20th INTERNATIONAL CONFERENCE CREDIT 2021 *Compound Risk: Climate, Disaster, Finance, Pandemic * Venice, Italy 23 –24 September 2021

*****COVID-19 update: the CREDIT 2021 Conference is both onsite and online but we are ready to move the conference remotely, if necessary*****

*GRETA Associati* (Venice, Italy), *Cattolica Assicurazioni* (Verona, Italy), *European Datawarehouse *(Frankfurt, Germany), *European Investment Bank* (Luxembourg), *European Investment Fund* (Luxembourg),  and *Intesa Sanpaolo *(Milan, Italy) are co-sponsors of a Conference to be held in Venice on September 23-24, 2021.

The Conference CREDIT 2021 will bring together academics, practitioners and PhD students working in various areas of financial and credit risk with the aim to create a unique opportunity for participants to discuss research progress and policy and industry-relevant insights as well as directions for future research.

CREDIT 2021 is the *twentieth *in a series of events dedicated to various aspects of credit risk and organised under the auspices of the *Department of Economics* and *VERA – Venice centre in Economic and Risk Analytics for public policies - of the Ca' Foscari University of Venice*, *ABI - Italian Banking Association*, *AIAF - Associazione Italiana per l'Analisi Finanziaria *and the *Joint Research Center, European Commission* (Ispra, Italy).

/The theme of this year’s conference is the relation between financial risk on the one hand and pandemic, climate and disaster risk, on the other hand, with particular attention to the possible compounding of different sources of risk. / /The past year, 2020, has been marked by the still-ongoing COVID-19 pandemic crisis, which has shown how fragile our economic systems can be when confronted with shocks that threaten public health and the closeness of the connections between economic and financial risks and public policy. / /Climate change is now widely recognized as a new source of financial risk which is relevant both at the level of households and individual institutions and the systemic level. In particular, the many central banks and financial institutions that have joined the Network for Greening the Financial System (NGFS) have issued recommendations on how to integrate climate considerations into risk management strategies and practices./ ///However, risks such as pandemics and climate change do not occur in isolation but can also compound, as has already been seen in several countries. The compounding of risk, which is currently poorly understood, increases the complexity of risk assessment and risk management, and it has implications for socio-economic development, as well as for public debt sustainability./ /In the EU, these aspects have major implications for efforts to increase the resilience of the economy to future shocks and to “build back better”, and requires the alignment of COVID-19 recovery policies, such as those supported by the NextGenerationEU, and the EU Green Deal and the Paris Agreement targets. / / / / / The SCIENTIFIC COMMITTEE for the Conference consists of: • * Stefano Battiston *(Ca’ Foscari University of Venice & University of Zurich, Programme Chair) • * Monica Billio *(Ca’ Foscari University of Venice & GRETA) • * Francesca Campolongo *(Joint Research Center, European Commission) • *Vittoria Colizza* (INSERM, France) • * Helmut Kraemer-Eis* (European Investment Fund) • * Jan Pieter Krahnen* (Leibniz Institute for Financial Research SAFE & Goethe University, Frankfurt) • *Irene Monasterolo *(Vienna University of Economics and Business) • *Steven Ongena* (University of Zurich, Swiss Finance Institute, KU Leuven & CEPR) • *Roberto Rigobon* (MIT Sloan School of Management) • *Stephen Schaefer* (London Business School)

PROGRAMME

*Thursday, September 23 2021*

*08.30 **Registration*_* *_

*09.00 Welcome and Opening Remarks*_*

*_*09.15 Session I: Pandemics and Macro-financial Impacts *

• *Keynote talk*: /TBA - /*Vittoria Colizza*, French National Institute for Health and Medical Research, Paris

• /Learning about Unprecedented Events: Agent-Based Modelling and the Stock Market Impact of COVID-19 - /*Roberto Savona*, University of Brescia (join with Davide Bazzana and Michele Colturato)

• /Credit Demand and Financial Constraints in Non-Financial Recessions: Evidence from the COVID-19 Pandemic - /*Tor Jacobson*, Sveriges Riksbank, Stockholm (join with Niklas Amberg)

*11.00 Coffee break*_*

*_*11.30 Session II: Regulatory Requirement and Long Run Risks *

• /Credit Allocation and Macroeconomic Fluctuations - /*Karsten Müller*, Princeton University (join with Emil Verner)

• /Climate Change Regulatory Risks and Bank Lending - /*Eleonora Sfrappini*,IWH - Halle Institute for Economic Research (join with Isabella Mueller)

