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Financial Engineering Workshop - Markus Leippold (University of Zurich and Swiss Finance Institute)
Bayes Business School, 106 Bunhill Row
Room 2005 (second floor)
106 Bunhill Row, London EC1Y 8TZ, UK
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Abstract
Corporate climate disclosures are considered an essential prerequisite to managing climate-related financial risks. At the same time, current disclosures are imprecise, inaccurate, and greenwashing-prone. We introduce a deep learning approach to enable comprehensive climate disclosure analyses by fine-tuning the climateBert model. From 14,584 annual reports of the MSCI World index firms from 2010 to 2020, we extract the amount of cheap talk, defined as the share of precise versus imprecise climate commitments. We then test various hypotheses by linking three different climate initiatives, namely the Task Force on Climate-Related Financial Disclosure, the Science-Based Targets Initiative, and the Climate Action 100+, to the economic channels of signaling, credibility, and active engagement. In particular, we ask whether these initiatives decrease cheap talk by disciplining companies in how they define and disclose actionable climate commitments in their annual reports.
Bio
Markus Leippold is a professor of financial engineering at the University of Zurich and a Swiss Finance Institute (SFI) Senior Chair. He previously held positions at Imperial College Business School and the Federal Reserve Bank in New York. He holds a Ph.D. in economics from the University of St. Gallen and has published in top academic journals, receiving numerous awards for his work. In 2019, Markus conducted research at Google on natural language processing and its application to finance. Since 2021, he is again a part-time visiting researcher at Google.
Please register the day before the workshop to receive the link to the seminar if attending online, otherwise you may not be given access.
Food Provided (Light refreshments. )
Where
Bayes Business School, 106 Bunhill Row
Room 2005 (second floor)
106 Bunhill Row, London EC1Y 8TZ, UK