| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14171 |
| DP14171 Sustainable Investing in Equilibrium | |
| Luboš Pástor; Robert F. Stambaugh; Lucian Taylor | |
| 发表日期 | 2019-12-06 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We model investing that considers environmental, social, and governance (ESG) criteria. In equilibrium, green assets have low expected returns because investors enjoy holding them and because green assets hedge climate risk. Green assets nevertheless outperform when positive shocks hit the ESG factor, which captures shifts in customers' tastes for green products and investors' tastes for green holdings. The ESG factor and the market portfolio price assets in a two-factor model. The ESG investment industry is largest when investors' ESG preferences differ most. Sustainable investing produces positive social impact by making firms greener and by shifting real investment toward green firms. |
| 主题 | Financial Economics |
| 关键词 | Sustainable investing Esg Socially responsible investing Social impact |
| URL | https://cepr.org/publications/dp14171-1 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543059 |
| 推荐引用方式 GB/T 7714 | Luboš Pástor,Robert F. Stambaugh,Lucian Taylor. DP14171 Sustainable Investing in Equilibrium. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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