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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
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: EPFL/UNIL PhD Workshop, EPFL/HEC Lausanne Brown Bag, FTG Summer School, SFI Research Days, SFI PhD Workshop.
Consumer Preferences and Green Transition
Abstract: This paper investigates the effects of consumer preferences on the green transition. I develop a real options model where a firm, initially endowed with brown technology, faces stochastic consumers' preferences for green goods. Preferences for green goods are observable and governed by a diffusion process whose drift is unknown to the firm. Surprisingly, incomplete information does not necessarily delay the green transition relative to a complete information benchmark. I also use my model to investigate the effectiveness of different regulatory tools in the green transition. My findings reveal that regulations promoting green investment, such as subsidies or tax credits, seem more promising as they translate into a high level of carbon tax. Furthermore, I generate a set of novel predictions regarding the role of consumers in the green transition and the relative effectiveness of different regulatory tools.
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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