This survey examines the vibrant academic literature on environmental, social, and
governance (ESG) investing. While there is no consensus on the exact list of ESG issues …

The question of whether and how partial common-ownership links between strategically
interacting firms affect firm objectives and behavior has been the subject of theoretical …

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

Abstract The United Nations' Sustainable Development Goals (SDGs) have created societal
and political pressure for pension funds to address sustainable investing. We run two field …

We study the relative effectiveness of exit (divestment and boycott) and voice (engagement)
strategies in a world where companies generate externalities and some agents care about …

We seek to contribute to understanding index fund stewardship by providing a
comprehensive theoretical, empirical, and policy analysis of such stewardship. We put …

As both demand and supply for information about companies' sustainability performance
continues to grow, many investors complain that the ESG data universe is getting too …

Passively managed index funds now hold over 30 of US equity fund assets; this shift raises
fundamental questions about monitoring and governance. We show that, relative to active …

We document that US mutual funds with investment objectives designated as “Sustainable
Investment Overall” by Morningstar (ESG funds) are more likely than other mutual funds to …

We study the real effects of environmental activist investing. Using plant-level data, we find
that targeted firms reduce their toxic releases, greenhouse gas emissions, and cancer …