Browsing by Author "Roubaud, David"

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How do systematic risk spillovers reshape investment outcomes?
(Finance Research Letters, 2025-04) Tao, Miaomiao; Roubaud, David; Tiwari, Aviral Kumar; Silva, Emilson
We investigate the effects of domestic and cross-border systematic risk spillovers on corporate investment metrics, using stock indices comprising 212 energy firms across 36 countries, spanning July 1, 2009, to August 31, 2023, sourced from S&P Global Commodity Insights®. The two-layered network underscores the catastrophic consequences induced by the Russia–Ukraine conflict in Europe. Our regression results designate that systematic risk spillovers composed of domestic and cross-border risks hinder corporate real investments while encouraging new investments and diminishing inefficiencies. Yet geopolitical risk amplifies these risks, leading to broader disruptions in investment behaviors.
How do systematic risk spillovers reshape investment outcomes?
(Finance Research Letters, 2025-04) Tao, Miaomiao; Roubaud, David; Tiwari, Aviral Kumar; Silva, Emilson
We investigate the effects of domestic and cross-border systematic risk spillovers on corporate investment metrics, using stock indices comprising 212 energy firms across 36 countries, spanning July 1, 2009, to August 31, 2023, sourced from S&P Global Commodity Insights®. The two-layered network underscores the catastrophic consequences induced by the Russia–Ukraine conflict in Europe. Our regression results designate that systematic risk spillovers composed of domestic and cross-border risks hinder corporate real investments while encouraging new investments and diminishing inefficiencies. Yet geopolitical risk amplifies these risks, leading to broader disruptions in investment behaviors.
The credibility of environmental policy stringency: Implications for sustainability in OECD Countries
(Energy Economics, 2025-05) Tao, Miaomiao; Tiwari, Aviral Kumar; Poletti, Stephen; Roubaud, David; Silva, Emilson
This study investigates the evolving interplay between environmental governance and sustainability outcomes, employing dose-response analysis to underscore the necessity of accounting for these interdependencies in formulating climate and emissions policies. Our empirical evidence indicates that regulatory measures are pivotal in advancing sustainability within OECD countries, though their effects differ across various dimensions. Notably, stringent environmental regulations initially exacerbate energy security vulnerabilities in nations below a specific threshold; however, once policy intensity surpasses the threshold, they contribute substantially to mitigating such risks. A comparable pattern emerges for renewable energy adoption, where enhanced policy rigor fosters greater consumption. Paradoxically, tighter regulations induce a marginal uptick in CO2 emissions. Moreover, insights from a dynamic panel threshold framework reveal that foreign direct investment (FDI) conditions the efficacy of environmental policies. As FDI rises, the beneficial influence of regulatory stringency on energy security and renewable utilization strengthens. Nevertheless, when FDI remains below 2.0, stringent environmental policies tend to elevate CO2 emissions, whereas, beyond this threshold, the relationship reverses, leading to emission reductions. These findings underscore the intricate, non-linear interactions between environmental policy and sustainability, highlighting the imperative for calibrated policy frameworks that acknowledge threshold effects.