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Displaying results 1 to 25 of 42.

  1. 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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    Language: English
    Media type: Book
    Format: Online
    Series: EBI working paper series ; no. 110 (2021)
    Subjects: Sustainable Finance; Taxonomy; Financial Regulation; International Standards; ESG
    Scope: 1 Online-Ressource (circa 33 Seiten)
  2. 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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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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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
  3. 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
  4. Essays in behavioral finance
    Author: Cochardt, Alexander Elmar
    Published: 2021

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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
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    Subjects: Anlageverhalten; Investmentfonds; Fonds; Investmentgesellschaft; Vertrauen; Militär; Abstammung; Bias; Nachhaltigkeit; Greenwashing; home bias; fund flows; fund managers; behavioral finance; mutual funds; rebranding; ESG; investment decisions; ancestry; military; investors; trust; Anlageverhalten; Fondsmanager; Militär; Vertrauen; Abstammung; Nachhaltigkeit; Greenwashing
    Scope: 1 Online-Ressource (circa 167 Seiten), Illustrationen
    Notes:

    Dissertation, University of St.Gallen, 2021
  5. Action lab
    integrated communications on financial and ESG performance in the earnings call
    Author: Setterberg, Hanna; Sjöström, Emma
    Published: [2021]
    Publisher:  Mistra Center for Sustainable Markets, Stockholm

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Misum working paper series ; no. 2021, 01 (May 2021)
    Subjects: earnings call; ESG; integrated communication
    Scope: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  6. Beyond ESG
    reforming capitalism and social-democracy
    Author: Boyer, Marcel
    Published: [2021]
    Publisher:  CIRANO, [Montréal]

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    Language: English
    Media type: Book
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    Series: Cahier scientifique / CIRANO ; 2021s, 03
    Subjects: Value; Capitalism; ESG; Ethics; Equity; Environment; Water; Fair and Equitable Remuneration; New Competitive Capitalism; Competitive Social-Democracy
    Scope: 1 Online-Ressource (circa 97 Seiten)
  7. Beyond ESG: reforming capitalim and social-democracy
    Author: Boyer, Marcel
    Published: February 2021
    Publisher:  Toulouse School of Economics, [Toulouse]

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    Media type: Book
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    Series: Working papers / Toulouse School of Economics ; no 1190
    Subjects: Value; Capitalism; ESG; Ethics; Equity; Environment; Water; Fair and Equitable Remuneration; New Competitive Capitalism; Competitive Social-Democracy
    Scope: 1 Online-Ressource (circa 96 Seiten)
  8. Persistence in ESG and conventional stock market indices
    Author: Caporale, Guglielmo Maria; Gil-Alaña, Luis A.; Plastun, Alex; Makarenko, Inna
    Published: May 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper uses R/S analysis and fractional integration techniques to examine the persistence of two sets of 12 ESG and conventional stock price indices from the MSCI database over the period 2007-2020 for a large number of both developed and... more

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    This paper uses R/S analysis and fractional integration techniques to examine the persistence of two sets of 12 ESG and conventional stock price indices from the MSCI database over the period 2007-2020 for a large number of both developed and emerging markets. Both sets of results imply that there are no significant differences between the two types of indices in terms of the degree of persistence and its dynamic behaviour. However, higher persistence is found for the emerging markets examined (especially the BRICS), which suggests that they are less efficient and thus offer more opportunities for profitable trading strategies. Possible explanations for these findings include different type of companies’ ‘camouflage’ and ‘washing’ (green, blue, pink, social, and SDG) in the presence of rather lax regulations for ESG reporting.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    hdl: 10419/235468
    Series: CESifo working paper ; no. 9098 (2021)
    Subjects: stock market; ESG; persistence; long memory; R/S analysis; fractional integration
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  9. Investor rewards to climate responsibility: stock-price responses to the opposite shocks of the 2016 and 2020 U.S. elections
    Author: Ramelli, Stefano; Wagner, Alexander F.; Zeckhauser, Richard; Ziegler, Alexandre
    Published: 2021
    Publisher:  Harvard Kennedy School, John F. Kennedy School of Government, [Cambridge, MA]

