{"id":5747,"date":"2023-11-03T08:42:15","date_gmt":"2023-11-03T07:42:15","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-en\/?post_type=chairs&#038;p=5747"},"modified":"2024-02-09T13:58:55","modified_gmt":"2024-02-09T12:58:55","slug":"research","status":"publish","type":"chairs","link":"https:\/\/www.uni.lu\/fdef-en\/chairs\/sustainable-finance\/research\/","title":{"rendered":"Research"},"content":{"rendered":"<div class=\"section py-0 static\">\n<section class=\"py-0 wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><!-- SecondaryNavigationMirror --><div class=\"js-secondary-nav--sticky wp-block-unilux-blocks-secondary-navigation\" id=\"21040278-1e07-459d-b870-e9a41c7e0ede\">\n    <nav id=\"secondary-navigation\" role=\"navigation\" aria-label=\"Secondary menu\" class=\"secondary-nav\">\n        <button class=\"secondary-nav__button btn btn-solid--primary w-full\" aria-expanded=\"false\" aria-controls=\"secondary-navigation__list\" title=\"The selected page is Research\" type=\"button\">\n            <span class=\"btn__name mr-auto\">Research<\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\" \/>\n            <\/svg>\n        <\/button>\n\n        <ul id=\"secondary-navigation__list\" class=\"secondary-nav__list\">\n            <li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/chairs\/sustainable-finance\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Overview<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/chairs\/sustainable-finance\/research\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link isactived\" aria-current=\"page\">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Research<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/chairs\/sustainable-finance\/outreach\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Outreach<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/chairs\/sustainable-finance\/people\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">People<\/span>\n    <\/a>\n<\/li>\n        <\/ul>\n    <\/nav>\n<\/div>\n<!-- end SecondaryNavigationMirror --><\/div><\/section>\n\n\n\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><section class=\"section section pb-0 wp-block-unilux-blocks-page-intro py-0\">\n    \n<div class=\"wp-block-unilux-blocks-wrapper container xl:max-w-screen-xl\">\n<div class=\"wp-block-unilux-blocks-wrapper flex flex-wrap -mx-16\">\n<div class=\"wp-block-unilux-blocks-wrapper flex-1 mb-48 px-16\">\n<h1 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"research-activities\"\n    >\nResearch activities<\/h1>\n\n\n\n<p>The Chair and Research Programme in Sustainable Finance does research on a diverse and broad set of topics. Prominent themes include the impact of ESG-considerations on (a) portfolio strategies of asset managers, (b) the risk-return tradeoff, (c) asset valuations and (d) financial security design.<br><br>Currently, eight research projects are running, covering diverse topics such as ESG disclosure and financial reporting, carbon risk measurement and management of mutual funds, or risk and returns of ESG investor activism.<br><br>Learn more about the Certificate in Sustainable Finance.<\/p>\n\n\n\n<ul class=\"wp-block-unilux-blocks-custom-buttons btn-list\">\n\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-unilux-blocks-wrapper w-full md:w-auto px-16\">\n<div class=\"wp-block-unilux-blocks-wrapper flex flex-col items-center\">\n<h2 class=\"text-h4 has-text-align-left wp-block-unilux-blocks-heading\"        id=\"more-info\"\n    >\nMore info<\/h2>\n\n\n<a class=\"wp-block-unilux-blocks-button-highlight-square\"\n    href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/certificate-in-sustainable-finance\/\"\n    target=\"_self\"\n>\n    <span class=\"btn-highlight-square__container\">\n        <div class=\"btn-highlight-square__body\">\n    <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-long-right icon--xl\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-long-right\"><\/use><\/svg>    <span class=\"btn btn--dark\">\n        \n<span class=\"btn__name wp-block-unilux-blocks-plain-text\">Certificate in Sustainable Finance<\/span>    <\/span>\n<\/div><figure class=\"wp-block-dev4-reusable-blocks-image image-bg