Academic Network Conference

The PRI Academic Network Conference showcases the latest high-quality, independent evidence and insights in responsible investment practices. The event seeks to bridge the gap between investors and academics, and offers a unique opportunity to engage, learn, and network.

The conference represents an integral part of the PRI’s longstanding support for fostering new research and a community of practice in RI, from which the latest ESG research can inform the investment practices, behaviours and systems.

The 2023 Academic Network Conference, hosted as part of PRI in Person, consisted of 5 sessions as outlined below:

Wednesday, 4 October
11:15 – 12:15 Breakout 1C: Climate risks and investing

Session Chair:
Caroline Flammer (Columbia University, NBER, and ECGI)

Paper 1: Counterproductive Sustainable Investing: The Impact Elasticity of Brown and Green Firms

Authors: Academic discussant: Hao Liang (Singapore Management University, and ECGI)
Practitioner Discussant: Andy Howard (Global Head of Sustainable Investment at Schroders)

Paper 2: What Drives Beliefs about Climate Risks? Evidence from Financial Analysts

Author: Academic Discussant: Darwin Choi (The Chinese University of Hong Kong)
Practitioner Discussant: Martin Skancke (Chair of the PRI Board)
13:45 – 14:45 Breakout 2C: Firms and Corporate Political Activities

Session Chair:
Pedro Matos (University of Virginia and ECGI)

Paper 3: Investing in Influence: Investors, Portfolio Firms, and Political Giving

Authors: Academic Discussant: Dylan Minor (UCLA)
Practitioner Discussant: Lisa Hayles (Director, International Shareholder Advocacy at Trillium Asset Management)

Paper 4: Do Socially Responsible Firms Pay Taxes? CSR and Effective Tax Rates

Authors: Academic Discussant: Xavier Giroud (Columbia University, NBER and CEPR)
Practitioner Discussant: Emma Pullman (Head of Capital Stewardship at BC General Employees’ Union)
15:15 – 16:15 Breakout 3C: Diversity, equity, and inclusiveness

Session Chair:
Ayako Yasuda (UC Davis)

Paper 5: Empowering Women by Index Membership: Evidence from a Unique Experiment from Japan

Authors: Academic Discussant: Shaun Davies (University of Colorado Boulder)
Practitioner Discussant: Kaoru Kobu (Head of ESG at Invesco Asset Management Japan)

Paper 6: Diversity, Equity, and Inclusion

Authors: Academic Discussant: Kai Li (University of British Columbia, and ECGI)
Practitioner Discussant: Yumiko Murakami (General Partner at MPower Partners)

Thursday, 5 October
09:15 – 10:15 Breakout 4C: Governance and incentives

Session Chair:
Pedro Matos (University of Virginia and ECGI)

Paper 7: Does Paying Passive Managers to Engage Improve ESG Performance?

Authors: Academic Discussant: Jun Yang (Indiana University, and ECGI)
Practitioner Discussant: Marie Briere (Head of Investor Intelligence and Academic Partnerships at AMUNDI Institute)

Paper 8: Foreign Institutional Ownership and Corporate Carbon Emissions

Authors: Academic Discussant: Miguel Ferreira (Nova School of Business and Economics, and ECGI)
Practitioner Discussant: Lloyd Kurtz (Senior Portfolio Manager at Montecito Bank & Trust)
11:00 – 12:00 Breakout 5C: Towards system-level investing

Session Chair:
Caroline Flammer (Columbia University, NBER, and ECGI)

Paper 9: Institutional Investor Industrial Policy

Authors: Academic Discussant: Ben Caldecott (GRASFI, The Alan Turing Institute, University of Oxford)
Practitioner Discussant: Linda-Eling Lee (Founding Director and Head, MSCI Sustainability Institute)

Paper 10: Collaborative Investor Engagement with Policymakers: Changing the Rules of the Game?

Authors: Academic Discussant: Naoko Ishii (University of Tokyo)
Practitioner Discussant: Jason Mitchell (Head of Responsible Investment Research at Man Group)

Application and Selection Process
The PRI Academic Network Conference programme was selected by the 2023 PRI Academic Network Conference Committee (Caroline Flammer, Pedro Matos, Laura Starks, and Ayako Yasuda).

Top rated papers were identified through a double-blind assessment with at least two Committee members. All submissions were reviewed by Committee Members without conflict of interest. Among the thirty shortlisted papers, ten papers were chosen for the programme.

To ensure the assembly of an inclusive and balanced programme, additional dimensions such as academic disciplines, geographic representation, gender, underrepresented minorities, seniority, topic, and others were also considered.


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