Green Finance and Carbon Emissions (April 5, 2024) - Onsite & Online - from 9 to 11 am
Program
9 am: Adrien Desroziers, Université Paris 1 Panthéon Sorbonne & Ademe: "Towards greener economies: does financial development mitigate CO2 emissions ? an empirical analysis on 38 OECD and BRICS countries spanning 1995 to 2019"
9.45 am: Franck Amalric & Hugo Marin, Square research center : "The contribution of banks to the ecological transition"
10.30 am: Discussion
On site: AFG, salle Astorg, 41 rue de la Bienfaisance, 75008 Paris
Online ZOOM click here (Meeting number: 81297422108, number Password: 578461)
Impact of Carbon Pricing on the Economy (January 31, 2024) - Onsite & Online - from 9 to 11 am
• Noémie Lisack (BCE): "Carbon Tax in a Production Network: Propagation and Sectoral Incidence"
Presentation
• Marie Brière (Amundi): "Cascading Effects of Carbon Price Through the Value Chain"
Presentation
On site: AFG salle Malesherbes 41 rue de la Bienfaisance 75008 Paris
Online click here
The Value of Green Innovation: Evidence from Climate-Related Patents (June 22, 2023) from 4 to 6 pm
• Ulrich Hege (TSE), Sébastien Pouget (TSE) et Yifei Zhang (Peking University, HSBC Business School)
Presentation:
We study the impact of climate-related patents on financial markets. We exploit the quasi-random assignment of patent examiners with different degrees of leniency as an exogenous shock in patent approvals to allow for causal interpretations. We find that firms with more lucky climate-related patents subsequently display higher positive cumulative abnormal stock returns and enjoy a lower cost of capital, compared with similarly innovative but unlucky firms. These results hold especially during periods of high attention towards climate change and for initial climate patent granting. Firms with more lucky climate-related patents also exhibit better environmental ratings and attract more responsible institutional investors. OLS regressions show that firms developing more climate-related technologies reduce more direct carbon emission intensity.
Social Performance Indicators - On site & Online (April 12, 2023) from 2 to 4 pm
• Pierre Monnin (Council on Economic Policies): "Setting the Stage, Inequality and the Energy Transition"
• Patricia Crifo (Ecole Polytechnique): "Social Performance Indicators: New Frontier of the Environmental Question"
On site: AFG, room Astorg, 41 rue de la Bienfaisance, Paris
Online here
Green and Sustainable Finance Labels (Jannuary 20, 2023) from 2 to 4 pm Online
• Fabio Martin (University of Giessen) "The power of ESG transparency: The effect of the new SFDR sustainability labels on mutual funds and individual investors"
This seminar will present an analysis of the effect of the Sustainable Finance Disclosure Regulation (SFDR) on mutual funds and individual investors in the EU. First, we study whether affected funds increase their sustainability compared to a control group. Second, we examine if the regulation makes individual investors allocate more capital into more sustainable funds. In a difference-in-differences setting, we analyze the influence of the regulation on ESG fund scores and fund net inflows. Our result show that affected funds increase their sustainability rating after the policy intervention. Additionally, we find that a better ESG label leads to larger fund net inflows.
Zoom link here here
Are We Becoming Greener? Life-time Experiences and and Responsible Investment (November 17, 2022) from 5 to 7 pm
• Milo Bianchi (TSE)
Presentation: Dans quelle mesure les expériences vécues par les investisseurs individuels conditionnent leur demande pour des titres financiers plus socialement responsables.
More details here
On site: AFG, room Astorg, 41 rue de la Bienfaisance, Paris
Employees as Directors - On site & online (March 17, 2022) at 8h45
• Catherine Casamatta and Sébastien Pouget (TSE)
Presentation: The study aims to measure the consequences of employee directors joining the board of directors on the performance of companies.
Shareholders and the Environment: Four Decades of Academic Research - On site & Online (December 9, 2021) from 1.30 to 3.30 pm
• Gunther Capelle-Blancard and Adrien Roziers (University of Paris 1 Panthéon Sorbonne)
Synthesis of four decades of empirical research on shareholder reaction to environmental events. This litterature lies at the intersection of finance, environmental economics, management, and corporate social responsability (CSR, RSE in french)
Presentation: report of the the environmental disaster in Brumadinho (Brazil, 2019), a critical review of over 100 event studies (diverse set of events, such as industrial accidents, public disclosure program, legal actions following environmental violations, changes in environmental regulations, environmental news, and corporate initiatives).
Objectives of this presentation:
- synthesis of a large number of articles into a structured framework, so that they can be easily addressed by experts and non-specialists as well.
- observation of stock market penalties for environmental concerns are likely to be quite small: on average, there is a (temporary) decrease in excess stock market return of about 2%.
- limits of corporate social responsability as a business strategy for a sustaible society.
