, which complicates assessment of ESG investing strategies; (3) we summarize the current theory and evidence on whether ESG … investing can improve risk-adjusted returns, finding the results to be mixed and contextual; and (4) we show that American trust …

value, while coordination on policies raises new anti-trust concerns. Under stakeholder capitalism, competition in ESG …We study the equilibrium effects of the "S" dimension of ESG under imperfect competition in labor or product markets … adopting firms and many stakeholders. Under shareholder primacy, competition in ESG policies generally reduces shareholder …