PROGRAMME 2026

Day 1
Day 2

Thursday

09.00

REGISTRATION

09.30

WELCOME AND OPENING REMARKS
Monica Billio, Ca’ Foscari University of Venice and GRETA
Roberto Rigobon, MIT Sloan School of Management, Programme Chair

10.00

SESSION I: AI, INFORMATION AND DEMOCRATIC INSTITUTIONS
Chair: Monica Billio, Ca’ Foscari University of Venice and GRETA

Invited Talk: The Democratic Paradox in Large Language Models’ Underestimation of Press Freedom
Roberto Rigobon, MIT Sloan School of Management

11.00

COFFEE BREAK

11.30

SESSION II: RESPONSIBLE AI IN FINANCE: FAIRNESS, GOVERNANCE AND MARKET INTEGRITY
Chair: Loriana Pelizzon, Leibniz Institute for Financial Research SAFE, Goethe University Frankfurt and Ca’ Foscari University of Venice

Fairness by Design: Machine Learning and Interpretable Mortgage Lending
Richard Stanton, UC Berkeley (joint with Sebastian Bell, Ali Kakhbod, Abdolreza Nazemi, and Nancy Wallace)
Discussant: John Cotter, University College Dublin

Intellectual Property Protection for AI-Generated Output
Logan P. Emery, Erasmus University Rotterdam (joint with Robin Döttling, and Shuo Zhao)
Discussant: Jan Pieter Krahnen, Leibniz Institute for Financial Research SAFE and Goethe University Frankfurt

When LLMs Whisper: Information Leakage and Collusion in Financial Markets
Hayong Yun, Eli Broad College of Business
Discussant: Roberto Rigobon, MIT Sloan School of Management

13.00

LUNCH

14.15

SESSION III: AI INNOVATION, DATA AND NEW METHODS IN FINANCE
Chair: Galina Andreeva, University of Edinburgh Business School

Physical AI Innovation
Amrita Nain, University of Iowa (joint with Adair Morse)
Discussant: Stefano Colonnello, Ca’ Foscari University of Venice

Machine Learning M&A Strategies
Xiaohan Xue, University of Bath (joint with Dragon Yongjun Tang, and Fangming Xu)
Discussant: Galina Andreeva, University of Edinburgh Business School

Real-Time Risk Dynamics in the Financial Sector
Federico Maglione, University of Florence (Raffaele Corvino, and Berardino Palazzo)
Discussant: Celso Brunetti, Board of Governors of the Federal Reserve System

15.45

COFFEE BREAK and POSTER SESSION

Poster Session I

16.30

ESG-UPTAKE SESSION: SUSTAINABLE CREDIT: TAXONOMIES, POLLUTION AND BIODIVERSITY RISK
Chair: Lucia Alessi, Joint Research Centre, European Commission

ESG UPTAKE — TSI-2023-ESGRM-IBA - ESG risk management framework for the financial sector.
Funded by the European Commission - Grant Agreement N° 101145727.

The Pricing of EU Taxonomy (Partially) Aligned Loans: Evidence from a Central Banking Disclosure Mandate
Luminita Tatarici, National Bank of Romania (joint with Theodor F. Cojoianu, Florian Neagu, Amalia Stamate, and Vasile Alecsandru Strat)
Discussant: Katia Vozian, Joint Research Centre, European Commission

Do Banks Fully Price Biodiversity Risk?
Guglielmo Alessandro Visentin, University of Reading & Ca’ Foscari University of Venice (joint with Monica Billio, Lisa Schopohl, Simone Varotto, Andy Purvis, and Adriana De Palma)
Discussant: Caterina Rho, Joint Research Centre, European Commission

The Climate-Biodiversity-Pollution Nexus: The Pricing of Environmental Credit Risks for European Industrial Polluters
Dominik Hirschbühl, European Central Bank (joint with Andrej Ceglar, Theodor F. Cojoianu, Tina Emambakhsh, Yifan Qi, Caterina Rho, Elsie Hu, Marco Petracco, Fabrizio Biganzoli, Alfred de Jager, Laura Garcia Herrero, Andrea Mandrici, and Carlo Pasqua)
Discussant: Andrea Monticini, Università Cattolica Milano

20.00

SOCIAL DINNER
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Friday

09.30

SESSION V: SAFE ASSETS, REGULATION AND INTEGRATED FINANCIAL SUPERVISION
Chair: Marti G. Subrahmanyam, NYU Stern School of Business

https://www.stern.nyu.edu/faculty/bio/viral-acharya

Invited Talk: "Safety” by Designation: How Regulatory Treatment Affects the Convenience Yield of Near-Safe Assets
Viral V. Acharya, NYU Stern School of Business (joint with Patrick Augustin, Marti G. Subrahmanyam, and Davide Tomio)

One Market, One Supervision: Rethinking the Supervisory Landscape for a Truly Integrated Capital Market in Europe
Zakaria Gati, European Central Bank (joint with Jacopo Carmassi, Olivier Dumora Lemaire, Johanne Evrard, Cyprien Milea, Laura Parisi, Clément Rouveyrol and Alessandro Spolaore)
Discussant: Loriana Pelizzon, Leibniz Institute for Financial Research SAFE, Goethe University Frankfurt & Ca’ Foscari University of Venice

