Finance at EDHEC: recent research and upcoming events

Table of contents:

• Articles and research reports

• Recent international awards

• EDHEC Vox articles and interviews

• In-person and online events

• Press - selection of articles

Articles and research reports

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Academic articles

Finance professors and researchers at EDHEC Business School publish their research in leading international journals on a variety of subjects.

Articles published in 2023, in Print version

Acquisition determinants of energy SPACs: Reflecting a closed group? (july 2023), Finance Research Letters. Milos Vulanovic et al. https://doi.org/10.1016/j.frl.2023.104001

Oil price uncertainty and M&A activity (july 2023), Energy Journal. Magnus Blomkvist, Milos Vulanovic et al. https://dx.doi.org/10.2139/ssrn.3607776

Financial institutional blockholders and earnings quality: Do blockholders contestability and countries' institutions matter? (may 2023), International Review of Financial Analysis. Elie Salameh et al. https://doi.org/10.1016/j.irfa.2023.102612

Investment sensitivity to lender default shocks (april 2023), Journal of Corporate Finance. Selvam, Srinivasan et al. https://doi.org/10.1016/j.jcorpfin.2022.102311

How much do Investors Rely on Credit Ratings: Empirical evidence from the U.S. and E.U. CLO primary market (april 2023), Journal of Financial Services Research. Fabozzi et al. https://doi.org/10.1007/s10693-021-00372-x

An Infrastructure Investment Primer: From Valuation to Allocation and Manager Selection (february 2023), Journal of Portfolio Management. Noël Amenc, Frédéric Blanc-Brude, Abhishek Gupta, Tim Whittaker. https://doi.org/10.3905/jpm.2022.1.412

Money Illusion and TIPS Demand (february 2023), Journal of Money, Credit and Banking. Lioui, Abraham et al. https://doi.org/10.1111/jmcb.12923

Risks and Returns in Crowdlending (january 2023), Eurasian Business Review. Gianfrate, Gianfranco et al. https://doi.org/10.1007/s40821-022-00236-x

Articles published online (upcoming Print version in 2023)

Robust management of climate risk damages (may 2023), Risk management. Riccardo Rebonato et al. https://doi.org/10.1057/s41283-023-00119-z

An alternative to shareholder capitalism? A review of Alex Edmans' “Grow the Pie: How Great Companies Deliver Both Purpose and Profit” (may 2023), Journal of international financial management and accounting. Hamid Boustanifar. https://doi.org/10.1111/jifm.12178

What is Missing in Asset-Pricing Factor Models? (may 2023), SSRN Electronic Journals. Raman Uppal et al. https://dx.doi.org/10.2139/ssrn.4135146

Securing blockchain-based crowdfunding platforms: an integrated graph neural networks and machine learning approach (april 2023), Electronic Commerce Research and Applications. Sachin Kamble et al. https://doi.org/10.1007/s10660-023-09702-8

Measuring Business Social Irresponsibility: The Case of Sin Stocks (march 2023), SSRN Electronic Journals. Hamid Boustanifar et al. http://dx.doi.org/10.2139/ssrn.4395028

Rhizomic Digitized Surveillance, Contradictions, and Managerial Control Practice: Insights from the Société Générale Scandal (february 2023), Accounting Auditing Control. Aziza Laguecir et al. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4346012

Optimal Climate Policy with Negative Emissions (january 2023), SSRN Electronic Journals. Riccardo Rebonato et al. http://dx.doi.org/10.2139/ssrn.4316059

Oil Price Uncertainty and IPOs (january 2023), Energy Journal. Magnus Blomkvist et al. https://doi.org/10.5547/01956574.44.6.mblo

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Reports and special issues

Research and expertise are disseminated in a variety of formats aimed at finance industry professionals, researchers from other institutions, students, journalists...