• /Required Capital for Long Run Risks - /*Alain Monfort*, CREST (join with Christian Gouriéroux and Jean-Paul Renne)

*13.00 Lunch** *

*14.30 Session III: ESG (EIBURS Project ESG-Credit.eu)*

*• Keynote talk: */Silencing the Noise: ESG Confusion and Stock Returns//- /*Roberto Rigobon*, MIT Sloan School of Management

• /The Salience of ESG Ratings: Evidence from Possible Investor Confusion - /*Loriana Pelizzon*, Leibniz Institute for Financial Research SAFE, Goethe University Frankfurt, Ca' Foscari University of Venice & CEPR (join with Aleksandra Rzeznik  and Kathleen Weiss Hanley)

• /Green Sentiment, Stock Returns, and Corporate Behavior - /*Stefano Ramelli*, University of Zurich (join with Marie Brìere)

*16.15 Coffee break and POSTER SESSION** *

*16.45 Session IV: Compounding Risks (World Bank joint project)*

• /TBA - /*Nicola Ann Ranger*, World Bank & Oxford University

• /Assessing the Macrofinancial Impacts of Compouding COVID-19 and Climate Risks - /*Irene Monasterolo*, Vienna University of Economics and Business & Boston University

*Social dinner

* *Friday, September 24, 2021* * 09.15 Session V: Finance and Climate Change *

• *Keynote talk:* /Climate Financial Risk: Portfolios and Stress Tests - /*Robert F. Engle*,New York University

• /Accounting for Finance is Key for Climate Mitigation Pathways - /*Stefano Battiston*, Ca’ Foscari University of Venice & University of Zurich (join with Irene Monasterolo, Keywan Riahi and Bas J. van Ruijven)

• /When Do investors Go Green? Evidence from a Time-varying Asset-pricing Model - /*Lucia Alessi*, European Commission, Joint Research Centre & Università degli Studi di Milano-Bicocca (join with Elisa Ossola and Roberto Panzica)

*11.00 Coffee break

11.30 PANEL Session

13.00 Lunch

14.30 Session VII: Disaster Risk *

• /Impacts of Extreme Weather Events on Mortgage Risks and Their Evolution under Climate Change: the Case of Florida - /*Luca Zanin*,Prometeia, Bologna (join with Raffaella Calabrese, Timothy Dombrowski, Antoine Mandel and R. Kelley Pace)

• /Housing and Mortgage Markets with Climate-Change Risk: Evidence from Wildfires in California//- /*Richard Stanton*, Haas School of Business, U.C. Berkeley (join with Paulo Issler, Carles Vergara-Alert and Michela Rancan)

• /Floods and Firms: Vulnerabilities and Resilience to Natural Disasters in Europe//- /*Gábor Kátay*, European Commission (join with Serena Fatica and Michela Rancan)

*16.00 Coffee break and POSTER SESSION

17.00 Session VIII: Investment Funds and Sustainability *

• /Sustainability or Performance? Ratings and Fund Managers’ Incentives//- /*Nickolay Gantchev*, University of Warwick, CEPR, & ECGI (join with Mariassunta Giannetti and Rachel Li)

• /Measuring the Lifecycle Relative Carbon Footprint and Carbon Intensity of European Sustainable Investment Funds by Means of Environmentally Extended Input-Output Models//- /*Ioana-Stefania Popescu*, Luxembourg Institute of Science and Technology & University of Luxembourg (join with Thomas Gibon, Claudia Hitaj, Mirco Rubin  and Enrico Benetto)

* 18.00 Closing Remarks and End of the Conference***

*REGISTRATION*

To register for the Conference you are requested to complete the registration form that is available on our website (https://www.greta.it/index.php/it/credit-2021 https://www.greta.it/index.php/it/credit-2021).

Registration fees are:

PhD Students*:

75 Euro + VAT

Onsite participation**:

200 Euro + VAT

Online participation***:

200 Euro + VAT

*VAT is currently 22% *

* Students will have to provide valid proof of their student status.

** Seats are limited in compliance with the new regulations to contain the spread of COVID-19.

The onsite registration fees cover admission to all scientific sessions, lunches, and coffee service during the Conference.

The onsite registration fees do not fully cover the conference dinner on *September 23**^rd , 2021*, for which there is an extra charge of 90.00 Euro per person (conference attendees as well as accompanying persons).

The online registration fees cover access to the platform on September 23^rd and 24^th , interactivity with authors and other participants.

More detailed information soon available on the Conference website:

https://www.greta.it/index.php/it/credit-2021 https://www.greta.it/index.php/it/credit-2021