On site: Maison des Sciences Economiques, 112 Bd de l'Hôpital 75013 Paris, on the 6th floor
Participate online here
Meeting ID: 852 9759 2504
Password: 679481
L'évaluation d'impact d'une politique: application aux transports - le cas de la fermeture des voies sur berges à Paris - Online (November 18 , 2021) from 1 to 3 pm
• Lea Bou Sleiman (Ecole Polytechnique)
In 2016, the city of Paris decided to completely close to the car traffic a section of the street "Georges-Pompidou" along the river's banks.
Objective of this presentation: impact assessment of this decision on traffic conditions on the ring road (double difference method which allows to highlight an effective impact between the closure decision and several simple mobility indicators: occupancy rate, probability of congestion and travel time on the southern periphery, environmental impact indicator on pollution exposure) as well as the perspectives of application of this impact assessment method to other types of decisions, in particular investment decisions.
Participate here
Meeting ID: 839 6536 4562
Password: 345766
Some economics of biodiversity - Online (October 21, 2021) from 5 to 6.30 pm.
• Nicolas Treich Director of Research (TSE-INRAE), will present his thoughts on the economics of biodiversity. His presentation will recall some facts on the evolution of biodiversity, and will show how economics can participate in the study and maintenance of biodiversity.
This workshop will be the occasion to present the main results of the Dasgupta Review (2021) but also to discuss the issue of anthropocentrism, which is the dominant approach to the study of biodiversity.
Slides of the presentation here
Evaluation of the draft trade agreement between the EU and Mercosur, Report to the Prime Minister (November 27, 2020)
• Stefan Ambec (TSE-INRA), President of the commission in charge of the evaluation:
French government asked this commission to analyze all the provisions of the draft agreement that could have an impact on sustainable development, and to evaluate the effect of the agreement on greenhouse gas emissions, deforestation, biodiversity, the spread of clean technologies and the ecological transition of production methods, and its ability to ensure that all products consumed on the European market meet European environmental and health standards.
Environmental impact investing (November 4, 2020)
• Olivier David Zerbib (Tilburg, ISFA et CREST- Polytechnique-ENSAE), Tiziano de Angelis (University of Turin) and Peter Tankov (ENSAE)
« Environmental Impact Investing »
Carbon neutrality, Analyse of the climate crisis in the context of the covid-19 crisis (June 3, 2020)
• Christian Gollier (TSE) : "Covid-19 et climat : Quelques réflexions"
How does the pandemic alter the prospects for a much-needed ecological transition? How can it be financed? How can the wave of green investments be triggered? What is the role of Europe, the financial markets and consumers? Should we switch to the frugal world we have just tasted in our confinement?
Presentations of "Social impact assessment strategy (January 30, 2020)
• Rodolphe Durand (HEC S&O Center) : "Social impact assessment strategy"
• Stéphane Saussier (IAE Paris) : "Rémunérer les opérateurs de service public sur leur impact social"
Impact Assessment & ISR (May 28, 2019)
• Sébastien Pouget (TSE) : "Introduction à la notion d'impact et d'externalités extra-financières"
• Patricia Crifo (Ecole Polytechnique) : "Déterminants et styles de la mesure d'impact : une étude empirique sur données françaises"
Workshop with partners (September 13, 2018)
• Arnaud Reynaud (INRA et TSE) : "An innovative approach to the assessment of hydro-political risk: A spatially explicit, data driven indicator of hydro-political issues"
• Valentin Jouvenot (University of Geneva) : "Does Water Management Improve Corporate Value?"