10.30

COFFEE BREAK

11.00

POLICY AND INDUSTRY PANEL: GOVERNING AI-DRIVEN CREDIT MARKETS: INNOVATION, STABILITY AND RESPONSIBILITY
Chair: Kathryn Carlson (POLITICO Europe)

Participants:
Celso Brunetti, Board of Governors of the Federal Reserve System
Jan Pieter Krahnen, Founding Director Emeritus of the Leibniz Institute for Financial Research SAFE, Frankfurt am Main
Giulio Mignola, Head of Credit Enterprise & Operational Risk Management, Intesa Sanpaolo
Valeria Nale, Principal, CRIF Analytics and Consulting Services Italy, Head of Banking Service Line, Milan
Loriana Pelizzon, Ca’ Foscari University, Deputy Scientific Director at SAFE, Frankfurt am Main
Federico Piazza, Risk and Data Analysis Officer at ESMA, Paris
Roberto Rigobon, Sloan School of Management, MIT, Cambridge, Massachusetts

13.00

LUNCH

14.15

SESSION VI: CREDIT MARKETS UNDER TECHNOLOGICAL AND MONETARY SHOCKS: PRICING, NON-BANKS AND LIQUIDITY
Chair: Stephen Schaefer, London Business School

Equity Prices the Opportunity, Debt Prices the Risk: Generative AI and Corporate Credit Spreads
Alberto Plazzi, Swiss Finance Institute & Università della Svizzera Italiana (joint with Priyank Gandhi, Juntai Lu, Jasper Pan, and Jia Wei)
Discussant: Marti G. Subrahmanyam, NYU Stern School of Business

When the Spare Tyre Goes Flat: Monetary Policy Transmission through Non-Banks
Roman Goncharenko, Central Bank of Ireland and KU Leuven (joint with Elizaveta Lukmanova)
Discussant: Ruggero Jappelli, Warkwick Business School

QE-QT, Bank Liquidity Risk Management, and Non-Bank Funding: Evidence from Administrative Data
Jose-Luis Peydro, LUISS & EIEFA (joint with R. Matthew Darst, Sotirios Kokas, Alexandros Kontonikas, and Alexandros P. Vardoulakis)
Discussant: Stephen Schaefer, London Business School

15.45

COFFEE BREAK and POSTER SESSION

Poster Session II

16.30

SESSION VII: NATURE-RELATED AND CLIMATE RISKS: MORTGAGE LENDING, CORPORATE ADAPTATION AND CREDIT ALLOCATION
Chair: Marco Macellari, CRIF Synesgy Ratings

The Impact of Biodiversity Loss on Residential Mortgage Lending
Francesca Battaglia, University of Napoli Parthenope (joint with Raffaella Calabrese, and Yujia Chen)
Discussant: Marco Taddei, University of Rome Tor Vergata

Firm-Level Climate Change Adaptation
Tobias Schimanski, University of Zürich & ETH Zurich
Discussant: Andrea Giacomelli, KnowShape, Ca’ Foscari University of Venice and GRETA

Preempting Gas Bans: Policy Retrenchment and Credit Allocation
Francesco Mazzola, ESCP Business School (joint with Yuna Heo, and Thomas Lambert)
Discussant: Michele Costola, Ca’ Foscari University of Venice

17.45

CLOSING REMARKS AND END OF THE CONFERENCE

ARTIFICIAL INTELLIGENCE, FINANCIAL INNOVATION AND CREDIT RISK:

SUSTAINABILITY, STABILITY AND RESPONSIBILITY IN A DATA-DRIVEN FINANCIAL SYSTEM

GRETA Associati (Venice, Italy), CRIF (Bologna, Italy), Elsevier Ltd. (London), European Datawarehouse (Frankfurt am Main, Germany), and Intesa Sanpaolo (Milan, Italy) are partners in organasing a Conference to be held in Venice on September 24-25, 2026.

The C.r.e.d.i.t. 2026 conference aims to bring together leading scholars, policymakers, industry experts and PhD students to discuss recent theoretical and empirical advances in credit risk, financial innovation and artificial intelligence, with a particular focus on their implications for financial stability, sustainability and the design of credit markets. The conference provides a high-level forum for research at the frontier of finance, economics and data science, fostering dialogue between academic rigor, policy relevance and real-world applications.

The conference, organised under the auspices of the Department of Economics and VERA - Venice centre in Economic and Risk Analytics for public policies (Ca’ Foscari University of Venice), Joint Research Center European Commission, ABI - Italian Banking Association, and AIFIRM - Associazione Italiana Financial Industry Risk Managers is the twenty-fifth of a series dedicated to various aspects of risk.

ACKNOWLEDGEMENT OF EUROPEAN FUNDING
The participation of the involved NCAs is financed by:

ESG UPTAKE — TSI-2023-ESGRM-IBA - ESG risk management framework for the financial sector. Funded by the European Commission - Grant Agreement N° 101145727.

