ESG

Working Paper

27 July 2020

Do Institutional Investors Stabilize Equity Markets in Crisis Periods? Evidence from COVID-19

During the COVID-19 market crash, U.S. stocks with higher and more active institutional ownership performed worse. The effect was stronger when institutional investors experienced larger client outflows and held more financially...

Simon Glossner | Pedro Matos | Stefano Ramelli | Alexander Wagner
08 August 2019

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...

Hans Christensen | Luzi Hail | Christian Leuz
17 December 2019

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...

Florencio Lopez-de-Silanes | Joseph McCahery | Paul C. Pudschedl
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

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