Nothing worthwhile in life can be accomplished alone; it takes a group of individuals working effectively together – cooperating – in order to accomplish what none could accomplish alone. Unfortunately, cooperation is risky. The risk inherent in cooperation is captured by the idea of a social...

This study sheds light on a new type of sustainable investment approach, namely environmental, social, and governance (ESG) momentum. We provide both a theoretical discussion and an empirical comparison of this new approach and put it in perspective to traditional weighting schemes considered by...