Academic blogs

The PRI Academic blog showcases ESG and sustainable finance-related research in a user-friendly format. The regular blog is shared with PRI’s investment community of 5,000+ signatories representing over $120 trillion, our Academic Network community and policy makers.

Blog posts are predominantly disseminated through our Academic Insights newsletter, as well as through Linkedln and Twitter. You can sign up to receive our newsletter by selecting ‘interested in academia’ in the newsletter preferences section.

If you are interested in writing a blog post, please contact us at with the proposed paper you intend to write about. The selection process for the blog is assisted by PRI’s Academic Network Advisory Committee Members Pedro Matos, Darden School of Business and Jason Mitchell, Man Group.

Academic blog

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Spotlight Series Part 1: New members of the PRI Academic Network Advisory Committee


The PRI is delighted to welcome the following new members to the Academic Network Advisory Committee. They bring a wealth of expertise from academia, policy and investment practice across fields ranging finance, law, management, market strategy, corporate governance and RI.


How US anti-ESG laws raise borrowing costs for public finance


By Daniel Garrett, The Wharton School of the University of Pennsylvania; and Ivan Ivanov, Federal Reserve Bank of Chicago


The effectiveness of divestment strategies


By Alex Edmans, London Business School; Doron Levit, University of Washington; and Jan Schneemeier, Indiana University


How do natural areas affect financial markets?


By Claudio Rizzi, University of Miami – Miami Herbert Business School


Altruism or self-interest: What drives employees to invest in their companies?


By Maxime Bonelli, HEC Paris; Marie Brière, Amundi, Paris Dauphine University, and Université Libre de Bruxelles; and François Derrien, HEC Paris

Are carbon emissions associated with stock returns_hero

Are carbon emissions associated with stock returns?


By Jitendra Aswani, Harvard University; Aneesh Raghunandan, London School of Economics; and Shivaram Rajagopal, Columbia University

Do climate initiatives reduce companies’ cheap talk_Hero

Do climate initiatives reduce companies’ cheap talk?


By Julia Bingler, Council on Economic Policies; Mathias Kraus, University of Erlangen-Nuremberg; Markus Leippold, University of Zurich and Swiss Finance Institute; and Nicolas Webersinke, University of Erlangen-Nuremberg

Uncovering Firms’ Adaptation to Physical Climate Risks_hero

How do companies adapt to climate change exposure?


By Xia Li, Boston University

2022_Should investors expect to earn high returns on sustainable investments_hero

Should investors expect to earn high returns on sustainable investments?


By Lubos Pastor, University of Chicago; Robert F. Stambaugh and Lucian A. Taylor, University of Pennsylvania

2022_How best to implement net-zero pledges to achieve corporate decarbonisation_hero

How best to implement net-zero pledges to achieve corporate decarbonisation


By Harrison Hong and Neng Wang, Columbia University; and Jinqiang Yang, Shanghai University of Finance

Which responsible investment themes are trending in academia this year_hero

Which responsible investment themes are trending in academia this year?


By Bowie Ko, research analyst, PRI

How is CEO pay set__hero

How is CEO pay set?


By Alex Edmans and Tom Gosling, London Business School; and Dirk Jenter, London School of Economics and Political Science

Partisanship and climate-exposed property purchases_Hero

Partisanship and climate-exposed property purchases – a threat to investment in mitigation and adaption?


By Asaf Bernstein, Stephen B. Billings and Ryan Lewis, University of Colorado; and Matthew Gustafson, Penn State University


ESG factors in municipal finance


By Christopher Bruno and Witold Henisz, the Wharton School of the University of Pennsylvania

Financial vs ESG payoffs - How ESG investors impact asset pricing_Hero

Financial vs ESG payoffs: How ESG investors impact asset pricing


By Itay Goldstein, University of Pennsylvania; Alexandr Kopytov, University of Hong Kong; Lin Shen, INSEAD and Haotian Xiang, Peking University

Outsourcing climate change_Hero

Do US companies outsource their carbon footprints to overseas suppliers to maintain competitiveness?


By Rui Dai, Wharton Research Data Services; Rui Duan, Vienna University of Economics and Business; Hao Liang, Singapore Management University and Lilian Ng, York University.