Rapid advances in artificial intelligence, machine learning and data-driven technologies are fundamentally reshaping credit markets, financial intermediation and financial markets. AI-based models are increasingly used in credit scoring, monitoring, pricing and portfolio management, while alternative data and automated decision systems are transforming access to credit and risk allocation. At the same time, the growing reliance on AI raises critical issues related to model risk, interpretability, algorithmic bias, data governance, transparency, ethics, regulation and systemic stability. These challenges are closely intertwined with broader concerns about sustainability, understood not only in environmental terms, but also as the long-term resilience, fairness and efficiency of financial systems.

Against this background, C.r.e.d.i.t. 2026 seeks contributions that advance understanding of how AI and financial innovation affect: the measurement and management of credit risk; the stability and resilience of financial institutions and markets; the allocation of credit across firms, households and regions; the sustainable and responsible development of financial systems.

The final program will include both submitted and invited papers. Acceptances received so far from invited speakers include Viral V. Acharya (NYU Stern Business School) and Roberto Rigobon (MIT Sloan School of Management). The Conference will also include panel discussions on the major issues at stake with the views of academics, policymakers and senior industry practitioners.

CALL FOR PAPERS

Submissions are welcome on all topics related to the conference theme, including (but not limited to):

Credit Risk and Advanced Analytics

AI- and machine learning-based credit risk models
Explainable AI (XAI) and model transparency in credit scoring
Stress testing, early warning systems and credit cycle analysis
Credit risk under macroeconomic, financial and geopolitical uncertainty

Financial Innovation and Digital Transformation

FinTech, BigTech and new models of credit intermediation
Open banking, open finance and alternative data in credit markets
Innovation in credit markets, securitization and risk transfer
Regulation of financial innovation: balancing opportunity and risk

Artificial Intelligence, Data Governance and Ethical Risk

Algorithmic bias, fairness and discrimination in credit decisions
Data governance, privacy and cybersecurity in credit systems
Legal accountability and responsibility of AI-driven models
Regulatory implications of AI adoption in financial services

Sustainability and Long-Term Value Creation

ESG factors and climate risk in credit assessment
Sustainable finance and its impact on credit risk and pricing
Credit, access to finance and financial inclusion
The role of financial institutions in supporting the sustainable transition

Systemic Risk, Resilience and Policy

Interactions between credit risk and systemic risk
Financial stability in a data-driven and AI-enabled economy
Macroprudential and microprudential policy responses
Coordination between regulators, supervisors and market participants

Those wishing to present a paper at the Conference should submit by May 31, 2026 to the email address given below. Papers should represent original, high-quality research with clear theoretical, empirical or policy contributions.

Please indicate to whom correspondence should be addressed. Decisions regarding acceptance will be made by June 30, 2026.

The final version of accepted papers must be received by August 31, 2026.

Please send papers to: Questo indirizzo email è protetto dagli spambots. E' necessario abilitare JavaScript per vederlo.

When

24 – 25 Septmenber 2026

Where

Scuola Grande San Giovanni Evangelista
San Polo 2454, 30125 Venezia
Tel.: +39 041 718234
Email: Questo indirizzo email è protetto dagli spambots. E' necessario abilitare JavaScript per vederlo.
Web Site: https://www.scuolasangiovanni.it/

PROGRAMME 2026

Online registration form

Contact us

GRETA
E-mail: Questo indirizzo email è protetto dagli spambots. E' necessario abilitare JavaScript per vederlo.
Phone: +39 349 060 3656

For registration, travel & lodging

NEXA sas - Conference Secretariat
Phone: +39 041 5210255
Fax: +39 041 5285041
E-mail: Questo indirizzo email è protetto dagli spambots. E' necessario abilitare JavaScript per vederlo.

***Privacy

IMPORTANT DATES

May 31, 2026 Papers submission deadline
June 30, 2026 Paper acceptance notification
August 31, 2026 Deadline for sending final version of accepted papers
August 31, 2026 Deadline for early registration

(**) PhD Students have to provide valid proof of their status sending a certificate of their PhD Student position to Questo indirizzo email è protetto dagli spambots. E' necessario abilitare JavaScript per vederlo..

Online registration form

ACCOMMODATION

We propose an hotel list including all within easy reach of the conference venue.

It is possible to find accommodation alternatives also by visiting the official website of the Tourist Board of Venice or the Veneto.eu website.

For any possible information or assistance you may need, do not hesitate to contact the Conference Secretariat: Nexa will be pleased to help you.

NEXA sas - Conference Secretariat
San Marco 4600,
30124 Venezia, ITALY
Phone: +39 041 5210255
E-mail: Questo indirizzo email è protetto dagli spambots. E' necessario abilitare JavaScript per vederlo.

VENUE

Scuola Grande San Giovanni Evangelista

The conference will be held at the Scuola Grande di San Giovanni Evangelista, one of the most prestigious buildings in Venice, located in the sestiere of San Polo. Founded in 1261, this splendid Renaissance complex is among the seven Scuole Grandi of Venice, and is one of the city's main historical sites, known for its impressive architecture and the works of art that adorn its halls.

