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When ESG meets AAA: The effect of ESG rating changes on stock returns

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  1. Liu, Min & Guo, Tongji & Ping, Weiying & Luo, Liangqing, 2023. "Sustainability and stability: Will ESG investment reduce the return and volatility spillover effects across the Chinese financial market?," Energy Economics, Elsevier, vol. 121(C).
  2. Adil Haniev & Viktoriya V. Suhih, 2025. "Analysis of the Impact of ESG Initiatives on the Financial Performance of Shareholders in Russian Companies," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 24(1), pages 319-343.
  3. Amit Kumar Singh & Yifang Zhang & Anu, 2023. "Understanding the Evolution of Environment, Social and Governance Research: Novel Implications From Bibliometric and Network Analysis," Evaluation Review, , vol. 47(2), pages 350-386, April.
  4. Ruiyu Dong & Chaofeng Shao & Shuqi Xin & Zhirui Lu, 2023. "A Sustainable Development Evaluation Framework for Chinese Electricity Enterprises Based on SDG and ESG Coupling," Sustainability, MDPI, vol. 15(11), pages 1-26, June.
  5. Szendrey Orsolya & Dombi Mihály, 2024. "Indirect emission accounting and effectiveness of market regulation toward sustainability," Prosperitas, Budapest Business University, vol. 11(2), pages 1-13.
  6. Mu, Weiwei & Liu, Kefu & Tao, Yunqing & Ye, Yongwei, 2023. "Digital finance and corporate ESG," Finance Research Letters, Elsevier, vol. 51(C).
  7. Teti, Emanuele & Dallocchio, Maurizio & L'Erario, Giulio, 2023. "The impact of ESG tilting on the performance of stock portfolios in times of crisis," Finance Research Letters, Elsevier, vol. 52(C).
  8. Muneer Shaik & Mohd Ziaur Rehman, 2023. "The Dynamic Volatility Connectedness of Major Environmental, Social, and Governance (ESG) Stock Indices: Evidence Based on DCC-GARCH Model," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 30(1), pages 231-246, March.
  9. Di Tommaso, Caterina & Mazzuca, Maria, 2023. "The stock price of European insurance companies: What is the role of ESG factors?," Finance Research Letters, Elsevier, vol. 56(C).
  10. Lu, Chia-Wu & Wu, Hsueh-Ling & Su, Yu-Hsuan, 2024. "The icing on the cake: ESG effect on the quality factor portfolios," Finance Research Letters, Elsevier, vol. 70(C).
  11. Horky, Florian & Pasquali, Andrea & Magazzino, Cosimo, 2024. "ESG rating disagreement portfolios – Evidence from the EuroStoxx 600," Finance Research Letters, Elsevier, vol. 69(PA).
  12. Luo, Deqing & Yan, Jingzhou & Yan, Qianhui, 2023. "The duality of ESG: Impact of ratings and disagreement on stock crash risk in China," Finance Research Letters, Elsevier, vol. 58(PB).
  13. Esparcia, Carlos & Gubareva, Mariya, 2024. "ESG rating changes and portfolio returns: A wavelet analysis across market caps," Finance Research Letters, Elsevier, vol. 63(C).
  14. Bissoondoyal-Bheenick, Emawtee & Bennett, Scott & Lehnherr, Rob & Zhong, Angel, 2024. "ESG rating disagreement: Implications and aggregation approaches," International Review of Economics & Finance, Elsevier, vol. 96(PA).
  15. Cauthorn, Thomas & Dumrose, Maurice & Eckert, Julia & Klein, Christian & Zwergel, Bernhard, 2023. "Rating changes revisited: New evidence on short-term ESG momentum," Finance Research Letters, Elsevier, vol. 54(C).
  16. Xiao, Xiang & Ge, Ge & Yu, Ziqin, 2024. "Inhibition or inducement: ESG rating changes and earnings management – Based on the perspective of external supervision," Finance Research Letters, Elsevier, vol. 64(C).
  17. Yu, Xiaoling & Xiao, Kaitian & Xu, Tao, 2023. "Does ESG profile depicted in CSR reports affect stock returns? Evidence from China," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 627(C).
  18. Chollete, Lorán & Hughen, Keener & Lu, Ching-Chih & Peng, Weijia, 2024. "Assessing the volatility of green firms," Finance Research Letters, Elsevier, vol. 64(C).
  19. Dreyer, Johannes K. & Sund, Kristian J. & Tatomir, Mirel, 2024. "Doing good in good times only? Uncertainty as contingency factor of warm-glow investment," Research in International Business and Finance, Elsevier, vol. 71(C).
  20. Jorge Antunes & Peter Wanke & Thiago Fonseca & Yong Tan, 2023. "Do ESG Risk Scores Influence Financial Distress? Evidence from a Dynamic NDEA Approach," Sustainability, MDPI, vol. 15(9), pages 1-32, May.
  21. Wang, Haijun & Jiao, Shuaipeng & Ge, Chen & Sun, Guanglin, 2024. "Corporate ESG rating divergence and excess stock returns," Energy Economics, Elsevier, vol. 129(C).
  22. Jareño, Francisco & Esparcia, Carlos & Fantini, Giulia, 2024. "Risk exposure in ESG-driven portfolios: A wavelet study within the tail-concerned insurance sector," Finance Research Letters, Elsevier, vol. 67(PB).
