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

Stefano Giglio

“Climate Finance”

Event description

Professor Stefano Giglio spoke about his recent working paper “Climate Finance” (with Bryan Kelly and Johannes Stroebel). From the abstract:

“We review the literature studying interactions between climate change and financial markets. We first discuss various approaches to incorporating climate risk in macro-finance models. We then review the empirical literature that explores the pricing of climate risks across a large number of asset classes including real estate, equities, and fixed income securities. In this context, we also discuss how investors can use these assets to construct portfolios that hedge against climate risk. We conclude by proposing several promising directions for future research in climate finance.”

Moderator:

Anastasia Pappas
Founder, E-axes Forum

Stefano Giglio

Professor Giglio’s research interests span several topics, including asset pricing, macroeconomics, and real estate, with a particular focus on hedging macroeconomic risks using different financial instruments: crash risk, uncertainty risk, and climate risk. Before joining Yale, Professor Giglio was an Associate Professor of Finance at the University of Chicago Booth School of Business. He has been awarded several prizes, including the AQR Insight Award, the Fama-DFA Prize for the Best Paper in the Journal of Financial Economics, and the UBS Global Asset Management Award for Research in Investments, and his work has been featured in several news outlets, including the Economist and the New York Times. He currently serves as an editor for the Review of Financial Studies.

Paper and slides

“Climate Finance” (Paper)

“Climate Finance” (Slides)

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