We study a number of large international military conflicts since World War II where we establish a news analysis as a … proxy for the estimated likelihood that the conflict will result in a war. We find that in cases when there is a pre-war … phase, an increase in the war likelihood tends to decrease stock prices, but the ultimate outbreak of a war increases them …

results offer a preview of the challenging economic impact of the Russia-Ukraine war …In the build-up to and especially in the weeks after the Russian invasion of Ukraine, stocks strongly exposed to the …. Analysts increased their earnings estimates for these stocks. The stock price effects were strongest in the US. In Europe, the …

We find that option expensiveness, as measured by delta-hedged option returns, is higher for low-ESG stocks, indicating … that investors pay a premium in the option market to hedge ESG-related uncertainty. We estimate this ESG premium to be … about 0.3% per month. All three components of ESG contribute to option pricing. We find that investors pay the ESG premium …

This paper evaluates the impact of a screening process based on Environment, Social, and Governance (ESG) scores for an … improvement of the targeted ESG score without reducing the risk-adjusted performance but with significant biases in regional … profile. In particular, ESG-tilted portfolios lead to large negative exposure (i.e., protection) to credit risk. Screening …