19^th INTERNATIONAL CONFERENCE

CREDIT 2020

*/Environmental, Social and Governance Risks/*

Venice, Italy

24 –25 September 2020

*COVID-19 update: the CREDIT 2020 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 am Main, Germany), *CRIF* (Bologna, Italy), *European Investment* *Fund *(Luxembourg), *European Investment Bank* (Luxembourg) and*Intesa Sanpaolo *(Milan, Italy) are co-sponsors of a Conference to be held in Venice on September 24-25, 2020. The objective of the Conference is to bring together academics, practitioners and PhD students working in the area of risk management. The conference will provide an opportunity for participants engaged in research at the forefront of this area to discuss both the causes and implications of recent financial and climate-related events and may, in turn, suggest fruitful and policy-relevant directions for future research. The Conference, organised under the auspices of the *Department of Economics and VERA - Venice centre in Economic and Risk Analytics for public policies* (University Ca’ Foscari of Venice), *ABI - Italian Banking Association*, *AIAF - Associazione Italiana per l'Analisi Finanziaria* and the *Joint Research Center*, *European Commission* (Ispra, Italy), is the *nineteenth *of a series dedicated to various aspects of credit risk.

/The UN 2030 Agenda for Sustainable Development and the adoption of European Commission’s Action Plan on Sustainable Finance mark important international commitments to the objective of a more sustainable economy and society. However, their successful implementation is tightly related to the scaling up of low-carbon investments and divestment from carbon-intensive investments. This, in turn, requires an assessment of the credit risks stemming from investors’ exposure to economic activities and assets that could be stranded by climate change. For instance, regulators’ discussion about the revision of capital requirements aimed to foster green investments (i.e. a green-supporting or a brown-penalising factor) is hampered by the unclear understanding of the implications of a regulatory change on individual institutions and systemic financial risk. Thus, financing the low-carbon transition is primarily a discussion about credit risk./

/The financial sector, and in particular the banking and insurance industries need to develop new portfolios’ risk management strategies and to adjust their credit allocation practices to cope with the opportunities and challenges of the low-carbon transition in the economy and finance. All these changes call for a substantial amount of research to improve the knowledge of the mechanisms at play and to design tailored and effective policy tools./

The SCIENTIFIC COMMITTEE consists of: *Monica Billio *(Ca’ Foscari University of Venice & GRETA, Programme Chair)** *Marina Brogi *(Sapienza University of Rome)** *Francesca Campolongo*(Joint Research Center, European Commission)** *Helmut Kraemer-Eis*(European Investment Fund)** *Rainer Haselmann*(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 24 2020*

*08.30_Registration_*

*09.00_Welcome and Opening Remarks_*

*09.15_Session I: Regulation and Corporate Strategies_*

•*Keynote talk: */TBA - /*Marina Brogi*,**Sapienza University of Rome

•/Exporting Pollution: Where Do Multinational Firms Emit CO2? - /*Yeejin Jang*, University of New South Wales, Sidney(join with Itzhak Ben-David, Stefanie Kleimeier and Michael Viehs)

•/National Climate Policies and Corporate Internal Carbon Pricing - /*Gianfranco Gianfrate*, EDHEC Business School, Rubaix(join with Nuno Bento and Joseph Aldy)

*11.00_Coffee break_*

*11.30_Session II: Climate Change_*

•/Results presentation of EIBURS Project - /*Loriana Pelizzon*, SAFE-Goethe University Frankfurt & Ca’ Foscari University of Venice

•/Climate Change Awareness: Empirical Evidence for the European Union - /*Claudio Morana*,**University of Milano-Bicocca, Collegio Carlo Alberto, Turin & Rimini Centre for Economic Analysis (join with Donatella Baiardi)

•/Climate Change Concerns and Mortgage Lending - /*Frank Weikai Li*, Singapore Management University(join with Tinghua Duan)

*13.00_Lunch_*

*14.15_Session III: Financial System_*

•/The Next Step in Green Bond Financing - /*Dion Bongaerts*, Erasmus University Rotterdam(join with Dirk Schoenmaker)

•*Unintended*/Consequences of the Global Derivatives Market Reform - /*Pauline Gandré*, University Paris Nanterre(join with Mike Mariathasan, Ouarda Merrouche and Steven Ongena)

•*Better*/Fewer, but Better: Stock Returns and the Financial Relevance and Financial Intensity of Materiality - /*Costanza Consolandi*, University of Siena(join with Robert G. Eccles and Giampaolo Gabbi)

*15.45_Coffee break and POSTER SESSION_*

*16.45_Session IV Corporate Sustainability and Value_*

•/Layered Goals-Based Portfolio Optimization Utilizing the Production Properties of ESG Bias - /*Gordon H. Dash*, University of Rhode Island(join with Nina Kajiji)

•*Corporate*/Sustainability and Stock Returns: Evidence from Employee Satisfaction - /*Aaron Yoon*, Northwestern University, Chicago(join with Kyle Welch)

•/Stranded Fossil Fuel Reserves and Firm Value - /*Eduardo Schwartz*, UCLA Anderson, Los Angeles, Simon Fraser University, Vancouver & NBER

*_Social dinner_*

*Friday, September 25 2020*

**09.00*_Session V: Time of ESG and COVID 19_*

•///Are//Women Directors Inherently ESG Friendly? Evidence from Board Gender Quotas //- /*Caroline Raskopf*, University Paris–Dauphine (join with Edith Ginglinger)

•///Assessing the Impact of Compound Covid-19, Climate Change and Financial Risk: What Role for Policy Complementarities? - /*Irene Monasterolo*, Vienna University of Economics and Business & Boston University (join with Nepomuk Dunz, Andrea Mazzocchetti and Marco Raberto)

•///ESG Integration at the Time of COVID-19 - /*Andrea**Gasperini*, AIAF, Milan (join with Sonia Artuso, Lorena Sorrentino and Ilaria La Torre)

*10.30_Coffee break_ *

*11.00_Session VI_*

•//*Keynote talk: */The EU Technical Support to Design, Develop and Implement Reforms - /*Mario Nava*, European Commission, Brussels

*11.30_PANEL Session_*

*12.45_Lunch_*

*14.15_Session VII: Sustainable Investment_*

•///ESG Considerations in Venture Capital and Business Angel Investment Decisions: Evidence from Two Pan-European Surveys - /*Antonia Botsari*, European Investment Fund, Luxembourg (join with Frank Lang)

•///Skills and Sentiment in Sustainable Investing - /*Andreas Brøgger*, Copenhagen Business Schooly (join with Alexander Kronies)

•///Mind the Gap! Machine Learning, ESG Metrics and Sustainable Investment - /*Ariel A. G. Lanza*, Northwestern University, Chicago (join with Enrico Bernardini and Ivan Faiella)

*15.45_Coffee break_*

*16.15_Session VIII_*

•//*Keynote talk: */How Finance Can Cure Cancer, Solve the Energy Crisis, and Fix Climate Change - /*Andrew W. Lo*, MIT Sloan School of Management, Cambridge

*17.00_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 (http://www.greta.it/credit/credit2020/credit2020.htm).

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 24th, 2020*, 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 24th and 25^th , interactivity with authors and other participants.

More detailed information soon available on the Conference website:

http://www.greta.it/credit/credit2020/credit2020.htm