How climate reallocates labour and capital within countries - New evidence from Brazil_Hero

How climate reallocates labour and capital within countries: new evidence from Brazil


By Christoph Albert, Collegio Carlo Alberto; Paula Bustos, CEMFI and Jacopo Ponticelli, Northwestern University

Accounting for finance is key for climate mitigation pathways_Hero

Why climate mitigation scenarios should factor in transition risk


By Stefano Battiston, University of Zurich and University of Venice, and Irene Monasterolo, EDHEC Business School and EDHEC-Risk Institute, France

Financial Constraints and Corporate Environmental Policies

Financial constraints and corporate environmental policies


By Qiping Xu, University of Illinois Urbana-Champaign and Taehyun Kim, Chun-Ang University

Epidemic of opioid abuse in the US_Hero

Opioid abuse affects municipal access to capital


By Kimberly Cornaggia, Pennsylvania State University - Department of Finance; John Hund, University of Georgia; Giang Nguyen, Pennsylvania State University - Smeal College of Business and Zihan Ye, University of Nevada, Las Vegas

The underperformance of public institutional investors in infrastructure_Hero

The underperformance of public institutional investors in infrastructure


By Aleksandar Andonov, University of Amsterdam and CEPR; Roman Kräussl, University of Luxembourg and Hoover Institution, Stanford University; Joshua Rauh, Stanford Graduate School of Business, Hoover Institution, and NBER.

Quota or disclosure

Quota or disclosure? Evidence from corporate board gender diversity policies


By Shirley Lu, Harvard Business School

Complementary or conflicting - How does state intervention interact with green investing to affect corporate environmental behaviour

Complementary or conflicting: How does state intervention interact with green investing to affect corporate environmental behaviour?


By Shipeng Yan and Juan (John) Almandoz, University of Hong Kong; and Fabrizio Ferraro, IESE Business School

Do mandatory climate-related disclosures by financial institutions speed up fossil fuel divestment

Do mandatory climate-related disclosures by financial institutions speed up fossil fuel divestment?


By Benoit Nguyen, Banque de France, and Jean-Stéphane Mésonnier, Banque de France

July 8

Sustainability or performance? Ratings and fund managers’ incentives


By Nickolay Gantchev, Warwick Business School, University of Warwick, CEPR and ECGI; Mariassunta Giannetti, Stockholm School of Economics, CEPR and ECGI and Rachel Li, Culverhouse College of Business, University of Alabama

ESG incidents and shareholder value

ESG incidents and shareholder value


By Simon Glossner, University of Virginia Darden School of Business

Do Index Funds Monitor Their Portfolio Firms

Do index funds monitor their portfolio firms?


By Davidson Heath and Matthew Ringgenberg, University of Utah Eccles School of Business;  Daniele Macciocchi, University of Miami Herbert Business School and Roni Michaely, Hong Kong University and ECGI.

Cheap Talk and Cherry-Picking

Is it time to make climate risk disclosures mandatory?


By Julia Anna Bingler, ETH Zurich, Mathias Kraus, University of Erlangen-Nuremberg and Markus Leippold, University of Zurich

Shareholders Pressing for Disclosure of Climate Risk are Doing Companies a Favor

Shareholders pressing for climate risk disclosures are doing companies a favour


By Caroline Flammer, Boston University; Michael Toffel, and Kala Viswanathan, Harvard Business School

Barriers to net zero - How firms can make or break the green transition

Barriers to net zero: How firms can make or break the green transition


By Ralph De Haas and Helena Schweiger, EBRD Office of the Chief Economist; Ralf Martin and Mirabelle Muûls, Imperial College London

ESG rating disagreements - Why is corporate virtue so subjective_Hero

ESG rating disagreements: why is corporate virtue so subjective?


By Dane Christensen, University of Oregon; George Serafeim, Harvard Business School, and Anywhere Sikochi; Harvard Business School

How do managers respond to ESG ratings

What can we learn from corporate responses to ESG ratings?


By Rieneke Slager, University of Groningen and Jean-Pascal Gond, City, University of London

How Regulatory Disclosure of Transition and Physical Climate Risks affects the CDS Term Structure-hero

How disclosing transition and physical climate risks affects credit default swaps


By Julian Koelbel and Markus Leippold, University of Zurich; Jordy Rillaert, SFI Swiss Institute, and Qian Wang, UBS

Global Pricing of Carbon Transition Risk

Global pricing of carbon-transition risk


By Patrick Bolton, Columbia Business School and Marcin Kacperczyk, Imperial College London

Diversity of skills, gender and age may accelerate integration of climate-related issues

Can diversity accelerate the integration of climate-related issues by investors and boards?


