Working Paper

03 June 2021

Investors’ Response to the #MeToo Movement: Does Corporate Culture Matter?

This paper provides evidence that the #MeToo movement revised investors’ beliefs about the costs (benefits) of fostering an exclusive (inclusive) culture, as reflected by the absence (presence of a critical mass) of women...

Mary Brooke Bilings | April Klein | Yanting (Crystal) Shi
08 December 2020

Exporting Pollution: Where Do Multinational Firms Emit CO2?

Despite widespread awareness of the detrimental impact of CO2 pollution on the world climate, countries vary widely in how they design and enforce environmental laws. Using novel microdata about multinational firms’ CO2 emissions...

Itzhak Ben-David | Yeejin Jang | Stefanie Kleimeier | Michael Viehs
06 December 2020

The Big Three and Corporate Carbon Emissions Around the World

This paper examines the role of the “Big Three” (i.e., BlackRock, Vanguard, and State Street Global Advisors) on the reduction of corporate carbon emissions around the world. Using novel data on engagements of the Big Three with...

José Azar | Miguel Duro | Igor Kadach | Gaizka Ormazabal
25 November 2020

Do Responsible Investors Invest Responsibly?

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...

Rajna Gibson Brandon | Simon Glossner | Philipp Krueger | Pedro Matos | Tom Steffen
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