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Displaying results 26 to 50 of 214.

  1. Stock prices and the Russia-Ukraine war
    sanctions, energy and esg
    Author: Deng, Ming; Leippold, Markus; Wagner, Alexander F.; Wang, Qian
    Published: 11 April 2022
    Publisher:  Centre for Economic Policy Research, London

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    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17207
    Subjects: Climate transition risk; Energy; ESG; Event studies; inflation; resilience; Russia-Ukraine war; Stock returns
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  2. Small and medium enterprises in emerging economies
    the Achilles' heel of corporate ESG responsibility practices?
    Author: Ferrazzi, Matteo; Tueske, Annamaria
    Published: 2022
    Publisher:  European Investment Bank, [Luxembourg]

    Companies in emerging economies lag in the introduction of environmental, social and governance practices, and firms in the Middle East and North Africa are among the worst performers. The actions of private small to medium enterprises in emerging... more

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    Companies in emerging economies lag in the introduction of environmental, social and governance practices, and firms in the Middle East and North Africa are among the worst performers. The actions of private small to medium enterprises in emerging economies to foster sustainability and green growth significantly lag in the transition to a more sustainable business environment and large gaps persist, according to data from the Enterprise Survey. Among emerging economies, those in the Middle East and North Africa (MENA) region are among the worst performers. Larger companies in the MENA region show better environmental, social, and governance performance than small and medium-size enterprises in other regions. But smaller firms in the Middle East and North Africa show extremely weak performance in many aspects, even when controlling for the relative level of economic development. The weakness of environmental, social and governance practices among firms in the region is due to both environmental and social factors (with large gaps in female participation in the workforce and management). This calls for urgent policy action to address these weaknesses and exploit the region's full potential. The analysis in this working paper relies on the Enterprise Surveys, conducted by the EIB, EBRD and the World Bank. This is the fourth of nine working papers supporting the full report: Unlocking sustainable growth in the Middle East and North Africa private sector.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
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    ISBN: 9789286153259
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    Series: Economics
    MENA enterprise survey report working papers ; volume 4
    Subjects: ESG; environmental; social; sustainability; corporate responsibility; SME; Middle East and North Africa; index aggregation; governance; newly industrialised country; sustainable development; small and medium-sized enterprises; corporate social responsibility; economic growth; green economy; private sector; Arab world
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  3. Financial aspects of sustainability
    drivers and consequences of corporate social responsibility and irresponsibility
    Author: Kreuzer, Christian
    Published: 2022

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    Universitätsbibliothek Braunschweig
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    Source: Union catalogues
    Language: German
    Media type: Dissertation
    Format: Online
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    Subjects: ESG; Corporate Social Responsibility; Corporate Social Irresponsibility; SR mutual funds; Board
    Scope: 1 Online-Ressource (circa 144 Seiten), Illustrationen
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    Dissertation, Universität Regensburg, 2022
  4. The association between mandated environmental liability recognition and voluntary ESG disclosure quality
    Author: Bens, Daniel; Chen, Cai; Joos, Peter
    Published: [2022]
    Publisher:  INSEAD, [Fontainebleau]

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    Series: Array ; 2022, 38
    Subjects: Asset Retirement Obligations; AROs; Voluntary Disclosure; ESG; Environmental
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  5. Green energy depends on critical minerals
    who controls the supply chains?
    Author: LeRuth, Luc; Mazarei, Adnan; Regibeau, Pierre; Renneboog, Luc
    Published: 14 September 2022
    Publisher:  CentER, Tilburg University, [Tilburg]

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    Series: Discussion paper / CentER ; no. 2022, 024
    Subjects: Ownership; voting power; corporate social responsibility; ESG; supply chain; recycling; rareearth elements; critical minerals; geopolitics
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  6. ESG management and credit risk premia: evidence from credit default swaps for Japan's major companies
    Author: Inaba, Kei-Ichiro; Hatakeyama, Yuji
    Published: May 2022
    Publisher:  Japan Center for Economic Research, [Tokyo]

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    Series: JCER discussion paper ; no. 154
    Subjects: Corporate social responsibility; ESG; Stakeholder influence capacity; Credit default swap
    Scope: 1 Online-Ressource (circa 37 Seiten)
  7. Investor-led sustainability in corporate governance
    Author: Ringe, Wolf-Georg
    Published: [2022]
    Publisher:  DFG Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University, Frankfurt am Main, Germany

