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  1. Critical raw materials partner Canada: an (almost) perfect match
    the European-Canadian raw materials partnership in times of friendshoring
    Author: Carry, Inga
    Published: [July 2024]
    Publisher:  SWP, Berlin

    Zusammenfassung: The European Union (EU) is aiming to strengthen its cooperation with like-minded countries to secure its supply of so-called critical raw materials. European Commission President Ursula von der Leyen considers Canada a "perfect... more

     

    Zusammenfassung: The European Union (EU) is aiming to strengthen its cooperation with like-minded countries to secure its supply of so-called critical raw materials. European Commission President Ursula von der Leyen considers Canada a "perfect match" - a resource-rich and reliable partner that shares the EU’s geopolitical interests and sustainability goals. Canada is seeking to diversify its supply chains and counteract the influence of Chinese actors in its mining industry through a policy of friendshoring. To this end, the Canadian government has shown itself to be far more open to cooperation with the EU regarding raw material supply chains and key industries compared to the United States (US) government. It would be beneficial for both sides to deepen this cooperation. However, to truly make this partnership a perfect match, the EU should offer stronger financial incentives for the integration of European and Canadian industries, promote scientific exchange and technical collaboration, and advocate for robust corporate due diligence in supply chains

     
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  2. Circularity and default probabilities
    an empirical investigation based on the 3R principles
    Author: Bertelli, Beatrice; Kocollari, Ulpiana; Merzi, Laura; Torricelli, Costanza
    Published: May 2024
    Publisher:  CEFIN, Centro Studi di Banca e Finanza, Dipartimento di Economia Marco Biagi, Università di Modena e Reggio Emilia, Modena (Italy)

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    Series: CEFIN working papers ; no 94
    Subjects: Sustainability; ESG; Circular economy; default probability
    Scope: 1 Online-Ressource (circa 26 Seiten)
  3. Critical raw materials partner Canada: an (almost) perfect match
    the European-Canadian raw materials partnership in times of friendshoring
    Author: Carry, Inga
    Published: [July 2024]
    Publisher:  SWP, Berlin

    The European Union (EU) is aiming to strengthen its cooperation with like-minded countries to secure its supply of so-called critical raw materials. European Commission President Ursula von der Leyen considers Canada a "perfect match" - a... more

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    The European Union (EU) is aiming to strengthen its cooperation with like-minded countries to secure its supply of so-called critical raw materials. European Commission President Ursula von der Leyen considers Canada a "perfect match" - a resource-rich and reliable partner that shares the EU’s geopolitical interests and sustainability goals. Canada is seeking to diversify its supply chains and counteract the influence of Chinese actors in its mining industry through a policy of friendshoring. To this end, the Canadian government has shown itself to be far more open to cooperation with the EU regarding raw material supply chains and key industries compared to the United States (US) government. It would be beneficial for both sides to deepen this cooperation. However, to truly make this partnership a perfect match, the EU should offer stronger financial incentives for the integration of European and Canadian industries, promote scientific exchange and technical collaboration, and advocate for robust corporate due diligence in supply chains.

     
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  4. Initial coin offerings
    can ESG mitigate underpricing?
    Author: Bitetto, Alessandro; Cerchiello, Paola
    Published: [2024]
    Publisher:  Università di Pavia, Department of Economics and Management, Pavia

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    Series: DEM working paper series ; # 221 (07-24)
    Subjects: Initial coin offering (ICO); ESG; Text analysis; Underpricing
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  5. How green (performance) are the indian green stocks
    myth vs reality
    Author: Bhaduri, Saumitra; Selarka, Ekta
    Published: July 2024
    Publisher:  Madras School of Economics, Chennai, India

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    Series: Working paper / Madras School of Economics ; 263 (2024)
    Subjects: ESG; India; risk-adjusted performance; pandemic; crash risk
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  6. Understanding reputational risks
    the impact of ESG events on European banks
    Author: Akyildirim, Erdinc; Corbet, Shaen; Ongena, Steven; Staunton, David
    Published: [2024]
    Publisher:  Swiss Finance Institute, Geneva

