We view sustainability as a requirement that welfare should not be expected to decline over time. We impose this requirement as a prior constraint on the consumption-savings-investment problem, and study its implications for saving, risky investment, and the social discount rate. The constraint...

Investments in firms related to environment, social responsibility and corporate governance (ESG) aspects have recently grown, attracting interest from both academic research and investment fund practice. This paper develops a simple new portfolio optimization approach to include ESG in...

We evaluate the sustainability of real estate investment vehicles in Switzerland according to the three Environmental, Social, and Governance (ESG) pillars. For this purpose, we conducted a survey of direct investors (real estate investment companies, funds, and foundations) inquiring about...

The present paper proposes an overview of the existing literature covering several aspects related to environmental, social, and governance (ESG) factors. Specifically, we consider studies describing and evaluating ESG methodologies and those studying the impact of ESG on credit risk, debt and...

We develop a rational, long-horizon model in which investments may damage future production/consumption possibilities through their impact on the climate. Within this framework, we show that the optimal investment consists of four funds: i) the risk-free asset; ii) a myopic portfolio; iii) a...

Als einer der größten Ressourcenverbraucher und Schadstoffemittenten rückt der Gebäudesektor verstärkt ins Interesse der Nachhaltigkeitsdiskussion. Informationen zur ökologischen, sozialen und ökonomischen Qualität von Gebäuden werden unablässig. Ziel dieser Arbeit ist es deshalb, ein...