Baruch/JFQA Climate Finance Conference 2025
Presented by:
Zicklin School of Business, Baruch College, CUNY
and
Journal of Financial and Quantitative Analysis
Baruch College, New York
Program
Thursday 3/6
11:30
Registration and Lunch
12:05-12:20
Opening Remarks: Linda Essig (Baruch College Provost)
12:20-1:30
Keynote Address: Johannes Stroebel (New York University)
The Economics of Biodiversity Loss
1:30-1:45 Break
1:45-3:15 pm
Session 1: Climate Risk, Insurance, and Municipal Finance
Session Chair: Linda Allen (Baruch College)
Up in Smoke: The Impact of Wildfire Pollution on Healthcare Municipal Finance
Luis Lopez (University of Illinois at Chicago)
Dermot Murphy (University of Illinois Chicago)
Nitzan Tzur-Ilan (Dallas Fed)
Sean Wilkoff (University of Nevada, Reno)
Discussant: Fabrice Tourre (Baruch College)
The Effect of Insurance Premiums on the Housing Market and Climate Risk Pricing
Shan Ge (New York University)
Ammon Lam (Cornerstone)
Ryan Lewis (University of Colorado, Boulder)
Discussant: Philip Mulder (Wisconsin Madison)
Jess Cornaggia (Pennsylvania State University)
Peter Iliev (Pennsylvania State University)
Discussant: Christoph Herpfer (UVA Darden)
3:30-5 pm
Session 2: Investor Preferences and Outcomes
Session Chair: Edward Li (Baruch College)
Financial Innovation, Investor ESG Preferences, and the Cost of Public Financing
Daniel Garrett (University of Pennsylvania)
Brian Gibbons (Oregon State University)
Mahdi Shahrabi (University of Pennsylvania)
Discussant: Ai He (University of South Carolina)
ESG Choice with Polarized Investors
Nicola Persico (Northwestern University)
Enrichetta Ravina
Discussant: Sophie Shive (Notre Dame)
Measuring Local Climate Change Attention: Does it Affect Investors and Firms?
Leonard Kostovetsky (Baruch College)
Lin Peng (Baruch College)
Christopher Rauh (University of Cambridge)
Muhammed Yonac (Seton Hall University)
Discussant: Jeffery Wurgler (New York University)
5 pm
Reception and PhD Poster Session
Implicit versus Explicit Contracting in Executive Compensation for Environmental and Social Performance, Roni Michaely, Thomas Schmid, and Menghan Wang (HKU)
Does Climate Change Affect Retail Investors? Your Opinion Matters, Ai He, Siwen Zhang (South Carolina)
Green Neighbors, Greener Neighborhoods: Peer Effects in Residential Green Investments, Huang, Zhuowei (UT Dallas)
Can investor coalitions drive corporate climate action, Nikolaus Hastreitern (LSE)
Bridging Green or Toxic Horizons: Social Networks and Corporate Pursuit of Environmental Sustainability, Luis García-Feijóo, David Javakhadze; Tijana Rajkovic, Anastassia Vilderson (San Jose State; Florida Atlantic)
Inattention to the Coming Storm? Rising Seas and Sovereign Credit Risk, Atreya Dey (Edinburgh)
ESG Incidents and Fundraising in Private Equity, Teodor Duevski (HEC Paris) and Dominic O'Kane
Causes and Effects of the Rise in Insurance Costs for Commercial Properties, Minjoo Kim, Prateek Mahajan, and Zirui Wang (UT Austin)
Macroeconomic Uncertainty, Corporate Social Responsibility, and Firm Characteristics and Cultures, Mingyuan Kong and Haozheng Wang (Baruch)
Quantifying Climate Risk: A News-Based Measure of Firm Exposure and Performance, Yukun Liu (Baruch) and Lin Peng
Indoor Mold Complaints Following Major Storms in New York City, Jenna Tipaldo (Baruch)
Extreme Weather and Mortality of Vulnerable Urban Populations: An Examination of Temperature and Unclaimed Deaths (on Hart Island) in New York City, Selen Ozdogan (Baruch)
Friday 3/7
8:00-8:30
Registration and Breakfast
8:30 -8:45
Opening Remarks: Bruce Weber (Willem Kooyker Dean of the Zicklin School of Business)
8:45-9:45
Panel Discussion: ESG at a Crossroads: A Dialogue on Data, Standards, and Investments
Moderator: Ran Duchin (Professor, Boston College; Managing Editor, Journal of Financial and Quantitative Analysis)
Lin Peng (Krell Chair Professor in Finance, Baruch College)
Panelists:
Linda-Eling Lee (Founding Director and Head of the MSCI Sustainability Institute)
Dan Labovitz (Co-Founder and CEO of Green Impact Exchange, GIX)
Nehan Naim (ESG Strategy Officer, NYC Office of the Comptroller)
Marc Siegel (former partner, PWC, Former FASB & SASB Board Member)
9:45-10
Break
10-11:30
Session 3: Corporate Climate Strategies
Session Chair: Xiumin Martin (Washington University in St. Louis)
Roy Sorting: Climate and Status Quo Strategies
Thomas Cauthorn (University of Kassel)
Samuel Drempetic (University of Kassel)
Andreas Hoepner (University College Dublin)
Christian Klein (Universität Kassel)
Adair Morse (University of California, Berkeley)
Discussant: Xiaoyun Yu (Shanghai Advanced Institute of Finance)
The Green Transition: Evidence from Corporate Green Revenues
Johannes Klausmann (University of Virginia, Darden School of Business)
Philipp Krueger (University of Geneva)
Pedro Matos (University of Virginia)
Discussant: Aneesh Raghunandan (Yale)
An Empirical Examination of Business Climate Alliances: Effective and/or Harmful?
