gale eBooks This link opens in a new window Search across hundreds of subject encyclopedias and other reference works. A great place to find background information on almost any research topic. Includes a topic finder for help with narrowing or broadening your research topic. Coverage: varies
  • Credo Reference This link opens in a new window Search across hundreds of subject encyclopedias and other referece works. A great place to find background information on almost any research topic. Includes subject trees, pro/con resources, links to scholarly articles and more.
  • Scholarly Journal Articles

These databases (listed in the order of likelihood they will be useful to you) will get you to news and scholarly journal articles on particular companies, industries, and issues. You can search for things like "Oil industry" Lobbying to get to articles. 

  • ProQuest Political Science Database This link opens in a new window Contains hundreds of leading political science and international relations journals, full-text doctoral dissertations, working papers, conference proceedings, country profiles, political news and other sources. This link cross searches ProQuest Political Science Database, PAIS Index, and Worldwide Political Science Abstracts. Coverage: 1985-
  • Business Source Premier This link opens in a new window Includes abstracts, indexing, and full text from international business periodicals like the Harvard Business Review. Also includes Datamonitor company profiles. Coverage: 1886-
  • EconLit This link opens in a new window Contains citations to, and selected abstracts of, the field of economics from international journal articles, dissertations, and books, books chapters and articles and conference proceedings. Coverage: 1969-
  • ProQuest Military Database This link opens in a new window Provides full-text titles on military issues from around the world, including scholarly journals, trade and industry journals, magazines, technical reports, conference proceedings, government publications, and more. Coverage: 1987-
  • Resources on Lobbying

The direct influence between lobbying and policy is often difficult to prove - but a good deal of evidence is available in what the lobbying groups reveal about their activities and in how the legislation gets crafted. It is important to look at both sides of the process, starting with the lobbying group or organization. You can check their web sites for statements about the policies they are working on - The American Library Associations Legislation Page for example. Then you can check the hearings and legislation versions in Proquest Congressional  for changes recommended by the lobbying groups, etc.

For information on where lobbying money goes - try these resources:

  • OpenSecrets from The Center for Responsive Politics Nonpartisan, independent and nonprofit, the Center for Responsive Politics is the nation's premier research group tracking money in U.S. politics and its effect on elections and public policy.
  • Lobbying Disclosure Database from the US House
  • Campaign Finance Data
  • Political Moneyline Track individual donations to campaigns, contributions from PACs, individual donors and politicians to elected officials, candidates and party committees. Retrieve information on thousands of lobbyists, indexed by client and issue. Plus, you can search for individual donor information by name, city, zip code and more, and download the results to a spreadsheet format.
  • Campaign Financing Resources

Researching campaigns can be challenging. Different rules regulate required disclosures on local, state and federal levels. The following web resources are all freely available.

Executive Branch Reporting 

  • IRS Political Organizations Filing and Disclosure Search for and view submitted forms, including Form 8871, Political Organization Notice of Section 527 Status and Form 8872, Political Organization Report of Contributions and Expenditures.
  • Federal Election Committee: Finance Data See how candidates and committees raise and spend money in federal elections. Look up candidate and committee profiles or find contributions from individuals.

Congressional Office Reporting

  • US House Lobbying Disclosure The Lobbying Disclosure Act of 1995, as amended by the Honest Leadership and Open Government Act of 2007, requires all active registrants to file quarterly activity reports with the Clerk of the U.S. House of Representatives and Secretary of the U.S. Senate. Access these reports to learn more about how entities or people who employ or retain another person for compensation to conduct lobbying activities on their behalf.
  • House Financial Disclosure Reports "Financial Disclosure Reports include information about the source, type, amount, or value of the incomes of Members, officers, certain employees of the U.S. House of Representatives and related offices, and candidates for the U.S. House of Representatives." 2007–present.
  • Senate Financial Disclosures Financial disclosures by Senators and candidates since January 1, 2012. Senator reports are available until six years after the individual ceases to be a Member. Candidate reports are available for one year after the individual is no longer a candidate.
  • US Senate Lobbying Disclosure

External Sites that Monitor Money and Lobbying

  • OpenSecrets.org Search for a company, firm, bill, or lobbyist with spending data from 1998-present.
  • ProPublica House Office Expenditure Data Details the official spending done by the House of Representatives, including lawmakers’ offices, committee offices, and administrative offices, using the official House Statement of Disbursements.
  • Federal Level Finance and Budget Research

Use the following freely available resources to research how the federal government is spending money, including budget-allocations and contracts with 3rd parties.

