The PRI Academic Seminar Series invites leading ESG experts to present their research to academic scholars and investors.
The aim of the series is to:
enable investors to learn from cutting edge research and engage with authors directly
give world thought leaders in responsible investing the opportunity to present their work and obtain valuable feedback
provide an opportunity to junior scholars to network with the speaker and obtain career advice
be more inclusive and strengthen our global PRI Academic Network community throughout the year
Join PRI on Friday, 8 March to hear from:
Marco Becht
Solvay Brussels School of Economics and Management (ULB);
European Corporate Governance Institute (ECGI);
Centre for Economic Policy Research (CEPR)
Read Marco’s bio
Paper: 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.