[Research Seminar] Finance: “‘Carbon transition risk and net zero portfolios” M. KACPERCZYK – Imperial College of London

Speaker: Marcin KACPERCZYK
Imperial College London Business School

Date and Location – Tuesday June 6th 2023 from 14:00 to 15:30
in Paris campus (P400) and on Zoom

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ABSTRACT

We study the impact of net-zero carbon portfolios on the cross section of stock returns globally. We find that companies that face a bigger threat of being removed from the portfolios generate higher expected returns and have lower values. The results hold for both intensive and extensive margin of portfolio holdings and are robust to different choices of screening decision and measurements.