Tsinghua PBCSF Global Academic Leader Forum (Nov, 8, 2023): Andrew Karolyi, Dean of the Cornell SC Johnson College of Business and Professor of Management: Biodiversity Finance: The Next Frontier?

Time: 2023-11-02 15:30 Print

Topic: Biodiversity Finance: The Next Frontier?

Speaker: Andrew Karolyi, Charles Field Knight Dean of the Cornell SC Johnson College of Business and Harold Bierman Jr. Distinguished Professor of Management

Time: 1:30pm-3:00pm, November 8 (Wednesday)

Location: 3-300


Biodiversity conservation will supersede climate change risk mitigation and adaptation as the next grand challenge for sustainable finance. Closing the financing gap between what is currently spent and what is needed to be spent over the next 10 years to mobilize private investment to maintain ecosystem integrity and biodiversity, and the services they provide, is estimated to exceed hundreds of billions per year. My talk lays out a framework to guide industry on the measurement of risks related to biodiversity loss, how those risks might be priced in markets, and how the private financing flows will need to be intermediated. I will issue a call for industry and the academy to partner to best tackle this challenge.

Speaker Biography:

Andrew Karolyi is the Charles Field Knight Dean of the Cornell SC Johnson College of Business and Harold Bierman Jr. Distinguished Professor of Management, and is also a professor of economics in Cornell's College of Arts and Sciences. Professor Karolyi is a scholar in the area of investment management with a specialization in the study of international financial markets. He has published extensively in journals in finance and economics, including the Journal of Finance, Journal of Financial Economics and Review of Financial Studies, and has published several books and monographs, including his 2015 book Cracking the Emerging Markets Enigma.

His research is featured in print and electronic media, including The Wall Street Journal, Financial Times, The Economist, Time, New York Times, Washington Post, Forbes, BusinessWeek, and CNBC. Karolyi also completed a four-year term as executive editor of the Review of Financial Studies, one of the top-tier journals in finance. He has served as an associate editor for a variety of journals, including the Journal of Finance, Journal of Financial Economics, Journal of Empirical Finance, Journal of Banking and Finance, Review of Finance and the Pacific Basin Finance Journal. He is a recipient of the Michael Jensen Prize for Corporate Finance and Organizations (2017), the Fama/DFA Prize for Capital Markets and Asset Pricing (2005), the William F. Sharpe Award for Scholarship in Finance (2001), the Journal of Empirical Finance's Biennial Best Paper Prize (2006), and Johnson School's Prize for Excellence in Research (2010).

He has led various executive education programs in the U.S., Canada, Europe, and Asia, and is actively involved in consulting with corporations, banks, investment firms, stock exchanges, and law firms. Karolyi is a newly elected board member of Responsible Research in Business and Management (RRBM) and the UN’s Principles for Responsible Management Education (PRME). He also serves as a Global Advisory Councilor for Accounting for Sustainability (A4S), and an Academic Advisory Councilor for the Kroner Center for Financial Research. He currently serves as a director of the American Finance Association, is past president of the Western Finance Association, and is past chairperson of the board of trustees and past president of the Financial Management Association International.

Karolyi received his BA (Honors) in economics from McGill University and worked at the Bank of Canada for several years in its research department. He subsequently earned his MBA and PhD degrees in finance at the Graduate School of Business of the University of Chicago.