Sustainability

Working Paper

18 July 2018

Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows

Examining a shock to the salience of the sustainability of the US mutual fund market, we present causal evidence that investors marketwide value sustainability. Being categorized as low sustainability resulted in net outflows of more...

Samuel M. Hartzmark | Abigail B. Sussman
27 August 2018

The Sustainability Footprint of Institutional Investors: ESG Driven Price Pressure and Performance

We propose a novel way of measuring the equity portfolio-level environmental and social characteristics of a 13F institution (the “sustainability footprint”) and examine the relation between sustainability footprints and...

Rajna Gibson Brandon | Philipp Krueger | Shema F. Mitali
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
26 August 2019

Does Board Gender Diversity Affect Renewable Energy Consumption?

This paper examines the effect of board gender diversity on renewable energy consumption. Using a panel of 11,677 firm-year observations from the USA for 2008–2016, we find a positive relationship between board gender diversity and...

Muhammad Atif | Mohammed Hossain | Md. Samsul Alam | Marc Goergen
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

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