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Working paper

Working paper

26.02.2021 - Working Paper

Understanding the Performance of the Equity Value Factor

After decades of sound performance, doubts have been cast on the ability of the equity value strategy to keep delivering in the aftermath of the 2008 Global Financial Crisis.

Lauren STAGNOL, Christian LOPEZ, Thierry RONCALLI, Bruno TAILLARDAT

Working paper

Working paper

26.01.2021 - Working Paper

The Market Measure of Carbon Risk and its Impact on the Minimum Variance Portfolio

Like ESG investing, climate change is an important concern for asset managers and owners, and a new challenge for portfolio construction. Until now, investors have mainly measured carbon risk using fundamental approaches, such as with carbon intensity metrics. Nevertheless, it has not been proven that asset prices are directly impacted by these fundamental-based measures. In this paper, we focus on another approach, which consists in measuring the sensitivity of stock prices with respect to a carbon risk factor. In our opinion, carbon betas are market-based measures that are complementary to carbon intensities or fundamental-based measures when managing investment portfolios, because carbon betas may be viewed as an extension or forward-looking measure of the current carbon footprint. In particular, we show how this new metric can be used to build minimum variance strategies and how they impact their portfolio construction.

Théo RONCALLI, Theo LE GUENEDAL, Fréderic LEPETIT, Thierry RONCALLI, Takaya SEKINE

Working paper

Working paper

13.01.2021 - Working Paper

Responsible Investing and Stock Allocation

We analyze the portfolio choices of approximately 913,000 active participants in employee saving plans in France. Looking at the cross-section of equity exposure, we find that the inclusion of responsible equity options in the menu of available funds is associated with a 2.1% higher equity allocation by plan participants.

Marie BRIERE, Stefano RAMELLI

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15.12.2020 - Insights Paper

Sustainability-linked bonds: nascent opportunities for ESG investing

Since the creation of green bonds, many new labels have emerged, including social bonds, sustainability bonds, and recently transition bonds, not to mention water, blue or adaptation bonds. Despite the standardisation efforts led by the International Capital Markets Association (ICMA), creativity in self-labelling has increased the number of labels. Whereas the type of activities financed by these various bond labels differ, they are all anchored to the same initial concept and to a pledge by issuers that the proceeds will be dedicated to a predetermined list of eligible projects. These are ‘use-of-proceeds’ bonds.

Alban DE FAY, Erwan CREHALET

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11.12.2020 - Insights Paper

Responsible investing expands further with green convertible bonds

While investors have been aware of the merits of investing responsibly for a long time, the Covid-19 crisis is likely to increase the focus on ESG principles, which should play a critical role in the emergence from the crisis.

Erwan CREHALET, Alban DE FAY, Julia KUNG

Working paper

Working paper

08.12.2020 - Working Paper

Facts and Fantasies about the Green Bond Premium

The green bond market has increased exponentially since the first issuance in 2007. Nevertheless, we continue to observe a large imbalance between supply and demand because of the huge appetite from institutional ESG investors. The purpose of this study is then to determine if green bonds present lower yields than conventional bonds in the secondary market. This yield difference is known as the green bond premium or greenium.

Mohamed BEN SLIMANE , Dany Da Fonseca, Vivek Mahtani

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30.11.2020 - Expert Talk

The day after #3 - Covid-19 crisis and the ESG transformation of the asset management industry

On 23 February 2020, when Italy announced the Lombardy lockdown, and then on 11 March 2020, when the World Health Organization classified Covid-19 as a pandemic, what started as an emerging disease in China in a few weeks turned into one of the most serious health crises ever known. Equity markets across all financial centres plunged.

Jean-Jacques BARBERIS, Marie BRIERE, Simon JANIN

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18.11.2020 - Insights Paper

Social bonds: financing the recovery and long-term inclusive growth

With its triple impact on education, income and health, the Covid-19 crisis has exacerbated existing inequalities, both among and within countries. An additional 71 million people, concentrated in South Asia and Sub-Saharan Africa, could be pushed into extreme poverty in 2020 as a result of the pandemic.

Elodie LAUGEL, Isabelle VIC-PHILIPPE

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18.11.2020 - Discussion Paper

Factor Investing and ESG in the Corporate Bond Market Before and During the COVID-19 Crisis

The objective of this paper is to illustrate the factor investing space in corporate bonds before and during the COVID-19 crisis and is the natural extension of our prior analysis on both the new alternative credit factors and the ESG integration in credit.

Mohamed BEN SLIMANE , Jean-Marie DUMAS, Takaya SEKINE

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