京都大学 大学院経済学研究科・経済学部

SEMINAR SERIES

Management Seminar

Marco Becht(Professor, Solvay Brussels School for Economics and Management, Université libre de Bruxelles (ULB))

Date&Time:
2024.11.27 (Wed) 10:30-12:00
Venue:
Lecture Room 3 on 3F, Research Bldg. No.2, Yoshida Campus, Kyoto University
Language:
English
Contact:
Asli M. COLPAN

(Title) 
"Voice Through Divestment"

Abstract: 
A common argument against divestment is that it discards voting power and has a small effect on stock prices. We argue that divestment is a statement of disapproval that aligns actions with words for effectiveness. We show that the Go Fossil Free divestment movement is a narrative with impact. Viral divestment pledges depressed the share prices of all high carbon emitters, including those with no divestment. Peak virality coincided with a concurrent rise in the carbon premium and preceded net-zero commitments. The introduction of these commitments effectively recast divestment from a moral statement to a strategic exercise in risk management.

Key words: Divestment, fossil free, carbon budget, shareholder engagement, responsible investment, climate change, carbon premium, economic narratives, net-zero commitments, social preferences, tweets as data

If you would like to participate in this seminar, please register yourself from the Google form below, by 9:00 on November 27th (Wed), 2024.
https://forms.gle/wGnTj9RRRneq7xkR7

Inquiries (Administrative staff): sakata.mito.2u[at]kyoto-u.ac.jp (Please replace [at] with @)