16th FINANCIAL RISKS INTERNATIONAL FORUM

Paris, March 20 & 21, 2023

The Institut Louis Bachelier, in cooperation with the Fondation du Risque, the Europlace Institute of Finance and the Louis Bachelier "Finance and Sustainable Growth" Laboratory, is pleased to invite you to the 16th Financial Risks International Forum.

This year’s forum will focus on the theme:

“Finance & Society”

What is the benefit of finance for society? Finance interacts with all parts of our daily lives, politics and the economy. Numerous economic theories have
emphasized the crucial role played by the financial sector to our society: managing risks, allocating capital, providing price signals, reducing agency
issues, benefitting economic development. But economists’ views are not necessarily shared by society at large. After the Subprime crisis, trust in banks
dropped. Finance is perceived as a rent- seeking activity. Defi is developed as an alternative to traditional finance. It is difficult to restore trust,
despite advances in regulation and the development of sustainable finance.

This upcoming 16 th Financial Risks International Forum aims to discuss the interactions between finance and society, and the contributions of financial innovations, regulation, green finance and financial technology to our society.

2023 Guest Speakers are:
   Pierre MONNIN, Senior Fellow with the Council of Economic Policy, Visiting Professor in Practice, London School of Economics.
   David THESMAR, Franco Modigliani Professor of Financial Economics, MIT
   
Tarun RAMADORAI, Professor of Financial Economics, Imperial College London
  

ORGANISED BY:

MEDIA PARTNERS:

SPONSORS:

PRACTICAL INFORMATION

CHAMBRE DE COMMERCE ET D'INDUSTRIE DE REGION PARIS ILE-DE-FRANCE

27, avenue de Friedland, 75008 PARIS, FRANCE

  • March 20, 2023
  • March 21, 2023
  • Poster session

16th FINANCIAL RISKS INTERNATIONAL FORUM "Finance & Society"

13:00 - 13:30: REGISTRATION

13:30 - 13:45

Welcome Address - SALLE DES LUSTRES

by Jean-Michel BEACCO, CEO, Institut Louis Bachelier (ILB),
and 
Marie BRIÈRE, Chairwoman of the Scientific Committee, Financial Risks International Forum.

13:45 - 15:00
Plenary Session I SALLE DES LUSTRES

Chairman: Sébastien RASPILLER, Head of Financial Sector Department, Directorate-General of the Treasury.

Guest Speaker: David THESMAR, Franco Modigliani Professor of Financial Economics, MIT.
The Moral Preferences of Investors” 

Roundtable I: How to Mobilize Household Savings Towards the Green Transition? SALLE DES LUSTRES

Chairwoman: Marie BRIERE, Amundi Institute, Paris-Dauphine PSL University and Université Libre de Bruxelles.
Fabrice DEMARIGNY, Partner and Member of the Group Governing Council, Mazars.
Gregoire NAACKE, Director, European Savings Observatory.
Sébastien RASPILLER, Head of Financial Sector Department, Directorate-General of the Treasury
David THESMAR, Franco Modigliani Professor of Financial Economics, MIT.

15:00 - 17:00 PARALLEL SESSIONS

Parallel Session 1 - PHYSICAL RISKS AND ADAPTATION FINANCE SALLE DES LUSTRES

Chairman: Jean BOISSINOT, Banque de France.

- “Micro-Founded Global Economic Impacts of Physical Climate Risks
Fernando ROSHEN,
Australian National University and Caterina LEPORE, International Monetary Fund.
- “Asset-Level Climate Physical Risk Assessment is Key for Adaptation Finance”
Giacomo BRESSAN, Vienna University of Economics and Business (WU), Anja DURANOVIC, Irene MONASTEROLO, EDHEC Business School, EDHEC-Risk Climate Impact Institute
, and Stefano BATTISTON, University of Zurich, Ca’ Foscari University of Venice.
Discussant: Elsa ALLMAN, Banque de France.
- "Financial Impacts of Tropical Cyclones"
Peter TANKOV, CREST, Theo LE GUENEDAL, Amundi and Philippe DROBINSKI, CNRS, Ecole Polytechnique, IP Paris.
- “Climate Transition Spillovers and Sovereign Risks
Irene MONASTEROLO, EDHEC Business School, EDHEC-Risk Climate Impact Institute, Régis GOURDEL, WU Vienna, and Kevin GALLAGHER, Boston University.
Discussant: Olivier-David ZERBIB, EDHEC Business School, EDHEC-Risk Climate Impact Institute,.

Parallel Session 2 - MUTUAL FUNDS ESG POLICY AND VOTING SALLE DES SEANCES

Chairwoman: Carole GRESSE, Paris-Dauphine PSL University.

- “Are Green Funds for Real?
Tammaro TERRACCIANO,
University of Geneva, Luciano SOMOZA, 
University of Lausanne, the Swiss Finance Institute and Coralie JAUNIN, HEC Lausanne.
Discussant: Gunther CAPELLE-BLANCARD, Paris 1 Panthéon-Sorbonne University.
- “In Labels we Trust? The Influence of Sustainability Labels in Mutual Fund Flows”
Sofia BRITO-RAMOS,
Essec Business School, Maria Ceu CORTEZ, NIPE School of Economics and Management, University of Minho, Svetoslav COVACHEV, Institute of Finance, Corvinus University of Budapest, and Florinda SILVA, NIPE School of Economics and Management, University of Minho.

