Philipp Krueger
University of Geneva (GSEM, GFRI)
The Green Transition: Evidence from Corporate Green Revenues
Monday, September 23, 2024 –05:15 – 06:30 PM (CEST)
To join in person, just come to the room O 148 (i.e., in the castle, building Schloss Ostflügel, level 1, room 148). To join virtually, please register in advance using this link.
Speaker Bio
Philipp Krüger is a Professor of Responsible Finance at the University of Geneva (GSEM, GFRI) and holds a Senior Chair at the Swiss Finance Institute. After studying Economics and Finance in Germany, the United States, and France, he graduated with a PhD in Economics from the Toulouse School of Economics in 2010.
His research interests are in corporate, sustainable, and behavioral finance. His research has been published in all three major academic Finance journals (Journal of Finance, Journal of Financial Economics, Review of Financial Studies). Professor Krüger is a regular speaker at leading finance conferences worldwide. His research has received or been nominated for awards from organizations like the BSI Gamma Foundation, Chicago Quantitative Alliance, the Financial Management Association, and the European Financial Management Association.
In 2015, he was awarded the Moskowitz Prize for his outstanding research in the field of sustainable investing. In 2017, he received the Best Quantitative Paper Prize at the Principles for Responsible Investment Academic Network Conference. In 2018 he received an ICPM Climate Change Research Award for his work on whether, how, and why institutional investors take into consideration climate risks in their investment decisions. He serves on the board of experts for Inrate AG, Zurich.
Seminar Abstract
Using a novel measure of a firm’s green revenues, this paper sizes up the green economy. We shed light on the factors driving global public companies’ expansion of business activities in support of the green transition towards a low-carbon and more environmentally sustainable economy. Our analysis shows that the green economy grew at an accelerated pace after the Paris Agreement. Both regulatory initiatives and innovative US firms converting green patents into actual revenues from green products and services have led to this accelerated growth. We also document that a stronger presence of institutional investors prior to the Paris Agreement is associ- ated with higher green revenues afterwards. Finally, we examine the stock returns of firms with high green revenues and find only modest evidence of a green alpha, which seems to be concentrated in US stocks in the post-Paris period.
Admission information
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