Purpose Over the past two decades, the topics of Environmental, Social and Corporate
Governance (ESG) and Corporate Social Responsibility (CSR) have attracted an increasing …

We study coordinated engagements by a prominent international network of long-term
shareholders cooperating to influence firms on environmental and social issues. A two-tier …

We analytically compare two dominant methodologies for the construction of an ESG factor:
the time-series (ratings used to sort stocks) and cross-sectional (ratings used to weight …

Our research uses the environmental pillar of ESG as a proxy for environmental corporate
social responsibility. We examine the performance of environmentally clustered portfolios by …

Abstract Using Instrumented Principal Component Analysis (IPCA), we document that
socially-responsible investment mandates can cost nothing. However, the implementation of …

We examine the impact of excluding sin stocks on expected portfolio risk and return.
Exclusions involve risk relative to the market and peers. We show how this tracking error can …

Sustainable investors aim to invest in companies that contribute to sustainable development.
However, there is disagreement on how best to measure corporate sustainability …

Although sustainable investing is becoming a mainstream ambition, investors disagree on
how to best measure corporate sustainability performance (CSP). Environmental, Social …

We compare the ownership characteristics of tobacco stocks with their peers in the same
country and industry group. We find lower reported ownership for stocks in the tobacco …

Many investors have shifted their asset allocations to account for Environmental, Social, and
Governance (ESG) issues. While we welcome this shift from an ethical perspective, the …