(June 2023) Assessing the “Tragedy of the Horizons”: Conceptual underpinnings of the NGFS scenarios and suggestions for improvement

Irene Monasterolo, María J. Nieto, Edo Schets - EDHEC-Risk Climate

(May 2023) Newsletter inaugurale, EDHEC-Risk Climate

• Winter of Despair, Spring of Hope, Frédéric Ducoulombier.
• Rolling the DICE at Thirty - Can Integrated Assessment Models be Made Fit for Investment Purposes? Riccardo Rebonato.
• The Impact of Climate Change News on Low-minus-High Carbon Intensity Portfolios, Jean-Michel Maeso, Dominic O’Kane.
• Finance and Climate Action – Perspectives from the Sixth Assessment Report, Gianfranco Gianfrate.
• Multilateral Financial Institutions (MFIs) Need a Theory of Change to Deliver Better Climate Finance, Irene Monasterolo.
• The Proposed Extension of the EU Ecolabel to Retail Funds Needs a Rethink, Frédéric Ducoulombier.
• Research is Essential to Sustaining Innovation in Responsible Investment, Timothée Jaulin.

(April 2023) Supplément EDHEC Research Insights d'Investment & Pensions Europe (IPE)

Riccardo Rebonato, Benoit Vaucher, Vincent Bouchet, Benjamin Herzog, Noël Amenc, Frédéric Blanc-Brude, Emanuele Chini, Dominic O’Kane, Jean-Michel Maeso, Irene Monasterolo - EDHEC-Risk Climate, EDHECinfra et Scientific Portfolio

(April 2023) The International Monetary Fund, Climate Change and Development: A Preliminary Assessment

Irene Monasterolo - EDHEC-Risk Climate

(April 2023) Optimal climate policy with negative emissions

Riccardo Rebonato, Dherminder Kainth, Lionel Melin, Dominic O’Kane - EDHEC-Risk Climate

(April 2023) Are Transboundary Climate Risks the Blind Spot in Our Climate Policies?

Irene Monasterolo, Anja Duranovic - EDHEC-Risk Climate

(March 2023) Infrastructure Strategy 2023 – Building the Green Hydrogen Economy

Abhishek Gupta, Frédéric Blanc-Brude - EDHECinfra

(February 2023) Measuring the Social Acceptability of Infrastructure Investments

Jianyong Shen, Tim Whittaker - EDHECinfra

(February 2023) Les concessions autoroutières françaises : usagers contre actionnaires

Noël Amenc, Frédéric Blanc-Brude, Tim Whittaker - EDHECinfra

Recent international awards

Several EDHEC finance professors have received awards in recent months for one of their recent papers or for a series of contributions.

(June 2023) Hamid Boustanifar wins the 2023 prize for best paper awarded by the Association Française de Finance (AFFI) at its 39th annual conference (details to follow)

(March 2023) Pr. Riccardo Rebonato named "PMR Quant Researcher of the Year" for 2022

The Journal of Portfolio Management (JPM) has awarded Riccardo Rebonato the 2022 "PMR Quant Researcher of the Year" prize. This award (since 2019) recognises the sum of outstanding contributions by a researcher in the field of quantitative portfolio theory.

(January 2023) EDHECinfra Research “highly commended” in the 2022 FT academic research awards

The EDHECinfra research paper "An Infrastructure Investment Primer: From Valuation to Allocation and Manager Selection" published by Noël Amenc, Frédéric Blanc-Brude, Abhishek Gupta & Tim Whittaker in The Journal of Portfolio Management Private Markets 2022, has been ranked as "highly recommended" in the Financial Times 2022 Responsible Business Education Awards in the "Best business school academic research" category.

(December 2022) “Executive ownership and sustainability performance" by Gianfranco Gianfrante, winner of the "SIIIC Best paper award 2022"

On 1 December 2022, at the Social Impact Investments International Conference (SIIIC) launched in 2017, Gianfranco Gianfrate received the 2022 Best Paper Award for his work entitled "Executive Ownership and Sustainability Performance".

(December 2022) I. Monasterolo (EDHEC) receives the Banque de France "Young Researchers in Green Finance" Prize

At the 7th Green Finance Research Advances (14-15 December, Paris), Irene Monasterolo, professor of climate finance at EDHEC and director of a research programme at the EDHEC Risk Climate Impact Institute, was awarded the 2022 Banque de France "Young Researchers in Green Finance" prize.