object-fit--cover\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/11\/AdobeStock_332234417-scaled.jpeg\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/11\/AdobeStock_332234417-300x169.jpeg 300w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/11\/AdobeStock_332234417-1024x576.jpeg 1024w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/11\/AdobeStock_332234417-768x432.jpeg 768w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/11\/AdobeStock_332234417-1536x864.jpeg 1536w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/11\/AdobeStock_332234417-2048x1152.jpeg 2048w\"\n                style=\"object-position: 57.00% 97.00%; font-family: &quot;object-fit: cover; object-position: 57.00% 97.00%;&quot;; aspect-ratio: 3\/4; object-fit: cover; width: 100%;\"\n        loading=\"lazy\"\n\/>    <\/figure>    <\/span>\n<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section><\/div><\/section>\n\n\n\n<section class=\"py-0 wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><div class=\"content-card content-card--right content-card__overlay--hidden wp-block-unilux-blocks-content-card\">\n    \n<h2 class=\"content-card__heading has-text-align-left wp-block-unilux-blocks-heading\"        id=\"research-in-the-spotlight\"\n    >\nResearch in the spotlight<\/h2>\n<div class=\"content-card__visual wp-block-unilux-blocks-content-card-visual-area\">\n    \n<section class=\"wp-block-unilux-blocks-image-video-wrapper\">\n    <figure class=\"wp-block-dev4-reusable-blocks-image  object-fit--cover\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/11\/AdobeStock_580481029-scaled.jpeg\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/11\/AdobeStock_580481029-300x200.jpeg 300w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/11\/AdobeStock_580481029-1024x683.jpeg 1024w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/11\/AdobeStock_580481029-768x512.jpeg 768w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/11\/AdobeStock_580481029-1536x1024.jpeg 1536w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/11\/AdobeStock_580481029-2048x1365.jpeg 2048w\"\n                style=\"object-position: 50.00% 50.00%; font-family: &quot;object-fit: cover; object-position: 50.00% 50.00%;&quot;; aspect-ratio: 3\/2; object-fit: cover; width: 100%;\"\n        loading=\"lazy\"\n\/>    <\/figure><\/section>\n<div class=\"wp-block-unilux-blocks-wrapper content-card__overlay\">\n<a class=\"wp-block-unilux-blocks-button-highlight-rounded bottom-left\" \n    href=\"#\"\n    target=\"_self\"\n>\n    \n<span class=\"btn-highlight-rounded__name wp-block-unilux-blocks-plain-text\"><\/span>    <span class=\"icon-rounded\">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>    <\/span>\n<\/a><\/div>\n<\/div><div class=\"content-card__body  wp-block-unilux-blocks-content-card-free-area\">\n    \n<h3 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"firm-specific-climate-risk-estimated-from-news\"\n    >\nFirm-specific Climate Risk Estimated from News<\/h3>\n\n<div class=\"wp-block-columns is-layout-flex wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>We estimate firm-specific exposures to climate risk from public news covering a period of 20 years by applying a novel topic modeling algorithm. We differentiate between regulatory (or transition) and physical climate risks and document that financial markets price both risks. Our study is the first to find a positive and statistically significant risk premium for physical climate risk. For regulatory climate risk we find a regime shift occurring around the year 2012 reconciling the conflicting evidence in the literature. While the risk premium is positive in the earlier period, it becomes significantly negative in the later one. A long-short portfolio that is long \u201cgreen\u201d firms and short \u201cbrown\u201d firms, as identified by their topic exposures in public news, constitutes a priced risk factor and shows a surprisingly strong correlation with an ESG-sorted benchmark portfolio.