Berle, Erika Christie; He, Wangwei; Ødegaard, Bernt Arne - 2022
We investigate the consequences of widespread ESG-based portfolio exclusions on the expected returns of firms subject to exclusion. We use the exclusions of Norway's ``Oil Fund'' as a sample of low quality ESG stocks. The fund is the world's largest SWF, whose ESG decisions are viewed as a model...