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    Series: Faculty research working paper series / Harvard Kennedy School, John F. Kennedy School of Government ; RWP21, 011 (March 2021)
    Subjects: Börsenkurs; Ankündigungseffekt; Klimapolitik; Präsidentschaftswahl; Regierungschef; USA; Climate finance; climate policy; CSR; election surprise; ESG; event study; institutional investors; policy boomerang; stock returns
    Scope: 1 Online-Ressource (circa 74 Seiten), Illustrationen
  10. Sustainability in the oil and gas industry and its financial implications
    Author: Binder, Katharina
    Published: 2021

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    Content information
    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Print
    RVK Categories: QR 534
    Subjects: Gaswirtschaft; Erdölindustrie; Nachhaltige Energieversorgung; Umweltmanagement; Unternehmenswert; Nachhaltige Kapitalanlage; Schätzung; Welt; ESG; Gaswirtschaft; Erdölindustrie; Nachhaltige Energieversorgung; Umweltmanagement; Unternehmenswert; Nachhaltige Kapitalanlage; Schätzung; Welt; ESG
    Scope: XI, 166 Blätter, Diagramme
    Notes:

    Literaturverzeichnis: Blatt 153-166

    Tag der wissenschaftlichen Aussprache: 09. Oktober 2020

    Dissertation, Technische Universität Berlin, 2020
  11. The role of disclosure in green finance
    Author: Steuer, Sebastian; Tröger, Tobias
    Published: [2021]
    Publisher:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, [Frankfurt am Main]

    We study the design features of disclosure regulations that seek to trigger the green transition of the global economy and ask whether such regulatory interventions are likely to bring about sufficient market discipline to achieve socially optimal... more

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    We study the design features of disclosure regulations that seek to trigger the green transition of the global economy and ask whether such regulatory interventions are likely to bring about sufficient market discipline to achieve socially optimal climate targets. We categorize the transparency obligations stipulated in green finance regulation as either compelling the standardized disclosure of raw data, or providing quality labels that signal desirable green characteristics of investment products based on a uniform methodology. Both categories of transparency requirements canbe imposed at activity, issuer, and portfolio level. Finance theory and empirical evidence suggest that investors may prefer "green" over "dirty" assets for both financial and non-financial reasons and may thus demand higher returns from environmentally-harmful investment opportunities. However, the market discipline that this negative cost of capital effect exerts on "dirty" issuers is potentially attenuated by countervailing investor interests and does not automatically lead to socially optimal outcomes. Mandatory disclosure obligations and their (public) enforcement can play an important role in green finance strategies. They prevent an underproduction of the standardized high-quality information that investors need in order to allocate capital according to their preferences. However, the rationale behind regulatory intervention is not equally strong for all categories and all levels of "green" disclosure obligations. Corporate governance problems and other agency conflicts in intermediated investment chains do not represent a categorical impediment for green finance strategies. However, the many forces that may prevent markets from achieving socially optimal equilibria render disclosure-centered green finance legislation a second best to more direct forms of regulatory intervention like global carbon taxation and emissions trading schemes. Inherently transnational market-based green finance concepts can play a supporting role in sustainable transition, which is particularly important as long as first-best solutions remain politically unavailable.

     
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    Media type: Book
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    hdl: 10419/238205
    Series: SAFE working paper ; no. 320
    Subjects: green finance; sustainable finance; ESG; mandatory disclosure; taxonomies; benchmarks; labels; asset pricing; market discipline; climate change; climate risk
    Scope: 1 Online-Ressource (circa 63 Seiten)
  12. Limits to private climate change mitigation
    Author: Elmalt, Dalya; Igan, Deniz; Kirti, Divya
    Published: April 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    As climate change looms larger, many look to sustainable investing that incorporates environmental, social, and governance (ESG) concerns as part of the way forward. To assess scope for ESG-conscious investing to achieve climate change goals, we... more

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    As climate change looms larger, many look to sustainable investing that incorporates environmental, social, and governance (ESG) concerns as part of the way forward. To assess scope for ESG-conscious investing to achieve climate change goals, we explore the link between emissions growth and ESG scores using firm-level data for the largest emitters around the world. Discouragingly, our analysis uncovers at best a weak relationship: firms with better ESG scores do display somewhat slower emissions growth but this link is substantially attenuated and no longer statistically significant if we limit attention to within-country or within-firm variation. Our findings suggest limited scope for sustainable investing strategies conditioned solely on ESG indicators to meaningfully help mitigate climate change and, more broadly, underscore the need to continue to build consensus towards effective economy-wide policies to address climate change

