Save the date for the Annual Conference: 24 – 26 August 2026 in Liege, Belgium.

8th Annual Conference in Paris

25-27 August 2025

Hosted by ENSAE Paris and Ecole Polytechnique (both within Institut Polytechnique de Paris) and Paris Dauphine University.

The conference will take place at the Port Dauphine campus in Paris

Registration closes 24 August

25-27 August 2025: The Annual Conference

Registration closes 24 August 2025

*GRASFI members will need a discount code to register at the reduced fee.

Academic: € 300

*GRASFI Members: €100

PhD students: €100

Non Profit: €500

Practitioner: €1000

Our Sponsors

Provisional Conference Schedule

09:00 – 12:00

Impact and Sustainable Finance Teaching Workshop

Location: 2nd Floor, Raymond Aron

Papers Presented:

13:00-13:15

Welcome

Location: 2nd floor Raymond Aron

Papers Presented:

13:15-14:05

Keynote: “Uncertainty, Social Valuation, and Climate Change Policy” by Lars Peter Hansen

Location: 2nd floor Raymond Aron

Papers Presented:

Uncertainty, Social Valuation, and Climate Change Policy

14:15 – 15:45

Retail Investing

Moderator: Rob Bauer

Papers Presented:

Bank-Advisor Certification and Willingness to Pay for Sustainable Finance Products

Does the willingness to pay for sustainable investments differ between stated and incentivized choice experiments?

Pricing Differentiated Funds: The Puzzle of ESG Fund Fees

14:15 – 15:45

Policy

Moderator: Serge Darolles

Papers Presented:

Carbon Markets in China: Strategic Interactions and Corporate Adaptation

TCFD Reporting: Early Evidence on the Market (Ir-)Relevance of Global Climate-related Disclosures

The Impact of Green Financial and Monetary Policy on the Low-Carbon Energy Transition: Global Empirical Evidence

14:15 – 15:45

Shareholder Engagement

Moderator: David Zerbib

Papers Presented:

Exit or Voice? Divestment, Activism, and Corporate Social Responsibility

The Demand, Supply, and Market Responses of Corporate ESG Actions: Evidence from a Nationwide Experiment in China

The impact of climate engagement: a field experiment

16:15-18:15

Financial Products and Innovations

Moderator: Peter Tankov

Papers Presented:

Climate Transition Risk Mitigation: Introducing the CLoCo Bond

Developing Climate Indicators for Small and Medium Sized Enterprises using Product Information

Future of Emissions

16:15-18:15

Influencing Firms’ Transitions

Moderator: Michael Wilkins

Papers Presented:

Climate Boards: Do Natural Disaster Experiences Make Directors More Prosocial?

Spillover Effects of Sustainability Reporting Mandate through Subsidiaries

Stochastic Social Preferences

16:15-18:15

Climate/Biodiversity Risk I

Moderator: Ben Caldecott

Papers Presented:

Modeling Direct and Indirect Climate-related Physical Risks

SERENA: System for Evaluating Risks and Extreme Natural activities on Agriculture and Application to World Economies

Systemic Climate Risk

The risks of climate tipping points for financial investors

18:30

Cocktails

Location: Outside Raymond Aron, 2nd Floor

Papers Presented:

09:00 – 10:30

Influencing Emissions

Moderator: Zoey Yiyuan Zhou

Papers Presented:

The Carbon Cost of Competitive Pressure

The Effect of Customer Demand for Carbon Disclosures along Supply Chains

Unintended Environmental Cost of Monetary Tightening: The Federal Reserve and Pollution

09:00 – 10:30

Green Bonds/Lending I

Moderator: Elise Broussous

Papers Presented:

Cross-border Green Lending

Do Development Financial Institutions Create Impact through Venture Capital Investments?

The impact of ESG debt issuance on corporate disclosure

09:00 – 10:30

Climate/Biodiversity Risk II

Moderator: Peter Tankov

Papers Presented:

A Biodiversity Stress Test of the Financial System

Physical Climate Risk Factors and an Application to Measuring Insurers’ Climate Risk Exposure

The Effect of Insurance Premiums on the Housing Market and Climate Risk Pricing

11:00 – 12:30

Panel Discussion: Disclosure – Outlook and Implications for Research and Investment

Location: 2nd floor Raymond Aron

Papers Presented:

13:30 – 15:00

Green Bonds/Lending II

Moderator: Zine Amghar

Papers Presented:

Government-Funded Green Banks: Catalysts for the Green Transition

Green Bonds: Commitment to Sustainability under Asymmetric Information

The Effect of Green Bonds on Analyst Forecasts around the World

13:30 – 15:00

Climate/Biodiversity Risk III

Moderator: Raul Leote de Carvalho

Papers Presented:

Are Banks Concerned about Borrowers’ Biodiversity Risk?