EDHEC Vox articles & interviews

EDHEC Vox is the knowledge-sharing platform on which EDHEC experts speak. Its purpose is to provide keys to understanding major contemporary issues and to be a source of inspiration for organisations, particularly in the field of finance.

(June 2023) Does shareholder activism create value?

In an article originally published in French on The Conversation, Enrique Schroth, Professor at EDHEC and Director of the PhD in Finance programme, and his co-authors decipher the drivers and effects of shareholder activism.

(May 2023) Peter Szilagyi: “This scandal is yet another case of banks arbitraging weaknesses in regulation and oversight”

In the aftermath of the "Cum(s)" scandals - cum-cum, cum-ex and cum-fake - we've asked Peter G. Szilagyi, Professor at EDHEC Business School, a few questions about these schemes, the regulation of the financial sector and the ethics revolution he calls for.

(May 2023) Climate regulation and financial risk: The challenge of policy uncertainty

Tobias Berg, Elena Carletti, Stijn Claessens, Jan-Pieter Krahnen, Irene Monasterolo, Marco Pagano. Climate risk has become a major concern for financial institutions and markets. Yet climate policy is still in its infancy and is contributing to increased uncertainty.

(April 2023) Tax optimisation: when the banking sector challenges the spirit of fiscal law

Aziza Laguecir, EDHEC Professor, and Mouna Hazgui, HEC Montréal Professor, analyse, in an article initially published in The Conversation, the recent CumCum and CumEx scandals.

(April 2023) Silicon Valley Bank’s insolvency highlights the risk of similar investors

Co-Pierre Georg, Associate Professor at EDHEC, and his 2 co-authors, analyse, in a column initially published in CEPR VoxEU.org, how uninsured investors adjust their portfolios to reduce their exposure to assets owned by other investors with similar portfolios.

(April 2023) Transform the company in depth by rethinking its business model

Aziza Laguecir, EDHEC Professor, and Sabrina Roszak, SKEMA Assistant Professor, invite us to rethink the company's business model, taking into account all the resources that contribute to it (and that it will allocate in return), both financial and non-financial. This article has been originally published in French in The Conversation.

(March 2023) 3 questions to Gianfranco Gianfrate on the risks associated with crowdlending

With a potential global amount of USD 900 billion in 2024, peer-to-peer lending is not a niche anymore. In a recent paper published in Eurasian Business Review, Gianfranco Gianfrate, Professor at EDHEC, and his co-authors, have analyzed over 6000 european loans between 2012 and 2018, highlighting that the returns are not consistent with the riskiness borne by lenders.

(March 2023) 4 questions to Teodor Dyakov on the failure of the Silicon Valley Bank

Since the Silicon Valley Bank bankruptcy in early March, each day brings its share of information and uncertainty across the Atlantic, and recently in Europe. Teodor Dyakov, associate professor at EDHEC, answered our questions on the reasons for this failure.

(February 2023) The rise of renewables is not without risk for investors

Frédéric Blanc-Brude, director of EDHECinfra, Laurence Monnier and Leonard Lum, respectively associate researcher and data analyst at EDHECinfra, analyse the risks inherent in investing in renewable energy in an article originally published on The Conversation.

(January 2023) To halt global warming, forget net-zero: aim for net-negative

Riccardo Rebonato, Professor at EDHEC and Scientific director of the EDHEC-Risk Climate Impact Institute, in an article published on The Conversation, presents its view on the carbon removal issue, adding a new dimension to the optimal-policy debate.

Events - face-to-face and online

Numerous events are scheduled over the next few days, following on from a rich programme of webinars and conferences, generally offered as replays.

Coming soon

(June 20, 2023) Inframetrics masterclass 2023

The new infraMetrics Masterclass is packed with new training material on how to invest in infrastructure using better methods and better data. A 3-hour session will be led by Dr. Frederic Blanc-Brude, Ph.D., Director of EDHECinfra, Abhishek Gupta, Head of infraMetrics Product Development and several industry guests.

