We analyze active managers' commitment to ESG using United Nations Principles for Responsible Investment (PRI), which is the largest global initiative to incorporate ESG. We find a significant increase in fund flow to signatory funds regardless of their prior fund-level ESG score. However,...

Purpose: This contribution explains how socially responsible investing (SRI) has evolved in the last few decades and sheds light on its latest developments. It describes different forms of SRI in the financial markets; and deliberates on the rationale for the utilization of positive and negative...

The most important determinant for the existence of a Green premium is the perceived ``Green--credibility'' of the corresponding bond and its issuer. We analyze a large sample of more than 1,500 Green bonds with respect to their pricing on the primary and secondary market. On both markets, only...

In two survey experiments (n=1,669 and n=3,186), we address the question whether people put their pension savings on the table to promote sustainability. First, pension fund members get a real vote on the fund's engagement strategy. A majority of members (67.9%) votes for increased and...

Using data on institutional investors' bond holdings, we investigate the resilience of green bonds to the COVID-19 shock in a difference-in-differences framework. We find that during the COVID outbreak green bonds experience lower sales, on average, while in normal times no significant...

Identifying the intersection between digital finance, green finance and social finance is important for promoting sustainable financial, social and environmental development. This paper suggests a link between digital finance, green finance and social finance. Using a simple conceptual model, I...

Socially responsible investment (SRI) is increasingly prevalent in financial markets and is characterized by the integration of financial and nonfinancial objectives. This paper investigates the influence of wealth concerns and moral concerns on individual investors' decisions to invest...

This paper provides results consistent with the proposition that engagement by and threat of deletion from a responsible investment index motivated persistent improvements to corporate environmental management practices, especially for firms where the threat of exclusion from the index was...

Debates about the legality of socially responsible investing (SRI) with regard to institutional investors' fiduciary duties have focused on whether SRI is “financially material” to investment performance. This article examines the less considered question of whether SRI may also be legally...

Sustainable finance, as a distinct category of finance, entails the introduction of environmental, social and governance (ESG) considerations into financial decision-making. Previous work at the international level such as the UN Principles for Responsible Investment and the Global Compact...