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

Irene Henriques and Perry Sadorsky (2025). "Connectedness And Systemic Risk Between Fintech And Traditional Financial Stocks: Implications For Portfolio Diversification", Research in International Business and Finance, 73, Part A,102629.

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Abstract The rapid growth in FinTech is attracting significant investor attention. There are concerns that FinTech stocks may be a source of systemic risk and this has implications for the stability of the financial sector. This study uses a TVP-VAR model to estimate the dynamic connectedness between global FinTech stocks and the stocks of large US banks, regional US banks, US insurance, and global private equity. The findings reveal that FinTech and insurance stocks are net receivers of shocks while large US banks are a major source of shocks. Thus, FinTech stocks are not a source of systemic risk but can be affected by financial contagion and systemic risk originating from large US banks. The highest connectedness was observed at the onset of the COVID-19 lockdowns illustrating the dramatic impact that a health pandemic can have on systemic risk. Systemic risk also increased during the 2023 US bank panic. Connectedness has implications for constructing investment portfolios. The equally weighted, risk parity, and risk parity connectedness portfolios have similar portfolio summary statistics, but lower risk adjusted returns than the maximum Sharpe ratio portfolio which better captures the low correlation between FinTech stocks and traditional financial stocks. These results are robust across various portfolio rebalancing periods (daily, weekly, monthly).

Perry Sadorsky (2024). "Using Precious Metals to Reduce the Downside Risk of FinTech Stocks", FinTech 2024, 3(4), 537-550.

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Abstract FinTech stocks are an important new asset class that reflects the rapidly growing FinTech sector. This paper studies the practical implications of using gold, silver, and basket-of-precious-metals (gold, silver, platinum, palladium) ETFs to diversify risk in FinTech stocks. Downside risk reduction is estimated using relative risk ratios based on CVaR. The analysis shows that gold provides the most downside risk protection. For a 5% CVaR, a 30% portfolio weight for gold reduces the downside risk by about 25%. The minimum variance and minimum correlation three-asset (FinTech, gold, and silver) portfolios (with portfolio weights estimated using a TVP-VAR model) have the highest risk-adjusted returns (Sharpe ratio, Omega ratio) followed by the fixed-weight FinTech and gold portfolio. These results show the benefits of diversifying an investment in FinTech stocks with precious metals. These results are robust to weekly or monthly portfolio rebalancing and reasonable transaction costs.

Irene Henriques, Perry Sadorsky (2024). "Do Clean Energy Stocks Diversify the Risk of FinTech Stocks? Connectedness and Portfolio Implications", Global Finance Journal, 62, 101019.

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Abstract The FinTech sector is growing rapidly, prompting a need to explore effective investment diversification strategies for stocks in this sector. The existing literature has identified the benefits of using clean energy stocks to diversify stock portfolios and the purpose of this research is to estimate how useful clean energy stocks are for diversifying an investment in FinTech stocks. This study uses a QVAR model to estimate the dynamic return connectedness between FinTech stocks and clean energy stocks for the period September 2016 to April 2024. Total connectedness is time varying and is higher in the tails than at the median. The onset of the COVID-19 pandemic had a large but short-term impact on connectedness. Under normal market conditions, systemic risk increases by 3.5% per year. FinTech is a net transmitter of shocks to nuclear energy but is mostly unaffected by shocks from wind, solar, and nuclear energy stocks illustrating the diversification benefits of these sub-sectors. Portfolio analysis shows that adding solar, wind, and nuclear energy to a portfolio with FinTech can produce higher risk adjusted returns and lower drawdown than an investment solely in FinTech stocks. These results are robust across various portfolio rebalancing frequencies (daily, weekly, monthly). For example, a minimum connectedness portfolio rebalanced daily has an average annual return of 11% and a Sharpe ratio of 0.37. These values are higher than their respective values for an investment solely in FinTech stocks (5.4%, 0.11). Thus, clean energy stocks do provide diversification benefits for investments in FinTech stocks.