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Do Retail Investors Value Environmental Impact?

2021
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Release : 2021
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Book Synopsis Do Retail Investors Value Environmental Impact? by : Christoph Siemroth

Download or read book Do Retail Investors Value Environmental Impact? written by Christoph Siemroth. This book was released on 2021. Available in PDF, EPUB and Kindle. Book excerpt: Are investors willing to give up a higher return if the investment generates positive environmental impact? We investigate this question with a decision experiment among crowdfunders, where they choose between a higher return or environmental impact. Overall, 65% of investors choose environmental impact at the expense of a higher return for sufficiently large impact, 14% choose impact independent of the magnitude of impact, while 21% choose the higher return independent of impact. Combining the experimental data with historical investments, we find that investors allocate a larger share of funds to green projects if they value environmental impact more, and if they expect green projects to be more profitable. These findings suggest that investors have a preference for positive environmental impact, and satisfy it by investing in green projects. We further show that the preference for environmental impact is distinct from a preference for positive social impact. Finally, we introduce new survey measures of impact for future use, which are experimentally validated and predict field behavior.

Socially Responsible Investments

2018-12-27 Business & Economics
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Release : 2018-12-27
Genre : Business & Economics
Kind : eBook
Book Rating : 149/5 ( reviews)

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Book Synopsis Socially Responsible Investments by : Mario La Torre

Download or read book Socially Responsible Investments written by Mario La Torre. This book was released on 2018-12-27. Available in PDF, EPUB and Kindle. Book excerpt: This Palgrave Pivot aims to build a bridge between corporate social responsibility (CSR) and sustainable finance in financial markets. It investigates classic CSR topics in the light of a modern conception of sustainability. The first part emphasizes four relevant topics in the CSR panorama of financial institutions: banks remuneration practices; human capital disclosure; the impact of environmental performance on banks, and finally, the institutional investors’ attitude towards socially responsible investments (SRIs). The second part explores CSR practices within the financial markets and discusses risk-return profiles of SRI and non-SRI indexes in different time frames. It investigates whether thematic social responsible funds obtain different risk-return than traditional funds, and finally, assesses whether equity crowdfunding could foster social innovation. This book is aimed at scholars and students who are interested in social impact investing and practitioners involved in the social impact market.

Environmental Screening Along the Value Chain

2021
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Release : 2021
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Book Synopsis Environmental Screening Along the Value Chain by : Nicole Grandi

Download or read book Environmental Screening Along the Value Chain written by Nicole Grandi. This book was released on 2021. Available in PDF, EPUB and Kindle. Book excerpt: More investors are turning to sustainable development as a focus for their investment. Both institutional and retail investors play an important role in achieving societal sustainability goals like the SDGs. Retail investors need access to transparent and legitimate information if actively investing in their values to direct their capital towards sustainable companies, which they do not always have due to limited resources and greenwashing behavior by companies. Therefore, the questions arise if retail investors can achieve good returns when picking stocks after their values and if access to more qualitative information is advantageous. I simulate an investor's profile and perform a negative sustainability-themed portfolio screening through Scope 3 Downstream Emissions to answer these questions. Using the proxies for portfolio performance, mean monthly returns, risk, and Sharpe ratio I analyze portfolios performance of two differently informed portfolios, one by rating, the other by self-information through webpages and sustainability reports, and benchmark them with an index portfolio. After screening it with emission information, I find that all three proxies decrease from the initial portfolio with available emissions data. Furthermore, through analyzing sustainability reports, I identify the drawbacks of the reports and make recommendations to increase the legitimation of information by companies.

ESG and Responsible Institutional Investing Around the World: A Critical Review

2020-05-29 Business & Economics
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Release : 2020-05-29
Genre : Business & Economics
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Book Rating : 988/5 ( reviews)

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Book Synopsis ESG and Responsible Institutional Investing Around the World: A Critical Review by : Pedro Matos

Download or read book ESG and Responsible Institutional Investing Around the World: A Critical Review written by Pedro Matos. This book was released on 2020-05-29. Available in PDF, EPUB and Kindle. Book excerpt: 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, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.

Perspectives in Sustainable Equity Investing

2022-03-08 Business & Economics
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Release : 2022-03-08
Genre : Business & Economics
Kind : eBook
Book Rating : 53X/5 ( reviews)

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Book Synopsis Perspectives in Sustainable Equity Investing by : Guillaume Coqueret

Download or read book Perspectives in Sustainable Equity Investing written by Guillaume Coqueret. This book was released on 2022-03-08. Available in PDF, EPUB and Kindle. Book excerpt: Sustainable investing has recently gained traction throughout the world. This trend has multiple sources, which span from genuine ethical concerns to hopes of performance boosting, and also encompass risk mitigation. The resulting appetite for green assets is impacting the decisions of many investors. Perspectives in Sustainable Equity Investing is an up-to-date review of the academic literature on sustainable equity investing. It covers more than 800 academic sources grouped into six thematic chapters. Designed for corporate sustainability and financial management professionals, this is an ideal reference for ESG-driven financiers (both retail and institutional). Students majoring in finance or economics with some background or interest in ESG concerns would also find this compact overview useful. Key Features: Introduces the reader to terms and nomenclature used in the field. Surveys the link between sustainability and performance (including risk). Details the integration of sustainable criteria in complex portfolio optimization. Reviews the financial liabilities induced by climate change.

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