  • USASpending.gov USAspending is the official open data source of federal spending information, including information about federal awards such as contracts, grants, and loans.
  • SAM.gov The System for Award Management (SAM.gov) is an official website of the U.S. Government. You can use this site to access publicly available award data via data extracts and system accounts.
  • FiscalData (US Treasury) See how much the US has taken in and spent this year - broken down by categories and agencies.
  • State Level Finance and Budget research

Use these freely available resources to research how the government is spending money on the local or state levels. Local research is challenging, as each state has its own web sites, rules, and systems for sharing this type of information.

Each State Government will have their own webpage for spending. For example, here is   North Carolina's  Open Budget website. 

  • North American City Reports This link opens in a new window Contains the full text of surveys, budgets, statistical records, case studies, planning documents, training manuals, policy guidelines, reports, and news from the five hundred largest cities in North America. It also includes select materials from hundreds of related agencies and non-governmental organizations.
  • DataZ Data-Z (formerly State Data Lab) is a project of Truth in Accounting.a non-partsian effort to compel governments to produce financial reports that are understandable, reliable, transparent and correct. The site contains state financial data and external demographic and economic data, along with tools ranging from graphs to regression, ranking and compound growth analysis.
  • NASBO: Archive of State Expenditure Report Project from the National Organization of State Budget Officiers. Archive of State Expenditure Reports. NASBO has released a State Expenditure Report every year since 1987.
  • Census Bureau: State Gov't Finances The Annual Survey of State Government Finances provides a comprehensive summary of the annual survey findings for state governments, as well as data for individual states.
  • USA Spending: State Breakdown Breakdown of federal funds awarded to each state, includes some county-level data.
  • Tracking Corporations

There are many ways to track corporations' spending, relationships, and lobbying efforts, but the information tends to be buried or otherwise hard to find. Typically, if information is not required to be disclosed by a regulating body like the SEC in the US, it will be even harder and sometimes impossible to find. Here are some resources and strategies to use.

Lobbying and Government Involvement

  • There are various ways corporations can attempt to influence government policies. 
  • Most resources that capture business information about companies don't focus on lobbying efforts, so you're more likely to find out about a company's involvement by focusing on a specific policy or introduced bill and tracking backwards to see who is behind it.
  • Keep in mind that individual companies may lobby for certain interests, but they may also be part of other organizations that do that work such as industry associations or non-profits created explicitly for that purpose, so it may be a multi-step process to track back to the company.

Corporate Relationships

  • While the amount of information included in the 10-K can vary, companies will sometimes mention key corporate partners, such as suppliers, manufacturers, and distributors as challenges or risks with those business operations can affect the company's perceived value to investors.
  • Companies typically disclose key executives in the proxy statement issued ahead of the annual shareholder meeting. You may also be able to find it on the company's "Investor Relations" website.
  • Groups, like pension and mutual funds and investment firms, that own a large amount of equities have to file the 13F form with the SEC that details their holdings. When this information is aggregated you can see who the institutional owners are for various equities like stocks.
  • Deals and transactions, like mergers and acquisitions, will also result in  SEC filings  and are tracked by many company databases. Companies will also often release press statements when deals are announced.
  • Capital IQ This link opens in a new window The Capital IQ platform provides research, data, and analysis on private and public companies. Covers areas of corporate finance, including investment banking, equity research, asset management and more.
  • Comparative Cross-National Data

