Beta has been a controversial measure of risk ever since it was proposed almost half a century ago, and we do not … measure of risk? And, 2) is beta a valuable tool for portfolio selection? Our evidence, spanning over 47 countries, 57 …

Beta has been a controversial measure of risk ever since it was proposed almost half a century ago, and we do not … measure of risk? And, 2) is beta a valuable tool for portfolio selection? Our evidence, spanning over 47 countries, 57 …

Beta has been a controversial measure of risk ever since it was proposed almost half a century ago, and we do not … measure of risk? And, 2) is beta a valuable tool for portfolio selection? Our evidence, spanning over 47 countries, 57 …

interaction with common risk factors such as value, size or momentum suggesting that ESG has a systematic effect on stock returns … beyond those factors. This enables active fund managers to harvest risk-adjusted alpha. Thirdly, the effect of ESG on … with high ESG ratings leads to negative risk adjusted performance, suggesting that investors can greenwash portfolios …