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Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows

Citations

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Cited by:

  1. Meg Adachi-Sato & Hiroshi Osano, 2023. "Sustainable Investing Under Delegated Investment Management," Discussion Paper Series DP2023-01, Research Institute for Economics & Business Administration, Kobe University, revised Nov 2024.
  2. Jiao, Jie & Tong, Lin & Yan, An, 2025. "Trading for good: How active mutual funds influence corporate social responsibility through stock trading," Journal of Banking & Finance, Elsevier, vol. 178(C).
  3. Ľuboš Pástor & M Blair Vorsatz & Jeffrey Pontiff, 0. "Mutual Fund Performance and Flows during the COVID-19 Crisis," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 10(4), pages 791-833.
  4. Pouget, Sébastien & Brodback, Daniel & Guenster, Nadja & Wang, Ruichen, 2025. "Investor Valuation for Socially Responsible Assets: A Willingness to Pay Experiment," TSE Working Papers 2025-1683, Toulouse School of Economics (TSE).
  5. Marcin Kacperczyk & Lin Peng & Jing Xie, 2024. "ESG Investing and Stock Return Comovements," Working Papers 202403, University of Macau, Faculty of Business Administration.
  6. Yan, Ming & Li, Xiangqian & Zhao, Xing & He, Zhuoyi, 2025. "Liquidity and cost advantage of green bonds," Finance Research Letters, Elsevier, vol. 71(C).
  7. Cohen, Shira & Kadach, Igor & Ormazabal, Gaizka & Reichelstein, Stefan, 2022. "Executive compensation tied to ESG performance: International evidence," ZEW Discussion Papers 22-051, ZEW - Leibniz Centre for European Economic Research.
  8. Wang, Yuxi & Hu, Fangjia & Wang, Yunyun, 2026. "Climate policy uncertainty and corporate greenwashing: Developing a new metric for selective investment practices," Research in International Business and Finance, Elsevier, vol. 81(C).
  9. Cumming, Douglas & Meoli, Michele & Rossi, Alice & Vismara, Silvio, 2024. "ESG and crowdfunding platforms," Journal of Business Venturing, Elsevier, vol. 39(1).
  10. Chen, Chien-Ming & Li, Dan, 2024. "Weighing in on the average weights: Measuring corporate social performance (CSP) score using DEA," Omega, Elsevier, vol. 126(C).
  11. Göttsche, Max & Habermann, Florian & Sieber, Sebastian, 2024. "The materiality of non-financial tax disclosure: Experimental evidence," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 54(C).
  12. Ren, Xingzi & Dong, Yizhe & Guo, Jie Michael & Liu, Yaodong, 2023. "Institutional ownership and corporate greenhouse gas emissions: The evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
  13. Gucciardi, Gianluca & Ossola, Elisa & Parisio, Lucia & Pelagatti, Matteo, 2025. "Common factors behind companies’ Environmental ratings," International Review of Financial Analysis, Elsevier, vol. 100(C).
  14. Saumitra Bhaduri & Ekta Selarka, 2024. "How Green (performance) are the Indian Green Stocks – Myth Vs Reality," Working Papers 2024-263, Madras School of Economics,Chennai,India.
  15. Pástor, Ľuboš & Stambaugh, Robert F. & Taylor, Lucian A., 2021. "Sustainable investing in equilibrium," Journal of Financial Economics, Elsevier, vol. 142(2), pages 550-571.
  16. Alex Chinco & Samuel M. Hartzmark & Abigail B. Sussman, 2022. "A New Test of Risk Factor Relevance," Journal of Finance, American Finance Association, vol. 77(4), pages 2183-2238, August.
  17. Oehler, Andreas & Neuss, Charlotte, 2025. "ESG disclosure vs. ESG ratings: Consistent information value?," International Review of Financial Analysis, Elsevier, vol. 107(C).
  18. Ferriani, Fabrizio, 2023. "Issuing bonds during the Covid-19 pandemic: Was there an ESG premium?," International Review of Financial Analysis, Elsevier, vol. 88(C).
