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10th Annual Volatility Institute Conference: A Financial Approach to Climate Risk

Friday, April 27, 2018
NYU Stern School of Business

8:00am Registration
8:45-9:00am Welcome Remarks: 
Robert F. EngleNYU Stern School of Business
Dean Raghu SundaramNYU Stern School of Business 
Al Gore (Video Remarks), Former Vice President, United States, Co-Founder and Chairman, Generation Investment Management 
9:00-10:30am Session 1: 
James Stock, Harvard University
“An Econometrician’s Take on the CO2-Climate Debate” 
(co-authored with Giselle Montamat)
Kenneth Gillingham, Yale University
“Modeling Uncertainty in Climate Change: A Multi-Model Comparison”
(co-authored with William Nordhaus, David Anthoff, Geoffrey Blanford, Valentina Bosetti, Peter Christensen, Haewon Mcjeon, And John Reilly)
Stefano Giglio, Yale University
"Climate Change and Long-Run Discount Rates: Evidence from Real Estate"
(co-authored with Matteo Maggiori, Krishna Rao, Johannes Stroebel, and Andreas Weber)
10:30-11:00am Refreshment Break
11:00-12:00pm Keynote Speaker: Robert Litterman, Kepos Capital
“The Social Cost of Delay in Pricing Emissions”
12:00-1:30pm Lunch & Luncheon Address:
Patrick Du Plessis, Norges Bank
“Ethical exclusions and risk based divestments – the negative screening framework of the Norwegian Government Pension Fund Global”
1:30-2:30pm Session 2:
Harrison Hong, Columbia University
“Climate Change and Efficiency of Sales Forecasts”
(co-authors with Frank Weikai Li, David Sraer and Jiangmin Xu)
Wenxi Jiang, The Chinese University of Hong Kong
“Attention to Global Warming”
 (co-authored with Darwin Choi and Zhenyu Gao)
2:30-3:30pm Keynote Speaker: Michael Greenstone, University of Chicago
3:30-4:00pm Refreshment Break
4:00-5:00pm Session 3:
Bryan Kelly, Yale University
"Hedging Climate Change News"
(co-authored with Robert Engle, Stefano Giglio, Johannes Stroebel, and Heebum Lee)
Robert F. EngleNYU Stern School of Business
"What’s New in V-Lab?"
5:00-6:00pm Panel Discussion "Institutional Investors' Approach to Managing Climate Risk."
Moderator: Robert Whitelaw, NYU Stern School of Business 
Robert Litterman, Kepos Capital
Miroslav Petkov, S&P Global Market Intelligence
Carine Smith Ihenacho, Norges Bank
Alex LaPlante, Global Risk Institute
Jon Hale, Morningstar
6:00pm Wine and Cheese Reception

The tenth annual Volatility Institute conference will bring together leading researchers to discuss how the tools of risk management developed in finance can be adapted to the long term risks associated with climate change. The conference will feature keynote speeches from Robert Litterman and Michael Greenstone. The day will include researchers discussing their latest work on the theme, including presentations from Robert Engle, Stefano Giglio, Kenneth Gillingham, Harrison Hong, Wenxi Jiang, Bryan Kelly, and James Stock. The conference will conclude with a panel moderated by Robert Whitelaw, featuring Jon Hale (Morningstar), Alex LaPlante (Global Risk Institute), and Carine Smith Ihenacho (Norges Bank Investment Management). 


The conference will take place at the NYU Stern School of Business. Registration is free and open to the public. However, please note that you must register in advance. To register, send an email Matthew Hemphill,, with your full name and affiliation (company, university, or institution name).

We look forward to seeing you at the conference this year!

The Global Risk Institute, S&P GlobalThe Norwegian Finance InitiativeThe Volatility InstituteBlackRockThe Alfred P. Sloan Foundation, and SoFiE


For more information, including a program, full schedule, and video from our Ninth Annual Volatility Institute Conference, please visit our past conference page.

Dhar and Figlewski
Vasant Dhar (left), Luncheon Speaker at 2014 Volatility Institute Conference, has a conversation with conference chair Stephen Figlewski.

Volatility Institute's Annual Conference

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View more information about our Ninth Annual Volatility Institute Conference, "Derivatives and Volatility: The State of the Art"