Working Paper

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

Low-carbon Mutual Funds

We show that mutual funds compete for climate-conscious investment flows. In April 2018, Morningstar introduced a climate-focused label for mutual funds. The release of the “Low Carbon Designation” induced reactions on both the demand and supply...Read more

Marco Ceccarelli
Stefano Ramelli
Alexander Wagner
19 March 2020


ESG Rating Disagreement and Stock Returns

A variety of professional data vendors nowadays provide firm-level Environmental, Social, and Governance (ESG) ratings (or scores). These ratings...Read more

Rajna Gibson Brandon
Philipp Krueger
Nadine Riand
Peter Steffen Schmidt
02 March 2020

Low-carbon Mutual Funds

Climate change is one of the key economic challenges of our time. Economists and public policy scholars increasingly agree on the merits of carbon...Read more

Marco Ceccarelli
Stefano Ramelli
Alexander Wagner
10 April 2020