6th Annual Conference: Yale University

08:15 – 09:00

Registration for morning workshop

Location: School of Management Student Commons

Papers Presented:

09:00 – 12:00

Side Event: The Robustness and Integrity of Net Zero Commitments of Financial Sector Organisations

Location: School of Management 4420

Moderator: Simon Dikau (LSE)

Papers Presented:

Data quality in the spotlight: a Hybrid-LCA approach to evaluating reported corporate carbon footprints

De-risking Net-Zero through Offset Insurance: A Proposal

Finance for Zero: Redefining Financial-Sector Action to Achieve Global Climate Goals

Prudential transition plans: the potential of a new regulatory instrument and a research agenda

The Distributional Costs of Net-Zero: A Heterogeneous Agent Perspective

09:00 – 12:00

PhD Workshop

Location: School of Management 4430

Moderator: Todd Cort (Yale University)

Papers Presented:

Did we open the floodgates? Flood Damage and Infrastructure Loan Defaults

Do Green Financial Policies Offset the Climate Transition Risk Penalty Imposed on Long-Term Sovereign Bond Yields?

ESG in Private Equity: ESG Portfolio Footprints, Operational Levers and Financial Returns

Green Investors and Green Transition Efforts: Talk the Talk or Walk the Walk?

12:00 – 13:00

Lunch

Location: New Haven Lawn Club

Papers Presented:

12:30 – 13:30

Registration

Location: School of Management Student Commons

Papers Presented:

13:30 – 15:00

Welcome and Opening Plenary on Net Zero

Location: School of Management Zhang Auditorium

Papers Presented:

15:00 – 16:30

Stream A: Climate policy and litigation

Location: School of Management 2400

Moderator: Susanna Gibbons (University of Minnesota)

Papers Presented:

Climate policy does not discourage oil and gas investments and requires global coordination

Impacts of climate litigation on firm value

15:00 – 16:30

Stream B: Portfolio Management

Location: School of Management Forum

Moderator: Wei Huang (University of Hawaii at Manoa)

Papers Presented:

Does the market value impact investing and socially responsible investing?

ESG as a Protection Against Downside Risk

Material ESG Alpha: A Fundamentals-Based Perspective

17:00 – 18:30

Stream B: ESG Ratings

Location: School of Management Forum

Moderator: Kathy Hipple (Bard College)

Papers Presented:

The complex materiality of ESG ratings: Evidence from actively managed ESG funds

The Economic Impact of ESG Ratings

The Market for ESG Ratings

17:00 – 18:30

Stream A: Transition Risks

Location: School of Management 2400

Moderator: Eli Fenichel (Yale University)

Papers Presented:

Climate transition risks and financial stability

Institutional Investors and Transition Risks: Evidence from Global Portfolios

Universal Ownership and the Polycrisis: Social Norms, Feedback Loops, and the Double Hermeneutic

19:00 – 21:00

Gala Dinner

Location: New Haven Lawn Club

Papers Presented:

08:00 – 08:45

Breakfast

Location: School of Management Student Commons

Papers Presented:

08:45 – 10:15

Plenary: Is the Anti-ESG Movement a Threat for Sustainable Investing and Businesses?

Location: School of Management Zhang Auditorium

Papers Presented:

10:45 – 12:15

Stream A: Impact Investment

Location: School of Management 2400

Moderator: Bruce Usher (Columbia University)

Papers Presented:

Exit vs Voice Vs Denial of (Re)Entry: Assessing investor impact mechanisms on corporate climate transition across asset classes

Long-run Returns to Impact Investing in Emerging Market and Developing Economies

Pricing Investor Impact

10:45 – 12:15

Stream B: SRI and Negative screening

Location: School of Management 4420

Moderator: Yumeng Gao (Yale University)

Papers Presented:

Measuring Business Social Irresponsibility: The Case of Sin Stocks

The Curse of Green Shareholder Oversight: Evidence from Emission Spillover of Divested Plants

The effect of Divestment from ESG Exchange Traded Funds

12:00 – 13:00

Lunch

Location: New Haven Lawn Club

Papers Presented:

14:00 – 15:30

Stream A: Central Banking

Location: School of Management 4420

Moderator: Ahyan Panjwani (Federal Reserve Board)

Papers Presented:

A Divine Coincidence? Do Renewables Shield Inflation from Fossil Fuel-price Fluctuations?

Don’t Lead Me This Way: Central Bank Guidance at the Age of Climate Change

Green Asset Pricing

14:00 – 15:30

Stream B: Noise and Investment Behaviours

Location: School of Management 2400

Moderator: Edward Watts (Yale University)

Papers Presented:

Altruists going on an ego trip: Beliefs and ambiguity attitudes in socially responsible investment

ESG Confusion and Stock Returns: Tackling the Problem of Noise

Sustainability, Prices and Emotions

16:00 – 17:30

Stream A: Biodiversity Finance

Location: School of Management 2410

Moderator: John Tobin de la Puente (Cornell University)

Papers Presented:

Biodiversity Management and Stock Price Crash Risk

Devising Nature-Aligned Finance

The Market Effect of Acute Biodiversity Risk: the Case of Corporate Bonds

16:00 – 17:30

Stream B: Technology and Data

Location: School of Management 4420

Moderator: Todd Cort (Yale University)

Papers Presented:

Managerial forward-looking and firm environmental risk: Evidence from a machine learning approach

The thematic content of ESG reports: A topic modeling approach

Using Graph Deep Learning to Trace Indirect Sourcing in Agricultural Supply Chains

18:30 – 21:00

Informal Dinner

Location: Bar New Haven

Papers Presented:

08:00 – 08:45

Breakfast

Location: School of Management Student Commons

Papers Presented:

08:45 – 10:15

Plenary: What are investors’ key research needs?

Location: Zhang Auditorium

Papers Presented:

10:45 – 12:15

Stream A: Fixed Income Instruments

Location: School of Management 2400

Moderator: Anya Nakhmurina (Yale University)

Papers Presented:

Investors in Green Bonds

Notes on Risk-Neutral Pricing of SLBs and Step-down Structures

The EU Taxonomy and the Syndicated Loan Market

10:45 – 12:15

Stream B: Firm Performance

Location: School of Management Zhang Auditorium

Moderator: Carlos Vargas (Tecnológico de Monterrey)

Papers Presented:

Decision rules for corporate investment

Drivers of Firm Investment in Low and High-Carbon Energy: Capital Markets and Climate Policy

Estimating the Impact of Physical Climate Risks on Firm Defaults: A Supply-Chain Perspective

12:00 – 13:00

Lunch

Location: New Haven Lawn Club

Papers Presented:

14:00 – 15:30

Closing Plenary: Final Address and Awards

Location: School of Management Zhang Auditorium

Papers Presented:

16:00 – 17:30

AGM: GRASFI members

Location: Yale School of Management Room 2400

Papers Presented:

16:00 – 17:30

Yale University Campus and Art Tour

Papers Presented:

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