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    Series: Swiss Finance Institute research paper series ; no 24, 39
    Subjects: Banking; Reputation; Sentiment; ESG; Abnormal Returns; Volatility
    Scope: 1 Online-Ressource (circa 39 Seiten)
  7. Banks and ESG
    Author: Steele, Graham S.
    Published: [2024]
    Publisher:  [Rock Center for Corporate Governance, Stanford University], [Stanford, CA, USA]

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    Series: [Rock Center for Corporate Governance at Stanford University working paper ; no. 259]
    Subjects: banking; financial institutions; environmental; social & governance; ESG; climate change; climate finance; first amendment law; commercial speech; federal preemption
    Scope: 1 Online-Ressource (circa 63 Seiten)
  8. Private shareholder engagements on material ESG issues
    Author: Bauer, Rob; Derwall, Jeroen; Tissen, Colin
    Published: [2024]
    Publisher:  Netspar, Network for Studies on Pensions, Aging and Retirement, [Tilburg]

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    Series: Array ; 2024, 016 (05)
    Subjects: corporate sustainability; ESG; materiality; shareholder engagement
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  9. Sustainability preferences
    the role of beliefs
    Author: Bauer, Rob; Bin Dong; Jiao, Peiran
    Published: [2024]
    Publisher:  Netspar, Network for Studies on Pensions, Aging and Retirement, [Tilburg]

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    Series: Array ; 2024, 020 (07)
    Subjects: Socially Responsible Investment; Expectations; ESG; Belief Elicitation; Survey Experiment
    Scope: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  10. Natural disasters, investor attention, and non-fundamental green asset demand
    Author: Misev, Marina A.; Balles, Patrick
    Published: July 2024
    Publisher:  University of Basel, Faculty of Business and Economics, Basel, Switzerland

    This study examines how the occurrence of natural disasters in the U.S. influences investor interest in green assets and actual investments, focusing on inflows into green ETFs as a proxy for non-fundamental demand. Event study analyses demonstrate... more

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    This study examines how the occurrence of natural disasters in the U.S. influences investor interest in green assets and actual investments, focusing on inflows into green ETFs as a proxy for non-fundamental demand. Event study analyses demonstrate both increases in investor interest in eco-friendly investments (proxied by Google searches) and inflows into green ETFs following disasters, driven by the period following the 2015 Paris Agreement. The additional inflows average about $4.3 million in the week directly following disasters, compared to average inflows of around $1.1 million in the non-disaster reference window. Importantly, both effects disappear when other attention-grabbing events, such as terrorist attacks or mass shootings, occur simultaneously with disasters. Analysis of climate change coverage across U.S. media suggests that media attention devoted to climate change concerns drives the documented shifts in investor behavior towards green investments. Furthermore, analysis of flows in brown ETFs (e.g., the oil and gas sector) reveals analogous disinvestments in the wake of disasters, but notably, only in the absence of concurrent distracting events.

     
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    hdl: 10419/301196
    Series: WWZ working paper ; 2024, 07
    Subjects: Investor attention; green investing; natural disasters; ETFs; non-fundamental demand; green sentiment; ESG; media attention; Paris Agreement
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  11. All hat and no cattle?
    ESG incentives in executive compensation
    Author: Efing, Matthias; Ehmann, Stefanie; Kampkötter, Patrick; Moritz, Raphael
    Published: 21 October 2024
    Publisher:  Centre for Economic Policy Research, London

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    Series: Array ; DP19610
    Subjects: Executive compensation; ESG; Sustainability; Incentive contracting; Optimal contracts
    Scope: 1 Online-Ressource (circa 84 Seiten), Illustrationen
  12. Sustainable banking and credit market segmentation
    Author: Kelly, David L.; Paik, Christopher
    Published: November 2024
    Publisher:  CESifo, Munich, Germany

    We assess the feasibility, optimality, and policy implications of Environmental, Social, and Corporate Governance (ESG)-linked or “green” lending in a credit market where banks incorporate such non-financial data in credit allocation decisions. We... more