Salone San Giovanni

The Salone San Giovanni is the most prestigious venue of the Scuola Grande. Renovated in the 18th century by architect Giorgio Massari, it is now one of the largest halls in Venice, ideal for hosting significant events.

Guests will be immersed in a captivating atmosphere, dominated by frescoes depicting scenes from the life of St. John the Evangelist, while the ceiling portrays the Apocalypse. The hall culminates in the altar, where the Saint is depicted writing his Gospel, inspired by an angel.

Scalone Monumentale

The Scalone Monumentale is a masterpiece of the architect Mauro Codussi from Bergamo, built in 1498. Its elegant architecture and rich plastic decorations, with carvings and niello work, accompany guests to the reception halls.

In 2018, the Scalone Monumentale was restored. The foundations and load-bearing walls were reinforced, while the Istrian stone steps, once cracked, were carefully repaired and repositioned. The marble floor was raised and restored in order to strengthen the vaults underneath. The decorative stone elements and the delicate marmorino plaster on the walls and ceilings were renewed, preserving the elegant soul of the monument.

ORGANIZING COMMITTEE

Sergio Adamo, Intesa Sanpaolo
Monica Billio, Ca’ Foscari University of Venice & GRETA
Andrea Giacomelli, KnowShape, Ca’ Foscari University of Venice & GRETA
Loriana Pelizzon, Ca’ Foscari University of Venice, Leibniz Institute for Financial Research SAFE & GRETA
Domenico Sartore, Ca’ Foscari University of Venice & GRETA

SCIENTIFIC COMMITTEE

Roberto Rigobon, MIT Sloan School of Management, Programme Chair
Lucia Alessi, Joint Research Center, European Commission
Galina Andreeva, University of Edinburgh Business School
Monica Billio, Ca’ Foscari University of Venice & GRETA
Marie Brière, AMUNDI & Université Libre de Bruxelles
Celso Brunetti, Federal Reserve Board
Mila Getmansky Sherman, Isenberg School of Management, UMass Amherst
Marcin Kacperczyk, Imperial College London
Jan Pieter Krahnen, Leibniz Institute for Financial Research SAFE & Goethe University
Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven & CEPR
Loriana Pelizzon, Ca’ Foscari University of Venice & Leibniz Institute for Financial Research SAFE
Stephen Schaefer, London Business School
Marti Subrahmanyam, NYU Stern Business School

PROGRAMME 2024

Day 1
Day 2

Thursday

08.30

REGISTRATION

09.00

WELCOME AND OPENING REMARKS
Monica Billio, Ca' Foscari University of Venice
Marcin Kacperczyk, Imperial College London & CEPR, Programme Chair

09.15

SESSION I: CARBON TRANSITION RISK
Chair: Lucia Alessi, Joint Research Center, European Commission

https://profiles.imperial.ac.uk/m.kacperczyk

Invited Talk: The CO2 Question: Technical Progress and the Climate Crisis
Marcin Kacperczyk, Imperial College London & CEPR, Programme Chair

Carbon-Transition Risk and Net-Zero Portfolios
Gino Cenedese, Fulcrum Asset Management, London (joint with Shangqi Han and Marcin Kacperczyk)
Discussant: Nicola Borri, LUISS Guido Carli University, Rome

Technological Greenness and Long-run Performance
Irene Monasterolo, Utrecht University, Vienna University of Economics and Business & CEPR (joint with Stefano Battiston and Maurizio Montone)
Discussant: Adelina Barbalau, University of Alberta, Edmonton

11.00

COFFEE BREAK

11.30

SESSION II: GREEN BONDS AND LOANS
Chair: Stephen Schaefer, London Business School

Green Bonds: New Label, Same Projects
Pauline Lam, New York University (joint with Jeffrey Wurgler)
Discussant: Loriana Pelizzon, Leibniz Institute for Financial Research SAFE, Frankfurt am Main, Ca’ Foscari University of Venice & CEPR

Do Voluntary Pledges Make Loans Greener?
Robin Döttling, Erasmus University (joint with Tobias Berg, Xander Hut and Wolf Wagner)
Discussant: Caterina Rho, Joint Research Center, European Commission, Ispra

Greenness Demand for US Corporate Bonds
Alexander Pasler, Vienna University of Economics and Business (joint with Rainer Jankowitsch, Patrick Weiss and Josef Zechner)
Discussant: Stephen Schaefer, London Business School

13.00

LUNCH

14.15

SESSION III: CLIMATE AND PHYSICAL RISK
Chair: Caterina Rho, Joint Research Center, European Commission, Ispra

Weather Variance Risk Premia
Stephen Szaura, BI Norwegian Business School, Oslo (joint with Joon Woo Bae, Yoontae Jeon and Virgilio Zurita)
Discussant: Massimilano Caporin, University of Padova

The Value of ESG Data Granularity for Disclosure Purposes – Focus on Physical Risk
Valeria Nale, CRIF Trasformation Services, Milan (joint with Mario Martina)
Discussant: Monica Billio, Ca' Foscari University of Venice

Climate Risk, Soft Information, and Credit Supply
Sergio Mayordomo, Bank of Spain, Madrid (joint with Laura Álvarez-Román, Carles Vergara-Alert and Xavier Vives)
Discussant: Marti Subrahmanyam, New York University

