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AEF research seminar: Evaluating the Effectiveness of Environmental Policies Using Financial Data Series

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Date: Wednesday 16 November 2016
Venue: Penang Meeting Room, Swinburne Library, Hawthorn Campus

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The Department of Accounting Economics and Finance invites you to attend our Research Seminar series.

Evaluating the Effectiveness of Environmental Policies Using Financial Data Series

By Dr Vikash Ramiah, University of South Australia

Abstract

This research explores the factors that determine the effectiveness of environmental regulation in the United States and Australia. Unlike prior literature that uses direct performance measures such as carbon emissions, we use financial data to determine effectiveness. We utilize the concept of green effect to develop effectiveness scores following each policy announcement and then identify the factors that determine the effectiveness scores. Leadership (narcissism and presidency tenure of political leaders) and fundamental factors (size, profitability, capital expenditure and leverage) are used to explain the effectiveness of environmental policies. Similar to the emerging literature in environmental finance, we find that abnormal returns are associated with environmental regulation, and we add to this literature by showing how a higher proportion of effectiveness in polluting sectors is achieved when less narcissistic leaders are in power.

About the speaker

Dr Vikash Ramiah is an Associate Professor in Applied Finance at the University of South Australia and a Professorial Research Associate at Victoria University. He has a Diploma of Management, B. Sc. (Hons) Economics, Master of Finance program & Doctor of Philosophy from RMIT University. He has received numerous awards for outstanding performance in teaching, research and supervision.

Vikash has been teaching economics and finance courses at UNISA, RMIT, University of Melbourne, La Trobe University and Australian Catholic University since 1999. He has published in academic journals (such as Journal of Banking and Finance, International Review of Finance, Journal of Behavioral Finance, European Journal of Finance, Applied Economics, International Review of Financial Analysis, Pacific Basin Finance Journal and Journal of International Financial Market, Institution and Money), industry reports, books, book chapters, and conference papers.

Vikash supervises numerous PhD students and regularly attracts research funding. He is an expert reviewer for several finance journals and for the Mauritius Research Council. He serves on the editorial board of finance journals. He was an elected board member of the RMIT University Business Board, program Director of Open Universities Australia and acting Board member at the Australian Centre For Financial Studies. He was as a junior auditor at H&A Consultant, manager at Intergate PTY Limited, quantitative analyst at ANZ, Investment Banking Division, provided consultancy services to the Australian Stock Exchange and worked in collaboration with the Finance and Treasury Association of Australia and the Australian Centre for Financial Studies.

Other services to the community includes being, a research fellow for Institute of Global Business & Society, Cologne University of Applied Sciences, Centre for Applied Financial Services and Tianjin Academy of Environmental Sciences, Academic Advisers, External HDR supervisor at RMIT & Collaborators at Behavioural Finance Australia, External Examiner at the University of Mauritius, Promotion Panel Member for UniSA Business School and reviewer the University of Technology Mauritius. He is the founder of Researchers Sans Frontiere Network, Environmental Finance Cluster at RMIT and his research areas are financial markets, behavioural finance and environmental finance.

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Contact Information: Dr Sarod Khandaker
Email: skhandaker@swin.edu.au Tel: +61 3 9214 8456