The HEC-HKUST Workshop on Impact and Sustainable Finance brings together researchers from Europe and Asia to share their latest research and ideas in this emerging field. The workshop will take place on Oct 9-10, 2025, in both Paris and Hong Kong, featuring presentations from HEC Paris, HKUST, and other researchers across Europe and Asia. The aim of the workshop is to create a platform for collaboration and knowledge-sharing between the two continents, while minimizing the need for travel and promoting sustainable practices.
October 9, 2025
9:00am-9:45am (Paris time); 3:00pm-3:45pm (HK time)
Socially Responsible Investing in the Political Context
by Marco Ceccarelli (Vrije University), Stefano Ramelli (University of St Gallen), Anna Vasileva (University of Zurich), and Alexander F. Wagner (University of Zurich)
discussed by Vidhan Goyal (HKUST)
9:45am-10:30am (Paris time); 3:45pm-4:30pm (HK time)
The Demand, Supply, and Market Responses of Corporate ESG Actions: Evidence from a Nationwide Experiment in China
by Guojun He (The University of Hong Kong) and Qinrui Xiahou (The University of Hong Kong)
discussed by Matthias Efing (HEC Paris)
10:45am-11:30am (Paris time); 4:45pm-5:30pm (HK time)
A Segmented Green Premium
by Sul Kim (Tilburg University), Joost Driessen (Tilburg University), and Olivier David Zerbib (CREST)
discussed by Chanik Jo (The Chinese University of Hong Kong)
11:30am-12:15pm (Paris time); 5:30pm-6:15pm (HK time)
Do Employees Have Useful Information about Firms’ ESG Practices?
by Hoa Briscoe-Tran (Monash University)
discussed by Jean-Stéphane Mésonnier (Sciences Po)
12:15pm-1:00pm (Paris time); 6:15pm-7:00pm (HK time)
Cap and Trade with Imperfect Hedging
by Bruno Biais (HEC Paris), Johan Hombert (HEC Paris), Daniel Schmidt (HEC Paris), and Pierre-Olivier Weill (UCLA)
discussed by Bart Zhou (Singapore Management University)
October 10, 2025
9:00am-9:45am (Paris time); 3:00pm-3:45pm (HK time)
Values Preference and Sustainability Risk Premium: Evidence from Sustainability-linked Bonds
by Junxiong Gao (Shanghai Jiao Tong University), Laura T. Starks (University of Texas at Austin), Haoyue Wang (Shanghai Jiao Tong University), and Hong Yan (Shanghai Jiao Tong University)
discussed by Tony Berrada (University of Geneva)
9:45am-10:30am (Paris time); 3:45pm-4:30pm (HK time)
Active Management and Sustainability Performance of US Mutual Funds
by Maria Vorobeva (KU Leuven), Florian Hoffmann (KU Leuven), and Arnt Verriest (KU Leuven)
discussed by Fangyuan Ma (Peking University HSBC Business School)
10:45am-11:30am (Paris time); 4:45pm-5:30pm (HK time)
Pollution, Specialization, and Uncertainty: The Use and Design of Environmental Covenants in Debt Contracts
by Ting Dai (HKUST), Daniele Macciocchi (Miami Herbert Business School), and Arthur Morris (HKUST)
discussed by Sophie Moinas (Toulouse School of Economics)
11:30am-12:15pm (Paris time); 5:30pm-6:15pm (HK time)
Climate-Linked Bonds
by Dirk Broeders (ECB and Maastricht University), Daniel Dimitrov (De Nederlandsche Bank and University of Amsterdam), and Niek Verhoeven (De Nederlandsche Bank)
discussed by James O’Donovan (City University of Hong Kong)
12:15pm-1:00pm (Paris time); 6:15pm-7:00pm (HK time)
Fund Mergers, Cross Ownership and Environmental Spillovers in Supply Chains
by Yujia Shao (The Chinese University of Hong Kong)
discussed by Thorsten Martin (Frankfurt School)