  19. Rzeznik, Aleksandra & Weiss-Hanley, Kathleen, 2021. "The Salience of ESG Ratings for Stock Pricing: Evidence From (Potentially) Confused Investors," CEPR Discussion Papers 16334, Centre for Economic Policy Research.
  20. Liu, Lian & Nemoto, Naoko & Lu, Changrong, 2023. "The Effect of ESG performance on the stock market during the COVID-19 Pandemic — Evidence from Japan," Economic Analysis and Policy, Elsevier, vol. 79(C), pages 702-712.
  21. Doron Levit & Nadya Malenko & Ernst Maug, 2024. "Trading and Shareholder Democracy," Journal of Finance, American Finance Association, vol. 79(1), pages 257-304, February.
  22. Hans B. Christensen & Luzi Hail & Christian Leuz, 2021. "Mandatory CSR and sustainability reporting: economic analysis and literature review," Review of Accounting Studies, Springer, vol. 26(3), pages 1176-1248, September.
  23. Ning, Xin & Wang, Qinmeng & Wang, Ge & Qin, Liumiao, 2025. "Reciprocity or conflict? The impact of dual-policy of broadband China and low-carbon city on firms’ green technology innovation," Telecommunications Policy, Elsevier, vol. 49(10).
  24. Gormley, Todd A. & Kaplan, Zachary & Verma, Aadhaar, 2022. "More informative disclosures, less informative prices? Portfolio and price formation around quarter-ends," Journal of Financial Economics, Elsevier, vol. 146(2), pages 665-688.
  25. Biasin, Massimo & Delle Foglie, Andrea & Giacomini, Emanuela, 2024. "Addressing climate challenges through ESG-real estate investment strategies: An asset allocation perspective," Finance Research Letters, Elsevier, vol. 63(C).
  26. Jake An & Donnel Briley & Shai Danziger & Shai Levi, 2023. "The Impact of Social Investing on Charitable Donations," Management Science, INFORMS, vol. 69(2), pages 1264-1274, February.
  27. Ali Hassan & Jean-Baptiste Hasse & Christelle Lecourt, 2025. "Is Impact Investor Behavior Different ?," AMSE Working Papers 2521, Aix-Marseille School of Economics, France.
  28. Foglia, Matteo & Miglietta, Federica, 2024. "Does every cloud (bubble) have a silver lining? An investigation of ESG financial markets," Journal of Behavioral and Experimental Finance, Elsevier, vol. 42(C).
  29. Bonnefon, Jean-François & Landier, Augustin & Sastry, Parinitha & Thesmar, David, 2025. "The moral preferences of investors: Experimental evidence," Journal of Financial Economics, Elsevier, vol. 163(C).
  30. Agrawal, Sonakshi & Liu, Lisa Yao & Rajgopal, Shivaram & Sridharan, Suhas A. & Yan, Yifan & Yohn, Teri Lombardi, 2025. "ESG ratings of ESG index providers," Working Papers 363, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
  31. Shira Cohen & Igor Kadach & Gaizka Ormazabal & Stefan Reichelstein, 2023. "Executive Compensation Tied to ESG Performance: International Evidence," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 61(3), pages 805-853, June.
  32. Chen, Yiyao & Jiang, Fuwei & Zhang, Huajing, 2026. "Central bank green communication and pollution premium: Evidence from China," Emerging Markets Review, Elsevier, vol. 70(C).
  33. Li, Suyang & Qiao, Lu & Ren, Boru & Wang, Zilong, 2025. "Financing sustainability: Sustainable institutional investors and bank loan access," Journal of International Money and Finance, Elsevier, vol. 157(C).
  34. Luo, Di & Farag, Hisham, 2024. "ESG and aggregate disagreement," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 92(C).
  35. Wang, Hu, 2024. "ESG investment preference and fund vulnerability," International Review of Financial Analysis, Elsevier, vol. 91(C).
  36. Christophe BOUCHER & Wassim LE LANN & Stéphane MATTON & Sessi TOKPAVI, 2021. "Backtesting ESG Ratings," LEO Working Papers / DR LEO 2883, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
  37. Janina Petelczyc, 2022. "The Readiness for ESG among Retail Investors in Central and Eastern Europe. The Example of Poland," Global Business Review, International Management Institute, vol. 23(6), pages 1299-1315, December.