Workshop with partners (June 15, 2018)
• Antoine Rebérioux (Université Paris Diderot) : "L’objet social des entreprises : perspectives économiques et juridiques"
• Salima Benhamou (France Stratégie) : "Quels leviers organisationnels et managériaux pour une gouvernance partagée au 21iècle ? Enjeux et prospective"
Workshop with partners (January 10, 2018)
• Jakob Thomä (CNAM) : "Les implications du changement climatique sur les portefeuilles financiers"
• Christel Dumas (ICHEC Brussels Management School) : "ESG impact indicators and Delphi group"
Workshop with partners (December 12, 2017)
• Simone Sepe (IAST-TSE, University of Arizona) : "Board Declassification Activism: The Financial Value of the Shareholder Rights Projecte"
• Sébastien Pouget (TSE) : "Institutional Investors as Active Owners"
Workshop with partners (June 7, 2017)
• Christian Gollier (TSE) : "Ethical asset pricing and the good society"
Workshop with partners (May 22, 2017)
• Patricia Crifo (Ecole Polytechnique) : "Environmental, Social and Governance (ESG) performance and sovereign bond spreads: an empirical analysis of OECD countries"
• Scott Barrett (Columbia University) : "Coercive trade agreements for Climate Change"
Workshop with partners (December 6, 2016)
• Jamil Jaballah (Grenoble Ecole de Management) and Sébastien Pouget (TSE) : "ESG Factors and the performance of small and mid caps"
• Marianne Andries (TSE) : "Pricing long-term risk"
Workshop with partners (June 25, 2016)
• Julien Théron (UT1 Capitole), "Codes de Gouvernance: Eclairages Juridiques"
• Simone Sepe (IAST-TSE), "Commitment and Entrenchment in Corporate Governance: Implications for Firm Value"
Workshop with partners (June 16, 2016)
• Marc-Arthur Diaye (Université d’Evry) : "Performance et risque ESG et rémunération"
• Lionel Almeida (Université Paris Ouest Nanterre) : "Rémunération des dirigeants et nature de l’actionnariat"
Workshop with partners (January 25, 2016)
• Thomas André (ARES & CO Strategy Consulting) : "Managing societal performance of impact investing: An action-research inquiry"
• Silvia Rossetto (TSE) : "The Role of Blockholders in the Governance of a Firm. US empirical Evidence"
Workshop with partners (July 2, 2015)
• Silvia Rossetto (TSE) : "Shareholding structure and corporate risk taking"
• Simone Sepe (IAST -TSE) : "Staggered boards and firm value, revisited"
Small and mid-caps (December 15, 2014)
• Jamil Jaballah and Sébastien Pouget (TSE) : "Facteurs ESG et performance des entreprises small-mid cap en France”
• Marianne Andries (TSE) : "Social Responsability Ratings Returns, Size Effects”
Workshop with partners (July 7, 2014)
• Huynh Quôc Thai (University of Poitiers, CEREGE) : "L’influence de l’activisme des actionnaires minoritaires sur la gouvernance des entreprises françaises cotées"
• Serret Vanessa (University of Bretagne Sud, IREA) : "Activisme des actionnaires et responsabilité sociale des entreprises au Canada : Analyse des résolutions soumises par les actionnaires entre 2000 et 2013"
• Crifo Patricia (Ecole Polytechnique) : Presentation of the survey "Investors Relations and ESG Integration"
Workshop with partners (June 23, 2014)
• Sébastien Pouget (TSE) : "Engagement: Investment Profits from Improving Corporate Behavior"
• James Gifford (Tau Investment Management) : "Engagement: Investment Profits from Improving Corporate Behavior" "From PRI to Tau Investment Management: Examples of Engagement"
Workshop with partners (June 27, 2013)
• Patricia Crifo (Univ. Paris Ouest & Ecole Polytechnique) : "Board composition and CSR : regulatory context"
• Gwenael Roudaut (Ecole Polytechnique) : "Responsible governance and CSR : How make up the board?"
• Tristan Auvray (University of Paris 13, Sorbonne Paris Cité, CEPN) : "French connection: interlocking directorates and the ownership-control nexus in an insider governance system"
Workshop with partners (June 20, 2013)
• Paul Smeets (Maastricht University) : "Socially Responsible Investments: Return Expectations or Social Preferences?"
• Marco Heimann (TSE) : "Motivations of Value Driven Investors"
Workshop with partners (December 12, 2013)
• Rim Oueghlissi (University of Paris-Saclay), Patricia Crifo (Ecole Polytechnique) and Marc-Arthur Diaye (Ecole Polytechnique) : "SRI and performance of bond funds: Do extra-financial ratings affect sovereign borrowing cost?"
• Paula Margaretic (University of San Andrés, Argentina) and Sébastien Pouget (TSE) : "Sovereign Bond Spreads and Extra-Financial Information: An Empirical Analysis of Emerging Markets"
Workshop with partners (December 6, 2013)
• Gunter Capelle-Blancard (Univ. Paris 1) : "Every Little Helps? ESG news disclosure and stock market reaction"
• Eric Giraud-Héraut (INRA) : "RSE, innovation et politique publique dans le secteur agro-alimentaire"
• Samuel Touboul (HEC) : "Can you judge a book by its cover? Revelation and conformity mechanisms in the relationship between Sustainability Performance, Sustainability Disclosure, and Financial Performance"
Workshop with partners (July 2, 2012)
• Vanina Forget (Ecole Polytechnique) :"Engagement et valorisation de la performance financière : le cas du capital-investissement"
• Daniela Laurel (HEC Paris and Politecnico di Milano) :"Towards a theory of positive governance: The effects of non-financial voluntary disclosure, shareholder activism, and research on performance in socially responsible mutual funds"
• Gwenael Roudaut (Ecole Polytechnique) : “Expertise et indépendance des administrateurs : deux facteurs complémentaires ou substituables pour atteindre des performances durables au sein des entreprises?"
