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Hosted virtually by Gustavson School of Business, University of Victoria, 30-31 August 2021

Registration link for academic sessions:

Download the PDF of the full program or browse the tabs below to access the papers.

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Monday 30 August 2021 (All times are Victoria-based, PDT or UTC-7)

7:15 – 7:30 Opening & Logistics
7:30 – 9:00 Session 1: Real Effects of ESG and Environmental Regulations
Chair Rym AYADI (City, University London and EMEA)

Product Market Competition, Innovation and Environmental Regulations

Rui DAI (University of Pennsylvania), Rui DUAN (WU Vienna University of Economics and Business), Lilian NG (York University)

Discussant Victor SONG (Simon Fraser University)

Do ESG Practices Lead to Higher Firm Productivity? Evidence from EuropeStefano PISERÁ (University of Essex and University of Udine), Luca GANDULLIA (University of Genoa) and Claudia GIRARDONE (University of Essex)

Discussant Paul SCHURE (University of Victoria)

Does CEO Debt-Like Compensation Mitigate Corporate Social Irresponsibility?

Long CHEN (George Mason University), Guanming HE (Durham University) and Gopal V. KRISHNAN (Bentley University)

Discussant Sadok EL GHOUL (University of Alberta)

9:00 – 9:15




9:15 – 10:15


Session 2: Keynote Speech
(registration link:

Chair Basma MAJERBI (University of Victoria)



“Wicked Knowledge Co-Creation – An Imperative for Climate Finance Solutions.”

Speaker Andrew KAROLYI (Dean, SC Johnson College of Business, Cornell University)
10:15 – 10:30 Networking/Break

10:30 – 12:00


Session 3: Lessons from Pandemics & a Look Into the Future of Climate Change

Chair Christie STEPHENSON (University of British Columbia)

An Anatomy of FinTech Lending in China During COVID-19

Zhenyang BAO (Xiamen University) and Difang HUANG (Monash University)

Discussant Michael KING (University of Victoria)

Modern Pandemics: Recession and Recovery

Chang MA (Fudan University), John ROGERS (Federal Reserve Board) and Sili ZHOU (Fudan University)

Discussant Merwan ENGINEER (University of Victoria)

Rising Temperatures, Falling Ratings: The Effect of Climate Change on Sovereign Creditworthiness

Patrycja KLUSAK (University of East Anglia), Matthew AGARWALA (University of Cambridge), Matt BURKE (University of East Anglia), Moritz KRAEMER (Goethe University Frankfurt) and Kamiar MOHADDES (University of Cambridge)

Discussant Elham KHERADMAND NEZHAD (University of Montreal)



Networking/ Break (open breakout rooms if people want to chat)

Tuesday 31 August (All times are Victoria-based, PDT or UTC-7)

7:30 – 9:00 Session 4: Doctoral Students’ Research in Sustainable Finance
Chair Paul SCHURE (University of Victoria)

Pricing Climate Change Risk in Corporate Bonds

Elsa ALLMAN (Baruch College)

Discussant Ryan RIORDAN (Queen’s University )



The Role of ESG in Predicting Bank Financial Distress: Cross-Country Evidence

Alberto CITTERIO (University of Insubria)

Discussant Claudia GIRARDONE (University of Essex)

The Effect of ESG Disclosure on Corporate Investment Efficiency

Elsa ALLMAN (Baruch College) and Joonsung WON (Baruch College)

Discussant Ke XU (University of Victoria)
9:00 – 9:15 Networking/Break

9:15 – 10:45


Session 5: Climate Change Mitigation, Management Practices & Portfolio Choice  

Chair Kristy FACCER (University of Victoria, Pacific Institute for Climate Solutions)

Do Firms Benefit from Carbon Risk Management: Evidence from the Credit Default Swaps Market

Huu Nhan DUONG (Monash University), Petko S. KALEV (La Trobe University), Madhu KALIMIPALLI (Wilfrid Laurier University) and Saurabh TRIVEDI (La Trobe University)

Discussant Ines CHAIEB (University of Geneva)

Climate Change and Long-Horizon Portfolio Choice: Combining Theory and Empirics

Mathijs COSEMANS (Erasmus University), Xander HUT (Erasmus University) and Mathijs Van Dijk (Erasmus University)

Discussant Kevin ANDREW (University of Victoria)




Outsourcing Climate Change

Rui DAI (University of Pennsylvania), Rui DUAN (WU Vienna University of Economics and Business), Hao LIANG (Singapore Management University) and Lilian NG (York University)

Discussant Nora PANKRATZ (University of California at Los Angeles)
10:45 – 11:00 Networking/Break

11:00 – 12:30


Session 6: ESG Rating Issues in Equity Markets

Chair Michael KING (University of Victoria)

The Salience of ESG Ratings for Stock Pricing: Evidence from (Potentially) Confused Investors

Aleksandra RZEZNIK (York University), Kathleen WEISS HANLEY (Lehigh University), Loriana PELIZZON (Goethe University Frankfurt)

Discussant Vikas MEHROTRA (University of Alberta)

Doing Well by Doing Good? Risk, Return and Environmental and Social Ratings

Sudheer CHAVA (Georgia Tech), Jeong Ho (John) KIM (Emory University) and Jaemin LEE (Emory University)

Discussant Yrjo KOSKINEN (University of Calgary)

Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement

George SERAFEIM (Harvard Business School) and Aaron YOON (Northwestern University)

Discussant Aymen KAROUI (Morningstar/Sustainalytics and York University)

12:30 – 13:30


Lunch Break

13:30 – 14:45 Roundtable Discussion in Partnership with Foresight Canada:
(registration link:–trTIuEtC2VTBJRQTK6CfrpaEsse7s
Moderator Basma Majerbi (University of Victoria)
Panellists Jeanette Jackson, CEO Foresight Cleantech Accelerator Centre
Christine Bergeron, President and CEO, Vancity
Mike Winterfield, Founder and Managing Partner, Active Impact Investments
Adam Goehner, ESG Strategy and Risk Manager, BCI
With Contribution from Cleantech Innovators:
Sahar Sam, Co-founder and CSO, Solaires Entreprises
Ged McClean, Former Director, IESVic, University of Victoria



Closing Remarks