Misum open seminars
Seminar topic: Nothing Saves the World: Accounting for Nature and the 'Common Good'
About Professor Quattrone:
Paolo Quattrone is Professor of Accounting, Governance and Society at the Alliance Manchester Business School, University of Manchester. His research relates to two big issues. The first of these concerns how decisions are made under radical uncertainty and ambiguity and looks at the role that data visualizations and governance mechanisms play in decision-making processes. The second area of research concerns the notion of ‘value’ and its fluidity and volatility, and the need to rethink reporting to adjust to the contemporary social contexts, markets and technologies.
Seminar topic: Inclusive Enterprise Data Collection: An Examination of Public and Pilot Data from Sub-Saharan Africa.
Morgan Hardy is Assistant Professor of Economics at NYU Abu Dhabi. Her research focuses broadly on private enterprise development and employment in low-income countries. She has active field projects in Ethiopia, Ghana, and Nigeria, on topics including combatting youth unemployment, improving small business profits, community-level impacts of industrialization, gender pay inequality, and the dynamics of small business owner networks.
As our global society moves toward an increased focus on equity and inclusion, we naturally find ourselves using existing public data sources to pursue a better understanding of such issues. This project highlights the importance of considering the original sampling frame in the secondary use of data for new research, by examining the case of women-owned enterprise representation. Using data from 43 countries in Sub-Saharan Africa, we document large variations in women-owned enterprise representation and estimates of gender gaps in enterprise performance between commonly available data sources. We provide empirical evidence that these differences are driven by variations in gender-blind sampling protocols. Women-owned enterprises are less likely to meet the sampling criteria for most widely available enterprise data and those that do are more positively selected on performance, relative to male-owned enterprises. We also document differences in implied policy and research priorities across data sources, driven both by target sample characteristics and survey structure. Our analysis makes clear that insights derived from these data sources may be gender-biased toward the average male owner's experience. We conclude with discussion on how to develop more inclusive enterprise data collection methods, and present preliminary findings from a new enterprise data collection endeavor in Ghana aiming to have improved gender representation.
Seminar topic: Decarbonizing Institutional Investor Portfolios
About Professor Krueger:
Professor Philipp Krueger is Professor of Responsible Finance at the University of Geneva (GSEM, GFRI) and Senior Chair at the Swiss Finance Institute. His research spans corporate, sustainable, and behavioral finance and has been published in all three major academic Finance journals (Journal of Finance, Journal of Financial Economics, Review of Financial Studies). He is a regular speaker at leading finance conferences worldwide. His research has received or been nominated for awards from organizations like the BSI Gamma Foundation, Chicago Quantitative Alliance, the Financial Management Association, and the European Financial Management Association.
We study whether and how climate-conscious institutional investors, i.e., institutions that join climate related investor initiatives, are decarbonizing their equity portfolios. Decarbonization could be achieved by re-weighting portfolios towards lower carbon emitting firms or targeted engagements with portfolio companies to reduce emissions. Our analysis suggests that portfolio re-weighting is the predominant strategy used by climate-conscious institutions to green their portfolios, in particular by investors based in countries with carbon emissions pricing schemes. Institutions also rely on engagement, particularly following the 2015 Paris Agreement. Furthermore, we find no evidence that climate conscious investors allocate capital towards firms developing climate patents, but they do re-weight towards firms generating more green revenues. Overall, our analysis raises doubts about the effectiveness of investor-led initiatives in reducing corporate carbon emissions and helping take necessary action to tackle climate change for an all-economy transition to “green the planet”.
Seminar topic: Trade and Trees
About Professor Harstad:
Bård Harstad is Professor in Economics at the University of Oslo since 2011. He is currently the Editor of the Review of Economic Studies and is a former Editor of the Journal of the European Economic Association. Prof. Harstad’s research focuses on developing the theory and political economics of environmental economics and international cooperation. He is the Principal Investigator in the project “Environmental Exploitation of Political Economics” which received a 5-year European Research Council (ERC) Advanced Grant in 2022, his third ERC grant.
How can trade agreements be designed to motivate environmental conservation? I develop a model that combines trade-specific investments (e.g., deforestation) with negative environmental externalities. Traditional trade agreements raise investments and reduce conservation, so the conservation value lowers the gains from trade. However, if countries can negotiate a contingent trade agreement (CTA), where default tariffs vary with changes in the production capacity (e.g., forest cover), all negative results are reversed. A simple calibration suggests that growth and liberalization can cause Brazil’s agricultural area to expand by 27%, but this expansion can be avoided if the EU and the US offer a CTA.
Seminar topic: Suboptimal climate policy
Seminar topic: Values at risk: Risk Management, Moral Discourse, and Reflective Equilibrium
Anette is an Associate Professor of Accounting at Oxford Saïd and a Fellow at Hertford College. Anette was the 2017 laureate of the prestigious ACA Prize of the University of St-Gallen for her contributions to the field of risk management and financial governance. Between 2014-2019, she was a professor at HEC Lausanne, teaching risk management, management control and accounting for sustainability. Formerly at Harvard Business School, she launched (with professors Robert Kaplan and Dutch Leonard) the Harvard executive education program 'Risk Management for Corporate Leaders.' Anette completed her PhD at the London School of Economics in 2005 and worked in the City of London in 2006-7, during the 'calm before the storm,' conducting a research project among the members of the British Bankers’ Association’s Risk Advisory Panel on the role of the Chief Risk Officer. Her work on the evolution, variation, consequences and contextual determinants of risk management has appeared in Management Accounting Research; Accounting, Organizations and Society; the Journal of Applied Corporate Finance and in the Harvard Business Review.
Seminar topic: Political Uncertainty and the Forms of State Capture
Leonard Wantchekon is a Professor of Politics and International Affairs at Princeton University, as well as Associated Faculty in Economics. A scholar with diverse interests, Wantchekon has made substantive and methodological contributions to the fields of Political Economy, Economic History and Development Economics, and has also contributed significantly to the literatures on clientelism and state capture, resource curse and democratization.
Seminar topic: The World Economic Outlook chapter: “A Greener Labor Market”