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Virtues of Impact Financing: Do Financial Institutions Benefit from Considering the Environmental Impact on Financing Decisions?
In: Journal of Environmental Management, Forthcoming
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Social Disclosure Channels and Firm Risk: Evidence From SEC-Filings, Sustainability and Financial Reports
In: Michael J. Brennan Irish Finance Working Paper Series Research Paper No. 22-4
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Scope 3 greenhouse gas disclosure: Evidence from oil and gas producers
In: Michael J. Brennan Irish Finance Working Paper Series Research Paper No. 22-13
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State pension funds and corporate social responsibility: do beneficiaries' political values influence funds' investment decisions?
This study explores the underlying drivers of US public pension funds' tendency to tilt their portfolios towards companies with stronger corporate social responsibility (CSR). Studying the equity holdings of large, internally-managed US state pension funds, we find evidence that the political leaning of their beneficiaries and political pressures by state politicians affect funds' investment decisions. State pension funds from states with Democratic-leaning beneficiaries tilt their portfolios more strongly towards companies that perform well on CSR issues, and this tendency is intensified when the state government is dominated by Democratic state politicians. Moreover, we find that funds which tilt their portfolios towards companies with superior CSR scores generate a slightly higher return compared with their counterparts. Overall, our findings indicate that funds align their investment choices with the financial and non-financial interests of their beneficiaries when deciding whether to incorporate CSR into their equity allocations.
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The Impact of NGO Activism on Economics of Mutuality
In: Hoepner, A. G. F. and Li, Q. 2019. The Impact of NGO Activism on Economics of Mutuality. Forthcoming In: Mayer, C., Roche, B. Putting Purpose into Practice: The Economics of Mutuality. Oxford University Press
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State Pension Funds and Corporate Social Responsibility: Do Beneficiaries' Political Values influence Funds' Investment Decisions?
In: Journal of Business Ethics, Forthcoming
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On the price of morals in markets: an empirical study of the Swedish AP-Funds and the Norwegian Government Pension Fund
This study empirically analyses the exclusion of companies from investors' investment universe due to a company's business model (sector-based exclusion) or due to a company's violations of international norms (normbased exclusion). We conduct a time-series analysis of the performance implications of the exclusion decisions of two leading Nordic investors, Norway's Government Pension Fund-Global (GPFG) and Sweden's AP-funds. We find that their portfolios of excluded companies do not generate an abnormal return relative to the funds' benchmark index. While the exclusion portfolios show higher risk than the respective benchmark, this difference is only statistically significant for the case of GPFG. These findings suggest that the exclusion of the companies generally does not harm funds' performance. We interpret these findings as indicative that with exclusionary screening, as practiced by the sample funds, asset owners can meet the ethical objectives of their beneficiaries without compromising financial returns.
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On the Price of Morals in Markets: An Empirical Study of the Swedish AP-Funds and the Norwegian Government Pension Fund
In: Journal of Business Ethics, Forthcoming
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