This website uses cookies to help us give you the best experience when you visit our website. By continuing to use this website, you consent to our use of these cookies.
Read more
Using a sample of S&P 500 firms between 2013 and 2017, we study the impact of ESG rating disagreement on stock returns. We conjecture that for disagreement about environmental ratings, a risk-based explanation induces a positive relationship between rating disagreement and stock returns.
In contrast, we hypothesize that for disagreement about the social and governance ratings, the impact on stock returns is negative and is driven by mispricing and the rating providers’ location in civil or common law jurisdictions. Our empirical findings support these hypotheses.
The firms listed on the stock market in aggregate contribute less to total non-farm employment and GDP now than in the 1970s. A major reason for this...
We construct measures of firms' beliefs about climate regulation, plans for future abatement, and current emissions mitigation from responses to the...
Many companies have recently been following the so-called corporate purpose concept that is recommended by leading management scholars. To this end,...