As “sin” stocks and “brown” stocks generally earn higher returns than “green” stocks, fund managers face a trade-off between profitability and sustainability preferences when investing in environmental, social and governance (ESG). We explore the investment styles of ESG funds in the...

This paper investigates convergence patterns among 113 market economies. Incorporating different grouping methods, both ADF and KPSS tests are used to examine whether countries converge to the group average. The test results support the finding of a "convergence club," specifically, that the...