Dr Lavinia Rognone

Lecturer (Assistant Professor) in Sustainable Finance

  • The University of Edinburgh Business School
  • Centre for Business, Climate Change, and Sustainability (B-CCAS)

Contact details


Lavinia Rognone is a Lecturer (Assistant Professor) in Sustainable Finance at the University of Edinburgh Business School (UEBS), and part of the Centre for Business, Climate Change, and Sustainability (B-CCaS) at UEBS. She is also a visiting Research Fellow at the Qatar Centre for Global Banking & Finance (QCGBF) at King’s Business School, King's College London, and an Associate Editor of the Research in International Business and Finance (RIBAF) journal.

Prior to joining UEBS, she was a Research Associate (Postdoctoral researcher) in finance at Alliance Manchester Business School (AMBS), University of Manchester, and part of the Centre for Financial and Technologies Studies at AMBS. She holds a Ph.D. in Finance from AMBS under the supervision of Professor Stuart Hyde and Dr Sarah S. Zhang, and her research spreads across multiple disciplines including green/climate finance, asset pricing, FinTech, and text-analysis applications to finance.

As an external position, she served as an Economist and as a Climate Change Expert at the European Central Bank (ECB) in the Directorate General Monetary Policy, Capital Markets and Financial Structure Division, where she mainly worked on academic research on climate finance with text-analysis applications, besides being involved in policy-related work. She designed and constructed two daily text-based climate risk indicators, Physical Risk Index (PRI) and Transition Risk Index (TRI), which find applications to both risk and portfolio management issues, among others, being of interest to researchers, practitioners, and policymakers.

During her doctoral studies, she visited the National University of Singapore (NUS) where she was hosted by the department of Mathematics and the Risk Management Institute for a research collaboration.

Her research has been published in academic journals, such as the The Journal of Finance, Technological Forecasting and Social Change, Journal of International Financial Markets, Institutions & Money, Economics Letters, and the International Review of Financial Analysis, among others. Her research has been awarded the Best Doctoral Paper, 1st runner-up, from AMBS, University of Manchester, and the Best Ph.D. Paper Award at the Cryptocurrency Research Conference 2019 for her study on the high-frequency news sentiment relation with cryptocurrency and Forex. She was awarded both the Teaching Assistant Award 2019 and the Teaching Excellence for the BMAN31792 Financial Market Microstructure module from the University of Manchester.


Postgraduate teaching

I teach Climate Change Consulting Project, Research Methods for Climate Change Finance, and Econometrics for Climate Change Finance at the MSc in Climate Change Finance and Investments (CCFI) postgraduate programme offered by the Centre for Business, Climate Change, and Sustainability (B-CCaS) from Accounting & Finance, University of Edinburgh Business School (UEBS).

Open to PhD supervision enquiries?


Areas of interest for supervision

I am currently considering applications from prospective PhD students.

Applicants should be interested in pursuing research on the intersection between climate change, green finance, ESG, and biodiversity loss with asset pricing, portfolio management, asset allocation, and international finance and are expected to possess a solid foundation in Financial Econometrics and familiarity with software packages such as R or Python.

If you would like to engage in an informal discussion regarding potential supervision, please feel free to reach out to me via email at lrognone@ed.ac.uk.

Research summary

My research spreads across multiple disciplines including green/climate finance, asset pricing, FinTech, and text-analysis applications to finance.


Academic Publications

Institutional Publications

Current Research

Working Papers

  • Bua, G., Kapp, D., Ramella, F., & Rognone, L. (2022). Transition versus physical climate risk pricing in European financial markets: A text-based approach.

  • Del Fava, S., Gupta, R., Pierdzioch, C. & Rognone, L. (2023). Forecasting international financial stress the role of climate risks. University of Pretoria, Department of Economics Working Paper Series.

  • Rognone, L., Zhang., S. S., Hyde, S., Chen, Y. A Kalman-Filter Approach for Dynamic Multi-Asset Portfolio Optimization: The Value of Noise Trading.

  • Rizopoulos, E., Rognone, L., & Zachariadis, M. Digital Asset Marketplaces success, strategic choices, and the price transparency puzzle: Empirical evidence from NFTs.

  • Ali, S., Badshah, I., Demirer, R., Hegde, P. & Rognone, L. (2023). Climate uncertainty and investor learning in sustainable funds.

  • Rognone, L., Kamal, J. B. & Kamal, K. B. Biodiversity risks in commodity markets.

  • Battaglia, F., Fiorillo, P., Rognone, L. & Salerno, D. Causal effect of first-time Green Bond issuance on ESG performance: Evidence from an international sample.

  • Adeabah, D., Rognone, L., Abdullah, M., Abakah, E. J. A. & Sulong, Z. Asymmetric impact of climate-related risks on cryptocurrencies, NFTs, and DeFi tail risk.

  • Zhou. Y., Liu. Z. & Rognone, L. The asymmetric effects of climate risk on higher-moment connectedness among carbon, energy and metals markets.

Work in Progress

Ongoing research on climate finance, green finance, biodiversity loss finance, and FinTech.