The role of economic ideas in sustainable finance : from paradigms to policy

This thesis investigates how economic ideas have shaped the evolution of sustainable finance between 1998 and 2018. Sustainable finance has become an ever more salient topic as financial institutions, governments and central banks have looked for ways to integrate sustainability concerns. The thesis develops a transmission mechanism that outlines how ideas from economic theories influence the frames that are adopted by policy actors. The transmission of ideas is investigated through network analysis, content analysis, interviews and participant observation. The thesis outlines four frames that actors utilise to conceptualise sustainable finance: (1) a socially responsible investment frame; (2) a risks and opportunities frame; (3) a climate finance frame; and (4) a critical frame. It finds that after an initial preoccupation with ethical questions, the most influential actors have framed sustainable finance in terms of risks and opportunities. The economic ideas that underpin most of these frames come from mainstream finance. Nonetheless, the recent emphasis on systemic risks has meant that actors like central banks have started to explore less orthodox ideas. With regards to transmission of frames to policy outcomes, the thesis finds that most of the debates have been about how to understand and implement a risks and opportunities approach. Importantly, the incorporation of economic ideas into the design of performative socio-technical instruments is a stronger transmission channel than the persuasion of policymakers. The findings in the thesis contribute to constructivist International Political Economy. First, the proposed transmission mechanism clarifies how economic ideas affect policy in a non-linear manner. Second, the study of a case of evolution contributes to the understanding of ideational dynamics in non-crisis times. The thesis also adds to the literature on environmental politics since understanding the thinking of actors and the functioning of instruments allows for assessments of how sustainable finance will affect environmental outcomes

Exploring Economics - die Online-Lernplattform für plurale Ökonomik

Die neue Online-Lernplattform Exploring Economics stellt Theorien und Themen der pluralen Ökonomik vor und bietet eine Alternative zur neoklassischen Lehre an den Universitäten. Die Website gibt Studierenden der VWL, aber auch Nicht-Ökonom_innen die Möglichkeit, sich mit wirtschaftlichen Theorien und Themen auseinanderzusetzen. Eigens entwickelte Konzepte zum Vergleich der Theorieschulen werden in Infografiken vorgestellt, die in der Lehre verwendet werden können. Videos, Texte und Dossiers ermöglichen die kreative Auseinandersetzung mit ökonomischen Themen wie Ungleichheit, Finanzkrise, Geld und Schulden oder Umwelt und Ressourcen. Die Seite wurde von Studierenden und Nachwuchswissenschaftler_innen des Netzwerkes Plurale Ökonomik mithilfe vieler Ehrenamtlicher sowie wissenschaftlicher Gutachter_innen erstellt. Als Open Educational Resource setzt Exploring Economics auf den kostenfreien Zugang zu Materialien, die u.a. im Unterricht weiterverwendet werden können

Gravitational wave burst signal from core collapse of rotating stars

We present results from detailed general relativistic simulations of stellar core collapse to a proto-neutron star, using two different microphysical nonzero-temperature nuclear equations of state as well as an approximate description of deleptonization during the collapse phase. Investigating a wide variety of rotation rates and profiles as well as masses of the progenitor stars and both equations of state, we confirm in this very general setup the recent finding that a generic gravitational wave burst signal is associated with core bounce, already known as type I in the literature. The previously suggested type II (or “multiple-bounce”) waveform morphology does not occur. Despite this reduction to a single waveform type, we demonstrate that it is still possible to constrain the progenitor and postbounce rotation based on a combination of the maximum signal amplitude and the peak frequency of the emitted gravitational wave burst. Our models include to sufficient accuracy the currently known necessary physics for the collapse and bounce phase of core-collapse supernovae, yielding accurate and reliable gravitational wave signal templates for gravitational wave data analysis. In addition, we assess the possibility of nonaxisymmetric instabilities in rotating nascent proto-neutron stars. We find strong evidence that in an iron core-collapse event the postbounce core cannot reach sufficiently rapid rotation to become subject to a classical bar-mode instability. However, many of our postbounce core models exhibit sufficiently rapid and differential rotation to become subject to the recently discovered dynamical instability at low rotation rates

Interrogating technology-led experiments in sustainability governance

Solutions to global sustainability challenges are increasingly technology‐intensive. Yet, technologies are neither developed nor applied to governance problems in a socio‐political vacuum. Despite aspirations to provide novel solutions to current sustainability governance challenges, many technology‐centred projects, pilots and plans remain implicated in longer‐standing global governance trends shaping the possibilities for success in often under‐recognized ways. This article identifies three overlapping contexts within which technology‐led efforts to address sustainability challenges are evolving, highlighting the growing roles of: (1) private actors; (2) experimentalism; and (3) informality. The confluence of these interconnected trends illuminates an important yet often under‐recognized paradox: that the use of technology in multi‐stakeholder initiatives tends to reduce rather than expand the set of actors, enhancing instead of reducing challenges to participation and transparency, and reinforcing rather than transforming existing forms of power relations. Without recognizing and attempting to address these limits, technology‐led multi‐stakeholder initiatives will remain less effective in addressing the complexity and uncertainty surrounding global sustainability governance. We provide pathways for interrogating the ways that novel technologies are being harnessed to address long‐standing global sustainability issues in manners that foreground key ethical, social and political considerations and the contexts in which they are evolving

