| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28156 |
| 来源ID | Working Paper 28156 |
| ESG Preference, Institutional Trading, and Stock Return Patterns | |
| Jie Cao; Sheridan Titman; Xintong Zhan; Weiming Zhang | |
| 发表日期 | 2020-11-30 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Socially responsible (SR) institutions tend to focus more on the ESG performance and less on quantitative signals of value. Consistent with this difference in focus, we find that SR institutions react less to quantitative mispricing signals. Our evidence suggests that the increased focus on ESG may have influenced stock return patterns. Specifically, abnormal returns associated with these mispricing signals are greater for stocks held more by SR institutions. The link between SR ownership and the efficacy of mispricing signals only emerges in recent years with the rise of ESG investing, and is significant only when there are arbitrage-related funding constraints. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Behavioral Finance |
| URL | https://www.nber.org/papers/w28156 |
| 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/585830 |
| 推荐引用方式 GB/T 7714 | Jie Cao,Sheridan Titman,Xintong Zhan,et al. ESG Preference, Institutional Trading, and Stock Return Patterns. 2020. |
| 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 | ||
| w28156.pdf（584KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