    The transition to a sustainable economy currently involves a fundamental transformation of our capital markets. Lawmakers, in an attempt to overcome this challenge, frequently seek to prescribe and regulate how firms may address environmental,... more

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    The transition to a sustainable economy currently involves a fundamental transformation of our capital markets. Lawmakers, in an attempt to overcome this challenge, frequently seek to prescribe and regulate how firms may address environmental, social, and governance (ESG) concerns by formulating conduct standards. Deviating from this conceptual starting point, the present paper makes the case for another path towards achieving greater sustainability in capital markets, namely through the empowerment of investors. This trust in the market itself is grounded in various recent developments both on the supply side and the demand side of financial markets, and also in the increasing tendency of institutional investors to engage in common ownership. The need to build coalitions among different types of asset managers or institutional investors, and to convince fellow investors of a given initiative, can then act as an in-built filter helping to overcome the pursuit of idiosyncratic motives and supporting only those campaigns that are seconded by a majority of investors. In particular, institutionalized investor platforms have emerged over recent years as a force for investor empowerment, serving to coordinate investor campaigns and to share the costs of engagement. ESG engagement has the potential to become a very powerful driver towards a more sustainability-oriented future. Indeed, I show that investor-led sustainability has many advantages compared to a more prescriptive, regulatory approach where legislatures are in the driver's seat. For example, a focus on investor-led priorities would follow a more flexible and dynamic pattern rather than complying with inflexible pre-defined criteria. Moreover, investor-promoted assessments are not likely to impair welfare creation in the same way as ill-defined legal standards; they will also not trigger regulatory arbitrage and would avoid deadlock situations in corporate decision-making. Any regulatory activity should then be limited to a facilitative and supportive role.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    hdl: 10419/261466
    Series: LawFin working paper ; no. 36
    Subjects: sustainability; ESG; climate change; capital markets; institutional investors; investor coalitions
    Scope: 1 Online-Ressource (circa 51 Seiten)
  8. Responsible investment and responsible consumption
    Author: Hakenes, Hendrik; Schliephake, Eva
    Published: 07 July 2022
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17445
    Subjects: Socially responsible investment (SRI); ethical investment; socially responsibleconsumption (SRC); sustainable investment; Sustainable consumption; green investment,Divestment; ESG; SPI
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  9. Essays in behavioral finance
    Author: Cochardt, Alexander Elmar
    Published: 2021

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    Source: Union catalogues
    Language: English
    Media type: Dissertation
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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
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    Dissertation, University of St.Gallen, 2021
  10. 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
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    Series: Misum working paper series ; no. 2021, 01 (May 2021)
    Subjects: earnings call; ESG; integrated communication
    Scope: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  11. Green bond premiums in the chinese secondary market
    Author: Janda, Karel; Kortusova, Anna; Zhang, Binyi
    Published: [2022]
    Publisher:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    Green bonds have gained prominence in China's capital market as tools that help to fuel the transition to a climate-resilient economy. Although the issuance volume in the Chinese green bond market has been growing rapidly in recent years, the impact... more

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    Green bonds have gained prominence in China's capital market as tools that help to fuel the transition to a climate-resilient economy. Although the issuance volume in the Chinese green bond market has been growing rapidly in recent years, the impact of the green label on bond pricing has not been adequately studied. Therefore, this paper investigates whether this newly developed financial instrument offers investors in China an attractive yield compared to other equivalent conventional bonds. By matching green bonds with their conventional counterparts and subsequently applying a fixed-effects estimation, our empirical results reveal a significant green bond yield premium of 1.8 basis points (bps) on average in the Chinese secondary market. In addition to that, we find that CBI certified green bond generate higher yields than self-labelled green bond in the Chinese market. Investors are found to be willing pay a higher price for green bonds issued by environmental, social and governance (ESG) performance-rated issuers. Our results point to some practical implications for investors and policymakers.