The gravitational wave burst signal from core collapse of rotating stars

We present results from detailed general relativistic simulations of stellar core collapse to a proto-neutron star, using two different microphysical nonzero-temperature nuclear equations of state as well as an approximate description of deleptonization during the collapse phase. Investigating a wide variety of rotation rates and profiles as well as masses of the progenitor stars and both equations of state, we confirm in this very general setup the recent finding that a generic gravitational wave burst signal is associated with core bounce, already known as type I in the literature. The previously suggested type II (or "multiple-bounce") waveform morphology does not occur. Despite this reduction to a single waveform type, we demonstrate that it is still possible to constrain the progenitor and postbounce rotation based on a combination of the maximum signal amplitude and the peak frequency of the emitted gravitational wave burst. Our models include to sufficient accuracy the currently known necessary physics for the collapse and bounce phase of core-collapse supernovae, yielding accurate and reliable gravitational wave signal templates for gravitational wave data analysis. In addition, we assess the possiblity of nonaxisymmetric instabilities in rotating nascent proto-neutron stars. We find strong evidence that in an iron core-collapse event the postbounce core cannot reach sufficiently rapid rotation to become subject to a classical bar-mode instability. However, many of our postbounce core models exhibit sufficiently rapid and differential rotation to become subject to the recently discovered dynamical instability at low rotation rates.Comment: 28 pages, 23 figures, minor change

Gravitational waves and nonaxisymmetric oscillation modes in mergers of compact object binaries

We study the excitation of nonaxisymmetric modes in the post-merger phase of binary compact object mergers and the associated gravitational wave emission. Our analysis is based on general-relativistic simulations, in the spatial conformal flatness approximation, using smoothed-particle-hydrodynamics for the evolution of matter, and we use a set of equal and unequal mass models, described by two nonzero-temperature hadronic equations of state and by one strange star equation of state. Through Fourier transforms of the evolution of matter variables, we can identify a number of oscillation modes, as well as several nonlinear components (combination frequencies). We focus on the dominant m=2 mode, which forms a triplet with two nonlinear components that are the result of coupling to the quasiradial mode. A corresponding triplet of frequencies is identified in the gravitational wave spectrum, when the individual masses of the compact objects are in the most likely range of 1.2 to 1.35 $M_\odot$. We can thus associate, through direct analysis of the dynamics of the fluid, a specific frequency peak in the gravitational wave spectrum with the nonlinear component resulting from the difference between the m=2 mode and the quasiradial mode. Once such observations become available, both the m=2 and quasiradial mode frequencies could be extracted, allowing for the application of gravitational-wave asteroseismology to the post-merger remnant and leading to tight constraints on the equation of state of high-density matter.Comment: 11 pages, 8 figures, submitted to MNRA

A New Multi-Dimensional General Relativistic Neutrino Hydrodynamics Code for Core-Collapse Supernovae II. Relativistic Explosion Models of Core-Collapse Supernovae

We present the first two-dimensional general relativistic (GR) simulations of stellar core collapse and explosion with the CoCoNuT hydrodynamics code in combination with the VERTEX solver for energy-dependent, three-flavor neutrino transport, using the extended conformal flatness condition for approximating the spacetime metric and a ray-by-ray-plus ansatz to tackle the multi-dimensionality of the transport. For both of the investigated 11.2 and 15 solar mass progenitors we obtain successful, though seemingly marginal, neutrino-driven supernova explosions. This outcome and the time evolution of the models basically agree with results previously obtained with the PROMETHEUS hydro solver including an approximative treatment of relativistic effects by a modified Newtonian potential. However, GR models exhibit subtle differences in the neutrinospheric conditions compared to Newtonian and pseudo-Newtonian simulations. These differences lead to significantly higher luminosities and mean energies of the radiated electron neutrinos and antineutrinos and therefore to larger energy-deposition rates and heating efficiencies in the gain layer with favorable consequences for strong non-radial mass motions and ultimately for an explosion. Moreover, energy transfer to the stellar medium around the neutrinospheres through nucleon recoil in scattering reactions of heavy-lepton neutrinos also enhances the mentioned effects. Together with previous pseudo-Newtonian models the presented relativistic calculations suggest that the treatment of gravity and energy-exchanging neutrino interactions can make differences of even 50-100% in some quantities and is likely to contribute to a finally successful explosion mechanism on no minor level than hydrodynamical differences between different dimensions.Comment: 24 pages, 18 figures; improved figures, revised discussion about the impact of neutrino rates, and other minor changes; accepted for publication in Ap