  23. Wu, Hua & Zhang, Ke & Li, Renyu, 2024. "ESG score, analyst coverage and corporate resilience," Finance Research Letters, Elsevier, vol. 62(PB).
  24. Shijun Huang & Pengcheng Du & Yu Hong & Woran Wu, 2024. "Are corporate environmental, social, and governance practices contagious? The peer-effect perspective," Energy & Environment, , vol. 35(8), pages 4049-4082, December.
  25. 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).
  26. Wenyi Wu & Zhaoping Tian & Guangzhi Wang, 2024. "Does CEO social capital affect corporate ESG performance?," PLOS ONE, Public Library of Science, vol. 19(11), pages 1-20, November.
  27. Ping‐Chuan Jiang & Gen‐Fu Feng & Hai‐Jie Wang & Chun‐Ping Chang, 2024. "CSR from different perspectives: The global ESG indexes updated," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 4694-4714, September.
  28. Rao, Amar & Dagar, Vishal & Sohag, Kazi & Dagher, Leila & Tanin, Tauhidul Islam, 2023. "Good for the planet, good for the wallet: The ESG impact on financial performance in India," Finance Research Letters, Elsevier, vol. 56(C).
  29. Esparcia, Carlos & Gubareva, Mariya & Sokolova, Tatiana & Jareño, Francisco, 2025. "Cross-border ESG rating dynamics: An in-depth connectedness analysis of portfolio returns and volatilities in the USA and Canada," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).
  30. López Prol, Javier & Kim, Kiwoong, 2022. "Risk-return performance of optimized ESG equity portfolios in the NYSE," Finance Research Letters, Elsevier, vol. 50(C).
  31. Wang, Hu & Shen, Hong & Li, Shouwei, 2023. "ESG performance and stock price fragility," Finance Research Letters, Elsevier, vol. 56(C).
  32. Serge Darolles & Gaëlle Le Fol & Yuyi He, 2023. "Who can better push firms to go "green"? A look at ESG effects on stock returns," Post-Print hal-04462749, HAL.
  33. Ricci, Ornella & Santilli, Gianluca & Scardozzi, Giulia & Stentella Lopes, Francesco Saverio, 2024. "ESG resilience in conflictual times," Research in International Business and Finance, Elsevier, vol. 71(C).
  34. Du, Linda Y.L. & Sun, Jianfei, 2023. "Washing away their stigma? The ESG of “Sin” firms," Finance Research Letters, Elsevier, vol. 55(PB).
  35. Pengfei Cheng & Mengzhen Wang & Kanyong Li & Baekryul Choi & Wenliang Chen, 2025. "The impact mechanism of geopolitical risks on ESG performance: The moderating effects of investor attention and government subsidies," PLOS ONE, Public Library of Science, vol. 20(1), pages 1-23, January.
  36. Shahzad, Umer & Ghaemi Asl, Mahdi & Khalfaoui, Rabeh & Tedeschi, Marco, 2024. "Extreme contributions of conventional investments vis-à-vis Islamic ones to renewables," Renewable and Sustainable Energy Reviews, Elsevier, vol. 189(PB).
  37. Si Wu & Minhao Fan & Lei Wu & Zaiqi Liu & Yuchen Xiang, 2024. "Path to Green Development: How Do ESG Ratings Affect Green Total Factor Productivity?," Sustainability, MDPI, vol. 16(23), pages 1-19, December.
  38. Michele Rubino & Ilaria Mastrorocco & Giovanni Maria Garegnani, 2024. "The influence of market and institutional factors on ESG rating disagreement," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 3916-3926, September.
  39. Gao, Chengyin & Zhang, Shujun, 2025. "ESG performance and corporate financialization: A dual perspective of risk management and value creation," Finance Research Letters, Elsevier, vol. 71(C).
  40. Haoqiang Yuan & Haiyan Luan & Xi Wang, 2024. "The Impact of ESG Rating Events on Corporate Green Technology Innovation under Sustainable Development: Perspectives Based on Informal Environmental Regulation of Social Systems," Sustainability, MDPI, vol. 16(19), pages 1-26, September.
  41. Lu, Xiaomeng & Zhang, Xianjun & Guo, Fusen & Li, Feng, 2024. "Evaluating ESG Investment Profitability: From the Perspective of Sophistication in Investment Decision-Making," Finance Research Letters, Elsevier, vol. 69(PA).
  42. Huang, Jun & Li, Yun & Han, Feifei, 2024. "Walk well and talk well: Impact of the consistency of ESG performance and disclosure on firms’ stock price crash risk," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 1154-1174.
  43. Zanin, Luca, 2023. "A flexible estimation of sectoral portfolio exposure to climate transition risks in the European stock market," Journal of Behavioral and Experimental Finance, Elsevier, vol. 39(C).
  44. Haibo Sun & Tonghuan Bai & Youqing Fan & Zhonglu Liu, 2024. "Environmental, social, and governance performance and enterprise sustainable green innovation: Evidence from China," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(4), pages 3633-3650, July.
  45. Lin, Yuya & Li, Shoubo, 2025. "Supply chain resilience, ESG performance, and corporate growth," International Review of Economics & Finance, Elsevier, vol. 97(C).
  46. Lee, King Fuei, 2023. "The Role of Catering Incentives in ESG Disclosure," MPRA Paper 120930, University Library of Munich, Germany.
  47. Adil Haniev, 2024. "Intangible Assets and US Stock Returns: An analysis using the Index Method, Panel Regression, and Machine Learning," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 23(3), pages 833-854.
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