Finance Brown Bag Seminar
The Finance Brown Bag Seminar is held jointly with the Vienna Graduate School of Finance (VGSF) and serves as a presentation platform for PhD students, faculty members, and visitors. It usually takes place on Wednesdays from 12:00 to 13:00 (location tba). For further information, please contact email@example.com
Summer Term 2019
June 11th, 2019, 12:00-13:00, D4.4.008
Jack Stecher (Alberta School of Business)
May 15th, 2019, 12:00-13:00, D4.0.039
Title: "Discretionary NAVs"
May 13th, 2019, 12:00-13:00, D4.0.019
Steven Baker (McIntire School of Commerce, University of Virginia)
Title: "Asset Prices and Portfolios with Externalities"
Abstract: Elementary portfolio theory implies that environmentalists optimally hold more shares of polluting firms than non-environmentalists, and that polluting firms attract more investment than otherwise identical non-polluting firms. These results reflect the demand to hedge against high pollution states. Pigouvian taxation can reverse the aggregate investment results, but environmentalists still overweight polluters. We introduce countervailing motives for environmentalists to underweight polluters, com- paring the implications when environmentalists coordinate to internalize pollution, or have nonpecuniary disutility from holding polluter stock. With nonpecuniary disutil- ity, introducing a green derivative product may dramatically alter who invests most in polluters, but has no impact on aggregate pollution.
May 8th, 2019, 11:00-12:00, D4.4.008
Leopold Sögner (IHS)