Auflistung LIF-SAFE Working Papers nach JEL-Klassifizierung "M14"
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Inside the ESG Ratings: (Dis)agreement and Performance
(2020-07-31)We analyze the ESG rating criteria used by prominent agencies and show that there is a lack of a commonality in the definition of ESG (i) characteristics, (ii) attributes and (iii) standards in defining E, S and G components. ... -
Shareholder Wealth vs. Stakeholder interests? Evidence from Code Compliance under the German Corporate Governance Code
(2016-11-24)In order to better differentiate the drivers of corporations’ actions, in particular shareholder wealth and stakeholder interests, the paper explores the significance of the comply or explain-principle and its underlying ... -
The Power of ESG Ratings on Stock Markets
(2021-03-10)This paper studies the impact of environmental, social, and governance (ESG) ratings on investors’ preferences and stock prices. We exploit a change in ESG rating methodology that non-linearly shifted ESG ratings for firms ... -
The salience of ESG ratings for stock pricing: Evidence from (potentially) confused investors
(2021-10-08)We exploit a modification to Sustainalytics' environmental, social, and governance (ESG) rating methodology, which is subsequently adopted by Morningstar, to study whether ESG ratings are salient for stock pricing. We show ...