This article reviews how climate change could be considered an additional source of market
risk. I discuss the types of data needed to analyse the climate risk drivers that shape the …

We show that engagement on environmental, social, and governance issues can benefit
shareholders by reducing firms' downside risks. We find that the risk reductions (measured …

We study the real effects of environmental activist investing. Using plant-level data, we find
that targeted firms reduce their toxic releases, greenhouse gas emissions, and cancer …

Exploiting two quasi-natural experiments, we find that firms increase emissions of toxic
pollution following decreases in analyst coverage. The effects are stronger for firms with low …

This study seeks to determine whether mutual fund decarbonization affects the stock prices
of divested firms and contributes to the reduction of these firms' carbon emissions. Using a …

Can shareholders' divestitures and threats of exit trigger improvements in firms'
environmental and social (E&S) policies? We show that E&S incidents are followed by …

This paper shows that private equity (PE) ownership, in private-to-private buyouts, leads to a
reduction in pollution when the target company faces high potential liabilities for polluting …

Hedge fund activism refers to the phenomenon where hedge fund investors acquire a strict
minority block of shares in a target firm and then attempt to pressure management for …

Is shareholder interest in corporate social responsibility driven by pecuniary motives
(abnormal rates of return) or nonpecuniary ones (willingness to sacrifice returns to address …

We study bank policies to limit lending to companies engaged in mountaintop removal
(MTR) coal mining, a form of coal extraction that has raised many environmental concerns …