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BEGIN:VEVENT
UID:0108be2e8bccceb7dec94b4ce665771f
CATEGORIES:Seminars
CREATED:20191011T123327
SUMMARY:WEBINAR: Augustin Landier - Toulouse School of Economics
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong><span style="font-size: 11pt; font-
 family: Calibri, sans-serif;">ESG Investing: How to Optimize Impact?</span>
 </strong><span style="font-size: 11pt; font-family: Calibri, sans-serif;">”
  joint with Stefano Lovo (HEC Paris)</span></p><p style="text-align: justif
 y;"><strong><span style="font-size: 11pt; font-family: Calibri, sans-serif;
 ">Abstract:</span></strong></p><p style="text-align: justify;"><span style=
 "font-size: 11pt; font-family: Calibri, sans-serif;">This paper develops a 
 general equilibrium model of a productive economy with negative externaliti
 es. Investors are not willing to accept lower returns than their best inves
 tment alternatives and entrepreneurs maximize profits. If capital markets a
 re subject to a search friction, an ESG fund can raise assets and improve s
 ocial welfare despite the selfishness of all agents. The presence of the ES
 G fund forces companies to partially internalize externalities. We derive t
 he fund’s optimal policy in terms of industry allocation and pollution limi
 ts imposed to portfolio companies. The fund prioritizes investments in comp
 anies where (i) the inefficiency induced by the externality is particularly
  acute and (ii) the capital search friction is strong. We also show that th
 e ESG fund can take advantage of the supply-chain network: It can amplify i
 ts impact by imposing restrictions on the suppliers of the firms where it i
 nvests.</span></p>
DTSTAMP:20260404T145448Z
DTSTART:20200528T043000Z
DTEND:20200528T173000Z
SEQUENCE:0
TRANSP:OPAQUE
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