     
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    hdl: 10419/272792
    Series: IES working paper ; 2022, 20
    Subjects: Green Finance; Green bonds; ESG; China
    Scope: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  12. Sustainable finance literacy and the determinants of sustainable investing
    Author: Filippini, Massimo; Leippold, Markus; Wekhof, Tobias
    Published: March 2022
    Publisher:  [CeRP, Center for Research on Pensions and Welfare Policies], [Torino]

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    Series: Working paper / CeRP ; 210 (22)
    Subjects: Sustainable finance literacy; sustainable finance products; ESG; household finance,open-ended questions; gender gap
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  13. Stock prices and the Russia-Ukraine war
    sanctions, energy and ESG
    Author: Deng, Ming; Leippold, Markus; Wagner, Alexander F.; Wang, Qian
    Published: [2022]
    Publisher:  Swiss Finance Institute, Geneva

    In the build-up to and especially in the weeks after the Russian invasion of Ukraine, stocks strongly exposed to the regulatory risks of the transition to a low-carbon economy did well, suggesting an expected slow-down of that transition. Analysts... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    In the build-up to and especially in the weeks after the Russian invasion of Ukraine, stocks strongly exposed to the regulatory risks of the transition to a low-carbon economy did well, suggesting an expected slow-down of that transition. Analysts increased their earnings estimates for these stocks. The stock price effects were strongest in the US. In Europe, the effects were less pronounced or even opposite, arguably because market participants expect stronger policy responses supporting renewable energy sources in the face of the pronounced dependence of Europe on Russian oil and gas. Overall, investors thus expect the speed of transition to a low-carbon economy to be diverging between the US and Europe. The analysis controls for a range of different Environmental, Social, and Governance (ESG) measures (for which we obtain mixed results). Companies that more frequently refer to inflation in their conference calls with analysts performed worse. Internationally oriented firms did poorly, and investors were particularly concerned regarding companies' exposure to China. Overall, the results offer a preview of the challenging economic impact of the Russia-Ukraine war

     
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    Series: Research paper series / Swiss Finance Institute ; no 22, 29
    Subjects: Climate transition risk; energy; ESG; event study; inflation; resilience; Russia-Ukraine war; stock returns
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  14. Can unconventional monetary policy contribute to climate action?
    Author: Eliet-Doillet, Alice; Maino, Andrea
    Published: [2022]
    Publisher:  Swiss Finance Institute, Geneva

    This paper investigates the impact of central banks when supporting policies aiming at greening the financial system. The July 2021 Monetary Policy Strategy Review of the European Central Bank unexpectedly dedicated a whole workstream to climate... more

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    This paper investigates the impact of central banks when supporting policies aiming at greening the financial system. The July 2021 Monetary Policy Strategy Review of the European Central Bank unexpectedly dedicated a whole workstream to climate change. The announcement had a significant effect on the pricing and issuance of green bonds in the Eurozone. We find that ECB eligible 'green bonds’ Yield-to-Maturity decreased following the announcement when compared to equivalent conventional bonds. Firms incorporated in the Eurozone reacted to the announcement by increasing the amount of green bond issued, for both the segments of ECB-eligible and non-ECB-eligible green bonds

     
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    Series: Research paper series / Swiss Finance Institute ; no 22, 35
    Subjects: Climate Change; Central Banks; Green Bonds; Carbon Emissions; Quantitative Easing; Monetary Policy; ESG
    Other subjects: Array
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  15. Green bonds' reputation effect and its impact on the financing costs of the real estate sector
    Author: Petreski, Aleksandar; Schäfer, Dorothea; Stephan, Andreas
    Published: 2022
    Publisher:  Global Labor Organization (GLO), Essen

    This paper explores the effect of a firm's reputation of being a green bond issuer on its financing costs. Using a sample of 73 listed Swedish real estate companies issuing in total about 1500 bonds over the period from 2011 till 2021, differencein-... more

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    This paper explores the effect of a firm's reputation of being a green bond issuer on its financing costs. Using a sample of 73 listed Swedish real estate companies issuing in total about 1500 bonds over the period from 2011 till 2021, differencein- difference analyses and instrumental variable estimations are applied to identify the causal impact of frequent green vis-à-vis frequent non-green bond issuing on a firm's cost of capital and credit rating. The paper argues that it is repetitive issuance which lowers a firm's cost of capital, while the effects from first or one-time green bond issuance is the opposite. In line with the reputation capital hypothesis, issuing green bonds even lowers the firm's cost of equity capital, while issuing non-green bonds has no effect on the cost of equity capital.

