Academic blogs
The PRI Academic blog showcases ESG and sustainable finance-related research in a user-friendly format. The regular blog is shared with PRI’s investment community of 5,000+ signatories representing over $120 trillion, our Academic Network community and policy makers.
Blog posts are predominantly disseminated through our Academic Insights newsletter, as well as through Linkedln and Twitter. You can sign up to receive our newsletter by selecting ‘interested in academia’ in the newsletter preferences section.
If you are interested in writing a blog post, please contact us at [email protected] with the proposed paper you intend to write about. The selection process for the blog is assisted by PRI’s Academic Network Advisory Committee Members Pedro Matos, UVA Darden School of Business and Marie Brière, Amundi.
Academic blog
The value of diversity, equity, and inclusion: Beyond the tick-box approach
New ideas, and superior financial performance, stem from cognitive rather than purely demographic diversity
Excluding high-emitting companies from sustainable funds is counterproductive
Rather than incentivising heavy polluters to cut back, such an approach may cause them to pollute more
How exposure to weather events can affect analysts’ earning forecasts
Understanding how analysts perceive future climate-related physical risks is key to assessing the effects of climate change
Analysing the world’s largest asset owner’s approach to ESG engagement
Remunerated engagement, in combination with index inclusion, can significantly enhance companies’ ESG scores
Does biodiversity risk affect asset prices?
We found that biodiversity and climate risks should be understood and priced separately
Do financial incentives drive the voting behaviour of ESG funds?
By Tao Li, The University of Florida; Lakshmi Naaraayanan, London Business School; Kunal Sachdeva, Rice University
Can ‘financialisation’ save nature?
By Diane-Laure Arjaliès, Associate Professor at the Ivey Business School at Western University (Canada) and Founder and lead of the Ivey Sustainable Finance Lab, and Delphine Gibassier of Université de Nantes (France)
Climate regulatory risks have strong impacts on corporate bond pricing and credit ratings
By Laura Starks, George Kozmetsky Centennial Distinguished University Chair and Professor of Finance, McCombs School of Business, University of Texas at Austin
Financing biodiversity through private capital investments
By Caroline Flammer, Columbia University, NBER and ECGI
Spotlight Series Part 2: New members of the PRI Academic Network Advisory Committee
The PRI is delighted to welcome the following new members to the Academic Network Advisory Committee. They bring a wealth of expertise from academia and investment practice.
Spotlight Series Part 1: New members of the PRI Academic Network Advisory Committee
The PRI is delighted to welcome the following new members to the Academic Network Advisory Committee. They bring a wealth of expertise from academia, policy and investment practice across fields ranging finance, law, management, market strategy, corporate governance and RI.
How US anti-ESG laws raise borrowing costs for public finance
By Daniel Garrett, The Wharton School of the University of Pennsylvania; and Ivan Ivanov, Federal Reserve Bank of Chicago
The effectiveness of divestment strategies
By Alex Edmans, London Business School; Doron Levit, University of Washington; and Jan Schneemeier, Indiana University
How do natural areas affect financial markets?
By Claudio Rizzi, University of Miami – Miami Herbert Business School
Altruism or self-interest: What drives employees to invest in their companies?
By Maxime Bonelli, HEC Paris; Marie Brière, Amundi, Paris Dauphine University, and Université Libre de Bruxelles; and François Derrien, HEC Paris
Are carbon emissions associated with stock returns?
By Jitendra Aswani, Harvard University; Aneesh Raghunandan, London School of Economics; and Shivaram Rajagopal, Columbia University
Do climate initiatives reduce companies’ cheap talk?
By Julia Bingler, Council on Economic Policies; Mathias Kraus, University of Erlangen-Nuremberg; Markus Leippold, University of Zurich and Swiss Finance Institute; and Nicolas Webersinke, University of Erlangen-Nuremberg
How do companies adapt to climate change exposure?
By Xia Li, Boston University
Should investors expect to earn high returns on sustainable investments?
By Lubos Pastor, University of Chicago; Robert F. Stambaugh and Lucian A. Taylor, University of Pennsylvania
How best to implement net-zero pledges to achieve corporate decarbonisation
By Harrison Hong and Neng Wang, Columbia University; and Jinqiang Yang, Shanghai University of Finance
How is CEO pay set?
By Alex Edmans and Tom Gosling, London Business School; and Dirk Jenter, London School of Economics and Political Science
Partisanship and climate-exposed property purchases – a threat to investment in mitigation and adaption?
By Asaf Bernstein, Stephen B. Billings and Ryan Lewis, University of Colorado; and Matthew Gustafson, Penn State University
ESG factors in municipal finance
By Christopher Bruno and Witold Henisz, the Wharton School of the University of Pennsylvania
Financial vs ESG payoffs: How ESG investors impact asset pricing
By Itay Goldstein, University of Pennsylvania; Alexandr Kopytov, University of Hong Kong; Lin Shen, INSEAD and Haotian Xiang, Peking University
Do US companies outsource their carbon footprints to overseas suppliers to maintain competitiveness?
By Rui Dai, Wharton Research Data Services; Rui Duan, Vienna University of Economics and Business; Hao Liang, Singapore Management University and Lilian Ng, York University.