Dataset on environmental, social and governance information firms and their merger and acquisitions activities

The increasing salience of sustainability concerns in financial markets has led to growing demand by financial institutions, regulatory authorities and other stakeholders for information on the Environmental, Social and Governance (ESG) credentials of companies. To address these demands, private firms providing ESG data and related products have expanded in size and in number. Reflecting the increased importance of ESG data, academics, sustainable finance practitioners and financial regulators have surveyed the emerging industry of these ESG information firms. However, to date no structured dataset on the characteristics of ESG information firms is available. The ESG Information Firms Dataset (ESGFiDa) presented in this article is a first step to address this gap. ESGFiDa consolidates the findings from the academic and gray literature on the ESG information industry and augments these with additional data gathered through desk research. Based on this multi-stage data collection process, the dataset provides 1) a meta-analysis of existing accounts of ESG information firms from a variety of sources and 2) consolidated and augmented data about 128 ESG information firms. The meta-analysis part of the dataset contains amongst others information on different estimates regarding the size of the ESG information industry that have been proposed in the literature. The second part of ESGFiDa provides data on 128 ESG information firms that have been identified from the literature and consists of five variables (Name, Type, Country, Continent, Year of incorporation, and Headquarters). In addition, mergers and acquisitions among the 128 ESG information firms are recorded in a dated and geolocated edgelist with 65 entries. These relational data can be used for network analysis. In summary, ESGFiDa offers a first systematized description of the dynamics of the emerging ESG information industry. As such, it can be of interest to students of sustainable finance from fields including finance and economics, political science, organization studies, sustainability studies and financial geography. Moreover, practitioners from financial institutions interested in the backgrounds and differences of ESG information firms as well as policymakers and financial regulators tasked with overseeing and regulating the emerging ESG information industry might find the presented dataset useful

ESG Firms Dataset (ESGFiDa)

The Environmental, Social and Governance Information Firms Dataset (ESGFiDa) aggregates academic, industry and regulatory literature on ESG data firms, that is commercial actors that are involved in the emerging field of providing Environmental, Social and Governance (ESG) data. By doing so, ESGFiDa contributes to a more systematic understanding of the evolving industry of ESG information firms. In addition, ESGFiDa offers a meta-analysis of existing efforts from academic and grey literature to study ESG information firms. ESGFiDa was constructed in a multi-stage data collection process that combined the aggregation of data from the literature with additional primary data that augment existing observations. Going from left to right, figure 1 (see wiki or download ESGFiDa1.1.xlsx) shows the staged process of compiling the two different but interrelated datasets contained in ESGFiDa. The first dataset covers a meta-analysis of studies on the ESG information industry, while the second dataset provides an aggregation and augmentation of existing data. In addition, the figure introduces the structure of the dataset by directing the reader to the sheet of the xlsx file that contains ESGFiDa, where the observations referred to in the figure can be found. Starting from the left, the purple box illustrates that the first stage of data collection consisted of compiling 21 articles and reports that offer an overview of the ESG industry. These articles and reports were subsequently screened for information regarding the "size" of the ESG industry (e.g. proxied by the number of ESG rating agencies or ESG products). Wherever the mentioned estimates on the size of the ESG industry were attributed to another publication, this publication was tracked down and included in the dataset pertaining to the meta-analysis (orange boxes). After data cleaning, 27 estimates of the ESG industry and their attributes were recorded in sheet 3 of ESGFiDa. To compile a consolidated dataset of ESG data firms the 21 initial articles were also screened for lists of the names of ESG data firms and additional data sources mentioned in these initial articles were added (blue boxes). This process resulted in a total of 15 articles that provide names lists or in-text mentions of ESG data firms. Aggregating the mentioned firms resulted in an initial list of 148 potential ESG information firms that are displayed on sheet 4 of ESGFiDa. After screening out 20 firms that do not qualify as ESG information firms (see sheet 4 Exclusion_justification) 128 ESG information firms remain in sheet 5. Features about these 128 observations were, subsequently, retrieved from the previously reviewed academic, industry and regulatory publications as well as from specialist news and data providers (e.g. Bloomberg, Responsible Investor, company registry websites) company websites (including web archives / wayback machine for defunct or merged companies) and company online information on LinkedIn and Wikipedia. Features of individual ESG information firms are recorded on sheet 5, while relational data regarding firms' mergers and acquisitions that can be used for network analyses are stored on sheet 6. A more detailed description of the variables contained in sheets 2 to 6 can be found at the bottom of this sheet