State Development

  • Worldbank Worldwide Governance Indicators The WGI reports aggregate and individual governance indicators for over 200 countries and territories over the period 1996–2018, for six dimensions of governance: Voice and Accountability, Political Stability and Absence of Violence, Government Effectiveness, Regulatory Quality, Rule of Law, Control of Corruption
  • Transparency International's Corruption Perceptions Index The CPI scores and ranks countries/territories based on how corrupt a country’s public sector is perceived to be by experts and business executives. It is a composite index, a combination of 13 surveys and assessments of corruption, collected by a variety of reputable institutions. The CPI is the most widely used indicator of corruption worldwide.
  • Geddes Wright and Frantz' Autocratic Regimes Data Includes start/end dates, regime types, level of violence during regime failure event, categorization of regime failure events.
  • Transparency International Global Corruption Barometer
  • World Justice Project's Rule of Law Index Covering 128 countries and jurisdictions, the Index relies on national surveys of more than 130,000 households and 4,000 legal practitioners and experts to measure how the rule of law is experienced and perceived worldwide.
  • Public Expenditure and Financial Accountability Index

Regime Type/Regime Change

  • Freedom House's Freedom in the World Index Freedom in the World assesses the condition of political rights and civil liberties around the world. It is composed of numerical ratings and supporting descriptive texts for 195 countries and 15 territories. Freedom in the World has been published since 1973, allowing Freedom House to track global trends in freedom over more than 40 years.
  • Varieties of Democracy Varieties of Democracy (V-Dem) is a new approach to conceptualizing and measuring democracy. We provide a multidimensional and disaggregated dataset that reflects the complexity of the concept of democracy as a system of rule that goes beyond the simple presence of elections. The V-Dem project distinguishes between five high-level principles of democracy: electoral, liberal, participatory, deliberative, and egalitarian, and collects data to measure these principles.
  • Polity IV Projects Political Regime Characteristics and Transitions, 1800-2013
  • Archigos (Political Dictators and How They are Removed)

Democratic and Authoritarian Institutions

  • Autocratic Regimes
  • Authoritarian Institutions
  • Comparative Constitutions Project
  • Comparative Study of Electoral Systems
  • Database of Political Institutions
  • Democratic Accountability and Linkage Project
  • Institutions and Elections Project
  • Manifest Project (Political Party Platforms)

Global Elections Results

  • Constituency-Level Elections Archive The Constituency-Level Elections Archive (CLEA) is a repository of detailed election results at the constituency level for lower chamber and upper chamber legislative elections from around the world.
  • National Elections Across Democracy and Autocracy The National Elections across Democracy and Autocracy (NELDA) dataset provides detailed information on all election events from 1960-2006. To be included, elections must be for a national executive figure, such as a president, or for a national legislative body, such as a parliament, legislature, constituent assembly, or other directly elected representative bodies.
  • Election Passport Election Passport provides free access to a rich dataset of constituency election results in 110 countries and territories throughout the world. The data are unusually complete, including votes won by very small parties, independents, and frequently candidate names, that are difficult to locate. Additional elections are regularly added.
  • Global Elections Database The Global Elections Database (formerly known as the Constituency-Level Elections Dataset, 2007) provides information on the results of both national and subnational elections around the world. These data are presented at two levels of analysis, allowing users to quickly identify the results of elections within a country as a whole or within particular constituencies or districts of a country. All parties are included in the database regardless of the number of votes that they won. The data are based on countries' official election results and have been amassed from various government institutions.
  • IDEA Voter Turnout Database
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RESEARCH PAPER.     Research and write on the following:...

RESEARCH PAPER.  

Research and write on the following:

  • Cryptocurrency.
  • Cryptocurrency Exchange Traded Funds (ETFs).
  • Bitcoin vs. NFT.
  • Bitcoin vs. Ripple.
  • Blockchain.