How climate reallocates labour and capital within countries: new evidence from Brazil
By Christoph Albert, Collegio Carlo Alberto; Paula Bustos, CEMFI and Jacopo Ponticelli, Northwestern University
Why climate mitigation scenarios should factor in transition risk
By Stefano Battiston, University of Zurich and University of Venice, and Irene Monasterolo, EDHEC Business School and EDHEC-Risk Institute, France
Financial constraints and corporate environmental policies
By Qiping Xu, University of Illinois Urbana-Champaign and Taehyun Kim, Chun-Ang University
Opioid abuse affects municipal access to capital
By Kimberly Cornaggia, Pennsylvania State University - Department of Finance; John Hund, University of Georgia; Giang Nguyen, Pennsylvania State University - Smeal College of Business and Zihan Ye, University of Nevada, Las Vegas
The underperformance of public institutional investors in infrastructure
By Aleksandar Andonov, University of Amsterdam and CEPR; Roman Kräussl, University of Luxembourg and Hoover Institution, Stanford University; Joshua Rauh, Stanford Graduate School of Business, Hoover Institution, and NBER.
Quota or disclosure? Evidence from corporate board gender diversity policies
By Shirley Lu, Harvard Business School
Complementary or conflicting: How does state intervention interact with green investing to affect corporate environmental behaviour?
By Shipeng Yan and Juan (John) Almandoz, University of Hong Kong; and Fabrizio Ferraro, IESE Business School
Do mandatory climate-related disclosures by financial institutions speed up fossil fuel divestment?
By Benoit Nguyen, Banque de France, and Jean-Stéphane Mésonnier, Banque de France
Sustainability or performance? Ratings and fund managers’ incentives
By Nickolay Gantchev, Warwick Business School, University of Warwick, CEPR and ECGI; Mariassunta Giannetti, Stockholm School of Economics, CEPR and ECGI and Rachel Li, Culverhouse College of Business, University of Alabama
ESG incidents and shareholder value
By Simon Glossner, University of Virginia Darden School of Business
Do index funds monitor their portfolio firms?
By Davidson Heath and Matthew Ringgenberg, University of Utah Eccles School of Business; Daniele Macciocchi, University of Miami Herbert Business School and Roni Michaely, Hong Kong University and ECGI.
Is it time to make climate risk disclosures mandatory?
By Julia Anna Bingler, ETH Zurich, Mathias Kraus, University of Erlangen-Nuremberg and Markus Leippold, University of Zurich
Shareholders pressing for climate risk disclosures are doing companies a favour
By Caroline Flammer, Boston University; Michael Toffel, and Kala Viswanathan, Harvard Business School
Barriers to net zero: How firms can make or break the green transition
By Ralph De Haas and Helena Schweiger, EBRD Office of the Chief Economist; Ralf Martin and Mirabelle Muûls, Imperial College London
ESG rating disagreements: why is corporate virtue so subjective?
By Dane Christensen, University of Oregon; George Serafeim, Harvard Business School, and Anywhere Sikochi; Harvard Business School
What can we learn from corporate responses to ESG ratings?
By Rieneke Slager, University of Groningen and Jean-Pascal Gond, City, University of London
How disclosing transition and physical climate risks affects credit default swaps
By Julian Koelbel and Markus Leippold, University of Zurich; Jordy Rillaert, SFI Swiss Institute, and Qian Wang, UBS
Global pricing of carbon-transition risk
By Patrick Bolton, Columbia Business School and Marcin Kacperczyk, Imperial College London
Can diversity accelerate the integration of climate-related issues by investors and boards?
By Kristin Bresnahan, Jens Frankenreiter, Brea Hinricks, Eric Talley, Sophie L’Hélias, Nina Hodzic, Julian Nyarko and Sneha Pandya
Leveraging psychological ownership to protect common resources
By Andrea Luangrath, University of Iowa, Joann Peck, University of Wisconsin-Madison, Colleen Kirk, New York Institute of Technology and Suzanne Shu, Cornell University
Climate finance: What does the research say?
Stefano Giglio, Yale School of Management, NBER and CEPR, Bryan Kelly, Yale School of Management, AQR Capital Management and NBER and Johannes Stroebel, New York University, Stern School of Business, NBER, and CEPR
The ESG-innovation disconnect: evidence from green patenting
By Lauren Cohen, L.E. Simmons Professor of Business Administration, Harvard Business School, Umit G. Gurun, Ashbel Smith Professor of Finance and Accounting, University of Texas at Dallas, Quoc Nguyen, Assistant Professor of Finance, DePaul University
Does climate change drive up the cost of government borrowing?
By Hannes Boehm, Halle Institute for Economic Research
How do hurricane shocks impact local public finance dynamics in the US?
By Rhiannon Jerch, Assistant Professor of Economics at Temple University, Matthew E. Kahn, Bloomberg Distinguished Professor of Economics and Business and Director of JHU’s 21st Century Cities Initiative, Johns Hopkins University and NBER, and Gary C. Lin, Postdoctoral Fellow at the Johns Hopkins University
The PRI's academic blog aims to bring investors insights from the latest academic research on responsible investment. It is written by academic guest contributors. Blog authors write in their individual capacity – posts do not necessarily represent a PRI view.
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RI Quarterly
The PRI Academic Research programme aims to engage and inform signatories and responsible investment practitioners with academic research that analyses current thinking and future trends, provides practical recommendations and is thought-provoking. RI Quarterly extracts the essentials and distils key findings from research in a clear and concise manner for investment professionals.
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