  38. Deng, Jianping & Chen, Han & Bai, Yuxin, 2025. "The effect of environmental information disclosure on environmental rating divergence," Finance Research Letters, Elsevier, vol. 71(C).
  39. Liu, Shaohui & Liu, Chuanjiang & Yang, Mian, 2022. "Greening of Chinese industrial sector: Stakeholders' responsiveness to non-governmental environmental monitoring," China Economic Review, Elsevier, vol. 72(C).
  40. Andrea Ferro & Daniele Marazzina & Davide Stocco, 2025. "Uncovering ESG Ratings: The (Im)Balance of Aspirational and Performance Features," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(5), pages 5895-5917, September.
  41. Miklesh Prasad Yadav & Silky Vigg Kushwah & Vandana Sehgal & Vadlamudy Raveendra Saradhi & Adam Philip Shore, 2026. "Is Quantile Connectedness Flexible or Uniform Under Catastrophic Tenure? Insights into ESG Investing and Financial Markets in the Quad Nations," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 27(1), pages 1-16, March.
  42. Rzeźnik, Aleksandra, 2025. "Skilled active liquidity management: Evidence from shocks to fund flows," Journal of Empirical Finance, Elsevier, vol. 81(C).
  43. Sirimon Treepongkaruna & Pattarake Sarajoti & Veerawin Korphaibool, 2025. "Unlocking Synergies: Sufficiency Economy Philosophy for Sustainability," Business Strategy and the Environment, Wiley Blackwell, vol. 34(3), pages 3446-3468, March.
  44. Egli, Florian & Schärer, David & Steffen, Bjarne, 2022. "Determinants of fossil fuel divestment in European pension funds," Ecological Economics, Elsevier, vol. 191(C).
  45. Horn, Matthias & Oehler, Andreas, 2024. "Constructing stock portfolios by sorting on ESG ratings: Does the rating provider matter?," International Review of Financial Analysis, Elsevier, vol. 96(PA).
  46. Kakuho Furukawa & Hibiki Ichiue & Noriyuki Shiraki, 2020. "How Does Climate Change Interact with the Financial System? A Survey," Bank of Japan Working Paper Series 20-E-8, Bank of Japan.
  47. Muck, Matthias & Schmidl, Thomas, 2024. "Comparing ESG score weighting approaches and stock performance differentiation," Finance Research Letters, Elsevier, vol. 67(PB).
  48. Elisa Bocchialini & Demetrio Miloslavo Bova & Ilaria Colivicchi & Federica Ielasi, 2024. "Environmental-, Social-, and Governance-Oriented Pension Funds for Young Contributors: A Win–Win Option," Sustainability, MDPI, vol. 16(24), pages 1-19, December.
  49. repec:bcp:journl:v:8:y:2024:i:10:p:228-250 is not listed on IDEAS
  50. Vidal, Marta & Vidal-García, Javier & Bekiros, Stelios & Trinidad-Segovia, Juan E., 2025. "Global mutual fund flows," International Review of Financial Analysis, Elsevier, vol. 103(C).
  51. Marohn, Marcel & Auer, Benjamin R., 2024. "A note on Steuer and Utz’s (2023) multi-objective optimization approach for generating sustainability-efficient fronts," European Journal of Operational Research, Elsevier, vol. 316(2), pages 792-797.
  52. Motegi, Kaiji & Sugano, Saki, 2025. "Cross-regional spillover effects of sustainability indices: A heteroscedasticity-robust VAR approach," International Review of Financial Analysis, Elsevier, vol. 108(PA).
  53. Nguyen, Huyen & Uzonwanne, Sochima, 2024. "Environmental incidents and sustainability pricing provisions," IWH Discussion Papers 17/2024, Halle Institute for Economic Research (IWH).
  54. Banuri, Sheheryar & Murgia, Lucia Milena & Haq, Imtiaz Ul, 2024. "The power of religion: Islamic investing in the lab," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  55. Aneesh Raghunandan & Shiva Rajgopal, 2022. "Do ESG funds make stakeholder-friendly investments?," Review of Accounting Studies, Springer, vol. 27(3), pages 822-863, September.
