News/recent presentations:

"Should the $60 Price Cap on Russian Oil Exports be Lowered?" FREE Policy Brief, with Diego Cardoso and Stephen Salant

"The Dynamics of Evasion: The Price Cap on Russian Oil Exports and the Amassing of the Shadow Fleet," MIT (CEEPR) Working Paper, with Diego Cardoso and Stephen Salant

Co-Investigator Grant of the Independent Research Fund Denmark and the Swiss National Science Foundation for research on "The Role of Internal Carbon Pricing" (CHF 1,200,000), main applicant, with Ugo Panizza

Organization of the DTU-KU "International Workshop in Energy and Resource Economics and Policy." See the program at https://ifro.ku.dk/english/events/2024/international-workshop-in-energy-and-resource-economics-and-policy/

2024 Grant of the Geneva Institute for Wealth Management for research on "Optimal Climate Finance." Read more at https://giwm.ch/call-for-projects-2020-2-3-2/.

Semper Ardens Accelerate grant (DKK 4,997,266) of the Carlsberg Foundation for my research on how finance can and should help the economy decarbonize. Read more at www.man.dtu.dk/english/news/julien-carlsberg-grant?id=4a2fd438-68e9-4281-a468-9e792bdd5e33 

Interview to the Swiss financial media Sphere Magazine on "Arthur Cecil Pigou" and the relevance of the polluter-pay principle for the resolution of the climate problem: Read it at https://lnkd.in/eb4WvtbV.

New works-in-progress:

"Do Markets Price the Sensitivity of Economic Oil Reserves?" with Saraly Andrade de Sá and Diego Cardoso

"What is the Effect of Oil Extraction Taxes?" with Diego Cardoso, Erik Katovich, and Pritam Saha 

"Labor Income in Free Access, Private Ownership, and Informality," with Kyungbo Han, Jérémy Laurent-Lucchetti, and Emmanuel Milet

"Does Internal Carbon Pricing Lead Firms to Reduce their Carbon Emissions?" with Emmanuel Milet and Giannis Papazoglou

Working paper:

"Why Do Firms Issue Green Bonds?" with Shema Mitali and Jean-Charles Rochet

Abstract: Green bonds allow firms to commit to climate-friendly projects. Empirical studies show that stock prices react positively to their issuance. We suggest that green bonds help managers signal the profitability of their green projects. We build a signaling model in which firms' incentives to undertake green projects are amplified by short-term managerial incentives. We test this prediction by exploiting cross-industry differences in the stock-price sensitivity of managers' pay and cross-country variations in effective carbon prices. Our results also imply that green bonds are not substitutes for but complements to carbon pricing.