Thematic center
Sustainable Finance Center
Featured research
Do robots make us better investors?
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TSE Reflect
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Finance
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Digital
First moves: How traders get into position
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TSE Reflect
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Finance
How should we allocate capital and share risks?
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TSE Reflect
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Finance
Latests news
Two economists honored with the Banque de France – TSE Prizes
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Corporate Relations
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Partnership research
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Prize and Award
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Finance
Large scale deployment of biobased products in Europe: an economic perspective
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Corporate Relations
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Finance
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Partnership research
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Energy and Climate
Discussion panel on decision-making under risk and uncertainty
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Corporate Relations
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Energy and Climate
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Finance
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Infrastructure and Networks
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Partnership research
In the press
Real estate: taxation needs a floor-to-ceiling rethink
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Op-ed
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Finance
From cryptocurrencies to CBDCs, what future for money?
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Op-ed
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Finance
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Digital
Cryptocurrencies: an economist's view
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Op-ed
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Finance
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Digital
Events
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Seminar
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Finance Seminar, TSE - TSM-R
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Date 16 December 2026
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Place Auditorium 4
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Speaker or organiser Elena Simintzi
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Seminar
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Finance Seminar, TSE - TSM-R
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Date 9 December 2026
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Place Auditorium 4
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Speaker or organiser Quentin Vandeweyer
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Seminar
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Finance Seminar, TSE - TSM-R
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Date 18 November 2026
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Place Auditorium 4
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Speaker or organiser Pierre Mabille
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Cross-perspectives
Fintech : Interview avec Chuqing Jin et Milo Bianchi | TSE
Milo Bianchi, professeur de finance à TSE, membre junior de l'Institut Universitaire de France, oriente ses recherches sur la fintech et la finance durable, avec un focus particulier sur les investisseurs individuels.
Chuqing Jin, professeure assistante à TSE, travaille à la croisée de l'organisation industrielle et de la finance. Ses recherches portent notamment sur les frictions informationnelles dans les marchés financiers et technologiques, et leurs effets sur la concurrence et le bien-être des consommateurs.
Fintology
When you ask people whether new technologies make their lives better, they tend to respond positively to a large extent, including when it comes to financial decisions. There are good reasons for this. First, financial technologies make it possible to serve people at lower cost and therefore reach individuals who were previously underserved. Second, they rely on new types of data and innovative ways of processing information, which can help create better financial services.
In my research, I find that new technologies not only reduce costs, but also increase competition for existing financial institutions. This encourages traditional firms and financial institutions to lower their prices for consumers and investors.
Of course, things are not so simple. There are risks that we need to be aware of. Initially, people tend to be reluctant to trust new technologies and algorithms. Now, however, we may be entering a phase of excessive reliance on algorithms. When people receive advice from a chatbot, they sometimes tend to trust it completely. Determining the appropriate level of trust to place in algorithms is therefore a major question.
Another issue is that interacting with new technologies and robo-advisors requires more—not less—financial literacy and digital literacy. Not everyone is equally equipped, creating the risk that these technologies may amplify existing inequalities.
From my perspective, there are two ways things can go wrong. First, consumers may not fully take advantage of these new financial products. My research shows that consumers often stick with products they have used for a long time, or they may be confused by the different features of financial products, preventing them from making optimal choices. As a result, even when financial innovations are available, consumers and investors do not necessarily benefit from them fully.
Second, financial innovations are not always good products. They may simply be fashionable trends rather than sound investments. In addition, they can flood the market with an abundance of products, making choices even more difficult for consumers and investors.
I think it is fair to say that regulation in many countries, especially those at the forefront of technological innovation, is lagging behind. This is partly based on the mistaken belief that regulation hinders the development of new technologies.
In fact, history provides many examples, particularly during the Industrial Revolution, where appropriate regulations ensured that new technologies were safe. This allowed people to adopt them with confidence and enabled their widespread development across society.
Government regulations often influence how easily a new financial product can be introduced to the market. This is also where our research can play an important role. It is essential for us to understand how consumers and investors actually behave, as well as the nature of these new financial products. This knowledge can help improve the regulatory environment and contribute to better-functioning financial markets.
Seen on LinkedIn
Purpose and ambition
As the economy and society undergo profound transformations, sustainability challenges are becoming increasingly important, particularly in the field of finance. At the forefront of these developments, TSE seeks to improve public and private stakeholders’ understanding of sustainable financing solutions and their impact on society. In particular, it aims to advance research on sustainable finance and on the assessment of its societal impact.
In this context, the TSE Sustainable Finance Center aims to:
• Bring together and promote TSE’s scientific expertise in sustainable finance
• Foster collaboration with partners around targeted research issues
• Structure and encourage researchers’ contributions to public policy and business debates
TSE has developed recognized expertise in the analysis of major economic challenges, particularly those related to transformations in financial systems. Established in 2018, the Sustainable Finance Center builds on a longstanding research tradition in finance and environmental issues. Today, TSE researchers actively contribute to public debates on sustainable finance by providing scientific insights to businesses and policymakers.
