Prof. Eric Jondeau
SFI Faculty Member, Professor of Finance, University of Lausanne
Anastasia Kartasheva is Associate Professor at the School of Finance and Director at the Swiss Institute for International Economics and Applied Economic Research at the University of St.Gallen. Before joining the University, Professor Kartasheva worked for several years at the Bank for International Settlements.
Expertise
Professor Jondeau tackles the question of the impact of investors on stock prices in a setting where investors are green, active, or passive. Green investors track an index that progressively excludes the stocks of firms with the highest greenhouse gas emissions. Active investors buy a mean-variance efficient portfolio of all stocks. Passive investors hold a value-weighted index of all stocks. Contrary to the literature, he finds a large drop in the stock prices of the high-emitting firms that get excluded by green investors and a moderate increase in the stock prices of greener firms when green investors announce the exclusion strategy. Further results show that, due to the imperfect substitution of stocks among investors, a smaller number of active investors relative to green investors amplifies the price impact of green investments.
Expertise Fields
- Financial Markets
- Central Banks and Monetary Policy
- Financial Crises
- Financial Forecasting
- Systemic Risk and Regulation
- Portfolio Management and Asset Classes
- Asset Pricing
- Equities
- Portfolio Management
- Real Estate
- Financial Institutions
- Banks
- Institutional Investors and Funds
- Pension Funds
- Corporate Finance and Governance
- Financial Risk and Risk Management
- Frontier Topics
- Sustainable Finance