Econometrics and risk management with applications to investment management and corporate finance
Volatility modeling and forecasting
Energy and carbon ecoonomics, and the interplay of energy and carbon prices and financial markets
Correlation and financialization of commodity markets
Machine and statistical learning applied to risk management, forecasting and nowcasting of economic indicators
Jiang, Y., Klein, T., Weber, O., Ren, Y. (2025): Fintech and Green Investor Entry, in: International Review of Economics and Finance, Vol. 104, 104715. DOI: 10.1016/j.iref.2025.104715
Ren, Y., Klein, T., Jiang, Y. (2025): Corporate investment decisions amid climate risks: Relocate or stay?, in: Journal of International Money and Finance, Vol. 105, 103388. DOI: 10.1016/j.jimonfin.2025.103388
Ren, Y., Klein, T., Jiang, Y. (2025): Unveiling the asymmetric dynamic spillovers in industry bond credit risk: Is the energy industry the prime mover? in: International Review of Financial Analysis, Volume 101, 104014. DOI: 10.1016/j.irfa.2025.104014
Jiang, Y., Klein, T., Ren, Y., Dai, J.H. (2025): Through the looking glass: Unveiling geopolitical risks and sovereign bond spillovers in the eurozone, in: International Review of Financial Analysis, Volume 103, 104190. DOI: 10.1016/j.irfa.2025.104190
Ren, Y., Klein, T., Huynh, N.Q.A., Liu, X. (2025): Is the Stock Market Performance Vulnerable to the Russian–Ukrainian War? Evidence From the Twitter Sentiment Index, in: International Journal of Finance & Economics, forthcoming. DOI: 10.1002/ijfe.3174
Ren, Y., Klein, T., Jiang, Y., Liu, P.Z., Weber, O. (2025): Dynamic connectedness between crude oil futures and energy industrial bond credit spread: Evidence from China, in: Energy Economics, Volume 143, 108294. DOI: 10.1016/j.eneco.2025.108294
Ma, CQ., Liu, X., Klein, T., Ren, Y. (2025): Decoding the nexus: How fintech and AI stocks drive the future of sustainable finance, in: International Review of Economics & Finance, Volume 98, 103877. DOI: 10.1016/j.iref.2025.103877
Klein, T., Walther, T. (2024): Advances in Explainable Artificial Intelligence (xAI) in Finance, in: Finance Research Letters, Vol. 70, 106358, DOI: 10.1016/j.frl.2024.106358, Editorial to the Special Issue "Explainable Artificial Intelligence in Finance" (https://www.sciencedirect.com/special-issue/10X50JFMXS8)
Sheenan, L., Schweers, K., Klein, T. (2024): Interactions between Sustainable Bonds, Renewable Energy and Other Financial Markets: A Macroprudential Perspective, in: Energy Economics, Volume 138, 107839. DOI: 10.1016/j.eneco.2024.107839
Ren, Y., Klein, T., Jiang, Y. (2024): Monetary policy uncertainty and green investment decisions: A cross-national spillover perspective, in: International Review of Financial Analysis, Volume 96, 103642. DOI: 10.1016/j.irfa.2024.103642
Jiang, Y., Klein, T., Ren, Y., Duong, D. (2024): Global geopolitical risk and corporate ESG performance, in: Journal of Environmental Management, Volume 370, 122481. DOI: 10.1016/j.jenvman.2024.122481
Klein, T. (2024): Investor behavior in times of conflict: A natural experiment on the interplay of geopolitical risk and defense stocks, in: Journal of Economic Behavior and Organization, Volume 222, Pages 294-313. DOI: 10.1016/j.jebo.2024.04.020
Benkraiem, R., El-Khatib, Y., Fan, J., Goutte, S., Klein, T. (2024): Optimal risk management considering environmental and climatic changes, in: Risk Analysis, forthcoming. DOI: 10.1111/risa.14306
Luo, J., Klein, T., Walther, T., Ji, Q. (2024): Forecasting realized volatility of crude oil futures prices based on machine learning, in: Journal of Forecasting, Volume 43, Issue 5, Pages 1422-1446. DOI: 10.1002/for.3077 working paper on SSRN
Ren, Y., Kuang, X., Klein, T. (2024): Does the urban–rural income gap matter for rural energy poverty? in: Energy Policy, Volume 186, 113977. DOI: 10.1016/j.enpol.2023.113977
Ren, Y., Klein, T., Jiang, Y., Ma, C., Yang, X. (2024): Dynamic spillovers among global oil shocks, economic policy uncertainty, and inflation expectation uncertainty under extreme shocks, in: Journal of International Financial Markets, Institutions, and Money, Volume 91, 101951. DOI: 10.1016/j.intfin.2024.101951
