Programme
Session 1 (from 9.00 to 10.30)
Socially Responsible Investing and Having Impact
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Chair
Ulf von Lilienfeld Toal (University of Luxembourg) -
9.00 – 9.30
Does Socially Responsible Investing Change Firm Behavior?Davidson Heath (University of Utah), Daniele Macciochi (University of Miami), Roni Michaeli (Hong Kong University) and Matthew Ringgenberg (University of Utah)
Discussant: Melissa Porras Prado (Nova School of Business and Economics)
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9.30 – 10.00
The Pace of Change: Socially Responsible Investing in Private Markets.Deeksha Gupta (Carnegie Mellon), Alexandr Kopytov (University of Hong Kong) and Jan Starmans (Stockholm School of Economics)
Discussant: Denis Gromb (HEC Paris)
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10.00 – 10.30
Impact Investing and Venture Capital Industry: Experimental EvidenceYe Zhang (Stockholm School of Economics)
Discussant: Daniel Metzger (Rotterdam School of Management)
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10.30 – 11.00
Coffee Break
Session 2 (from 11.00 to 12.30)
Climate Change and Credit Markets
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Chair
Laurent Barras (University of Luxembourg) -
11.00 – 11.30
There is No Planet B” but for Banks “There are Countries B to Z”: Domestic Climate Policy and Cross-Border Bank LendingEmanuela Benincasa (University of Zurich), Gazi Kabas (University of Zurich) and Steven Ongena (University of Zurich)
Discussant: Yingjie Qi (Copenhagen Business School)
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11.30 – 12.00
Asset Overhang and Technological ChangeHans Degryse (KU Leuven), Tarik Roukny (KU Leuven) and Joris Tielens (National Bank of Belgium)
Discussant: Nataliya Gerasimova (Norwegian School of Economics)
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12.00 – 12.30
The rising tide lifts some interest rates: climate change, natural disasters, and loan pricingRicardo Correa (Federal Reserve Board), Ai He (University of South Carolina), Christoph Herpfer (Emory University) and Ugur Lel (University of Georgia)
Discussant: Loriana Pelizzon (University of Frankfurt)
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12.30 – 14.00
Lunch Break
Session 3 (from 14.00 to 15.00)
Asset Pricing Implications
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Chair
Julien Pénasse (University of Luxembourg) -
14.00 – 14.30
Sustainable Investing and Public Goods ProvisionIlaria Piatti (Queen Mary University of London), Joel Shapiro (University of Oxford) and Xuan Wang (VU Amsterdam)
Discussant: Magdalena Rola-Janicka (Tilburg University)
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14.30 – 15.00
The Economics of Sustainability Linked BondsTony Berrada (University of Geneva), Leonie Engelhardt (University of Geneva), Rajna Gibson (University of Geneva) and Philipp Krueger (University of Geneva)
Discussant: Shaojun Zhang (Ohio State University)
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15.00 – 15.15
Coffee Break
Session 4 (from 15.15 to 16.15)
Economics of Climate Change
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Chair
Denitsa Stefanova (University of Luxembourg) -
15.15 – 15.45
Emission caps and investment in green technologiesBruno Biais (HEC Paris) and Augustin Landier (HEC Paris)
Discussant: Robin Döttling (Erasmus University)
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15.45 – 16.15
How Does Climate Change Affect Firm Sales? Identifying Supply EffectsClaudia Custodio (Imperial College), Miguel Ferreira (Nova School of Business), Emilia Garcia-Appendini (University of Zurich) and Adrian Lam (Imperial College)
Discussant: Aleksandra Rzeznik (York University)
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16.30-17.00
Tram ride to the Banque de Luxembourg (14 boulevard Royal, 2449 Luxembourg – tram stop: Hamilius)
Keynote Presentations and Panel Discussion (from 17.15 to 19.00)
Climate Change and Asset Management – Banque de Luxembourg Auditorium
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Chair
Michael Halling (University of Luxembourg) -
15.15 – 15.45
Welcome by Georges Heinrich, Secretary General at Banque de Luxembourg
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17.20 – 17.50
Dissecting Green Returns, Lubos Pastor (University of Chicago), Keynote Presentation
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17.50 – 18.20
Hedging Climate Risk, Stefano Giglio (Yale University), Keynote Presentation
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18.20 – 19.00
Panel Discussion on “Climate Change and Asset Management”Moderator: Francois Koulischer (University of Luxembourg)
Panelists:
- Stefano Giglio (Yale University)
- Georges Heinrich (Secretary General at Banque de Luxembourg)
- Pierre Lenders (Head of ESG at Capital Fund Management)
- Lubos Pastor (University of Chicago)