In this address, I discuss differences across investor and manager motivations for
considering sustainable finance—value versus values motivations—and how these …

Green assets delivered high returns in recent years. This performance reflects unexpectedly
strong increases in environmental concerns, not high expected returns. German green …

We provide large‐sample evidence on whether US publicly traded corporations use
voluntary disclosures about their commitments to employee diversity opportunistically. We …

I show that the returns from sustainable investing are strongly driven by price pressure from
flows towards sustainable funds, causing high realized returns that do not reflect high …

This paper conducts a textual analysis of earnings call transcripts to quantify climate risk
exposure at the firm level. We construct dictionaries that measure physical and transition …

How do changes in Environmental, Social and Governance (ESG) scores influence banks'
systemic risk contribution? Using a dynamic panel model, we document a beneficial impact …

Sustainable lending has flourished amid widespread issuance of sustainability-linked loans
(SLLs) with spreads contingent on borrower ESG performance. These loans are issued …

This study examines the recent literature on the expectations, beliefs and perceptions of
investors who incorporate Environmental, Social, Governance (ESG) considerations in …

We estimate nancial institutions' portfolio tilts that relate to stocks' environmental, social, and
governance (ESG) characteristics. In 2021, ESG-related tilts total 6% of the investment …

An important debate exists around the extent to which retail investors make sustainable
investments and, if they do, why. We contribute to this debate by investigating the aggregate …