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Betting Against ESG? Insights from US Short Selling

CIRANO

Wednesday 23 September 2026
From 5p.m. To 6p.m.

CIRANO is pleased to welcome Serge Darolles, Professor of Finance at Paris-Dauphine University, for a workshop on the topic: “Betting Against ESG? Insights from US Short Selling

This seminar examines why high-ESG stocks appear immune to short selling and shows that this phenomenon is driven by index membership rather than firms’ intrinsic characteristics. We explore how concentrated passive ESG demand, amplified by the EU’s SFDR, shields overpriced high-ESG stocks from short sellers, distorts price discovery, and creates opportunities for mispricing-based ESG investment strategies. The seminar concludes by discussing how the ongoing ESG backlash may reshape short-selling activity and market efficiency.

This event is organized by David Ardia, CIRANO Researcher and Full Professor at HEC Montréal, in collaboration with Quantact, HEC Montreal, and GAIIA Lab.

This event will be held in English.

Registration is free but mandatory. 

   

Serge Darolles
Darolles, Serge
Professor, Paris Dauphine University

Program

16:45 - 17:00
Welcome
17:00 - 18:00
Presentation
Serge Darolles

Location


1130 Rue Sherbrooke O #1400, Montréal, QC H3A 2M8, Canada

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As seats are limited, registration is mandatory.


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