Center for Impact Finance Research - Overview
The Center for Impact Finance Research at Rothschild & Co focuses on conducting independent research to understand the impact of firms' non-financial performance on their financial performance, the role of finance in addressing current challenges, and methods to measure non-financial performance. The center supports sustainable and impact finance research by HEC Paris professors and aims to be a global knowledge hub in this field. With 14 dedicated researchers and several published papers, the center is committed to advancing knowledge in sustainable finance.
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Center For Impact Finance Research Rothschild & Co 19/12/2023
Roadmap Purpose People Research Events Sponsors
THE CENTERS PURPOSE Create worldwide recognized knowledge-hub performing solid, scientifically grounded, independent research to answer 3 key broad research questions Does firms non-financial performance, such us their environmental and social performance, matter for their financial performance? Can finance help solve the economic, technological, climatic, and social challenges of today and tomorrow? How to measure non-financial performance? The Center supports the production and the dissemination of research on sustainable and impact finance made by HEC Paris professors and beyond. 3
THE CENTERS MEMBERS 14 researchers: Bruno Biais, Fran ois Derrien, Brian Hill, Johan Hombert, Jessica Jeffers, Augustin Landier, Stefano Lovo, Vincent Maurin Jacques Olivier, Luc Paugam, Christophe Perignon, Daniel Schmidt, Yanting (Crystal) Shi, Herv Stolowy Professor of Finance Professor of Finance Professor Deparment of E.D.S. Professor of Finance Associate Professor of Finance Professor of Finance Professor of Finance Associate Professor or Finance Professor of Finance Associate Professor of A.M.&C. Professor of Finance Associate Professor of Finance Associate Professor of A.M.&C. Professor of AM.&C. 3 HEC Academic Departments: Department of Finance Department of Accounting and Management & Control Department of Economics and Decision Sciences 4
THE CENTERS RESEARCH Published Papers o Contracts with (Social) Benefits: The Implementation of Impact Investing By Jessica Jeffers, Christopher Geczy, David Musto and Anne Tucker, Journal of Financial Economics, Volume 142, Issue 2, November 2021 o Are people willing to pay more for reduced inequality? By Brian Hill and T. Lloyd, accepted in Management Science o Shadow Contracts: Side Letters in Private Market Funds By Jessica Jeffers and Anne Tucker, University of Chicago Business Law Review, Vol. 1, No. 1, 2022 o The expansion of non-financial reporting: an exploratory study, By Muc Paugam and Herv Stolowy, Accounting and Business Research 48 (5), 525-548. o Do investors actually value sustainability indices? Replication, development, and new evidence on CSR visibility, By R Durand, L Paugam, H Stolowy Strategic Management Journal 40 (9), 1471-1490 o Non-financial information: State of the art and research perspectives based on a bibliometric study By M Erkens, L Paugam, H Stolowy, Comptabilit -Contr le-Audit 21 (3), 15-92 o In Pursuit of Good & Gold: Data Observations of Employee Ownership & Impact Investment By Christopher Geczy, Jessica Jeffers, David Musto and Anne Tucker Seattle University Law Review, Vol. 40, No. 2, 2017 o Great Expectations: Mission Preservation and Financial Performance in Impact Investing By Jacob Gray, Nick Ashburn, Harry Douglas, and Jessica Jeffers, Wharton Social Impact Initiative Report, 2015 5
THE CENTERS RESEARCH Working Papers and Work in Progress Institutions and regulation o Socially Responsible Finance: How to Optimize Impact? By Augustin Landier and Stefano Lovo o Emission Caps and Investment in Green Technologies By Bruno Biais and Augustin Landier o The Soft Carbon Budget Problem By Philipp Koenig , Vincent Maurin, and David Pothier o Constrained Climate Risk Hedging, Bruno Biais, Johan Hombert, Daniel Schmidt Financial ad non-financial performance o The Risk and Return of Impact Investing Funds By Jessica Jeffers, Kelly Posenau and Tianshu Lyu. o ESG News, Future Cash Flows, and Firm Value By Fran ois Derrien, Philipp Krueger, Augustin Landier and Tianhao Yao. o Becoming Virtuous? Mutual Funds Reactions to ESG Scandals By Bastian von Beschwitz, Fatima Zahra Filali Adib, and Daniel Schmidt. Stakeholders preferences: o The Moral Preferences of Investors: Experimental Evidence By Jean-Francois Bonnefon, Augustin Landier, Parinitha Sastry and David Thesmar. o Uncovering Heterogeneity Among Impact Investors By Michael Brown, Shawn Cole, Jessica Jeffers, Katherine Klein. o Carbon information, pricing, and bans. Evidence from a field experiment By Yurii Handziuk and Stefano Lovo o Do Employees Care about ESG? Evidence from Employee Share Plans By Maxime Bonelli, Marie Briere and Fran ois Derrien. ESG and Rating o The Fairness of Credit Scoring Models By C. Hurlin, C. P rignon and S. Saurin. o Who should pay for ESG rating? By Stefano Lovo and Jacques Olivier . 6
THE CENTERS EVENTS Sustainable Finance Webinar In collaboration with HKUST 16 webinars with presenters and audience based in Europe and Asia First HEC-HKUST workshop on Sustainable finance -December 4th-5th , 2023 -Dual venue workshop: HEC Parris and Hong-Kong University for Science and Technology. -10 cutting hedge research papers on sustainable and impact finance, -20 Presenters/discussants -60 Participant physically attended the workshop either in HEC or in HKUST -45 Participant attend online -Compared to a single venue workshop we had 50% more physical attendance, and saved 30 tons GHG emission by avoiding intercontinental flights of speakers and discussants. 7
THE CENTERS PARTNERS Funding Partner - Rothschild & Co Chair support partner - BNP Paribas Support partner - Accuracy 8
THE CENTERS NEXT STEPS Sustainable and Impact finance research state of the art List of relevant research questions For each RQ list and summary scientific papers who provide answers Accessible worldwide to academics that contribute, and to firm who sponsor the Center 9
THE CENTERS NEXT STEPS Q&A 10
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