Event Exp~Sust~Fin Online Talks
Marcin Kacperczyk on Carbon Home Bias
Keynote talks by:
Marcin Kacperczyk
Seminar Talk at 11:00-12:00, Open Discussion 14:00-15:00, Montpellier Time, Registration is not required.
Marcin Kacperczyk, professor of finance at Imperial College in London and chief Editor of Review of Finance, presents his paper Carbon Home Bias.
Do institutional investors favor domestic over foreign stocks of companies with high carbon emissions? In joint work with Patrick Bolton and Marc Eskildsen, Marcin undertakes a global analysis of institutional investor portfolios and finds widespread underweighting of companies with higher carbon emissions. This underweighting is largely driven by underinvestment in foreign companies with high carbon emissions, both at the intensive (tilting) and extensive (exclusion) margins. Domestic firms with similar characteristics (except for their location) are overweighted but by a smaller magnitude. Also, the divestment of foreign polluters has increased since 2015. These results reveal the presence of a carbon home bias for domestic companies with high carbon emissions—more insights in the working paper.
In the afternoon, an open group discussion about the future of experiments in sustainable experimental finance is organized. You are invited to join either session or both.
Link for both sessions: Join the meeting now
Meeting ID: 315 943 315 960
Passcode: MZQmKL
Organized by MBS (Markus Strucks and Sébastien Duchêne).
