ESG

Working Paper

19 October 2020

Shareholder Value(s): Index Fund ESG Activism and the New Millennial Corporate Governance

Major index fund operators have been criticized as ineffective stewards of the firms in which they are now the largest shareholders. While scholars debate whether this passivity is a serious problem, index funds’ generally docile...

Michal Barzuza | Quinn Curtis | David H. Webber
20 February 2020

Climate Risk Disclosure and Institutional Investors

Given ambiguity concerning the effects of disclosure on firm value and markets, we examine the question of whether investors value carbon risk disclosure. Through a survey and empirical tests, we conclude that many institutional...

Emirhan Ilhan | Philipp Krueger | Zacharias Sautner | Laura Starks
16 April 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...

Andreas G.F. Hoepner | Ioannis Oikonomou | Zacharias Sautner | Laura Starks | Xiao Y. Zhou
23 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 an exogenous and unparalleled stock market crash. The crisis thus provides a unique opportunity to test theories of environmental and social (ES) policies. This...

Rui Albuquerque | Yrjö Koskinen | Shuai Yang | Chendi Zhang
27 July 2020

Where Do Institutional Investors Seek Shelter when Disaster Strikes? Evidence from COVID-19

Institutional investors played a crucial role in the COVID-19 market crash. U.S. stocks with higher institutional ownership -- in particular, those held more by active, short-term, and domestic institutions -- performed worse. An...

Simon Glossner | Pedro Matos | Stefano Ramelli | Alexander Wagner

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