{"id":13,"date":"2019-10-25T08:40:22","date_gmt":"2019-10-25T08:40:22","guid":{"rendered":"http:\/\/blogs.hec.uliege.be\/~cfd\/?page_id=13"},"modified":"2025-05-08T07:44:32","modified_gmt":"2025-05-08T07:44:32","slug":"venue","status":"publish","type":"page","link":"https:\/\/pricelab.hec.uliege.be\/index.php\/venue\/","title":{"rendered":"Research Activities"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-background-color:rgba(2,114,206,0);--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p>The lab conducts top edge research in Financial Analysis and Corporate Finance.<\/p>\n<ul>\n<li>The research in Financial Analysis mostly concerns the analysis of the performance and risks of financial products or investment such as stocks and investment funds. This involves the definition of risk factors and models to determine expected returns based on appropriate risk measures.<\/li>\n<\/ul>\n<ul>\n<li>\u00a0The research in Corporate Finance mostly deal with investment decisions and the process of value creation for companies, shareholders and stakeholders. Recently, the focus has been made on venture and private equity investment.<\/li>\n<\/ul>\n<p>The lab addresses sustainability issues in both axes (Financial Analysis and Corporate Finance) in a new research program called \u201cResponsible Investment\u201d.<\/p>\n<\/div><div class=\"fusion-section-separator section-separator bigtriangle fusion-section-separator-1\" style=\"--awb-spacer-height:99px;--awb-svg-margin-left:0;--awb-svg-margin-right:0;--awb-divider-height:99px;--awb-spacer-padding-top:inherit;--awb-sep-padding:0;--awb-svg-padding:0;\"><div class=\"fusion-section-separator-svg\"><svg class=\"fusion-big-triangle-candy\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" width=\"100%\" height=\"100\" viewBox=\"0 0 100 100\" preserveAspectRatio=\"none\" fill=\"rgba(80,177,191,1)\"><path d=\"M-1 -1 L50 99 L101 -1 Z\"><\/path><\/svg><\/div><div class=\"fusion-section-separator-spacer\"><div class=\"fusion-section-separator-spacer-height\"><\/div><\/div><\/div><div class=\"fusion-section-separator section-separator rounded-split fusion-section-separator-2 rounded-split-separator\" style=\"--awb-spacer-height:71px;--awb-svg-margin-left:0;--awb-svg-margin-right:0;\"><div class=\"fusion-section-separator-svg\"><div class=\"rounded-split top\" style=\"background-color:#ffffff;\"><\/div><\/div><div class=\"fusion-section-separator-spacer\"><div class=\"fusion-section-separator-spacer-height\"><\/div><\/div><\/div><div class=\"fusion-text fusion-text-2\"><h2 style=\"text-align: center;\"><strong>Main Publications\u00a0<\/strong><\/h2>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:15px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#747474;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#607d8b;--awb-title-font-family:&quot;Antic Slab&quot;;--awb-title-font-weight:400;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-title-line-height:1.5;--awb-content-font-family:&quot;PT Sans&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-13-1\"><div class=\"fusion-panel panel-default panel-fe1cea92b55d9ff63 fusion-toggle-has-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_fe1cea92b55d9ff63\"><a aria-expanded=\"false\" aria-controls=\"fe1cea92b55d9ff63\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-13-1\" data-target=\"#fe1cea92b55d9ff63\" href=\"#fe1cea92b55d9ff63\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Factor Investing and Smart Betas<\/span><\/a><\/h4><\/div><div id=\"fe1cea92b55d9ff63\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_fe1cea92b55d9ff63\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Research on market anomalies highlights the failure of traditional models to measure the expected returns of certain financial securities. A first paper published in 2013 already established an innovative methodology to construct risk factors: the sequential approach. Some years later, the paper \u201cFactoring Characteristics into Returns: A Clinical Approach to Fama-French Portfolio Decomposition\u201d &#8220;challenges&#8221; the standard methodology for constructing risk factors, developed by Eug\u00e8ne Fama (Nobel Prize in Economics 2013) and Kenneth French. Based on the results of this publication, the research \u201cRisk Optimizations on Basis Portfolios: The Role of Sorting\u201d shows the implications of this paradigm shift in the construction of diversified investment strategies. A second article under review analyzes the consequences in terms of asset selection in portfolio management.