15.45

COFFEE BREAK and POSTER SESSION

Poster Session I

16.45

SESSION IV: INVESTING UNDER CLIMATE RISK
Chair: Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven & CEPR

ESG Favoritism in Mutual Fund Families
Anna Zsofia Csiky, Vienna University of Economics and Business (joint with Rainer Jankowitsch, Alexander Pasler and Marti G. Subrahmanyam)
Discussant: Carmelo Latino, Leibniz Institute for Financial Research SAFE, Frankfurt am Main

Sustainable Short Selling
Mila Getmansky Sherman, University of Massachusetts, Amherst (joint with Bing Liang, Loriana Pelizzon and Tianyi Qu)
Discussant: Massimiliano Croce, Bocconi University, Milan

Responsible Investing under Climate Change Uncertainty
Francesco Rocciolo, Nazarbayev University (joint with Monica Billio and Massimo Guidolin)
Discussant: Marcin Kacperczyk, Imperial College London & CEPR

19.30

SOCIAL DINNER
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October 4^th

Friday

09.00

SESSION V: AI – NEW OPPORTUNITIES OR NEW RISKS?
Chair: Loriana Pelizzon, Leibniz Institute for Financial Research SAFE, Frankfurt am Main, Ca’ Foscari University of Venice & CEPR

https://www.imperial.ac.uk/people/m.kacperczyk.edu/faculty/bio/robert-engle

Invited Talk: The EPOCH of AI
Roberto Rigobon, MIT Sloan School of Management, Cambridge

How Ethical Should AI Be? How AI Alignment Shapes the Risk Preferences of LLMs
Shumiao Ouyang, University of Oxford (joint with Hayong Yun and Xingjian Zheng)
Discussant: Jan Pieter Krahnen, Leibniz Institute for Financial Research SAFE, Frankfurt am Main

Producing AI Innovation and Its Value Implications
Ambrus Kecskés, York University, Toronto (joint with Ali Ahmadi, Roni Michaely and Phuong-Anh Nguyen)
Discussant: Hayong Yun, Michigan State University, East Lansing

10.45

COFFEE BREAK

11.15

PANEL SESSION 1: NEW RISKS AND CHALLENGES: AI AND THE DIGITAL TRANSITION
Moderator: Jan Pieter Krahnen, Founding Director Emeritus of the Leibniz Institute for Financial Research SAFE, Frankfurt am Main

Marie Brière, Head of Investor Intelligence & Academic Partnerships, Amundi Investment Institute, Paris
Alessandro De Angelis, Scientific Attaché at the Permanent Delegation of Italy to the International Organisations in Paris
Helmut Kraemer-Eis, Head of Research & Market Analysis, European Investment Fund, Luxembourg
Giulio Mignola, Executive Director Enterprise Risk Management, Intesa Sanpaolo, Turin
Roberto Rigobon, Sloan School of Management, MIT, Cambridge, Massachusetts

13.00

LUNCH

14.15

SESSION VI: AI – NEW OPPORTUNITIES AND NEW RISKS
Chair: Jan Pieter Krahnen, Leibniz Institute for Financial Research SAFE, Frankfurt am Main

Invited Talk: Artificial Intelligence for Sustainable Finance
Marie Brière, Amundi Investment Institute, Paris & Université Libre de Bruxelles

Data Risk, Firm Growth, and Innovation
Kumar Rishabh, University of Lausanne & University of Basel (joint with Orlando Gomes and Roxana Mihet)
Discussant: Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven & CEPR

On the Origins of Cyber Risk: The Role of Software Vulnerabilities
Antonino Emanuele Rizzo, University of Notre Dame & NOVA School of Business and Economics, Carcavelos (joint with Giorgio Ottonello)
Discussant: Silvio Vismara, University of Bergamo

16.00

COFFEE BREAK and POSTER SESSION

Poster Session II

16.45

PANEL SESSION 2: NEW RISKS AND CHALLENGES: AI AND THE SUSTAINABILITY TRANSITION
Moderator: Monica Billio, Professor of Econometrics, Ca' Foscari University of Venice

Stefano Bonetti, Professor of Condensed Matter Physics, Ca' Foscari University of Venice and Founder, RARA Factory srl
Mila Getmansky Sherman, Professor of Finance, Isenberg School of Management, UMass Amherst
Marco Marelli, Cofounder Prospiciunt and Editorial Director Focus ESG
Valentino Pediroda, Professor of Numerical Methods, University of Trieste and CEO & Cofounder Modefinance
Luigi Ruggerone, Senior Director Innovation Center, Intesa Sanpaolo

18.00

CLOSING REMARKS and END OF THE CONFERENCE

EMERGING GLOBAL FINANCIAL SYSTEMS:

EXPLORING POLARIZATION, SYSTEMIC RISKS, INNOVATION, AND SUSTAINABLE SOLUTIONS

GRETA Associati (Venice, Italy), CRIF (Bologna, Italy), European Datawarehouse (Frankfurt am Main, Germany), and Intesa Sanpaolo (Milan, Italy) are partners in organasing a Conference to be held in Venice on September 25-26, 2025.

