PROGRAMME 2025
Thursday
08.30
REGISTRATION
09.00
WELCOME AND OPENING REMARKS
Monica Billio, Ca' Foscari University of Venice
Andrew W. Lo, MIT Sloan School of Management, Programme Chair
09.30
SESSION I: INSURANCE AND SAFE ASSETS
Chair: Monica Billio, Ca' Foscari University of Venice
Invited Talk: The Role of Insurance in Enhancing Societal Resilience to Risks and Shocks
Mario Greco, Zurich
Foreign Demand for Safety and Macroeconomic Instability
Dmitry Kuvshinov, Universitat Pompeu Fabra, Barcelona School of Economics & CEPR (joint with Madalen Castells-Jauregui, Bjorn Richter, and Victoria Vanasco)
Discussant: Giovanni Pellegrino, University of Padua
11.00
COFFEE BREAK
11.30
SESSION II: DECARBONISATION BETWEEN PRICING AND DISCLOSURE
Chair: Stephen Schaefer, London Business School
Green Coins
Massimiliano Croce, Bocconi University, CEPR, IGIER & Baffi-Carefin Center (joint with Nicolas Guinez, Alejandra Inzunza Méndez, Thien T. Nguyen, and Claudio Tebaldi)
Discussant: Stefano Battiston, Ca' Foscari University of Venice & University of Zurich
A Greenwashing Index
Elise Gourier, ESSEC Business School & CEPR (joint with Hélène Mathurin)
Discussant: Massimiliano Bonacchi, Free University of Bozen
Pricing Climate Ambiguity
Francesco Rocciolo, Nazarbayev University (joint with Monica Billio, Massimo Guidolin, and Yehuda Izhakian)
Discussant: Marcella Lucchetta, Ca' Foscari University of Venice
13.00
LUNCH
14.15
ESG-UPTAKE SESSION: GREENING AND DECARBONISATION STRATEGIES IN THE BANKING SECTOR
Chair: Lucia Alessi, Joint Research Center, European Commission
ESG UPTAKE — TSI-2023-ESGRM-IBA - ESG risk management framework for the financial sector.
Funded by the European Commission - Grant Agreement N° 101145727.
Energy Costs and Default Risk in Green Mortgage Securitisations
Alfonso Dufour, ICMA Centre, Henley Business School, University of Reading (joint with Monica Billio, Massimo Dragotto, Samuele Segato, and Simone Varotto)
Discussant: Stephen Schaefer, London Business School
Climate and Environmental Risk Integration in EU Banks
Michele Costola, Ca' Foscari University of Venice (joint with Katia Vozian)
Discussant: Andrea Giacomelli, Knowshape, Ca’ Foscari University of Venice & GRETA
Greening the Present to Decarbonise the Future: an Analysis of Italian Banks’Decarbonisation Strategies
Valeria Lionetti, Bank of Italy (Cristina Angelico, and Ludovico Ridi)
Discussant: Giacomo Cotignano, Joint Research Center, European Commission
Here Comes the Flood: the Climate Risk of Residential Mortgages in Rimini
Ivan Faiella, Bank of Italy (joint with Luciano Lavecchia)
Discussant: Valeria Nale, CRIF, Bologna
17.00
SESSION IV: CLIMATE AND ECONOMIC IMPACTS OF THE GREEN TRANSITION
Chair: Stefano Battiston, Ca' Foscari University of Venice & University of Zurich
Sovereigns on Thinning Ice: Debt Sustainability, Climate Impacts, and Adaptation
Matteo Calcaterra, Politecnico di Milano (joint with Andrea Consiglio, Vincenzo Martorana, Massimo Tavoni, and Stavros A. Zenios)
Discussant: Carmelo Latino, Smith School of Enterprise and the Environment, Oxford University & Leibniz Institute for Financial Research SAFE
Government-Funded Green Banks: Catalysts for the Green Transition
Claudio Rizzi, University of Navarra, Barcelona (joint with Simon Xu, and Paul Yoo)
Discussant: Francesca Battaglia, Parthenope University of Naples
Extreme Weather in Europe: Determinants and Economic Impact
Claudio Morana, Università di Milano – Bicocca (joint with Marcelle Chauvet, and Murilo Silva)
Discussant: Andrea Monticini, Catholic University of Milan
Friday
09.00
SESSION V: TECHNOLOGICAL INNOVATION IN ECONOMICS AND FINANCE
Chair: Loriana Pelizzon, Ca’ Foscari University of Venice & Leibniz Institute for Financial Research SAFE
Invited Talk: Financing Deep Tech
Andrew W. Lo, MIT Sloan School of Management
The Human Edge Beyond Algorithms
Yuhan Ye, Swiss Finance Institute & Università della Svizzera italiana
Discussant: Marti Subrahmanyam, NYU Stern Business School
10.30
COFFEE BREAK
11.00
PANEL SESSION: FRAMING GLOBAL CHANGES BETWEEN INNOVATION AND SUSTAINABLE SOLUTIONS
Chair: Jan Pieter Krahnen, Leibniz Institute for Financial Research SAFE & Goethe University
Participants:
Davide Alfonsi, Chief Risk Officer, Intesa Sanpaolo
Agar Brugiavini, Ca' Foscari University of Venice
Ivan Faiella, Climate change and sustainability hub, Bank of Italy
Federico Galizia, Risk and Finance Vice President, International Finance Corporation (World Bank Group)
Andrew W. Lo, MIT Sloan School of Management
Marco Macellari, ESG Business and Transformation Lead, CRIF
Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven & CEPR
13.00
LUNCH
14.15
SESSION VI: NAVIGATING GEOPOLITICAL AND PROSOCIAL DYNAMICS
Chair: Marti Subrahmanyam, NYU Stern Business School
The Pricing of Geopolitical Tensions over a Century
Andrea Ricciardi, The Ohio State University (joint with Alessandro Melone, and Andrei S. Goncalves)
Discussant: John Cotter, University College Dublin
Decomposing Geopolitical Risk: Wavelet-Based Time-Series Evidence and Cross-Sectional Implications for Expected Stock Returns
Davide La Cara, London School of Economics and Political Science
Discussant: Dario Palumbo, Ca’ Foscari University of Venice
Public Policy and Private-Sector Prosocial Motives: The Case of Greenhouse Gas Emissions
Jiaqi Zheng, University of Oxford
Discussant: Stefano Colonnello, Ca’ Foscari University of Venice
16.30
SESSION VII: GLOBAL SUPPLY CHAINS AND CLIMATE CHANGE
Chair: Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven & CEPR
Rewiring Supply Chains Through Uncoordinated Climate Policy
Olimpia Carradori, University of Zurich & Swiss Finance Institute (joint with Emanuela Benincasa, Miguel Ferreira, Emilia Garcia-Appendini)
Discussant: Jan Pieter Krahnen, Leibniz Institute for Financial Research SAFE & Goethe University
Global Supply Chain Disruptions and Product Market Competition
Erasmo Giambona, Syracuse University, Whitman School of Management (Karca D. Aral, Ricardo Lopez A., Gordon M. Phillips)
Discussant: Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven & CEPR
17.30
CLOSING REMARKS AND END OF THE CONFERENCE