PhD thesis defence - Diana CASTRO HERRERA

Diana CASTRO HERRERA will defend his PhD thesis "Climate Change Risk Disclosures: Determinants and Consequences" on December 13, 2021 at 9:30 in person and via videoconference.

Classroom : Salle des Thèses

Attend the PhD defence (presentation in English, Q&A in French)


In 2010, the Securities and Exchange Commission (SEC) issued guidance concerning climate change risk disclosures. Managers can exercise discretionary compliance due to lack of consensus on materiality of climate change risks and SEC‘s lack of enforcement. This thesis studies the determinants (Chapter 1) and consequences (Chapter 2 and 3) of these disclosures. The three articles employ a sample of firms listed on the S&P 500, and use the SEC Sustainability Disclosure Search Tool‘s excerpts. In the first chapter, we study whether CEOs‘ political ideologies influence the narratives. We find that Democratic CEOs provide high-quality narrative climate change risk disclosures, and the disclosures provided by Democratic CEOs reduce information asymmetry. In the second chapter, we examine whether and when climate-related disclosures matter to financial analysts. We find that specific climate risk disclosures are associated with higher forecast accuracy when climate risk is perceived as being financially material at the industry level. In the third chapter, we analyze the association between the level of specificity of disclosures about physical and transition risks and the cost of debt. We find that specific disclosures about transition risks are negatively related to the cost of debt in the aftermath of the Paris Agreement.



  • Pascal ALPHONSE, Professeur des Universités, Université Lille 2, Membre du jury
  • M. Nicolas AUBERT, Professeur des Universités, Université d'Aix-Marseille, Rapporteur
  • M. Walid BEN AMAR, Professeur, Université d'Ottawa, Codirecteur de recherches
  • Mme Jennifer BOUTANT-LAPEYRE, Maître de Conférences, Université Toulouse 1 Capitole, Membre du jury
  • Mme Frédérique DEJEAN, Professeur des Universités, Université Paris Dauphine, Rapporteur
  • Mme Isabelle MARTINEZ, Professeure des Universités, Université Toulouse 1 Capitole, Directeur de recherches