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p><strong>Authors:<\/strong><br>Thomas Dangl<br>Vienna University of Technology<\/p>\n\n\n\n<p>Michael Halling<br>±¬ÁϳԹÏÍø<\/p>\n\n\n\n<p>Stefan Salbrechter<br>Vienna University of Technology<\/p>\n\n\n\n<ul class=\"wp-block-unilux-blocks-custom-buttons btn-list\"><li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4575999\"\n                target=\"_blank\"\n        class=\"btn btn--primary\"\n            >Go to publication<\/a>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<h2 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"some-of-our-projects\"\n    >\nSome of our projects<\/h2>\n\n\n\n<div class=\"wp-block-unilux-blocks-accordion accordion accordion--theme accordion-standard\" data-reference=\"02fdbcf9-249f-4d0b-84d9-8f6668b222a0\" data-accordion-type=\"standard\"><div class=\"accordion__item  wp-block-unilux-blocks-accordion-item\">\n    <h3 class=\"accordion__header\"\n        >\n        <button\n            type=\"button\"\n            id=\"accordion-labelledby-2fc06529-4a4d-436e-b8ae-0288039b607a\"\n            class=\"accordion__button collapsed\"\n            aria-expanded=\"false\"\n            aria-controls=\"accordion-panel-2fc06529-4a4d-436e-b8ae-0288039b607a\"\n            data-bs-toggle=\"collapse\"\n            data-bs-target=\"#accordion-panel-2fc06529-4a4d-436e-b8ae-0288039b607a\"\n        >\n            <span class=\"accordion__title\">\n                                Social Preferences and Corporate Investment            <\/span>\n\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h3>\n    <div id=\"accordion-panel-2fc06529-4a4d-436e-b8ae-0288039b607a\"\n        class=\"accordion__collapse collapse\"\n        aria-labelledby=\"accordion-labelledby-2fc06529-4a4d-436e-b8ae-0288039b607a\"\n        data-bs-parent=\"[data-reference=&quot;02fdbcf9-249f-4d0b-84d9-8f6668b222a0&quot;]\"\n    >\n        <div class=\"accordion__body \">\n            \n<ul class=\"wp-block-unilux-blocks-highlighted-list list-highlighted list-highlighted--architectural\"><li class=\"list-highlighted__item  wp-block-unilux-blocks-highlighted-list-item\">\n    <header class=\"list-highlighted__header wp-block-unilux-blocks-highlighted-list-item-header\">\n    \n<h4 class=\"title text-18 font-bold has-text-align-left wp-block-unilux-blocks-heading\"        id=\"start-date\"\n    >\nStart date<\/h4>\n<div class=\"wp-block-unilux-blocks-bigtext\">\n    <span>\n        \n    <\/span>\n<\/div><\/header><div class=\"list-highlighted__body wp-block-unilux-blocks-highlighted-list-item-body\">\n    <div class=\"wp-block-unilux-blocks-highlighted-list-item-free-content-area\">\n    \n<p>1 January 2023<\/p>\n<\/div><\/div><\/li>\n\n<li class=\"list-highlighted__item  wp-block-unilux-blocks-highlighted-list-item\">\n    <header class=\"list-highlighted__header wp-block-unilux-blocks-highlighted-list-item-header\">\n    \n<h4 class=\"title text-18 font-bold has-text-align-left wp-block-unilux-blocks-heading\"        id=\"duration-in-months\"\n    >\nDuration in months<\/h4>\n<div class=\"wp-block-unilux-blocks-bigtext\">\n    <span>\n        \n    <\/span>\n<\/div><\/header><div class=\"list-highlighted__body wp-block-unilux-blocks-highlighted-list-item-body\">\n    <div class=\"wp-block-unilux-blocks-highlighted-list-item-free-content-area\">\n    \n<p>36<\/p>\n<\/div><\/div><\/li>\n\n<li class=\"list-highlighted__item  wp-block-unilux-blocks-highlighted-list-item\">\n    <header class=\"list-highlighted__header wp-block-unilux-blocks-highlighted-list-item-header\">\n    \n<h4 class=\"title text-18 font-bold has-text-align-left wp-block-unilux-blocks-heading\"        id=\"funding\"\n    >\nFunding<\/h4>\n<div class=\"wp-block-unilux-blocks-bigtext\">\n    <span>\n        \n    <\/span>\n<\/div><\/header><div class=\"list-highlighted__body wp-block-unilux-blocks-highlighted-list-item-body\">\n    <div class=\"wp-block-unilux-blocks-highlighted-list-item-free-content-area\">\n    \n<p><\/p>\n<\/div><\/div><\/li>\n\n<li class=\"list-highlighted__item  wp-block-unilux-blocks-highlighted-list-item\">\n    <header class=\"list-highlighted__header wp-block-unilux-blocks-highlighted-list-item-header\">\n    \n<h4 class=\"title text-18 font-bold has-text-align-left wp-block-unilux-blocks-heading\"        id=\"project-team\"\n    >\nProject team<\/h4>\n<div class=\"wp-block-unilux-blocks-bigtext\">\n    <span>\n        \n    <\/span>\n<\/div><\/header><div class=\"list-highlighted__body wp-block-unilux-blocks-highlighted-list-item-body\">\n    <div class=\"wp-block-unilux-blocks-highlighted-list-item-free-content-area\">\n    \n<p>Thomas Dangl (Vienna