Gbenga Ibikunle

The University of Edinburgh

Professor and Chair of Finance

Old College

South Bridge

Edinburgh, Scotland EH8 9JY

United Kingdom

European Capital Markets Cooperative Research Centre

Deputy Scientific Director

Viale Pidaro 42

Pescara, 65121

Italy

  • The University of Edinburgh

  • European Capital Markets Cooperative Research Centre

SCHOLARLY PAPERS

31

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32

CROSSREF CITATIONS

31

Scholarly Papers (31)

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1.

The Impact of Commodity Benchmarks on Derivatives Markets: The Case of the Dated Brent Assessment and Brent Futures

Journal of Banking and Finance, 2018
Number of pages: 53 Posted: 15 Jan 2016 Last Revised: 21 Nov 2018
Alex Frino, Gbenga Ibikunle, Vito Mollica and Tom Steffen
Macquarie University, The University of Edinburgh, Macquarie Graduate School of Management and Osmosis Investment Management
Downloads 745 (53,266)
Citation 3

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Dated Brent, physical crude oil, benchmark assessment, Brent futures

2.

A Taxonomy of the ‘Dark Side’ of Financial Innovation: The Cases of High Frequency Trading and Exchange Traded Funds

International Journal of Entrepreneurship and Innovation Management (IJEIM), Forthcoming
Number of pages: 25 Posted: 20 Dec 2011 Last Revised: 17 Jan 2016
Ivan Diaz-Rainey and Gbenga Ibikunle
CEFGroup & Department of Accountancy and Finance, University of Otago and The University of Edinburgh
Downloads 669 (61,479)
Citation 2

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Financial Innovation, Financial Regulation, Financial Risk, High Frequency Trading, Exchange Traded Funds, Systemic risk, EU Policy, Flash Crash

3.

Carbon Intensity and the Cost of Equity Capital

Forthcoming in The Energy Journal
Number of pages: 46 Posted: 14 Sep 2017 Last Revised: 24 Feb 2021
Arjan Trinks, Gbenga Ibikunle, Machiel Mulder and Bert Scholtens
University of Groningen - Faculty of Economics and Business, The University of Edinburgh, Centre for Energy Economics Research, University of Groningen and University of Groningen - Department of Finance & Accounting
Downloads 665 (61,959)
Citation 6

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Carbon intensity, cost of capital, regulatory risk, asset pricing

4.

The CO2 Trading Market in Europe: A Financial Perspective

FINANCIAL ASPECTS IN ENERGY: THE EUROPEAN PERSPECTIVE, A. Dorsman, M. Karan, Ö. Aslan, W. Westerman, eds., Springer, 2011
Number of pages: 22 Posted: 24 Jan 2011
George Daskalakis, Gbenga Ibikunle and Ivan Diaz-Rainey
MBS College of Business and Entrepreneurship, The University of Edinburgh and CEFGroup & Department of Accountancy and Finance, University of Otago
Downloads 485 (91,944)

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Emission Allowances, Emissions Trading, EU ETS, Carbon Finance

5.

City Goes Dark: Dark Trading and Adverse Selection in Aggregate Markets

FCA Occasional Paper No. 29
Number of pages: 49 Posted: 16 Aug 2016 Last Revised: 03 May 2018
Matteo Aquilina, Ivan Diaz-Rainey, Gbenga Ibikunle and Yuxin Sun
Bank for International Settlements, CEFGroup & Department of Accountancy and Finance, University of Otago, The University of Edinburgh and Queen's University Belfast - Queen's Management School
Downloads 458 (98,353)
Citation 2

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dark pools, aggregate markets, adverse selection, market liquidity, pricing noise

6.

COVID-19: Venue Selection Effects and Implications for Market Quality

Number of pages: 48 Posted: 29 Apr 2020 Last Revised: 21 Oct 2021
Gbenga Ibikunle and Khaladdin Rzayev
The University of Edinburgh and University of Edinburgh
Downloads 416 (110,116)
Citation 3

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COVID-19, dark pools, venue selection, liquidity, informational efficiency, market quality

7.

