Cohen, Lauren; Gurun, Umit G.; Nguyen, Quoc - 2021
No firm or sector of the global economy is untouched by innovation. In equilibrium, innovators will flock to (and … innovation will occur where) the returns to innovative capital are the highest. In this paper, we document a strong empirical … quality, green innovation. Our findings raise important questions as to whether the current exclusions of many ESG …