Question A:
A mandate for public companies to provide climate-related disclosures (such as their greenhouse gas emissions and carbon footprint) would provide financially material information that enables investors to make better decisions.
Responses
Responses weighted by each expert's confidence
Question B:
A mandate for public companies to provide climate-related disclosures would induce them to reduce their climate impact significantly.
Responses
Responses weighted by each expert's confidence
Question A Participant Responses
| Participant | University | Vote | Confidence | Bio/Vote History |
|---|---|---|---|---|
 Franklin Allen |
Imperial College London | Bio/Vote History | ||
|
Climate related disclosures are likely to become more important for asset pricing going forward.
|
||||
 Pol Antras |
Harvard | Bio/Vote History | ||
|
Not an expert on this. But I’d imagine that info would be relevant for NPDV of future profits (at least due to consumers’ response to info).
|
||||
 Oriana Bandiera |
London School of Economics | Bio/Vote History | ||
|
|
||||
 Olivier Blanchard |
Peterson Institute | Bio/Vote History | ||
|
better than nothing, but this will not change the world.
|
||||
 Nicholas Bloom |
Stanford | Bio/Vote History | ||
|
Yes - but we this just for public firms and excludes private firms. I would rather something general covering all firms.
|
||||
 Richard William Blundell |
University College London | Bio/Vote History | ||
|
|
||||
 Elena Carletti |
Bocconi | Bio/Vote History | ||
|
|
||||
 Jean-Pierre Danthine |
Paris School of Economics | Bio/Vote History | ||
|
|
||||
 Paul De Grauwe |
LSE | Bio/Vote History | ||
|
|
||||
 Jan Eeckhout |
UPF Barcelona | Bio/Vote History | ||
|
|
||||
 Ernst Fehr |
Universität Zurich | Bio/Vote History | ||
|
|
||||
 Xavier Freixas |
Barcelona GSE | Did Not Answer | Bio/Vote History | |
|
|
||||
 Nicola Fuchs-Schündeln |
Goethe-Universität Frankfurt | Bio/Vote History | ||
|
|
||||
 Jordi Galí |
Barcelona GSE | Bio/Vote History | ||
|
|
||||
 Francesco Giavazzi |
Bocconi | Did Not Answer | Bio/Vote History | |
|
|
||||
 Rachel Griffith |
University of Manchester | Bio/Vote History | ||
|
|
||||
 Veronica Guerrieri |
Chicago Booth | Bio/Vote History | ||
|
|
||||
 Luigi Guiso |
Einaudi Institute for Economics and Finance | Bio/Vote History | ||
|
|
||||
 Sergei Guriev |
Sciences Po | Bio/Vote History | ||
|
|
||||
 Patrick Honohan |
Trinity College Dublin | Bio/Vote History | ||
|
|
||||
 Beata Javorcik |
University of Oxford | Bio/Vote History | ||
|
|
||||
 Jan Pieter Krahnen |
Goethe University Frankfurt | Bio/Vote History | ||
|
Since future regulatory developments are likely to increase the costs of emissions, they affect expected cashflow, and firm value.
|
||||
 Botond Kőszegi |
Central European University | Bio/Vote History | ||
|
|
||||
 Eliana La Ferrara |
Harvard Kennedy | Bio/Vote History | ||
|
|
||||
 Christian Leuz |
Chicago Booth | Bio/Vote History | ||
|
GHG emissions are largely externalities & thus not obviously material to investors. But investors try to price carbon risks using disclosure
-see background information here |
||||
 Thierry Mayer |
Sciences-Po | Did Not Answer | Bio/Vote History | |
|
|
||||
 Costas Meghir |
Yale | Bio/Vote History | ||
|
|
||||
 Marco Pagano |
Università di Napoli Federico II | Bio/Vote History | ||
|
Provided the information is provided via well-designed templates and can be processed easily by investors.
|
||||
 Lubos Pastor |
Chicago Booth | Bio/Vote History | ||
|
|
||||
 Torsten Persson |
Stockholm University | Did Not Answer | Bio/Vote History | |
|
|
||||
 Christopher Pissarides |
London School of Economics and Political Science | Did Not Answer | Bio/Vote History | |
|
|
||||
 Richard Portes |
London Business School | Bio/Vote History | ||
|
|
||||
 Canice Prendergast |
Chicago Booth | Bio/Vote History | ||
|
|
||||
 Carol Propper |
Imperial College London | Bio/Vote History | ||
|
|
||||
 Imran Rasul |
University College London | Bio/Vote History | ||
|
|
||||
 Lucrezia Reichlin |
London Business School | Did Not Answer | Bio/Vote History | |
|
|
||||
 Ricardo Reis |
London School of Economics | Did Not Answer | Bio/Vote History | |
|
|
||||
 Rafael Repullo |
CEMFI | Bio/Vote History | ||
|
|
||||
 Hélène Rey |
London Business School | Did Not Answer | Bio/Vote History | |
|
|
||||
 Antoinette Schoar |
MIT | Bio/Vote History | ||
|
the usefulness of such reports depends on how reporting standards are enforced. and how easy it is to do precise + comprehensive measurement
|
||||
 Kjetil Storesletten |
University of Minnesota | Bio/Vote History | ||
|
|
||||
 Daniel Sturm |
London School of Economics | Bio/Vote History | ||
|
Such disclosures are not a bad idea, but may not provide much additional information to what is already in the public domain.
|
||||
 John Van Reenen |
LSE | Bio/Vote History | ||
|
|
||||
 John Vickers |
Oxford | Bio/Vote History | ||
|
Financially material for some companies but not others
|
||||
 Hans-Joachim Voth |
University of Zurich | Bio/Vote History | ||
|
|
||||
 Karl Whelan |
University College Dublin | Bio/Vote History | ||
|
It's hard to get this reporting to be accurate or precise and it's not clear how useful it is purely from a private investor perspective.
