Related references
Note: Only part of the references are listed.
Article
Business, Finance
Alex Edmans
Summary: ESG is important because it is critical to long-term value and should be taken seriously by all, not just those specifically studying or working with ESG. It doesn't require a specialized term as considering long-term factors is simply part of investing, not niche ESG investing. ESG is not more special than other intangible assets that contribute to long-term financial and social returns.
FINANCIAL MANAGEMENT
(2023)
Article
Business, Finance
Hao Liang et al.
Summary: Hedge funds endorsing the United Nations Principles for Responsible Investment (PRI) underperform compared to other hedge funds when adjusting for risk, but attract more investors and accumulate more assets and fees. This underperformance is mainly driven by PRI signatories with low environmental, social, and governance (ESG) exposures, and is more significant for funds with poor incentive alignment. Regulatory reforms that enhance stewardship improve the ESG exposure and relative performance of signatory funds, suggesting that some hedge funds endorse responsible investment to cater to investor preferences.
Article
Business, Finance
Florian Berg et al.
Summary: This paper investigates the divergence in ESG ratings among six prominent rating agencies. Through mapping different methodologies onto a common taxonomy, the study decomposes the divergence into contributions of measurement, scope, and weight. The results reveal that measurement accounts for the majority of the divergence, followed by scope and weight. The analysis also identifies a rater effect where the overall view of a firm influences the measurement of specific categories. The findings emphasize the importance of understanding the data generation process underlying ESG ratings.
Article
Business, Finance
Aneesh Raghunandan et al.
Summary: The study found that investment funds claiming to be ESG mutual funds tend to invest in companies with poorer compliance records in labor and environmental laws, higher carbon emissions, and underperform financially compared to other funds. However, these ESG funds hold companies with higher average ESG scores.
REVIEW OF ACCOUNTING STUDIES
(2022)
Article
Business, Finance
Shane S. Dikolli et al.
Summary: The study shows that U.S. ESG funds, designated as Sustainable Investment Overall by Morningstar, are more likely to support environmental and social shareholder proposals and governance shareholder proposals. The type and family of the fund also influence this support.
REVIEW OF ACCOUNTING STUDIES
(2022)
Article
Business, Finance
Rajna Gibson Brandon et al.
Summary: The study found that institutional investors who signed the Principles for Responsible Investment (PRI) outside of the USA had higher ESG scores, while US signatories had similar or lower scores. US signatories did not improve the ESG scores of portfolio companies after investing, possibly due to factors such as commercial motives and uncertainty about responsible investment commitments.
Article
Business, Finance
Davidson Heath et al.
Summary: Passively managed index funds, compared to active funds, are less likely to vote against firm management, do not engage effectively publicly or privately, promote less board independence and worse pay-performance sensitivity at portfolio companies. The rise of index funds decreases alignment of incentives between beneficial owners and firm management.
REVIEW OF FINANCIAL STUDIES
(2022)
Article
Business, Finance
Jonathan Reuter et al.
Summary: This study finds that fund size has minimal impact on fund returns, suggesting that the lack of performance persistence may be due to a lack of fund manager skill or competitive pressures outside of the model.
Article
Economics
Liyang Sun et al.
Summary: In settings with variation in treatment timing across units, coefficient on a given lead or lag can be contaminated by effects from other periods in two-way fixed effects regressions, and apparent pretrends can arise solely from treatment effects heterogeneity. An alternative estimator free of contamination is proposed, and the relative shortcomings of two-way fixed effects regressions with leads and lags are illustrated through an empirical application.
JOURNAL OF ECONOMETRICS
(2021)
Article
Business, Finance
Brad M. Barber et al.
Summary: Investors derive nonpecuniary utility from investing in dual-objective Venture Capital (VC) funds, sacrificing returns. Impact funds underperform traditional VC funds, but are highly preferred by certain investors (such as development organizations, foundations, etc).
JOURNAL OF FINANCIAL ECONOMICS
(2021)
Article
Business, Finance
Philipp Krueger et al.
REVIEW OF FINANCIAL STUDIES
(2020)
Article
Business, Finance
Truong X. Duong et al.
JOURNAL OF CORPORATE FINANCE
(2020)
Article
Business, Finance
Craig Doidge et al.
Article
Business, Finance
Samuel M. Hartzmark et al.
JOURNAL OF FINANCE
(2019)
Article
Business, Finance
Arno Riedl et al.
JOURNAL OF FINANCE
(2017)
Article
Business, Finance
Alex Edmans
JOURNAL OF FINANCIAL ECONOMICS
(2011)
Article
Business, Finance
Alex Edmans et al.
REVIEW OF FINANCIAL STUDIES
(2011)
Article
Business, Finance
Alex Edmans
JOURNAL OF FINANCE
(2009)
Article
Business, Finance
Diane Del Guercio et al.
JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS
(2008)
Article
Economics
JP Romano et al.
Article
Business, Finance
R Heinkel et al.
JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS
(2001)
