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Welcome to my website! I am a fourth-year PhD student in Finance at EPFL & Swiss Finance Institute.
My research interests are in Corporate Finance and Sustainable Finance.
You can find my CV here.
Working Papers
Working Papers
Abstract: This paper investigates the real effects of climate disclosure requirements. I develop a model where investors are heterogeneous in their aversion to pollution and show that stricter disclosure reallocates ownership of more polluting firms toward less environmentally-friendly investors, reducing their incentives to adopt green technologies. Using data on the staggered adoption of mandatory disclosure requirements, I find that, after adoption, institutional investors divest from polluting firms. Firms also increase emissions intensity and reduce R&D, with stronger effects among more polluting firms, as predicted by the model. These findings highlight the unintended real effects of climate disclosure through a shareholder-base channel.
Presentations: AFA Poster Session, EPFL/HEC Lausanne PhD Workshop, EPFL/HEC Lausanne Brown Bag, FTG Summer School, SFI Research Days, SFI PhD Workshop, ZEW Ageing and Sustainable Finance Conference, FMA Europe (scheduled).
Abstract: I develop a dynamic model in which a brown firm faces stochastic preferences for green goods. The firm is imperfectly informed about the growth rate of preferences and learns about them over time. Surprisingly, incomplete information does not necessarily delay the green transition. A central result is that the firm transitions inefficiently late, even in the absence of negative aggregate externalities. I analytically characterize the socially optimal carbon tax and subsidy and compare their effectiveness. Under plausible calibrations, a reasonable subsidy is equivalent to a high carbon tax, thereby making subsidies more effective at encouraging green investments.
Presentations: EPFL/HEC Lausanne PhD Workshop, EPFL Corporate Finance Roundtable, PhD Summer School on Finance and Product Markets, Rising Scholars Conference on Sustainable Finance, SFI Research Days, SFI PhD Workshop, SGF Conference Poster Session, ZEW Ageing and Sustainable Finance Conference.
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