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    We assess the feasibility, optimality, and policy implications of Environmental, Social, and Corporate Governance (ESG)-linked or “green” lending in a credit market where banks incorporate such non-financial data in credit allocation decisions. We identify an asymmetric information problem: borrowers signal low financial risk to banks who are uncertain about borrower risk levels by engaging in green investments. We derive conditions under which banks segment the market into green and brown loan products and evaluate market efficiency. We find borrowers prioritize signaling over the environmental impact of green investments, and the market sustains only limited green lending, since if all borrowers make green investments, no signaling value exists. The optimal carbon tax policy replaces the signaling value of green investments with the marginal damage and outperforms a brown reserve requirement aimed at discouraging brown lending. However, both policies also can sustain only a limited amount of green investments. We conclude that while green lending by banks can enhance welfare relative to an unregulated market, the resulting market segmentation can make the social optimum infeasible, even with carbon tax regulation.

     
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    Series: CESifo working papers ; 11522 (2024)
    Subjects: competitive screening; ESG; environmental risk; climate risk; sustainable banking; sustainable finance; stranded assets
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  13. ESG funds during the 2020 COVID19 market turmoil
    performance and flows
    Author: De Renzis, Tania; Mosson, Natacha
    Published: 5 February 2024
    Publisher:  European Securities and Markets Authority (ESMA), Economics, Financial Stability and Risk Department, Paris

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    Series: ESMA working paper ; no. 2024, 2
    Subjects: Investment funds; UCITS; ESG; management style; performance
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  14. The double-edged sword of CEO activism
    Author: Larcker, David F.; Miles, Stephen A.; Tayan, Brian; Wright-Violich, Kim
    Published: [2018]
    Publisher:  [Stanford Graduate School of Business], [Stanford, CA]

    CEO activism — the practice of CEOs taking public positions on environmental, social, and political issues not directly related to their business — has become a hotly debated topic in corporate governance. To better understand the implications of CEO... more

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    CEO activism — the practice of CEOs taking public positions on environmental, social, and political issues not directly related to their business — has become a hotly debated topic in corporate governance. To better understand the implications of CEO activism, we examine its prevalence, the range of advocacy positions taken by CEOs, and the public's reaction to activism.We ask:• How widespread is CEO activism?• How well do boards understand the advocacy positions of their CEOs? • Are boards involved in decisions to take public stances on controversial issues, or do they leave these to the discretion of the CEO?• How should boards measure the costs and benefits of CEO activism?• How accurately can internal and external constituents distinguish between positions taken proactively and reactively by a CEO?

     
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    Series: [Stanford University Graduate School of Business research paper ; no. 19, 5]
    Subjects: se; corporate governance; activism; CEO activism; corporate activism; advocacy; corporate advocacy; corporate social responsibility; ESG; ESG investing; social issues; environmental issues; controversy; corporate reputation; reputation management; boards of directors; risk management; corporate governan
    Scope: 1 Online-Ressource (circa 13 Seiten), Illustrationen
  15. Love in the time of COVID-19
    the resiliency of environmental and social stocks
    Author: Albuquerque, Rui; Koskinen, Yrjö; Yang, Shuai; Zhang, Chendi
    Published: 24 April 2020
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Series: Array ; DP14661
    Subjects: ESG; COVID-19; market crash; stock returns; volatility; tradingvolume; customer loyalty
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  16. A preliminary framework for product impact-weighted accounts
    Author: Serafeim, George; Trinh, Katie; Zochowski, Rob
    Published: [2020]
    Publisher:  Harvard Business School, [Boston, MA]

    While there has been significant progress in the measurement of an organization's environmental and social impacts from their operations, metrics to evaluate the impact of products once they come to market lag far behind. In this paper we provide a... more

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    While there has been significant progress in the measurement of an organization's environmental and social impacts from their operations, metrics to evaluate the impact of products once they come to market lag far behind. In this paper we provide a framework for systematic measurement of product impact in monetary terms and delve into the rationale for the framework's seven elements. We then apply the whole framework to two competitor companies to show the feasibility of measuring product impact and the actionability of the framework. We indicate the value of impact-weighted financial statement analysis with examples of insights enabled by industry-wide product impact measurement. We see our results as a first step, rather than a definitive answer, towards more systematic measurement of product impact in monetary terms that can then be reflected in financial statements with the purpose of creating impact-weighted financial accounts