Workshop with partners (February 22, 2012)
• Yuri Biondi (Ecole Polytechnique) : "Gouvernance et comptabilité de l’entité entreprise"
• Céline Louche (Vlerick Leuven Gent Management School) : "When CEOs and priests meet: religious organisations and their share holder engagement practices"
• Antoine Reberioux (Université Paris Ouest Nanterre La Défense) : "Composition du conseil d'administration et performance"
Workshop with partners (October 25, 2012)
• Christian Gollier (TSE) : "Dette souveraine: Quelle est la politique d’endettement socialement responsable ?"
• Stefan Ambec (TSE) : "Dette verte et développement durable"
Workshop with partners (February 9, 2012)
• Daniel Hann (DWS Investment GmbH – Deutsche Bank Gruppe) : "Corporate Environmental Management and Credit Risk"
• Sudheer Chava (Georgia Institute of Technology) : "Environmental Externalities and Cost of Capital"
• Bastien Drut (Amundi) : Some considerations about SRI in sovereign bonds“
"Les labels ISR“ (June 29, 2011)
• Samer Hobeika (Ecole Polytechnique): “Le développement de l’ISR en France: une analyse économique du rôle des labels”
• Diane-Laure Arjalies (HEC) : ”When product categories are rootes in a compromise: the case of socially responsible investment funds”
• Sylvaine Poret (INRA & Ecole Polytechnique) : “Normes responsables dans l’agro-alimentaire”
Marchés financiers, stratégies d’investissement et finance responsable (May 12, 2011)
• Liviu Andronic (TSE) : “Do Financial Analysts Care about Extra-Financial Information?”
• Jim Hammitt, (INRA and Harvard) : “Benefit-Cost-Risk Analysis for Evaluating Social Responsability”
"Les hautes rémunérations sont-elles légitimes?" (November 2, 2010)
• Alfred Galichon (Sciences Po Paris): “Rémunérations des dirigeants: l’allocation des talents est-elle efficace?”
• Edouard Challe (ENSAE): “La rémunération du secteur financier reflète-t-elle son utilité économique ?”
• Philippe Tibi (Ecole Polytechnique): “Rémunération des Investment Bankers. Captation de rente abusive ou légitime répartition des profits ?”
Workshop with partners (October 22, 2010)
• Nicolas Treich (TSE) : “Evaluation économique de l’environnement: Faut-il utiliser le consentement à payer ou le consentement à recevoir?”
• Stefan Ambec (TSE) : “Développement durable en laboratoire”
• Marco Heimann (TSE) : “Restaurer la confiance des investisseurs: une expérience sur l’effet des politiques ISR des fonds d’investissement”
Workshop with partners (May 25, 2010)
• Joseph Gawer (Natixis AM) : “Does it pay to improve Corporate Governance? An empirical analysis of European Equities“
• Christian Gollier (TSE) : “Les enjeux économiques du changement climatique”
"RSE et ISR : ‘Mainstreaming’, communication et performance" (June 19, 2009)
• Rémi Baziller (University of Paris Sorbonne) and Julien Vauday (University of Paris Sorbonne) “The GreenWashing Machine, Is CSR more than Communication ?”
• Sandra Cavaco (University of Panthéon), and Patricia Crifo (Ecole Polytechnique) : “The CSP-CFP Missing Link: Complementarity between ESG Practices ?”
• Patricia Crifo (Ecole Polytechnique) and Nicolas Mottis (Ecole Polytechnique) : “Analyse ISR et gestion d’actifs, vies parallèles ou convergence en cours ? Le cas de la France”
Workshop with partners (December 17, 2009)
• Stefan Ambec (TSE) : “Changement climatique: quels enjeux économiques pour les entreprises?”
• Bastien Drut (CAAM) : “Sovereign Bonds and Socially Responsible Investment”
• Jacques Ninet (UFG-LFP) : “Performance financière de la sélection ISR”
Workshop with partners (September 9, 2009)
• Jérôme Barkate (IDEAM-CAAM) : “La performance action à moyen terme des signaux ESG”
• Sophie Barbier (FRR) : "L’intégration des problématiques environnementales dans la stratégie d’investissement”
• Sébastien Pouget (TSE) : "Activisme actionnarial : sur-performance et changement grâce à l’ISR ?”
"Firm’s responsibility : applications to innovation and Bottom Of the Pyramid strategies" (June 16, 2008)
“Stratégie des entreprises, relations avec les parties prenantes et finance durable” (December 6, 2007)
• J.-F. Laslier (PSE) : "The responsibility cut"
• B. Biais (CNRS & HEC), C. Casamatta (TSE) and T. Mariotti (CNRS & TSE) : "RSE, capacité d’investissement et relation d’agence multi-tâches"
• E. Giraud-Heraud (GREThA) : S. Poret (INRA & Ecole polytechnique), R. Hoffmann (RMIT University), and C. Grazia : "Efficacité de l’engagement des enterprises dans les ISR"