Creative answers with references needed

Answer & Explanation

Cryptocurrencies are decentralized digital currencies operating on a blockchain network, ensuring no single entity controls issuance or transactions. They are secured using complex cryptography, making them resistant to counterfeiting and fraud. Cryptocurrencies are used for various use cases, including payments, online purchases, and decentralized finance applications. Exchange Traded Funds (ETFs) track the price of cryptocurrencies and offer investment exposure without direct ownership. While they offer potential benefits like increased accessibility, diversification, and lower fees, they also have drawbacks like limited selection of underlying assets, tracking error, and regulatory uncertainty. Bitcoin and Ripple are two different blockchain technologies, with Bitcoin focusing on peer-to-peer transactions and Ripple facilitating cross-border payments for financial institutions. Blockchain technology, on the other hand, is distributed ledger technology that provides transparency, immutability, security, and trust.

  • 1. Cryptocurrency : Cryptocurrency is a decentralized digital currency that operates on a blockchain network. Unlike traditional currencies controlled by governments and central banks, no single entity has control over the issuance or transactions. Transactions are secured using complex cryptography, making them resistant to counterfeiting and fraud. Apart from investment, cryptocurrencies are used for payments, online purchases, and decentralized finance (DeFi) applications. Examples of cryptocurrencies include Bitcoin, Ethereum, Litecoin, Dogecoin, and more. You can find more information about cryptocurrency on Investopedia https://www.investopedia.com/cryptocurrency-4427699, CoinMarketCap https://coinmarketcap.com/all/views/all/, and the Bitcoin whitepaper https://bitcoin.org/en/bitcoin-paper. 
  • 2. Cryptocurrency Exchange Traded Funds (ETFs) : Cryptocurrency Exchange Traded Funds (ETFs) are similar to traditional ETFs that track stocks or bonds, but they track the price of specific cryptocurrencies or baskets. Investors can gain exposure to cryptocurrencies without directly dealing with crypto exchanges or wallets, which are often considered complex by some. While some SEC-approved ETFs exist, mostly tracking Bitcoin futures, broader regulatory approval for spot ETFs directly holding crypto is still pending. Some potential benefits of ETFs include increased accessibility, diversification, and potentially lower fees than direct crypto investments. However, there are also potential drawbacks, such as limited selection of underlying assets, tracking error (not perfectly mirroring the asset's price), and regulatory uncertainty. You can find more information about cryptocurrency ETFs on Cointelegraph https://cointelegraph.com/tags/etf, Forbes https://www.fool.com/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/cryptocurrency-etf/, and the Securities and Exchange Commission https://www.sec.gov/rules/2019/09/exchange-traded-funds. 
  • 3. Bitcoin vs. NFT : Bitcoin and NFTs both utilize blockchain technology, but they have distinct functionalities. Bitcoin acts as a digital currency, facilitating peer-to-peer transactions, while NFTs represent unique digital assets like artwork, music, or collectibles. Bitcoins are fungible, meaning one Bitcoin is identical. On the other hand, NFTs are non-fungible, with each being unique and irreplaceable. Bitcoin has a fixed supply of 21 million, leading to scarcity and potential value appreciation. NFTs have varying supply models depending on the creator. Investing in Bitcoin aims to profit from price fluctuations, while owning an NFT grants digital ownership of the underlying asset. You can find more information about Bitcoin and NFTs on NonFungible.com https://nonfungible.com/ and the Bitcoin whitepaper https://bitcoin.org/en/bitcoin-paper. 
  • 4. Bitcoin vs. Ripple : Bitcoin and Ripple have different underlying technologies and primary focuses. Bitcoin uses the Proof-of-Work (PoW) consensus mechanism, requiring energy-intensive mining. Ripple utilizes a faster, more energy-efficient consensus mechanism called Byzantine Fault Tolerance (BFT). Bitcoin aims to be a decentralized digital currency, while Ripple focuses on facilitating cross-border payments for financial institutions. Bitcoin has a capped supply, while Ripple has a pre-mined supply with ongoing controlled release. Bitcoin faces regulatory hurdles due to its decentralized nature, while Ripple actively engages with regulators and targets institutional adoption. You can find more information about Bitcoin and Ripple on the Ripple website https://ripple.com/ and the Bitcoin whitepaper https://bitcoin.org/en/bitcoin-paper. 
  • 5. Blockchain : Blockchain is a distributed ledger technology where transactions are recorded in chronologically linked blocks across a network of computers. Each block references the previous one, creating an immutable record of all transactions visible to all participants. Cryptography secures the network, making it resistant to tampering and fraud. Beyond cryptocurrencies, blockchain technology has applications in supply chain management, voting systems, and identity management. You can find more information about blockchain on Blockchain.com https://www.investopedia.com/terms/b/blockchain.asp and the World Economic Forum https://www.weforum.org/videos/what-is-blockchain/.