<\/p>\n<ul>\n<li>Fays, B., Papageorgiou, N., and M. Lambert (2021). Risk Optimizations on Basis Portfolios: The Role of Sorting. <em>Journal of Empirical Finance<\/em> 62, 136-163. <a href=\"https:\/\/doi.org\/10.1016\/j.jempfin.2021.06.002\">https:\/\/doi.org\/10.1016\/j.jempfin.2021.06.002<\/a>\u00a0&#8211; Open access: <a href=\"http:\/\/hdl.handle.net\/2268\/261043\">http:\/\/hdl.handle.net\/2268\/261043<\/a><\/li>\n<\/ul>\n<ul>\n<li>Lambert, M., Fays, B., and G. H\u00fcbner (2020),\u00a0 Factoring Characteristics into Returns: A Clinical Approach to Fama-French Portfolio Decomposition, <em>Journal of Banking and Finance<\/em>, 114. <a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0378426620300789\"><em>https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0378426620300789<\/em><\/a>\u00a0&#8211; Open access: <a href=\"http:\/\/hdl.handle.net\/2268\/246901\">http:\/\/hdl.handle.net\/2268\/246901<\/a><\/li>\n<\/ul>\n<ul>\n<li>Lambert, M., and G. H\u00fcbner (2013), Comoment Risk and Stock Returns, <em>Journal of Empirical Finance <\/em>23<em>, <\/em>191-205 <a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0927539813000492\"><em>https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0927539813000492<\/em><\/a>\u00a0&#8211; Open access: <a href=\"http:\/\/hdl.handle.net\/2268\/153114\">http:\/\/hdl.handle.net\/2268\/153114<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:15px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#747474;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#607d8b;--awb-title-font-family:&quot;Antic Slab&quot;;--awb-title-font-weight:400;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-title-line-height:1.5;--awb-content-font-family:&quot;PT Sans&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-13-2\"><div class=\"fusion-panel panel-default panel-c0915eec576e56000 fusion-toggle-has-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_c0915eec576e56000\"><a aria-expanded=\"false\" aria-controls=\"c0915eec576e56000\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-13-2\" data-target=\"#c0915eec576e56000\" href=\"#c0915eec576e56000\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Hedge Funds<\/span><\/a><\/h4><\/div><div id=\"c0915eec576e56000\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_c0915eec576e56000\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Research on hedge funds focuses on determining the risks posed by their flexible, poorly regulated and non-transparent investment strategies. It contributes to the literature on financial risk modeling and on models for determining expected returns. It can also be useful for regulators and investors. In particular, the lab publications address the following specific issues: (i) the macroeconomic determinants of the risk exposure of these hedge funds, (ii) the analysis of the extreme risks of these funds, (iii) a critical analysis of the structure of hedge fund performance fees and, finally (iv) a review of the literature on hedge fund risk models.<\/p>\n<ul>\n<li>Lambert, M., and F. Platania (2020). The Macroeconomic Drivers in Hedge Fund Beta Management, <em>Economic Modelling <\/em>(91), 65-80. <a href=\"https:\/\/doi.org\/10.1016\/j.econmod.2020.04.016\"><em>https:\/\/doi.org\/10.1016\/j.econmod.2020.04.016<\/em><\/a>\u00a0&#8211; Open access: <a href=\"http:\/\/hdl.handle.net\/2268\/246900\">http:\/\/hdl.handle.net\/2268\/246900<\/a><\/li>\n<\/ul>\n<ul>\n<li>H\u00fcbner, G., Lambert, M., and N. Papageorgiou (2015), Higher-Moment Risk Exposures in Hedge Funds, <em>European Financial Management<\/em> 21(2), 236-274. <a href=\"https:\/\/doi.org\/10.1111\/eufm.12054\">https:\/\/doi.org\/10.1111\/eufm.12054<\/a>\u00a0&#8211; Open access:<a href=\"http:\/\/hdl.handle.net\/2268\/117570\"> http:\/\/hdl.handle.net\/2268\/117570<\/a><\/li>\n<\/ul>\n<ul>\n<li>Lambert, M. (2012). Hedge Fund Market Risk Exposures: A Survey. <em>Finance<\/em> 33(1), 39-78 &#8211; Open access: <a href=\"http:\/\/hdl.handle.net\/2268\/118426\">http:\/\/hdl.handle.net\/2268\/118426<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:15px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#747474;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#607d8b;--awb-title-font-family:&quot;Antic Slab&quot;;--awb-title-font-weight:400;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-title-line-height:1.5;--awb-content-font-family:&quot;PT Sans&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-13-3\"><div class=\"fusion-panel panel-default panel-5da0ad180c44a1699 fusion-toggle-has-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_5da0ad180c44a1699\"><a aria-expanded=\"false\" aria-controls=\"5da0ad180c44a1699\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-13-3\" data-target=\"#5da0ad180c44a1699\" href=\"#5da0ad180c44a1699\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Private Equity and Venture Capital<\/span><\/a><\/h4><\/div><div id=\"5da0ad180c44a1699\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_5da0ad180c44a1699\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>We highlight some negative effects related to private equity contracts.