Registration deadline: 24 August 2022
*Please ensure to read the cancellation policy before booking your ticket.
This category is for speakers presenting at the Conference. Tickets are per person to attend three days. Full tickets include evening receptions and dinner. Should speakers be unable to join the Conference in person for their presentation, virtual participation will be accommodated at a £50 fee.
This category is for researchers with academic appointments at universities. Tickets are per person to attend three days. Full tickets include evening reception and dinner.
This category is for civil servants, regulators, and civil society practitioners working on sustainable finance-related topics. Tickets are per person to attend three days. Full tickets include evening reception and dinner and attendance.
Refunds will be issued if notified on or before 24 August 2022 and will be subject to an 8% of the ticket value cancellation fee. No refund will be issued to registered participants who cancel after this date.
GRASFI 2022 has been generously supported by:
Date and Time
Monday, 5 September 2022
14:45 – 16:15 CET
Session
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.