The C.r.e.d.i.t. 2025 conference will bring together academics, practitioners and PhD students working in various areas of financial and socio-economic risk with the aim of creating a unique opportunity for participants to discuss research progress and policy as well as industry-relevant insights and directions for future research.

The conference, organised under the auspices of the Department of Economics and VERA - Venice centre in Economic and Risk Analytics for public policies (Ca’ Foscari University of Venice), Joint Research Center European Commission, ABI - Italian Banking Association, and Venice Sustainability Foundation is the twenty-fourth of a series dedicated to various aspects of risk.

ACKNOWLEDGEMENT OF EUROPEAN FUNDING
The organization of the conference has benefitted from financial support by:

the European Union – NextGenerationEU, as part of the GRINS project - Growing Resilient, INclusive and Sustainable (GRINS PE00000018)

ESG UPTAKE — TSI-2023-ESGRM-IBA - ESG risk management framework for the financial sector. Funded by the European Commission - Grant Agreement N° 101145727.

Sustainability necessitates a global perspective, requiring the adaptation of contemporary business and societal models to navigate the dynamic landscape of the future. Policymakers and society must ensure that resources, particularly technology, are utilized responsibly and efficiently to enhance the well-being of both present and future generations while cultivating a harmonious relationship with the environment. This strategy is vital in addressing sustainability issues such as poverty, environmental degradation, pollution, and inequality. Effective global risk management is vital for bridging divisions and fragmentation through innovation.

The final program will include both submitted and invited papers. Acceptances received so far from invited speakers include Mario Greco (Zurich Insurance Group, Zurich) and Andrew Lo (MIT Sloan School of Management, Cambridge). The Conference will also include panel discussions on the major issues at stake with the views of researchers', practitioners' and policy makers.

CALL FOR PAPERS

TThe organizers encourage submissions on any topic within the overall theme of the conference and in the following areas in particular:

Framing Global Challenges

Macroeconomic Polarization and Financial Fragmentation

Economic bifurcation between advanced and emerging markets.
Trade conflicts and their financial spillovers.
Policy responses to maintain global economic stability.

Geopolitical Risks and Global Financial Stability

Implications of geopolitical tensions on global financial markets: capital flows and volatility.
Risk management strategies for financial institutions navigating geopolitical uncertainty.
The role of national and international economic policies: shaping a new geopolitical and economic order.

Technological Innovation in Finance and Insurance

Digital transformation in the insurance sector: a driver of resilience or disruption?
Financing Deep Tech.
Regulating innovation to balance opportunity and risk.

Risk Management and Resilience

Climate Change as a Systemic Risk

Impact of climate-induced events on financial and insurance markets.
Climate risk modeling and its implications for global governance.
Financing the green transition: opportunities for insurers and institutional investors.

Addressing Socioeconomic Disparities

Polarization in wealth distribution and its implications for insurance coverage.
Designing inclusive financial products to address underinsurance in vulnerable populations.
The role of insurance in enhancing societal resilience to systemic shocks.

Towards a Sustainable Future

Innovating Governance for Future Risks

Cross-border cooperation for risk regulation and mitigation.
Addressing new risks in cyber security, health crises, and technological disruptions.
Innovative governance models in finance and insurance.

Those wishing to present a paper at the Conference should submit by May 31, 2025 to the address given below (preferably in electronic format).

Please indicate to whom correspondence should be addressed. Decisions regarding acceptance will be made by June 30, 2025.

The final version of accepted papers must be received by August 31, 2024.

Please send papers to: Questo indirizzo email è protetto dagli spambots. E' necessario abilitare JavaScript per vederlo.

When

25 – 26 Septmenber 2025

Where

PROGRAMME 2025

Online registration form

Contact us

GRETA
E-mail: Questo indirizzo email è protetto dagli spambots. E' necessario abilitare JavaScript per vederlo.
Phone: +39 349 060 3656

For registration, travel & lodging

NEXA sas - Conference Secretariat
Phone: +39 041 5210255
Fax: +39 041 5285041
E-mail: Questo indirizzo email è protetto dagli spambots. E' necessario abilitare JavaScript per vederlo.

***Privacy

IMPORTANT DATES

May 31, 2025 Papers submission deadline
June 30, 2025 Paper acceptance notification
August 31, 2025 Deadline for sending final version of accepted papers
August 31, 2025 Deadline for early registration

(**) PhD Students have to provide valid proof of their status sending a certificate of their PhD Student position to Questo indirizzo email è protetto dagli spambots. E' necessario abilitare JavaScript per vederlo..

Online registration form

VENUE

Scuola Grande San Giovanni Evangelista

Salone San Giovanni

Scalone Monumentale

ACCOMMODATION

We propose an hotel list including all within easy reach of the conference venue.

It is possible to find accommodation alternatives also by visiting the official website of the Tourist Board of Venice or the Veneto.eu website.

For any possible information or assistance you may need, do not hesitate to contact the Conference Secretariat: Nexa will be pleased to help you.