University of Technology), Michael Halling (±¬ÁϳԹÏÍø), Jin Yu (Monash University), Josef Zechner (Vienna University of Economics and Business)<\/p>\n<\/div><\/div><\/li>\n\n<li class=\"list-highlighted__item  wp-block-unilux-blocks-highlighted-list-item\">\n    <header class=\"list-highlighted__header wp-block-unilux-blocks-highlighted-list-item-header\">\n    \n<h4 class=\"title text-18 font-bold has-text-align-left wp-block-unilux-blocks-heading\"        id=\"partners\"\n    >\nPartners<\/h4>\n<div class=\"wp-block-unilux-blocks-bigtext\">\n    <span>\n        \n    <\/span>\n<\/div><\/header><div class=\"list-highlighted__body wp-block-unilux-blocks-highlighted-list-item-body\">\n    <div class=\"wp-block-unilux-blocks-highlighted-list-item-free-content-area\">\n    \n<p><\/p>\n<\/div><\/div><\/li>\n\n<li class=\"list-highlighted__item  wp-block-unilux-blocks-highlighted-list-item\">\n    <header class=\"list-highlighted__header wp-block-unilux-blocks-highlighted-list-item-header\">\n    \n<h4 class=\"title text-18 font-bold has-text-align-left wp-block-unilux-blocks-heading\"        id=\"description\"\n    >\nDescription<\/h4>\n<div class=\"wp-block-unilux-blocks-bigtext\">\n    <span>\n        \n    <\/span>\n<\/div><\/header><div class=\"list-highlighted__body wp-block-unilux-blocks-highlighted-list-item-body\">\n    <div class=\"wp-block-unilux-blocks-highlighted-list-item-free-content-area\">\n    \n<p>This paper presents different social preferences and their impact on investors&#8217; and firms&#8217; decisions within a unified framework. We categorize preferences into three types: deontological, non-consequentialist, and consequentialist. When investors are large, all three preferences influence corporate investment. However, when investors are competitive, consequentialist preferences may become irrelevant for corporate investment, unlike the other two preference types. For these two preference types, portfolio divestment has significant effects on the supply of green and brown firms in the economy. We also discuss alternative channels through which social preferences influence decisions and review relevant experimental and empirical evidence.<\/p>\n<\/div><\/div><\/li>\n\n<li class=\"list-highlighted__item  wp-block-unilux-blocks-highlighted-list-item\">\n    <header class=\"list-highlighted__header wp-block-unilux-blocks-highlighted-list-item-header\">\n    \n<h4 class=\"title text-18 font-bold has-text-align-left wp-block-unilux-blocks-heading\"        id=\"link\"\n    >\nLink<\/h4>\n<div class=\"wp-block-unilux-blocks-bigtext\">\n    <span>\n        \n    <\/span>\n<\/div><\/header><div class=\"list-highlighted__body wp-block-unilux-blocks-highlighted-list-item-body\">\n    <div class=\"wp-block-unilux-blocks-highlighted-list-item-free-content-area\">\n    \n<p><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4470567\" target=\"_blank\" rel=\"noreferrer noopener\">SSRN-Social Preferences and Corporate Investment (opens a new tab)<\/a><\/p>\n<\/div><\/div><\/li><\/ul>\n        <\/div>\n    <\/div>\n<\/div>\n\n<div class=\"accordion__item  wp-block-unilux-blocks-accordion-item\">\n    <h3 class=\"accordion__header\"\n        >\n        <button\n            type=\"button\"\n            id=\"accordion-labelledby-ea1568d7-2a0e-4a1c-ada0-11d47659b34c\"\n            class=\"accordion__button collapsed\"\n            aria-expanded=\"false\"\n            aria-controls=\"accordion-panel-ea1568d7-2a0e-4a1c-ada0-11d47659b34c\"\n            data-bs-toggle=\"collapse\"\n            data-bs-target=\"#accordion-panel-ea1568d7-2a0e-4a1c-ada0-11d47659b34c\"\n        >\n            <span class=\"accordion__title\">\n                                The Effect of Environmental Preferences on Investor Responses to ESG Disclosure             <\/span>\n\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h3>\n    <div id=\"accordion-panel-ea1568d7-2a0e-4a1c-ada0-11d47659b34c\"\n        class=\"accordion__collapse collapse\"\n        aria-labelledby=\"accordion-labelledby-ea1568d7-2a0e-4a1c-ada0-11d47659b34c\"\n        data-bs-parent=\"[data-reference=&quot;02fdbcf9-249f-4d0b-84d9-8f6668b222a0&quot;]\"\n    >\n        <div class=\"accordion__body \">\n            \n<ul class=\"wp-block-unilux-blocks-highlighted-list list-highlighted