| Publikationstyp: | Working Paper – Gutachten – Studie |
| Titel: | Capital-market effects of ESG scores : evidence from a quasi-natural experiment |
| Autor/-in: | Meyer, Julia Schüpbach, Luca Maria Utz, Sebastian |
| et. al: | No |
| DOI: | 10.2139/ssrn.3683100 |
| Umfang: | 61 |
| Erscheinungsdatum: | 2020 |
| Verlag / Hrsg. Institution: | SSRN |
| Sprache: | Englisch |
| Schlagwörter: | ESG information; Capital-market effect; Difference- in-differences; Event study; Stock market reaction |
| Fachgebiet (DDC): | 332: Finanzwirtschaft |
| Zusammenfassung: | We investigate the capital-market effects of the release of environmental, social, and governance (ESG) scores on the Bloomberg Professional Terminal. To estimate causal effects for a group of treated companies (i.e., stocks with newly available ESG scores), we exploit the unanticipated publication of Sustainalytics ESG scores vis à vis a matched control group in a difference-in-difference setting. We find a significant increase in market liquidity and abnormal returns in the treated group. The most substantial effects prevail in regions with lower ESG awareness and for companies with above-median ESG scores. |
| URI: | https://digitalcollection.zhaw.ch/handle/11475/21971 |
| Lizenz (gemäss Verlagsvertrag): | Lizenz gemäss Verlagsvertrag |
| Departement: | School of Management and Law |
| Organisationseinheit: | Institut für Financial Management (IFI) |
| Enthalten in den Sammlungen: | Publikationen School of Management and Law |
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Meyer, J., Schüpbach, L. M., & Utz, S. (2020). Capital-market effects of ESG scores : evidence from a quasi-natural experiment. SSRN. https://doi.org/10.2139/ssrn.3683100
Meyer, J., Schüpbach, L.M. and Utz, S. (2020) Capital-market effects of ESG scores : evidence from a quasi-natural experiment. SSRN. Available at: https://doi.org/10.2139/ssrn.3683100.
J. Meyer, L. M. Schüpbach, and S. Utz, “Capital-market effects of ESG scores : evidence from a quasi-natural experiment,” SSRN, 2020. doi: 10.2139/ssrn.3683100.
MEYER, Julia, Luca Maria SCHÜPBACH und Sebastian UTZ, 2020. Capital-market effects of ESG scores : evidence from a quasi-natural experiment. SSRN
Meyer, Julia, Luca Maria Schüpbach, and Sebastian Utz. 2020. “Capital-Market Effects of ESG Scores : Evidence from a Quasi-Natural Experiment.” SSRN. https://doi.org/10.2139/ssrn.3683100.
Meyer, Julia, et al. Capital-Market Effects of ESG Scores : Evidence from a Quasi-Natural Experiment. SSRN, 2020, https://doi.org/10.2139/ssrn.3683100.
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