Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
The song was written by Sheldon Harnick and Jerry Bock inspired by the 1902 monologue by Sholem Aleichem ‘If I Were Rothschild’ (Aleichem 1949).
- 2.
The UK hosted the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow between 31st of October and 13th of November 2021.
- 3.
- 4.
Soon to be mandatory in the UK (UK Government, 2021).
- 5.
Interestingly, the fossil fuel industry was the largest delegate group at COP26, see McGrath (2021). Also, banks are still some of the major investors in the fossil fuel industry. A recent report reveals that banks have allocated more than $1.5 trillion to the coal industry since 2019 (Ainger 2022; Urgewald 2022, 2021).
- 6.
Indeed, foreclosures have already started to rise since pandemic-related constraints have been removed. See Olick (2021).
References
Ainger, J. (2022). Coal is still raising trillions of dollars despite green shift. BNN Bloomberg. https://www-bnnbloomberg-ca.cdn.ampproject.org/c/s/www.bnnbloomberg.ca/coal-is-still-raising-trillions-of-dollars-despite-green-shift-1.1723066.amp.html. Accessed 15 February 2022.
Aleichem, S. (1949). Tevye’s daughters: collected stories of Sholom Aleichem. Translated by Frances Butwin. Crown.
Bank of England. (2021). PRA fines Standard Chartered Bank £46,550,000 for failing to be open and cooperative with the PRA. Press Release. Bank of England. https://www.bankofengland.co.uk/news/2021/december/pra-final-notice-to-standard-chartered-bank-dated-20-december-2021. Accessed 02 February 2022.
Boffo, R., Marshall, C., & Patalano, R. (2020). ESG investing: Environmental pillar scoring and reporting. OECD Paris. https://www.oecd.org/finance/esg-investing-environmental-pillar-scoring-and-reporting.pdf. Accessed 02 February 2022.
Brealey, A. R., Myers, C. S., & Allen, F. (2020). Principles of corporate finance (13th ed.). McGraw Hill.
CBD. (2021). A new global framework for managing nature through 2030. UN Convention on Biological Diversity. https://www.cbd.int/article/draft-1-global-biodiversity-framework. Accessed 02 February 2022.
Choudhry, M. (2012). The principles of banking. Wiley.
CISL. (2021). Understanding the climate performance of investment funds. Part 2: A universal temperature score method. Cambridge Institute for Sustainability Leadership. https://www.cisl.cam.ac.uk/download-understanding-climate-performance-investment-funds-part-2. Accessed 02 February 2022.
Damodaran, A. (2017). Damodaran on valuation (2nd ed.). Wiley.
Dasgupta, P. (2021). The economics of biodiversity: The Dasgupta review. HM Treasury. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/962785/The_Economics_of_Biodiversity_The_Dasgupta_Review_Full_Report.pdf. Accessed 02 March 2021.
De Bondt, W. F. M., & Thaler, R. (1985). Does the stock market overreact? The Journal of Finance, 40(3), 893–805. https://doi.org/10.2307/2327804. Accessed 02 February 2021.
Dissanaike, G. (1997). Do stock market investors overreact? Journal of Business Finance and Accounting, 24(1), 27–50. https://onlinelibrary.wiley.com/, https://doi.org/10.1111/1468-5957.00093. Accessed 02 February 2020.
EU. (2020). Sustainable finance taxonomy—Regulation (EU) 2020/852. European Commission. https://ec.europa.eu/info/law/sustainable-finance-taxonomy-regulation-eu-2020-852_en. Accessed 02 February 2022.
EU. (2022). EU taxonomy for sustainable activities. European Commission. https://ec.europa.eu/info/business-economy-euro/banking-and-finance/sustainable-finance/eu-taxonomy-sustainable-activities_en. Accessed 12 February 2022.
Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25, 383–417.
Fama, E. F., French, K. R. (1992). The cross-section of expected stock returns. The Journal of Finance, 47, 427–465. https://doi.org/10.2307/2329112. Accessed 02 February 2021.
Fama, E. F., French, K. R. (1993). Common risk factors in the returns on stocks and bonds. The Journal of Financial Economics, 33, 3–56. https://doi.org/10.1016/0304-405X(93)90023-5. Accessed 02 February 2021.