     
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  13. How green are green debt issuers?
    Author: Schmittmann, Jochen Markus; Teng, Chua Han
    Published: July 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Green debt markets are rapidly growing while product design and standards are evolving. Many policymakers and investors view green debt as an important component in the policy mix to achieve the transition to a low carbon economy and ensure the... more

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    Green debt markets are rapidly growing while product design and standards are evolving. Many policymakers and investors view green debt as an important component in the policy mix to achieve the transition to a low carbon economy and ensure the pricing of climate risks. Our analysis contributes to the nascent literature on the environmental impact of green debt by documenting the CO2 emission intensity of corporate green debt issuers. We find lower emission intensities for green bond issuers relative to other firms, but no difference for green loan and sustainability-linked loan borrowers. Green bond, green loan, and sustainability-linked loan borrowers lower their emission intensity over time at a faster rate than other firms

     
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  14. Pricing ethics in the foreign exchange market
    environmental, social and governance ratings and currency premia
    Author: Filippou, Ilias; Taylor, Mark P.
    Published: 24 July 2021
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16392
    Subjects: Environmental; Social; governance; Refinitiv; ESG; Foreign exchange market; Riskpremium
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  15. Unlocking ESG premium from options
    Author: Cao, Jie (Jay); Goyal, Amit; Zhan, Xintong; Zhang, Weiming Elaine
    Published: 2021
    Publisher:  Swiss Finance Institute, Geneva

    We find that option expensiveness, as measured by delta-hedged option returns, is higher for low-ESG stocks, indicating that investors pay a premium in the option market to hedge ESG-related uncertainty. We estimate this ESG premium to be about 0.3%... more

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    We find that option expensiveness, as measured by delta-hedged option returns, is higher for low-ESG stocks, indicating that investors pay a premium in the option market to hedge ESG-related uncertainty. We estimate this ESG premium to be about 0.3% per month. All three components of ESG contribute to option pricing. We find that investors pay the ESG premium to hedge jump risks, but not volatility risks. The effect of ESG performance is more prominent during the periods when the attention to ESG is higher and for firms that are more subject to ESG-related risks

     
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    Source: Union catalogues
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    Series: Research paper series / Swiss Finance Institute ; no 21, 39
    Subjects: ESG; implied volatility; delta-hedged option return
    Other subjects: Array
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  16. The salience of esg ratings for stock pricing
    evidence from (potentially) confused investors
    Author: Pelizzon, Loriana; Rzeźnik, Aleksandra; Hanley, Kathleen Weiss
    Published: 06 July 2021
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16334
    Subjects: Corporate social responsibility; ESG Rating Agencies; Sustainable Investments,Socially responsible investing; ESG; Portfolio choice
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  17. Accounting for product impact in the oil and gas industry
    Author: Panella, Katie; Serafeim, George; Trinh, Katie
    Published: [2021]
    Publisher:  Harvard Business School, [Boston, MA]

    We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the oil and gas industry. We design a monetization methodology that allows us to calculate monetary product impact... more

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    We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the oil and gas industry. We design a monetization methodology that allows us to calculate monetary product impact estimates of natural gas provision to emerging markets, energy provided, and emissions created. Our results indicate differences in the impact that competitors have through their products. These differences demonstrate how impact reflects corporate strategy and informs decision-making on industry-specific areas

     
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  18. Accounting for product impact in the pharmaceuticals industry
    Author: Rischbieth, Amanda; Serafeim, George; Trinh, Katie
    Published: [2021]
    Publisher:  Harvard Business School, [Boston, MA]

    We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the pharmaceuticals industry. We design a monetization methodology that allows us to calculate monetary impact... more

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    We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the pharmaceuticals industry. We design a monetization methodology that allows us to calculate monetary impact estimates of accessible product provision and efficacy, among other factors. Our results indicate substantial differences in the impact that competitors have through their products. These differences demonstrate how impact reflects corporate strategy and informs decision-making on industry-specific areas

     
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  19. Which corporate ESG news does the market react to?
    Author: Serafeim, George; Yoon, Aaron
    Published: [2021]
    Publisher:  Harvard Business School, [Boston, MA]

