We investigate the association between a wide range of environmental and social outcomes and the credit risk of municipal finance fixed income securities. Building on recent work documenting the pricing of climate risk, future opioid health care costs and race-based investor preferences at the...

Societal expectations of companies are rapidly changing as companies are confronted with wide-ranging responsibilities that extend beyond maximizing near-term shareholder return. Those expectations encompass an expanding list of stakeholders – including the labor force, suppliers, communities,...