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Michael Santoro

Michael A. Santoro is Professor of Management and Entrepreneurship at the Leavey School of Business, Santa Clara University. He is the author of Wall Street Values: Business Ethics and the Global Financial Crisis (Cambridge University Press) and has written widely on fiduciary duty, financial regulation, and corporate accountability. His research focuses on business ethics, financial regulation, and the governance of markets and institutions, including the accountability of artificial intelligence systems. Santoro received a JD from the New York University School of Law and a PhD in Public Policy from Harvard University.
Commentary

If Markets Can Reprice for Hormuz, They Can Reprice for Paris

Michael Santoro
The recent, blustery movements in oil prices in response to the United States’ war with Iran illustrate the financial market’s agile ability to reprice for a predicted future market. Yet, a decade after 195 nations adopted the Paris Agreement to transition away from fossil fuels, the market has made no changes in response. Part of this may be due to investors’ expectations of a delayed rollout, but the inertia is also due to flawed market design in which laws of fiduciary duty prevent funds from providing investors with vehicles that can make true bets on how soon the world will retire fossil fuels, writes Michael A. Santoro.

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