Bankers, Markets & Investors 2021-10-27T09:30:53+00:00 Bankers Markets and Investors Open Journal Systems <p>Bankers, Markets and Investors aims at publishing short and innovative research articles in the areas of banking, financial markets and investment with relevant practical application for investors. The purpose of the journal is to create a bridge between academics and professionals, by publishing articles that have direct relevance to those working in finance. We seek short articles, forward-looking and rigorous, written in a style accessible to professional readership. The themes of the journal include the following: portfolio choice, investment management, institutional investors (pension funds, sovereign wealth funds, insurance, mutual funds…), individual investors and household finance, behavioral finance, alternative investments (hedge funds, private equity…), derivatives and structured finance, liquidity and transaction costs, socially responsible investment, funds and corporate governance, regulation and financial risk management, capital markets, interest rate instruments, asset backed securities, equities and convertibles, securities design, currencies, corporate finance, hedging strategies, asset liability management.</p> ABSTRACTS 2021-10-27T09:01:45+00:00 ESKA EDITION 2021-10-27T00:00:00+00:00 Copyright (c) 2021 Bankers, Markets & Investors Introduction to the thematic issue on Green Finance 2021-10-27T08:59:00+00:00 FRANCK BANCEL 2021-10-27T00:00:00+00:00 Copyright (c) 2021 Bankers, Markets & Investors Introducing climate impact accounting for investment portfolios. A comparative study on the existing methodologies 2021-10-27T09:09:32+00:00 Ekaterina Ponomareva Reshetnikova <p>This study provides an overarching state-of-the-art review of climate change-related accounting practices for investment portfolios. With the adoption of the Paris Agreement and European Commission plan on sustainable finance, the question regarding the compatibility of financial flows with decarbonisation objectives has gained cardinal importance among capital market participants. The application of a viable climate-alignment framework has become inevitable for legislators, regulators, investors, issuers, and rating agencies. Carbon footprinting and intensity measurement associated with portfolio investments and its climate impact are central issues for climate performance and risk assessment, management, reporting and GHG emissions reduction target setting. This study evidences the absence of a consensual method and a notable variation in the results attained for the same portfolio across different approaches. This study focused on practices related to listed assets, namely on the attribution of climate impact generated by issuers to portfolios and investors. The findings offer a comparative study of the existing methodologies and introduce portfolio climate impact accounting concept and structure.</p> 2021-10-27T00:00:00+00:00 Copyright (c) 2021 Bankers, Markets & Investors How to re-conceptualise and re-integrate climate-related finance into society through ecological accounting? 2020-11-17T14:44:35+00:00 Alexandre Rambaud Hugues Chenet <p>In this paper, we argue that current finance, and the prevailing fair value accounting system, is disconnected from companies and from strong sustainability requirements, making it difficult to develop a climate finance system that is operational and aligned with the challenges of climate preservation. Based on this observation, we propose an exploratory and theoretical study which introduces how and why a particular and innovative ecological accounting approach, the CARE model, currently called upon by a growing number of practitioners and researchers, is a relevant framework to re-conceptualise the issue of climate finance. From a theoretical point of view, CARE offers a suitable language for structuring the issues of ecological costs, debts and conservation and associated financing. From a practical point of view, it offers a methodological support that can be used to address these issues, from an accounting and management point of view as well as from an investor's point of view, ensuring compliance with the Paris Agreements 2°C goal in particular.</p> 2021-10-27T00:00:00+00:00 Copyright (c) 2021 Bankers, Markets & Investors Time-Varying Financial Performance of Green and Traditional Energy Indices with Special Reference to the Covid-19 Context 2021-10-27T09:30:53+00:00 PASCAL ALPHONSE DAVID BOURGHELLE FREDJ JAWADI PHILIPPE ROZIN <p>This paper comparatively investigates the financial performance of traditional and green energy indices from 2010 up to the current context of Covid-19. In particular, we analyze whether the green finance index supplants the traditional class of energy indices and examine whether consideration of a green index could provide a useful hedging solution in the specific context of Covid-19, a situation marked by a significant health risk and high volatility in the energy sector. Accordingly, we estimate different performance ratios and present some interesting findings. In particular, we find evidence of volatility and time variation in the market beta, suggesting that, whether conventional or green, energy sector sensitivity in fact depends on the market state (bear versus bull). Further, financial performance appears to be time varying and regime-dependent. Indeed, the conventional energy sector outperforms in a bear market, while the green index shows stronger financial performance in a bull market. These results are of interest for both investors and portfolio managers, helping them to balance their investments and optimize their portfolios according to the state of the market or the price regime.</p> 2021-10-27T00:00:00+00:00 Copyright (c) 2021 Bankers, Markets & Investors