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Green versus sustainable loans : the impact on firms' ESG performance
Dursun-de-Neef, Özlem; Ongena, Steven; Tsonkova, Gergana - 2022 - This draft: May 20, 2022
This paper studies the development of a firm’s Environmental, Social, and Governance (ESG) performance following the issuance of “green loans” earmarked for green projects versus “sustainable loans” to firms bench-marked by ESG criteria. Firms issuing green loans appear to be effective...
Persistent link: https://www.econbiz.de/10013202785
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Sustainable finance literacy and the determinants of sustainable investing
Filippini, Massimo; Leippold, Markus; Wekhof, Tobias - 2022
This paper introduces the concept of sustainable finance literacy, which refers to retail investors' knowledge of regulations, norms, and standards for financial products with sustainable characteristics. We survey a large sample of Swiss households and measure different literacy concepts using...
Persistent link: https://www.econbiz.de/10012800915
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The sustainability wage gap
Krüger, Philipp; Metzger, Daniel; Wu, Jiaxin - 2020
A large literature documents a positive correlation between a firm's sustainability or ESG policies and firm value. However, the exact mechanism through which this relation arises remains ambiguous and it is often hard to establish the direction of causation. In this paper we propose and test...
Persistent link: https://www.econbiz.de/10012487744
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Investors are listening: how green funds are reshaping firms' incentives
Jaunin, Coralie; Terracciano, Tammaro - 2022 - First draft: March 2022
This paper studies the relationship between green funds and firms' attention to sustainability. By using a natural language processing algorithm that extracts topics from texts, we measure the extent to which firms talk about sustainable energy during earnings conference calls. We use our...
Persistent link: https://www.econbiz.de/10013169065
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Deconstructing ESG scores: how to invest with your own criteria
Ehlers, Torsten; Elsenhuber, Ulrike Barbara; … - 2022
ESG investment strategies. They amalgamate a broad range of fundamentally different factors, creating ambiguity for … investment strategies based on specific categories by deconstructing ESG scores into their granular components. First, we … translating qualitative characteristics into quantitative measures. Second, we consider an investment scheme based on the …
Persistent link: https://www.econbiz.de/10013169159
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ESG screening in the fixed-income universe
Alessandriniy, Fabio; Baptista Balula, David; Jondeau, Eric - 2021
otherwise passive portfolio of investment-grade corporate bonds. The main result is that this filtering leads to a substantial …
Persistent link: https://www.econbiz.de/10012800004
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The effects of mandatory ESG disclosure around the world
Krüger, Philipp; Sautner, Zacharias; Tang, Dragon Yongjun - 2021
We examine the effects of mandatory ESG disclosure around the world using a novel dataset. Mandatory ESG disclosure increases the availability and quality of ESG reporting, especially among firms with low ESG performance. Mandatory ESG reporting has in turn beneficial effects on firm’s...
Persistent link: https://www.econbiz.de/10012612732
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The sustainability footprint of institutional investors
Gibson, Rajna; Krüger, Philipp - 2017 - This version: 17 February 2017
-adjusted investment performance. The analysis shows that 13F institutions with better sustainability footprints outperform. The positive …
Persistent link: https://www.econbiz.de/10011626640
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How sustainable is Swiss real estate? : evidence from institutional property portfolios
Alessandrini, Fabio; Jondeau, Eric; Lang, Ghislaine; … - 2022
We evaluate the sustainability of real estate investment vehicles in Switzerland according to the three Environmental …, Social, and Governance (ESG) pillars. For this purpose, we conducted a survey of direct investors (real estate investment … the ESG profile of their real estate investment portfolios. A methodology is proposed to build an ESG score and subscores …
Persistent link: https://www.econbiz.de/10013202812
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Responsible institutional investing around the world
Gibson, Rajna; Glossner, Simon; Krüger, Philipp; … - 2020 - This version: December 2019
We explore a novel survey on responsible investing by institutional investors around the world and match it to archival data on their equity portfolio holdings. We document that institutions that publicly commit to responsible investing exhibit better environmental, social, and governance (ESG)...
Persistent link: https://www.econbiz.de/10012181356