Divest or Engage? Strategies for Responsible Investing
- 28 October 2019
- •
- University of Cambridge
About the event:
Pension fund beneficiaries increasingly expect that the savings entrusted to them are invested responsibly. Students, faculty and alumni expect the same for university endowments. Retail funds marked as sustainable enjoy large inflows, especially in Europe. Most institutional and retail investment managers have made a public commitment to sustainable and responsible investing (SRI).
How should asset owners and investment managers incorporate environmental, social and governance (ESG) criteria into their strategy? Is active management superior because fund managers can select companies with best practices and avoid companies with poor ESG records? Do index funds engage sufficiently and what impact do they have? Should funds divest from businesses or sectors whose product or conduct are deemed unacceptable?
This conference, co-hosted by the Centre for Endowment Asset Management (CEAM) and the European Corporate Governance Institute (ECGI), brought together the latest academic thinking and research to address questions of how best to incorporate ESG concerns into investment portfolios.
Organisers:
Marco Becht, Solvay Brussels School, ECGI and CEPR
Elroy Dimson, University of Cambridge and ECGI
Andrew Ellul, Kelley School of Business, Indiana University and ECGI and CEPR
Oğuzhan Karakaş, University of Cambridge and ECGI
Vaska Atta-Darkua, Cambridge Judge Business School
Contact:
Please contact the Conference team at the Centre for Endowment Asset Management:
Location:
The Howard Building
Downing College
Regent Street
Cambridge
CB2 1DQ
Information
Monday 28 October
Registration
Welcome
Speakers:
Session 1: Setting the scene (chaired by Marco Becht)
Introduction: Divest or to Engage? A Case Study of Climate-Change Activism
Speakers:
Discussant:
Introduction: Divest or to Engage? A Case Study of Climate-Change Activism
Speakers
Discussants
ESG Rating Disagreement and Stock Returns
Speakers:
Discussant:
ESG Rating Disagreement and Stock Returns
ESG rating disagreement and stock returns. Peter Schmidt, Rajna Gibson, Philipp Krueger, and Nadine Riand (2019). Available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3433728
Speakers
Discussants
Break
Session 2: Thought leadership in responsible investing (chaired by David Chambers)
The Firms’ Reaction to Changes in the Governance Preferences of Active Institutional Owners
Speakers:
Discussant:
The Firms’ Reaction to Changes in the Governance Preferences of Active Institutional Owners
The Firms’ Reaction to Changes in the Governance Preferences of Active Institutional Owners. Ruth Aguilera, Vicente Bermejo, Javier Capapé, and Vicente Cuñat (2019). Available at https://ecgi.global/working-paper/firms%E2%80%99-reaction-changes-governance-preferences-active-institutional-owners
Speakers
Discussants
Survey on Sector Exclusions
Survey on Sector Exclusions. Vaska Atta-Darkua and Elroy Dimson (2019). Available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3467677
Speakers
Discussants
Lunch
Session 3: Voice and exit (chaired by Bang Dang Nguyen)
Corporate Governance Through Voice and Exit
Corporate Governance Through Voice and Exit. Marco Becht, Julian Franks, Hannes Wagner (2019). Available at https://ecgi.global/working-paper/corporate-governance-through-exit-and-voice
Speakers
Discussants
Coordinated Engagements
Coordinated Engagements. Elroy Dimson, Oğuzhan Karakaş, and Xi Li (2019). Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3209072
Speakers
Discussants
Break
Session 4: Panel Discussion (chaired by Richard Robinson)
Panel Discussion
Speakers:
Concluding remarks from David Chambers followed by networking reception
Speakers
Presentations
Welcome
Speakers
Introduction: Divest or to Engage? A Case Study of Climate-Change Activism
Speakers
Discussants
ESG Rating Disagreement and Stock Returns
ESG rating disagreement and stock returns. Peter Schmidt, Rajna Gibson, Philipp Krueger, and Nadine Riand (2019). Available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3433728
Speakers
Discussants
The Firms’ Reaction to Changes in the Governance Preferences of Active Institutional Owners
The Firms’ Reaction to Changes in the Governance Preferences of Active Institutional Owners. Ruth Aguilera, Vicente Bermejo, Javier Capapé, and Vicente Cuñat (2019). Available at https://ecgi.global/working-paper/firms%E2%80%99-reaction-changes-governance-preferences-active-institutional-owners
Speakers
Discussants
Survey on Sector Exclusions
Survey on Sector Exclusions. Vaska Atta-Darkua and Elroy Dimson (2019). Available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3467677
Speakers
Discussants
Corporate Governance Through Voice and Exit
Corporate Governance Through Voice and Exit. Marco Becht, Julian Franks, Hannes Wagner (2019). Available at https://ecgi.global/working-paper/corporate-governance-through-exit-and-voice
Speakers
Discussants
Coordinated Engagements
Coordinated Engagements. Elroy Dimson, Oğuzhan Karakaş, and Xi Li (2019). Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3209072