We estimate asset-level climate risk exposure by regressing stock returns on a pollutive-
minus-clean portfolio. This measure,'carbon beta', has relatively high levels of availability …

Mechanisms to incentivize divestment strategies, such as divestment schedules, are an
important component of carbon reduction strategies. We use dynamic asset allocation …

In response to ESG (Environment, Social, and Governance) shock, mutual funds seem to be
moving toward balancing the ESG objectives with traditional financial objectives. We …

We exploit an exogenous event—the 26th United Nations Climate Change Conference of
the Parties (COP26)—and a short-term event study method to examine whether Chinese …

Sustainable investing has recently gained traction throughout the world. This trend has
multiple sources, which span from genuine ethical concerns to hopes of performance …

This paper examines how mutual funds' portfolio holdings respond to environmental
regulations. Using county-level ozone nonattainment designations induced by discrete …

This paper studies how partisanship affects mutual fund information processing at the firm
level. Using textual analysis of earnings call transcripts, I identify discussions on …

We document that financial analysts exhibit a local-event bias. In particular, we find that
analysts located in countries affected by ESG incidents start issuing lower recommendations …

We study how investors' preferences for green investments drive mutual fund allocation
decisions and how mutual fund managers respond to these preferences. We document a …

We test whether a local bad air quality shock near banks' headquarters drives bank
management to limit credit supply to high-emission firms in other localities. Using …