Academic blogs

The PRI Academic blog showcases ESG and sustainable finance-related research in a user-friendly format. The weekly blog is shared with PRI’s investment community of 3,000+ signatories representing over $100 trillion, our Academic Network community and policy makers.

The blogs 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 article, 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 Fabrizio Ferraro, IESE Business School and Jason Mitchell, Man Group.

Academic blogs

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 big blue_hero

The big blue: financing sustainable seafood


By Jean-Baptiste Jouffray (Stockholm University), Beatrice Crona (Royal Swedish Academy of Sciences), Emmy Wassénius (Stockholm University), Jan Bebbington (University of Birmingham Business School) and Bert Scholtens (University of Groningen & University of St Andrews)

Do individual investors continue to invest in sustainability during an economic crisis_hero

Do retail investors continue to invest in sustainability during an economic crisis?


By Robin Döttling, Erasmus University Rotterdam, and Sehoon Kim, University of Florida

Can climate change legislation keep its momentum

Can climate change legislation keep its momentum?


By Shaikh Eskander, Kingston University, Sam Fankhauser and Joana Setzer, both Grantham Research Institute

Buyouts PE

Private equity buyouts and employee health


By Pilar Garcia-Gomez (Erasmus University, Rotterdam), Ernst Maug (University of Mannheim), and Stefan Obernberger (Erasmus University, Rotterdam)

Wealth_sustainability_hero blog

Do private wealth investors care about sustainability?


By Amir Amel-Zadeh, Saïd Business School, University of Oxford; Rik Lustermans, Erasmus School of Economics, Erasmus University and ABN AMRO Bank; Mary Pieterse-Bloem, Erasmus School of Economics and Erasmus Research Institute of Management, Erasmus University, and ABN AMRO Bank


Charitable donations and corporate directors – a hidden conflict?


By Ye Cai, Santa Clara University Leavey School of Business; Jin Xu, Virginia Tech Pamplin College of Business; and Jun Yang, Indiana University Kelley School of Business

Trump Election

Playing the Trump card: abnormal stock returns and the 2016 election


By Travers Child (CEIBS), Nadia Massoud (Melbourne Business School), Mario Schabus, Yifan Zhou (University of Melbourne)

shutterstock_64675891 (1)

The challenge of tracking firm-level climate change exposure


By Zacharias Sautner, Laurence van Lent, Grigory Vilkov, Ruishen Zhang (All authors are from Frankfurt School of Finance & Management)

ESG policy_Blog_Academic_hero (002)

Environmental and social policies pay off when times are tough


By Rui Albuquerque, Carroll School of Management, Boston College, CEPR and ECGI, Yrjo Koskinen, Haskayne School of Business, University of Calgary, Shuai Yang, Haskayne School of Business, University of Calgary, and Chendi Zhang, University of Exeter Business School

Carbon reduction_Paris Agremeent_academic blog

Carbon reductions and climate risk – does the Paris Agreement hold the key?


By Tarun Ramadorai, Imperial College London & Federica Zeni, Imperial College London

Academic_blog_Stock markets and media

Corporate social irresponsibility and stock market reactions: the critical role of news media


By Samuel Stäbler, Assistant Professor of Marketing at Tilburg University, and Marc Fischer, Professor of Marketing at the University of Cologne

Display of stock market quotes 149072456 copy

How equity investors react to mandatory non-financial disclosures


By Jody Grewal, University of Toronto, Edward J. Riedl, Boston University and George Serafeim, Harvard Business School


Does hedge fund activism impact the long-term sustainability of companies? [Updated]


By Mark DesJardine, Pennsylvania State University, and Rodolphe Durand, HEC-Paris


When Harry fired Sally: uncovering the gender punishment gap


By Mark Egan, Harvard University; Gregor Matvos, Northwestern University; Amit Seru, Stanford University


Do local weather conditions resonate more than global climate trends?


By Darwin Choi, Zhenyu Gao, and Wenxi Jiang, The Chinese University of Hong Kong Business School


Top of the class: do SRI-focused endowments perform better?


By George O. Aragon, Arizona State University, Yuxiang Jiang, Southwestern University of Finance and Economics, Juha Joenvӓӓrӓ, Aalto University School of Business and Cristian Ioan Tiu, University at Buffalo

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Do managers boost short-term performance at the expense of long-run value?


By Tomislav Ladika, University of Amsterdam, and Zacharias Sautner, Frankfurt School of Finance & Management and ECGI

Smoke emission from factory pipes 92660983 copy

Making polluters pay – the problem with limited liability


By Pat Akey, University of Toronto and Ian Appel, Boston College

Partnership joining hands 164558246 copy

Can CSR reduce risk and boost valuations?


Rui Albuquerque, Yrjo Koskinen, Chendi Zhang

These blogs are written by PRI staff members and guest contributors. Our goal is to contribute to the broader debate around topical issues and to help showcase some of our research and other work that we undertake in support of our signatories.

Please note that although you can expect to find some posts here that broadly accord with the PRI’s official views, the blog authors write in their individual capacity and there is no “house view”. Nor do the views and opinions expressed on this blog constitute financial or other professional advice.

If you have any questions, please contact us at

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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.