The effects of mandatory ESG disclosure around the world
We compile a novel data set on mandatory environmental, social, and governance (ESG)
disclosure around the world to analyze the stock liquidity effects of such disclosure …
disclosure around the world to analyze the stock liquidity effects of such disclosure …
On ESG investing: Heterogeneous preferences, information, and asset prices
We study how environmental, social and governance (ESG) investing reshapes information
aggregation by prices. We develop a rational expectations equilibrium model in which …
aggregation by prices. We develop a rational expectations equilibrium model in which …
Mandatory vs. voluntary ESG disclosure, efficiency, and real effects
C Aghamolla, BJ An - Nanyang Business School Research Paper, 2023 - papers.ssrn.com
In this study, we examine the equilibrium effects of ESG quality disclosure in both voluntary
and mandatory regimes. A firm manager makes a private investment decision in an …
and mandatory regimes. A firm manager makes a private investment decision in an …
ESG disclosure, market forces, and investment efficiency
H Xue - Available at SSRN 4344253, 2023 - papers.ssrn.com
This paper examines the impact of Environmental, Social, and Governance (ESG) disclosure
on firm investment. We identify conditions under which ESG disclosure is needed to channel …
on firm investment. We identify conditions under which ESG disclosure is needed to channel …
Material ESG Alpha: A Fundamentals-Based Perspective
BH Ahn, PN Patatoukas… - The Accounting …, 2024 - publications.aaahq.org
Using SASB's materiality framework, prior research finds alpha for the portfolio of firms with
improving ratings on material ESG issues. We replicate this finding and provide a …
improving ratings on material ESG issues. We replicate this finding and provide a …
Motivating ESG activities through contracts, taxes and disclosure regulation
J Bonham, A Riggs-Cragun - Chicago Booth Research Paper, 2022 - papers.ssrn.com
Using a model where firm managers can influence the entire distribution over financial and
ESG outcomes, we examine how ESG activities can be motivated through 1) contracts, 2) …
ESG outcomes, we examine how ESG activities can be motivated through 1) contracts, 2) …
Climate risk disclosure and risk sharing in financial markets
K Smith - Available at SSRN 4552385, 2023 - papers.ssrn.com
In this paper, I model how climate risk disclosure affects investors' ability to use the financial
market to share climate risk. In stark contrast to the Hirshleifer effect, when investors face …
market to share climate risk. In stark contrast to the Hirshleifer effect, when investors face …
The Role of Information in Building a More Sustainable Economy: A Supply and Demand Perspective
HL Friedman, G Ormazabal - Available at SSRN, 2024 - papers.ssrn.com
Interest in sustainability information, from investors, managers, researchers, and others, has
been expanding rapidly. We discuss recent advances and open questions related to …
been expanding rapidly. We discuss recent advances and open questions related to …
Searching for esg information: Heterogeneous preferences and information acquisition
X Zhou, J Kang - Journal of Economic Dynamics and Control, 2023 - Elsevier
We study how environmental, social, and governance (ESG) investing reshapes investors'
information-searching decisions. We develop a rational expectations equilibrium (REE) with …
information-searching decisions. We develop a rational expectations equilibrium (REE) with …
The economics of firms' public disclosure: Theory and evidence
Using a price-theoretic framework, we derive and empirically test a fundamental demand
force shaping firms' public disclosure decisions. Our framework suggests that the number of …
force shaping firms' public disclosure decisions. Our framework suggests that the number of …