Primary markets increasingly direct funding – both equity and debt - to companies that invest in sustainable technologies and embrace sustainable management practices. Secondary market trading based on sustainability factors causes stock prices to reflect such factors rather than purely financial concerns. In addition to capital allocation, investors can also improve sustainability through voting and engagement. To fulfil these functions, investors and lenders need information on companies’ sustainability performance and impact. Key is to take a sufficiently long horizon because sustainability is about the future.

The theoretical and policy challenge is to integrate financial, social and environmental factors into decision-making and reporting. The Sustainable Finance RPN pursues a broad agenda covering topics in investment analysis (price formation, portfolio-selection, engagement and voting), corporate finance (investment decisions, employee and board compensation and corporate governance), banking (lending decisions, credit risk analysis and loan covenants), corporate reporting (emerging sustainable reporting standards, impact measurement and assurance) and financial regulation (taxonomy, fiduciary duty and capital adequacy framework). Reflecting the growing concerns around climate change and reacting to the huge financial sector interest in ESG issues and impact measurement, the aim of this RPN is to foster research in the area of sustainable finance and to make it mainstream.

Leadership of the RPN is supported by a Steering Committee:- Patrick Bolton (Imperial College London and Columbia University), Alex Edmans (London Business School) and Stefan Reichelstein (University of Mannheim and Stanford University)

Events

The Sustainable Finance RPN will host several events, including an annual meeting.

Steering Committee

Patrick Bolton

Barbara and David Zalaznick Professor of Business and Professor Emeritus of Economics Columbia University

Alex Edmans

Research Fellow Centre for Economic Policy Research; Professor of Finance London Business School

Stefan Reichelstein

Senior Fellow Precourt Institute for Energy; Senior Fellow Stanford Institute for Economic Policy Research; The William R. Timken Professor of Accounting, Emeritus Stanford University; Senior Fellow Woods Institute for the Environment

Members

Jean Boissinot

RPN Member, Climate Change / RPN Member, Sustainable Finance

Ben Caldecott

Lombard Odier Associate Professor Director

RPN Member, Sustainable Finance

Ralph De Haas

Director of Research European Bank for Reconstruction and Development; Part-time Professor of Finance Ku Leuven

RPN Member, Sustainable Finance / Fellow, Banking and Corporate Finance

Willem Evers

Head of Department, Supervisory Policy De Nederlandsche Bank

RPN Member, Sustainable Finance

Caroline Flammer

Professor of International and Public Affairs Columbia University

RPN Member, Sustainable Finance

Marcin Kacperczyk

Professor of Finance, Imperial College London Business School London Business School

Fellow, Financial Economics / RPN Member, Sustainable Finance / RPN Member, European Financial Architecture / Fellow, Banking and Corporate Finance / Fellow, Asset Pricing

Christian Leuz

Joseph Sondheimer Professor of International Economics, Finance and Accounting, University of Chicago's Booth School of Business University Of Chicago

Sophie Moinas

Professor of Finance, IAE Toulouse School of Management Toulouse 1 Capitole University

Fellow, Financial Economics / RPN Member, Sustainable Finance / Fellow, Asset Pricing

Kjell Nyborg

Research Fellow Centre for Economic Policy Research; Chaired Professor of Finance Universitat Zurich

Fellow, Financial Economics / RPN Member, Sustainable Finance / Fellow, Banking and Corporate Finance

Martin Oehmke

Professor of Finance London School of Economics and Political Sciences

Fellow, Financial Economics / RPN Member, Sustainable Finance / RPN Member, European Financial Architecture / Fellow, Banking and Corporate Finance

Marcus Opp

Professor Stockholm School of Economics

Fellow, Financial Economics / RPN Member, Sustainable Finance / Fellow, Banking and Corporate Finance / Fellow, Banking and Corporate Finance

Lasse Heje Pedersen

Associate Editor Journal of Economic Theory; Associate Editor Journal of Finance; Professor of Finance at the Stern School of Business New York University

Fellow, Financial Economics / RPN Member, Sustainable Finance / Fellow, Asset Pricing

Lucrezia Reichlin

Fellow British Academy; Research Fellow and Trustee Centre for Economic Policy Research; Fellow Econometric Society; Trustee IFRS International Financial Reporting Standards Foundation; Professor of Economics London Business School

Trustee / Fellow, Monetary Economics and Fluctuations / RPN Member, Sustainable Finance / RPN Member, European Economic Architecture / Distinguished Fellow

Debora Revoltella

Director, Economics Department European Investment Bank

RPN Member, Sustainable Finance

Nick Robins

Professor in Practice - Sustainable Finance London School of Economics and Political Sciences

RPN Member, Sustainable Finance

Frederic Samama

Head of Responsible Investment Amundi

RPN Member, Sustainable Finance

Zacharias Sautner

Professor of finance Frankfurt School of Finance & Management

RPN Member, Sustainable Finance / RPN Member, European Financial Architecture

Martin Spolc

Head of Secretariat European Fiscal Board

RPN Member, Sustainable Finance

Ulrich Volz

Senior Researcher German Development Institute; Visiting Professor Peking University

RPN Member, Sustainable Finance

Beatrice Weder di Mauro

President Centre for Economic Policy Research; Professor of International Economics Graduate Institute of International and Development Studies; Distinguished Fellow Institut Européen d'Administration des Affaires, SIngapore

CEPR President / RPN Member, Sustainable Finance / RPN Member, Fintech and Digital Currencies / RPN Member, European Economic Architecture / RPN Member, International Lending and Sovereign Debt

Josef Zechner

Professor of Finance Vienna University of Economics and Business (WU)

Fellow, Financial Economics / RPN Member, Sustainable Finance / Fellow, Asset Pricing / Fellow, Banking and Corporate Finance

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