Please join us for “Dissecting Returns From ESG Investing,” a talk by Kenan Institute Distinguished Fellow Lubos Pastor, the Charles P. McQuaid Professor of Finance at the University of Chicago Booth School of Business.

The hourlong event will take place at 12:30 p.m. EDT Thursday, Oct. 6, in Kenan Center Room 204.

Pastor will discuss how green stocks — despite outperforming brown in recent years because of an unexpectedly strong increase in environmental concerns — have lower expected future returns than brown, as is consistent with theory. Expected returns are estimated by way of two statistical methods: ex ante, using implied costs of capital, and ex post, using realized returns purged of shocks from climate concerns and earnings.

Pastor joins Professors Alex Edmans of London Business School, Olga Hawn of UNC Kenan-Flagler Business School, Jacquelyn Pless of the MIT Sloan School of Management and Emmanuel Yimfor of the University of Michigan Ross School of Business as 2022 Kenan Institute Distinguished Fellows. Together they comprise an exemplary set of global scholars committed to leveraging their individual expertise, thought leadership, research and networks to further the institute’s efforts to examine and drive solutions to issues facing business and the economy today.

This class will support the institute’s 2022 grand challenge, an exploration of stakeholder capitalism and ESG investing. As part of those efforts, Pastor, Yimfor (Aug. 25) and Pless (Oct. 25) will each pay a visit to the institute and deliver a talk that will be open to the press and public. (Note: Edmans delivered a virtual presentation April 7, available here.)

The event is free and open to the public but registration is required, as lunch will be provided for all attendees.

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• Keyword(s):
• esg 45
• stakeholder capitalism 57