M Rodemeier - Available at SSRN 4315854, 2022 - papers.ssrn.com
What do markets for voluntary climate protection imply about people's valuations of environmental protection? I study this question in a large-scale field experiment (N …
LH Pedersen - Available at SSRN 4382360, 2023 - papers.ssrn.com
Economics recommends combating climate change with carbon pricing, but green finance (ESG investing, sustainable finance regulation) is becoming widespread. In a unified model …
The greenium (the expected return of green securities relative to brown) is a central impact measure for ESG investors. Replicating the literature's wide range of greenium estimates …
Using global evidence, we show that high-emission firms have lower price valuation ratios than low-emission firms in the same country, especially in recent years. The price gap …
We study the impact of green investors on stock prices in a dynamic equilibrium model where investors are green, passive or active. Green investors track an index that …
We study hand-collected data on firms' perceptions of their cost of capital. Firms with higher perceived cost of capital earn higher returns on invested capital and invest less, suggesting …
This paper studies green investing in a quantitative asset pricing model with heterogeneous investors calibrated using high-quality, representative survey data of German households …
We study how institutional investors that join climate-related investor initiatives decarbonize their equity portfolios. Decarbonization can be achieved either by re-weighting portfolios …
We investigate the heterogeneity in investor demand for sustainable equity investing and study its implications. We measure firm-level sustainability across three dimensions: third …