NEXA sas - Conference Secretariat
San Marco 4571/C,
30124 Venezia, ITALY
Phone: +39 041 5210255
Fax: +39 041 5285041
E-mail: Questo indirizzo email è protetto dagli spambots. E' necessario abilitare JavaScript per vederlo.

SCIENTIFIC COMMITTEE

Andrew W. Lo, MIT Sloan School of Management, Programme Chair
Monica Billio, Ca’ Foscari University of Venice & GRETA
Lucia Alessi, Joint Research Center, European Commission
Marie Brière, AMUNDI & Université Libre de Bruxelles
Mila Getmansky Sherman, Isenberg School of Management, UMass Amherst
Marcin Kacperczyk, Imperial College London
Jan Pieter Krahnen, Leibniz Institute for Financial Research SAFE & Goethe University
Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven & CEPR
Loriana Pelizzon, Ca’ Foscari University of Venice & Leibniz Institute for Financial Research SAFE
Roberto Rigobon, MIT Sloan School of Management
Stephen Schaefer, London Business School
Marti Subrahmanyam, NYU Stern Business School

PROGRAMME 2025

Day 1
Day 2

Thursday

08.30

REGISTRATION

09.00

WELCOME AND OPENING REMARKS
Monica Billio, Ca' Foscari University of Venice
Andrew W. Lo, MIT Sloan School of Management, Programme Chair

09.30

SESSION I: INSURANCE AND SAFE ASSETS
Chair: Monica Billio, Ca' Foscari University of Venice

https://www.greta.it/images/credit/credit25/Mario-Greco-en.pdf

Invited Talk: The Role of Insurance in Enhancing Societal Resilience to Risks and Shocks
Mario Greco, Zurich

Foreign Demand for Safety and Macroeconomic Instability
Dmitry Kuvshinov, Universitat Pompeu Fabra, Barcelona School of Economics & CEPR (joint with Madalen Castells-Jauregui, Bjorn Richter, and Victoria Vanasco)
Discussant: Giovanni Pellegrino, University of Padua

11.00

COFFEE BREAK

11.30

SESSION II: DECARBONISATION BETWEEN PRICING AND DISCLOSURE
Chair: Stephen Schaefer, London Business School

Green Coins
Massimiliano Croce, Bocconi University, CEPR, IGIER & Baffi-Carefin Center (joint with Nicolas Guinez, Alejandra Inzunza Méndez, Thien T. Nguyen, and Claudio Tebaldi)
Discussant: Stefano Battiston, Ca' Foscari University of Venice & University of Zurich

A Greenwashing Index
Elise Gourier, ESSEC Business School & CEPR (joint with Hélène Mathurin)
Discussant: Massimiliano Bonacchi, Free University of Bozen

Pricing Climate Ambiguity
Francesco Rocciolo, Nazarbayev University (joint with Monica Billio, Massimo Guidolin, and Yehuda Izhakian)
Discussant: Marcella Lucchetta, Ca' Foscari University of Venice

13.00

LUNCH

14.15

ESG-UPTAKE SESSION: GREENING AND DECARBONISATION STRATEGIES IN THE BANKING SECTOR
Chair: Lucia Alessi, Joint Research Center, European Commission

ESG UPTAKE — TSI-2023-ESGRM-IBA - ESG risk management framework for the financial sector.
Funded by the European Commission - Grant Agreement N° 101145727.

Energy Costs and Default Risk in Green Mortgage Securitisations
Alfonso Dufour, ICMA Centre, Henley Business School, University of Reading (joint with Monica Billio, Massimo Dragotto, Samuele Segato, and Simone Varotto)
Discussant: Stephen Schaefer, London Business School

Climate and Environmental Risk Integration in EU Banks
Michele Costola, Ca' Foscari University of Venice (joint with Katia Vozian)
Discussant: Andrea Giacomelli, Knowshape, Ca’ Foscari University of Venice & GRETA

Greening the Present to Decarbonise the Future: an Analysis of Italian Banks’Decarbonisation Strategies
Valeria Lionetti, Bank of Italy (Cristina Angelico, and Ludovico Ridi)
Discussant: Giacomo Cotignano, Joint Research Center, European Commission

Here Comes the Flood: the Climate Risk of Residential Mortgages in Rimini
Ivan Faiella, Bank of Italy (joint with Luciano Lavecchia)
Discussant: Valeria Nale, CRIF, Bologna

16.15

COFFEE BREAK and POSTER SESSION

Poster Session I

17.00

SESSION IV: CLIMATE AND ECONOMIC IMPACTS OF THE GREEN TRANSITION
Chair: Stefano Battiston, Ca' Foscari University of Venice & University of Zurich

Sovereigns on Thinning Ice: Debt Sustainability, Climate Impacts, and Adaptation
Matteo Calcaterra, Politecnico di Milano (joint with Andrea Consiglio, Vincenzo Martorana, Massimo Tavoni, and Stavros A. Zenios)
Discussant: Carmelo Latino, Smith School of Enterprise and the Environment, Oxford University & Leibniz Institute for Financial Research SAFE

Government-Funded Green Banks: Catalysts for the Green Transition
Claudio Rizzi, University of Navarra, Barcelona (joint with Simon Xu, and Paul Yoo)
Discussant: Francesca Battaglia, Parthenope University of Naples