Discussant: Patricia CRIFO, Ecole Polytechnique.
- The Voting Behavior of Women-Led Mutual Funds”
Alberta DI GIULI,
ESCP Business School, Alexandre GAREL, Audencia Business School, and Arthur PETIT-ROMEC, Toulouse Business School. 

Discussant: Kornak SAXENA, UNSW Sydney.
- “Exit vs Voice vs Denial of (Re)Entry: Assessing Investor Impact Mechanisms on Corporate Climate Transition”
Fabiola SCHNEIDER,
Dublin City University (DCU), European Commission Platform on Sustainable Finance, and Andreas HOEPNER, University College Dublin (DCU), European Commission Platform on Sustainable Finance.

Discussant: Loredana URECHE-RANGAU, University of Jules Verne Picardie.

Parallel Session 3 - INSURANCE AND PENSION AUDITORIUM HAUSSMANN

Chairman: Bertrand VILLENEUVE, Paris-Dauphine PSL University.

- “Ultra Long Run Term Structure Models”
Christian GOURIEROUX,
University of Toronto, Toulouse School of Economics, CREST, Yang LU, Concordia University, and Alain MONFORT, CREST.
- “Time-Consistent Pension Policy With Minimum Guarantee And Sustainability Constraint”
Sarah KAAKAI,
Le Mans University, Caroline HILLAIRET, CREST, ENSAE, Institut Polytechnique de Paris, and Mohamed MRAD, Sorbonne Paris-Nord University.

Discussant: Olivier LOPEZ, Sorbonne University.
- “Insurance Supervision Under Climate Change”
Eric VANSTEENBERGHE,
Paris School of Economics.
- “What if Compulsory Insurance Triggered Self-Insurance? An Experimental Evidence”
François PANNEQUIN,
University of Paris-Saclay, Anne CORCOS, CNRS, University of Picardie Jules Verne, and Claude MONTMARQUETTE, CIRANO, University of Montréal.

Discussant: Ismaël TAHRI-HASSANI, ISFA.

17:00 - 17:30: COFFEE BREAK & POSTER SESSION - GRANDE SALLE A MANGER

17:30 - 19:00 PARALLEL SESSIONS

Parallel Session 4 - INVESTORS' PREFERENCE FOR ESG SALLE DES LUSTRES

Chairman: Augustin LANDIER, HEC Paris.

- “Altruism or Self-Interest? ESG and Participation in Employee Share Plans”
François DERRIEN,
Maxime BONELLI, HEC Paris, and Marie BRIERE, Amundi Institute, Paris-Dauphine PSL University, Université Libre de Bruxelles.
- “Inflation, the Corporate Greed Narrative, and the Value of Corporate Social Responsibility”
Stefano RAMELLI,
University of St. Gallen, Swiss Finance Institute, and Ana MAO DE FERRO, University of Zurich, Swiss Finance Institute.

Discussant: Marieke HUYSENTRUYT, HEC Paris.
- “When Green Investors Are Green Consumers”
Olivier-David ZERBIB,
Edhec Business School,
EDHEC-Risk Climate Impact Institute and Maxime SAUZET, Boston University, Questrom School of Business.
Discussant: Paul KAREHNKE, ESCP Business School.


Parallel Session 5 - INEQUALITIES AND ACCESS TO CREDIT SALLE DES SEANCES

Chairman: Christian GOURIEROUX, University of Toronto, Toulouse School of Economics, CREST.

- “Access to Underground Credit Markets: Evidence from a Cash Transfer Program”
Alvaro GALLEGOS,
Kristien SMEDTS, KU Leuven, Faculty of Economics and Business, and Christophe SPAENJERS, University of Colorado Boulder.
- “Passing the Parcel? Banking Relationships at the Onset of Financial Distress”
Michael TROEGE,
Nicolas TAILLET, ESCP Business School, and Federica SALVADE, PSB Paris School of Business.

Discussant: Anastasia COZARENCO, Montpellier Business School.
- “Social Inequality in the Context of a Domestic Carbon Tax: A Case Study on French Households”
Raphaël SEMET, Amundi Asset Management.

Discussant: Maria FLORA, CFM.


Parallel Session 6 - LENDING AUDITORIUM HAUSSMANN

Chairman: Jocelyn MARTEL, ESSEC.

- “Lending and Monitoring: Big Tech vs Banks”
Catherine CASAMATTA,
Matthieu BOUVARD, and Rui XIONG, Toulouse Capitole University.
- “Banks Asset, Money Creation, and Market Preferences: Evidence from Banks’ Commercial Paper Issuance”
Mostafa AGHASIAN,
Paris-Dauphine PSL University.

Discussant: Guillaume VUILLEMEY, HEC Paris.
- “Debt-To-Income and Loan-To-Value Ratios as Credit Risk Indicators: Evidence from France and Implications for Macroprudential Policy”
Joël PETEY
and Michel DIETSCH, Strasbourg University.

Discussant: Jérôme COFFINET, Banque de France.


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