  56. Tao, Miaomiao & Lin, Boqiang & Poletti, Stephen & Roubaud, David, 2025. "Greener pastures, steadier returns: ESG ratings and idiosyncratic risk management," International Review of Economics & Finance, Elsevier, vol. 100(C).
  57. Darendeli, Alper & Fiechter, Peter & Hitz, Jörg-Markus & Lehmann, Nico, 2022. "The role of corporate social responsibility (CSR) information in supply-chain contracting: Evidence from the expansion of CSR rating coverage," Journal of Accounting and Economics, Elsevier, vol. 74(2).
  58. Omori, Kozo & Kitamura, Tomoki, 2023. "Investor response to Morningstar's ratings, category information, and alpha in the Japanese mutual fund market," International Review of Financial Analysis, Elsevier, vol. 89(C).
  59. D’Ecclesia, Rita Laura & Levantesi, Susanna & Stefanelli, Kevyn, 2024. "Measuring business impacts on the sustainability of European-listed firms," Socio-Economic Planning Sciences, Elsevier, vol. 96(C).
  60. de la Fuente, Gabriel & Velasco, Pilar, 2024. "Pretending to be sustainable: Is ESG disparity a symptom?," Journal of Contemporary Accounting and Economics, Elsevier, vol. 20(2).
  61. Thomas J. Chemmanur & Dimitrios Gounopoulos & Panagiotis Koutroumpis & Yu Zhang, 2022. "CSR and Firm Survival: Evidence from the Climate and Pandemic Crises," Working Papers 935, Queen Mary University of London, School of Economics and Finance.
  62. Cici, Gjergji & Schuster, Philipp & Weishaupt, Franziska, 2024. "Once a trader, always a trader: The role of traders in fund management," CFR Working Papers 24-01, University of Cologne, Centre for Financial Research (CFR).
  63. Zeng, Yongliang & Zhao, Xiangfang & Zhu, Yiwen, 2023. "Equity incentives and ESG performance: Evidence from China," Finance Research Letters, Elsevier, vol. 58(PC).
  64. Alessandro Ferrari & Valerio Nispi Landi, 2023. "Toward a Green Economy: The Role of the Central Bank’s Asset Purchases," International Journal of Central Banking, International Journal of Central Banking, vol. 19(5), pages 287-340, December.
  65. Alessi, Lucia & Ossola, Elisa & Panzica, Roberto, 2021. "What greenium matters in the stock market? The role of greenhouse gas emissions and environmental disclosures," Journal of Financial Stability, Elsevier, vol. 54(C).
  66. Beverdam, Jesper & Hubacek, Klaus & Scholtens, Bert & Sijtsma, Frans, 2025. "Improving biodiversity resilience requires both public and private finance: A life-cycle analysis of biodiversity finance," Ecological Economics, Elsevier, vol. 234(C).
  67. Wang, Linyu & Ji, Yifan & Ni, Zhongxin, 2023. "Spillover of stock price crash risk: Do environmental, social and governance (ESG) matter?," International Review of Financial Analysis, Elsevier, vol. 89(C).
  68. Ramelli, Stefano & Ossola, Elisa & Rancan, Michela, 2021. "Stock price effects of climate activism: Evidence from the first Global Climate Strike," Journal of Corporate Finance, Elsevier, vol. 69(C).
  69. Claire Economidou & Dimitrios Gounopoulos & Dimitrios Konstantios & Emmanuel Tsiritakis, 2023. "Is sustainability rating material to the market?," Financial Management, Financial Management Association International, vol. 52(1), pages 127-179, March.
  70. Zwetelina Iliewa & Elisabeth Kempf & Oliver Spalt, 2025. "Corporate Actions as Moral Issues," CRC TR 224 Discussion Paper Series crctr224_2025_649v2, University of Bonn and University of Mannheim, Germany, revised Apr 2025.
  71. Chen, I-Ling & Chang, Chia-Chien, 2025. "Short- and long-term effects of ESG pillars on credit risk," The Quarterly Review of Economics and Finance, Elsevier, vol. 104(C).
  72. Naffa, Helena & Fain, Máté, 2022. "A factor approach to the performance of ESG leaders and laggards," Finance Research Letters, Elsevier, vol. 44(C).
