QSEF Seminar

CMAP - CREST

Quantitative Sustainable Economics and Finance Seminar

Upcoming seminar: October 16 at 10 am, room 3001 at CREST

Stefano Lovo (HEC): "Carbon information, pricing, and bans. Evidence from a field experiment"

Fanny Cartellier (University of Zürich): "From nature loss to stock returns: an asset pricing modeling framework"

The CMAP - CREST Quantitative Sustainable Economics and Finance Seminar is a monthly in-person seminar series, hosted by CMAP (Ecole Polytechnique) and CREST (ENSAE Paris and Ecole Polytechnique), featuring research presentations that address sustainable (including green) economics and finance issues through quantitative approaches.

The seminars are held in room 3001 at CREST (5 Av. Le Chatelier, 91120 Palaiseau, France), usually on Thursdays from 10:00 am to 12:00 pm.

The seminar series is jointly organized by Peter Tankov, Gauthier Vermandel, and Olivier David Zerbib.

If you are interested in being kept informed about the seminar series, please send your email address to the following generic address: qsefseminar@gmail.com. You will be able to ask for your email address to be removed from the mailing list at any time by sending a request to the same generic email address.

Fall 2025 seminars

September 25:
- Victor Saint-Jean (ESSEC) — "The Shared Costs of Pursuing Shareholder Values"
- Théo Le Guenedal (Amundi) — "Quantifying climate-related financial risks"

October 16:
- Stefano Lovo (HEC) — "Carbon information, pricing, and bans. Evidence from a field experiment"
- Fanny Cartellier (University of Zürich) — "From nature loss to stock returns: an asset pricing modeling framework"

Nature loss, in the form of degradation of biodiversity, ecosystem services, water quality and availability, as well as soil acidification, represents a significant threat to global economies, with profound implications for the financial system. Conversely, understanding and integrating nature's value into investment strategies is crucial for the transition towards a sustainable economy. Despite increasing empirical evidence linking biodiversity loss to stock returns, a comprehensive conceptual framework that outlines the transmission channels of nature loss to asset pricing remains unexplored. This paper aims to address this gap by exploring how nature loss affects company valuations and stock returns through its dependence and impact on ecosystem services. Drawing on production-based asset pricing, we develop a flexible modeling framework, accounting for companies' dependence and impact on nature, as well as investors' and consumers' preferences for nature quality. This flexible framework allows us to raise fundamental questions on the channels from nature to asset pricing, and on the way nature risks can be priced in stock returns.

November 27:
- Thorsten Hens (University of Zürich)
- Armon Rezai (University of Vienna)

December 4: Markus Leippold (University of Zürich)

Spring 2026 seminars

TBA

CMAP - CREST

Quantitative Sustainable Economics and Finance Seminar

Fall 2025 seminars

September 25:

Victor Saint-Jean (ESSEC) — "The Shared Costs of Pursuing Shareholder Values"

Théo Le Guenedal (Amundi) — "Quantifying climate-related financial risks"

October 16:

Stefano Lovo (HEC) — "Carbon information, pricing, and bans. Evidence from a field experiment"

Fanny Cartellier (University of Zürich) — "From nature loss to stock returns: an asset pricing modeling framework"

November 27:

Thorsten Hens (University of Zürich)

Armon Rezai (University of Vienna)

December 4: Markus Leippold (University of Zürich)

Spring 2026 seminars