Binam Ghimire

@rgu.ac.uk

Associate Professor, Accounting and Finance, Aberdeen Business School
Robert Gordon University

Binam Ghimire


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https://researchid.co/binamghimire

RESEARCH, TEACHING, or OTHER INTERESTS

Economics, Econometrics and Finance, Renewable Energy, Sustainability and the Environment, Modeling and Simulation, Pollution
15

Scopus Publications

1089

Scholar Citations

13

Scholar h-index

16

Scholar i10-index

Scopus Publications

  • ESG ratings in motion: the global market response to upgrades and downgrades
    Mikhail Vasenin, Savva Shanaev, Humnath Panta, Binam Ghimire
    Journal of Sustainable Finance and Investment, 2026
    We employ a calendar-time portfolio approach to investigate the effects of ESG rating changes on a comprehensive sample of global stocks rated by MSCI between 2017 and 2021 (2,841 stocks, including 2,100 upgrades and 813 downgrades). Rating upgrades (downgrades) result in positive (negative) abnormal returns of approximately 1% per month, both statistically and economically significant, aligning with previous studies. These effects remain robust to holding period definitions, alternative factor models and weighting schemes, and they appear relatively consistent across sectors and regions becoming more synchronised since the COVID-19 pandemic. The market is shown to partially anticipate ESG rating upgrades but not downgrades. The impact of ESG rating changes on stock returns is particularly stronger for large firms, growth firms, and those operating in countries with low power distance. Overall, these findings add to the sustainable finance literature, especially on ESG rating heterogeneity, by revealing key determinants of the ESG–financial performance relationship.
  • When trade meets tradition: Unpacking cultural differences and their impact on China's international trade
    Bin Yu, Xingyu Zhong, Binam Ghimire, Niranjan Sapkota
    International Review of Financial Analysis, 2025
    Amidst renewed trade tensions and heightened uncertainty in global financial markets, this paper examines the impact of cultural differences on China’s international trade. Departing from majority of prior studies treating cultural disparities as static, we employ dynamic models to capture cultural differences over 2001–2021 with its 44 key trading partners. We incorporate Hofstede’s six cultural dimensions and apply both linear and non-linear models. Our findings show a consistent negative effect of cultural distance on China’s trade. The non-linear analysis uncovers a S-shaped curve relationship, highlighting the subtle influence of cultural differences confirmed by robustness tests in export and import trades. We argue that the impact of trade tensions can be lessened by aligning with the evolving nature of consumer preferences and psychological factors.
  • Does it pay to be employee-owned? On the performance of knowledge-intensive firms
    Binam Ghimire
    Employee Relations, 2025
    PurposeThis paper aims to examine the stock market performance of knowledge-intensive employee-owned firms.Design/methodology/approachIt constructs a portfolio comprising stocks of employee-owned wealth management companies listed in the UK Employee Ownership Index. A simple equal-weighted portfolio simulation strategy with annual rebalancing is employed and returns are analysed for the period 01.2002–12.2015.FindingsThe employee-owned firms consistently generate significantly higher returns, averaging 13% per annum. During favourable market conditions, the returns are even more significant at 16.40% higher than the market average annual returns. The outperformance persists in single-year and five-year investment periods, full and sub-sample periods, including bullish, stable and challenging economic times and even at high transaction costs and zero dividends. This superior performance is linked to a positive feedback loop created by homogeneous knowledge-workers who are incentivised to perform better in employee-owned business setting through participative decision-making and exhibiting risk aversion skills.Practical implicationsAdoption of the employee ownership model of running a business can be highly rewarding within knowledge-intensive firms. This study emphasises the need for a comprehensive database of employee-owned companies, which is currently lacking in the UK.Originality/valueNo prior study could be found to have studied the relationship between employee-owned knowledge-intensive firms and their stock market performance.