  73. Cortez, Maria Céu & Andrade, Nuno & Silva, Florinda, 2022. "The environmental and financial performance of green energy investments: European evidence," Ecological Economics, Elsevier, vol. 197(C).
  74. Dayani, Arash, 2022. "CEO inside debt and mutual fund investment decisions," Journal of Banking & Finance, Elsevier, vol. 145(C).
  75. Fatica, Serena & Panzica, Roberto & Rancan, Michela, 2021. "The pricing of green bonds: Are financial institutions special?," Journal of Financial Stability, Elsevier, vol. 54(C).
  76. Xiaokai Meng & Ghulam Muhammad Shaikh, 2023. "Evaluating Environmental, Social, and Governance Criteria and Green Finance Investment Strategies Using Fuzzy AHP and Fuzzy WASPAS," Sustainability, MDPI, vol. 15(8), pages 1-19, April.
  77. Jesús Manuel Palma-Ruiz & Julen Castillo-Apraiz & Raúl Gómez-Martínez, 2020. "Socially Responsible Investing as a Competitive Strategy for Trading Companies in Times of Upheaval Amid COVID-19: Evidence from Spain," IJFS, MDPI, vol. 8(3), pages 1-13, July.
  78. Valeria D’Amato & Rita D’Ecclesia & Susanna Levantesi, 2022. "ESG score prediction through random forest algorithm," Computational Management Science, Springer, vol. 19(2), pages 347-373, June.
  79. Roy, Partha P. & Rao, Sandeep & Zhu, Min, 2022. "Mandatory CSR expenditure and stock market liquidity," Journal of Corporate Finance, Elsevier, vol. 72(C).
  80. Hemendra Gupta & Rashmi Chaudhary, 2023. "An Analysis of Volatility and Risk-Adjusted Returns of ESG Indices in Developed and Emerging Economies," Risks, MDPI, vol. 11(10), pages 1-18, October.
  81. Luo, Qiling & Xue, Minggao & Xiong, Yeqin & Ge, Xiaowen, 2024. "The backfire of mutual funds balancing financial objectives in ESG investments: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  82. Zhang, Jingjing & Zhang, Weiwei & Su, Chang & Kattuman, Paul, 2025. "The impact of environmental protection fee-to-tax reform on differentiated environmental management behavior of firms," Research in International Business and Finance, Elsevier, vol. 77(PB).
  83. Eleonora Broccardo & Oliver D. Hart & Luigi Zingales, 2020. "Exit vs. Voice," Working Papers 2020-114, Becker Friedman Institute for Research In Economics.
  84. Aono, Kohei & Okimoto, Tatsuyoshi, 2023. "When does the Japan Empowering Women Index outperform its parent and the ESG Select Leaders Indexes?," International Review of Financial Analysis, Elsevier, vol. 85(C).
  85. Giglio, Stefano & Maggiori, Matteo & Stroebel, Johannes & Tan, Zhenhao & Utkus, Stephen & Xu, Xiao, 2025. "Four facts about ESG beliefs and investor portfolios," Journal of Financial Economics, Elsevier, vol. 164(C).
  86. Gow, Ian D. & Larcker, David F. & Watts, Edward M., 2023. "Board diversity and shareholder voting," Journal of Corporate Finance, Elsevier, vol. 83(C).
  87. Maxime Merli & Jessie Pallud & Mariya Pulikova, 2024. "Going green? On the drivers of individuals' green bank adoption," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 33(4), pages 780-794, October.
  88. Huang, Binghua & Li, Rui, 2025. "ESG ratings and ESG mutual fund management compensation," Energy Economics, Elsevier, vol. 147(C).
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  90. Marina Nazir & Minhas Akbar & Xiaohong Yu & Ammar Hussain & Libuše Svobodová, 2024. "Environmental, social, and governance performance as an influencing factor of financial sustainability: Evidence from the global high‐tech sector," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 4746-4758, September.
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  92. Gutsche, Gunnar & Wetzel, Heike & Ziegler, Andreas, 2023. "Determinants of individual sustainable investment behavior - A framed field experiment," Journal of Economic Behavior & Organization, Elsevier, vol. 209(C), pages 491-508.
