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 …

Abstract Sustainability, Corporate Social Responsibility (CSR), and non-financial reporting
and their relationships with company performance are burning topics. Although all these …

This paper analyzes the asset pricing and portfolio implications of an important barrier to
sustainable investing: uncertainty about the corporate ESG profile. In equilibrium, the market …

We evaluate the connection between corporate characteristics and the reaction of stock
returns to COVID-19 cases using data on more than 6,700 firms across 61 economies. The …

The COVID-19 pandemic and the subsequent lockdown brought about an exogenous and
unparalleled stock market crash. The crisis thus provides a unique opportunity to test …

We analyze the ESG rating criteria used by prominent agencies and show that there is a lack
of a commonality in the definition of ESG (i) characteristics,(ii) attributes and (iii) standards in …

Focusing on the environmental, social, and governance (ESG) factors is important as it
affects the firm's capability to raise capital and attract investors, and hence, firm performance …

Despite the rising use of environmental, social, and governance (ESG) ratings, there is
substantial disagreement across rating agencies regarding what rating to give to individual …

Responsible investors require data to underpin their stock and sector selections. Regardless
of the rating agency, bond ratings for a particular issuer are broadly similar. This is not the …

We propose a theory in which each stock's environmental, social, and governance (ESG)
score plays two roles:(1) providing information about firm fundamentals and (2) affecting …