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In order to obtain the PhD degree, Marc Baert Eskildsen has submitted his thesis entitled:

Essays on Empirical Asset Pricing

This thesis comprises three self-contained chapters on empirical asset pricing. The first chapter tests theories of regulation using industry-level changes in asset prices, markups, and exposure to federal regulation. Incumbent firms in regulated industries outperform those in deregulated industries, while net entry declines. These findings support the theory that regulation increases entry costs. The second chapter analyzes the greenium, the expected return differential between green and brown securities, using an aggregate firm-level green score guided by theory. We find a significantly negative greenium, which is more negative in greener countries and over time. The third chapter finds that institutional investors' aggregate tilt away from firms with high carbon emissions is primarily driven by underweighting and divestment of foreign stocks, revealing the presence of a carbon home bias.

The thesis will be available from

Primary Supervisor:

Professor Lasse Heje Pedersen
Department of Finance
Copenhagen Business School

Secondary Supervisors:Ìý

Professor Jens Dick-Nielsen
Department of Finance
Copenhagen Business School

Assessment Committee:

Professor Jesper Rangvid (Chair)
Department of Finance
Copenhagen Business School

Professor Peter Løchte Jørgensen
Department of Economics and Business Economics
Aarhus Universitet

Associate Professor Jessica Jeffers
Department of Finance
HEC Paris

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Date: 16 Maj 2025
Time: 13:30-15:30
Online:Ìý

*Please note that the microphone and camera of all spectators must be turned off.

Location: Solbjerg Plads
Room: SPs07 Coloplast
Reception: FUHU (third floor above the canteen)

*The casino 168 PhD School will host a reception, which will take place immediately after the defence.