Am Dienstag, den 07.02.2017, findet ein Vortrag  im Rahmen des Finance and Insurance Seminars statt. Das Seminar beginnt um 16:15 h, J 253, Universitätsstr. 14-16.

Herr
Philipp Krueger
Assistant Professor of Responsible Finance & Junior Chair, Swiss Finance Institute
University of Geneva

Thema:
The Sustainability Footprint of Institutional Investors

Abstract:
Institutional investors are the single most important class of shareholders in stock markets. Yet, knowledge about their motivations for embedding environmental and social—or more generally—sustainability considerations in their portfolio allocations is at best emerging. In this paper, we propose a novel approach to measure the environmental, social, and aggregate sustainability footprint at the institutional investor portfolio-level. Building on Bénabou and Tirole (2010), we then test two competing hypotheses regarding institutional investors’ motivations to hold portfolios with better sustainability footprints. Consistent with one of the hypotheses, we provide strong evidence that institutional investors with longer investment horizons—as measured by investors’ legal type or portfolio turnover—exhibit significantly better sustainability footprints. We further discriminate between our two competing hypotheses by relating institutional investors’ short- and long-term risk-adjusted financial performance to their sustainability footprints. We document that institutional investors with better sustainability footprints generate higher risk-adjusted performance in the long-run, primarily through a significant reduction of portfolio volatility. Overall, our results are consistent with the view that institutional investors choose sustainability oriented portfolio allocations to maximize inter-temporal profits.

Über eine rege Teilnahme freuen wir uns sehr.

Prof. Dr. Nicole Branger
Prof. Dr. Nadja Günster
Prof. Dr. Thomas Langer
Prof. Dr. Andreas Pfingsten
Jun.-Prof. Dr. Simon Rottke
Jun.-Prof. Dr. Judith Schneider
Jun.-Prof. Dr. Weiqi Zhang