Sustainable investing in equilibrium

Ľuboš Pástor; Robert F. Stambaugh; Lucian A. Taylor

doi:10.1016/j.jfineco.2020.12.011

Keywords

PortfolioBusinessHedgeInvestment (military)Excess returnInvestment strategyFinancial economicsSocially responsible investingEconomicsClimate riskMonetary economicsCorporate governanceFinanceClimate changeMarket liquidity

Affiliated Institutions

Related Publications

Lifting the Lid on Closed-End Investment Companies: A Case of Abnormal Returns

James A. Brickley , James S. Schallheim

This study documents substantial gains accuring to shareholders of discounted closed-end investment companies when these funds are reorganized to allow shareholders to obtain th...

1985 Journal of Financial and Quantitative... 143 citations

On the Contrarian Investment Strategy

Kam‐Fai Chan

Recent research has found an abnormal return on the strategy of buying lo sers and selling winners in the stock market, a finding sometimes int erpreted as support for the marke...

1988 The Journal of Business 555 citations

Responsible investing: The ESG-efficient frontier

Lasse Heje Pedersen , Shaun Fitzgibbons , Łukasz Pomorski

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 ...

2020 Journal of Financial Economics 1580 citations

Socially Irresponsible and Illegal Behavior and Shareholder Wealth

Jeff Frooman

This article provides empirical results indicating that acting in a socially respon- sible and lawful manner is a necessary, though not sufficient, condition for increasing shar...

1997 Business & Society 469 citations

Information Effects on the Bid‐Ask Spread

Thomas E. Copeland , Dan Galai

ABSTRACT An individual who chooses to serve as a market‐maker is assumed to optimize his position by setting a bid‐ask spread which maximizes the difference between expected rev...

1983 The Journal of Finance 1810 citations

Publication Info

Year: 2020
Type: article
Volume: 142
Issue: 2
Pages: 550-571
Citations: 1691
Access: Closed

External Links

View on DOI.org

Social Impact

Altmetric

Sustainable investing in equilibrium

PlumX Metrics

Social media, news, blog, policy document mentions

Citation Metrics

1691

OpenAlex

1567

CrossRef

Cite This

APA Style

                            
                                    Ľuboš Pástor, 
                                
                                    Robert F. Stambaugh, 
                                
                                    Lucian A. Taylor
                                
                            (2020). 
                            Sustainable investing in equilibrium. 
                            Journal of Financial Economics
                            , 142
                            (2)
                            , 550-571.
                            https://doi.org/10.1016/j.jfineco.2020.12.011

Identifiers

DOI: 10.1016/j.jfineco.2020.12.011

Data Quality

Data completeness: 63%