Ren, Y., Liu, P., Klein, T., Sheenan, L. (2024): Does the Low-Carbon Pilot Cities Policy Make a Difference to the Carbon Intensity Reduction?, in: Journal of Economic Behavior and Organization, Volume 217, pp. 227-239. DOI: 10.1016/j.jebo.2023.10.032
Chuliá, H., Klein, T., Muñoz Mendoza, J. A., Uribe, J. M. (2024): Vulnerability of European Electricity Markets: A Quantile Connectedness Approach, in: Energy Policy, Volume 184, 113862, DOI: 10.1016/j.enpol.2023.113862
Menkveld et al. (2024): Non-Standard Errors, in: Journal of Finance, Volume 79, Issue 3, Pages 2339-2390. Contribution as one of 164 Research Teams. DOI: 10.1111/jofi.13337
Luo, J., Marfatia, H. A., Ji, Q., Klein, T. (2023): Co-volatility and asymmetric transmission of risks between the global oil and China's futures markets, in: Energy Economics, Volume 117, 106466. DOI: 10.1016/j.eneco.2022.106466
Klein, T. (2022): Agree to Disagree? Predictions of U.S. Nonfarm Payroll Changes between 2008 and 2020 and the Impact of the COVID19 Labor Shock, in: Journal of Economic Behavior and Organization, Volume 194, pp. 264-286. DOI: 10.1016/j.jebo.2021.11.028 [SSRN Working Paper]
Zhang, Z., Bouri, E., Klein, T., Jalkh, N. (2022): Geopolitical risk and the returns and volatility of global defense companies: A new race to arms?, in: International Review of Financial Analysis, Volume 83, 102327. DOI: 10.1016/j.irfa.2022.102327
Bouri, E., Iqbal, N., Klein, T. (2022): Climate policy uncertainty and the price dynamics of green and brown energy stocks, in: Finance Research Letters, Volume 47, 102740. DOI: 10.1016/j.frl.2022.102740
Luo, J., Hou, C., Klein, T., Li, Q. (2022): Forecasting Realized Volatility of Agricultural Commodity Futures with Infinite Hidden Markov HAR Models, in: International Journal of Forecasting, Volume 38, pages 51-73. DOI: 10.1016/j.ijforecast.2019.08.007 [SSRN Preprint]
Degiannakis, S., Filis, G., Klein, T., Walther, T. (2022): Forecasting Realized Volatility of Agricultural Commodities, in: International Journal of Forecasting, Vol. 38, pp. 74-96 . DOI: 10.1016/j.ijforecast.2019.08.011 [SSRN Preprint]
Alqahtani, A., Klein, T. (2021): Oil Price Changes, Uncertainty, and Geopolitical Risks: On the Resilience of GCC Countries to Global Tensions, in: Energy, Volume 236, 121541 . DOI: 10.1016/j.energy.2021.121541
Klein, T., Todorova, N. (2021): Night Trading with Futures in China: The Case of Aluminum and Copper, in: Resources Policy, Volume 73, 102205. DOI: 10.1016/j.resourpol.2021.102205 [SSRN Working Paper]
Basse, T., Klein, T., Vigne, S., Wegener, C. (2021): U.S. stock prices and the dot.com-bubble: Can dividend policy rescue the efficient market hypothesis?, in: Journal of Corporate Finance, Volume 67, 101892, DOI: 10.1016/j.jcorpfin.2021.101892
Klein, T. (2021): A Note on GameStop, Short Squeezes, and Autodidactic Herding: An Evolution in Financial Literacy? , in: Finance Research Letters, Volume 46, 102229. DOI: 10.1016/j.frl.2021.102229 [SSRN Working Paper]
Charfeddine, L., Klein, T., Walther, T. (2020): Reviewing the Oil Price - GDP Growth Relationship: A Replication Study, in: Energy Economics, Volume 88, 104786 . DOI: 10.1016/j.eneco.2020.104786 [SSRN Working Paper]
Luo, J., Ji, Q., Klein, T., Todorova, N., Zhang, D. (2020): On Realized Volatility of Crude Oil Futures Markets: Forecasting with Exogenous Predictors under Structural Breaks, in: Energy Economics, Volume 89, 104781. DOI: 10.1016/j.eneco.2020.104781
Alqahtani, A., Klein, T., Khalid, A. (2019): The Impact of Oil Price Uncertainty on GCC Stock Markets, in: Resources Policy, Volume 64, 101526. DOI: 10.1016/j.resourpol.2019.101526 [SSRN Preprint]
Walther, T., Klein, T., Bouri, E. (2019): Exogenous Drivers of Bitcoin and Cryptocurrency Volatility – A Mixed Data Sampling Approach to Forecasting, in: Journal of International Financial Markets, Institutions & Money, Volume 63, 101133. DOI: 10.1016/j.intfin.2019.101133. [SSRN Preprint]