<\/p>\n<p>We demonstrate that private equity contracts linking the fund sponsor and the investors might become sub-optimal in case the fund disposes of an excess of cash, also called \u201cdry powder\u201d. We also show the impact of leveraged buyouts on employee satisfaction.<\/p>\n<ul>\n<li>Lambert, M., Scivoletto, A., and T. Tykvov\u00e0, Agency Costs of Dry Powder in Private Equity. &#8211; Open access: <a href=\"http:\/\/hdl.handle.net\/2268\/261064\">http:\/\/hdl.handle.net\/2268\/261064<\/a><\/li>\n<\/ul>\n<ul>\n<li>Lambert, M., Moreno, N., Phalippou, L., and A. Scivoletto, <em>Employee Views of Leveraged Buy-Out Transactions . &#8211; <\/em>Open access:\u00a0<a href=\"http:\/\/hdl.handle.net\/2268\/249369\">http:\/\/hdl.handle.net\/2268\/249369<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-section-separator section-separator big-half-circle fusion-section-separator-3\" style=\"--awb-spacer-height:99px;--awb-svg-margin-left:0;--awb-svg-margin-right:0;--awb-divider-height:99px;--awb-spacer-padding-top:inherit;--awb-sep-padding:0;--awb-svg-padding:0;\"><div class=\"fusion-section-separator-svg\"><svg class=\"fusion-big-half-circle-candy\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" width=\"100%\" height=\"100\" viewBox=\"0 0 100 100\" preserveAspectRatio=\"none\" fill=\"rgba(255,255,255,1)\"><path d=\"M0 100 C40 0 60 0 100 100 Z\"><\/path><\/svg><\/div><div class=\"fusion-section-separator-spacer\"><div class=\"fusion-section-separator-spacer-height\"><\/div><\/div><\/div><div class=\"fusion-text fusion-text-3\"><h2 style=\"text-align: center;\"><strong>Current projects in Responsible Investment<\/strong><\/h2>\n<\/div><div class=\"fusion-text fusion-text-4\"><p>In 2021, the Global Sustainable Investment Alliance (GSIA) reported that about $35\u00a0trillion of assets are professionally managed with the goal of incorporating environmental (E), social (S), or governance (G) norms or principles in the investment process, as measured through \u201cESG\u201d ratings. This constitutes one third of the total assets under management worldwide (GSIA, 2020). Members of Pricelab conducts research to provide a better understanding of the financial materiality of ESG ratings, i.e., to understand how this non-financial information impacts financial theory, especially the risk-return equilibrium.<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:15px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#747474;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#607d8b;--awb-title-font-family:&quot;Antic Slab&quot;;--awb-title-font-weight:400;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-title-line-height:1.5;--awb-content-font-family:&quot;PT Sans&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-13-4\"><div class=\"fusion-panel panel-default panel-00c40c98e35457d8d fusion-toggle-has-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_00c40c98e35457d8d\"><a aria-expanded=\"false\" aria-controls=\"00c40c98e35457d8d\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-13-4\" data-target=\"#00c40c98e35457d8d\" href=\"#00c40c98e35457d8d\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Firm sustainable ratings <\/span><\/a><\/h4><\/div><div id=\"00c40c98e35457d8d\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_00c40c98e35457d8d\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>The purpose of ESG corporate ratings is to measure how a business scores on environmental, social and governance criteria in terms of exposures to risks and opportunities as well as management practices. We investigate the differences between the numerous rating systems.<\/p>\n<p><strong>The<\/strong><strong> perils of ESG rating fixation<\/strong><strong> (Marie Lambert and <\/strong><strong>Shoaib Ul-Haq<\/strong><strong>)<\/strong><\/p>\n<p>We provide a detailed analysis of the main ESG rating providers with regard to their scope, purpose and measurement process. It investigates the different mental models or theoretical framework and beliefs behind each system.<\/p>\n<p><strong>Documenting biases in \u201cESG\u201d rating databases (<\/strong><strong>Anouck Faverjon, C\u00e9leste Hardy, Marie Lambert and Laurent Prunier)<\/strong><\/p>\n<p>This project documents how financial characteristics interfere in the assessment of firm sustainable footprint for different rating systems as well the difference in coverage between the main ESG rating provider. We show that these elements bias the assessment of the predictive ability of ESG rating for firm performance.<\/p>\n<p><strong>ESG rating disagreement and financial analysts forecasts (Laurent Prunier, Marie Lambert, Wouter Torsin)<\/strong><\/p>\n<p>This project analyses the impact of the confusion around ESG scores on forecasts made by financial analysts. These analysts, in their role as information intermediaries, incorporate ESG data when providing forecasts. At the same time an ever-increasing amount of independent rating agencies provide the market with firm-level ESG performance scores, relying on different methodologies and resources, often resulting in significant rating disagreements.