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DTSTART:20241027T030000
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UID:calendar.135402.field_date.0@www.tse-fr.eu
DTSTAMP:20260908T005925Z
CREATED:20240724T111002Z
DESCRIPTION:Joel Shapiro\, “The Market for ESG Ratings”\, Finance Seminar\,
  TSE - TSM-R\, Toulouse\, December 9\, 2024\, 12:30–14:00\, room Auditoriu
 m 5.\n\nThe boom in Environmental\, Social\, and Governance (ESG) investin
 g has created a demand for ESG ratings. ESG ratings\, unlike credit rating
 s\, measure multiple unrelated categories. We provide a model of ESG ratin
 gs competition where raters provide information about these categories and
  set fees. Raters specializing in different categories maximizes the amoun
 t of information transmitted and total surplus\, and is the competitive ou
 tcome when investors are less concerned about ESG performance. When invest
 or concerns about ESG performance are large enough\, the competitive outco
 me is for them to generalize – splitting their effort among the categories
 \, resulting in less\ninformative ESG ratings. In this case\, generalizing
  increases the stand-alone value of the ratings\, and\, hence\, the raters
 ’ pricing power. The possibility of greenwashing by firms can make general
 ization the unique equilibrium. We also demonstrate that specialization ma
 ximizes ratings disagreement and\, thus\, empirical measures of disagreeme
 nt may be poor measures of surplus.
DTSTART;TZID=Europe/Paris:20241209T123000
DTEND;TZID=Europe/Paris:20241209T140000
LAST-MODIFIED:20260723T001001Z
LOCATION:Toulouse\, December 9\, 2024\, 12:30–14:00\, room Auditorium 5
SUMMARY:Finance Seminar\, TSE - TSM-R
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2024-market-esg-ratings
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