Opening and Closing Price Efficiency: Do Financial Markets Need the Call Auction?

Journal of International Financial Markets, Institutions and Money, Forthcoming
Number of pages: 57 Posted: 06 Mar 2014 Last Revised: 17 Jan 2016
Gbenga Ibikunle
The University of Edinburgh
Downloads 333 (141,262)
Citation 4

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Price efficiency, Price discovery, Trading activity, Call auction, London Stock Exchange

8.

A State-Space Modeling of the Information Content of Trading Volume

Journal of Financial Markets, Forthcoming
Number of pages: 51 Posted: 29 Jan 2018 Last Revised: 04 Sep 2019
Khaladdin Rzayev and Gbenga Ibikunle
University of Edinburgh and The University of Edinburgh
Downloads 318 (148,267)

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trading volume, permanent component, transitory component, market quality, time series models, state-space modeling, high-frequency trading

9.

Liquidity and Market Efficiency in the World’s Largest Carbon Market

British Accounting Review, Forthcoming
Number of pages: 46 Posted: 31 Jan 2012 Last Revised: 17 Jan 2016
Gbenga Ibikunle, Andros Gregoriou, Andreas G. F. Hoepner and Mark Rhodes
The University of Edinburgh, University of Brighton, Smurfit Graduate Business School, University College Dublin and Hull University Business School (HUBS)
Downloads 288 (164,490)
Citation 2

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Liquidity, Order flow, Market efficiency, Return predictability, European Climate Exchange, EU Emissions Trading Scheme (EU-ETS), Carbon futures, Climate change

10.

European Green Mutual Fund Performance: A Comparative Analysis with Their Conventional and Black Peers

Journal of Business Ethics, 2017
Number of pages: 51 Posted: 26 Sep 2015 Last Revised: 21 Nov 2018
Gbenga Ibikunle and Tom Steffen
The University of Edinburgh and Osmosis Investment Management
Downloads 254 (186,777)
Citation 3

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Green mutual funds, black mutual funds, conventional mutual funds, socially responsible investments, risk-adjusted returns

11.

Governing Carbon Through the EU-ETS: Opportunities, Pitfalls and Future Prospects

Carbon Governance, Climate Change and Business Transformation. Adam Bumpus, Chukwumerije Okereke, Blas Perez-Henrique, James Tansey (Eds). Taylor and Francis (Routledge)
Number of pages: 25 Posted: 08 Mar 2014
Gbenga Ibikunle and Chukwumerije Okereke
The University of Edinburgh and University of Reading
Downloads 241 (196,561)

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Climate Change, Governance, Market Efficiency

12.

Liquidity Effects on Carbon Financial Instruments in the EU Emissions Trading Scheme: New Evidence from the Kyoto Commitment Phase

Number of pages: 30 Posted: 16 Jul 2011 Last Revised: 12 Jan 2014
Gbenga Ibikunle, Andros Gregoriou and Naresh Pandit
The University of Edinburgh, University of East Anglia and University of East Anglia (UEA) - Norwich Business School
Downloads 233 (203,104)
Citation 4

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European Union Emissions Trading Scheme, Greenhouse Gas Emissions, Liquidity, Climate Change

13.

Informed Trading and the Price Impact of Block Trades: A High Frequency Trading Analysis

International Review of Financial Analysis, Forthcoming
Number of pages: 50 Posted: 25 Nov 2014 Last Revised: 31 Jul 2016
Yuxin Sun and Gbenga Ibikunle
Queen's University Belfast - Queen's Management School and The University of Edinburgh
Downloads 227 (208,192)

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Informed trading, Block trades, Transparency, Opacity, Price impact, Price discovery

14.

Determinants of Renewable Energy Growth: A Global Sample Analysis

Energy Policy, Forthcoming
Number of pages: 31 Posted: 05 Mar 2014 Last Revised: 17 Jan 2016
Mariana Aguirre and Gbenga Ibikunle
University of Edinburgh and The University of Edinburgh
Downloads 178 (259,556)

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Renewable energy, Energy policy, Panel corrected standard errors

15.

