| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16334 |
| DP16334 The Salience of ESG Ratings for Stock Pricing: Evidence From (Potentially) Confused Investors | |
| Aleksandra Rzeznik; Kathleen Weiss-Hanley | |
| 发表日期 | 2021-07-06 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We exploit the a modification to Sustainanlytics' environmental, social, and governance (ESG) rating methodology, which is subsequently adopted by Morningstar, to study whether ESG ratings are salient for stock pricing. We show that the inversion of the rating scale but not new information leads some investors to make incorrect assessments about the meaning of the change in ESG ratings. They buy (sell) stocks they misconceive as ESG upgraded (downgraded) even when the opposite is true. This trading behavior exerts transitory price pressure on affected stocks. Our paper highlights the importance of ESG ratings for investors and consequently for asset prices. |
| 主题 | Financial Economics |
| 关键词 | Corporate social responsibility Esg rating agencies Sustainable investments Socially responsible investing Esg Portfolio choice |
| URL | https://cepr.org/publications/dp16334 |
| 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/545298 |
| 推荐引用方式 GB/T 7714 | Aleksandra Rzeznik,Kathleen Weiss-Hanley. DP16334 The Salience of ESG Ratings for Stock Pricing: Evidence From (Potentially) Confused Investors. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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