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X-WR-CALNAME:Mathematical Finance
X-ORIGINAL-URL:https://www.math.ttu.edu/mathematicalfinance
X-WR-CALDESC:Events for Mathematical Finance
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DTSTART:20230312T080000
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DTSTART:20231105T070000
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DTSTART;TZID=America/Chicago:20230113T140000
DTEND;TZID=America/Chicago:20230113T150000
DTSTAMP:20260404T174431
CREATED:20230102T163654Z
LAST-MODIFIED:20230113T181039Z
UID:982-1673618400-1673622000@www.math.ttu.edu
SUMMARY:On ESG Investing: Heterogeneous Preferences\, Information\, and Asset Prices
DESCRIPTION:Speaker: Prof. Lin Shen\, Department of Finance\, INSEAD\, Fontainebleau\, Fr. \nAbstract: We study how environmental\, social and governance (ESG) investing reshapes in-formation aggregation by prices. We develop a rational expectations equilibrium model in which traditional and green investors are informed about financial and ESG risks but have different preferences over them. Because of the preference het-erogeneity\, traditional and green investors trade in the opposite directions based on the same information. We show that the equilibrium price may not be uniquely determined. An increase in the fraction of green investors and an improvement in the ESG information quality can reduce price informativeness about the financial payoff and raise the cost of capital.
URL:https://www.math.ttu.edu/mathematicalfinance/event/on-esg-investing-heterogeneous-preferences-information-and-asset-prices/
LOCATION:via Zoom
CATEGORIES:Seminars,Spring 2023
ATTACH;FMTTYPE=image/jpeg:https://www.math.ttu.edu/mathematicalfinance/wp-content/uploads/2023/01/shen-2.jpg
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