Program
Program
Conference Program on “Social and Sustainable Finance: Bridging Methods, Policy and Practice”
Hosted by the Department of Economics, Finance & Accounting
Brunel Business School
Brunel University of London
Monday & Tuesday, 23-24 June 2025
(1st floor of Hamilton Centre)
Day 1: Monday, 23 June 2025
08:45 – 09:15 | Registration and Coffee
09:15 – 10:45 | Parallel Sessions
Session A: Behavioral Bias and ESG Risk Perception
Chair: Andrew Urquhart, University of Birmingham
“Older but not Greener: CEO Age and Firm’s Environmental Violations”
Presenter: Andrew Urquhart, University of Birmingham
Discussant: Baikun Chen, University of Bath
“EU ETS Market Expectations and Rational Bubbles”
Presenter: Christop Wegener, University of Konstanz/Leuphana University
Discussant: Andrew Urquhart, University of Birmingham
“Investor Conservatism in Assets Pricing: Evidence from Early-Life Disaster Experience
of U.S. Commercial Bankers”
Presenter: Baikun Chen, University of Bath
Discussant: Christop Wegener, University of Konstanz/Leuphana University
Session B: Environmental Risk, Disclosure, and Investor Perception
Chair: Karl Taylor, University of Sheffield
“Climate sensitivity and environmental disclosure”
Presenter: Xiangding Hou, The Hong Kong University of Science and Technology
Discussant: Karl Taylor, University of Sheffield
“Environmental Incidents and Sustainability Pricing Provisions”
Presenter: Huyen Nguyen, Halle Institute for Economic Research and Friedrich Schiller University Jena
Discussant: Xiangding Hou, The Hong Kong University of Science and Technology
“Who cares about investing responsibly? Attitudes and financial decisions”
Presenter: Karl Taylor, University of Sheffield
Discussant: Huyen Nguyen, Halle Institute for Economic Research and Friedrich Schiller University Jena
Session C: Uncertainty and Systemic Risk in Sustainable Finance
Chair: Nikolas Topaloglou, Athens University of Economics and Business
“Commitment vs Credibility: Macro Effects of Climate Policy Uncertainty Concerns”
Presenter: Fulvia Marotta, De Nederlandsche Bank and University of Oxford
Discussant: Stefano Maiani, Heriot-Watt University
“Sustainable Finance Under Political Uncertainty”
Presenter: Nikolas Topaloglou, Athens University of Economics and Business
Discussant: Fulvia Marotta, De Nederlandsche Bank and University of Oxford
“Environmental and Social Incidents and Misvaluation-driven Leveraged Buyouts”
Presenter: Stefano Maiani, Heriot-Watt University
Discussant: Nikolas Topaloglou, Athens University of Economics and Business
10:45 – 11:00 | Coffee Break
11:00 – 12:30 | Parallel Sessions
Session A: Climate Risk and Sovereign Creditworthiness
Chair: Miriam Mara, University of Reading
“Climate Risks and Sovereign Risks Nexus”
Presenter: Sofia Anyfantaki, European Central Bank & Bank of Greece
Discussant: Miriam Mara, University of Reading
“Creditworthy: Do Climate Change Risks Matter for Sovereign Credit Ratings?”
Presenter: Veronica Veggente, Imperial College Business School
Discussant: Sofia Anyfantaki, European Central Bank & Bank of Greece
““S” as Social: The Impact of Labor and Community Issues on Global Corporate Credit Risk”
Presenter: Miriam Mara, University of Reading
Discussant: Veronica Veggente, Imperial College Business School
Session B: ESG Networks and Institutional Influence
Chair: Klaas Mulier, Ghent University
“Network Analysis of ESG and SDG across Legal Origins”
Presenter: Yongcheol Shin, University of York
Discussant: Klaas Mulier, Ghent University
“The spillover effect of bank ESG activities through lending network”
Presenter: Geyao Zhang, University of Leeds
Discussant: Yongcheol Shin, University of York
“Climate Regulation, Firm Emissions, and Green Takeovers”
Presenter: Klaas Mulier, Ghent University
Discussant: Geyao Zhang, University of Leeds
Session C: Systemic Risk and ESG Resilience
Chair: Winifred Huang, University of Bath
“Climate-Related Financial Policy and Systemic Risk”
Presenter: Alin Marius Andries, Alexandru Ioan Cuza University of Iași and Institute for Economic Forecasting
Discussant: Rasmus Lonn, Erasmus University Rotterdam
“Sustainable Finance in Practice: ESG Performance and Risk Mitigation in the Banking Sector”
Presenter: Winifred Huang, University of Bath
Discussant: Alin Marius Andries, Alexandru Ioan Cuza University of Iași
“Credit risk in the face of climate change and transition policies”
Presenter: Rasmus Lonn, Erasmus University Rotterdam
Discussant: Winifred Huang, University of Bath
12:30 – 14:00 | Lunch Break
14:00 – 15:15 | Keynote Address
Speaker: Professor Steven Ongena, University of Zurich
Topic: TBC
Coordinator: Prof. Manthos Delis, Audencia Business School
15:15 – 15:30 | Coffee Break
15:30 – 17:00 | Parallel Sessions
Session A: Carbon Pricing and Return Dynamics
Chair: Andrea Fabiani, Bank of Italy
“Carbon Pricing, Credit Reallocation and Real Effects”
Presenter: Andrea Fabiani, Bank of Italy
Discussant: Joseph Noss, Kings Business School
“Which Carbon Factor?”
