Fr, 04. Jun. 2021   Blasberg, Alexander

Dritter Vortrag der Energy & Finance Seminarreihe

Die Seminarreihe Energy & Finance geht mit einem weiteren spannenden Vortrag weiter!

Wir freuen uns, Sie zum dritten Vortrag des Energy & Finance Seminars nächste Woche am 16.06.2021 von 18:00-19:30 (über Zoom) herzlich einzuladen.

Olivier David Zerbib (Tilburg University, ISFA, CREST) hält einen Vortrag zum Thema

Climate Impact Investing

This paper shows how green investing spurs companies to mitigate their carbon emissions by raising the cost of capital of the most carbon-intensive companies. Companies' emissions decrease when the proportion of green investors and their sensitivity to climate risks increase. We show that the impact of green investors primarily governs companies' long-term emissions. Companies are further incentivized to reduce their emissions when green investors anticipate tighter climate regulations and technological advances. However, heightened uncertainty regarding future climate risks alleviates green investors' pressure on the cost of capital of companies and pushes them to increase their emissions. We provide empirical evidence supporting our results by focusing on United States stocks between 2003 and 2018 and using green fund holdings as a proxy for green investors' beliefs. When the fraction of assets managed by green investors doubles, companies’ carbon intensity drops by 5.4% over one year; when climate uncertainty increases by one standard deviation, companies’ carbon intensity increases by 1.5% the following year.

Wenn Sie am Seminar teilnehmen möchten, können Sie sich hier registrieren.

Wir freuen uns darauf, Sie nächste Woche zu sehen!