list-highlighted--architectural\"><li class=\"list-highlighted__item  wp-block-unilux-blocks-highlighted-list-item\">\n    <header class=\"list-highlighted__header wp-block-unilux-blocks-highlighted-list-item-header\">\n    \n<h4 class=\"title text-18 font-bold has-text-align-left wp-block-unilux-blocks-heading\"        id=\"start-date\"\n    >\nStart date<\/h4>\n<div class=\"wp-block-unilux-blocks-bigtext\">\n    <span>\n        \n    <\/span>\n<\/div><\/header><div class=\"list-highlighted__body wp-block-unilux-blocks-highlighted-list-item-body\">\n    <div class=\"wp-block-unilux-blocks-highlighted-list-item-free-content-area\">\n    \n<p>1 January 2023<\/p>\n<\/div><\/div><\/li>\n\n<li class=\"list-highlighted__item  wp-block-unilux-blocks-highlighted-list-item\">\n    <header class=\"list-highlighted__header wp-block-unilux-blocks-highlighted-list-item-header\">\n    \n<h4 class=\"title text-18 font-bold has-text-align-left wp-block-unilux-blocks-heading\"        id=\"duration-in-months\"\n    >\nDuration in months<\/h4>\n<div class=\"wp-block-unilux-blocks-bigtext\">\n    <span>\n        \n    <\/span>\n<\/div><\/header><div class=\"list-highlighted__body wp-block-unilux-blocks-highlighted-list-item-body\">\n    <div class=\"wp-block-unilux-blocks-highlighted-list-item-free-content-area\">\n    \n<p>36<\/p>\n<\/div><\/div><\/li>\n\n<li class=\"list-highlighted__item  wp-block-unilux-blocks-highlighted-list-item\">\n    <header class=\"list-highlighted__header wp-block-unilux-blocks-highlighted-list-item-header\">\n    \n<h4 class=\"title text-18 font-bold has-text-align-left wp-block-unilux-blocks-heading\"        id=\"funding\"\n    >\nFunding<\/h4>\n<div class=\"wp-block-unilux-blocks-bigtext\">\n    <span>\n        \n    <\/span>\n<\/div><\/header><div class=\"list-highlighted__body wp-block-unilux-blocks-highlighted-list-item-body\">\n    <div class=\"wp-block-unilux-blocks-highlighted-list-item-free-content-area\">\n    \n<p><\/p>\n<\/div><\/div><\/li>\n\n<li class=\"list-highlighted__item  wp-block-unilux-blocks-highlighted-list-item\">\n    <header class=\"list-highlighted__header wp-block-unilux-blocks-highlighted-list-item-header\">\n    \n<h4 class=\"title text-18 font-bold has-text-align-left wp-block-unilux-blocks-heading\"        id=\"project-team\"\n    >\nProject team<\/h4>\n<div class=\"wp-block-unilux-blocks-bigtext\">\n    <span>\n        \n    <\/span>\n<\/div><\/header><div class=\"list-highlighted__body wp-block-unilux-blocks-highlighted-list-item-body\">\n    <div class=\"wp-block-unilux-blocks-highlighted-list-item-free-content-area\">\n    \n<p>Marina Emiris (National Bank of Belgium); Joanna Harris (University of Chicago)<\/p>\n<\/div><\/div><\/li>\n\n<li class=\"list-highlighted__item  wp-block-unilux-blocks-highlighted-list-item\">\n    <header class=\"list-highlighted__header wp-block-unilux-blocks-highlighted-list-item-header\">\n    \n<h4 class=\"title text-18 font-bold has-text-align-left wp-block-unilux-blocks-heading\"        id=\"partners\"\n    >\nPartners<\/h4>\n<div class=\"wp-block-unilux-blocks-bigtext\">\n    <span>\n        \n    <\/span>\n<\/div><\/header><div class=\"list-highlighted__body wp-block-unilux-blocks-highlighted-list-item-body\">\n    <div class=\"wp-block-unilux-blocks-highlighted-list-item-free-content-area\">\n    \n<p><\/p>\n<\/div><\/div><\/li>\n\n<li class=\"list-highlighted__item  wp-block-unilux-blocks-highlighted-list-item\">\n    <header class=\"list-highlighted__header wp-block-unilux-blocks-highlighted-list-item-header\">\n    \n<h4 class=\"title text-18 font-bold has-text-align-left wp-block-unilux-blocks-heading\"        id=\"description\"\n    >\nDescription<\/h4>\n<div class=\"wp-block-unilux-blocks-bigtext\">\n    <span>\n        \n    <\/span>\n<\/div><\/header><div class=\"list-highlighted__body wp-block-unilux-blocks-highlighted-list-item-body\">\n    <div class=\"wp-block-unilux-blocks-highlighted-list-item-free-content-area\">\n    \n<p>We study the effect of environmental preferences on portfolio allocation around the implementation of the European Sustainable Finance Disclosure Regulation (SFDR). In a model of asset allocation with heterogeneous environmental preferences, we show that the introduction of disclosure regulation leads to an increase