Berk, Ian; Guidolin, Massimo; Magnani, Monia - 2023
affected by the (upward) “slope” (identified as momentum over a period of time) of their ESG scores or by their “stability …-term ESG momentum is priced in the cross-section of stock returns and that it lowers the ex-ante cost of capital (at the same … time causing realised ex-post average abnormal returns). Short-term ESG momentum may represent a novel, priced systematic …