     
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    Series: Working paper / Harvard Business School ; 20, 076
    Impact-Weighted Accounts Research Report, Harvard Business School Accounting & Management Unit Working Paper ; No. 20-076
    Subjects: Social Impact; Product Life Cycle; Environment; Sustainability; Measurement; Metrics; Impact Investing; ESG; ESG (Environmental, Social, Governance) Performance; ESG Reporting; Product; Environmental Sustainability; Measurement and Metrics; Framework; Financial Statements
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  17. Sustainable stocks and the Russian war on Ukraine
    an event study in Europe
    Author: Kick, Andreas; Rottmann, Horst
    Published: June 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    The popularity of sustainable investments is unbroken and attracts investors and researchers alike. Modelling the properties of such 'green' firms, Pástor, Stambaugh, and Taylor 2021 consider a hedge against climate risks in their theoretical model.... more

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    The popularity of sustainable investments is unbroken and attracts investors and researchers alike. Modelling the properties of such 'green' firms, Pástor, Stambaugh, and Taylor 2021 consider a hedge against climate risks in their theoretical model. Likewise, it could be assumed that companies with high social scores might offer a protection against related events. On February 24, 2022 with the Russian invasion on Ukraine one of the biggest events imaginable came to pass. Using standard event study methodology we analyse if and how Refinitiv's ESG-ratings, as well as the CO2 intensity, influence the cumulative abnormal returns during different event windows. We find that the abnormal returns of companies with high ecological scores are positively influenced in the pre and post-event window. However the effects are of no economical relevance. Therefore our results do not fully support the hypothesis of an 'ESG-hedge' against such an extreme event. If such an effect exists, it was superimposed by other properties accounting for stability and defensiveness.

     
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    Series: CESifo working paper ; no. 9798 (2022)
    Subjects: abnormal returns; war; Ukraine; ESG
    Scope: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  18. Modelling demand for ESG
    Author: Ahmed, Muhammad Farid; Gao, Yang; Satchell, Stephen
    Published: [2020]
    Publisher:  University of Cambridge, Faculty of Economics, Cambridge

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    Edition: This version: 05/10/2020
    Series: Cambridge working paper in economics ; 2093
    Cambridge-INET working paper series ; 2020, 43
    Subjects: ESG; Sustainable Investing; Demand Model; Investors' Utility
    Scope: 1 Online-Ressource (circa 29 Seiten)
  19. Climate targets, executive compensation, and corporate strategy
    Author: Ritz, Robert A.
    Published: [2020]
    Publisher:  University of Cambridge, Faculty of Economics, Cambridge

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    Series: Cambridge working paper in economics ; 2098
    EPRG working paper ; 2029
    Subjects: Balanced scorecard; corporate climate action; corporate strategy; ESG; executive compensation; management incentives
    Scope: 1 Online-Ressource (circa 17 Seiten)
  20. Analysis of ESG disclosures in pillar 3 reports
    a text mining approach
    Author: Moreno Bernal, Ángel Iván; Caminero García, Teresa
    Published: 2022
    Publisher:  Banco de España, Madrid

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    Series: Documentos ocasionales / Banco de España ; no. 2204
    Subjects: ESG; environment; social; governance; sustainability; climate change; carbon emissions; environmental risks; physical risk; transition risk; natural language processing; Pillar 3
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  21. The EU sustainable finance framework in light of international standards
    Author: Zetzsche, Dirk; Bodellini, Marco; Consiglio, Roberta
    Published: December 13, 2021
    Publisher:  European Banking Institute e.V., Frankfurt am Main, Germany

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    Series: EBI working paper series ; no. 110 (2021)
    Subjects: Sustainable Finance; Taxonomy; Financial Regulation; International Standards; ESG
    Scope: 1 Online-Ressource (circa 33 Seiten)
  22. Do retail investors value environmental impact?
    a lab-in-the-field experiment with crowdfunders
    Author: Siemroth, Christoph; Hornuf, Lars
    Published: July 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Are investors willing to give up a higher return if the investment generates positive environmental impact? We investigate this question with a decision experiment among crowdfunders, where they choose between a higher return or environmental impact.... more