  93. Jinfei Sheng & Zheng Sun & Wanyi Wang, 2024. "Partisan Return Gap: The Polarized Stock Market in the Time of a Pandemic," Management Science, INFORMS, vol. 70(8), pages 5091-5114, August.
  94. Jonghyuk Bae & Natalya Khimich & Sungsoo Kim & Emanuel Zur, 2023. "Can Green Investments Increase Your Green? Evidence from Social Hedge Fund Activists," Journal of Business Ethics, Springer, vol. 187(4), pages 781-801, November.
  95. Yongqiang Chu & Xinming Li & Daxuan Zhao, 2023. "Gender Diversity: From Wall Street to Main Street," Journal of Business Ethics, Springer, vol. 188(1), pages 151-168, November.
  96. Olschewski, Sebastian & Jakob, Lukas & Schmidt, Ulrich, 2023. "Investor preferences for positive social externalities and state-owned enterprises’ facilitated access to capital," Open Access Publications from Kiel Institute for the World Economy 266914, Kiel Institute for the World Economy.
  97. David Risi & Falko Paetzold & Anne Kellers, 2021. "Wealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups," Sustainability, MDPI, vol. 13(22), pages 1-24, November.
  98. Yihui Tian & Enyi Lai & Yuxi Fu & Yanchen Li, 2025. "Exploring the Impacts of ESG Disclosure on Corporate Financing Constraints: A Perspective of Classifying Corporate Carbon Emissions," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(6), pages 7630-7647, November.
  99. Diana Pop & Caroline Marie-Jeanne & Régis Dumoulin, 2023. "Socialium or the Financial Price of Social Responsibility [« Socialium » ou le prix financier de la responsabilité sociale]," Post-Print hal-04120305, HAL.
  100. Jung Ho Choi & Joseph Pacelli & Kristina M. Rennekamp & Sorabh Tomar, 2023. "Do Jobseekers Value Diversity Information? Evidence from a Field Experiment and Human Capital Disclosures," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 61(3), pages 695-735, June.
  101. Hoang, Lai T. & Wee, Marvin & Yang, Joey Wenling & Yu, Jing, 2025. "Institutional trading and ESG controversies," Journal of Financial Markets, Elsevier, vol. 76(C).
  102. Zehua He & Kexin Hu & Zhongfei Li, 2023. "Drifting from the Sustainable Development Goal: Style Drift in ESG Funds," Sustainability, MDPI, vol. 15(16), pages 1-24, August.
  103. Ahmed Saber Moussa & Mahmoud Elmarzouky & Doaa Shohaieb, 2024. "Green Governance: How ESG Initiatives Drive Financial Performance in UK Firms?," Sustainability, MDPI, vol. 16(24), pages 1-25, December.
  104. Duncombe, Samuel & Park, Min & Tarsalewska, Monika & Trojanowski, Grzegorz, 2023. "ESG positioning in private infrastructure fundraising," International Review of Financial Analysis, Elsevier, vol. 90(C).
  105. Barros, Victor & Verga Matos, Pedro & Miranda Sarmento, Joaquim & Rino Vieira, Pedro, 2024. "ESG performance and firms’ business and geographical diversification: An empirical approach," Journal of Business Research, Elsevier, vol. 172(C).
  106. Andrea Jacob & Martin Nerlinger, 2021. "Investors’ Delight? Climate Risk in Stock Valuation during COVID-19 and Beyond," Sustainability, MDPI, vol. 13(21), pages 1-17, November.
  107. Löfgren, Åsa & Nordblom, Katarina, 2024. "Reconciling sustainability preferences and behavior — The case of mutual fund investments," Journal of Behavioral and Experimental Finance, Elsevier, vol. 41(C).
  108. Gantchev, Nickolay & Giannetti, Mariassunta & Li, Rachel, 2024. "Sustainability or performance? Ratings and fund managers’ incentives," Journal of Financial Economics, Elsevier, vol. 155(C).
  109. Alves, Rómulo & Krüger, Philipp & van Dijk, Mathijs, 2025. "Drawing up the bill: Are ESG ratings related to stock returns around the world?," Journal of Corporate Finance, Elsevier, vol. 93(C).
