| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29454 |
| 来源ID | Working Paper 29454 |
| Measuring Firm Environmental Performance to Inform ESG Investing | |
| Nicholas Z. Muller | |
| 发表日期 | 2021-11-08 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Investing according to environmental, social, and governance criteria is gaining momentum. Most environmental performance indices focus only on the tonnage of carbon dioxide (CO2) emissions. This paper proposes a new monetary index covering eight pollutants. Inclusion of multiple pollutants reflects a broader range of risks. In the U.S. utility sector from 2014 to 2017, indices which only track CO2 mischaracterize firms’ environmental performance and underestimate its effect on financial outcomes relative to the multipollutant index. Analysts’ earnings forecasts for dirtier firms systematically undershoot actuals. The multipollutant index suggests new financial management strategies relative to those based on carbon intensity. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Behavioral Finance ; Environmental and Resource Economics ; Environment |
| URL | https://www.nber.org/papers/w29454 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587128 |
| 推荐引用方式 GB/T 7714 | Nicholas Z. Muller. Measuring Firm Environmental Performance to Inform ESG Investing. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29454.pdf（545KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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