We conduct a multidisciplinary review of how sustainable investing impacts the environment
and society. Our review starts from the insight that shareholders can create impact not only …

We develop a method that identifies the attention paid by earnings call participants to firms'
climate change exposures. The method adapts a machine learning keyword discovery …

We compile a novel data set on mandatory environmental, social, and governance (ESG)
disclosure around the world to analyze the stock liquidity effects of such disclosure …

Blanket exclusion of “brown” stocks is seen as the best way to reduce their negative
externalities by starving them of capital. We show that a more effective strategy may be tilting …

In this essay, we discuss the factors influencing the likelihood of convergence in corporate
sustainability reporting. We identify several factors that negatively influence the probability of …

We develop a new measure of impact elasticity, defined as a firm's change in environmental
impact due to a change in its cost of capital. We show empirically that a reduction in …

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

Can a self-proclaimed Socially Responsible Fund (SRF) whose objective is to maximize
assets under management improve social welfare? We study this question in a general …

We study the asset market for pollutive plants. Firms divest pollutive plants following
environmental risk incidents. However, pollution levels do not decline after divesting. The …

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 …