Sustainable RPN
Research Policy Network (RPNs)

Sustainable Finance

Project lead

Dirk Schoenmaker

Non-Resident Fellow Erasmus University Rotterdam; Professor of Banking and Finance, Rotterdam School of Management Erasmus University Rotterdam

Primary markets increasingly direct funding – both equity and debt - to companies that invest in sustainable technologies and embrace sustainable management practices. Secondary market trading based on sustainability factors causes stock prices to reflect such factors rather than purely financial concerns. In addition to capital allocation, investors can also improve sustainability through voting and engagement. To fulfil these functions, investors and lenders need information on companies’ sustainability performance and impact. Key is to take a sufficiently long horizon because sustainability is about the future.

The theoretical and policy challenge is to integrate financial, social and environmental factors into decision-making and reporting. The Sustainable Finance RPN pursues a broad agenda covering topics in investment analysis (price formation, portfolio-selection, engagement and voting), corporate finance (investment decisions, employee and board compensation and corporate governance), banking (lending decisions, credit risk analysis and loan covenants), corporate reporting (emerging sustainable reporting standards, impact measurement and assurance) and financial regulation (taxonomy, fiduciary duty and capital adequacy framework). Reflecting the growing concerns around climate change and reacting to the huge financial sector interest in ESG issues and impact measurement, the aim of this RPN is to foster research in the area of sustainable finance and to make it mainstream.

Leadership of the RPN is supported by a Steering Committee:- Patrick Bolton (Imperial College London and Columbia University), Alex Edmans (London Business School) and Stefan Reichelstein (University of Mannheim and Stanford University)

Events

The Sustainable Finance RPN will host several events, including an annual meeting.

Steering Committee

Stefan Reichelstein

Senior Fellow Precourt Institute for Energy; Senior Fellow Stanford Institute for Economic Policy Research; The William R. Timken Professor of Accounting, Emeritus Stanford University; Senior Fellow Woods Institute for the Environment

Members

Jean Boissinot

RPN Member, Climate Change / RPN Member, Sustainable Finance

Ben Caldecott

Lombard Odier Associate Professor Director

RPN Member, Sustainable Finance

Ralph De Haas

Director of Research European Bank for Reconstruction and Development; Part-time Professor of Finance KU Leuven

RPN Member, Sustainable Finance / Fellow, Banking and Corporate Finance

Willem Evers

Head of Department, Supervisory Policy De Nederlandsche Bank

RPN Member, Sustainable Finance

Caroline Flammer

Professor of International and Public Affairs Columbia University

RPN Member, Sustainable Finance

Marcin Kacperczyk

Professor of Finance, Imperial College London Business School London Business School

RPN Member, Sustainable Finance / RPN Member, European Financial Architecture / Fellow, Banking and Corporate Finance / Fellow, Asset Pricing

Christian Leuz

Charles F. Pohl Distinguished Service Professor of Accounting and Finance, University of Chicago's Booth School of Business University of Chicago

RPN Member, Sustainable Finance / RPN Member, European Financial Architecture / Fellow, Banking and Corporate Finance

Sophie Moinas

Professor of Finance, IAE Toulouse School of Management Toulouse 1 Capitole University

RPN Member, Sustainable Finance / Fellow, Asset Pricing

Kjell Nyborg

Research Fellow Centre for Economic Policy Research; Chaired Professor of Finance Universitat Zurich

RPN Member, Sustainable Finance / Fellow, Banking and Corporate Finance

Martin Oehmke

Professor of Finance London School of Economics and Political Science

RPN Member, Sustainable Finance / RPN Member, European Financial Architecture / Fellow, Banking and Corporate Finance

Marcus Opp

Professor Stockholm School of Economics

RPN Member, Sustainable Finance / Fellow, Banking and Corporate Finance

Gaizka Ormazabal

Professor of Accounting and Control University of Navarra

RPN Member, Sustainable Finance / Fellow, Banking and Corporate Finance

Lasse Heje Pedersen

Associate Editor Journal of Economic Theory; Associate Editor Journal of Finance; Professor of Finance at the Stern School of Business New York University

RPN Member, Sustainable Finance / Fellow, Asset Pricing

Lucrezia Reichlin

Fellow British Academy; Research Fellow and Trustee Centre for Economic Policy Research; Fellow Econometric Society; Trustee IFRS International Financial Reporting Standards Foundation; Professor of Economics London Business School

Debora Revoltella

Director, Economics Department European Investment Bank

RPN Member, Sustainable Finance

Nick Robins

Professor in Practice - Sustainable Finance London School of Economics and Political Science

RPN Member, Sustainable Finance

Frederic Samama

Head of Responsible Investment Amundi

RPN Member, Sustainable Finance

Zacharias Sautner

Professor of finance Frankfurt School of Finance & Management

RPN Member, Sustainable Finance / RPN Member, European Financial Architecture

Isabel Schnabel

Member of the Executive Board European Central Bank; Professor of Financial Economics (on leave) University Of Bonn

Henri Servaes

Richard Brealey Professor of Corporate Governance and Professor of Finance London Business School

RPN Member, Sustainable Finance / Fellow, Banking and Corporate Finance

Martin Spolc

Head of Secretariat European Fiscal Board

RPN Member, Sustainable Finance

Ulrich Volz

Professor of Economics and Director of the Centre for Sustainable Finance Soas University Of London

Beatrice Weder di Mauro

President Centre for Economic Policy Research; Professor of International Economics Graduate Institute of International and Development Studies

Josef Zechner

Professor of Finance Vienna University of Economics and Business (WU)

RPN Member, Sustainable Finance / Fellow, Asset Pricing / Fellow, Banking and Corporate Finance
Book

Scaling Up Sustainable Finance and Investment in the Global South