FCA. (2021a). NatWest fined £264.8 million for anti-money laundering failures. Press Releases. Financial Conduct Authority. https://www.fca.org.uk/news/press-releases/natwest-fined-264.8million-anti-money-laundering-failures. Accessed 02 Fenbruary 2022.
FCA. (2021b). FCA fines HSBC Bank plc £63.9 million for deficient transaction monitoring controls. Press Releases. Financial Conduct Authority. https://www.fca.org.uk/news/press-releases/fca-fines-hsbc-bank-plc-deficient-transaction-monitoring-controls. Accessed 02 February 2022.
FCA. (2021c). Credit Suisse fined £147,190,276 (US$200,664,504) and undertakes to the FCA to forgive US$200 million of Mozambican debt. Financial Conduct Authority. https://www.fca.org.uk/news/press-releases/credit-suisse-fined-ps147190276-us200664504-and-undertakes-fca-forgive-us200-million-mozambican-debt. Accessed 02 February 2022.
FCA. (2021d). FCA fines LBGI £90 million for failures in communications for home insurance renewals between 2009 and 2017. Financial conduct Authority. https://www.fca.org.uk/news/press-releases/fca-fines-lbgi-90-million-failures-communications-home-insurance-renewals-2009-2017. Accessed 02 February 2022.
Ferri, R. (2012). Any monkey can beat the market. Forbes. https://www.forbes.com/sites/rickferri/2012/12/20/any-monkey-can-beat-the-market/?sh=40520bd8630a. Accessed 02 February 2022.
Friedman, M. (1970). A Friedman doctrine—The social responsibility of business is to increase its profits. The New York Times. https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html. Accessed 02 February 2022.
FSB. (2021). 2021 Status report: Task force on climate-related financial disclosures. Financial Stability Board. https://fsb.org/wp-content/uploads/P141021-1.pdf.
Graham, J., & Harvey, C. (2002). How CFOs make capital budgeting and capital structure decisions. Journal of Applied Corporate Finance, 15, 8–23.
Herman, Y. (2021). Britain’s Sunak pledges to ‘rewire’ global finance system for net zero. Reuters News. https://www.reuters.com/business/cop/britains-sunak-pledges-rewire-global-finance-system-net-zero-2021-11-03/. Accessed 12 December 2021.
IEA. (2021). Net Zero by 2050: A roadmap for the global energy sector. International Energy Agency. https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf. Accessed 02 February 2022.
IFRS. (2021). IFRS Foundation announces International Sustainability Standards Board. https://www.ifrs.org/news-and-events/news/2021/11/ifrs-foundation-announces-issb-consolidation-with-cdsb-vrf-publication-of-prototypes/. Accessed 02 February 2022.
IPBES. (2019). The global assessment report on biodiversity and ecosystem services. Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services. https://ipbes.net/system/files/2021-06/2020%20IPBES%20GLOBAL%20REPORT%28FIRST%20PART%29_V3_SINGLE.pdf. Accessed 02 February 2021.
IPCC. (2013). Climate change 2013: The physical science basis. Summary for Policymakers. Intergovernmental Panel on Climate Change. https://www.ipcc.ch/site/assets/uploads/2018/03/WG1AR5_SummaryVolume_FINAL.pdf. Accessed 02 February 2021.
IPCC. (2018). Summary for policymakers. In Global warming of 1.5 ℃. IPCC. Available at https://www.ipcc.ch/site/assets/uploads/sites/2/2018/07/SR15_SPM_High_Res.pdf. Accessed 12 December 2020.
IPCC. (2021). Climate change 2021: The physical science basis. https://www.ipcc.ch/report/ar6/wg1/downloads/report/IPCC_AR6_WGI_SPM_final.pdf. Accessed 02 February 2022.
IPCC. (2022). Climate change 2022: Impacts, adaptation and vulnerability. Summary for Policymakers. Intergovernmental Panel on Climate Change. https://report.ipcc.ch/ar6wg2/pdf/IPCC_AR6_WGII_SummaryForPolicymakers.pdf. Accessed 28 February 2022.
Keynes, J. M. (1936). The general theory of employment, interest and money. Macmillan.
Koller, T., Dobbs, R., Huyett, B., McKinsey and Company. (2011). Value: The four cornerstones of corporate finance (6th ed.). Wiley.
