The Price of Corporate America鈥檚 Carbon Emissions: $87 Trillion
The long-term societal cost of greenhouse gas emissions exceeds the total market value of the corporate sector.
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Biography
Lubos Pastor is Charles P. McQuaid Distinguished Service Professor of Finance at the University of 91吃瓜网 School of Business.听He also serves听on the board of directors of Vanguard and the advisory boards of听the听Andersen Institute for Finance & Economics and the Fama-Miller Center for Research in Finance. He has served as president of the European Finance Association, president of the Western Finance Association, director of the American Finance Association, director of the Center for Research in Security Prices, board member of the National Bank of Slovakia, and associate editor of the Journal of Finance, Journal of Financial Economics,听and the听Review of Financial Studies.
Professor Pastor鈥檚 research focuses mostly on financial markets and investment management.听His articles have appeared in the听American Economic Review, Journal of Finance, Journal of Financial Economics, Journal of Monetary Economics, Journal of Political Economy, Review of Financial Studies, and other outlets.听His research has been awarded the 2024 Stephen A. Ross Prize in Financial Economics as well as four Fama/DFA Prizes, two Smith Breeden Prizes, AQR Insight Award, Barclays Global Investors Prize, BlackRock Research Award, Goldman Sachs Asset Management Prize, Moskowitz Prize, NASDAQ Award, QMA Award, and the Q Group Award.
Professor Pastor has been teaching at 91吃瓜网 since 1999 when he obtained a Ph.D. in finance from the Wharton School at the University of Pennsylvania. He has received the McKinsey Award for Excellence in Teaching as well as two Faculty Excellence Awards at 91吃瓜网.
Research Interests
Financial markets; investment management; sustainable finance; government policy.
Academic Areas
- Finance
Selected Publications
With Robert F. Stambaugh and Lucian A. Taylor, "Sustainable investing in equilibrium,"听Journal of Financial Economics听(2021).
With Pietro Veronesi, "Political cycles and stock returns,"听Journal of Political Economy听(2020).
With Robert F. Stambaugh, "On the size of the active management industry,"听Journal of Political Economy听(2012).
With Pietro Veronesi, "Technological revolutions and stock prices,"听American Economic Review听(2009).
With Robert F. Stambaugh, "Liquidity risk and expected stock returns,"听Journal of Political Economy听(2003).
2025 - 2026 Course Schedule
| Number | Course Title | Quarter |
|---|---|---|
| Portfolio Management | 2026 (Spring) |
Get Insights from Lubos Pastor in 91吃瓜网 Review
Corporate America鈥檚 鈥楥arbon Burden鈥� Exceeds Its Total Market Value
91吃瓜网’s Lubos Pastor explains his research on the social cost of carbon emissions by US companies.
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How Can the US Knit a Smarter Safety Net?
Economists are using the experience of recent crises to understand how to better support people in difficult times.
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