Minh Thi Hong Dinh

• Dinh, Minh Thi Hong (2025). Do Climate Stock and Low-Carbon Stock Respond to Oil Prices and Energy Stocks During an Oil Crisis? Implications for Sustainable Development. International Journal of Financial Studies (IJFS). 13(3), p. 1–16. doi: 10.3390/ijfs13030154. Full text in Research Archive Show summary

  This research investigates the responsiveness of climate and low-carbon (green) stock returns to oil prices and conventional energy stock returns, focusing on both contemporaneous and causal relationships, during an oil crisis. Two methodologies are used: vector auto-regressive (VAR) for testing the causal relationship, and ordinary least squares (OLS) for investigating the contemporaneous relationship. The main empirical results suggest that green stocks have a bidirectional positive contemporaneous relationship with oil prices and energy stock returns but no significant bidirectional causal relationship. The results reveal that oil prices and energy stock returns play a larger role in contemporaneous than causal relationships with green stock returns. In addition, green stock returns seem to have a stronger positive relationship with energy stock return than oil prices.

• Dinh, Minh Thi Hong (2025). Interplay of Alternative Energy Sub-Sectors, Oil Prices, and Oil Volatility: Exploring Simultaneous Relationships. International Journal of Financial Studies (IJFS). 13(1), p. 1–30. doi: 10.3390/ijfs13010023. Full text in Research Archive Show summary

  This study examines the simultaneous relationships among oil prices, oil volatility, and two sub-sectors within alternative energy stocks: renewable energy equipment (REE) and alternative fuels (AF). The results confirm the existence of a bidirectional relationship. While most alternative energy stocks with a long history on the stock exchange exhibit a bidirectional positive correlation with oil prices, they demonstrate a bidirectional negative correlation with oil volatility. In particular, a majority of REEs, as opposed to a minority of AFs, demonstrate a bidirectional positive correlation with oil prices. Conversely, the majority of REEs, contrasted with a minority of AFs, exhibit a bidirectional negative correlation with oil volatility. Notably, newly listed alternative energy stocks show no significant relationship with either oil prices or oil volatility. This suggests that these emerging entities may be influenced by factors beyond traditional energy market dynamics, such as technological innovation, regulatory frameworks, or investor sentiment. Furthermore, the findings highlight that REEs tend to have a more substantial relationship with both oil prices and oil volatility compared to AFs. Recognizing the distinct sensitivities and market behaviours of these sub-sectors can enable more informed decision-making and resource allocation.

• Dinh, Minh Thi Hong (2025). ESG Perspectives to Investing: Translating ESG into Investment and Scores, and Challenges of Translations. European Business Law Review. ISSN 0959-6941. 36(1), p. 151–176. doi: 10.54648/eulr2025006. Full text in Research Archive Show summary

  Environmental, Social, and Governance (ESG) factors have become integral in investment decision-making. Investors increasingly recognize their potential impact on financial performance and long-term sustainability. This article explores the various perspectives surrounding ESG investing, focusing on the process of translating ESG information into investment strategies and scores. However, the process of ESG translation is not without challenges. The article thus addresses the complexities and obstacles inherent in translating ESG factors into quantifiable scores and investment process. One of the challenges in translating ESG into investment is the absence of standardized metrics and inconsistency in reporting practices. Additionally, the dynamic nature of ESG factors makes it challenging to effectively incorporate future changes. Moreover, translation challenges arise due to inadequate disclosure and transparency in ESG reporting. Addressing these challenges requires collaborative efforts from stakeholders, regulators, investors, and companies to establish guidelines and frameworks that encourage consistent reporting and disclosure of ESG information.

• Dinh, Minh Thi Hong (2023). ESG, time horizons, risks and stock returns. Research In International Business and Finance. ISSN 0275-5319. 65. doi: 10.1016/j.ribaf.2023.101981. Full text in Research Archive Show summary

  Investment time horizon is an important part of significance of ESG factors. This research examines the role of ESG factors in returns and risks in short- and medium-term investment periods. It compares (a) the returns and risks of ESG portfolios between before scoring and after scoring, and (b) the returns and risks between ESG portfolios and their peers. The main results suggest that after scoring most short-term ESG portfolios have similar returns, but lower risks than before scoring. The returns of ESG portfolios are similar to those of nonESG portfolios for both short- and medium-term. There are more ESG portfolios, whose risks are different from nonESG portfolios, in the short-term investment than in the medium-term. ESG factors therefore play a greater role in risks than in returns, and in the short-term than in the medium-term. Additionally, the role of ESG factors in risks varies from industry to industry.