Gasparini Matteo; Harvard Business School
Peter Tufano; Harvard Business School
Discussant: Parinitha Sastry (Columbia)
12-1:30
Lunch
12:30-1:30
Keynote Address, Kai Li (University of British Columbia)
Dissecting Corporate Culture Using Generative AI
1:30-1:45
Break
1:45-3:15
Session 4: Climate Transition and Investment
Session Chair: Jun Wang (Baruch College)
Do carbon markets undermine private climate initiatives?
Pat Akey (University of Toronto)
Ian Appel (UVA Darden)
Aymeric Bellon (Kenan-Flagler Business School)
Johannes Klausmann (UVA Darden School of Business)
Discussant: Qiping Xu (UIUC)
Niels Gormsen (University of Chicago)
Kilian Huber (University of Chicago)
Sangmin Oh (Columbia Business School)
Discussant: Shaojun Zhang (OSU)
The complex materiality of proprietary ESG information: Evidence from actively managed funds
Martijn Cremers (University of Notre Dame)
Timothy Riley (University of Arkansas)
Rafael Zambrana (University of Notre Dame)
Discussant: Lisa Liu (Columbia)
Best Discussant Award: Lisa Liu (Columbia), for the discussion of The complex materiality of proprietary ESG information: Evidence from actively managed funds (by Cremers, Riley, and Zambrana).
Best Poster Presentation Award: Minjoo Kim and Zirui Wang (UT Austin), Causes and Effects of the Rise in Insurance Costs for Commercial Properties, (co-authored with Prateek Mahajan).
Conference Co-organizers/Co-Sponsors
Ran Duchin (Coughlin Family Professor, Boston College, Managing Editor, JFQA)
Kai Li (Canada Research Chair in Corporate Governance and W. Maurice Young Endowed Chair in Finance, UBC, Managing Editor, JFQA)
Lin Peng (Krell Chair Professor in Finance, Baruch College)
Dexin Zhou (Associate Professor, Baruch College)
Svenjia Dube (Assistant Professor, Baruch College)
Program Committee
Elsa Allman (French Central Bank), Pat Akey (Toronto), Aymeric Bellon (UNC Chapel Hill), Dmitry Chebotarev (Indiana University), Raymond Fisman (Boston University), Janet Gao (Georgetown University), Daniel G. Garrett (UPenn), Shan Ge (NYU), Stefano Giglio (Yale), Umit Gurun (UT Dallas), Andrei Kirilenko (Cambridge), Lisa Yao Liu (Columbia), Daniele Macciocchi (Miami), Pedro Matos (UVA), Adair Morse (UC Berkeley), Lilian Ng (York University), Aneesh Raghunandan (Yale), Ethan Rouen (HBS), Lukas Roth (Alberta), Hong Ru (MIT), Parinitha Sastry (Columbia), Zacharias Sautner (University of Zurich), Christoph M. Schiller (OSU), Ishita Sen (Harvard), Sophie Shive (Notre Dame), Kelly Shue (Yale), Nikki Skinner (Colorado), Yuehua Tang (University of Florida), Lucian A. Taylor (UPenn), Jeff Wurgler (NYU), Qiping Xu (UIUC), Ayako Yasuda (UC Davis), Aaron Yoon (Northwestern), Xiaoyun Yu (Shanghai Advanced Institute of Finance), Shaojun Zhang (OSU), Hong Zhang (Singapore Management University)