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4 novembre 2020, présentation d’Olivier David Zerbib

Publié le 13/10/2020

Mercredi 4 novembre 2020 de 15h à 16h30: événement en ligne

Olivier David Zerbib (Tilburg, ISFA et CREST- Polytechnique-ENSAE)  a présenté son article intitulé « Environmental Impact Investing » co-écrit avec Tiziano de Angelis et Peter Tankov
Abstract: 
This paper shows how green investing spurs companies to reduce their greenhouse gas emissions by raising their cost of capital.  Companies’ emissions decrease when the proportion of green investors and their environmental stringency increase.  However, heightened uncertainty regarding future environmental impacts alleviates the pressure on the cost of capital for the most carbon-intensive companies and pushes them to increase their emissions.  We provide empirical evidence supporting our results by focusing on United States stocks and using green fund holdings to proxy for green investors’ beliefs.  When the fraction of assets managed by green investors doubles, companies’ carbon intensity drops by 5% per year.