• Dinh, Minh Thi Hong (2023). How Does Market Cap Play Its Role in Returns during COVID-19? The Case of Norway. Journal of Risk and Financial Management. ISSN 1911-8066. 16(9). doi: 10.3390/jrfm16090414. Full text in Research Archive Show summary

  This research investigates the role of the large, medium, and small market cap portfolios in returns during the COVID-19 pandemic, around the ‘lockdown’ policy in March 2020 based on the Norwegian market. The main results suggest that during the event window, the medium and small portfolios are impacted more negatively than the large. During the before-event days, the large portfolio is slightly negatively affected, but it tends to be better after the event. The medium and small portfolios are not adversely affected during before the event, but they are considerably negatively affected after the event. The small portfolio is affected more severely negatively than the medium. The small portfolio is the most volatile of the three during the event window. In addition, there are opportunities to earn extremely positive abnormal returns (from 2.5%) after the event by holding the small and medium portfolios, but not for the large. It seems that more opportunities to earn extremely positive abnormal returns for the small portfolio than the medium.

• Sirnes, Espen & Dinh, Minh Thi Hong (2021). Tick Size and Price Reversal after Order Imbalance. International Journal of Financial Studies (IJFS). 9(2). doi: 10.3390/ijfs9020019. Full text in Research Archive Show summary

  : It is well known that intraday returns tend to reverse the following intraday period, conditional on excess buying pressure on the bid or ask side. This suggests that liquidity providers “overreact” to order imbalance (OIB) by initially altering quotes so much that a negative autocorrelation is seen in mid-price returns. We investigate under which circumstances this behavior is most common. Specifically, it seems the tick size augments “OIB-reversal”. However, if the tick size is binding for much of the trading day, it has the opposite effect of censoring such reversals. In addition, if market liquidity is high, the reversal becomes more frequent.

• Størdal, Ståle; Dinh, Minh Thi Hong; Haugom, Erik & Lien, Gudbrand (2020). Norwegian stock market behaviour during the initial phase of the COVID-19 pandemic. Beta – Scandinavian Journal of Business Research. ISSN 0801-3322. 34(2), p. 207–221. doi: 10.18261/issn.1504-3134-2020-02-04. Full text in Research Archive Show summary

  We employ the event study methodology and simple descriptive measures to examine the performance of the Norwegian stock market before and in the first three months after the implementation of the lockdown policy in March 2020. Most of the financial losses occurred before the lockdown decision was made. In general, price volatility has been higher since the lockdown compared to the prior period. The information technology sector has performed best in the post-lockdown period, whereas the energy and finance sectors have performed worst. However, the finance sector has had a significant recovery in the post-event period. Among the marketplaces, Oslo Axess performed best in the month following the lockdown and has also experienced less volatility than Oslo Børs. A noticeable finding is that companies with headquarters in Norway have rebounded far better than those with headquarters abroad in the post-lockdown period.

• Dinh, Thi Hong Minh (2017). The returns, risk and liquidity relationship in high frequency trading: Evidence from the Oslo stock market. Research In International Business and Finance. ISSN 0275-5319. 39, p. 30–40. doi: 10.1016/j.ribaf.2016.07.013. Full text in Research Archive
• Dinh, Minh Thi Hong (2017). The relationship between volume imbalance and spread. Research In International Business and Finance. ISSN 0275-5319. 44, p. 76–87. doi: 10.1016/j.ribaf.2017.03.003. Full text in Research Archive Show summary

  This research examines the relationship between the ask–bid spread and the quoted volume imbalance. This relationship can be determined by the level of quoted volume imbalance and the level of stock liquidity. There are two types of samples using in this research: liquidity and low liquidity. For liquidity samples, the empirical results suggest that the relationship is negative if the imbalance is higher than 1. The relationship is positive if the imbalance is lower than −1. When the imbalance lies between −1 and 1, there is no obvious relationship between them. For low liquidity samples, the imbalance does not have a relationship with the spread if the imbalance is lower than −1 and the relationship between them varies from stock to stock if the imbalance is higher than 1.

• Dinh, Minh T.H.; Mullineux, Andrew W. & Muriu, Peter (2012). Macroeconomic factors influencing UK household loan losses. Journal of Financial Regulation and Compliance. ISSN 1358-1988. 20(4), p. 385–401. doi: 10.1108/13581981211279345. Full text in Research Archive

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