Dear all,

on Thursday 12, we have Christian Koziol (University of Tübingen) in our ULME seminar (4:15 pm, Heho 18, 1.20). He will talk about “Sustainable Investing and Portfolio Performance”.

Christian will be around in the afternoon and for dinner. If you like to meet him, please let me know. 

 Best,-
Sandra

Abstract: The sustainable asset management literature postulates opposing conclusions about the performance of sustainable investments. The aim of this talk is threefold: First, general challenges when creating sustainable portfolios are discussed. Second, a theoretical framework is introduced that reveals an ambiguous effect from sustainability on asset returns: While the short-term effect results in a higher asset return, the long-term effect is negative. As a consequence, the empirical challenge is to disentangle these two effects. Third, results of empirical studies for both equity and bond markets are provided that favor the hypothesis that sustainability attracts further investors at the cost of the portfolio performance.