|
||||
 Charles Wyplosz |
The Graduate Institute Geneva | Bio/Vote History | ||
|
Remains to be seen how informative this can be.
|
||||
 Fabrizio Zilibotti |
Yale University | Did Not Answer | Bio/Vote History | |
|
|
||||
Question B Participant Responses
| Participant | University | Vote | Confidence | Bio/Vote History |
|---|---|---|---|---|
|
Franklin Allen |
Imperial College London | Bio/Vote History | ||
|
This seems to be becoming more important in Europe and the US as time passes.
|
||||
|
Pol Antras |
Harvard | Bio/Vote History | ||
|
Otherwise, they may face backlash from some consumers.
|
||||
|
Oriana Bandiera |
London School of Economics | Bio/Vote History | ||
|
|
||||
|
Olivier Blanchard |
Peterson Institute | Bio/Vote History | ||
|
same answer: it cannot do harm, but stronger measures (carbon price, or stronger) are absolutely needed.
|
||||
|
Nicholas Bloom |
Stanford | Bio/Vote History | ||
|
|
||||
|
Richard William Blundell |
University College London | Bio/Vote History | ||
|
|
||||
|
Elena Carletti |
Bocconi | Bio/Vote History | ||
|
|
||||
|
Jean-Pierre Danthine |
Paris School of Economics | Bio/Vote History | ||
|
would work for some firms more than for others. but have a positive effect on average
|
||||
|
Paul De Grauwe |
LSE | Bio/Vote History | ||
|
|
||||
|
Jan Eeckhout |
UPF Barcelona | Bio/Vote History | ||
|
|
||||
|
Ernst Fehr |
Universität Zurich | Bio/Vote History | ||
|
|
||||
|
Xavier Freixas |
Barcelona GSE | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Nicola Fuchs-Schündeln |
Goethe-Universität Frankfurt | Bio/Vote History | ||
|
|
||||
|
Jordi Galí |
Barcelona GSE | Bio/Vote History | ||
|
|
||||
|
Francesco Giavazzi |
Bocconi | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Rachel Griffith |
University of Manchester | Bio/Vote History | ||
|
|
||||
|
Veronica Guerrieri |
Chicago Booth | Bio/Vote History | ||
|
|
||||
|
Luigi Guiso |
Einaudi Institute for Economics and Finance | Bio/Vote History | ||
|
I have some evidence showing this
|
||||
|
Sergei Guriev |
Sciences Po | Bio/Vote History | ||
|
|
||||
|
Patrick Honohan |
Trinity College Dublin | Bio/Vote History | ||
|
|
||||
|
Beata Javorcik |
University of Oxford | Bio/Vote History | ||
|
|
||||
|
Jan Pieter Krahnen |
Goethe University Frankfurt | Bio/Vote History | ||
|
Disclosure may provide incentives for a "run to the median", with some companies issuing/emitting less, and perhaps others issuing more.
|
||||
|
Botond Kőszegi |
Central European University | Bio/Vote History | ||
|
|
||||
|
Eliana La Ferrara |
Harvard Kennedy | Bio/Vote History | ||
|
|
||||
|
Christian Leuz |
Chicago Booth | Bio/Vote History | ||
|
Lit. broadly supports such real effects. But at times unintended effcts from mandates. For GHG, there is evidence of GHG reductions (US&UK)
-see background information here -see background information here |
||||
|
Thierry Mayer |
Sciences-Po | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Costas Meghir |
Yale | Bio/Vote History | ||
|
|
||||
|
Marco Pagano |
Università di Napoli Federico II | Bio/Vote History | ||
|
|
||||
|
Lubos Pastor |
Chicago Booth | Bio/Vote History | ||
|
|
||||
|
Torsten Persson |
Stockholm University | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Christopher Pissarides |
London School of Economics and Political Science | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Richard Portes |
London Business School | Bio/Vote History | ||
|
|
||||
|
Canice Prendergast |
Chicago Booth | Bio/Vote History | ||
|
|
||||
|
Carol Propper |
Imperial College London | Bio/Vote History | ||
|
|
||||
|
Imran Rasul |
University College London | Bio/Vote History | ||
|
|
||||
|
Lucrezia Reichlin |
London Business School | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Ricardo Reis |
London School of Economics | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Rafael Repullo |
CEMFI | Bio/Vote History | ||
|
|
||||
|
Hélène Rey |
London Business School | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Antoinette Schoar |
MIT | Bio/Vote History | ||
|
if climate impact can be precisely measured, it can help investors to push for change. But if not, it will just lead to window dressing
|
||||
|
Kjetil Storesletten |
University of Minnesota | Bio/Vote History | ||
|
Policy makers should spend effort on implementing more effective measures. Go for a direct CO2 tax.
|
||||
|
Daniel Sturm |
London School of Economics | Bio/Vote History | ||
|
Pressure to improve environmental performance is growing substantially and additional information disclosures may not add much to that.
|
||||
|
John Van Reenen |
LSE | Bio/Vote History | ||
|
|
||||
|
John Vickers |
Oxford | Bio/Vote History | ||
|
|
||||
|
Hans-Joachim Voth |
University of Zurich | Bio/Vote History | ||
|
|
||||
|
Karl Whelan |
University College Dublin | Bio/Vote History | ||
|
It may do so. It could also provoke a lot of effort devoted to "greenwashing" to make companies look better than they really are.
|
||||
|
Charles Wyplosz |
The Graduate Institute Geneva | Bio/Vote History | ||
|
Costs and benefits will have to be balanced, as always.
|
||||
|
Fabrizio Zilibotti |
Yale University | Did Not Answer | Bio/Vote History | |
|
|
||||