Price Discovery and Trading after Hours: New Evidence from the World’s Largest Carbon Exchange

International Journal of the Economics of Business, Forthcoming
Number of pages: 47 Posted: 02 Nov 2011 Last Revised: 17 Jan 2016
Gbenga Ibikunle, Andros Gregoriou and Naresh Pandit
The University of Edinburgh, University of East Anglia and University of East Anglia (UEA) - Norwich Business School
Downloads 160 (284,305)
Citation 3

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price discovery, information asymmetry, transaction costs, informational efficiency, carbon trading, climate change policy and regulation, EU-ETS

16.

Price Discovery in London’s Upstairs Equity Market

Number of pages: 39 Posted: 31 Jan 2015 Last Revised: 15 May 2015
Seth Armitage and Gbenga Ibikunle
University of Edinburgh - Accounting and Finance and The University of Edinburgh
Downloads 147 (304,846)
Citation 1

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Market microstructure, Price discovery, Upstairs market, Downstairs market

17.

Order Aggressiveness and Flash Crashes

Number of pages: 60 Posted: 23 Aug 2017 Last Revised: 06 Aug 2020
Khaladdin Rzayev and Gbenga Ibikunle
University of Edinburgh and The University of Edinburgh
Downloads 139 (318,671)
Citation 1

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order aggressiveness, flash crashes, high-frequency traders, volatility, high-frequency data.

18.

Price Impact of Block Trades: The Curious Case of Downstairs Trading in the EU Emissions Futures Market

The European Journal of Finance, Forthcoming
Number of pages: 41 Posted: 02 Nov 2011 Last Revised: 14 Mar 2016
Gbenga Ibikunle, Andros Gregoriou and Naresh Pandit
The University of Edinburgh, University of East Anglia and University of East Anglia (UEA) - Norwich Business School
Downloads 114 (369,126)
Citation 1

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Carbon futures, Block trades, Price impact, European Climate Exchange, European Union Emissions Trading Scheme (EU-ETS), Determinants, Liquidity

19.

Do Green Investments Trick or Treat? A Quarter Century of Evidence from European Mutual Funds Performance

Number of pages: 41 Posted: 25 Nov 2014
Gbenga Ibikunle and Tom Steffen
The University of Edinburgh and University of Edinburgh
Downloads 113 (371,328)

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Green mutual funds, black mutual funds, conventional mutual funds, socially responsible investments, risk-adjusted returns

20.

Competition for Order flow and Price Discovery: The Curious case of High-tech Entrants

Number of pages: 70 Posted: 23 May 2014 Last Revised: 19 Aug 2015
Gbenga Ibikunle
The University of Edinburgh
Downloads 111 (376,024)

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Price discovery, MiFID, Multilateral trading facilities, Regulated markets, Informed trading, High frequency trading

21.

Benchmark Regulation and Market Quality

FCA Occasional Paper No. 27
Number of pages: 52 Posted: 29 Jul 2017
Matteo Aquilina, Gbenga Ibikunle, Vito Mollica and Tom Steffen
Bank for International Settlements, The University of Edinburgh, Macquarie Graduate School of Management and Osmosis Investment Management
Downloads 105 (390,893)

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22.

A Decade in the Life of a Market: Visible Market Fragmentation, Quality and Efficiency

Number of pages: 43 Posted: 14 Mar 2016 Last Revised: 16 May 2016
Yuxin Sun and Gbenga Ibikunle
Queen's University Belfast - Queen's Management School and The University of Edinburgh
Downloads 100 (404,065)

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MiFID, Multilateral Trading Facilities (MTFs), Market Transparency, Adverse Selection, Probability of informed trading (PIN), Market Efficiency

23.

Institutional Investment in the EU ETS

Tyndall Centre for Climate Change Working Paper 156
Number of pages: 41 Posted: 26 Mar 2013
Ivan Diaz-Rainey, Andrea Finegan, Gbenga Ibikunle and Daniel J. Tulloch
CEFGroup & Department of Accountancy and Finance, University of Otago, University of East Anglia (UEA), The University of Edinburgh and University of Oxford - Smith School of Enterprise and the Environment
Downloads 91 (429,687)

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carbon finance, institutional investment, EU ETS, environmental policy

24.

