Publications Database

Welcome to the new Schulich Peer-Reviewed Publication Database!

The database is currently in beta-testing and will be updated with more features as time goes on. In the meantime, stakeholders are free to explore our faculty’s numerous works. The left-hand panel affords the ability to search by the following:

  • Faculty Member’s Name;
  • Area of Expertise;
  • Whether the Publication is Open-Access (free for public download);
  • Journal Name; and
  • Date Range.

At present, the database covers publications from 2012 to 2020, but will extend further back in the future. In addition to listing publications, the database includes two types of impact metrics: Altmetrics and Plum. The database will be updated annually with most recent publications from our faculty.

If you have any questions or input, please don’t hesitate to get in touch.


Search Results

Oyegunle, A., Weber, O., & ElAlfy, A. (2023). "Carbon Costs and Credit Risk in a Resource-Based Economy: Carbon Cost Impact on the Z-Score of Canadian TSX 260 Companies", Journal of Management and Sustainability, 13(1).

Open Access Download

Abstract Climate risks and climate risk-related policies on carbon threaten the ability of economies to thrive and will impact the credit risk of many sectors, primarily high-emitting sectors. Higher credit risks will also affect lenders if their credit portfolios are exposed to climate change risks. The introduction of carbon pricing policies will exacerbate this threat in resource-based economies such as Canada. While some research exists on climate exposure and risks to lending portfolios, there is a knowledge gap on how carbon pricing impacts individual commercial credit risk. Consequently, this study analyzes the effect of different carbon pricing scenarios on Altman’s z-score. Using the Canadian TSX 260 data between 2010 and 2020 as a sample, this paper applied the costs of different carbon prices using the Canadian Government’s carbon price regime of $0 to $170 to analyze Altman’s z-score variables until 2030. The results suggest that carbon price will significantly impact the credit risk of companies in high-emitting industries, such as the energy sector. We conclude that climate policy exposure in the form of carbon costs will have a real impact on credit risk and that lenders must consider carbon emissions as part of their credit risk assessment.

Kanagaretnam, K., G.J. Lobo and L. Zhang. (2022). "Relationship between Climate Risk and Physical and Organizational Capital", Management International Review, 62, 245–283.

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Abstract We investigate the relationship between climate risk and corporate investment in physical and organizational capital using an international sample of firms from 39 countries. Our main findings show that climate risk is positively associated with physical capital but is negatively related to organizational capital. We also explore the effects of climate vulnerability on these relationships and find that the positive relationship between climate risk and physical capital is mainly driven by climate-nonvulnerable industries, while the negative relationship between climate risk and organizational capital is principally driven by climate-vulnerable industries. Overall, our findings have significant implications for both domestic and multinational enterprises that engage in long-term investments against the background of climate change.

Sayce, S.L., Clayton, J., Devaney, S. and van de Wetering, J. (2022). "Climate Risks and Their Implications for Commercial Property Valuations", Journal of Property Investment and Finance.

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The authors outline a framework that captures the channels through which physical climate risks could affect cash flows and pricing of income-producing real estate. This facilitates detailed consideration of how the future performance of real estate investments could be affected by such risks.


This is a literature-based investigation that draws on work commissioned by UNEP-FI (Clayton et al., 2021a, b). It extends this work to consider in more detail the channels through which climate risks may impact property performance and the implications for the valuation community.


Recent empirical studies have identified more instances where pricing is reflecting both current and anticipated climate risks. Market valuations cannot properly incorporate climate risk without clear evidence that it is priced by market participants, but valuers can advise clients on the potential for future impacts.

Research limitations/implications

While inferences can be made from studies of residential real estate, more research on commercial real estate pricing and climate risk is required to assist valuers and their clients, as well as other stakeholders in the real estate market.

Practical implications

Differences between a Market Value and an Investment Value context are considered, and how valuers could and should account for climate risk in each setting is discussed with reference to existing professional standards and guidance.


The article synthesises a wide range of literature to produce a framework for the channels by which real estate values could be influenced by climate risk.