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UID:0108be2e8bccceb7dec94b4ce665771f
CATEGORIES:Seminars
CREATED:20191011T123327
SUMMARY:WEBINAR: Augustin Landier - Toulouse School of Economics
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:ESG Investing: How to Optimize Impact?” joint with Stefano Lovo (HEC Paris)
 \nAbstract:\nThis paper develops a general equilibrium model of a productiv
 e economy with negative externalities. Investors are not willing to accept 
 lower returns than their best investment alternatives and entrepreneurs max
 imize profits. If capital markets are subject to a search friction, an ESG 
 fund can raise assets and improve social welfare despite the selfishness of
  all agents. The presence of the ESG fund forces companies to partially int
 ernalize externalities. We derive the fund’s optimal policy in terms of ind
 ustry allocation and pollution limits imposed to portfolio companies. The f
 und prioritizes investments in companies where (i) the inefficiency induced
  by the externality is particularly acute and (ii) the capital search frict
 ion is strong. We also show that the ESG fund can take advantage of the sup
 ply-chain network: It can amplify its impact by imposing restrictions on th
 e suppliers of the firms where it invests.\n
DTSTAMP:20260404T113020Z
DTSTART:20200528T043000Z
DTEND:20200528T173000Z
SEQUENCE:0
TRANSP:OPAQUE
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