{"id":8525,"date":"2024-02-20T10:28:38","date_gmt":"2024-02-20T09:28:38","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-en\/?post_type=events&#038;p=8525"},"modified":"2024-02-22T09:04:07","modified_gmt":"2024-02-22T08:04:07","slug":"df-lunch-seminar-prof-mirco-rubin-edhec-business-school","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-prof-mirco-rubin-edhec-business-school\/","title":{"rendered":"DF Lunch Seminar &#8211; Prof. Mirco Rubin, EDHEC Business School"},"content":{"rendered":"\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\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:\/\/www.uni.lu\/fdef-en\/calendar?post_type=events&#038;p=8525&#038;calendar\"\n                target=\"_self\"\n        class=\"btn btn--secondary\"\n            >Add to calendar<\/a>\n<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<p><strong>Green Window Dressing<\/strong><\/p>\n\n\n\n<p><strong>Abstract:<\/strong><\/p>\n\n\n\n<p>We uncover evidence of widespread sustainability ratings manipulation by mutual funds. Our analysis finds that ESG fund portfolios exhibit 42% higher ESG exposure immediately before mandatory portfolio disclosure than immediately afterwards. As a result, disclosed portfolios receive higher ratings than actual portfolios would. We document that green window dressers earn higher risk-adjusted returns and attract more investor flows. At the asset level, we find that high-ESG (low-ESG) stocks rise (fall) in the days before fund portfolio disclosure and revert afterwards. We discuss whether green window dressing is optimal for investors and document similar behavior by non-ESG funds, albeit more limited.<\/p>\n\n\n\n<p>The seminar will be held in person.<\/p>\n\n\n\n<p><strong>Language:<\/strong> English<\/p>\n\n\n<div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\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\" style=\"flex-basis:66.66%\"><figure class=\"wp-block-dev4-reusable-blocks-image  object-fit--contain\">\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\/08\/FNR-logo.jpg.png\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/08\/FNR-logo.jpg-300x50.png 300w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/08\/FNR-logo.jpg-1024x172.png 1024w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/08\/FNR-logo.jpg-768x129.png 768w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/08\/FNR-logo.jpg-1536x258.png 1536w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/08\/FNR-logo.jpg.png 1920w\"\n                style=\"object-position: 0.00% 0.00%; font-family: &quot;object-fit: contain; object-position: 0.00% 0.00%;&quot;; aspect-ratio: 16\/9; object-fit: contain; width: 75%;\"\n        loading=\"lazy\"\n\/>    <\/figure><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<p><em><strong>Supported by the Luxembourg National Research Fund (FNR) (<em>2022\/17573036<\/em><\/strong><\/em>)<\/p>\n<\/div>\n<\/div>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":47,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_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,"event_start_date":"2024-02-06 12:15:00","event_end_date":"2024-02-06 13:15:00","event_speaker_name":"Prof. Mirco Rubin","event_speaker_link":"","event_is_online":false,"event_location":"Campus Kirchberg","event_street":"6, rue Richard Coudenhove-Kalergi","event_location_link":"https:\/\/www.uni.lu\/en\/about\/campuses\/kirchberg-campus\/","event_zip_code":"1359","event_city":"Luxembourg","event_country":"Luxembourg"},"events-topic":[301],"events-type":[315],"organisation":[116,101],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DF Lunch Seminar - Prof. Mirco Rubin, EDHEC Business School - FDEF events I Uni.lu<\/title>\n<meta name=\"description\" content=\"Green Window Dressing Abstract: We uncover evidence of widespread sustainability ratings manipulation by mutual funds. Our analysis finds that ESG fund\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-prof-mirco-rubin-edhec-business-school\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DF Lunch Seminar - Prof. Mirco Rubin, EDHEC Business School\" \/>\n<meta property=\"og:description\" content=\"Green Window Dressing Abstract: We uncover evidence of widespread sustainability ratings manipulation by mutual funds. Our analysis finds that ESG fund\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-prof-mirco-rubin-edhec-business-school\/\" \/>\n<meta property=\"og:site_name\" content=\"FDEF EN\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/uni.FDEF.lu\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-22T08:04:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/09\/thumbnails-news-events-DF-Lunch-Seminar.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"665\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-prof-mirco-rubin-edhec-business-school\/\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-prof-mirco-rubin-edhec-business-school\/\",\"name\":\"DF Lunch Seminar - Prof. Mirco Rubin, EDHEC Business School - FDEF events I Uni.lu\",\"isPartOf\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#website\"},\"datePublished\":\"2024-02-20T09:28:38+00:00\",\"dateModified\":\"2024-02-22T08:04:07+00:00\",\"description\":\"Green Window Dressing Abstract: We uncover evidence of widespread sustainability ratings manipulation by mutual funds. 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