This research identifies investors’ environmental tastes as an explanation of the pollution premium in asset pricing. Showing that stocks of firms with higher toxic emissions earn higher risk-adjusted returns in the cross-section of the US stock market, we find that environmental tastes are...

We investigate environmental, social, and governance (ESG) and firm value effects of more than 7,000 shareholder proposals submitted between 2006–2020. Using propensity score matching and a difference-in-differences setting, the results indicate that firms that receive an ESG- or...

This paper investigates carbon and energy mix risk in the equity prices of EU-Taxonomy orientated and renewable European electric utility companies. We calculate carbon intensity and energy mix factors to measure possible carbon and energy mix premia while investigating the performance of...