in flows to ESG funds, in particular when investors have stronger environmental preferences. We also show that it can be optimal for some funds to misreport their greenness. We test these results by combining unique security-level data on the holdings of European mutual fund shares with survey data on country preferences for protecting the environment. We find that ESG funds experienced higher flows after the regulation, and that the development of these funds was largest in countries with stronger environmental preferences. Institutional investors appear to be more responsive to the disclosure rules than households, and funds with higher initial uncertainty about their true sustainability benefited most from the disclosure.<\/p>\n<\/div><\/div><\/li>\n\n<li class=\"list-highlighted__item  wp-block-unilux-blocks-highlighted-list-item\">\n    <header class=\"list-highlighted__header wp-block-unilux-blocks-highlighted-list-item-header\">\n    \n<h4 class=\"title text-18 font-bold has-text-align-left wp-block-unilux-blocks-heading\"        id=\"link\"\n    >\nLink<\/h4>\n<div class=\"wp-block-unilux-blocks-bigtext\">\n    <span>\n        \n    <\/span>\n<\/div><\/header><div class=\"list-highlighted__body wp-block-unilux-blocks-highlighted-list-item-body\">\n    <div class=\"wp-block-unilux-blocks-highlighted-list-item-free-content-area\">\n    \n<p><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4457989\" target=\"_blank\" rel=\"noreferrer noopener\">SSRN-The Effect of Environmental Preferences on Investor Responses to ESG Disclosure (opens in a new tab)<\/a><\/p>\n<\/div><\/div><\/li><\/ul>\n        <\/div>\n    <\/div>\n<\/div><\/div>\n<\/div><\/section>\n\n\n<section class=\"section section wp-block-unilux-blocks-quick-link-discover-section\">\n    <div class=\"container xl:max-w-screen-xl\">\n        \n<h2 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"discover-more\"\n    >\nDiscover more<\/h2>\n\n<ul class=\"wp-block-unilux-blocks-quick-link-discover quick-link-list\">\n<li class=\"wp-block-unilux-blocks-quick-link-discover-item\">\n    <a\n                    href=\"https:\/\/lsfi.lu\/\"\n                    class=\"quick-link\"\n            target=\"_blank\"\n    >\n            <span class=\"quick-link__container\">\n                <span class=\"quick-link__text\">\n                    Luxembourg Sustainable Finance Initiative                <\/span>\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--external-link \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--external-link\"><\/use><\/svg>            <\/span>\n    <\/a>\n<\/li>\n\n\n\n<li class=\"wp-block-unilux-blocks-quick-link-discover-item\">\n    <a\n                    href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-of-science-in-finance-and-economics-sustainable-finance\/\"\n                    class=\"quick-link\"\n            target=\"\"\n    >\n            <span class=\"quick-link__container\">\n                <span class=\"quick-link__text\">\n                    Master of Science in Finance and Economics \u2013 Sustainable Finance                <\/span>\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>            <\/span>\n    <\/a>\n<\/li>\n\n\n\n<li class=\"wp-block-unilux-blocks-quick-link-discover-item\">\n    <a\n                    href=\"https:\/\/www.youtube.com\/watch?v=o32Z41GdMU0&#038;t=1s\"\n                    class=\"quick-link\"\n            target=\"_blank\"\n    >\n            <span class=\"quick-link__container\">\n                <span class=\"quick-link__text\">\n                    Sustainability Lunchtalk with Prof. Michael Halling                <\/span>\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--external-link \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--external-link\"><\/use><\/svg>            <\/span>\n    <\/a>\n<\/li>\n<\/ul>\n    <\/div>\n<\/section><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":44,"featured_media":0,"parent":5477,"menu_order":0,"template":"","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"Chair in Sustainable Finance","uluxPrePostTitle":"Chair","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false},"authorship":[44,85,48],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - 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