Facing environmental and social challenges, I am convinced that a better understanding of sustainable finance mechanisms is essential. Through our research, we seek to provide valuable insights to public and private stakeholders in their decision-making.
Research areas
Over the years, our researchers’ expertise in sustainable finance has grown and diversified. The four research areas presented below reflect the main fields of research in which they are engaged.
Objectives: Our researchers study the valuation of long-term assets. They measure and assess the externalities imposed by firms on society and explore ways to encourage economic agents to incorporate these externalities into their decision-making.
Program leader: Catherine Casamatta
Objectives: Our researchers analyze the implications of the key characteristics of FinTech and cryptocurrencies, as well as their impact on social welfare; they examine how markets, institutions, and regulations should be designed to mitigate issues such as coordination problems, information asymmetries, and other market failures.
Program leader: Christophe Bisière
Objectives: Researchers investigate a range of topics related to monetary economics and global liquidity, payment systems, prudential regulation, market finance, and market microstructure. Their work seeks to deepen our understanding of financial intermediation and crisis prevention.
Program leader: Patrick Fève
Objectives: This research area aims to understand the ability of markets and financial intermediaries to value assets, finance the economy, and allocate risks efficiently. This ability may be hindered by informational frictions and human cognitive biases. Researchers identify the effects of these frictions on investor welfare and the efficiency of the financial industry, and examine whether their impact is amplified or mitigated by different forms of interaction among market participants.
Program leader: Sophie Moinas
Activities
The TSE Sustainable Finance Center promotes, showcases, and disseminates research on sustainable finance conducted at TSE through a range of scientific and outreach activities targeting both the academic community and decision-makers.
- A dedicated resource hub: We provide a dedicated platform showcasing TSE’s activities in the field of sustainable finance, featuring academic experts, research outputs, events, and news related to our research programs and collaborations.
- Events for researchers and decision-makers: We organize scientific events bringing together the academic community, as well as targeted events designed specifically for public and private decision-makers to shed light on sustainable finance issues and their implications for public policy and business strategy.
- Knowledge dissemination and outreach activities: We develop a variety of formats to make research findings accessible to a broader audience. These activities include the publication of research reports, the distribution of thematic newsletters, and the production of podcasts and editorial content.
50
Researchers
386
Number of publications in scientific journals since the creation of the Center
9
Research chairs & initiatives
The TSE Sustainable finance Center brings together several research initiatives, chairs and grant dedicated to sustainable finance, as well as research projects on these topics selected through publicly funded research programs.
Research initiatives, chairs and grants
Supported by one or more partners, research initiatives and chairs foster the development of research projects addressing issues of common interest to both academics and economic stakeholders.
Initiatives
- Risk, regulation and systemic risk, Autorité de contrôle prudentiel et de résolution (ACPR)
- Regulation & Development: States, Markets, and Information Asymmetries, AFD
- Macroprudential regulation and monetary innovations, Banque centrale du Luxembourg
- Monetary economics and finance, Banque de France
- Monetary economics and financial stability, Bank of Mauritius
- Insurance and reinsurance for natural disaster risks, Caisse Centrale de Réassurance (CCR)
- Effective Corporate Climate Action (InECCA), Getlink
Chair
- Risk markets and value creation, SCOR Corporate Foundation for Science
- Sustainable Finance and Responsible Investment, with the support of several partners
Grant
- Milo Bianchi, Robo-advising under the veil of ignorance, Institut Europlace de Finance (IEF)
View all our research initiatives
Publicly funded research projects
Several TSE researchers currently benefit from grants or research funding related to sustainable finance, awarded through major national and European public research funding programs.
European Research Council (ERC) Grants
National Research Agency (ANR) Grants
- Matthieu Bouvard, FINRIS - Financial Innovation and Risk management, 2021-2026
- Patrick Fève, ComExp - Communication and Expectations, 2023-2027
- Nour Meddahi, MLSEDV - From Machine Learning to Structural Econometrics with Discrete Variables, 2024-2028
- Sophie Moinas, ECLIPSES - The Eclipse of Lit Markets: Understanding the Rise of Opaque Trading Mechanisms in Europe, 2024-2028
- Nicolas Treich, SentientBCA - Sentientist Benefit-Cost Analysis, 2024-2029
The TSE Sustainable finance Center highlights all research conducted at TSE in the sustainable finance economy, with a particular focus on work that has a strong impact on economic stakeholders. Emerging from all of our research programs, this work draws on a wide range of disciplines, including economics, mathematics and statistics, as well as the social and behavioral sciences.
Research in accessible formats
Discover research findings through accessible and engaging formats: article summaries, op-eds by our researchers published in the media, and multimedia content (videos, podcasts, etc.).