Klein, T. (2018): Trends and Contagion in WTI and Brent Crude Oil Spot and Futures Markets - The Role of OPEC in the last Decade, in: Energy Economics, Vol. 75, pp. 636-646. DOI: 10.1016/j.eneco.2018.09.013. [SSRN Preprint]
Klein, T., Thu, H. P., Walther, T. (2018): Bitcoin Is Not the New Gold: A Comparison of Volatility, Correlation, and Portfolio Performance, in: International Review of Financial Analysis, Vol. 58, pp. 105-116. DOI: 10.1016/j.irfa.2018.07.010
Bui Quang, P.; Klein, T.; Nguyen, N. H.; Walther, T. (2018): Value-at-Risk for South-East Asian Stock Markets: Stochastic Volatility vs. GARCH, in: Journal of Risk and Financial Management, Vol. 11, No. 2. DOI: 10.3390/jrfm11020018
Klein, T. (2017): Dynamic Correlation of Precious Metals and Flight-to-Quality in Developed Markets, in: Finance Research Letters, Vol 23C, pp. 283-290. DOI: 10.1016/j.frl.2017.05.002
Klein, T.; Walther, T. (2017): Fast Fractional Differencing in Modeling Long Memory of Conditional Variance for High-Frequency Data, in: Finance Research Letters, Vol. 22C, pp. 274-279. DOI: 10.1016/j.frl.2016.12.020
Walther, T.; Klein, T.; Pham Thu, H.; Piontek, K.(2017): True or Spurious Long Memory in European Non-EMU Currencies, in: Research in International Business and Finance, Vol. 40, pp. 217-230. DOI: 10.1016/j.ribaf.2017.01.003
Klein, T.; Walther, T. (2016): Oil Price Volatility Forecast with Mixture-Memory-GARCH Models, in: Energy Economics, Vol. 58, pp. 46-58. DOI: 10.1016/j.eneco.2016.06.004
Walther, T.; Klein, T. (2015): Contingent Convertible Bonds and its Impact on Risk-Taking of Managers, in: Cuadernos de Economía - Spanish Journal of Economics and Finance, Volume 38, Issue 106, pp. 54–64. DOI: 10.1016/j.cesjef.2014.09.001
Common Drivers of Commodity Markets (co-authored) - working paper on SSRN
Reinforcement Learning and Portfolio Allocation: Challenging Traditional Allocation Methods (co-authored) - working paper on SSRN
Global geopolitical risk and ESG performance (co-authored)
On the Financialization of CO2 Markets (co-authored)
Emissions Pricing and Flight-to-Safety Episodes
Oil Price Changes and U.S. Real GDP Growth: Is this Time Different? (co-authored) - WP on ResearchGate
Market Expectations of the EU Emissions Trading System (co-authored)
The Impact of Oil Prices on Dividend Policy of Energy Producing Firms (co-authored)
Finance Research Letters: Challenges in Low- and Middle-Income Countries – From Climate Change to Geopolitics; https://www.sciencedirect.com/special-issue/10HXJCNC29K
Energy Economics (2024): Geopolitical Risks and Energy Markets
Finance Research Letters (2023): Explainable AI in Finance;
https://www.sciencedirect.com/special-issue/10X50JFMXS8
Modern Finance and Risk Management, Edited By: Tony Klein (Queen's University Belfast, UK), Sven Loßagk (University of Cooperative Education Dresden, Germany), Mario Straßberger (Zittau/Görlitz University of Applied Sciences, Germany) and Thomas Walther (Utrecht University, The Netherlands), World Scientific, Pages: 508, ISBN: 978-1-80061-190-0, DOI: 10.1142/q0351
Klein, T.; Walther, T. (2022): Dynamic Correlation of Precious Metals and Equity Markets: A Mixed Data Sampling Approach, in: Modern Finance and Risk Management, edited by: Klein, T.; Loßagk, S.; Straßberger, M.; Walther, T.; Chapter 20. DOI: 10.1142/q0351
Klein, T. (2017): Trends and Contagion in WTI and Brent Crude Oil Spot and Futures Markets: A Spread and Correlation Analysis, Proceedings of the 40th Annual IAEE International Conference Singapore.
Klein, T.; Pham Thu, H.; Walther, T. (2016): Empirical Evidence of Long Memory and Asymmetry in EUR/PLN Exchange Rate Volatility, in: Research Papers of Wroclaw University of Economics, No. 428, pp. 128-140.
Dudda, T.; Klein, T.; Walther, T. (2021): Schätzung und Vorhersage Realisierter Volatilität, in: WiSt – Wirtschaftswissenschaftliches Studium, Jhg. 50, Nr. 4, S. 19-25.
Locarek-Junge, H.; Klein, T. (2016): Foreign Exchange Hedging, in: WISU – Das Wirtschaftsstudium, Jhg. 45, Nr. 3, S. 298 - 304, 335.
Locarek-Junge, H.; Klein, T.; Walther, T. (2014): GARCH-Modelle, in: WISU - Das Wirtschaftsstudium, Jhg. 43, Nr. 11, S. 1348-1354, 1387.