The E-axes Forum on Climate Change, Macroeconomics, and Finance

Funding the Fittest?

Yasmine van der Straten (University of Amsterdam) discusses an interesting finding of her research: investors reward carbon emission intensive companies that make an effort to become more green, as the risk premium is smaller for emission intensive firms that engage in green innovation.

2023 E-axes Forum Research Prize: Honorable Mention

Incomplete markets and uncorrected environmental externalities result in the under-provision of low-carbon technologies. In her paper “Bringing breakthrough technologies to market: solar power and feed-in tariffs” , Sugandha Srivastav (University of Oxford) examines whether the United Kingdom’s renewable energy feed-in-tariff (FiT), which is a risk-reduction and price instrument, helped bring utility-scale solar energy to market.

The reaction of customers to corporate ESG performance

While there is growing evidence of the impacts of regulatory actions and investors on firms’ ESG practices, there is only scant systematic evidence on whether consumers are a possible group of influence. Frank Weikai Li (Singapore Management University) explores recent research which examines whether customers care about firms’ ESG reputation, and in turn, how their reactions impact firms’ financial and ESG performance.

2023 E-axes Forum Research Prize: Honorable Mention

Mayank Kumar (University of Michigan) argues in his paper “Getting Dirty Before You Get Clean: Institutional Investment in Fossil Fuels and the Green Transition” that private investment in fossil fuel companies does not adversely affect climate outcomes but rather it can support the green transition by financing clean technologies. Specifically, the paper studies the effects of PE investment in fossil fuel on solar energy technologies.

The politics of green financial policies

Monica DiLeo (Hertie School) discusses the role of different public institutions in the green transition and examines what kinds of green financial policies are both institutionally and politically feasible.

Homeward Bound: How Migrants Seek Out Familiar Climates

Charles A. Taylor (Harvard Business School) and Marco Tabellini (Harvard Business School) introduce the concept of “climate matching” as a driver of migration and establish several new results. They show that climate strongly predicts the spatial distribution of immigrants in the US, as movers select destinations with climates similar to their place of origin.

Reducing Carbon using Regulatory and Financial Market Tools

Adelina Barbalau (University of Alberta) shows how carbon-contingent securities can provide carbon reduction incentives that are equivalent to a carbon tax, and can thus offer a decentralized alternative to regulation which is not subject to political constraints.

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