Most recent publications
Horizontal Mergers and Incremental Innovation
Louder than Rates: the Systematic Nature of Central Bank Communication
Token Financing vs. Equity and Crowdfunding
The Long-Run Effects of Fiscal Rebalancing in a Heterogeneous-Agent Model
Discounting along the merit order, with an application to the electricity market
The Uncertainty Channel of Monetary Policy Communication
Token Financing vs. Equity and Crowdfunding
Extreme value inference for heterogeneous heavy-tailed data: A derandomization theory
Dynamic Efficiency With Private Information
The welfare cost of ignoring the beta
Do carbon emissions affect the cost of capital? Primary versus secondary corporate bond markets
Laws and Norms
The TSE Sustainable Finance Center supports the organization of conferences, workshops, and seminars throughout the year. These events contribute to the production and dissemination of research in the field of sustainable finance and are designed for a variety of audiences. While some are intended primarily for the academic community, others prioritize exchanges with professionals working in companies and public institutions.
Regular scientific events
Finance seminar
This seminar is held at TSE every Monday and is organized by Ulrich Hege (TSE) and Fany Declerck (TSE). The series provides a regular forum for advancing theoretical and empirical research on financial markets, capital structure, sustainable finance, regulation, and related topics. See all finance seminars
Events for decision-makers
TSE also organizes ad hoc events, often tailored specifically for decision-makers. These events are generally linked to research programs developed through our partnerships and are sometimes co-organized with other academic.
Examples:
- Tribute conference to Denis Kessler, March 20, 2025, Paris
All events
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Seminar
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Finance Seminar, TSE - TSM-R
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Date 16 December 2026
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Place Auditorium 4
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Speaker or organiser Elena Simintzi
Details
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Seminar
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Finance Seminar, TSE - TSM-R
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Date 9 December 2026
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Place Auditorium 4
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Speaker or organiser Quentin Vandeweyer
Details
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Seminar
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Finance Seminar, TSE - TSM-R
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Date 18 November 2026
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Place Auditorium 4
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Speaker or organiser Pierre Mabille
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Joint IO-Finance Seminar - Platform money
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Seminar
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Industrial Organization seminar
Finance Seminar, TSE - TSM-R
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Date 9 November 2026
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Place Auditorium 4
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Speaker or organiser Kathy Yuan
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Seminar
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Finance Seminar, TSE - TSM-R
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Date 4 November 2026
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Place Auditorium 4
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Speaker or organiser Ole Andreas Naess
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Market fragmentation: A Cushion Against Exchange Outages
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Seminar
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Finance Seminar, TSE - TSM-R
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Date 14 October 2026
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Place Auditorium 4
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Speaker or organiser Hans Degryse
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Business Talk with Xavier Debrun, Chief Economist and Director General at the Banque de France
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Conference
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Date 7 October 2026
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Place Amphi MI-V Isaac (Manufacture des Tabacs)
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Business Talk with Xavier Debrun, Chief Economist and Director General at the Banque de France
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Seminar
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TSE Campus talk
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Date 7 October 2026
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Place Amphi MI-V Isaac (Manufacture des Tabacs)
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Speaker or organiser Xavier Debrun (Chief Economist and Director General from the Banque de France)
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Past
Corporate Nature Risk Exposure Evidence from Asset-Level Geospatial Data
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Seminar
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Finance Seminar, TSE - TSM-R
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Date 30 September 2026
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Place Auditorium 4
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Speaker or organiser Jacquelyn Humphrey
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Past
Strategic Interaction Among AI Agents: Evidence from Payment Systems
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Seminar
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Finance Seminar, TSE - TSM-R
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Date 23 September 2026
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Place Auditorium 4
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Speaker or organiser Janet Jiang
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Past
Narratives and Financial Markets
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Seminar
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Finance Seminar, TSE - TSM-R
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Date 16 September 2026
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Place Auditorium 4
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Speaker or organiser Alyssa Rusonik
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Past
New Technology Sectoral Disruptions
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Seminar
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Finance Seminar, TSE - TSM-R
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Date 1 June 2026
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Place Auditorium 4 (1st floor)
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Speaker or organiser Gordon Phillips
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We warmly thank the companies and public institutions that partner with our chairs and research initiatives in the field of sustainable finance and are also actively engaged alongside the TSE Sustainable Finance Center. Through their support, our partners make a significant contribution to TSE’s scientific output in sustainable finance and play a key role in enhancing the visibility and impact of this research, as well as in supporting the development of the Sustainable Finance Center’s activities.
Energy transition will not happen if we deny the economic element. Our in-depth work with TSE, one of the world leaders on the issue of corporate decarbonization strategy, has led us to create the decarbonized margin indicator.
Associated partners
We would also like to express our gratitude to the public institutions that support our researchers' work in sustainable finance, particularly through major research funding programs.
Join us
Become a partner and help foster dialogue between researchers and decision-makers on the major challenges associated with sustainable finance. Together, we can strengthen the relevance and impact of research.
Milo Bianchi
Scientific Director
Eve Séjalon
Head of research partnerships and centers
Pascale Maréchal
Research Partnerships Project Manager