  • Improved Computational Approach for Markowitz Portfolio Optimisation
    Binam Ghimire, Savva Shanaev
    Sustainable Finance, 2025
  • What Shapes Gearing Strategy? Lessons from GCC Corporations
    Maqsood Qureshi, Saeed Askary, Binam Ghimire
    Sustainable Finance, 2025
  • When Bitcoin is high: cryptocurrency value, illicit markets and US marijuana bills
    Savva Shanaev, Efan Johnson, Mikhail Vasenin, Humnath Panta, Binam Ghimire
    Journal of Financial Regulation and Compliance, 2024
    Purpose The purpose of this paper is to estimate the implications of illicit market use for the value of Bitcoin in an event studies framework. Design/methodology/approach This study uses a data set of 58 state-level marijuana decriminalisation and legalisation bills and referenda in the USA in 2010–2022. Findings Decriminalisation is associated with a strong and consistent positive Bitcoin price response around the event, recreational legalisation induces a more ambiguous reaction and medical legalisation is found to have a negative albeit small impact on Bitcoin value. This suggests decriminalisation enhances shadow economy use value of Bitcoin, whereas recreational and medical legalisation are not consistently reducing illicit drug cryptomarket activity. The effects are robust to various estimation windows, in subsamples, and also when outliers, heavy tails, conditional heteroskedasticity and state size are accounted for. Originality/value New to the literature, the choice of US marijuana bills, specifically as sample events, is based on both theoretical and empirical grounds.
  • Analyst herding—whether, why, and when? Two new tests for herding detection in target forecast prices
    Binam Ghimire, Callum Reveley, Savva Shanaev, Humnath Panta
    Economics and Business Review, 2023
    This study proposes two novel tests for security analyst herding based on binomial correlation and forecast error volatility scaling and applies it to investigate herding patterns in analyst target prices in 2008-2020 in the UK. Analysts robustly herd in their valuations, with results consistent across years, sectors, in panel fixed effect, quantile, instrumental variable regressions, and when controlled for optimism and conservatism. Herding becomes prominent for stocks followed by at least five analysts and towards the long sides of Fama-French sorts, reinforcing its non-spurious and behavioral nature. Analyst herd more strongly subject to low volatility and uncertainty.
  • A generalised seasonality test and applications for cryptocurrency and stock market seasonality
    Savva Shanaev, Binam Ghimire
    Quarterly Review of Economics and Finance, 2022
  • When ESG meets AAA: The effect of ESG rating changes on stock returns
    Savva Shanaev, Binam Ghimire
    Finance Research Letters, 2022
  • Effects of official versus online review ratings
    Binam Ghimire, Savva Shanaev, Zhibin Lin
    Annals of Tourism Research, 2022
  • Efficient scholars: academic attention and the disappearance of anomalies
    Savva Shanaev, Binam Ghimire
    European Journal of Finance, 2021
  • Children’s toy or grown-ups’ gamble? LEGO sets as an alternative investment
    Savva Shanaev, Nikita Shimkus, Binam Ghimire, Satish Sharma
    Journal of Risk Finance, 2020
  • Taming the blockchain beast? Regulatory implications for the cryptocurrency Market
    Savva Shanaev, Satish Sharma, Binam Ghimire, Arina Shuraeva
    Research in International Business and Finance, 2020
  • Is all politics local? Regional political risk in Russia and the panel of stock returns
    Savva Shanaev, Binam Ghimire
    Journal of Behavioral and Experimental Finance, 2019
  • Socially responsible investment and market performance: The case of energy and resource companies
    Janusz Brzeszczynski, Binam Ghimire, Tooraj Jamasb, Graham McIntosh
    Energy Journal, 2019