     
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    hdl: 10419/265365
    Series: GLO discussion paper ; no. 1182
    Subjects: bond issuance; green debt; reputation capital; sustainability; ESG
    Scope: 1 Online-Ressource (circa 27 Seiten)
  16. Green bonds' reputation effect and its impact on the financing costs of the real estate sector
    Author: Petreski, Aleksandar; Schäfer, Dorothea; Stephan, Andreas
    Published: 2022
    Publisher:  DIW Berlin, German Institute for Economic Research, Berlin

    This paper explores the effect of a firm's reputation of being a green bond issuer on its financing costs. Using a sample of 73 listed Swedish real estate companies issuing in total about 1500 bonds over the period from 2011 till 2021, differencein-... more

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    This paper explores the effect of a firm's reputation of being a green bond issuer on its financing costs. Using a sample of 73 listed Swedish real estate companies issuing in total about 1500 bonds over the period from 2011 till 2021, differencein- difference analyses and instrumental variable estimations are applied to identify the causal impact of frequent green vis-à-vis frequent non-green bond issuing on a firm's cost of capital and credit rating. The paper argues that it is repetitive issuance which lowers a firm's cost of capital, while the effects from first or one-time green bond issuance is the opposite. In line with the reputation capital hypothesis, issuing green bonds even lowers the firm's cost of equity capital, while issuing non-green bonds has no effect on the cost of equity capital.

     
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    hdl: 10419/265521
    Series: Discussion papers / Deutsches Institut für Wirtschaftsforschung ; 2019
    Subjects: bond issuance; green debt; reputation capital; sustainability; ESG
    Scope: 1 Online-Ressource (circa 28 Seiten)
  17. Doing safe by doing good
    ESG investing and corporate social responsibility in the U.S. and Europe
    Author: Bannier, Christina E.; Bofinger, Yannik; Rock, Björn
    Published: [2019]
    Publisher:  Center for Financial Studies, Goethe University, Frankfurt am Main, Germany

    This paper examines the profitability of investing according to environmental, social and governance (ESG) criteria in the U.S. and Europe. Based on data from 2003 to 2017, we show that a portfolio long in stocks with the highest ESG scores and short... more

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    This paper examines the profitability of investing according to environmental, social and governance (ESG) criteria in the U.S. and Europe. Based on data from 2003 to 2017, we show that a portfolio long in stocks with the highest ESG scores and short in those with the lowest scores yields a significantly negative abnormal return. Interestingly, this is caused by the strong positive return of firms with the lowest ESG activity. As we find that increasing ESG scores reduce firm risk (particularly downside risk), this hints at an insurance-like character of corporate social responsibility: Firms with low ESG activity need to offer a corresponding risk premium. The perception of ESG as an insurance can be shown to be stronger in more volatile capital markets for U.S. firms, but not for European firms. Socially responsible investment may therefore be of varying attractiveness in different market phases.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/200161
    Series: CFS working paper series ; no. 621
    Subjects: ESG; corporate social responsibility; sustainability; downside risk; insurance; Fama-French model; dynamic panel GMM estimation
    Scope: 1 Online-Ressource (circa 36 Seiten)
  18. Decarbonization factors
    Author: Cheema-Fox, Alex; LaPerla, Bridget R.; Serafeim, George; Turkington, David; Wang, Hui
    Published: [2019]
    Publisher:  Harvard Business School, [Boston, MA]

    In the face of accelerating climate change, investors are making capital allocations seeking to decarbonize portfolios by reducing the carbon emissions of their holdings. To understand the performance of portfolio decarbonization strategies and... more

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    In the face of accelerating climate change, investors are making capital allocations seeking to decarbonize portfolios by reducing the carbon emissions of their holdings. To understand the performance of portfolio decarbonization strategies and investor behavior towards decarbonization we construct decarbonization factors that go long low carbon intensity sectors, industries, or firms and short high carbon intensity. We consider several portfolio formation strategies and find strategies that lowered carbon emissions more aggressively performed better. Decarbonization factor returns are associated with contemporaneous institutional flows into the factors. Buying decarbonization factors when coincident flows are positive while selling when they are negative produces significantly positive alphas. Combining decarbonization factors that have positive contemporaneous flows would provide investors with significantly superior returns and continuous exposure to low carbon portfolios. The results are more pronounced in Europe relative to the US. Our results suggest that institutional investor flows contain information about anticipated fundamentals related to climate change developments