<\/p>\n<p>Rather than enriching the information environment, rating disagreements across providers arguably increase uncertainty surrounding a firm\u2019s true ESG performance. This project tests whether this information uncertainty reduces the performance of financial analysts. More precisely, whether a dispersion in firms\u2019 ESG rating results in an increased forecast dispersion.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:15px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#747474;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#607d8b;--awb-title-font-family:&quot;Antic Slab&quot;;--awb-title-font-weight:400;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-title-line-height:1.5;--awb-content-font-family:&quot;PT Sans&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-13-5\"><div class=\"fusion-panel panel-default panel-2f16df753e7ad8503 fusion-toggle-has-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_2f16df753e7ad8503\"><a aria-expanded=\"false\" aria-controls=\"2f16df753e7ad8503\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-13-5\" data-target=\"#2f16df753e7ad8503\" href=\"#2f16df753e7ad8503\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Fund sustainable ratings and investor preferences (C\u00e9leste Hardy and Marie Lambert)<\/span><\/a><\/h4><\/div><div id=\"2f16df753e7ad8503\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_2f16df753e7ad8503\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<div>\n<p><span lang=\"EN-GB\">This project studies investors consideration of ESG information while investing. We rely on several proxies for ESG information as well as external shocks to investigate the effect of ESG attention-grabbing signals on investors preferences for sustainable investments. We identify how ESG-related signals affect the investment behaviour of economic agents with preferences for sustainability.<\/span> <span lang=\"EN-GB\">The project also aims to highlight the divergences in investors behaviour regarding sustainability across geographical area. <\/span><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:15px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#747474;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#607d8b;--awb-title-font-family:&quot;Antic Slab&quot;;--awb-title-font-weight:400;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-title-line-height:1.5;--awb-content-font-family:&quot;PT Sans&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-13-6\"><div class=\"fusion-panel panel-default panel-71019037f6c405a1a fusion-toggle-has-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_71019037f6c405a1a\"><a aria-expanded=\"false\" aria-controls=\"71019037f6c405a1a\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-13-6\" data-target=\"#71019037f6c405a1a\" href=\"#71019037f6c405a1a\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Climate-risk pricing (Michel Debay, Wale Dare, Marie Lambert)<\/span><\/a><\/h4><\/div><div id=\"71019037f6c405a1a\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_71019037f6c405a1a\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>The objective of the Climate-risk pricing project is to evaluate the financial risks related to climate and environmental changes. It focuses on the estimation of an environmental factor impacting the price of corporate bonds. The project also aims to evaluate a physical climate risk premium with both sectoral and geographical granularity.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-section-separator section-separator big-half-circle fusion-section-separator-4\" style=\"--awb-spacer-height:99px;--awb-svg-margin-left:0;--awb-svg-margin-right:0;--awb-divider-height:99px;--awb-spacer-padding-top:inherit;--awb-sep-padding:0;--awb-svg-padding:0;\"><div class=\"fusion-section-separator-svg\"><svg class=\"fusion-big-half-circle-candy\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" width=\"100%\" height=\"100\" viewBox=\"0 0 100 100\" preserveAspectRatio=\"none\" fill=\"rgba(255,255,255,1)\"><path d=\"M0 100 C40 0 60 0 100 100 Z\"><\/path><\/svg><\/div><div class=\"fusion-section-separator-spacer\"><div class=\"fusion-section-separator-spacer-height\"><\/div><\/div><\/div><div class=\"fusion-text fusion-text-5\"><h2 style=\"text-align: center;\"><strong>International Networks &amp; Events<\/strong><\/h2>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:15px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#747474;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#607d8b;--awb-title-font-family:&quot;Antic Slab&quot;;--awb-title-font-weight:400;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-title-line-height:1.5;--awb-content-font-family:&quot;PT