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Watch CBS News

OpenAI's new text-to-video tool, Sora, has one artificial intelligence expert "terrified"

By Megan Cerullo

Edited By Anne Marie Lee

February 16, 2024 / 5:19 PM EST / CBS News

Another groundbreaking generative artificial intelligence tool from the company behind ChatGPT unveiled Thursday is expected to accelerate the proliferation of deepfake videos and have implications for virtually every industry. 

Sora, an AI application that takes written prompts and turns them into original videos, is already so powerful that one AI expert says it has him "terrified." 

"Generative AI tools are evolving so rapidly, and we have social network — which leads to an Achilles heel in our democracy and it couldn't have happened at a worse time," Oren Etzioni, founder of TrueMedia.org, told CBS MoneyWatch. The nonprofit organization dedicated to fighting AI-based disinformation in political campaigns focuses on identifying manipulated media, including so-called deepfake videos . 

"As we're trying to sort this out we're coming up against one of the most consequential elections in history," he added, referring to the 2024 presidential election. 

Sora maker OpenAI shared a teaser of its text-to-video model on X, explaining that it can instantaneously create sophisticated, 60-second-long videos "featuring highly detailed scenes, complex camera motion and multiple characters with vibrant emotions."

The tool is not yet publicly available. For the time being, OpenAI has restricted its use to "red teamers" and some visual artists, designers and filmmakers to test the product and deliver feedback to the company before it's released more widely. 

Safety experts will evaluate the tool to understand how it could potentially create misinformation and hateful content, OpenAI said.

Landing soon

Advances in technology have seemingly outpaced checks and balances on these kinds of tools, according to Etzioni, who believes in using AI for good and with guardrails in place. 

"We're trying to build this airplane as we're flying it, and it's going to land in November if not before — and we don't have the Federal Aviation Administration, we don't have the history and we don't have the tools in place to do this," he said. 

All that's stopping the tool from becoming widely available is the company itself, Etzioni said, adding that he's confident Sora, or a similar technology from an OpenAI competitor, will be released to the public in the coming months. 

Of course, any ordinary citizen can be affected by a deepfake scam, in addition to celebrity targets. 

"And [Sora] will make it even easier for malicious actors to generate high-quality video deepfakes, and give them greater flexibility to create videos that could be used for offensive purposes,"  Dr. Andrew Newell, chief scientific officer for identify verification firm, iProov, told CBS MoneyWatch. 

This puts the onus on organizations, like banks, to develop their own AI-based tools to protect consumers against potential threats. 

Banks that rely on video authentication security measures are most exposed, he added. 

Threat to actors, creators

The tool's capabilities are most closely related to skills of workers in content creation, including filmmaking, media and more. 

"Voice actors or people who make short videos for video games, education purposes or ads will be the most immediately affected," he said. 

"For professions like marketing or creative, multimodal models could be a game changer and could create significant cost savings for film and television makers, and may contribute to the proliferation of AI-generated content rather than using actors," Reece Hayden, senior analyst at ABI Research, a tech intelligence company, told CBS MoneyWatch.

Given that it makes it easier for anyone — even those without artistic ability — to create visual content, Sora could let users develop choose-your-own-adventure-style media. 

Even a major player like "Netflix could enable end users to develop their own content based on prompts," Hayden said. 

  • Artificial Intelligence

img-6153.jpg

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News Streaming to discuss her reporting.

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