Presenter: Abraham Lioui, EDHEC Business School
Discussant: Andrea Fabiani, Bank of Italy
“Emissions or omissions? Investigating how firms’ equity returns vary with their prospects under
climate transition”
Presenter: Joseph Noss, Kings Business School
Discussant: Abraham Lioui, EDHEC Business School
Session B: Climate Risk and Financial Decision-Making
Chair: Dimitrios Gounopoulos, University of Bath
“Firms’ Climate Risk-Taking Incentives”
Presenter: Dimitrios Gounopoulos, University of Bath
Discussant: Simone Varotto, University of Reading
“Climate risk and firm value”
Presenter: Xihui Chen, Keele University
Discussant: Dimitrios Gounopoulos, University of Bath
“Energy Costs and Default Risk in Green Mortgage Securitisations”
Presenter: Simone Varotto, University of Reading
Discussant: Xihui Chen, Keele University
Session C: Social and Environmental Risk in Credit Markets
Chair: Serafeim Tsoukas, University of Glasgow
“Social Protests and Corporate Invesment”
Presenter: Erwin Hansen, University of Chile
Discussant: Serafeim Tsoukas, University of Glasgow
“Biodiversity Risk and Small Business Access to Finance”
Presenter: Vathunyoo Sila, University of Edinburgh
Discussant: Erwin Hansen, University of Chile
“Does ESG reporting impact the cost of debt? Evidence from mandatory disclosures around the
world”
Presenter: Serafeim Tsoukas, University of Glasgow
Discussant: Vathunyoo Sila, University of Edinburgh
Day 2: Tuesday, 24 June 2025
08:45 – 09:15 | Registration and Coffee
09:15 – 10:45 | Parallel Sessions
Session A: Banking, Risk Integration, and Natural Capital
Chair: Barbara Casu, City University of London
“Bank Market Power and Local Economies: Evidence from (De)regulation and Crises”
Presenter: Barbara Casu, City University of London
Discussant: Peter Karlstrom, Halle Institute for Economic Research
“Climate and Environmental Risk Integration in EU Banks”
Presenter: Katia Vozian, Leibniz Institute for Financial Research SAFE and KPMG
Discussant: Barbara Casu, City University of London
“Stranded in the wastelands? Natural capital depletion and bank deposit reallocation”
Presenter: Peter Karlstrom, Halle Institute for Economic Research
Discussant: Katia Vozian, Leibniz Institute for Financial Research SAFE and KPMG
Session B: Leadership Diversity and Sustainable Business
Chair: Panagiotis N. Politsidis, Audencia Business School
“Ego versus Environment? How overconfident bank CEOs delay joining the green club that would have them as a member.”
Presenter: Kwabena Aboah Addo, Utrecht University
Discussant: Radu Tunaru, University of Reading
“Gender of firm owners and the owner-worker pay gap”
Presenter: Panagiotis N. Politsidis, Audencia Business School
Discussant: Kwabena Aboah Addo, Utrecht University
“Combining Venture Capital and Private Equity Backed Firm and Board of Directors Characteristics To Explain Productivity Measures”
Presenter: Radu Tunaru, University of Reading
Discussant: Panagiotis N. Politsidis, Audencia Business School
Session C: Corporate Adaptation to Climate Policy
Chair: Alessio Reghezza, European Central Bank
“Entrepreneurs at the Crossroads: How China's Emissions Trading Scheme Shapes New Firm Entry”
Presenter: Athanasios Andrikopoulos, University of Sussex
Discussant: Alessio Reghezza, European Central Bank
“Carbon Markets in China: Strategic Interactions and Corporate Adaptation”
Presenter: Zhanhui Chen, Hong Kong University of Science and Technology
Discussant: Athanasios Andrikopoulos, University of Sussex
“Loan Guarantee and Portfolio Greening: Evidence from European Credit Registers”
Presenter: Alessio Reghezza, European Central Bank
Discussant: Zhanhui Chen, Hong Kong University of Science and Technology
10:45 – 11:00 | Coffee Break
11:00 – 12:30 | Parallel Sessions
Session A: Climate Risk and Credit Resilience
Chair: Matteo Falagiarda, European Central Bank
“Drowning in Debt? Forbearance Policies and Mortgage Defaults in European Flood Zones”
Presenter: Runhua Pan, University of Reading
Discussant: Sujit Kapadia, European Central Bank
