Gbenga Ibikunle

University of Edinburgh

Associate Professor (Senior Lecturer) of Financial Markets

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

SCHOLARLY PAPERS

27

DOWNLOADS
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3,963

CITATIONS
Rank 21,048

SSRN RANKINGS

Top 21,048

in Total Papers Citations

31

Scholarly Papers (27)

1.

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
University of Otago - School of Business and University of Edinburgh
Downloads 564 (47,326)
Citation 2

Abstract:

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

2.

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
Norwich Business School - University of East Anglia, University of Edinburgh and University of Otago - School of Business
Downloads 417 (68,838)

Abstract:

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Emission Allowances, Emissions Trading, EU ETS, Carbon Finance

3.

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
Financial Conduct Authority, University of Otago - School of Business, University of Edinburgh and Queen's University Belfast - Queen's Management School
Downloads 382 (76,339)

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

4.

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
University of Edinburgh, University of Brighton, Smurfit Graduate Business School, University College Dublin and Hull University Business School (HUBS)
Downloads 261 (116,271)
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

5.

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
University of Edinburgh
Downloads 205 (147,571)
Citation 1

Abstract:

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

6.

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
University of Edinburgh, University of East Anglia and University of East Anglia (UEA) - Norwich Business School
Downloads 192 (156,894)
Citation 4

Abstract:

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

7.

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
University of Edinburgh and University of Geneva
Downloads 173 (172,277)

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

8.

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 University of Edinburgh
Downloads 163 (181,307)

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

9.

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, University of Edinburgh, Macquarie Graduate School of Management and University of Geneva
Downloads 150 (194,496)
Citation 1

Abstract:

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

10.

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
University of Edinburgh, University of East Anglia and University of East Anglia (UEA) - Norwich Business School
Downloads 145 (199,975)
Citation 3

Abstract:

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

11.

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 University of Edinburgh
Downloads 140 (205,687)

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Renewable energy, Energy policy, Panel corrected standard errors

12.

The Information Content of High Frequency Trading Volume

Number of pages: 49 Posted: 29 Jan 2018 Last Revised: 08 Nov 2018
Khaladdin Rzayev and Gbenga Ibikunle
University of Edinburgh and University of Edinburgh
Downloads 118 (234,865)

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trading volume, expected component, unexpected component, volatility, liquidity, market toxicity, unobserved components time series models, high-frequency data.

13.

Carbon Intensity and the Cost of Equity Capital

Number of pages: 59 Posted: 14 Sep 2017 Last Revised: 29 Apr 2019
University of Groningen - Faculty of Economics and Business, University of Edinburgh, Centre for Energy Economics Research, University of Groningen and University of Groningen - Department of Finance & Accounting
Downloads 118 (234,865)
Citation 1

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Climate risk, carbon risk, carbon intensity, environmental performance, socially responsible investing, cost of capital, asset pricing

14.

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
University of Edinburgh and University of Reading
Downloads 107 (251,827)

Abstract:

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Climate Change, Governance, Market Efficiency

15.

Order Aggressiveness and Flash Crashes

Number of pages: 55 Posted: 23 Aug 2017 Last Revised: 17 Jul 2018
Khaladdin Rzayev and Gbenga Ibikunle
University of Edinburgh and University of Edinburgh
Downloads 104 (256,830)
Citation 1

Abstract:

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order aggressiveness, algorithmic trading, asymmetric information, extreme price movement, high-frequency data, logistic regression

16.

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
University of Edinburgh, University of East Anglia and University of East Anglia (UEA) - Norwich Business School
Downloads 98 (267,331)
Citation 1

Abstract:

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

17.

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
University of Edinburgh
Downloads 86 (290,618)

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

18.

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
University of Edinburgh and University of Edinburgh
Downloads 83 (296,995)

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

19.

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 University of Edinburgh
Downloads 81 (301,419)

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

20.

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
University of Edinburgh, Soochow University and Soochow Securities Co. Ltd.
Downloads 67 (335,575)

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

21.

Institutional Investment in the EU ETS

Tyndall Centre for Climate Change Working Paper 156
Number of pages: 41 Posted: 26 Mar 2013
University of Otago - School of Business, University of East Anglia (UEA), University of Edinburgh and University of Oxford - Smith School of Enterprise and the Environment
Downloads 57 (363,990)

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carbon finance, institutional investment, EU ETS, environmental policy

22.

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 University of Edinburgh
Downloads 54 (373,465)

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23.

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
Catolica Porto Business School,Universidade Catolica Portuguesa; European Capital Markets CRC, University of Edinburgh and University of Chieti-Pescara
Downloads 53 (376,600)

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

24.

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
University of Edinburgh
Downloads 51 (383,090)

Abstract:

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

25.

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 University of Edinburgh
Downloads 50 (386,432)
Citation 1

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Market microstructure, Price discovery, Upstairs market, Downstairs market

26.

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
Financial Conduct Authority, University of Edinburgh, Macquarie Graduate School of Management and University of Geneva
Downloads 44 (407,370)

Abstract:

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27.

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
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