This paper empirically examines the theoretically ambivalent relationship between socially responsible investing (SRI) and stock performance. It extends the existing literature by considering both the US and the entire European stock markets as well as by using consistent world-wide corporate...

This paper develops a general equilibrium model to measure welfare effects of taxes for correcting environmental externalities caused by domestic trade, focusing on exter- nalities that arise through exports. Externalities from exports come from a number of sources. Domestically owned ships,...

Climate change is a serious concern worldwide. Policy research on climate change in the past decades has largely focused on applied modelling exercises. However, the implications of specific policy strategies such as the clean development mechanism (CDM) for global and regional economic and...

Die Klima-Konferenz in Bali ist zu Ende, der Weg zu einem neuen internationalen Klimaabkommen aber alles andere als klar. Doch schon heute steht fest: Die massive Absenkung der weltweiten Treibhausgasemissionen wird sich durch strikte Vorgaben allein wohl kaum erreichen lassen - dazu sind die...

To date, border adjustment measures in the form of emissions allowance requirements (EAR) under the U.S. proposed cap-and-trade regime are the most concrete unilateral trade measure put forward to level the carbon playing field. If improperly implemented, such measures could disturb the world...

Im Juni 2013 hat die Regierung von US-Präsident Barack Obama mit dem sogenannten »Climate Action Plan«, einen neuen Versuch gestartet, die Treibhausgasemissionen vor allem im Transport- und Elektrizitätssektor in den nächsten Jahren zu reduzieren. Vor diesem Hintergrund gibt der Artikel...

This paper provides new empirical evidence for the effect of corporate social responsibility (CSR) on corporate financial performance. In contrast to former studies, we examine two different regions, namely the USA and Europe. Our econometric analysis shows that environmental and social...

This paper empirically analyzes the effect of the inclusion of German corporations in the Dow Jones STOXX Sustainability Index (DJSI STOXX) and the Dow Jones Sustainability World Index (DJSI World) on stock performance. In order to receive robust estimation results, we apply an event study...

Measures of corporate environmental justice performance can be a valuable tool in efforts to promote corporate social responsibility and to document systematic patterns of environmental injustice. This paper develops such a measure based on the extent to which toxic air emissions from industrial...

This paper develops a general equilibrium model to measure welfare effects of taxes for correcting environmental externalities caused by domestic trade, focusing on exter- nalities that arise through exports. Externalities from exports come from a number of sources. Domestically owned ships,...