“Do Lenders Price the Brown Factor in Car Loans? Evidence from Diesel Cars”
Presenter: Matteo Falagiarda, European Central Bank
Discussant: Runhua Pan, University of Reading
“Leverage and the low-carbon transition in Europe”
Presenter: Sujit Kapadia, European Central Bank
Discussant: Matteo Falagiarda, European Central Bank
Session B: Green Innovation and Sustainable Financing
Chair: Pantelis Kazakis, University of Glasgow
“A fish rots from the head down: The contagion effect of upstream firms’ environmental misconduct on downstream firms’ green innovation continuity”
Presenter: Pantelis Kazakis, University of Glasgow
Discussant: John K. Wald, University of Texas at San Antonio
“Financing Green Transition: The Role of Bank-Nonbank Partnerships”
Presenter: Min Park, University of Bristol
Discussant: Pantelis Kazakis, University of Glasgow
“What Drives Air Pollution? The Role of Country-Level Institutional Reforms”
Presenter: John K. Wald, University of Texas at San Antonio
Discussant: Min Park, University of Bristol
Session C: Innovative Finance and Climate Adaptation
Chair: Alberto Montagnoli, University of Sheffield
“Fintech’s Game-Changer Move on Climate Resilience”
Presenter: Konstantinos N. Baltas, University of Essex
Discussant: Daniel L. Tortorice, College St. Worcester
“Financial Literacy and Attitudes to Redistribution”
Presenter: Alberto Montagnoli, University of Sheffield
Discussant: Konstantinos N. Baltas, University of Essex
“A Theory of Social Impact Bonds”
Presenter: Daniel L. Tortorice, College St. Worcester
Discussant: Alberto Montagnoli, University of Sheffield
12:30 – 14:00 | Lunch Break
14:00 – 15:15 | Keynote Address
Speaker: Professor George Kapetanios, King’s College London
Topic: Spillover Effects in Corporate Emissions: Evidence from a Data-Dependent Spatial Panel Model
Coordinator: Alexia Ventouri, King’s College London
15:15 – 15:30 | Coffee Break
15:30 – 17:00 | Parallel Sessions
Session A: Climate Risk and Financial Behavior
Chair: Alper Kara, Brunel University of London
“Volatile Temperatures and their Effects on Equity Returns and Firm Performance”
Presenter: Luca Taschini, University of Edinburgh
Discussant: Alper Kara, Brunel University of London
“When the Dam Almost Breaks: Disasters and Credit Risk”
Presenter: Christian Gros, Deutsche Bundesbank
Discussant: Luca Taschini, University of Edinburgh
“ESG rating divergence: The role of data source and its implications”
Presenter: Alper Kara, Brunel University of London
Discussant: Christian Gross, Deutsche Bundesbank
Session B: Sustainable Fund Allocation and Debt Markets
Chair: Yue Wang, Leibniz Institute for Financial Research SAFE
“The Costs of Being Sustainable”
Presenter: Denitsa Stefanova, University of Luxembourg
Discussant: Yue Wang, Leibniz Institute for Financial Research SAFE
“The Demand for Sustainable Securities in Fixed Income Funds”
Presenter: Adrien-Paul Lambillon, University of Zurich
Discussant: Denitsa Stefanova, University of Luxembourg
“Mutual Funds’ Appetite for Sustainability in European Auto ABS”
Presenter: Yue Wang, Leibniz Institute for Financial Research SAFE
Discussant: Adrien-Paul Lambillon, University of Zurich
Session C: Sustainable Macroeconomics
Chair: Stelios Sakkas, University of Cyprus and HO-LSE
“Taxes in ESG: Evidence from European banks”
Presenter: Serena Fatica, European Commission and Money and Finance Research Group
Discussant: Stelios Sakkas, University of Cyprus and HO-LSE
“Firms’ Carbon Emissions and Monetary Policy”
Presenter: Olena Havrylchyk, University of Paris 1 Pantheon-Sorbonne
Discussant: Serena Fatica, European Commission and Money and Finance Research Group
“Green fiscal consolidation and the optimal spending-tax mix”
Presenter: Stelios Sakkas, University of Cyprus and HO-LSE
Discussant: Olena Havrylchyk, University of Paris 1 Pantheon-Sorbonne
Conference Organisers:
Stylianos Asimakopoulos (Brunel University of London)
Manthos Delis (Audencia Business School)
Vasilis Sarafidis (Brunel University for London)
For enquiries: stylianos.asimakopoulos@brunel.ac.uk | vasilis.sarafidis@brunel.ac.uk