Stefano Ramelli
Title
Prof. Dr.
Last Name
Ramelli
First name
Stefano
Email
stefano.ramelli@unisg.ch
Phone
071 224 7029
9 results
Now showing 1 - 9 of 9
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Item type:Publication, Do Institutional Investors Stabilize Equity Markets in Crisis Periods? Evidence from COVID-19(Institute for Operations Research and the Management Sciences (INFORMS), 2025-02-05); Wagner, AlexanderDuring the COVID-19 stock market crash, U.S. stocks with higher institutional ownership (IO) performed worse than those with lower IO. By studying firm-level changes, we identify two mechanisms behind this effect: a sudden downscaling of institutional capital in the equity market and a collective attempt by institutions to reposition their equity portfolios toward more COVID-resilient stocks. The stock price effects of their “portfolio downscaling” trades quickly reversed in the market’s recovery phase, whereas those of their “portfolio repositioning” trades lingered. The institutional rush for firm resilience also caused price pressures, with retail investors providing liquidity to stocks sold by institutional investors, both during the crisis and afterward. Overall, our results indicate that when a tail risk is realized, institutional investors amplify price crashes.Type:journal articleJournal:Management ScienceVolume:Forthcoming - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Low Carbon Mutual FundsClimate change poses new challenges for portfolio management. In our not-yet-low carbon world, investors face a trade-off between minimizing their exposure to climate risks and maximizing the benefits of portfolio diversification. This paper investigates how investors and financial intermediaries navigate this trade-off. After the release of Morningstar's novel carbon risk metrics in April 2018, mutual funds labeled as ``low carbon'' experienced a significant increase in investor demand, especially those with high risk-adjusted returns. Fund managers actively reduced their exposure to firms with high carbon risk scores, especially stocks with returns that correlated more with the funds' portfolios and were thus less useful for diversification. These findings shed light on whether and how climate-related information can re-orient capital flows in a low carbon direction.Type:journal articleJournal:Review of FinanceVolume:28Issue:1Scopus© Citations 86 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The value of corporate social responsibility: Evidence from an inflation-driven crisis of trust(2024-03-01); Ana Mão De FerroStakeholder trust is a major driver of corporate performance, but its benefits are difficult to identify empirically. This paper provides new evidence on the role of social capital on firm value employing a sudden increase in inflation as exogenous variation in stakeholder trust. Analyzing the cross section of U.S. stock returns from 2018 through 2022, we find that in months following higher inflation rates, equity investors reward firms with stronger social capital, as proxied by their corporate social responsibility (CSR) levels. The result holds using different measures of inflation and CSR. The effect is stronger for firms headquartered in Democratic U.S. states (those most exposed to the “corporate greed” narrative of inflation) and ex-ante higher trust regions, as well as for firms with higher levels of customer awareness, customer sensitivity, and intangible capital. Analyst forecast revisions provide additional evidence that cash flow considerations drive the observed inflation-hedging property of CSR. Overall, the findings spotlight inflation as a crisis in stakeholder trust and provide new insights into the importance of social capital for firm value.Type:conference paper - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Inflation, the Corporate Greed Narrative, and the Value of Corporate Social Responsibility(2023-01-01) - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Responsible Investing and Stock Allocation(2021-01-01); Marie BrièreWe 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. Compared to an average equity asset allocation of 12.1%, it represents a material increase (17% in relative terms). Difference-in-differences analyses confirm that the introduction of a responsible equity option to a saving plan is followed by an increase of 7.2% in participants' appetite for stocks, contrary to what happens with conventional equity funds.Type:conference paper - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Green Investing and Political Behavior(Oxford University Press (OUP), 2026-06-18); Vasileva, AnnaA fundamental concern about green investing is that it may crowd out political support for public policies addressing negative externalities. We examine this concern in a preregistered experiment conducted shortly before a real referendum on a climate law in Switzerland. We find that offering an opportunity to invest in a climate-friendly fund does not reduce individual support for climate regulation, measured by political donations and voting intentions. A replication of the experiment in the United Kingdom yields similar results. Our estimates reject a crowding-out effect, suggesting instead a modest crowding-in effect of green investing on political support for green policies.Type:ArticleJournal:The Review of Financial Studies - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Green Investing and Political Behavior(2024-08-24); ; Anna VasilevaType:conference contribution - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Climate Transition Beliefs(2024); Marco CeccarelliWe study expectations about the trajectory of the energy transition (climate transition beliefs) as drivers of "green'' investment decisions and return expectations. In a survey of U.S. retail investors (N=1,007), we document considerable heterogeneity in climate transition beliefs at different horizons. Climate transition optimism positively correlates with expected green financial performance and preferences for green investments, especially for investors without strong pro-environmental preferences. A pre-registered information provision experiment (N=3,003) provides causal evidence on the link between climate transition beliefs and investment behavior. By influencing investments in green projects, the prevailing beliefs around the energy transition can have important self-fulfilling tendencies.Type:working paper - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Sustainable Investing and Political Behavior(2023-06-15); ; Vasileva AnnaA first-order concern regarding sustainable finance is that it may crowd out individual support for more effective, policy-driven approaches to address societal challenges. We test the validity of this concern in a pre-registered experiment in the context of a real referendum on a climate law with a representative sample of the Swiss population (N=2,051). We find that the opportunity to invest in a climate-conscious fund does not erode individuals’ support for climate regulation. While sustainable finance resembles a placebo in the sense that participants seem to overestimate its impact, it is not a dangerous placebo that crowds out political engagement.Type:working paper