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Michele Costola

Visiting Fellow and Associate Professor

Michele Costola

Specialisms

  • Empirical Finance, 
  • Financial, Geopolitical and Energy Markets, 
  • Contagion Dynamics, 
  • Sentiment Analysis, 
  • Intersection of Sustainability and Environmental Risks

Michele Costola is Associate Professor of Economics in the Department of Economics at Ca’ Foscari University of Venice (Italy). He is also a visiting fellow at the ICMA Centre, Henley Business School, University of Reading (UK), and an external affiliate at the Leibniz Institute for Financial Research SAFE in Frankfurt.

His research focuses on financial economics and empirical finance, exploring financial, geopolitical, and energy markets, contagion dynamics, sentiment analysis, and the intersection of sustainability and environmental risks. His work investigates how energy efficiency, climate-related factors, and investor behavior shape asset valuation, credit risk, and financial stability.

He is engaged in international projects and policy initiatives on sustainable finance, contributing to the development of frameworks for de-risking energy efficiency investments and integrating environmental performance into financial risk assessment.

Sustainability in the Business World

Sustainability is becoming a priority not only in government policy but also in business strategy. The role of the private sector in achieving sustainable production and consumption models is key...

Module code: ICM614

Compounding geopolitical and energy risks: A clustered stochastic multi-COVOL model, with López, O. B., Billio, M., and Casarin, R., Energy Economics, 2025: 108700

Pricing Climate Transition Risk: Evidence from European Corporate CDS, with K. Vozian, Energy Economics, 2025: 108248


Bayesian SAR Model with Stochastic Volatility and Multiple Time-Varying Weights, with M. Iacopini e C. Wichers, Journal of Financial Econometrics, 2025: nbae035


Exploring Secular Wheat Price Dynamics across Italian Cities using R2 Connectedness, with M. Costantini, L. Ferranna and A. Paradiso, Journal of Agricultural, Biological, and Environmental Statitics,


Learning from Experts: Energy Efficiency in Residential Buildings, with M. Billio, R. Casarin and V. Veggente, Energy Economics 136, 107650, 2024


COVID-19 Spreading in Financial Networks: A Semiparametric Matrix Regression Model, with M. Billio, R. Casarin e M. Iacopini, Econometrics and Statistics 29, 113-131, 2024


Sustainable Finance: A Journey Toward ESG and Climate Risk, with M. Billio, I. Hristova, C. Latino and L. Pelizzon, International Review of Environmental and Resource Economics 18(1-2),
1-75, 2024


Mean–Variance Efficient Large Portfolios: A Simple Machine Learning Heuristic Technique Based on the Two-Fund Separation Theorem, with B. Maillet, Z. Yuan e X. Zhang, Annals of Operations
Research 334(1), 133–155, 2024


Impact of Public News Sentiment on Stock Market Index Return and Volatility, with G. Anese, M. Corazza and L. Pelizzon, Computational Management Science 20(1), 20, 2023


Machine Learning Sentiment Analysis, COVID-19 News and Stock Market Reactions, with O. Hinz, M. Nofer e L. Pelizzon, Research in International Business and Finance 64, 101881, 2023


Measuring Sovereign Bond Fragmentation in the Eurozone, with M. Iacopini, Finance Research Letters 51, 103354, 2023