Tobias Berg
Goethe University Frankfurt
Out of sight, out of mind: Divestments and the Global Reallocation of Pollutive Assets
Monday, June 1, 2026 –05:15 – 06:30 PM (CEST)
This session will be held as a hybrid event. To join in person, you can come to room O 133 (i.e., room 133 on level 1 of the east wing of the castle). To join virtually, please register in advance using this link.
Seminar Abstract
We document a global reallocation of pollutive assets as a response to investor pressure: large firms facing increased investor pressure divest foreign-located pollutive assets to firms that are less in the limelight. There is no evidence of increased engagement in any other emission reduction activities. We estimate that 369 million metric tons (mt) of CO2e are reallocated via divestments in the post-Paris Agreement period. Our results indicate that investor pressure to decarbonize reshapes the global conglomerate structure of large firms.
Speaker Bio
Tobias Berg is a Professor of Banking at Goethe University Frankfurt. His research focuses on financial intermediation with a current focus on financial technology and climate change.
Tobias Berg has been awarded a European Research Council Consolidator Grant with a volume of EUR 1.84 million for his project “The Role of the Banking Industry in Climate Change”. With the grant, Tobias Berg will build up a research group at Goethe University that will help to shape our understanding of the role of the banking sector in addressing climate change.
Tobias Berg serves as an Associate Editor at the Review of Financial Studies as well as at the Review of Finance. He has received the Review of Financial Studies Distinguished Referee Award and was ranked among the Top 10 Economists in Germany (Handelsblatt-Ranking). Furthermore, Tobias Berg has won a best teaching award for his courses on corporate finance as well as a star lecturer award for his course on financial intermediation.
Before joining Goethe University, Tobias Berg was Professor of Finance and Head of the Finance Department at the Frankfurt School of Finance and Management. Prior to that, he was an Assistant Professor at the University of Bonn and held visiting positions at the European Central Bank, the Stern School of Business at New York University. Tobias Berg received his PhD from the Technical University Munich.
Admission information
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