Claudio Rizzi

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I will be joining the IESE Business School as Assistant Professor of Finance.

My research focuses on climate finance, with applications in asset pricing and household finance. My research interests also include ESG, behavioral finance, public finance, entrepreneurship, and impact investing.

Working Papers

  1. Nature as a Defense from Disasters: Natural Capital and Municipal Bond Yields
    • Winner of the BlackRock Applied Research Award
    • Featured on the United Nations Principles for Responsible Investment (UN PRI) Academic Blog
    • Best Ph.D. paper award at the FIASI-Gabelli School Student Research Competition on ESG, GRASFI Conference, Monash University FMCG Conference 2022, and Ivey/ARCS Ph.D. Sustainability Academy
    • Presented at
      • 2022: University of Zurich, UN PRI Research Network Week, University of Amsterdam, GRASFI, EC-JRC, ARCS, FMCG, EFA, SGF, Finance Down Under, AFA Poster Session
      • 2021: CEA, CEFgroup, Ivey/ARCS Academy, Fin. Mgmt. Conf., GRASFI (Ph.D. Symposium)
    • Abstract

      This paper shows that climate risk mitigation strategies are priced in financial markets. Using extreme weather and natural capital loss shocks, I demonstrate that municipal bond markets start to price natural capital following an extreme weather event. The yield spread between counties that lose natural capital and those that do not, i.e., the adaptation premium, increases from zero to 17 basis points. This effect is more prominent for revenue bonds, bonds financing infrastructure projects, and bonds issued by counties dependent on farming. Natural capital protection could decrease the county's cost of debt by $2 million over the bonds' life.

  2. Pollution and Entrepreneurship - Evidence from Cicadas Emergence
    • Abstract

      This paper examines the impact of pollution on entrepreneurial activity. I use the recurring cicada emergence cycles in the U.S. as exogenous shocks to show that pollution caused by pesticide use decreases entrepreneurial activity and quality by about 3%. I find that pesticide use is linked to the households' decision to start a business through the impact of pollutants on health. Households exposed to an exogenous increase in pesticides experience an increase in health problems, medical expenses, and a decrease in health status. I also find evidence for the "job-lock" effect of employer-based insurance coverage on entrepreneurial activity.

  3. Mortality and Mutual Fund Flows with Alok Kumar and Ville Rantala
    • Presented at the University of Miami
    • Abstract

      This study examines whether variation in mortality rate affects mutual fund flows and stock prices. Our key conjecture is that periods with high mortality rates are associated with higher net flows as withdrawals decline. Consistent with this conjecture, we find that mutual fund inflows are more positive during high mortality months. The mortality-flow relation is stronger for bond funds and high dividend yield funds that are favored by older investors. These results are distinct from known seasonality and time trends in fund flows. We also find that stocks with high mortality exposure earn abnormal returns during abnormal mortality months, potentially due to mortality-related fund flows.

Work in Progress


Dr. Alok Kumar
Professor of Finance
University of Miami
Dr. George Korniotis
Professor of Finance
University of Miami
Dr. Ville Rantala
Associate Professor of Finance
University of Miami