The Department of Finance at the Faculty of Law, Economics and Finance and Banque de Luxembourg are pleased to invite you an evening seminar “The Impact of Climate Change on Public Finances”, held during the 4th Conference in Sustainable Finance.
The event is organised within the framework of the Chair in Sustainable Finance, which is supported by the Luxembourg Ministry of Finance and the Luxembourg Ministry of Environment, Climate and Biodiversity.
Scientific committee
Papers will be selected by the program committee consisting of members of the Department of Finance at the University of Luxembourg.
Programme
Wednesday, 2 July 2025
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20.00
Welcome dinner for presenters and discussants
Thursday, 3 July 2025
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08.45 – 09.00
Welcome (coffee) and welcoming words
Prof. Christos Koulovatianos, Head of the Department of Finance, University of Luxembourg
Session 1: The G in ESG
Chair: Christos Koulovatianos, University of Luxembourg
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09.00 – 09.30
Green Moral Hazard: Estimating the Financial and Non-financial Impacts of CEO Incentives
Presenter: Kyle (Jaehoon) Jung, Stanford Graduate School of Business, San Francisco
Discussant: Janet Gao, Georgetown University
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09.30 – 10.00
Sustainable Investing and Market Governance
Presenter: Jan Starmans, Stockholm School of Economics
Discussant: Federica Zeni, EPFL
Co-authors: Alvin Chen, Deeksha Gupta
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10.00 – 10.30
ESG Incentives in Executive Compensation
Presenter: Matthias Efing, HEC Paris
Discussant: Markku Kaustia, Aalto University, Finland
Co-authors: Stefanie Ehmann, Patrick Kampkotter, Raphael Moritz
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10.30 – 11.00
Coffee break
Session 2: Climate-Related Regulation
Chair: Denitsa Stefanova, University of Luxembourg
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11.00 – 11.30
Green Coins
Presenter: Massimiliano Croce, Bocconi University, CEPR, IGIER and Baffi-Carefin Center, Milan
Discussant: Christoph Hambel, Tilburg University, The Netherlands
Co-authors: N. Guinez, A. Inzunza-Mendez, T. Nguyen, C. Tebaldi
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11.30 – 12.00
Legislator Tweets About the Green Transition and the Returns of Green versus Brown Stocks
Presenter: Milind Goel, London Business School
Discussant: Christoph Schiller, Ohio State
Co-authors: Victor DeMiguel, Javier Gil-Bazo
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12.00 – 14.00
Lunch break
Session 3: Natural Disasters
Chair: Ulf von Lilienfeld-Toal, University of Luxembourg
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14.00 – 14.30
Two Centuries of U.S. Innovation and the Capital Channel: Evidence from Natural Disasters
Presenter: Mathias S. Kruttli, School of Business, Indiana University
Discussant: Kaspar Zimmermann, Frankfurt School of Finance & Management
Co-authors: Noah Stoffman, Sumudu W. Watugala
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14.30 – 15.00
Physical Climate Risk Factors and an Application to Measuring Insurers’ Climate Risk Exposure
Presenter: Hyeyoon Jung, Federal Reserve Bank of New York
Discussant: Stefano Rossi, Università Commerciale Luigi Bocconi, Milan
Co-authors: Robert Engle, Shan Ge, Xuran Zeng
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15.00 – 15.15
Coffee break
Session 4: ESG-related investment decisions
Chair: Julien Penasse, University of Luxembourg
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15.15 – 15.45
The Cost of ESG Rating Uncertainty
Presenter: Elise Gourier, ESSEC Business School, Paris
Discussant: Julian Koelbl, University of Manheim, Germany
Co-author: Menglong Na
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15.45 – 16.15
Who Should Manage Impact Investments? Evidence from Affordable Housing
Presenter: Eva Steiner, Penn State Smeal College of Business
Discussant: Fatima Zahra Filali Adib, Copenhagen Business School
Co-authors: Jess Cornaggia, Christophe Spaenjers
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16.15 – 17.00
Tram ride to the Banque de Luxembourg (
Keynote Presentations and Panel Discussion: The Impact of Climate Change on Public Finances
Chair: Michael Halling, University of Luxembourg
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17.15 – 17.20
Introduction by the Banque de Luxembourg
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17.20 – 17.50
Financing the Transition (keynote presentation)
Adair Morse, UC Berkeley
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17.50 – 18.20
Public Finance under Climate Pressure: From Physical Risks to Policy Transitions (keynote presentation)
Lint Barrage, ETH Zurich
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18.20 – 19.00
Panel Discussion on “Climate change & Public Finances”
Moderator: François Koulischer, University of Luxembourg
Panelists:
- Marialena Athanasopoulou, European Stability Mechanism
- Lint Barrage, ETH Zurich
- Bertrand Magné, European Investment Bank
- Adair Morse, UC Berkeley
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19.00
Networking Cocktail
Contact
In collaboration with
The event is organized within the framework of the Chair in Sustainable Finance, which is supported by the Luxembourg Ministry of Finance and the Luxembourg Ministry of Environment, Climate and Biodiversity.