     
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    Language: English
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    Series: Working paper / Harvard Business School ; 20, 037
    Subjects: climate change; ESG; investment management; factor investing; investor behavio
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  19. Pathways to materiality
    how sustainability issues become financially material to corporations and their investors
    Author: Rogers, Jean; Serafeim, George
    Published: [2019]
    Publisher:  Harvard Business School, [Boston, MA]

    Management and disclosure of environmental, social and governance (ESG) issues have received substantial interest over the last decade. In this paper, we outline a framework of how ESG issues become financially material, affecting corporate... more

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    Management and disclosure of environmental, social and governance (ESG) issues have received substantial interest over the last decade. In this paper, we outline a framework of how ESG issues become financially material, affecting corporate profitability and valuation. We argue that understanding this process is important both for actors driven by financial or societal motives. The former group, which includes companies and return-first investors, can use the framework to make resource allocation decisions based on expectations about future materiality thereby enhancing risk-adjusted returns. The latter group, which includes regulators, NGOs, and impact-first investors, can use the framework to design and implement interventions that create market-based incentives for companies and investors to align their behavior with social and environmental outcomes

     
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    Series: Working paper / Harvard Business School ; 20, 056
    Harvard Business School Accounting & Management Unit Working Paper ; No. 20-056
    Subjects: sustainability disclosure; ESG; materiality; social impact; corporate valuation
    Scope: 1 Online-Ressource (circa 29 Seiten)
  20. Responsible institutional investing around the world
    Author: Gibson, Rajna; Glossner, Simon; Krüger, Philipp; Matos, Pedro; Steffen, Tom
    Published: 2020
    Publisher:  Swiss Finance Institute, Geneva

    We explore a novel survey on responsible investing by institutional investors around the world and match it to archival data on their equity portfolio holdings. We document that institutions that publicly commit to responsible investing exhibit... more

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    We explore a novel survey on responsible investing by institutional investors around the world and match it to archival data on their equity portfolio holdings. We document that institutions that publicly commit to responsible investing exhibit better environmental, social, and governance (ESG) portfolio-level scores ("footprints") but this is not the case for US-domiciled institutions. In fact, US investors that committed but only partially implement ESG strategies (e.g., screening, integration, engagement) exhibit worse ESG footprints than uncommitted investors, consistent with some "greenwashing." Finally, we document that responsible investing does not enhance portfolio returns but reduces risk

     
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    Edition: This version: December 2019
    Series: Research paper series / Swiss Finance Institute ; no 20, 13
    Swiss Finance Institute Research Paper ; No. 20-13
    Subjects: ESG; SRI; socially responsible investing; sustainability; institutional investors
    Scope: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  21. Sustainable finance in Japan
    Author: Schumacher, Kim; Chenet, Hugues; Volz, Ulrich
    Published: [2020]
    Publisher:  Asian Development Bank Institute, Tokyo, Japan

    This paper examines the emergent role of sustainable finance and investment in Japan and scrutinizes the need for the Japanese financial system to mitigate growing climate risks and support the transition of the Japanese economy to a low-carbon,... more

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    This paper examines the emergent role of sustainable finance and investment in Japan and scrutinizes the need for the Japanese financial system to mitigate growing climate risks and support the transition of the Japanese economy to a low-carbon, sustainable pathway. It first illustrates Japan's exposure to physical and transitional climate risks before reviewing the developments and emerging practices in sustainable finance. These include the growing importance of environmental, social, and governance criteria in financial decision-making; more rigid reporting and disclosure standards; the development of a green bond market; and the growing importance of sustainable investing by the financial sector. The paper also assesses the role of policies and regulations in scaling up sustainable finance and low-carbon infrastructure investments in Japan. Subsequently, it analyzes transitional climate risks via scenario analysis, applying the Paris Agreement Capital Transition Assessment tool to examine the exposure of subsectors of the Japanese equity market over several of the International Energy Agency's climate scenarios. The paper concludes with policy recommendations for aligning Japan's financial sector with sustainable development and the Paris agreement.