Kueppers, A. (2001). Blindfolded monkey beats humans with stock picks. Wall Street Journal. https://www.wsj.com/articles/SB991681622136214659. Accessed 02 February 2022.
Lewis, M. (2010). The big short. W. W. Norton & Company.
Lowenstein, R. (2010). The end of wall street. Penguin Books.
Lucchetti, A., & Burns, J. (2008). Moody’s CEO warned profit push posed a risk to quality of ratings. Wall Street Journal. October 23 2008. https://www.wsj.com/articles/SB122471995644960797. Accessed 02 February 2022.
Malkiel, B. G. (1973). A random walk down wall street. W. W. Norton.
Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7, 77–91. https://doi.org/10.2307/2975974. Accessed 02 February 2021.
McGrath, M. (2021). COP26: Fossil fuel industry has largest delegation at climate summit. https://www.bbc.co.uk/news/science-environment-59199484. Accessed 02 February 2022.
MEA. (2003). Ecosystems and human well-being: A framework for assessment. Millennium Ecosystem Assessment. Island Press. http://pdf.wri.org/ecosystems_human_wellbeing.pdf. Accessed 02 February 2021.
Metcalf, T., & Morales, A. (2021). Mark carney unveils $130 trillion in climate finance commitments. Bloomberg News. https://www.bloomberg.com/news/articles/2021-11-02/carney-s-climate-alliance-crests-130-trillion-as-pledges-soar. Accessed 01 January 2022.
Olick, D. (2021). Foreclosures are surging now that Covid mortgage bailouts are ending, but they’re still at low levels. https://www.cnbc.com/2021/10/14/foreclosures-surge-67percent-as-covid-mortgage-bailouts-expire.html. Accessed 02 February 2022.
Papazian, A. V. (2011). A product that can save a system: Public capitalisation notes. In Collected Seminar Papers (2011–2012) (Vol. 1). Chair for Ethics and Financial Norms. Sorbonne University.
Papazian, A. V. (2013a). Space exploration and money mechanics: An evolutionary challenge. International Space Development Hub. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2388010 Accessed 06 June 2021.
Papazian, A. V. (2013b). Our financial imagination and the cosmos. Cambridge Judge Business School. University of Cambridge. https://www.jbs.cam.ac.uk/insight/2013b/our-financial-imagination-and-the-cosmos/. Accessed 12 December 2021.
Papazian, A. V. (2015). Value of money in spacetime. The International Banker. https://internationalbanker.com/finance/value-of-money-in-spacetime/. Accessed 02 February 2021.
Papazian, A. V. (2017). The space value of money. Review of Financial Markets. Chartered Institute for Securities and Investment, London. 12: 11–13. Available at: http://www.cisi.org/bookmark/web9/common/library/files/sironline/RFMJan17.pdf Accessed 16 December 2020.
Papazian, A. V. (2020). An algorithm for responsible prosperity: A new value paradigm. http://dx.doi.org/10.2139/ssrn.3633763. Accessed 01 February 2021.
Papazian, A. V. (2021a). Towards a general theory of climate finance. http://dx.doi.org/10.2139/ssrn.3797258. Accessed 02 June 2021.
Papazian, A. V. (2021b). Sustainable finance and the space value of money. Cambridge Judge Business School. University of Cambridge. https://www.jbs.cam.ac.uk/insight/2021/sustainable-finance-and-the-space-value-of-money/. Accessed 02 February 2022.
PRI. (2020). PRI annual report. Principles of Responsible Investment. https://www.unpri.org/download?ac=10948. Accessed 06 June 2021.
Ratsimiveh, K., Hubert, P., Lucas-Leclin, V., & Nicolas, E. (2020). ESG scores and beyond Part 1—Factor control: Isolating specific biases in ESG ratings. FTSE Russell. https://content.ftserussell.com/sites/default/files/esg_scores_and_beyond_part_1_final_v02.pdf. Accessed 02 February 2022.
SASB. (2020a). SASB implementation supplement: Greenhouse gas emissions and SASB standards. Sustainability Accounting Standards Board. https://www.sasb.org/wp-content/uploads/2020a/10/GHG-Emmissions-100520.pdf. Accessed 02 February 2022.
