Call for Papers

GRASFI is seeking to include 30-40 high-quality papers on sustainable finance and investment in the conference programme. The conference is open to academically rigorous and robust submissions in all areas of sustainable finance and investment. Disciplinary diversity is appreciated, as are all types of methodologies, quantitative as well as qualitative and theoretical work.

Each chosen paper will be given a 30-minute presentation slot. Speakers will have the opportunity to present in person at the conference or virtually. Papers from different disciplines and with different methodological approaches are sought to foster interdisciplinary collaboration and learning. Strong emphasis will be given to quality over quantity of chosen submissions, to ensure a strong experience for conference participants.

The best papers presented will be awarded monetary prizes at the discretion of the Conference Committee.

How to submit your paper

Submissions must be academic working papers, which by the time of submission are not yet accepted for publication.

The Paper Selection Committee will be undertaking a double-blind peer review process. The Paper Selection Committee is chaired by Dr Falko Paetzold.

Please anonymise your submission (double-blind reviewing policy) by excluding authors’ names.

Please submit your paper via Easychair.

The deadline for submission is April 4th, 2022.

For queries please contact us at grasfi2022@sustainablefinancealliance.org.

Date and Time

Monday, 5 September 2022

14:45 – 16:15 CET

Session

Paper Session A1

ESG-Ratings & Data: How do we make sense of it?

Session Chairs:
Prof. Timo Busch, Hamburg University
Bérénice Lasfargues, BNP Paribas AM

PAPERS

 

Exploring ITR score: Framing robust company-specific benchmarks and future company-level GHG emissions ranges

Authors: Ruben Haalebos and Felix Fouret

ESG Rating Revisions and Stock Returns

Authors: Rients Galema and Dirk Gerritsen

Divestment, information asymmetries, and inflated ESG ratings

Authors: Bram van der Kroft and Dennis Bams.

Abstracts

Exploring ITR score: Framing robust company-specific benchmarks and future company-level GHG emissions ranges

As Investors are looking to align their portfolios with the goals of the Paris Agreement, portfolio metrics like Implied Temperature Rise (ITR) are becoming increasingly popular. We describe a Task Force on Climate-Related Financial Disclosures-aligned ITR methodology and benchmark the results.

ESG Rating Revisions and Stock Returns

We study the six-month impact of ESG rating revisions on U.S. stocks. Decreases are followed by annualized negative returns of 3%, which are not driven by ESG-specific news; partly driven by sustainable index changes; and in line with long-term investors decreasing holdings after a rating decrease.

Divestment, information asymmetries, and inflated ESG ratings

We causally show that ESG ratings are inversely related to sustainable performance because firms face cost of capital incentives to inflate ratings given socially responsible investing under information asymmetries. Consequently, their promises of future sustainable performance do not realize, even up to 15 years in the future.