We review an empirical literature that studies how political polarization affects financial
decisions. We first discuss the degree of partisan segregation in finance and corporate …

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

We analyze survey data on ESG beliefs and preferences in a large panel of retail investors
linked to administrative data on their investment portfolios. The survey elicits investors' …

This study examines the impact of ESG ratings on fund holdings, stock returns, and firm
behavior. First, we show that among five major ESG ratings, only MSCI ESG can explain the …

We study 944 shareholder proposals submitted to 343 US firms on climate change issues
during 2009–2022. We use logistic and two-stage regression to estimate the propensity for a …

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 …

Focusing on biodiversity risks, we perform an empirical asset pricing analysis and document
three main results. First, the factor going long on low biodiversity intensity assets and short …

We propose a precise definition of greenwashing in asset management that combines ESG
self-labels, sustainability scores of portfolio holdings, and funds' voting behavior. Armed with …

We compare the performance of 1126 US mutual funds deemed socially responsible to that
of a matching sample of conventional funds over the three-decade period January 1980 …

A textual analysis of corporate‐social responsibility (CSR) reports reveals that companies
engaged in environmental violations report differently from firms with a clean record. The …