Muhammad Muddasir
About
I am a PhD Candidate in Industrial Economics and Technology Management at NTNU, working on the economics of carbon capture and storage (CCS/CCUS), energy transition investment, and sustainable finance. My research interests include climate risk, green bonds, and policy design for low-carbon technologies, with a particular focus on European initiatives such as the EU Green Deal and the Net-Zero Industry Act. I hold master’s degrees in Quantitative Finance from the University of Pisa/Scuola Superiore Sant’Anna and in Finance from Anadolu University, with exchange studies in Spain and Portugal. Before starting my PhD, I worked as a financial analyst and consultant, gaining experience in financial modelling, risk management, and business intelligence.
Research
My research focuses on the economics, investment, and policy design of carbon capture and storage (CCS) and carbon capture, utilization and storage (CCUS). I am particularly interested in how these technologies can support the clean energy transition, and how market conditions, regulation, and investment risk influence their deployment. My broader research interests include sustainable finance, green bonds, climate risk, and the economic implications of European climate policy such as the EU Green Deal and the Net-Zero Industry Act.
Publications
Ongoing research
Carbon Risk Factors and Stock Market Responses to Corporate Carbon Dioxide Removal
Muddasir, M., Terranova, R., & Lamperti, F. - Ongoing research.
Focus: firm-level carbon risk factors, corporate CDR strategies, stock market performance, and climate-related financial risk
Submitted papers
A Comparative Study of the Catastrophic Capital Asset Pricing Model and the Conventional CAPM in the Era of Climate and Catastrophe RisksMuddasir, M., Vannucci, E., & Cappiello, A. Submitted to Decisions in Economics and Finance (2025).
Focus: comparison of CAT-CAPM and standard CAPM under climate and catastrophe risks.
From Waste to Wealth: The Financial Payoff of Circular Economy Investments in IT and Healthcare
Muddasir, M., Borges, A. P., & Vieira, E. - Submitted to Management of Environmental Quality (2026).
Focus: how circular economy investments affect financial returns and sustainability outcomes.
Green Tags, Bigger Cheques, and Faster Tracks: Micro-Evidence from the Recovery and Resilience Facility
Muddasir, M., Borges, A. P., & Vieira, E. - Submitted to Public Management Review (2026).
Focus: how green tagging, funding intensity, and accelerated procedures shape renewable energy and green investment.
Peer-reviewed publications
Impact of Macroeconomic Factors on S&P Europe 350 ESG Index in Russo-Ukrainian War
Muddasir, M., & Llorens, M. D. C. R. Scientific Annals of Economics and Business (2025).
DOI: 10.47743/saeb-2025-0008
Fama and French Three Factor Asset Pricing Model with Two New Factors: A Case from Istanbul Stock Exchange
Muddasir, M., & Kulalı, G. Yönetim ve Ekonomi Araştırmaları Dergisi, 23(1), 233–265 (2025).
DOI: 10.11611/yead.1593464
The Impact of Macroeconomic Factors on the European Travel and Leisure Sector: The Context of Russo-Ukrainian War
Muddasir, M., Borges, A. P., Vieira, E., & Vieira, B. M. Tourism Review, 80(2), 513–528 (2025).
DOI: 10.1108/TR-08-2023-0534
The Validity of CAPM and ICAPM in the Istanbul Stock Exchange
Muddasir, M., & Kulalı, G. Ekonomi Politika ve Finans Araştırmaları Dergisi, 9(1), 26–42 (2024).
Link: DergiPark
A 10-Year Analysis of Housing Prices and the Influence of Economic Factors in Turkey
Muddasir, M., & Dondaş, U. Financial Internet Quarterly, 19(3), 100–112 (2023).
DOI: 10.2478/fiqf-2023-0022
Reviewing the Relationship between Dividend and Free Cash Flow of Non-Financial Firms of KSE 100
Muddasir, M., & Mughal, S. U. International Econometric Review, 14(4), 107–123 (2022).
Link: DergiPark
Impact of Climate Change on BIST 30 Index Using VAR Model
Muddasir, M. Journal of Economics Finance and Accounting, 9(4), 187–196 (2022).
Link: PressAcademia
Forecasting & Impact of COVID-19 on Airline Sector: A Case Study of Turkey
Muddasir, M., & Afsar, A. Journal of Business Economics and Finance, 11(3), 143–152 (2022).
Link: DergiPark