ESG

Working Paper

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 analysis of...Read more

Simon Glossner
Pedro Matos
Stefano Ramelli
Alexander Wagner
27 July 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

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 investors...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 an exogenous and unparalleled stock market crash. The crisis thus provides a unique opportunity to test theories of environmental and social (ES) policies. This paper shows that...Read more

Rui Albuquerque
Shuai Yang
23 April 2020

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

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