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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
Climate Disclosure: Theory and Evidence
Climate Disclosure: Theory and Evidence
[Draft coming soon]
Abstract: This paper investigates the real effects of climate disclosure requirements. I develop a model in which firms are financed by responsible investors who are heterogeneous in their aversion to holding polluting firms and are imperfectly informed about firms' externalities. I demonstrate that improving climate disclosure requirements has an ambiguous impact on welfare and pollution due to two different effects. First, it reduces the size of the dirty sector. Second, it also reshapes firms' shareholder base, resulting in the dirty firm being financed by investors who are, on average, less concerned about pollution thereby undermining the dirty firm's incentives to adopt green technology. This challenges the conventional view that improving climate disclosure is beneficial and suggests that some level of greenwashing could be optimal. Using data on the staggered adoption of mandatory climate disclosure requirements across countries, I provide supportive empirical evidence of these mechanisms.
Presentations: AFA Poster Session, EPFL/UNIL PhD Workshop, EPFL/HEC Lausanne Brown Bag, FTG Summer School, SFI Research Days, SFI PhD Workshop.
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/UNIL 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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