{"id":69823,"date":"2026-05-11T15:56:42","date_gmt":"2026-05-11T15:56:42","guid":{"rendered":"https:\/\/www.iseg.ulisboa.pt\/?post_type=event&#038;p=69823"},"modified":"2026-05-14T17:18:46","modified_gmt":"2026-05-14T17:18:46","slug":"iseg-research-seminars-26-tony-berrada","status":"publish","type":"event","link":"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-research-seminars-26-tony-berrada\/","title":{"rendered":"ISEG Research Seminars \u201926 | Tony Berrada"},"content":{"rendered":"<p>On<strong>\u00a020 May<\/strong>, a session of the ISEG Research Seminars will take place from 13.00 to 14.00. The guest speaker will be\u00a0<strong>Tony Berrada <\/strong>of the University of Genoa. .<\/p>\n\n\n\n<p>The&nbsp;<a href=\"https:\/\/www.iseg.ulisboa.pt\/en\/2026\/02\/iseg-research-seminars26\/\" target=\"_blank\" rel=\"noreferrer noopener\">ISEG Research Seminars<\/a>&nbsp;are held every week on Wednesdays, with the participation of professors from ISEG, as well as from other Portuguese and international educational institutions.<\/p>\n\n\n\n<p><strong>Title<\/strong><\/p>\n\n\n\n<p>The Economics of Sustainability-Linked Bonds<\/p>\n\n\n\n<p><strong>Abstract<\/strong><\/p>\n\n\n\n<p>Relying on theory and empirical analysis, we study the real effects and pricing of Sustainability-Linked Bonds (SLBs). After issuance, SLB issuers decarbonize approximately seven percentage points faster per year than non-issuers. Our theory helps to understand the incentive structure and pricing of SLBs. Using a novel mispricing measure, we test several empirical predictions of our model. Overpriced SLBs at issuance experience negative secondary market returns. Stock markets react more positively to large, overpriced SLB issues, suggesting a wealth transfer from bondholders to shareholders. Finally, SLB mispricing is positively associated with firms\u2019 ESG ratings. Our analysis shows that SLBs play a significant role in influencing firms\u2019 decarbonization efforts and that these instruments carry meaningful implications for financial markets.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"630\" src=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/ISEG_Research_Seminars26_MetaTag-2.png\" alt=\"\" class=\"wp-image-67937\" srcset=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/ISEG_Research_Seminars26_MetaTag-2.png 1200w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/ISEG_Research_Seminars26_MetaTag-2-300x158.png 300w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/ISEG_Research_Seminars26_MetaTag-2-18x9.png 18w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/figure>","protected":false},"excerpt":{"rendered":"A session of the ISEG Research Seminars will take place on May 20, from 1 p.m. to 2 p.m.. The guest speaker will be Tony Berrada from the University of Genoa. The ISEG Seminars [...]","protected":false},"featured_media":0,"template":"","topic":[],"event_type":[1155],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ISEG Research Seminars \u201926 | Tony Berrada - ISEG<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-research-seminars-26-tony-berrada\/\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-research-seminars-26-tony-berrada\/\",\"url\":\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-research-seminars-26-tony-berrada\/\",\"name\":\"ISEG Research Seminars \u201926 | Tony Berrada - ISEG\",\"isPartOf\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-research-seminars-26-tony-berrada\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-research-seminars-26-tony-berrada\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/ISEG_Research_Seminars26_MetaTag-2.png\",\"datePublished\":\"2026-05-11T15:56:42+00:00\",\"dateModified\":\"2026-05-14T17:18:46+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-research-seminars-26-tony-berrada\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-research-seminars-26-tony-berrada\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-research-seminars-26-tony-berrada\/#primaryimage\",\"url\":\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/ISEG_Research_Seminars26_MetaTag-2.png\",\"contentUrl\":\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/ISEG_Research_Seminars26_MetaTag-2.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-research-seminars-26-tony-berrada\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.iseg.ulisboa.pt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"ISEG Research Seminars \u201926 | Tony Berrada\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/#website\",\"url\":\"https:\/\/www.iseg.ulisboa.pt\/en\/\",\"name\":\"ISEG\",\"description\":\"Lisbon School of Economics &amp; 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O orador convidado ser\u00e1\u00a0Tony Berrada da Universidade de G\u00e9nova . Os&nbsp;Semin\u00e1rios ISEG&nbsp;[...]","_links":{"self":[{"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/event\/69823"}],"collection":[{"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/event"}],"about":[{"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/types\/event"}],"version-history":[{"count":0,"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/event\/69823\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/media?parent=69823"}],"wp:term":[{"taxonomy":"topic","embeddable":true,"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/topic?post=69823"},{"taxonomy":"event_type","embeddable":true,"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/event_type?post=69823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}