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

Zhang, Y., & Weber, O. (2022). "Investors’ Moral and Financial Concerns – Ethical and Financial Divestment in the Fossil Fuel Industry", Sustainability, 14(4), 1952.

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Abstract It is discussed intensively whether divestment decease sales in the fossil fuel industry or whether investors divest from the fossil fuel industry because of stranded assets. Furthermore, it is unclear what the consequences of these activities are for the fossil fuel industry. Therefore, the study explores the direction of causality between cash flow factors, such as production factors and sources of financing and sales of the fossil fuel industry using lagged regression models and applying the Granger causality test. Our sample consists of fossil fuel companies from the Carbon Underground 200 list. Because R-squared values for both lagged financial factors and lagged sales were similar, we suggest a “bi-directional causality” between the financial flow factors and sales. We conclude that divestment (because of ethical concerns) can cause lower sales and that lower sales can cause divestment because of fear of the risk of stranded assets. Because a third factor usually causes bi-directional causations, we conclude that the need for the fossil fuel industry to reduce greenhouse gas emissions is the third factor that influences both the ethical and financial motivation of divestment. Consequently, the study contributes to theoretical approaches to divestment.

Weber, O. (2017). "Is Gold a Hedge, a Safe Haven, or a Diversifier in Korea? Empirical Analysis of Gold, Socially Responsible Investment and Conventional Investment", ACRN Oxford Journal of Finance and Risk Perspectives for Managers, 6(1), 55-69.

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Abstract This paper examines whether gold is a hedge or a diversifier for socially responsible and conventional investment in Korea. To answer this question, daily returns between January 2006 and December 2015 were analyzed. This time span included the implementation of the Korean Green New Deal. The autoregressive distributed lag method was used to analyze the daily returns for socially responsible investment, conventional investment, and gold. The results suggest that gold is a strong diversifier, but a weak hedge, for socially responsible investment and conventional investment in Korea. For the sub-period, including the 2008 financial crisis, no evidence of gold being a safe haven was found. Furthermore, the study found that neither negative nor positive shocks have a significant impact on the volatility of the Dow Jones Socially Responsible Investment Index Korea. However, positive shocks contribute to volatility in the first sub-period between 2006 and 2010, and negative shocks contribute to volatility in the second sub-period between 2001 and end of 2015.

Weber, O., & Ang, W. R. (2016). "The Performance, Volatility, Persistence and Downside Risk Characteristics of Sustainable Investments in Emerging Market", ACRN Oxford Journal of Finance and Risk Perspectives, 5(2), 1-13.

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Abstract We analyzed the performance of an emerging market SRI index, the MSCI SRI Emerging Market Index, with regard to its financial performance compared to conventional indexes between June 2011 and December 2014 based on daily returns. Our analysis suggests that the SRI index is ranked higher in terms of mean return than most of the conventional emerging market portfolios. Generally, we found relative stability in the performance and persistence for the SRI index whereby its performance is indifferent from the market benchmark and no persistence can be found. Furthermore, the results suggest that negative shocks have greater impact on the volatility of the index than positive shocks. In general, it can be concluded that the emerging markets SRI index has lower sensitivity to market return during bearish condition.

Weber, O., & Banks, Y. (2012). "Corporate Sustainability Assessment in Financing the Extractive Sector", Journal of Sustainable Finance & Investment, 2(1), 64-81.

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Abstract The role of the extractive sector with regard to sustainable development is discussed controversially. On the one hand, it is argued that the sector's adverse sustainability impacts outweigh its social and economic benefits and therefore the concept of socially responsible investment (SRI) is not applicable to the extractive sector. On the other hand, it is argued that the products from the extractive industries are essential for the world's economy, that the sector contributes to poverty reduction and to economic development, and creates revenues for governments. Based on this discussion, we analysed whether there is a relation between sustainability performance and financial performance in the extractive industry sector, whether Canadian companies from the extractive sector perform differently than companies from other regions, and how a sustainability assessment can be integrated into project finance. Our results suggest that Canadian companies from the extractive sector perform well with respect to their financial return, but that they do not outperform their global peers regarding sustainability. Furthermore, we did not find a strong correlation between sustainability performance and financial performance. Thus, we conclude that socially responsible investors have to pick those companies that perform well regarding both sustainability and financial returns.