RECENT SCHOLAR PUBLICATIONS

  • ESG ratings in motion: the global market response to upgrades and downgrades
    M Vasenin, S Shanaev, H Panta, B Ghimire
    Journal of Sustainable Finance & Investment, 1-23 , 2026
    2026
  • Improved Computational Approach for Markowitz Portfolio Optimisation
    B Ghimire, S Shanaev
    The Future of Accounting and Finance: Embracing Technology, Digitalisation … , 2026
    2026
  • What Shapes Gearing Strategy? Lessons from GCC Corporations
    M Qureshi, S Askary, B Ghimire
    The Future of Accounting and Finance: Embracing Technology, Digitalisation … , 2026
    2026
  • When trade meets tradition: Unpacking cultural differences and their impact on China’s international trade
    B Yu, X Zhong, B Ghimire, N Sapkota
    International Review of Financial Analysis, 104488 , 2025
    2025
  • Does it pay to be employee-owned? On the performance of knowledge-intensive firms
    B Ghimire
    Employee Relations: The International Journal 47 (2), 263-296 , 2025
    2025
    Citations: 1
  • Trade vs. tradition: Decoding cultural distance and its impact on China's international trade
    B Yu, X Zhong, B Ghimire, N Sapkota
    Available at SSRN 5126872 , 2025
    2025
  • A Divergent Valuation Model for the Make-or-Buy Decision on Investments in Disruptive FinTech Innovation: An Incumbent’s Approach
    J Ruiz del Portal Tranche, B Ghimire
    Available at SSRN 5112702 , 2025
    2025
  • When Bitcoin is high: cryptocurrency value, illicit markets and US marijuana bills
    S Shanaev, E Johnson, M Vasenin, H Panta, B Ghimire
    Journal of Financial Regulation and Compliance 32 (4), 501-515 , 2024
    2024
    Citations: 3
  • Self-control and job-seeking behaviors among Nepalese Fresh Graduates
    SP Joshi, RK Dahal, B Ghimire, D Karki
    Hong Kong Journal of Social Sciences 61 (2023), 826-836 , 2023
    2023
    Citations: 35
  • Analyst herding-whether, why, and when? Two new tests for herding detection in target forecast prices
    C Reveley, S Shanaev, Y Bin, H Panta, B Ghimire
    Economics and Business Review 9 (4), 25-55 , 2023
    2023
    Citations: 2
  • A Generalised Seasonality Test and Applications for Cryptocurrency and Stock Market Seasonality
    S Shanaev, B Ghimire
    Quarterly Review of Economics and Finance 86, 172-185 , 2022
    2022
  • A generalised seasonality test and applications for cryptocurrency and stock market seasonality
    S Shanaev, B Ghimire
    The Quarterly Review of Economics and Finance 86, 172-185 , 2022
    2022
    Citations: 18
  • When ESG meets AAA: The effect of ESG rating changes on stock returns
    S Shanaev, B Ghimire
    Finance Research Letters 46, 102302 , 2022
    2022
    Citations: 352
  • Effects of official versus online review ratings
    B Ghimire, S Shanaev, Z Lin
    Annals of Tourism Research 92, 103247 , 2022
    2022
    Citations: 23
  • A fitting return to fitting returns: Cryptocurrency distributions revisited
    S Shanaev, B Ghimire
    Available at SSRN 3847351 , 2021
    2021
    Citations: 13
  • Efficient scholars: academic attention and the disappearance of anomalies
    S Shanaev, B Ghimire
    The European Journal of Finance 27 (3), 278-304 , 2021
    2021
    Citations: 28
  • Children’s toy or grown-ups’ gamble? LEGO sets as an alternative investment
    S Shanaev, N Shimkus, B Ghimire, S Sharma
    The Journal of Risk Finance 21 (5), 577-620 , 2020
    2020
    Citations: 14
  • Market Reaction to CEO Turnover: Empirical Evidence from Fortune 500 Firms
    D Karki, B Ghimire
    Global Finance Review 2 (1), 615 , 2020
    2020
    Citations: 6
  • A generalised seasonality test and applications for stock market seasonality
    S Shanaev, B Ghimire
    Available at SSRN 3722154 , 2020
    2020
    Citations: 2
  • To Float or to Sink? Revisiting the Causal Effects of Exchange Rate Regimes
    A Shuraeva, S Shanaev, B Ghimire
    Revisiting the Causal Effects of Exchange Rate Regimes (June 22, 2020) , 2020
    2020

