We examine whether ESG funds’ investment decisions are sensitive to firms’ environmental disclosures, beyond summary ESG ratings. We create our measures of environmental disclosure using bigrams extracted from the Global Reporting Initiative (GRI) standards trained against authoritative...

We investigate whether the sustainability implications of firms’ innovative pursuits are associated with their disclosure choices. We find that firms with a greater percentage of patents granted in environmentally sound technologies provide more innovation disclosure in conference calls...

We examine whether broad-based public engagement by institutional investors influences the behavior of portfolio firms. We investigate this question in the context of BlackRock’s annual “Dear CEO” letter, which in recent years has called for portfolio firms to acknowledge and quantify the...