Firms and social responsibility: A review of ESG and CSR research in corporate finance
We review the financial economics-based research on Environmental, Social, and
Governance (ESG) and Corporate Social Responsibility (CSR) with an emphasis on …
Governance (ESG) and Corporate Social Responsibility (CSR) with an emphasis on …
Past, present, and future of sustainable finance: insights from big data analytics through machine learning of scholarly research
Sustainable finance is a rich field of research. Yet, existing reviews remain limited due to the
piecemeal insights offered through a sub-set rather than the entire corpus of sustainable …
piecemeal insights offered through a sub-set rather than the entire corpus of sustainable …
Dissecting green returns
Green assets delivered high returns in recent years. This performance reflects unexpectedly
strong increases in environmental concerns, not high expected returns. German green …
strong increases in environmental concerns, not high expected returns. German green …
Aggregate confusion: The divergence of ESG ratings
This paper investigates the divergence of environmental, social, and governance (ESG)
ratings based on data from six prominent ESG rating agencies: Kinder, Lydenberg, and …
ratings based on data from six prominent ESG rating agencies: Kinder, Lydenberg, and …
Sustainable investing with ESG rating uncertainty
This paper analyzes the asset pricing and portfolio implications of an important barrier to
sustainable investing: uncertainty about the corporate ESG profile. In equilibrium, the market …
sustainable investing: uncertainty about the corporate ESG profile. In equilibrium, the market …
Resiliency of environmental and social stocks: An analysis of the exogenous COVID-19 market crash
The COVID-19 pandemic and the subsequent lockdown brought about an exogenous and
unparalleled stock market crash. The crisis thus provides a unique opportunity to test …
unparalleled stock market crash. The crisis thus provides a unique opportunity to test …
The importance of climate risks for institutional investors
According to our survey about climate risk perceptions, institutional investors believe climate
risks have financial implications for their portfolio firms and that these risks, particularly …
risks have financial implications for their portfolio firms and that these risks, particularly …
[HTML][HTML] Responsible investing: The ESG-efficient frontier
We propose a theory in which each stock's environmental, social, and governance (ESG)
score plays two roles:(1) providing information about firm fundamentals and (2) affecting …
score plays two roles:(1) providing information about firm fundamentals and (2) affecting …
Sustainable investing in equilibrium
We model investing that considers environmental, social, and governance (ESG) criteria. In
equilibrium, green assets have low expected returns because investors enjoy holding them …
equilibrium, green assets have low expected returns because investors enjoy holding them …
Dynamic spillover effects among green bond, renewable energy stocks and carbon markets during COVID-19 pandemic: Implications for hedging and investments …
This study has been inspired by the emergence of socially responsible investment practices
in mainstream investment activity as it examines the transmission of return patterns between …
in mainstream investment activity as it examines the transmission of return patterns between …