SASB. (2020b). SASB human capital bulletin. Sustainability Accounting Standards Board. https://www.sasb.org/wp-content/uploads/2020b/12/HumanCapitalBulletin-112320.pdf. Accessed 02 February 2022.
SEEA. (2014). System of environmental economic accounting 2012—Central framework. United Nations, European Commission, International Monetary Fund, The World Bank, Organisation of Economic Co-operation and Development, Food and Agriculture Organization of the United Nations. https://unstats.un.org/unsd/envaccounting/seeaRev/SEEA_CF_Final_en.pdf. Accessed 02 February 2021.
TCFD. (2017). Final report: Recommendations of the task force on climate-related financial disclosures. https://assets.bbhub.io/company/sites/60/2020/10/FINAL-2017-TCFD-Report-11052018.pdf. Accessed 02 February 2021.
TCFD-PAT. (2021). Measuring portfolio alignment: Technical considerations. https://www.tcfdhub.org/wp-content/uploads/2021/10/PAT_Measuring_Portfolio_Alignment_Technical_Considerations.pdf. Accessed 12 December 2021.
TEEB. (2010). The economics of ecosystems and biodiversity: Mainstreaming the economics of nature: A synthesis of the approach, conclusions and recommendations of TEEB. http://www.teebweb.org/wp-content/uploads/Study%20and%20Reports/Reports/Synthesis%20report/TEEB%20Synthesis%20Report%202010.pdf. Accessed 02 February 2021.
TNFD. (2021b). Nature in scope: A summary of the proposed scope, governance, work plan, communication and resourcing plan of the TNFD. Taskforce on Nature-related Financial Disclosures. https://tnfd.global/wp-content/uploads/2021/07/TNFD-Nature-in-Scope-2.pdf. Accessed 02 February 2022.
UK Government. (2021). UK to enshrine mandatory climate disclosures for largest companies in law. UK Government. https://www.gov.uk/government/news/uk-to-enshrine-mandatory-climate-disclosures-for-largest-companies-in-law. Accessed 02 February 2022.
UNFCCC. (2015). Paris agreement. United Nations Framework Convention on Climate Change. https://unfccc.int/sites/default/files/english_paris_agreement.pdf. Accessed 02 December 2020.
UNFCCC. (2021). COP 26 and the Glasgow Financial Alliance for Net Zero (GFANZ). https://racetozero.unfccc.int/wp-content/uploads/2021/04/GFANZ.pdf. Accessed 02 February 2022.
Urgewald. (2021). Groundbreaking research reveals the financiers of the coal industry, Urgewald. https://urgewald.org/en/medien/groundbreaking-research-reveals-financiers-coal-industry. Accessed 12 December 2021.
Urgewald. (2022). Who is still financing the global coal industry? Urgewald. https://www.coalexit.org/sites/default/files/download_public/GCEL.Finance.Research_urgewald_Media.Briefing_20220209%20%281%29.pdf. Accessed 22 February 2022.
US Congress. (2008). House hearing, 110 congress. Credit Rating Agencies and the Financial Crisis https://www.govinfo.gov/content/pkg/CHRG-110hhrg51103/html/CHRG-110hhrg51103.htm. Accessed 02 February 2022.
US DOJ. (2013). Department of Justice sues standard & poor’s for fraud in rating mortgage-backed securities in the years leading up to the financial crisis. Department of Justice. https://www.justice.gov/opa/pr/department-justice-sues-standard-poor-s-fraud-rating-mortgage-backed-securities-years-leading. Accessed 02 February 2020.
US DOJ. (2016). Goldman Sachs agrees to pay more than $5 Billion in connection with its sale of residential mortgage-backed securities. US Department of Justice Press Release, https://www.justice.gov/opa/pr/goldman-sachs-agrees-pay-more-5-billion-connection-its-sale-residential-mortgage-backed. Accessed 02 February 2021.
Author information
Authors and Affiliations
Corresponding author
Copyright information
© 2022 The Author(s)
About this chapter
Cite this chapter
Papazian, A.V. (2022). Introduction. In: The Space Value of Money. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-59489-1_1
Download citation
DOI: https://doi.org/10.1057/978-1-137-59489-1_1
Published:
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-137-59487-7
Online ISBN: 978-1-137-59489-1
eBook Packages: Economics and FinanceEconomics and Finance (R0)