  110. He, Feng & Feng, Yaqian & Hao, Jing, 2023. "Corporate ESG rating and stock market liquidity: Evidence from China," Economic Modelling, Elsevier, vol. 129(C).
  111. Oumayma Gharbi & Mouna Boujelbène, 2025. "Impact of ESG Rating on Portfolio Diversification Benefits Among US Fintech Stocks and Cryptocurrencies," SN Operations Research Forum, Springer, vol. 6(3), pages 1-29, September.
  112. Kim, Taehyun & Kim, Yongjun, 2024. "Does corporate environmental responsibility create value?: The role of investors’ ESG preferences," Economics Letters, Elsevier, vol. 241(C).
  113. Hendriock, Mario, 2020. "Implied cost of capital and mutual fund performance," CFR Working Papers 20-11, University of Cologne, Centre for Financial Research (CFR).
  114. Alexander M. Chinco & Samuel M. Hartzmark & Abigail B. Sussman, 2020. "Necessary Evidence For A Risk Factor’s Relevance," NBER Working Papers 27227, National Bureau of Economic Research, Inc.
  115. Soohun Kim & Aaron Yoon, 2023. "Analyzing Active Fund Managers’ Commitment to ESG: Evidence from the United Nations Principles for Responsible Investment," Management Science, INFORMS, vol. 69(2), pages 741-758, February.
  116. Xiaomeng Chen & Xiao Liang & Hai Wu, 2023. "Cross-Border Mergers and Acquisitions and CSR Performance: Evidence from China," Journal of Business Ethics, Springer, vol. 183(1), pages 255-288, February.
  117. Xu, Danyang & Corbet, Shaen & Lang, Chunlin & Hu, Yang, 2024. "Understanding dynamic return connectedness and portfolio strategies among international sustainable exchange-traded funds," Economic Modelling, Elsevier, vol. 141(C).
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  119. Ciciretti, Rocco & Dalò, Ambrogio & Dam, Lammertjan, 2023. "The contributions of betas versus characteristics to the ESG premium," Journal of Empirical Finance, Elsevier, vol. 71(C), pages 104-124.
  120. Tobias Bauckloh & Stefan Schaltegger & Sebastian Utz & Sebastian Zeile & Bernhard Zwergel, 2023. "Active First Movers vs. Late Free-Riders? An Empirical Analysis of UN PRI Signatories’ Commitment," Journal of Business Ethics, Springer, vol. 182(3), pages 747-781, January.
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  122. Wenya Sun & Yichen Luo & Siu-Ming Yiu & Luping Yu & Wenzhi Ding, 2024. "ESG scores, scandal probability, and event returns," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-21, December.
  123. Fang, Fei & Parida, Sitikantha, 2024. "Climate policy regime change and mutual fund flows: Insights from the 2020 US election," International Review of Financial Analysis, Elsevier, vol. 96(PA).
  124. Bang, Jeongseok & Ryu, Doojin & Webb, Robert I., 2023. "ESG controversy as a potential asset-pricing factor," Finance Research Letters, Elsevier, vol. 58(PA).
  125. Laura Capota & Margherita Giuzio & Sujit Kapadia & Dilyara Salakhova, 2022. "Are ethical and green investment funds more resilient?," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Statistics for Sustainable Finance, volume 56, Bank for International Settlements.
  126. Dittmann, Ingolf & Montone, Maurizio & Zhu, Yuhao, 2023. "Wage gap and stock returns: Do investors dislike pay inequality?," Journal of Corporate Finance, Elsevier, vol. 78(C).
  127. Cheng, Louis T.W. & Cheong, Tsun Se & Wojewodzki, Michal & Chui, David, 2025. "The effect of ESG divergence on the financial performance of Hong Kong-listed firms: An artificial neural network approach," Research in International Business and Finance, Elsevier, vol. 73(PA).
  128. Chen, Fanglin & Chen, Zhongfei & Zhang, Xin, 2024. "Belated stock returns for green innovation under carbon emissions trading market," Journal of Corporate Finance, Elsevier, vol. 85(C).
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