     
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    hdl: 10419/238440
    Series: ADBI working paper series ; no. 1083 (February 2020)
    Subjects: sustainable finance and investment; ESG; Japan; climate-related risks; TOPIX
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  22. Sustainable finance market practices
    Author: Coleton, Adrienne; Brucart, Maria Font; Gutierrez, Pilar; Le Tennier, Fabien; Moor, Christian
    Published: [2020]
    Publisher:  European Banking Authority, London

    This paper aims to assess the understanding of environmental, social and governance (ESG) considerations within the banking context and examines the current market practices in this area. To that extent this paper sets out the various definitions of... more

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    This paper aims to assess the understanding of environmental, social and governance (ESG) considerations within the banking context and examines the current market practices in this area. To that extent this paper sets out the various definitions of ESG factors and also sets out how these then are converted into and treated as ESG risks. This paper relies upon the lessons learnt from a survey developed by the EBA to gain insights into current market practices with regard to credit institutions' approach to incorporating ESG considerations into their frameworks. The survey especially aimed to collect information from credit institutions on current practices in the following areas: definitions of ESG factors; incorporation of sustainability into business strategies; governance, policies and risk management applicable to ESG risks; ESG and climate-related disclosures; and green financial products.

     
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    Media type: Ebook
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    ISBN: 9789292456504
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    hdl: 10419/299511
    Series: EBA staff paper series ; n. 6 (January 2020)
    Subjects: ESG; ESG risks; sustainable finance
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  23. A theory of socially responsible investment
    Author: Opp, Marcus M.; Oehmke, Martin
    Published: 25 January 2020
    Publisher:  Centre for Economic Policy Research, London

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    Media type: Book
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    Series: Array ; DP14351
    Subjects: Socially responsible investing; ESG; SPI; capital allocation; sustainable investment; social ratings
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  24. Climate change concerns and the performance of green versus brown stocks
    Author: Ardia, David; Bluteau, Keven; Boudt, Kris; Inghelbrecht, Koen
    Published: [2020]
    Publisher:  National Bank of Belgium, Brussels

    We empirically test the prediction of Pastor, Stambaugh, and Taylor 2020 that green firms can outperform brown firms when climate change concerns strengthen unexpectedly for S&P 500 companies over the period January 2010 - June 2018. To capture... more

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    We empirically test the prediction of Pastor, Stambaugh, and Taylor 2020 that green firms can outperform brown firms when climate change concerns strengthen unexpectedly for S&P 500 companies over the period January 2010 - June 2018. To capture unexpected increases in climate change concerns, we construct a Media Climate Change Concern index using climate change-related news published by major U.S. newspapers. We find a negative relationship between the firms' exposure to the Media Climate Change Concerns index and the level of the firm's greenhouse gas emission per unit of revenue. This result implies that when concerns about climate change rise unexpectedly, green firms' stock price increases, while brown firms' stock price decreases. Further, using topic modeling, we analyze which type of climate change news drives this relationship. We identify five themes that have an effect on green vs. brown stock returns. Some of those themes can be related to change in investors' expectations about the future cash- ow of green vs. brown firms, while others cannot. This result implies that the relationship between concern and green vs. brown stock returns arises from both investors updating their expectations about the future cash- ows of green and brown firms and changes in investors' sustainability taste.

     
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    hdl: 10419/238182
    Series: Working paper research / National Bank of Belgium ; no 395 (October 2020)
    Subjects: Asset Pricing; Climate Change; Sustainable Investing; ESG; Greenhouse Gas Emission; Sentometrics; Textual Analysis
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  25. Responsible investment and ESG
    an economic geography
    Author: Harnett, Elizabeth S.
    Published: [2018?]

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    Media type: Dissertation
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    Subjects: Responsible Investment; Economic Geography; Climate Change; Evolutionary Economic Geography; Organisational Change Management; ESG; Relational Economic Geography; Sustainable Finance
    Scope: 1 Online-Ressource (circa 376 Seiten), Illustrationen
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    Dissertation, University of Oxford, 2018