Selected Publications

Li, X., Naffa, H. (2026). Biodiversity physical and transition risks: evidence from financial performance of US firms. International Review of Financial Analysis. In Press, Journal Pre-proof. https://doi.org/10.1016/j.irfa.2026.105410

Walker, T., Naffa, H., Tharumar, R.K., Donders, S. (2025). Biodiversity Finance: The Economic, Operational, and Societal Impacts of Biodiversity Loss (Palgrave Studies in Emerging Risk Management and Sustainable Finance), ISBN: 978-3032020284. Available: https://link.springer.com/book/10.1007/978-3-032-02029-1

Lovas, A., Berlinger, E. & Tóth, F. (2025). Social Enterprise Under Moral Hazard: Who Gets State Subsidies and Active Financing? The European Journal of Development Research, 37, 55–78 https://doi.org/10.1057/s41287-024-00656-7

Yusifzada, L., Loncarski, I., Czupy, G.J., Naffa, H. (2025). Return Trade-Offs between Environmental and Social Pillars of ESG Scores, Research in International Business and Finance, Vol 75, March 2025, 102779, https://doi.org/10.1016/j.ribaf.2025.102779

Li, X., Naffa, H. (2024). Biodiversity Finance: A review and bibliometric analysis, available on ssrn: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4869848

Naffa, H., Czupy, G.J. (2024). Biodiversity Risk Premium, available on ssrn: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4751958 

Naffa, H., Dudás, F. (2023). Does ESG Improve Crisis Resilience? Empirical Evidence of Global Emerging Equity Markets during the Covid-19 Crisis, Periodica Polytechnica Social and Management Sciences. https://doi.org/10.3311/PPso.19147

Lovas, A. (2021). Venture Philanthropy Investments. ECONOMY AND FINANCE: ENGLISH-LANGUAGE EDITION OF GAZDASÁG ÉS PÉNZÜGY, 8(3), 336–350. http://doi.org/10.33908/EF.2021.3.4 

Naffa, H., & Fain, M. (2021). A Factor Approach to the Performance of ESG Leaders and Laggards. Finance Research Letters,102073, ISSN 1544-6123, https://doi.org/10.1016/j.frl.2021.102073.

Naffa, H., & Fain, M. (2020). Performance measurement of ESG-themed megatrend investments in global equity markets using pure factor portfolios methodology. Plos one, 15(12), e0244225.

Naffa, H., Dudás, F. & Juhász, K., (2021). ESG-szempontok a klímakockázat előrejelzésében. VEZETÉSTUDOMÁNY, 52(8–9), pp.18–33. 

Dudás, F. & Naffa, H., (2021). Do ESG metrics reflect crisis resilience of equities during the COVID-19 pandemic? ECONOMY AND FINANCE: ENGLISH-LANGUAGE EDITION OF GAZDASÁG ÉS PÉNZÜGY, 8(4), pp.371–388.

Naffa, H., & Dudás, F. (2020). Country-level ESG indicators as Predictors of Social Well-Being?. LIVING LONGER, WORKING SMARTER, AGEING WELL, 110.

Naffa, H., & Dudás, F. (2020). Milyen szerepet töltenek be az országszintű ESG indikátorok, valamint a globális pénzügyi inklúziós indikátorok a szociális és pénzügyi jólét meghatározásában?. Köz-gazdaság-Review of Economic Theory and Policy, 15(2), 156-162.

Fain, M., & Naffa, H. (2019). Aktív befektetési stratégiák teljesítményének mérése tiszta faktorportfóliókkal. HITELINTÉZETI SZEMLE/FINANCIAL AND ECONOMIC REVIEW, 18(2), 52-87.

Fain, M., & Naffa, H. (2019). Performance Measurement of Active Investment Strategies Using Pure Factor Portfolios. Financial and Economic Review, 18(2), 52-86.