11th Annual Research Workshop - Technological Innovation, Climate Finance and Banking Regulation

Date : 26/10/2022 08:30 - 27/10/2022 16:30 (Paris time) | Duration: 08:30 - 16:30 (Paris time) | Location:

EBA Premises, Paris La Défense | remote via webex
|

The 2022 Policy research workshop titled Technological Innovation, Climate Finance and Banking Regulation brought together economists and researchers from supervisory authorities and central banks, as well as leading academics, to discuss the challenges, risks and opportunities of technological innovations in the banking and financial sector as well as banks’ transition to a more sustainable economy.

Day 1 - 26 November 2022

Welcome Speech

José Manuel Campa, EBA Chairperson

9.30-9:50
Keynote Speech: The role for macroprudential policy in an evolving technological and climate finance landscape

Cornelia Holthausen (Directorate General Macroprudential Policy & Financial Stability, ECB)

9.50-10.50
Session 1: Climate policy risk and the pricing of bank loans

Chair: Jacob Gyntelberg, Director of Economic and Risk Analysis (EBA)

When Green meets Green

Hans Degryse, Roman Goncharenko, Carola Theunisz, Tamas Vadasz (KU Leuven, Belgium)

Discussant: Serena Fatica (European Commission)

Paper

Presentation

Discussion

Environmental Risks and Loan Contract Terms

Diwen Gao (Bayes Business School, City, University of London, UK)

Discussant: Despo Malikkidou (EBA) 

Are green loans less risky?

Florin Dragu, Florian Neagu, Amalia Stamate, Luminita Tatarici (National Bank of Romania)

Discussant: Jonathan Acosta Smith (Bank of England)

Presentation

Discussion

11.20-13.10
Session 2: Regulation and market functioning

Chair: Lars Overby Head of Risk-based Metrics Unit (EBA)

Gas, Guns and Governments: Financial Costs of Anti-ESG Policies

Daniel G. Garrett (University of Pennsylvania, Wharton, USA) and Ivan T. Ivanov (Federal Reserve Board)

Discussant: Dimitrios Mokas (EBA)

Presentation

Discussion

Environmental regulatory risks, firm pollution, and mutual funds’ portfolio choices

Simon Xu (Haas School of Business, University of California at Berkeley, USA)

Discussant: Shuang Zhang (Imperial College London, UK)

Paper

Presentation

Discussion

Firm ESG Reputation Risk and Debt Choice

David P. Newton, Steven Ongena, Ru Xie, Binru Zhao (BOFIT)

Discussant: Ruxandra Popescu (EBA)

Paper

Presentation

Discussion

14.10-16.00
Session 3: Financing and hedging climate change

Chair: Stephane Dees (Banque de France)

Financing the low-carbon transition in Europe

Olimpia Carradori, Margherita Giuzio, Sujit Kapadia, Dilyara Salakhova, (ECB), Katia Vozian (ECB; Helsinki Graduate School of Economics, Hanken School of Economics; Leibniz Institute for Financial Research SAFE) 

Discussant:  Ivan T. Ivanov (Federal Reserve Board)

Presentation

Discussion

Primary Corporate Bond Markets and Social Responsibility

Michael Halling (University of Luxembourg), Jin Yu (Department of Banking and Finance, Monash University, Australia), Josef Zechner (Vienna University of Economics and Business, Austria) 

Discussant: Monika Marcinkowska (University of Lodz, Poland)

Paper

Presentation

Discussion

Impacts of extreme weather events on mortgage risks and their evolution under climate change: the case of Florida

Raffaella Calabrese (University of Edinburgh, UK), Timothy Dombrowski (University of Missouri-St. Louis, USA), Antoine Mandel (Centre d' Economie de la Sorbonne and Paris School of Economics, France), R. Kelly Pace (Louisiana State University, USA), Luca Zanin (Prometeia, Italy) 

Discussant: Davide Vioto (EBA)

Presentation

Discussion

16.30-18.20
   


Day 2 - 27 November 2022

Session 4: Developments in financial innovation

Chair: Olli Carsten, Head of Economic Analysis and Impact Assessment Unit (EBA)

Leveraged loans: is high leverage risk priced in?

David P. Newton, Ru Xie, Binru Zhao (University of Bath, UK) and Steven Ongena (University of Zurich, Swiss Finance Institute, KU Leuven, NTNU Business School & CEPR)

Discussant: Simone Casellina (EBA)

Paper

Presentation

Discussion

Asset Overhang and Technological Change

Hans Degryse (KU Leuven and CEPR), Tarik Roukny (KU Leuven, Belgium) and Joris Tielens (National Bank of Belgium)
Discussant: Irem Erten (Warwick Business School, UK) 

Paper

Presentation

Discussion

Does IT help? IT in Banking and Entrepreneurship

Toni Ahnert (ECB, Bank of Canada and CEPR), Sebastian Doerr (BIS), Nicola Pierri (IMF) and Yannik Timmer (Federal Reserve Board)

Discussant: Tiago M. Pinheiro (Banco de Portugal)

Paper

Presentation

Discussion

9.0-10.50
Keynote speech: Carbon Emissions and the Bank-Lending Channel

José-Luis Peydró (Imperial College London, CEPR)

11.10-12.10
Session 5: Products and payment systems

Chair: Juan Carlos Crisanto (BIS)

Tax-Loss Harvesting with Cryptocurrencies

Lin William Cong (Cornell University, USA), Wayne Landsman (University of North Carolina, USA), Edward Maydew (University of North Carolina, USA) and Daniel Rabetti (Coller School of Management, Israel)

Discussant: Gabriel Mitrache (EBA)

Paper

Presentation

Cashless Payment and Financial Inclusion

Shumiao Ouyang (Department of Economics and Bendheim Center for Finance, Princeton University, USA)

Discussant: André F. Silva (Federal Reserve Board) 

Paper

Presentation

Discussion

12.10-13.20
Session 6: Cyber Attack and Financial Crime Technology

Chair: Marilin Pikaro, Direcctor of Innovation, Conduct and Consumers (EBA)

Cyberattacks on Small Banks and the Impact on Local Banking Markets

Fabian Gogolin (University of Leeds, UK), Ivan Lim and Francesco Vallascas (Durham University, UK) 

Discussant: Eric Vansteenberghe (Banque de France)

Paper

Presentation

Discussion

Cyberattacks and Financial Stability: Evidence from a Natural Experiment

Antonis Kotidis and Stacey L. Schreft (Federal Reserve Board) 

Discussant: Francesco Vallascas (Durham University, UK)

Paper

Presentation

Discussion

Banks' Physical Footprint and Financial Technology Adoption

Lucas A. Mariani (ERSA and University of Milano-Bicocca, Italy), José Renato Haas Ornelas (Banco Central do Brasil), Bernardo Ricca (INSPER)

Discussant: Antonis Kotidis (Federal Reserve Board)

 

14.20-16.10
Closing of the 2022 EBA Policy Research Workshop

François-Louis Michaud, EBA Executive Director

16.10-16.30

Documents