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DTSTART:20241027T030000
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UID:calendar.135402.field_date.0@www.tse-fr.eu
DTSTAMP:20260308T171713Z
CREATED:20240724T111002Z
DESCRIPTION:Joel Shapiro (Saïd Business School - University of Oxford)\, “T
 he Market for ESG Ratings”\, Finance Seminar\, Toulouse: TSE\, December 9\
 , 2024\, 12:30–14:00\, room Auditorium 5.\n\nThe boom in Environmental\, S
 ocial\, and Governance (ESG) investing has created a demand for ESG rating
 s. ESG ratings\, unlike credit ratings\, measure multiple unrelated catego
 ries. We provide a model of ESG ratings competition where raters provide i
 nformation about these categories and set fees. Raters specializing in dif
 ferent categories maximizes the amount of information transmitted and tota
 l surplus\, and is the competitive outcome when investors are less concern
 ed about ESG performance. When investor concerns about ESG performance are
  large enough\, the competitive outcome is for them to generalize – splitt
 ing their effort among the categories\, resulting in less\ninformative ESG
  ratings. In this case\, generalizing increases the stand-alone value of t
 he ratings\, and\, hence\, the raters’ pricing power. The possibility of g
 reenwashing by firms can make generalization the unique equilibrium. We al
 so demonstrate that specialization maximizes ratings disagreement and\, th
 us\, empirical measures of disagreement may be poor measures of surplus.
DTSTART;TZID=Europe/Paris:20241209T123000
DTEND;TZID=Europe/Paris:20241209T140000
LAST-MODIFIED:20260113T095129Z
LOCATION:Toulouse: TSE\, December 9\, 2024\, 12:30–14:00\, room Auditorium 
 5
SUMMARY:Finance Seminar
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2024-market-esg-ratings
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