Firm Operations, Biodiversity Loss, and Corporate Disclosure

Nature-Related Risks in Syndicated Lending

13:30 – 15:00

Ownership and Supply Chains

Moderator: Naciye Sekerci

Papers Presented:

Consistency or Transformation? Finance in Climate Agreements

Divestment From Fossil Fuels: Evidence From Ownership Data

Rewiring Supply Chains Through Uncoordinated Climate Policy

15:30 – 17:30

Owner Influence

Moderator: Rainer Klump

Papers Presented:

Investor Stewardship of Sovereign Debt Portfolios: is Real-World Impact Possible?

The Power of ESG Labels

The Shared Cost of Pursuing Shareholder Value

Timing Sustainable Shareholder Proposals in Real Asset Investments

15:30 – 17:30

Climate/Biodiversity Risk IV

Moderator: Chendi Zhang

Papers Presented:

Beneath the Trees: The Influence of Natural Capital on Shadow Price Dynamics in a Macroeconomic Model with Uncertainty

Biodiversity Co-Benefits in Carbon Markets? Evidence from Voluntary Offset Projects

Biodiversity Physical Risk, Firm Performance, and Market Mispricing

Climate beta uncertainty in corporate bonds

15:30 – 17:30

Green Bonds/Lending III

Moderator: Nicola Ranger

Papers Presented:

A pricing model proposal for evaluating green bonds premiums

Adaptation Finance for Emerging Markets

Green Mortgages

18:30-22:00

Gala Dinner and Cruise on the Seine

Location: Bateaux Mouches Port de la Conférence

Papers Presented:

09:00 – 10:30

Disaster Impact

Moderator: Anna Creti

Papers Presented:

A bit under the Weather? Flood Impacts and Recovery Strategies of Manufacturing Firms

The Impact of Wildfires on Loss Given Default: Evidence from Defaulted Consumer Credits

When the Dam Almost Breaks: Disasters and Credit Risk

09:00 – 10:30

Investor Preferences

Moderator: Serge Darolles

Papers Presented:

How Do Investors React to ESG-related Information? Evidence from Mutual Fund Investors in China

Sustainability Preferences: The Role of Beliefs

The Impact of Sustainable Finance Literacy on Investment Decisions

09:00 – 10:30

Valuation I

Moderator: Gaelle Le Fol

Papers Presented:

Climate-Related Financial Stress-Testing and Scenarios Valuation: Application to the MSCI World Index

Do Carbon Pricing Policies Harm Firm Performance? Worldwide Evidence

The Impact of Climate Policies on Financial Markets: Evidence from the EU Carbon Border Adjustment Mechanism

11:00 – 12:30

Panel Discussion: Nature Scenarios and Banking

Location: 2nd floor Raymond Aron

Papers Presented:

13:30 – 15:00

Valuation II

Moderator: Quentin Moreau

Papers Presented:

Does Sustainable Investing Dull Stock Reactions to Cash Flow News?

Pricing Pollution: Asset-Pricing Implications of the EU Emissions Trading System

The Double-Edged Sword of Firm’s Net Zero Commitment on the Carbon Risk Premium

13:30 – 15:00

Mutual Funds

Moderator: Peiran Jiao

Papers Presented:

ESG and Mutual Fund Competition

The Costs of Being Sustainable

The Surprising Performance of Green Retail Investors: A New (Behavioral) Channel

15:30-16:30

Keynote: “Institutional Investor Influence and Corporate Sustainability” by Laura Starks

Location: 2nd floor Raymond Aron

Papers Presented:

16:30- 16:50

Closing Address and Awards

Location: 2nd floor Raymond Aron

Papers Presented:

Closing

17:00- 18:00

Annual General Meeting of GRASFI Member Universities

Papers Presented:

Annual Conference News

4 September 2025

Research Prizes at 2025 GRASFI Conferencee

4 September 2024

Research Prizes at 2024 Annual Conference in Singapore

13 August 2024

Best Paper Prize Winners at GRASFI’s 2023 Annual Conference

8th Annual Conference in Paris

25-27 August 2025: The Annual Conference

*GRASFI members will need a discount code to register at the reduced fee.

Academic: € 300

*GRASFI Members: €100

PhD students: €100

Non Profit: €500

Practitioner: €1000

Our Sponsors

Provisional Conference Schedule

Annual Conference News

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