Trading Activity and Liquidity Effects Around Private Firm Acquisition Announcements: The Case of Earnouts Versus Other Methods of Payment

Number of pages: 42 Posted: 24 Jan 2018
Eleonora Monaco, Gbenga Ibikunle and Riccardo Palumbo
Alma Mater Studiorum University of Bologna, The University of Edinburgh and University of Chieti-Pescara
Downloads 90 (432,533)
Citation 2

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earnout, method of payment, information asymmetry, liquidity, acquisition announcements

25.

Trading Places: Price Leadership and the Competition for Order Flow

Journal of Empirical Finance, Forthcoming, 27th Australasian Finance and Banking Conference 2014 Paper
Number of pages: 51 Posted: 16 Aug 2014 Last Revised: 05 Oct 2018
Gbenga Ibikunle
The University of Edinburgh
Downloads 86 (444,770)

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Price discovery, MiFID, Multilateral Trading Facilities, Regulated Markets, Informed trading, High frequency trading

26.

Firm Size, Industry and Firm Liquidity in a Crisis: Evidence from A-Share Chinese Corporations

Number of pages: 42 Posted: 25 May 2014
Gbenga Ibikunle, Zebin Wang and Qiuming Wang
The University of Edinburgh, Soochow University and Soochow Securities Co. Ltd.
Downloads 81 (460,870)

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Cash holding, Trade-off theory, Pecking order theory, Agency theory, Shanghai Stock Exchange

27.

Latency Arbitrage and Frequent Batch Auctions

Number of pages: 54 Posted: 05 Feb 2022
Zeyu Zhang and Gbenga Ibikunle
University of Edinburgh Business School and The University of Edinburgh
Downloads 67 (511,981)

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Frequent batch auctions, latency arbitrage, high-frequency trading, high-frequency market-making, endogenous liquidity supply

28.

The Cost of Trading from the Fund Manager's Perspective

Number of pages: 34 Posted: 10 Sep 2016
Seth Armitage, James Clunie and Gbenga Ibikunle
University of Edinburgh - Accounting and Finance, Jupiter Asset Management Ltd. and The University of Edinburgh
Downloads 67 (511,981)

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29.

Frequent Batch Auctions Under Liquidity Constraints

Number of pages: 63 Posted: 19 Feb 2021
Zeyu Zhang and Gbenga Ibikunle
University of Edinburgh Business School and The University of Edinburgh
Downloads 53 (573,101)

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Frequent batch auctions; dark trading; MiFID II; latency arbitrage; liquidity; informational efficiency

30.

The Market Quality Effects of Sub-Second Frequent Batch Auctions: Evidence from Dark Trading Restrictions

Downloads 39 (647,684)

The Market Quality Effects of Sub-Second Frequent Batch Auctions: Evidence from Dark Trading Restrictions

Number of pages: 1 Posted: 20 Oct 2022
Zeyu Zhang and Gbenga Ibikunle
University of Edinburgh Business School and The University of Edinburgh
Downloads 20 (806,608)

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Periodic auctions, dark trading, MiFID II, Latency arbitrage, liquidity

The Market Quality Effects of Sub-Second Frequent Batch Auctions: Evidence from Dark Trading Restrictions

Number of pages: 1 Posted: 16 Aug 2022
Zeyu Zhang and Gbenga Ibikunle
University of Edinburgh Business School and The University of Edinburgh
Downloads 19 (815,392)

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Periodic auctions, dark trading, MiFID II, Latency arbitrage, liquidity, informational efficiency

31.

International Emissions Trading: A Survey of Phases of the European Union Emissions Trading Scheme

Posted: 02 Nov 2011 Last Revised: 25 May 2012
Gbenga Ibikunle and Andros Gregoriou
The University of Edinburgh and University of East Anglia

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Cap and Trade; Emissions Trading; European Union Emissions Trading Scheme (EU-ETS); Kyoto Protocol