MOST CITED SCHOLAR PUBLICATIONS

  • When ESG meets AAA: The effect of ESG rating changes on stock returns
    S Shanaev, B Ghimire
    Finance Research Letters 46, 102302 , 2022
    2022
    Citations: 352
  • Taming the blockchain beast? Regulatory implications for the cryptocurrency Market
    S Shanaev, S Sharma, B Ghimire, A Shuraeva
    Research in International Business and Finance 51, 101080 , 2020
    2020
    Citations: 215
  • Is all politics local? Regional political risk in Russia and the panel of stock returns
    S Shanaev, B Ghimire
    Journal of Behavioral and Experimental Finance 21, 70-82 , 2019
    2019
    Citations: 89
  • An empirical investigation of Ivorian SMEs access to bank finance: Constraining factors at demand-level
    B Ghimire, R Abo
    Journal of finance and investment analysis 2 (4), 29-55 , 2013
    2013
    Citations: 78
  • The financial pandemic: COVID-19 and policy interventions on rational and irrational markets
    S Shanaev, A Shuraeva, B Ghimire
    Available at SSRN 3589557 , 2020
    2020
    Citations: 63
  • Credit sector reform and NRB
    BR Ghimire
    New Business Age, 47-49 , 2003
    2003
    Citations: 37
  • Socially responsible investment and market performance: The case of energy and resource companies
    J Brzeszczyński, B Ghimire, T Jamasb, G McIntosh
    The Energy Journal 40 (5), 17-72 , 2019
    2019
    Citations: 36
  • Self-control and job-seeking behaviors among Nepalese Fresh Graduates
    SP Joshi, RK Dahal, B Ghimire, D Karki
    Hong Kong Journal of Social Sciences 61 (2023), 826-836 , 2023
    2023
    Citations: 35
  • Efficient scholars: academic attention and the disappearance of anomalies
    S Shanaev, B Ghimire
    The European Journal of Finance 27 (3), 278-304 , 2021
    2021
    Citations: 28
  • Effects of official versus online review ratings
    B Ghimire, S Shanaev, Z Lin
    Annals of Tourism Research 92, 103247 , 2022
    2022
    Citations: 23
  • A generalised seasonality test and applications for cryptocurrency and stock market seasonality
    S Shanaev, B Ghimire
    The Quarterly Review of Economics and Finance 86, 172-185 , 2022
    2022
    Citations: 18
  • Puzzles in the relationship between financial development and economic growth
    B Ghimire, G Giorgioni
    Journal of Applied Finance and Banking 3 (5), 199 , 2013
    2013
    Citations: 18
  • Children’s toy or grown-ups’ gamble? LEGO sets as an alternative investment
    S Shanaev, N Shimkus, B Ghimire, S Sharma
    The Journal of Risk Finance 21 (5), 577-620 , 2020
    2020
    Citations: 14
  • A fitting return to fitting returns: Cryptocurrency distributions revisited
    S Shanaev, B Ghimire
    Available at SSRN 3847351 , 2021
    2021
    Citations: 13
  • The marginal cost of mining, Metcalfe’s law and cryptocurrency value formation: Causal inferences from the instrumental variable approach
    S Shanaev, S Sharma, A Shuraeva, B Ghimire
    SSRN Electronic Journal , 2019
    2019
    Citations: 12
  • Finance and growth: an investigation into the role of internal, bank and equity finance
    B Ghimire, G Giorgioni
    Economics and Business Review 13 (2), 31-46 , 2013
    2013
    Citations: 11
  • Puzzles in financial development and economic growth
    B Ghimire, G Giorgioni
    Liverpool Business School, Liverpool John Moores University, John Foster … , 2009
    2009
    Citations: 7
  • Market Reaction to CEO Turnover: Empirical Evidence from Fortune 500 Firms
    D Karki, B Ghimire
    Global Finance Review 2 (1), 615 , 2020
    2020
    Citations: 6
  • Explaining stock returns in Nepal: Application of single and multi-factor models
    D Karki, B Ghimire
    Journal of Finance and Investment Analysis 5 (3), 59-77 , 2016
    2016
    Citations: 6
  • Systematic risk determinants of stock returns after financial crisis: Evidence from United Kingdom
    VQ Trinh, D Karki, B Ghimire
    Journal of Finance and Investment Analysis 5 (1), 1-28 , 2016
    2016
    Citations: 5

Industry, Institute, or Organisation Collaboration

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