Sans&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-13-7\"><div class=\"fusion-panel panel-default panel-a3771519cca857a4c fusion-toggle-has-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_a3771519cca857a4c\"><a aria-expanded=\"false\" aria-controls=\"a3771519cca857a4c\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-13-7\" data-target=\"#a3771519cca857a4c\" href=\"#a3771519cca857a4c\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Benelux Corporate Finance Network <\/span><\/a><\/h4><\/div><div id=\"a3771519cca857a4c\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_a3771519cca857a4c\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p><span lang=\"EN-US\"><span lang=\"EN-US\">Prof. Marie Lambert is member of the managing committee of the BENELUX Corporate Finance network of researchers gathering 17 universities. On top of the annual event, the network organizes seminars twice a month. More activities will be developed in the future with the goal of creating a strongly-connected and well positioned (on the international scale) group of researchers in BENELUX.\u00a0<\/span><\/span>To know more about the activities of the network: <a href=\"https:\/\/sites.google.com\/view\/beneluxcfn\/home\">https:\/\/sites.google.com\/view\/beneluxcfn\/home<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:15px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#747474;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#607d8b;--awb-title-font-family:&quot;Antic Slab&quot;;--awb-title-font-weight:400;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-title-line-height:1.5;--awb-content-font-family:&quot;PT Sans&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-13-8\"><div class=\"fusion-panel panel-default panel-0719fc772fe182881 fusion-toggle-has-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_0719fc772fe182881\"><a aria-expanded=\"false\" aria-controls=\"0719fc772fe182881\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-13-8\" data-target=\"#0719fc772fe182881\" href=\"#0719fc772fe182881\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">International colloquiums in Corporate Finance<\/span><\/a><\/h4><\/div><div id=\"0719fc772fe182881\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_0719fc772fe182881\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>In 2013, HEC Li\u00e8ge was the host of the Corporate Finance (\u201cCF\u201d) Day, an annual event which gathers annually about 100 participants presenting the most up-to-date and impactful research in Corporate Finance. In 2020, HEC Li\u00e8ge took the challenge of hosting its 17<sup>th<\/sup> edition, in an online format. In the meantime, the scientific community has grown and internationalized tremendously.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:15px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#747474;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#607d8b;--awb-title-font-family:&quot;Antic Slab&quot;;--awb-title-font-weight:400;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-title-line-height:1.5;--awb-content-font-family:&quot;PT Sans&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-13-9\"><div class=\"fusion-panel panel-default panel-5bc68a111362c79ff fusion-toggle-has-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_5bc68a111362c79ff\"><a aria-expanded=\"false\" aria-controls=\"5bc68a111362c79ff\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-13-9\" data-target=\"#5bc68a111362c79ff\" href=\"#5bc68a111362c79ff\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">INEF Network<\/span><\/a><\/h4><\/div><div id=\"5bc68a111362c79ff\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_5bc68a111362c79ff\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Marie Lambert is an academic partner of the INEF-Network (Thematic Network Innovation, Entrepreneurship and Finance). More info: <a href=\"https:\/\/inef.uni-hohenheim.de\">https:\/\/inef.uni-hohenheim.de<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-13","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/pricelab.hec.uliege.be\/index.php\/wp-json\/wp\/v2\/pages\/13","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pricelab.hec.uliege.be\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/pricelab.hec.uliege.be\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/pricelab.hec.uliege.be\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pricelab.hec.uliege.be\/index.php\/wp-json\/wp\/v2\/comments?post=13"}],"version-history":[{"count":52,"href":"https:\/\/pricelab.hec.uliege.be\/index.php\/wp-json\/wp\/v2\/pages\/13\/revisions"}],"predecessor-version":[{"id":396,"href":"https:\/\/pricelab.hec.uliege.be\/index.php\/wp-json\/wp\/v2\/pages\/13\/revisions\/396"}],"wp:attachment":[{"href":"https:\/\/pricelab.hec.uliege.be\/index.php\/wp-json\/wp\/v2\/media?parent=13"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}