September 23rd
Thursday
08.30
REGISTRATION
09.00
WELCOME AND OPENING REMARKS
Welcome: Monica Billio, Ca’ Foscari University of Venice & GRETA
Opening Remarks: Stefano Battiston, Ca’ Foscari University of Venice & University of Zurich, Programme Chair
09.15
SESSION I: PANDEMICS AND MACRO-FINANCIAL IMPACTS
Chairman: Stefano Battiston, Ca’ Foscari University of Venice & University of Zurich, Programme Chair
Invited Talk: Pandemic Risk and its Impacts
Vittoria Colizza, French National Institute for Health and Medical Research, Paris
Learning about Unprecedented Events: Agent-Based Modelling and the Stock Market Impact of COVID-19
Roberto Savona, University of Brescia (joint with Davide Bazzana and Michele Colturato)
Discussant: Irene Monasterolo, Vienna University of Economics and Business & Boston University
Credit Demand and Financial Constraints in Non-Financial Recessions: Evidence from the COVID-19 Pandemic
Tor Jacobson, Sveriges Riksbank, Stockholm (joint with Niklas Amberg)
Discussant: Maximilian Göbel, Lisbon School of Economics and Management, Lisbon)
11.15
COFFEE BREAK
11.45
SESSION II: REGULATORY REQUIREMENT AND LONG RUN RISKS
Chairman: Helmut Kraemer-Eis, European Investment Fund, Luxembourg
Credit Allocation and Macroeconomic Fluctuations
Karsten Müller, Princeton University (joint with Emil Verner)
Discussant: Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven & CEPR
Climate Change-Related Regulatory Risks and Bank Lending
Eleonora Sfrappini, IWH - Halle Institute for Economic Research (joint with Isabella Mueller)
Discussant: Antonio Scalia, Bank of Italy
Required Capital for Long Run Risks
Alain Monfort, CREST (joint with Christian Gouriéroux and Jean-Paul Renne)
Discussant: Andrea Giacomelli, Knowshape & GRETA, Venice
13.15
LUNCH
14.30
SESSION III: ESG (EIBURS Project ESG-Credit.eu)
Chairman: Maria Alessandra Zunino de Pignier, AIAF, Milan
Invited Talk: Silencing the Noise: ESG Confusion and Stock Returns
Roberto Rigobon, MIT Sloan School of Management
The Salience of ESG Ratings for Stock Pricing: Evidence From (Potentially) Confused Investors
Loriana Pelizzon, Goethe University Frankfurt, Leibniz Institute for Financial Research SAFE & Ca' Foscari University of Venice (joint with Aleksandra Rzeznik and Kathleen Weiss Hanley)
Discussant: Roberto Rigobon, MIT Sloan School of Management
Green Sentiment, Stock Returns, and Corporate Behavior
Marie Brìere, Amundi, Université Paris Dauphine & Université Libre de Bruxelles (joint with Stefano Ramelli)
Discussant: Stefano Colonnello, Ca’ Foscari University of Venice
17.15
SESSION IV: COMPOUNDING RISKS (WORLD BANK JOINT PROJECT)
Chairman: Monica Billio, Ca’ Foscari University of Venice & GRETA
Building Back Stronger: the Role of Finance in Strengthening Resilience to Climate and Compounding Risks
Nicola Ann Ranger, World Bank & Oxford University
Compounding COVID-19 and Climate Risk: the Interplay of Banks’ Lending and Government’s Policy in the Shock Recovery
Irene Monasterolo, Vienna University of Economics and Business & Boston University (joint with Nepomuk Dunz, Andrea Mazzocchetti, Arthur Hrast Essenfelder and Marco Raberto)
Discussant: Valerie Chouard, Banque de France
20.00
SOCIAL DINNER
September 24th
Friday
09.15
SESSION V: FINANCE AND CLIMATE CHANGE
Chairman: Stephen Schaefer, London Business School
Invited Talk: Climate Financial Risk: Portfolios and Stress Tests
Robert F. Engle, New York University
Accounting for Finance is Key for Climate Mitigation Pathways
Stefano Battiston, Ca’ Foscari University of Venice & University of Zurich (joint with Irene Monasterolo, Keywan Riahi and Bas J. van Ruijven)
Discussant: Georgios Papadopoulos, European Commission
When Do Investors Go Green? Evidence from a Time-varying Asset-pricing Model
Lucia Alessi, European Commission, Joint Research Centre & Università degli Studi di Milano-Bicocca (joint with Elisa Ossola and Roberto Panzica)
Discussant: Michlele Costola, Ca' Foscari University of Venice
11.00
COFFEE BREAK
11.30
PANEL SESSION: COMPOUND RISK: CLIMATE, DISASTER, FINANCE, PANDEMIC
Moderator: Isabella Bufacchi, Il Sole 24 Ore, Frankfurt
Robert F. Engle, New York University
Ivan Faiella, Banca d'Italia, Rome
Helmut Kraemer-Eis, European Investment Fund, Luxembourg
Mauro Carlo Maccarinelli , Intesa Sanpaolo, Turin
Olivier Mahul, World Bank, Washington
Flavia Palanza, European Investment Bank, Luxembourg
Ludovic Thebault, European DataWarehouse, Frankfurt
13.00
LUNCH
14.30
SESSION VI: DISASTER RISK
Chairman: Irene Monasterolo, Vienna University of Economics and Business & Boston University
Impacts of Extreme Weather Events on Mortgage Risks and Their Evolution under Climate Change: the Case of Florida
Luca Zanin, Prometeia, Bologna (joint with Raffaella Calabrese, Timothy Dombrowski, Antoine Mandel and R. Kelley Pace)
Discussant: Arthur Hrast Essenfelder, Ca' Foscari University of Venice & Euro-Mediterranean Center on Climate Change, Venice
Housing and Mortgage Markets with Climate-Change Risk: Evidence from Wildfires in California
Richard Stanton, Haas School of Business, U.C. Berkeley (joint with Paulo Issler, Carles Vergara-Alert and Nancy Wallace)
Discussant: Stephen Schaefer, London Business School
Floods and Firms: Vulnerabilities and Resilience to Natural Disasters in Europe
Gábor Kátay, European Commission (joint with Serena Fatica and Michela Rancan)
Discussant: Carlo Giupponi, Ca' Foscari University of Venice
17.00
SESSION VII: INVESTMENT FUNDS AND SUSTAINABILITY
Chairman: Mauro Carlo Maccarinelli, Intesa Sanpaolo, Turin
Sustainability or Performance? Ratings and Fund Managers’ Incentives
Nickolay Gantchev, University of Warwick,CEPR, & ECGI (joint with Mariassunta Giannetti and Rachel Li)
Discussant: Claudio Tebaldi, Bocconi University, Milan
The Life Cycle Carbon Footprint of Financed Emissions: An Input-Output Based Model Adapted to Equity Portfolios and their Holdings
Ioana-Stefania Popescu, Luxembourg Institute of Science and Technology & University of Luxembourg (joint with Thomas Gibon, Claudia Hitaj, Mirco Rubin and Enrico Benetto)
Discussant: Stefano Battiston, Ca’ Foscari University of Venice & University of Zurich
18.00
CLOSING REMARKS AND END OF THE CONFERENCE