(June 22, 2023) Climate Risk and Infrastructure in Asia

The EDHEC Infrastructure & Private Assets Research Institute, in partnership with the Monetary Authority of Singapore, is organising a seminar in Singapore on "Climate and social risks of infrastructure investments: lesson from Asia".

(June 29, 2023) EDHEC-Risk Climate #1 webinar: Where is the Climate Risk Premium?

During this webinar, Riccardo Rebonato, Scientific Director of the EDHEC-Risk Climate Impact Institute and Professor at EDHEC Business School, will explain what can be learned about the climate risk premium using a state-of-the-art integrated modelling approach, and discuss the investment implications.

(June 29-30, 2023) 6th Private Markets Research Conference

The annual Private Markets Research Conference is a forum for exploring the latest advances in private markets research by combining academic and practitioner perspectives. Now in its sixth year, the conference is co-organised by Ecole Polytechnique Fédérale de Lausanne, EDHEC Business School, Université de Lausanne and Université Paris Dauphine- PSL, in partnership with Unigestion, Campbell Lutyens and eFront.

Passed (replays)

EDHEC Finance speaker series

For the past 2 seasons - and a 3rd is in preparation - EDHEC has been offering a monthly online conference on "the future of finance". The aim is to look at the most recent advances in the financial industry and discuss how finance can be a powerful tool for tackling major economic and social challenges.

• To access the replays of the 16 conferences in question: go to the dedicated page

EDHEC-Climate Risk Impact Institute

Researchers from EDHEC's climate finance research institute have given a number of lectures in recent months. Here is a recent selection - all the replays are available online:

• (April 2023) The economic case for tackling climate change now - With Irene Monasterolo.
• (January 2023) Scaling up climate adaptation finance in times of growing public debt, inflation and natural disasters - With Irene Monasterolo.
• (December 2023) 7th Green Research Advances Conference - With Irene Monasterolo, Mirco Rubin and David Zerbib.

Press - Selection of recent articles

EDHEC's professors and researchers are regularly given the floor by journalists for articles and interviews, and by newspapers for opinion pieces.

2nd trimester 2023

• Financial Times - We need new tools to predict climate risks, Riccardo Rebonato
• Europe 1 - Comment l'une des meilleures Business School européennes forment les futurs dirigeants de la finance verte, Emmanuel Métais
• Le Monde - Epargner local, une stratégie qui peut être risquée, Daniel Haguet
• Project Syndicate - The IMF’s Turn to Lead on Climate, Irene Monasterolo
• Les Echos - La communication financière : quel intérêt pour les PME familiales ?, Elie Salameh
• Le Parisien - EDHEC : « Nous avons repensé nos programmes pour former nos étudiants aux enjeux environnementaux », Emmanuel Métais
• Investor Strategy News - Why Paris-aligned benchmarks go ‘way too far’, Scientific Beta
• RSE Data News - Finance durable : "Il est absolument indispensable de relier un scénario climatique à une probabilité d’occurrence" (EDHEC-Risk Climate), Riccardo Rebonato

1st trimester 2023

• Corporate Adviser - F. Blanc-Brude interview: Why DC needs infrastructure, Frédéric Blanc-Brude
• Poets & Quants - EDHEC Dean Emmanuel Métais Wants Grads To Lead On Climate & Impact, Emmanuel Métais
• Real Assets IPE - Guest view: The denominatrix, Noël Amence, Frédéric Blanc-Brude
• Financial Times - Les marchés privés ne "blanchissent pas la volatilité", honnêtement, Cyril Demaria
• IR Magazine - Putting stakeholder theory into IR practice, Bastiaan van der Linden
• Net Zero Investor - Challenges to net-zero infrastructure investing, Darwin Marcelo
• Institutional Investor - U.K. LDI Guidance Ignores Private Assets, Academics Say, EDHECinfra
• IPE - Viewpoint: And if we trusted the market to improve ESG information?, Noël Amenc
• Allnews - Infrastructures: un choc de taux à relativiser, Abhishek Gupta
• ETF Stream - EU's Ecolabel needs a rethink, Frédéric Ducoulombier
• The Actuary - Asset assessment of airports missing key data, EDHECinfra