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    Source: Union catalogues
    Language: English
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    Format: Online
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    Series: Working paper / Harvard Business School ; 21, 115
    Subjects: ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; Social Capital; Environment; Sustainability; CSR; Stock Price; Stock Market Expectations; Market Reaction; Environmental Sustainability; Financial Markets; Information; News; Corporate Governance; Corporate Accountability; United States
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  20. Accounting for product impact in the interactive media and services industry
    Author: Park, D. G.; Serafeim, George; Trinh, Katie
    Published: [2021]
    Publisher:  Harvard Business School, [Boston, MA]

    We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the interactive media and services industry. We design a monetization methodology that allows us to calculate... more

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    We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the interactive media and services industry. We design a monetization methodology that allows us to calculate monetary impact estimates for key welfare effects of social media, including addiction, depression, connectivity, and misinformation, among other effects identified in social media literature. Our results indicate substantial differences in the impact that competitors have through their products. These differences demonstrate how impact reflects corporate strategy and informs decision-making on industry-specific areas

     
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  21. The power of ESG ratings on stock markets
    Author: Latino, Carmelo; Pelizzon, Loriana; Rzeźnik, Aleksandra
    Published: [2021]
    Publisher:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    This paper studies the impact of environmental, social, and governance (ESG) ratings on investors' preferences and stock prices. We exploit a change in ESG rating methodology that non-linearly shifted ESG ratings for firms as a natural experiment. We... more

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    This paper studies the impact of environmental, social, and governance (ESG) ratings on investors' preferences and stock prices. We exploit a change in ESG rating methodology that non-linearly shifted ESG ratings for firms as a natural experiment. We show that the 'pseudo'-changes in the ESG ratings induced by the change in methodology are unrelated to potential fundamental changes in firm's sustainability. Yet, we find that an exogenous change in a stock's ESG rating exerts a transitory price pressure and alters the composition of stock ownership. Individual investors are especially sensitive to the 'pseudo'-changes in the ESG ratings. They (dis)invest in stocks that they misconceive as ESG (down-) upgraded. Short sellers act as arbitrageurs and take the other side of retail investors' trades. Overall, we find that a one standard deviation quasi-increase in the ESG ratings translates into 1pp drop in stock monthly abnormal return.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/232023
    Series: SAFE working paper ; no. 310
    Subjects: Corporate Social Responsibility; ESG Rating Agencies; Sustainable Investments; Socially responsible investing; ESG; Portfolio choice
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  22. Responsible investment and stock market shocks
    short-term insurance and persistent outperformance post-crisis?
    Author: Eisenkopf, Jana; Juranek, Steffen; Walz, Uwe
    Published: [2021]
    Publisher:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, [Frankfurt am Main]

    We investigate the differential effect of the COVID-19 shock to the stock market shock on the share prices of firms with different levels of ESG (Environmental, Social and Governance) scores. Thereby, we analyse whether and to what extent better ESG... more

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    We investigate the differential effect of the COVID-19 shock to the stock market shock on the share prices of firms with different levels of ESG (Environmental, Social and Governance) scores. Thereby, we analyse whether and to what extent better ESG ratings provided insurance for investors in the stocks of those firms during this shock. We focus our analysis on the European market in which ESG investment plays a particularly important role. Using a broad sample of listed firms we provide mixed evidence. On the one hand, we show that immediately after the start of the shock firms with a higher ESG score outperformed their peers. On the other hand, this effect faded less than six weeks later. Given the quick recovery of the market our finding supports the idea that ESG stocks provide limited insurance in severe crises.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/247665
    Edition: This version: December 7, 2021
    Series: SAFE working paper ; no. 329 (December 2021)
    Subjects: Responsible investment; ESG; stock market crisis; persistence
    Other subjects: Array
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  23. Sustainable finance data for central banks
    2021 survey conducted by the Irving Fisher Committee on Central Bank Statistics (IFC)
    Contributor: Schmieder, Christian (MitwirkendeR); Tissot, Bruno (MitwirkendeR); Esham, Nadia (MitwirkendeR); Kling, Leah (MitwirkendeR); Yang, Huiming (MitwirkendeR); Peronaci, Romana (MitwirkendeR); Quang, Pierre Bui (MitwirkendeR); Candus, Emilie (MitwirkendeR); Triebskorn, Elena (MitwirkendeR); Izzati, Nur (MitwirkendeR); Artman, Merve (MitwirkendeR)
    Published: December 2021
    Publisher:  Irving Fisher Committee on Central Bank Statistics, Bank for International Settlements, Basel