By Kristin Bresnahan, Jens Frankenreiter, Brea Hinricks, Eric Talley, Sophie L’Hélias, Nina Hodzic, Julian Nyarko and Sneha Pandya

Leveraging the feeling of ownership to protect common resources

Leveraging psychological ownership to protect common resources


By Andrea Luangrath, University of Iowa, Joann Peck, University of Wisconsin-Madison, Colleen Kirk, New York Institute of Technology and Suzanne Shu, Cornell University

Climate finance - What does the research say

Climate finance: What does the research say?


Stefano Giglio, Yale School of Management, NBER and CEPR, Bryan Kelly, Yale School of Management, AQR Capital Management and NBER and Johannes Stroebel, New York University, Stern School of Business, NBER, and CEPR

The ESG-innovation disconnect - Evidence from green patenting

The ESG-innovation disconnect: evidence from green patenting


By Lauren Cohen, L.E. Simmons Professor of Business Administration, Harvard Business School, Umit G. Gurun, Ashbel Smith Professor of Finance and Accounting, University of Texas at Dallas, Quoc Nguyen, Assistant Professor of Finance, DePaul University

Does climate change drive up the cost of government borrowing

Does climate change drive up the cost of government borrowing?


By Hannes Boehm, Halle Institute for Economic Research

Local Public Finance Dynamics and Hurricane Shocks

How do hurricane shocks impact local public finance dynamics in the US?


By Rhiannon Jerch, Assistant Professor of Economics at Temple University, Matthew E. Kahn, Bloomberg Distinguished Professor of Economics and Business and Director of JHU’s 21st Century Cities Initiative, Johns Hopkins University and NBER, and Gary C. Lin, Postdoctoral Fellow at the Johns Hopkins University

Do PRI signatory investors walk the talk

Do PRI signatory investors walk the talk?


By Rajna Gibson Brandon (University of Geneva), Simon Glossner (University of Virginia – Darden School of Business), Philipp Krueger (University of Geneva & Swiss Finance Institute), Pedro Matos (University of Virginia – Darden School of Business) and Tom Steffen (Osmosis Investment Management)

Rewriting History II - The (Un)predictable Past of ESG Ratings

Rewriting history II: The (un)predictable past of ESG ratings


Florian Berg (MIT Sloan), Kornelia Fabisik and Zacharias Sautner (Frankfurt School of Finance & Management)

What is blocking the sustainable energy transition in the US

What is blocking the sustainable energy transition in the US? Insights from the Citizens United ruling


By Hanna Niczyporuk, political economy PhD candidate at New York University

How does ESG information enter into decision-making_hero

How does ESG information affect investors’ decisions?


By Jacquelyn Humphrey, University of Queensland, Shimon Kogan, IDC Herzliya & Wharton, Jacob Sagi, University of North Carolina at Chapel Hill and Laura Starks, University of Texas at Austin

Costing jobs or cutting emissions-What is the real impact of Europe’s Carbon Taxes_hero

Costing jobs or cutting emissions: What is the real impact of Europe’s carbon taxes?


Gilbert E. Metcalf, Department of Economics at Tufts University, and the National Bureau of Economic Research; James H. Stock, Department of Economics at Harvard University, and the National Bureau of Economic Research

Does Competition Increase or Decrease Corporate Social Responsibility_hero

Does competition increase corporate social responsibility?


By Wenzhi Ding, Hong Kong University, Ross Levine, University of California, Berkeley, Chen Lin, Hong Kong University, and Wensi Xie, Chinese University of Hong Kong.

What matters for sustainability is monetary environmental damage not physical emissions

Monetary damages – a better measure of sustainability than emissions?


Aniruddh Mohan and Nicholas Z. Muller, Carnegie Mellon University

Clean technology_hero

Clean technology: How the European carbon market is spurring innovation


By Raphael Calel, Georgetown University

Academic_blog_Carbon tail risk

Is climate change priced into the options market?


By Emirhan Ilhan, Zacharias Sautner and Grigory Vilkov, Frankfurt School of Finance & Management

The PRI's academic blog aims to bring investors insights from the latest academic research on responsible investment. It is written by academic guest contributors. Blog authors write in their individual capacity – posts do not necessarily represent a PRI view.

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RI Quarterly

The PRI Academic Research programme aims to engage and inform signatories and responsible investment practitioners with academic research that analyses current thinking and future trends, provides practical recommendations and is thought-provoking. RI Quarterly extracts the essentials and distils key findings from research in a clear and concise manner for investment professionals.