Tony Berrada

Tony Berrada is Professor of Finance at the University of Geneva. Professor Berrada is a regular speaker at leading finance conferences and workshops worldwide. He teaches executive education courses on portfolio management.

Professor Berrada studies the incentive structure and pricing of sustainability-linked bonds. Empirical results show that when overpricing occurs on the primary market for such bonds, it is followed by falling prices on the secondary market and positive stock price reactions. These price reactions are consistent with wealth transfers from bondholders to shareholders. Further analysis reveals a strong and positive relationship between mispricing and the bond-issuing firms' ESG ratings. From a policy perspective, it would be beneficial to have greater transparency in the bond prospectus and certification process by requiring firms to disclose the cost of implementing the ESG infrastructure needed to reach their objectives.

• Financial Markets
  • Information and Market Efficiency
• Portfolio Management and Asset Classes
  • Asset Pricing
  • Behavioral Finance and Neurofinance
  • Options and Other Derivatives
  • Portfolio Management
• Frontier Topics
  • Sustainable Finance