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    Are investors willing to give up a higher return if the investment generates positive environmental impact? We investigate this question with a decision experiment among crowdfunders, where they choose between a higher return or environmental impact. Overall, 65% of investors choose environmental impact at the expense of a higher return for sufficiently large impact, 14% choose impact independent of the magnitude of impact, while 21% choose the higher return independent of impact. Combining the experimental data with historical investments, we find that investors allocate a larger share of funds to green projects if they value environmental impact more, and if they expect green projects to be more profitable. These findings suggest that investors have a preference for positive environmental impact, and satisfy it by investing in green projects. We further show that the preference for environmental impact is distinct from a preference for positive social impact. Finally, we introduce new survey measures of impact for future use, which are experimentally validated and predict field behavior.

     
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    hdl: 10419/245378
    Series: CESifo working paper ; no. 9197 (2021)
    Subjects: debt crowdfunding; environmental impact; ESG; green investments; social impact; sustainable finance
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  23. An inside view of corporate ESG practices
    Author: Briscoe-Tran, Hoa
    Published: December 16, 2021
    Publisher:  The Ohio State University, Fisher College of Business, Charles A. Dice Center for Research in Financial Economics, [Columbus, Ohio]

    Firms often broadcast commitments to environmental, social, and governance (ESG) practices, but do these commitments reflect their internal practices? To find out, I introduce an inside measure of ESG practices from 10 million employee reviews via a... more

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    Firms often broadcast commitments to environmental, social, and governance (ESG) practices, but do these commitments reflect their internal practices? To find out, I introduce an inside measure of ESG practices from 10 million employee reviews via a word-embedding model. The measure predicts a firm’s future misconduct, governance issues, downside risk, growth, and valuation. However, the inside measure is weakly correlated with a firm’s disclosed ESG practices and existing ESG ratings. The inside measure improves after a firm makes a public ESG commitment only when the commitment is costly. Following a shock to a firm’s incentive to appear ESG-friendly, the inside measure hardly changes

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Working papers series / Charles A. Dice Center for Research in Financial Economics ; WP 2021, 21
    Fisher College of Business working paper series ; WP 2021-03, 21
    Subjects: ESG; CSR; greenwash; cheap talk; word2vec; textual analysis; Glassdoor
    Other subjects: Array
    Scope: 1 Online-Ressource (circa 80 Seiten), Illustrationen
  24. The performance of socially responsible investments
    a meta-analysis
    Author: Hornuf, Lars; Yüksel, Gülistan
    Published: April 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    In this article, we use a meta-analysis to examine the performance of socially responsible investing (SRI). After a thorough literature search, we review 153 empirical studies containing 1,047 observations of SRI performance. We find that, on... more

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    In this article, we use a meta-analysis to examine the performance of socially responsible investing (SRI). After a thorough literature search, we review 153 empirical studies containing 1,047 observations of SRI performance. We find that, on average, SRI neither outperforms nor underperforms the market portfolio. However, in line with modern portfolio theory, we find that global SRI portfolios outperform regional sub-portfolios. Moreover, high-quality publications, publications in finance journals, and authors who publish more frequently on SRI are all less likely to report SRI outperformance. In particular, we find that including more factors in a capital market model reduces the likelihood that a study will find SRI outperformance. These findings have important implications for the policy evaluation of environmental, social, and governance goals in general, the asset management literature in particular, and the perspective of different scientific disciplines.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    hdl: 10419/260854
    Series: CESifo working paper ; no. 9724 (2022)
    Subjects: environmental social governance; ESG; socially responsible investment; SRI; meta-analysis
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  25. Incorporating ESG into optimal stock portfolios for the global timber & forestry industry
    Author: Lööf, Hans; Sahamkhadam, Maziar; Stephan, Andreas
    Published: February, 2022
    Publisher:  The Royal Institute of Technology, Centre of Excellence for Science and Innovation Studies (CESIS), [Stockholm]

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    Source: Union catalogues
    Language: English
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    Series: CESIS electronic working paper series ; paper no. 490
    Subjects: portfolio optimization; ESG; forestry stocks; return; risk; vine copula
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen