ESG

Working Paper

Sustainable Finance and Stewardship: Unlocking Stewardship's Sustainability Potential

This paper explores the role of investor stewardship against a background of broader efforts to improve the sustainability of financial markets. Stewardship codes, encouraging institutional investors to act as long-term, responsible shareholders...Read more

Dionysia Katelouzou
Alice Klettner
30 May 2020

ESG Performance and Disclosure: A Cross-Country Analysis

We use a unique dataset to examine the link between ESG disclosure and quality through a cross-country comparison of disclosure requirements and stewardship codes. We find a strong relationship between the extent of ESG disclosure and the quality...Read more

Florencio Lopez-de-Silanes
Joseph McCahery
Paul C. Pudschedl
17 December 2019

Institutional Investors’ Views and Preferences on Climate Risk Disclosure

Surveying institutional investors on portfolio firms’ climate risk disclosures, we find that many think climate risk reporting to be as important as traditional financial reporting and that it should be mandatory and more standardized. We find...Read more

Emirhan Ilhan
Philipp Krueger
Zacharias Sautner
Laura Starks
20 February 2020

ESG Shareholder Engagement and Downside Risk

We examine whether engagement on environmental, social and governance (ESG) issues can benefit shareholders by reducing firms’ downside risk, measured using the lower partial moment and value at risk. Using a proprietary database, we provide...Read more

Andreas G.F. Hoepner
Ioannis Oikonomou
Zacharias Sautner
Laura Starks
Xiao Y. Zhou
16 April 2020

Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash

The COVID-19 pandemic and the subsequent lockdown brought about a massive slowdown of the economy and an unparalleled stock market crash. Using U.S. data, this paper explores how firms with high Environmental and Social (ES) ratings fare during...Read more

Rui Albuquerque
Shuai Yang
23 April 2020

Adoption of CSR and Sustainability Reporting Standards: Economic Analysis and Review

This study provides an economic analysis of the determinants and consequences of corporate social responsibility (CSR) and sustainability reporting. To frame our analysis, we consider a widespread mandatory adoption of CSR reporting standards in...Read more

Luzi Hail
Christian Leuz
08 August 2019

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