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Programme

Session 1 (from 9.00 to 10.30)

Socially Responsible Investing and Having Impact

• Chair
  
  Ulf von Lilienfeld Toal (8xav�������� of Luxembourg)

  • 

    Prof Ulf VON LILIENFELD-TOAL

    Full professor in Financial Economics

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• 9.00 – 9.30
  
  Does Socially Responsible Investing Change Firm Behavior?

  Davidson Heath (8xav�������� of Utah), Daniele Macciochi (8xav�������� of Miami), Roni Michaeli (Hong Kong 8xav��������) and Matthew Ringgenberg (8xav�������� of Utah)

  Discussant: Melissa Porras Prado (Nova School of Business and Economics)

• 9.30 – 10.00
  
  The Pace of Change: Socially Responsible Investing in Private Markets.

  Deeksha Gupta (Carnegie Mellon), Alexandr Kopytov (8xav�������� of Hong Kong) and Jan Starmans (Stockholm School of Economics)

  Discussant: Denis Gromb (HEC Paris)

• 10.00 – 10.30
  
  Impact Investing and Venture Capital Industry: Experimental Evidence

  Ye Zhang (Stockholm School of Economics)

  Discussant: Daniel Metzger (Rotterdam School of Management)

• 10.30 – 11.00

  Coffee Break

Session 2 (from 11.00 to 12.30)

Climate Change and Credit Markets

• Chair
  
  Laurent Barras (8xav�������� of Luxembourg)

  • 

    Prof Laurent BARRAS

    Full professor in Asset Management

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• 11.00 – 11.30
  
  There is No Planet B” but for Banks “There are Countries B to Z”: Domestic Climate Policy and Cross-Border Bank Lending

  Emanuela Benincasa (8xav�������� of Zurich), Gazi Kabas (8xav�������� of Zurich) and Steven Ongena (8xav�������� of Zurich)

  Discussant: Yingjie Qi (Copenhagen Business School)

• 11.30 – 12.00
  
  Asset Overhang and Technological Change

  Hans Degryse (KU Leuven), Tarik Roukny (KU Leuven) and Joris Tielens (National Bank of Belgium)

  Discussant: Nataliya Gerasimova (Norwegian School of Economics)

• 12.00 – 12.30
  
  The rising tide lifts some interest rates: climate change, natural disasters, and loan pricing

  Ricardo Correa (Federal Reserve Board), Ai He (8xav�������� of South Carolina), Christoph Herpfer (Emory 8xav��������) and Ugur Lel (8xav�������� of Georgia)

  Discussant: Loriana Pelizzon (8xav�������� of Frankfurt)

• 12.30 – 14.00

  Lunch Break

Session 3 (from 14.00 to 15.00)

Asset Pricing Implications

• Chair
  
  Julien Pénasse (8xav�������� of Luxembourg)

  • 

    Assoc. Prof Julien PENASSE

    Associate Professor in Banking and Corporate Finance

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• 14.00 – 14.30
  
  Sustainable Investing and Public Goods Provision

  Ilaria Piatti (Queen Mary 8xav�������� of London), Joel Shapiro (8xav�������� of Oxford) and Xuan Wang (VU Amsterdam)

  Discussant: Magdalena Rola-Janicka (Tilburg 8xav��������)

• 14.30 – 15.00
  
  The Economics of Sustainability Linked Bonds

  Tony Berrada (8xav�������� of Geneva), Leonie Engelhardt (8xav�������� of Geneva), Rajna Gibson (8xav�������� of Geneva) and Philipp Krueger (8xav�������� of Geneva)

  Discussant: Shaojun Zhang (Ohio State 8xav��������)

• 15.00 – 15.15

  Coffee Break

Session 4 (from 15.15 to 16.15)

Economics of Climate Change

• Chair
  
  Denitsa Stefanova (8xav�������� of Luxembourg)

  • 

    Assoc. Prof Denitsa STEFANOVA

    Associate professor

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• 15.15 – 15.45
  
  Emission caps and investment in green technologies

  Bruno Biais (HEC Paris) and Augustin Landier (HEC Paris)

  Discussant: Robin Döttling (Erasmus 8xav��������)

• 15.45 – 16.15
  
  How Does Climate Change Affect Firm Sales? Identifying Supply Effects

  Claudia Custodio (Imperial College), Miguel Ferreira (Nova School of Business), Emilia Garcia-Appendini (8xav�������� of Zurich) and Adrian Lam (Imperial College)

  Discussant: Aleksandra Rzeznik (York 8xav��������)

• 16.30-17.00

  Tram ride to the Banque de Luxembourg (14 boulevard Royal, 2449 Luxembourg – tram stop: Hamilius)

Keynote Presentations and Panel Discussion (from 17.15 to 19.00)

Climate Change and Asset Management – Banque de Luxembourg Auditorium

• Chair
  
  Michael Halling (8xav�������� of Luxembourg)

  • 

    Prof Michael HALLING

    Full Professor for the Chair in Sustainable Finance

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• 15.15 – 15.45

  Welcome by Georges Heinrich, Secretary General at Banque de Luxembourg

• 17.20 – 17.50

  Dissecting Green Returns, Lubos Pastor (8xav�������� of Chicago), Keynote Presentation

• 17.50 – 18.20

  Hedging Climate Risk, Stefano Giglio (Yale 8xav��������), Keynote Presentation

• 18.20 – 19.00
  
  Panel Discussion on “Climate Change and Asset Management”

  Moderator: Francois Koulischer (8xav�������� of Luxembourg)

  Panelists:     

  • Stefano Giglio (Yale 8xav��������)
  • Georges Heinrich (Secretary General at Banque de Luxembourg)
  • Pierre Lenders (Head of ESG at Capital Fund Management)
  • Lubos Pastor (8xav�������� of Chicago)