G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16334
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
URLhttps://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.
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