Extreme Weather in Europe: Determinants and Economic Impact
Claudio Morana, Università di Milano – Bicocca (joint with Marcelle Chauvet, and Murilo Silva)
Discussant: Andrea Monticini, Catholic University of Milan

20.00

SOCIAL DINNER
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Friday

09.00

SESSION V: TECHNOLOGICAL INNOVATION IN ECONOMICS AND FINANCE
Chair: Loriana Pelizzon, Ca’ Foscari University of Venice & Leibniz Institute for Financial Research SAFE

https://mitsloan.mit.edu/faculty/directory/andrew-w-lo

Invited Talk: Financing Deep Tech
Andrew W. Lo, MIT Sloan School of Management

The Human Edge Beyond Algorithms
Yuhan Ye, Swiss Finance Institute & Università della Svizzera italiana
Discussant: Marti Subrahmanyam, NYU Stern Business School

10.30

COFFEE BREAK

11.00

PANEL SESSION: FRAMING GLOBAL CHANGES BETWEEN INNOVATION AND SUSTAINABLE SOLUTIONS
Chair: Jan Pieter Krahnen, Leibniz Institute for Financial Research SAFE & Goethe University

Participants:

Davide Alfonsi, Chief Risk Officer, Intesa Sanpaolo
Agar Brugiavini, Ca' Foscari University of Venice
Ivan Faiella, Climate change and sustainability hub, Bank of Italy
Federico Galizia, Risk and Finance Vice President, International Finance Corporation (World Bank Group)
Andrew W. Lo, MIT Sloan School of Management
Marco Macellari, ESG Business and Transformation Lead, CRIF
Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven & CEPR

13.00

LUNCH

14.15

SESSION VI: NAVIGATING GEOPOLITICAL AND PROSOCIAL DYNAMICS
Chair: Marti Subrahmanyam, NYU Stern Business School

The Pricing of Geopolitical Tensions over a Century
Andrea Ricciardi, The Ohio State University (joint with Alessandro Melone, and Andrei S. Goncalves)
Discussant: John Cotter, University College Dublin

Decomposing Geopolitical Risk: Wavelet-Based Time-Series Evidence and Cross-Sectional Implications for Expected Stock Returns
Davide La Cara, London School of Economics and Political Science
Discussant: Dario Palumbo, Ca’ Foscari University of Venice

Public Policy and Private-Sector Prosocial Motives: The Case of Greenhouse Gas Emissions
Jiaqi Zheng, University of Oxford
Discussant: Stefano Colonnello, Ca’ Foscari University of Venice

15.45

COFFEE BREAK and POSTER SESSION

Poster Session II

16.30

SESSION VII: GLOBAL SUPPLY CHAINS AND CLIMATE CHANGE
Chair: Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven & CEPR

Rewiring Supply Chains Through Uncoordinated Climate Policy
Olimpia Carradori, University of Zurich & Swiss Finance Institute (joint with Emanuela Benincasa, Miguel Ferreira, Emilia Garcia-Appendini)
Discussant: Jan Pieter Krahnen, Leibniz Institute for Financial Research SAFE & Goethe University

Global Supply Chain Disruptions and Product Market Competition
Erasmo Giambona, Syracuse University, Whitman School of Management (Karca D. Aral, Ricardo Lopez A., Gordon M. Phillips)
Discussant: Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven & CEPR

17.30

CLOSING REMARKS AND END OF THE CONFERENCE

	Early registration (within August 31^st)	Late registration (from September 1^st on)
Academics	Euro 350,00	Euro 450,00
Academics Poster presenter^(*)	Euro 250,00	Euro 350,00
Practitioners	Euro 850,00	Euro 1.100,00
Practitioners Poster Presenters^(*)	Euro 550,00
PhD Student^(**)	Euro 200,00
PhD Student Poster Presenters^()(*)	Euro 100,00
Speaker^(*) and/or Invited	Exempt

	Early registration (within August 31^st)	Late registration (from September 1^st on)
Academics	Euro 350,00	Euro 400,00
Academics Poster presenter^(*)	Euro 250,00	Euro 300,00
Practitioners	Euro 850,00	Euro 1.000,00
Practitioners Poster Presenters^(*)	Euro 500,00
PhD Student^(**)	Euro 150,00
PhD Student Poster Presenters^()(*)	Euro 100,00
Speaker^(*) and/or Invited	Exempt

CREDIT confrences

SUSTAINABILITY, STABILITY AND RESPONSIBILITY IN A DATA-DRIVEN FINANCIAL SYSTEM

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(**) PhD Students have to provide valid proof of their status sending a certificate of their PhD Student position to Questo indirizzo email è protetto dagli spambots. E' necessario abilitare JavaScript per vederlo..

EXPLORING POLARIZATION, SYSTEMIC RISKS, INNOVATION, AND SUSTAINABLE SOLUTIONS

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(**) PhD Students have to provide valid proof of their status sending a certificate of their PhD Student position to Questo indirizzo email è protetto dagli spambots. E' necessario abilitare JavaScript per vederlo..

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