    This IFC report summarises the results of a survey conducted on sustainable finance statistics among its members (with 63 answers, providing detailed information for 28 AEs and 31 EMEs). The objective was to identify related data needs, availability... more

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    This IFC report summarises the results of a survey conducted on sustainable finance statistics among its members (with 63 answers, providing detailed information for 28 AEs and 31 EMEs). The objective was to identify related data needs, availability and gaps from the perspective of the central banking community, in close coordination with other international statistical initiatives. Sustainable finance is defined as integrating a wide range of environmental, social and governance (ESG) aspects when making investment decisions. A key finding is that statistics on sustainable finance are of growing interest to central banks in pursuing their core mandates, ie micro- and macro-prudential supervision, asset and reserve management activities, and the conduct of monetary policy.

     
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    Source: Union catalogues
    Contributor: Schmieder, Christian (MitwirkendeR); Tissot, Bruno (MitwirkendeR); Esham, Nadia (MitwirkendeR); Kling, Leah (MitwirkendeR); Yang, Huiming (MitwirkendeR); Peronaci, Romana (MitwirkendeR); Quang, Pierre Bui (MitwirkendeR); Candus, Emilie (MitwirkendeR); Triebskorn, Elena (MitwirkendeR); Izzati, Nur (MitwirkendeR); Artman, Merve (MitwirkendeR)
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789292595265
    Series: IFC report ; no 14
    Subjects: Zentralbank; Nachhaltige Kapitalanlage; Umweltbewertung; Sozialer Indikator; Statistische Daten; Welt; ESG
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  24. What do you think about climate finance?
    Author: Stroebel, Johannes; Wurgler, Jeffrey
    Published: October 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We survey 861 finance academics, professionals, and public sector regulators and policy economists about climate finance topics. They identify regulatory risk as the top climate risk to businesses and investors over the next five years, but they view... more

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    We survey 861 finance academics, professionals, and public sector regulators and policy economists about climate finance topics. They identify regulatory risk as the top climate risk to businesses and investors over the next five years, but they view physical risks as the top risk over the next 30 years. By an overwhelming margin, respondents believe that asset prices underestimate climate risks rather than overestimate them. We also tabulate opinions about the correlation between growth and climate change; social discount rates appropriate for projects that mitigate the effects of climate change; most influential forces for reducing climate risks; and, most important research topics.

     
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    Source: Union catalogues
    Language: English
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    hdl: 10419/248895
    Series: CESifo working paper ; no. 9350 (2021)
    Subjects: climate finance; environment; ESG; SRI; social discounting
    Scope: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  25. The salience of ESG ratings for stock pricing
    evidence from (potentially) confused investors
    Author: Rzeźnik, Aleksandra; Hanley, Kathleen Weiss; Pelizzon, Loriana
    Published: [2021]
    Publisher:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    We exploit a modification to Sustainalytics' environmental, social, and governance (ESG) rating methodology, which is subsequently adopted by Morningstar, to study whether ESG ratings are salient for stock pricing. We show that the inversion of the... more

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    We exploit a modification to Sustainalytics' environmental, social, and governance (ESG) rating methodology, which is subsequently adopted by Morningstar, to study whether ESG ratings are salient for stock pricing. We show that the inversion of the rating scale but not new information leads some investors to make incorrect assessments about the meaning of the change in ESG ratings. They buy (sell) stocks they misconceive as ESG upgraded (downgraded) even when the opposite is true. This trading behavior exerts transitory price pressure on a↵ected stocks. Our paper highlights the importance of ESG ratings for investors and consequently for asset prices.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    Other identifier:
    hdl: 10419/243279
    Series: SAFE working paper ; no. 310
    Subjects: Corporate social responsibility; ESG rating agencies; sustainable investments; socially responsible investing; ESG; portfolio choice
    Scope: 1 Online-Ressource (circa 67 Seiten), Illustrationen